MIRA INFORM REPORT

 

 

Report No. :

316507

Report Date :

18.04.2015

 

IDENTIFICATION DETAILS

 

Name :

VIETNAM SHOE MATESTY CO LTD

 

 

Registered Office :

Dong Xuyen Industrial Park Rach Dua Ward, Vung Tau, Ba Ria-Vung Tau

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2013

 

 

Date of Incorporation :

20.11.2006

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer of Footwear

 

 

No. of Employee :

4,900

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Vietnam

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

VIETNAM ECONOMIC OVERVIEW

 

Vietnam is a densely-populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries . Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to 18% in 2014, while industry's share increased from 36% to 38% in the same period. State-owned enterprises account for about 40% of GDP. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession hurt Vietnam's export-oriented economy, with GDP in 2014 growing at 5.4%, one of the slower growth rates since 1999. Exports have grown strongly in 2013-14; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value has remained relatively stable since then. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses. Vietnam is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations.

 

 

Source : CIA

 

Company Details

 

Organization Name

:

VIETNAM SHOE MATESTY CO LTD (1)

Address

:

Dong Xuyen Industrial Park Rach Dua Ward, Vung Tau, Ba Ria-Vung Tau

Country

:

Vietnam

Phone (S)

:

[+84] 64-3613663

Facsimile

:

[+84] 64-3613673

Primary Business Activity

:

Manufacturer

Key Industry

:

Footwear

 

 

KEY FACTS

Registered Legal Address

:

Dong Xuyen Industrial Park Rach Dua Ward, Vung Tau, Ba Ria-Vung Tau

Operational Address

:

Dong Xuyen Industrial Park Rach Dua Ward, Vung Tau, Ba Ria-Vung Tau

Issuing Authority

:

People's Committee - Ba Ria-Vung Tau

License Number

:

492043000008

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

20 Nov, 2006

Employees

:

4,900

Capital

:

US$ 18,000,000

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

30 Jul, 2003

29/GP-BV

Note

:

(1) Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

 

 

Report Details

 

 

 

Country

:

Vietnam

Business Entity Name

:

VIETNAM SHOE MATESTY CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Footwear

Office Contact Details

Operating Address

:

Dong Xuyen Industrial Park Rach Dua Ward, Vung Tau, Ba Ria-Vung Tau

Tel

:

[+84] 64-3613663

 

:

[+84] 64-3613664

 

:

[+84] 64-3613665

 

:

[+84] 64-3613666

Fax

:

[+84] 64-3613673

Tax / VAT Details

Tax Issuing Authority

:

Ministry of Finance

Local Name Used

:

Gia Trj Gia Tang (Value Added Tax)

Acronym

:

GTGT / VAT

GTGT / VAT Number

:

3500612775

Date of Issuance

:

8 Aug, 2003

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Wan-Fu Liang

Nationality

:

Taiwanese

 

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Ai-Jun Lu

Chinese

Managing Director

-

2

Ms. Ngo Thi Thi

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03845708

Name

:

Mr. Ai-Jun Lu

 

Date of Birth

:

1972

 

 

Management Details - 2

Personal Unique Identifier

:

MI03845713

Name

:

Ms. Ngo Thi Thi

 

Date of Birth

:

1981

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03845708

Name

:

Mr. Ai-Jun Lu

Date of Birth

:

1972

 

2

 

 

Personal Unique Identifier

:

MI03845712

Name

:

Mr. Wan-Fu Liang

Date of Birth

:

1948

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing VIETNAM SHOE MATESTY CO LTD's reputation within the respective industry failed to reveal any adverse information.

 

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

DEBT

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

CIVIL LITIGATION

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

PERFORMANCE DEFAULTS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: USD - US Dollar)

 

Authorized Capital

:

$ 18,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

USD - US Dollar

 

No.

Shareholders

Country

Shares

Number

Amount (USD)

%

1

SHOE MATESTY CO LTD

n/a

n/a

n/a

100.00

Total

n/a

n/a

100.00

 

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

International Sales (Export)

100%

 

Annual Purchases Analysis

Percentage

Local Purchases

20%

Imports

80%

 

 

PAYMENT TERMS

 

 

Selling

 

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

 

 

Purchasing

 

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2011 Annual  

40,830,245

18,561,978

232,885

2012 Annual  

45,768,094

20,038,358

1,345,472

2013 Annual (*)

54,678,209

23,103,278

2,951,619

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

Note: (*)

Financials listed are the most recent available for this company.

 

 

FINANCIAL STATEMENT - DETAILED

 

BALANCE SHEET

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

219,257,000,000

265,952,000,000

345,422,000,000

Non Current Assets(*)

167,388,000,000

151,340,000,000

141,782,000,000

Non Current Liabilities(*)

4,723,000,000

4,372,000,000

4,573,000,000

Other long term assets 

Total Assets(*)

386,646,000,000

417,292,000,000

487,204,000,000

Total Liabilities(*)

161,306,000,000

163,934,000,000

169,072,000,000

Current Liabilities(*)

156,583,000,000

159,562,000,000

164,499,000,000

Long term liabilities 

Shareholders Funds(*)

225,340,000,000

253,358,000,000

318,132,000,000

 

Current assets & short term investments

219,257,000,000

265,952,000,000

345,422,000,000

Cash & cash equivalents

11,663,000,000

25,654,000,000

43,061,000,000

Cash

11,663,000,000

25,654,000,000

34,647,000,000

Cash equivalents

-

-

8,414,000,000

Accounts receivable

39,324,000,000

65,107,000,000

115,636,000,000

Accounts receivable trade

37,240,000,000

61,146,000,000

111,359,000,000

Trade prepayment

-

-

687,000,000

Others receivables

2,084,000,000

3,961,000,000

3,590,000,000

I. Inventories

163,114,000,000

166,564,000,000

177,856,000,000

II. Inventories

171,388,000,000

171,891,000,000

182,514,000,000

Provision for decline in inventory

(8,274,000,000)

(5,327,000,000)

(4,658,000,000)

I. Other short term asset

5,156,000,000

8,627,000,000

8,869,000,000

Prepaid expenses

3,337,000,000

3,938,000,000

4,226,000,000

VAT deductible

1,819,000,000

4,689,000,000

4,612,000,000

II. Other short term asset

-

-

31,000,000

Long term assets

167,388,000,000

151,340,000,000

141,782,000,000

Fixed assets

164,654,000,000

149,991,000,000

136,204,000,000

Tangible fixed assets

163,570,000,000

149,425,000,000

135,796,000,000

I. Cost

265,547,000,000

267,624,000,000

256,298,000,000

I. Accumulated depreciation

101,977,000,000

118,199,000,000

120,502,000,000

Intangible fixed assets

947,000,000

530,000,000

408,000,000

II. Cost

3,464,000,000

3,156,000,000

3,336,000,000

II. Accumulated depreciation

2,517,000,000

2,626,000,000

2,928,000,000

Construction in progress

137,000,000

36,000,000

-

I. Other long term assets

2,734,000,000

1,349,000,000

5,578,000,000

Long term prepayments

2,730,000,000

1,345,000,000

5,574,000,000

II. Other long term assets

4,000,000

4,000,000

4,000,000

Total assets

386,646,000,000

417,292,000,000

487,204,000,000

Liabilities

161,306,000,000

163,934,000,000

169,072,000,000

Current liabilities

156,583,000,000

159,562,000,000

164,499,000,000

Short term borrowings

12,497,000,000

14,580,000,000

-

Accounts payables-trade

114,535,000,000

113,418,000,000

118,361,000,000

Taxes and payable to state budget

604,000,000

314,000,000

8,290,000,000

Payable to employees

13,059,000,000

22,672,000,000

28,634,000,000

Accrued expenses payable

10,096,000,000

2,677,000,000

3,025,000,000

Other payables

5,792,000,000

5,901,000,000

6,189,000,000

Long term liabilities

4,723,000,000

4,372,000,000

4,573,000,000

Provision funds for unemployment

4,723,000,000

4,372,000,000

4,573,000,000

I. Owner's equity

225,340,000,000

253,358,000,000

318,132,000,000

II. Owner's equity

225,340,000,000

253,358,000,000

318,132,000,000

Business capital

374,904,000,000

374,904,000,000

378,648,000,000

Retained earnings

(149,564,000,000)

(121,546,000,000)

(60,516,000,000)

Total resources

386,646,000,000

417,292,000,000

487,204,000,000

 

Note: (*)

 

Financial Highlights

 

 

INCOME STATEMENT

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

850,494,000,000

953,105,000,000

1,153,059,000,000

Profit (Loss) Before Tax(*)

4,851,000,000

28,019,000,000

70,308,000,000

Profit After Tax attributable to Shareholders(*)

4,851,000,000

28,019,000,000

62,244,000,000

 

Gross sales

850,494,000,000

953,105,000,000

1,153,059,000,000

Net income

850,494,000,000

953,105,000,000

1,153,059,000,000

Cost of goods sold

802,745,000,000

868,992,000,000

1,022,587,000,000

Gross margin

47,749,000,000

84,113,000,000

130,472,000,000

Income from financial activities

4,642,000,000

569,000,000

1,743,000,000

Expenses from financial activities

2,943,000,000

742,000,000

1,308,000,000

In which: Interest expenses

-

586,000,000

1,001,000,000

Selling expenses

7,900,000,000

8,271,000,000

10,877,000,000

General & administration expenses

38,837,000,000

44,453,000,000

48,077,000,000

Net income from operating activities

2,711,000,000

31,216,000,000

71,953,000,000

Extraordinary income

4,099,000,000

2,665,000,000

11,471,000,000

Extraordinary expenses

1,960,000,000

5,862,000,000

13,116,000,000

Extraordinary gains

2,139,000,000

(3,197,000,000)

(1,645,000,000)

Net profit before tax

4,851,000,000

28,019,000,000

70,308,000,000

Income tax

-

-

8,064,000,000

Net profit after tax

4,851,000,000

28,019,000,000

62,244,000,000

 

Note: (*)

 

Financial Highlights

 

 

FINANCIAL RATIOS

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

12.06

20.98

Profitability 

Profit Margin (%)

0.57

2.94

5.40

Return on Equity (%)

2.15

11.06

19.57

Return on Assets (%)

1.25

6.71

12.78

Leverage 

Total Debt Equity (Times)

0.72

0.65

0.53

Current Debt Equity (Times)

0.69

0.63

0.52

Long Term Debt to Equity

0.02

0.02

0.01

Total Asset To Total Equity

1.72

1.65

1.53

Asset Management 

Total Assets Turnover (Times)

2.20

2.28

2.37

Fixed Assets Turnover (Times)

5.08

6.30

8.13

Liquidity 

Current Ratio

1.40

1.67

2.10

 

 

Based on the corporate laws of Vietnam, legal entities which are a Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Shoes

Manufacturing, Exporting

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Footwear

5139

Manufacturing, Exporting

Footwear, nspf

3149

Manufacturing, Exporting

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Footwear

6405

Manufacturing, Exporting

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of VIETNAM SHOE MATESTY CO LTD is Manufacturing - Finished products.

Key product include :

Shoes

An integral part of the core business includes:

Distribution

 

 

 

Supplementary Business

 

In addition to the core business, VIETNAM SHOE MATESTY CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM - VUNG TAU

SWIFT Code

:

BFTVVNVX

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Europe

Medium

Exporting

North America

Medium

Exporting

China

Medium

Importing

USA

Medium

Exporting

United Kingdom

Medium

Exporting

 

 

 

 

OFFICE & FACILITIES

 

The following information relates to the Business Entity's office as listed above:

 

Name

:

VIETNAM SHOE MATESTY CO LTD - VUNG TAU, BA RIA-VUNG TAU

Primary Use

:

Office & Administration facilities

Address

:

Dong Xuyen Industrial Park Rach Dua Ward, Vung Tau, Ba Ria-Vung Tau

Country

:

Vietnam

Status

:

Operational

 

 

 

 

NOTES & COMMENTS

 

Na

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.35

UK Pound

1

Rs.93.10

Euro

1

Rs.67.13

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.