MIRA INFORM REPORT

 

 

Report No. :

353238

Report Date :

11.12.2015

 

IDENTIFICATION DETAILS

 

Name :

PUMPS EUROPE JSC

 

 

Registered Office :

13G Cao Ba Quat Dien Bien Ward, Ba Dinh, Hanoi

 

 

Country :

Vietnam

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

29.09.2014

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of Machinery.

 

 

No. of Employees :

100

 

 

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

 

 

Maximum Credit Limits :

USD $400,000  

 

 

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

:

PUMPS EUROPE JSC

Name in Local Language

:

CÔNG TY CỔ PHẦN BƠM CHÂU ÂU

Address

:

5Fl PECOM Bldg 415 Quang Trung St, Ha Dong, Hanoi

Country

:

Vietnam

Phone (S)

:

[+84] 4-35640718

Facsimile

:

[+84] 4-35640717

Email

:

sale@pecom.vn

Website

:

http://pecom.vn

Primary Business Activity

:

Trader

Key Industry

:

Machinery

 

Key Facts

Registered Legal Address

:

13G Cao Ba Quat Dien Bien Ward, Ba Dinh, Hanoi

Operational Address

:

5Fl PECOM Bldg 415 Quang Trung St, Ha Dong, Hanoi

Trading Name / DBA

:

PECOM

License Status

:

License exists - Normal.

Issuing Authority

:

DEPARTMENT OF PLANNING & INVESTMENT - Hanoi

License Number

:

0101550994

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

29 Sep, 2014

Employees

:

100

Capital

:

US$ 546,423

PREVIOUS BUSINESS LICENSE/S

:

License Date

License No.

4 Oct, 2004

0102014382

28 Mar, 2008

0103023335

 

 

CREDIT RECOMMENDATION

 

Current Credit Limit: USD $400,000  based on  90 days

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Nam Dinh Nguyen

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nam Dinh Nguyen

Vietnamese

Managing Director

-

 

 

 

Management Details - 1

Personal Unique Identifier

:

MI03930778

Name

:

Mr. Nam Dinh Nguyen

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03930778

Name

:

Mr. Nam Dinh Nguyen

 

 

 

NEGATIVE INFORMATION

 

REPUTATION

 

Reference checking for the purpose of establishing PUMPS EUROPE 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

 

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

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 12,000,000,000

 

 

SHAREHOLDERS

Not available - According to the corporate statutory laws for this type of Legal Form - Category (Joint Stock Company) in Vietnam, there is no public disclosure of Shareholders.

 

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

90%

International Sales (Export)

10%

 

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

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

 

 

OVERSEAS SUPPLIERS

Business Entity Name

Global Identifier

Country

EBARA CORP

P0007053

Japan

HYOSUNG CORP

31331291

Korea, South (Republic of Korea)

KSB AG

P0012297

Germany

SCHAEFFLER TECHNOLOGIES AG & CO KG

P1328032

Germany

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to PUMPS EUROPE JSC:

TYPE

DOMESTIC

TOTAL

Subsidiaries

-

Joint-Ventures

-

Minority shareholdings

-

Affiliates

3

Liaison / Representative Offices

-

 

Domestic

Business Entity Name

:

DESIGN AND MANUFACTURE WATER TREATMENT EQUIPMENT (PECOM WATER) JSC

Global Identifier

:

P3340124

Country

:

Vietnam

Relationship

:

Affiliate

Operational Address

:

415 Quang Trung St, Ha Dong, Hanoi

Primary Business Activity

:

Manufacturer

Industry

:

Machinery

Business Entity Name

:

HEALTHY WATER (GOOD WATER) JSC

Global Identifier

:

P3340125

Country

:

Vietnam

Relationship

:

Affiliate

Operational Address

:

21 Solidarity Tan Son Nhi Ward, Tan Phu Dist, Ho Chi Minh

Primary Business Activity

:

Trader

Industry

:

Machinery

Business Entity Name

:

INDUSTRIAL PECOM JSC

Global Identifier

:

P3340120

Country

:

Vietnam

Relationship

:

Affiliate

Operational Address

:

415 Quang Trung St, Ha Dong, Hanoi

Primary Business Activity

:

Trader

Industry

:

Machinery

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

3,750,505

4,404,106

222,237

2013 Annual  

11,140,459

6,691,882

395,294

2014 Annual  

9,736,090

6,635,294

383,851

Sales Trend - Analysis

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

-

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

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

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Current Assets(*)

83,019,000,000

132,778,000,000

123,218,000,000

Non Current Assets(*)

8,695,000,000

8,341,000,000

17,076,000,000

Share Capital(*)

12,000,000,000

12,000,000,000

12,000,000,000

Other long term assets 

Total Assets(*)

91,714,000,000

141,119,000,000

140,294,000,000

Total Liabilities(*)

61,816,000,000

102,885,000,000

103,997,000,000

Current Liabilities(*)

61,816,000,000

102,885,000,000

103,997,000,000

Long term liabilities 

Shareholders Funds(*)

29,898,000,000

38,234,000,000

36,297,000,000

 

Current assets & short term investments

83,019,000,000

132,778,000,000

123,218,000,000

Cash & cash equivalents

11,239,000,000

17,891,000,000

3,145,000,000

Cash

11,239,000,000

17,891,000,000

3,145,000,000

Short term investments

28,000,000,000

-

-

Short term securities investments

28,000,000,000

-

-

Accounts receivable

7,500,000,000

71,582,000,000

58,837,000,000

Accounts receivable trade

5,745,000,000

50,621,000,000

42,282,000,000

Trade prepayment

1,755,000,000

20,961,000,000

16,966,000,000

Provision for bad debts

-

-

(411,000,000)

I. Inventories

34,599,000,000

42,356,000,000

60,151,000,000

II. Inventories

34,599,000,000

42,356,000,000

60,151,000,000

I. Other short term asset

1,681,000,000

949,000,000

1,085,000,000

VAT deductible

-

492,000,000

641,000,000

Other tax receivables

26,000,000

1,000,000

1,000,000

II. Other short term asset

1,655,000,000

456,000,000

443,000,000

Long term assets

8,695,000,000

8,341,000,000

17,076,000,000

Fixed assets

5,675,000,000

5,455,000,000

4,814,000,000

Tangible fixed assets

5,675,000,000

5,455,000,000

4,814,000,000

I. Cost

7,200,000,000

7,782,000,000

7,025,000,000

I. Accumulated depreciation

1,525,000,000

2,327,000,000

2,211,000,000

Investment immovable property

-

-

4,312,000,000

II. Cost

-

-

4,394,000,000

II. Accumulated depreciation

-

-

82,000,000

Long term investments

-

-

5,500,000,000

Invest to subsidiary company

-

-

5,500,000,000

I. Other long term assets

3,020,000,000

2,886,000,000

2,450,000,000

Long term prepayments

-

-

2,450,000,000

II. Other long term assets

3,020,000,000

2,886,000,000

-

Total assets

91,714,000,000

141,119,000,000

140,294,000,000

Liabilities

61,816,000,000

102,885,000,000

103,997,000,000

Current liabilities

61,816,000,000

102,885,000,000

103,997,000,000

Short term borrowings

6,366,000,000

9,694,000,000

20,179,000,000

Accounts payables-trade

16,450,000,000

50,827,000,000

40,675,000,000

Advances from customers

38,262,000,000

42,088,000,000

42,722,000,000

Taxes and payable to state budget

656,000,000

239,000,000

256,000,000

Accrued expenses payable

-

-

87,000,000

Other payables

82,000,000

37,000,000

78,000,000

I. Owner's equity

29,898,000,000

38,234,000,000

36,297,000,000

II. Owner's equity

29,898,000,000

38,234,000,000

36,297,000,000

Business capital

12,000,000,000

12,000,000,000

12,000,000,000

Retained earnings

17,898,000,000

26,234,000,000

24,297,000,000

Total resources

91,714,000,000

141,119,000,000

140,294,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Turnover(*)

78,103,000,000

234,931,000,000

205,856,000,000

Profit (Loss) Before Tax(*)

5,610,000,000

11,114,000,000

10,405,000,000

Profit After Tax attributable to Shareholders(*)

4,628,000,000

8,336,000,000

8,116,000,000

 

Gross sales

78,103,000,000

234,931,000,000

205,856,000,000

Net income

78,103,000,000

234,931,000,000

205,856,000,000

Cost of goods sold

65,222,000,000

212,938,000,000

181,610,000,000

Gross margin

12,881,000,000

21,993,000,000

24,246,000,000

Income from financial activities

44,000,000

869,000,000

254,000,000

Expenses from financial activities

2,042,000,000

2,416,000,000

991,000,000

In which: Interest expenses

0

0

991,000,000

General & administration expenses

5,449,000,000

9,441,000,000

13,253,000,000

Net income from operating activities

5,434,000,000

11,005,000,000

10,256,000,000

Extraordinary income

184,000,000

169,000,000

157,000,000

Extraordinary expenses

8,000,000

60,000,000

8,000,000

Extraordinary gains

176,000,000

109,000,000

149,000,000

Net profit before tax

5,610,000,000

11,114,000,000

10,405,000,000

Income tax

982,000,000

2,778,000,000

2,289,000,000

Net profit after tax

4,628,000,000

8,336,000,000

8,116,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

-

200.80

(12.38)

Profitability 

Profit Margin (%)

5.93

3.55

3.94

Return on Equity (%)

15.48

21.80

22.36

Return on Assets (%)

5.05

5.91

5.78

Leverage 

Total Debt Equity (Times)

2.07

2.69

2.87

Current Debt Equity (Times)

2.07

2.69

2.87

Total Asset To Total Equity

3.07

3.69

3.87

Asset Management 

Total Assets Turnover (Times)

0.85

1.66

1.47

Fixed Assets Turnover (Times)

8.98

28.17

12.06

Liquidity 

Current Ratio

1.34

1.29

1.18

 

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

 

N/A

 

 

ADDITIONAL INFORMATION

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

PUMPS EUROPE JSC

Primary Business Activity

:

Trader

Primary Industry

:

Machinery

Office Contact Details

Operating Address

:

5Fl PECOM Bldg 415 Quang Trung St, Ha Dong, Hanoi

Tel

:

[+84] 4-35640718

Fax

:

[+84] 4-35640717

Email

:

sale@pecom.vn

Website Details

Website

:

http://pecom.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

 

Primary Products

Products / Materials / Services Description

Activity

Bearings

Trading

Centrifugal pumps

Trading

Circulating pumps

Trading

Cylindrical roller bearings

Trading

Fire pumps

Trading

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Fluid power pumps and motors, and parts, nspf

3594

Trading

General industrial machinery and equipment, and parts, nspf

3569

Trading

Industrial Machinery & Equipment

3500

Trading

Industrial Machinery/Equip

5084

Trading

Pumps and pumping equipment, except fluid power pumps

3561

Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Ball bearings

8482105068

Trading

Centrifugal pumps for liquids

8413702090

Trading

Hydraulic and pneumatic instruments and apparatus except industrial process control

9032810080

Trading

Hydraulic fluid power pumps

8413500080

Trading

Hydraulic fluid power pumps, rotary positive displacement, gear type

8413600030

Trading

Machines etc having individual functions nesoi, parts

8479

Trading

Pumps for liquids

8413810040

Trading

Pumps for liquids; liquid elevators; parts thereof

8413

Trading

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

Products / Materials / Services Description

Ranking

Activity

Pumps

Primary

Trading

Turbochargers

Primary

Trading

Waste water pumps

Primary

Trading

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of PUMPS EUROPE JSC is Trading - Finished products.

Key product include :

Pumps

 

Supplementary Business

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

Exporting

Exporting - Finished products

Importing

Importing - Finished products

 

BANK DETAILS

 

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 - HA DONG, HA TAY

SWIFT Code

:

ICBVVNVX

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Importing

Germany

Medium

Importing

Hong Kong

Medium

Importing

Italy

Medium

Importing

Japan

Medium

Importing

Korea, South (Republic of Korea)

Medium

Importing

Laos

Medium

Exporting

 

 

OFFICE & FACILITIES

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

Name

:

PUMPS EUROPE JSC - HA DONG, HANOI

Primary Use

:

Office & Administration facilities

Address

:

5Fl PECOM Bldg 415 Quang Trung St, Ha Dong, Hanoi

Country

:

Vietnam

Status

:

Operational

 

COMPANY HISTORY

 

Date

Details

2008 - Mar

Changed legal form to Joint Stock Company from limited liability company.

 

 

STRATEGIC PARTNER/S & ALLIANCES

 

 

 

 

Group / Alliance name

:

PECOM GROUP

 

 

 

 

 

NOTES & COMMENTS

 

N/A

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.79

UK Pound

1

Rs.101.37

Euro

1

Rs.73.46

VND

1

Rs.0.0030

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

NIT

 

               


 

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.