MIRA INFORM REPORT

 

 

Report No. :

334144

Report Date :

07.08.20.15

 

IDENTIFICATION DETAILS

 

Name :

DAVICHEM CO LTD (1)

 

 

Registered Office :

Tinh Lo 825 Binh Tien 2 Hamlet Duc Hoa Ha Commune, Duc Hoa, Long An

 

 

Country :

Vietnam

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

10.10.2008

 

 

Legal Form :

Private Company With Limited Liability

 

 

Line of Business :

Manufacturer of Chemicals.

 

 

No. of Employees :

15

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

DAVICHEM CO LTD (1)

Address

:

Tinh Lo 825 Binh Tien 2 Hamlet Duc Hoa Ha Commune, Duc Hoa, Long An

Country

:

Vietnam

Phone (S)

:

[+84] 72-3779304

Facsimile

:

[+84] 72-3779634

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

Key Facts

Registered Legal Address

:

Tinh Lo 825 Binh Tien 2 Hamlet Duc Hoa Ha Commune, Duc Hoa, Long An

Operational Address

:

Tinh Lo 825 Binh Tien 2 Hamlet Duc Hoa Ha Commune, Duc Hoa, Long An

Issuing Authority

:

Dept. of Planning & Investment - Long An

License Number

:

1100862304

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

:

10 Oct, 2008

Employees

:

15

Capital

:

US$ 46,587

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.

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Dao Van Manh

Nationality

:

Vietnamese

 

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Dao Van Manh

Vietnamese

Managing Director

-

2

Ms. Nguyen Thi Thu Thuy

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03603775

Name

:

Mr. Dao Van Manh

Date of Birth

:

1977

 

Management Details - 2

Personal Unique Identifier

:

MI03603776

Name

:

Ms. Nguyen Thi Thu Thuy

Date of Birth

:

1975

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03603775

Name

:

Mr. Dao Van Manh

Date of Birth

:

1977

 

 

 

NEGATIVE INFORMATION

 

REPUTATION

 

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

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

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

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 1,000,000,000

Paid-up Capital

:

₫ 1,000,000,000

 

 

SHAREHOLDERS

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Dao Van Manh

Vietnam

n/a

700,000,000

70.00

2

Ms. Nguyen Thi Tam

Vietnam

n/a

300,000,000

30.00

Total

n/a

1,000,000,000

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

Domestic Sales

100%

International Sales (Export)

0%

 

Annual Purchases Analysis

Percentage

Local Purchases

70%

Imports

30%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

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

 

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

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

4,753,643

1,647,950

64,299

2013 Annual (*)

4,994,810

1,857,541

49,032

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

-

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

2012 Annual

2013 Annual

Current Assets(*)

33,113,000,000

37,833,000,000

Non Current Assets(*)

1,205,000,000

1,339,000,000

Share Capital(*)

1,000,000,000

1,000,000,000

Other long term assets 

Total Assets(*)

34,318,000,000

39,172,000,000

Total Liabilities(*)

24,869,000,000

28,783,000,000

Current Liabilities(*)

24,869,000,000

28,783,000,000

Long term liabilities 

Shareholders Funds(*)

9,449,000,000

10,389,000,000

 

Current assets & short term investments

33,113,000,000

37,833,000,000

Cash & cash equivalents

321,000,000

797,000,000

Cash

321,000,000

797,000,000

Accounts receivable

28,157,000,000

33,792,000,000

Accounts receivable trade

27,641,000,000

31,903,000,000

Trade prepayment

476,000,000

1,367,000,000

Others receivables

40,000,000

522,000,000

Inventories

3,907,000,000

2,832,000,000

Other short term asset

728,000,000

412,000,000

Prepaid expenses

-

26,000,000

VAT deductible

668,000,000

374,000,000

Other tax receivables

60,000,000

12,000,000

Long term assets

1,205,000,000

1,339,000,000

Fixed assets

1,205,000,000

1,339,000,000

Tangible fixed assets

1,205,000,000

1,339,000,000

Cost

1,969,000,000

2,368,000,000

Accumulated depreciation

764,000,000

1,029,000,000

Total assets

34,318,000,000

39,172,000,000

Liabilities

24,869,000,000

28,783,000,000

Current liabilities

24,869,000,000

28,783,000,000

Short term borrowings

-

11,992,000,000

Accounts payables-trade

13,616,000,000

7,595,000,000

Inter company payable

11,250,000,000

9,193,000,000

Other payables

3,000,000

3,000,000

Owner's equity

9,449,000,000

10,389,000,000

Business capital

1,000,000,000

1,000,000,000

Retained earnings

8,449,000,000

9,389,000,000

Total resources

34,318,000,000

39,172,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

Turnover(*)

98,993,000,000

105,331,000,000

Profit (Loss) Before Tax(*)

1,442,000,000

1,034,000,000

Profit After Tax attributable to Shareholders(*)

1,339,000,000

1,034,000,000

 

Gross sales

98,993,000,000

105,331,000,000

Less deductions

264,000,000

-

Net income

98,729,000,000

105,331,000,000

Cost of goods sold

96,290,000,000

102,763,000,000

Gross margin

2,439,000,000

2,568,000,000

Income from financial activities

12,000,000

6,000,000

Expenses from financial activities

100,000,000

246,000,000

Selling expenses

454,000,000

-

General & administration expenses

455,000,000

1,059,000,000

Net income from operating activities

1,442,000,000

1,269,000,000

Extraordinary expenses

-

235,000,000

Extraordinary gains

-

(235,000,000)

Net profit before tax

1,442,000,000

1,034,000,000

Income tax

103,000,000

-

Net profit after tax

1,339,000,000

1,034,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

6.40

Profitability 

Profit Margin (%)

1.35

0.98

Return on Equity (%)

14.17

9.95

Return on Assets (%)

3.90

2.64

Leverage 

Total Debt Equity (Times)

2.63

2.77

Current Debt Equity (Times)

2.63

2.77

Total Asset To Total Equity

3.63

3.77

Asset Management 

Total Assets Turnover (Times)

2.88

2.69

Fixed Assets Turnover (Times)

82.15

78.66

Liquidity 

Current Ratio

1.33

1.31

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

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

ADDITIONAL INFORMATION

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

DAVICHEM CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

Tinh Lo 825 Binh Tien 2 Hamlet Duc Hoa Ha Commune, Duc Hoa, Long An

Tel

:

[+84] 72-3779304

Fax

:

[+84] 72-3779634

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

:

1100862304

 

Primary Products

Products / Materials / Services Description

Activity

Chemical additives

Manufacturing

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Chemical preparations, nspf

2899

Manufacturing

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Miscellaneous chemical products

3800

Manufacturing

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of DAVICHEM CO LTD is Manufacturing - Finished products.

Key product include :

Chemical additives


An integral part of the core business includes:

Distribution

 

Supplementary Business

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

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, LONG AN

SWIFT Code

:

BFTVVNVX

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

China

Medium

Importing

 

REAL ESTATE OWNERSHIP

The following property / ies are owned by DAVICHEM CO LTD :

Property Name

:

DAVICHEM CO LTD - DUC HOA, LONG AN

Type of Property

:

Office & Administration

Address

:

Tinh Lo 825 Binh Tien 2 Hamlet Duc Hoa Ha Commune, Duc Hoa, Long An

Property Size

:

200 Square meters

 

 

 

 

NOTES & COMMENTS

 

N/A

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.76

UK Pound

1

Rs.99.60

Euro

1

Rs.69.71

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               

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.