MIRA INFORM REPORT

 

 

Report No. :

335722

Report Date :

17.08.2015

 

IDENTIFICATION DETAILS

 

Name :

CT POLYMER CO LTD

 

 

Registered Office :

Lot A10 Nhon Trach III Industrial Park Formosa FIC, Nhon Trach Dist, Dong Nai

 

 

Country :

Vietnam

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

21.07.2015

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Subject is manufacturer of chemicals

 

 

No. of Employee :

32        

 

 

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. Agriculture's share of economic output has shrunk 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 now account for only about 40% of GDP.

Vietnamese authorities have reaffirmed their commitment to economic modernization and a more open economy. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam joined the 12-nation Trans-Pacific Partnership free trade agreement negotiations in 2010.

Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. 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. 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.

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 to restructure 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.

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

CT POLYMER CO LTD

Address

:

Lot A10 Nhon Trach III Industrial Park Formosa FIC,

Nhon Trach Dist, Dong Nai

Country

:

Vietnam

Phone (S)

:

[+84] 61-3560544

Facsimile

:

[+84] 61-3560546

Email

:

ct.polymer88@gmail.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

Key Facts

Registered Legal Address

:

Lot A10 Nhon Trach III Industrial Park Formosa FIC, Nhon Trach Dist, Dong Nai

Operational Address

:

Lot A10 Nhon Trach III Industrial Park Formosa FIC, Nhon Trach Dist, Dong Nai

Issuing Authority

:

INDUSTRIAL ZONE AUTHORITY - Dong Nai

License Number

:

472023000592

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

:

21 Jul, 2008

Employees

:

32        

Capital

:

US$ 840,000

PREVIOUS BUSINESS LICENSE/S

:

License Date

License No.

23 May, 2003

217/GP-KCN-DN

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Sang-Woong Lim

Nationality

:

Korean

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Sang-Woong Lim

Korean

Managing Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI02033559

Name

:

Mr. Sang-Woong Lim

Date of Birth

:

1948

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI02033559

Name

:

Mr. Sang-Woong Lim

Date of Birth

:

1948

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing CT POLYMER 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

 

 

SHARE & SHARE CAPITAL INFORMATION

 

SHAREHOLDERS

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

USD - US Dollar

 

No.

Shareholders

Country

Shares

Number

Amount (USD)

%

1

Mr. Sang-Woong Lim

Korea, South (Republic of Korea)

n/a

562,800

67.00

2

Mr. Dae-Yeol Chung

Korea, South (Republic of Korea)

n/a

277,200

33.00

Total

n/a

840,000

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

 

International Trade - Statistics  (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2011

n/a

1,348,209

1,348,209

2012

n/a

1,537,677

1,537,677

2013

n/a

1,397,054

1,397,054

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

60%

International Sales (Export)

40%

 

Annual Purchases Analysis

Percentage

Local Purchases

40%

Imports

60%

 

CAPITAL (Currency: USD - US Dollar)

Authorized Capital

:

$ 840,000

Paid-up Capital

:

$ 840,000

 

Date

Authorized Capital - History

23 May, 2003

424,246

2013

840,000

 

PAYMENT TERMS

 

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 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 - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

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

 

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2007

n/a

862,842

862,842

2010

n/a

1,594,869

1,594,869

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2011 Annual  

3,370,523

1,326,020

21,603

2012 Annual  

3,844,192

1,742,886

130,374

2013 Annual (*)

3,492,635

1,500,895

49,270

 

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/down_arrow_04.gif

Note: (*)

Financials listed are the most recent available for this company.

 

 

FINANCIALS - SUMMARY

 

(Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2007 Annual

3,451,369

1,826,003

236,649

2010 Annual

3,987,173

1,640,585

17,855

 

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

26,653,000,000

33,538,000,000

28,656,000,000

Non Current Assets(*)

968,000,000

2,757,000,000

2,995,000,000

Non Current Liabilities(*)

34,000,000

0

0

Other long term assets 

Total Assets(*)

27,621,000,000

36,295,000,000

31,651,000,000

Total Liabilities(*)

15,661,000,000

20,231,000,000

15,416,000,000

Current Liabilities(*)

15,627,000,000

20,231,000,000

15,416,000,000

Long term liabilities 

Shareholders Funds(*)

11,960,000,000

16,064,000,000

16,235,000,000

Current assets & short term investments

26,653,000,000

33,538,000,000

28,656,000,000

Cash & cash equivalents

610,000,000

905,000,000

116,000,000

Cash

610,000,000

905,000,000

116,000,000

Accounts receivable

11,769,000,000

16,131,000,000

16,300,000,000

Accounts receivable trade

12,491,000,000

15,416,000,000

15,771,000,000

Trade prepayment

21,000,000

715,000,000

61,000,000

Others receivables

180,000,000

-

468,000,000

Provision for bad debts

(923,000,000)

-

-

Inventories

4,685,000,000

8,410,000,000

9,544,000,000

I. Other short term asset

9,589,000,000

8,092,000,000

2,696,000,000

Prepaid expenses

99,000,000

-

-

VAT deductible

-

684,000,000

-

II. Other short term asset

9,490,000,000

7,408,000,000

2,696,000,000

Long term assets

968,000,000

2,757,000,000

2,995,000,000

Fixed assets

903,000,000

2,757,000,000

2,995,000,000

Tangible fixed assets

903,000,000

2,757,000,000

2,995,000,000

Cost

5,988,000,000

8,532,000,000

8,859,000,000

Accumulated depreciation

5,085,000,000

5,775,000,000

5,864,000,000

Other long term assets

65,000,000

-

-

Total assets

27,621,000,000

36,295,000,000

31,651,000,000

Liabilities

15,661,000,000

20,231,000,000

15,416,000,000

Current liabilities

15,627,000,000

20,231,000,000

15,416,000,000

Short term borrowings

6,728,000,000

7,853,000,000

7,166,000,000

Accounts payables-trade

7,053,000,000

6,327,000,000

3,671,000,000

Advances from customers

-

2,095,000,000

1,626,000,000

Taxes and payable to state budget

282,000,000

1,334,000,000

284,000,000

Payable to employees

784,000,000

633,000,000

366,000,000

Other payables

780,000,000

1,949,000,000

2,263,000,000

I. Bonus and welfare funds

-

40,000,000

40,000,000

Long term liabilities

34,000,000

-

-

Provision funds for unemployment

34,000,000

-

-

I. Owner's equity

11,960,000,000

16,064,000,000

16,235,000,000

II. Owner's equity

11,920,000,000

16,064,000,000

16,235,000,000

Business capital

11,468,000,000

14,700,000,000

14,700,000,000

Business development funds

81,000,000

80,000,000

80,000,000

Retained earnings

371,000,000

1,284,000,000

1,455,000,000

Budget sources

40,000,000

-

-

II. Bonus and welfare funds

40,000,000

-

-

Total resources

27,621,000,000

36,295,000,000

31,651,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

70,208,000,000

80,054,000,000

73,653,000,000

Profit (Loss) Before Tax(*)

624,000,000

3,137,000,000

1,184,000,000

Profit After Tax attributable to Shareholders(*)

450,000,000

2,715,000,000

1,039,000,000

 

Gross sales

70,208,000,000

80,054,000,000

73,653,000,000

Less deductions

36,000,000

182,000,000

602,000,000

Net income

70,172,000,000

79,872,000,000

73,051,000,000

Cost of goods sold

55,955,000,000

62,742,000,000

58,331,000,000

Gross margin

14,217,000,000

17,130,000,000

14,720,000,000

Income from financial activities

243,000,000

66,000,000

49,000,000

Expenses from financial activities

2,177,000,000

2,034,000,000

1,101,000,000

In which: Interest expenses

937,000,000

1,210,000,000

896,000,000

Selling expenses

3,801,000,000

4,812,000,000

5,570,000,000

General & administration expenses

7,957,000,000

7,235,000,000

7,099,000,000

Net income from operating activities

525,000,000

3,115,000,000

999,000,000

Extraordinary income

154,000,000

22,000,000

185,000,000

Extraordinary expenses

55,000,000

0

0

Extraordinary gains

99,000,000

22,000,000

185,000,000

Net profit before tax

624,000,000

3,137,000,000

1,184,000,000

Income tax

174,000,000

422,000,000

145,000,000

Net profit after tax

450,000,000

2,715,000,000

1,039,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

(9.65)

14.02

(8.00)

Profitability 

Profit Margin (%)

0.64

3.39

1.41

Return on Equity (%)

3.76

16.90

6.40

Return on Assets (%)

1.63

7.48

3.28

Leverage 

Total Debt Equity (Times)

1.31

1.26

0.95

Current Debt Equity (Times)

1.31

1.26

0.95

Long Term Debt to Equity

0.00

-

-

Total Asset To Total Equity

2.31

2.26

1.95

Asset Management 

Total Assets Turnover (Times)

2.54

2.21

2.33

Fixed Assets Turnover (Times)

72.53

29.04

24.59

Liquidity 

Current Ratio

1.71

1.66

1.86

 

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

 

N/a

 

 

 

ADDITIONAL INFORMATION

 

Report Details

Country

:

Vietnam

Business Entity Name

:

CT POLYMER CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

Lot A10 Nhon Trach III Industrial Park Formosa FIC, Nhon Trach Dist, Dong Nai

Tel

:

[+84] 61-3560544

 

:

[+84] 61-3560545

Fax

:

[+84] 61-3560546

Email

:

ct.polymer88@gmail.com

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

:

3600639065

Date of Issuance

:

5 Jun, 2003

 

Primary Products

Products / Materials / Services Description

Activity

Chemicals

Manufacturing, Exporting

Glue

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Chemical preparations, nspf

2899

Manufacturing, Exporting

Chemicals and Allied Products

2800

Manufacturing, Exporting

Chemicals/Allied Prdts, NEC

5169

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Albuminoidal sub, starches, glues, enzymes

3500

Manufacturing, Exporting

Chemical products and preparations of the chemical or allied industries

3823905050

Manufacturing, Exporting

Gelatin & deriv; isinglass; glues, animal

3503

Manufacturing, Exporting

Miscellaneous chemical products

3800

Manufacturing, Exporting

Prepared glues & adhesives nesoi; glue retail pack

3506

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of CT POLYMER CO LTD is Manufacturing - Finished products.
Key products include :

Glue

Chemicals


An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, CT POLYMER 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

:

32400479

Branch

:

Hoan Kiem,Hanoi

Branch Address

:

Ha Noi

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

31-33 Ngo Quyen Hanoi (Head Office)

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

SHINHAN VIETNAM BANK LTD

Global Identifier

:

P1885646

SWIFT Code

:

This bank does not have a SWIFT Code

 

Bank Name

:

VIETNAM INT'L BANK

Global Identifier

:

P1005205

Branch Address

:

Ba Dinh (Head Office)

SWIFT Code

:

This bank does not have a SWIFT Code

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

China

Medium

Importing

Japan

Medium

Importing, Exporting

Korea, South (Republic of Korea)

Medium

Importing, Exporting

Myanmar

Medium

Exporting

Sri Lanka

Medium

Exporting

Taiwan

Medium

Importing

Thailand

Medium

Importing

 

 

OFFICE & FACILITIES

 

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

Name

:

CT POLYMER CO LTD - NHON TRACH DIST, DONG NAI

Primary Use

:

Office & Administration facilities

Building Size

:

3,000 Square meters

Address

:

Lot A10 Nhon Trach III Industrial Park Formosa FIC, Nhon Trach Dist, Dong Nai

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

PREVIOUS CONTACT DETAILS

 

E-mail

:

kangwooyoung@gmail.com

 

 

NOTES & COMMENTS

 

N/a

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.12

UK Pound

1

Rs.101.65

Euro

1

Rs.72.56

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ASH

 

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.