MIRA INFORM REPORT

 

 

Report No. :

336513

Report Date :

17.08.2015

 

IDENTIFICATION DETAILS

 

Name :

VIETNAM LATCA JSC

 

 

Registered Office :

17D Lane 52 Giang Van Minh St Doi Can Ward, Ba Dinh, Hanoi

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2014

 

 

Date of Incorporation :

05.08.2010

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Plastics & Products.

 

 

No. of Employee :

60

 

 

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

:

VIETNAM LATCA JSC (1)

Address

:

15A Lot 10A Trung Yen New Urban Area Trung Hoa Ward,

Cau Giay Dist, Hanoi

Country

:

Vietnam

Phone (S)

:

[+84] 4-37676867

Facsimile

:

[+84] 4-37676919

Email

:

contact@latca.com.vn

Website

:

http://www.latca.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Plastics & Products

 

 

Key Facts

Registered Legal Address

:

17D Lane 52 Giang Van Minh St Doi Can Ward, Ba Dinh, Hanoi

Operational Address

:

15A Lot 10A Trung Yen New Urban Area Trung Hoa Ward, Cau Giay Dist, Hanoi

Trading Name

:

LATCA

Issuing Authority

:

DEPARTMENT OF PLANNING & INVESTMENT - Hanoi

License Number

:

0103755073

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

5 Aug, 2010

Employees

:

60

Capital

:

US$ 1,397,624

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

22 Apr, 2009

0103037020

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. Nguyen Minh Hoan

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Minh Hoan

Vietnamese

Managing Director

-

2

Ms. Vu Thi Thao

Vietnamese

Chief Accountant

-

 

Management Details - 1

Personal Unique Identifier

:

MI03888933

Name

:

Mr. Nguyen Minh Hoan

Date of Birth

:

1978

 

Management Details - 2

Personal Unique Identifier

:

MI03888958

Name

:

Ms. Vu Thi Thao

Date of Birth

:

1978

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03888933

Name

:

Mr. Nguyen Minh Hoan

Date of Birth

:

1978

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing VIETNAM LATCA JSC'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

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 30,000,000,000

Paid-up Capital

:

₫ 30,000,000,000

 

Date

Authorized Capital - History

22 Apr, 2009

24,000,000,000

Jul, 2011

30,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

VINAPOL JSC

Vietnam

n/a

10,500,000,000

35.00

2

Mr. Nguyen Minh Hoan

Vietnam

n/a

6,600,000,000

22.00

3

Ms. Hoang Thanh Huong

Vietnam

n/a

5,001,000,000

16.67

4

Undisclosed Shareholders

n/a

n/a

3,192,000,000

10.64

5

Mr. Phan Van Tuc

Vietnam

n/a

1,500,000,000

5.00

6

Mr. Ngo Xuan Ha

Vietnam

n/a

1,338,000,000

4.46

7

Mr. Pham Xuan Thanh

Vietnam

n/a

969,000,000

3.23

8

Mr. Bui Tho Son

Vietnam

n/a

900,000,000

3.00

Total

n/a

30,000,000,000

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

 

Sales Trend – Analysis

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

 

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

Year

Imports

Exports

Total

2013

n/a

10,928,074

10,928,074

2014

n/a

7,702,615

7,702,615

 

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

40%

International Sales (Export)

60%

 

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

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 - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

India

Medium

Importing, Exporting

Japan

Medium

Importing

Nepal

Medium

Exporting

 

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to VIETNAM LATCA JSC:

TYPE

DOMESTIC

TOTAL

Subsidiaries

-

Joint-Ventures

-

Minority shareholdings

1

Affiliates

-

Liaison / Representative Offices

-

 

Domestic

Business Entity Name

:

MIEN TRUNG MINERAL JSC

Global Identifier

:

P3204174

Country

:

Vietnam

Relationship

:

Minority shareholding

Operational Address

:

3Fl MTJ Bldg 104 Hai Thuong Lan Ong St, Vinh, Nghe An

Primary Business Activity

:

Manufacturer

Industry

:

Chemicals

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2013 Annual  

18,213,456

4,351,745

151,460

2014 Annual  

12,837,691

3,847,926

179,345

 

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

2014 Annual

Current Assets(*)

72,381,000,000

50,430,000,000

Non Current Assets(*)

19,389,000,000

30,929,000,000

Non Current Liabilities(*)

2,640,000,000

7,528,000,000

Share Capital(*)

30,000,000,000

30,000,000,000

Other long term assets 

Total Assets(*)

91,770,000,000

81,359,000,000

Total Liabilities(*)

53,495,000,000

39,292,000,000

Current Liabilities(*)

50,855,000,000

31,764,000,000

Long term liabilities 

Shareholders Funds(*)

38,275,000,000

42,067,000,000

 

Current Assets & Short Term Investments

72,381,000,000

50,430,000,000

Cash & Cash Equivalents

4,656,000,000

7,845,000,000

Cash

4,656,000,000

7,845,000,000

Short Term Investments

1,009,000,000

-

Short Term Securities Investments

1,009,000,000

-

Accounts Receivable

27,718,000,000

25,598,000,000

Accounts Receivable Trade

20,205,000,000

14,472,000,000

Trade Prepayment

4,083,000,000

2,786,000,000

Others Receivables

3,430,000,000

8,340,000,000

i. Inventories

32,500,000,000

10,298,000,000

ii. Inventories

32,500,000,000

10,298,000,000

i. Other Short Term Asset

6,498,000,000

6,689,000,000

Prepaid Expenses

229,000,000

458,000,000

VAT Deductible

3,202,000,000

4,529,000,000

ii. Other Short Term Asset

3,067,000,000

1,702,000,000

Long Term Assets

19,389,000,000

30,929,000,000

Fixed Assets

5,302,000,000

16,590,000,000

Tangible Fixed Assets

1,273,000,000

13,477,000,000

i. Cost

2,298,000,000

15,101,000,000

i. Accumulated Depreciation

1,025,000,000

1,624,000,000

Finance Lease Assets

4,015,000,000

3,107,000,000

ii. Cost

4,545,000,000

4,546,000,000

ii. Accumulated Depreciation

530,000,000

1,439,000,000

Intangible Fixed Assets

14,000,000

6,000,000

iii. Cost

42,000,000

42,000,000

iii. Accumulated Depreciation

28,000,000

36,000,000

Long Term Investments

13,603,000,000

13,903,000,000

Invest To Subsidiary Company

10,000,000,000

10,000,000,000

Invest To Joint Venture Company

3,603,000,000

3,903,000,000

i. Other Long Term Assets

484,000,000

436,000,000

Long Term Prepayments

224,000,000

236,000,000

ii. Other Long Term Assets

260,000,000

200,000,000

Total Assets

91,770,000,000

81,359,000,000

Liabilities

53,495,000,000

39,292,000,000

Current Liabilities

50,855,000,000

31,764,000,000

Short Term Borrowings

18,746,000,000

24,570,000,000

Accounts Payables-Trade

25,919,000,000

6,166,000,000

Advances From Customers

3,979,000,000

-

Taxes And Payable To State Budget

97,000,000

-

Accrued Expenses Payable

1,204,000,000

-

Inter Company Payable

-

300,000,000

Other Payables

910,000,000

728,000,000

Long Term Liabilities

2,640,000,000

7,528,000,000

Long Term Borrowings

2,640,000,000

-

Payable Income Tax Delay

-

7,528,000,000

i. Owner's Equity

38,275,000,000

42,067,000,000

ii. Owner's Equity

38,275,000,000

42,067,000,000

Business Capital

30,000,000,000

30,000,000,000

Retained Earnings

8,275,000,000

12,067,000,000

Total Resources

91,770,000,000

81,359,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

2014 Annual

Turnover(*)

384,087,000,000

271,435,000,000

Profit (Loss) Before Tax(*)

3,194,000,000

4,861,000,000

Profit After Tax attributable to Shareholders(*)

3,194,000,000

3,792,000,000

 

Gross Sales

384,087,000,000

271,435,000,000

Less Deductions

1,886,000,000

7,490,000,000

Net Income

382,201,000,000

263,945,000,000

Cost Of Goods Sold

350,065,000,000

184,879,000,000

Gross Margin

32,136,000,000

79,066,000,000

Income From Financial Activities

369,000,000

257,000,000

Expenses From Financial Activities

2,833,000,000

2,313,000,000

Selling Expenses

40,338,000,000

64,561,000,000

General & Administration Expenses

6,034,000,000

7,349,000,000

Net Income From Operating Activities

(16,700,000,000)

5,100,000,000

Extraordinary Income

20,173,000,000

-

Extraordinary Expenses

279,000,000

239,000,000

Extraordinary Gains

19,894,000,000

(239,000,000)

Net Profit Before Tax

3,194,000,000

4,861,000,000

Income Tax

-

1,069,000,000

Net Profit After Tax

3,194,000,000

3,792,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

-

(29.33)

Profitability 

Profit Margin (%)

0.83

1.40

Return on Equity (%)

8.34

9.01

Return on Assets (%)

3.48

4.66

Leverage 

Total Debt Equity (Times)

1.40

0.93

Current Debt Equity (Times)

1.33

0.76

Long Term Debt to Equity

0.07

0.18

Total Asset To Total Equity

2.40

1.93

Asset Management 

Total Assets Turnover (Times)

4.19

3.34

Fixed Assets Turnover (Times)

19.81

8.78

Liquidity 

Current Ratio

1.42

1.59

 

 

Based on the corporate laws of Vietnam, legal entities which are a Joint Stock Company 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

:

VIETNAM LATCA JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Plastics & Products

 

Office Contact Details

 

Operating Address

:

15A Lot 10A Trung Yen New Urban Area Trung Hoa Ward, Cau Giay Dist, Hanoi

Tel

:

[+84] 4-37676867

Fax

:

[+84] 4-37676919

Email

:

contact@latca.com.vn

 

Website Details

 

Website

:

http://www.latca.com.vn

Status

:

Normal - operational

 

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

:

0103755073

Date of Issuance

:

28 Apr, 2009

 

 

Primary Products

Products / Materials / Services Description

Activity

Plastics materials

Manufacturing, Exporting

Resin

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Plastics materials and resins

2821

Manufacturing, Exporting

Plastics products, nspf

3089

Manufacturing, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Plastics & articles thereof

3900

Manufacturing, Exporting

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of VIETNAM LATCA JSC is Manufacturing - Finished products.

Key products include :

Resin

Plastics materials


An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, VIETNAM LATCA JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

BANK DETAILS

Bank Name

:

VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT

Global Identifier

:

32408794

Branch

:

Tu Liem,Hanoi

Branch Address

:

VIETNAM BANK FOR AGRICULTURE

SWIFT Code

:

VBAAVNVX

 

Bank Name

:

VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P2461558

Branch

:

Ninh Kieu Dist,Can Tho

Branch Address

:

VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK

SWIFT Code

:

VNIBVNVX

 

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

32404058

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE - DONG DA, HANOI

SWIFT Code

:

ICBVVNVX

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

VIETNAM LATCA JSC - DISTRICT 10, HO CHI MINH

Branch Address

:

266/16 To Hien Thanh St Ward 1, District 10, Ho Chi Minh

Branch

:

VIETNAM LATCA JSC - KIEN AN DIST, HAIPHONG

Branch Address

:

125/109 Truong Chinh St Quan Tru Ward, Kien An Dist, Haiphong

 

OFFICE & FACILITIES

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

Name

:

VIETNAM LATCA JSC - CAU GIAY DIST, HANOI

Primary Use

:

Office & Administration facilities

Building Size

:

60 Square meters

Address

:

15A Lot 10A Trung Yen New Urban Area Trung Hoa Ward, Cau Giay Dist, Hanoi

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.12

UK Pound

1

Rs.101.62

Euro

1

Rs.72.56

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.