MIRA INFORM REPORT

 

 

Report No. :

355516

Report Date :

23.12.2015

           

IDENTIFICATION DETAILS

 

Name :

THUAN LOI RUBBER CO LTD

 

 

Registered Office :

Rd DT 741 Thuan Hoa Hamlet Thuan Loi Village, Dong Phu Dist, Binh Phuoc

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2014

 

 

Date of Incorporation :

19.09.2014

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Manufacturer of Rubber & Products

 

 

No. of Employee :

150

 

 

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 :

Slow but correct

 

 

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

 

COMPANY SUMMARY

 

Company Details

Organization Name

:

THUAN LOI RUBBER CO LTD (1)

Name in Local Language

:

CÔNG TY TNHH CAO SU THUẬN LỢI

Address

:

Rd DT 741 Thuan Hoa Hamlet Thuan Loi Village,

Dong Phu Dist, Binh Phuoc

Country

:

Vietnam

Phone (S)

:

[+84] 651-3820065

Facsimile

:

[+84] 651-3820170

Email

:

info@thuanloirubber.com

Website

:

http://www.thuanloirubber.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Rubber & Products

 

 

Key Facts

Registered Legal Address

:

Rd DT 741 Thuan Hoa Hamlet Thuan Loi Village, Dong Phu Dist, Binh Phuoc

Operational Address

:

Rd DT 741 Thuan Hoa Hamlet Thuan Loi Village, Dong Phu Dist, Binh Phuoc

Name History

:

Business Entity Name

Effective Date

THUAN LOI PRIVATE ENTERPRISE

1 Jul, 2004

THUAN LOI RUBBER CO LTD

Jun, 2015

License Status

:

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Binh Duong

License Number

:

3800239811

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

:

19 Sep, 2014

Employees

:

150

Capital

:

US$ 8,651,701

PREVIOUS BUSINESS LICENSE/S

:

License Date

License No.

1 Jul, 2004

4401000510

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

:

Managing Director

Name

:

Ms. Thi Dung Truong

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Thi Dung Truong

Vietnamese

Managing Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03788695

Name

:

Ms. Thi Dung Truong

Date of Birth

:

1971

Identification Number(s)

National ID No

:

285095735

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03788695

Name

:

Ms. Thi Dung Truong

Date of Birth

:

1971

Identification Number(s)

National ID No

:

285095735

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing THUAN LOI RUBBER 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

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 190,000,000,000

Date

Authorized Capital - History

1 Jul, 2004

9,000,000,000

2015

190,000,000,000

 

 

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. Quang Thinh Vo

Vietnam

n/a

n/a

51.00

2

Ms. Thi Dung Truong

Vietnam

n/a

n/a

49.00

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

 

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

Year

Imports

Exports

Total

2013

n/a

11,531,585

11,531,585

2014

n/a

33,331,873

33,331,873

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

10%

International Sales (Export)

90%

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

 

PAYMENT TERMS

 

Selling

Type

Terms

Local

Cash on delivery (COD)

Export

Letter of Credit (At-sight)

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

 

Purchasing

Type

Terms

Local

Cash on delivery (COD)

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2013 Annual  

12,812,872

12,144,296

1,091,090

2014 Annual  

37,035,415

10,029,654

356,325

Sales Trend - Analysis

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

-

-

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

 

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

2014 Annual

Current Assets(*)

213,306,000,000

164,817,000,000

Non Current Assets(*)

42,794,000,000

47,246,000,000

Non Current Liabilities(*)

9,000,000,000

22,000,000

Share Capital(*)

9,000,000,000

9,000,000,000

Other long term assets 

Total Assets(*)

256,100,000,000

212,063,000,000

Total Liabilities(*)

186,305,000,000

192,525,000,000

Current Liabilities(*)

177,305,000,000

192,503,000,000

Long term liabilities 

Shareholders Funds(*)

69,795,000,000

19,538,000,000

 

Current assets & short term investments

213,306,000,000

164,817,000,000

Cash & cash equivalents

15,985,000,000

31,397,000,000

Cash

15,985,000,000

31,397,000,000

Accounts receivable

83,113,000,000

53,772,000,000

Accounts receivable trade

83,113,000,000

39,866,000,000

Trade prepayment

-

9,685,000,000

Others receivables

-

4,221,000,000

Inventories

113,850,000,000

82,088,000,000

I.Other short term asset

358,000,000

(2,440,000,000)

Prepaid expenses

-

(205,000,000)

VAT deductible

-

(7,932,000,000)

Other tax receivables

-

5,638,000,000

II.Other short term asset

358,000,000

59,000,000

Long term assets

42,794,000,000

47,246,000,000

Fixed assets

42,790,000,000

39,547,000,000

Tangible fixed assets

31,745,000,000

36,739,000,000

Cost

38,749,000,000

51,950,000,000

Accumulated depreciation

7,004,000,000

15,211,000,000

Construction in progress

11,045,000,000

2,808,000,000

I.Other long term assets

4,000,000

7,699,000,000

Long term prepayments

-

7,699,000,000

II.Other long term assets

4,000,000

-

Total assets

256,100,000,000

212,063,000,000

Liabilities

186,305,000,000

192,525,000,000

Current liabilities

177,305,000,000

192,503,000,000

Short term borrowings

177,305,000,000

126,211,000,000

Accounts payables-trade

-

17,475,000,000

Advances from customers

-

39,341,000,000

Taxes and payable to state budget

-

305,000,000

Other payables

-

9,171,000,000

Long term liabilities

9,000,000,000

22,000,000

Long term borrowings

9,000,000,000

22,000,000

Owner's equity

69,795,000,000

19,538,000,000

Business capital

9,000,000,000

9,000,000,000

Other owner's equity

51,116,000,000

-

Business development funds

31,000,000

40,000,000

Retained earnings

9,648,000,000

10,519,000,000

Budget sources

-

(21,000,000)

Source from subsidies of State

-

(21,000,000)

Total resources

256,100,000,000

212,063,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

2014 Annual

Turnover(*)

270,199,000,000

783,062,000,000

Profit (Loss) Before Tax(*)

23,009,000,000

8,660,000,000

Profit After Tax attributable to Shareholders(*)

23,009,000,000

7,534,000,000

 

Gross sales

270,199,000,000

783,062,000,000

Net income

270,199,000,000

783,062,000,000

Cost of goods sold

244,169,000,000

757,368,000,000

Gross margin

26,030,000,000

25,694,000,000

Income from financial activities

0

139,000,000

Expenses from financial activities

210,000,000

9,678,000,000

In which: Interest expenses

210,000,000

1,000,000

Selling expenses

1,429,000,000

3,551,000,000

General & administration expenses

1,382,000,000

3,944,000,000

Net income from operating activities

23,009,000,000

8,660,000,000

Extraordinary expenses

0

1,126,000,000

Extraordinary gains

0

(1,126,000,000)

Net profit before tax

23,009,000,000

7,534,000,000

Net profit after tax

23,009,000,000

7,534,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

-

189.81

Profitability 

Profit Margin (%)

8.52

0.96

Return on Equity (%)

32.97

38.56

Return on Assets (%)

8.98

3.55

Leverage 

Total Debt Equity (Times)

2.67

9.85

Current Debt Equity (Times)

2.54

9.85

Long Term Debt to Equity

0.13

0.00

Total Asset To Total Equity

3.67

10.85

Asset Management 

Total Assets Turnover (Times)

1.06

3.69

Fixed Assets Turnover (Times)

6.31

16.57

Liquidity 

Current Ratio

1.20

0.86

 

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

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000046 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

 

Country

:

Vietnam

Business Entity Name

:

THUAN LOI RUBBER CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Rubber & Products

Office Contact Details

Operating Address

:

Rd DT 741 Thuan Hoa Hamlet Thuan Loi Village, Dong Phu Dist, Binh Phuoc

Tel

:

[+84] 651-3820065

Fax

:

[+84] 651-3820170

Email

:

info@thuanloirubber.com

Website Details

Website

:

http://www.thuanloirubber.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

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

:

3800239811

 

Primary Products

Products / Materials / Services Description

Activity

Plastic products

Manufacturing, Exporting

Rubber products

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Plastics products, nspf

3089

Manufacturing, Exporting

Rubber & Misc. Plastics

3000

Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Plastics & articles thereof

3900

Manufacturing, Exporting

Rubbers & articles thereof

4000

Manufacturing, Exporting

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of THUAN LOI RUBBER CO LTD is Manufacturing - Finished products.

Key products include :

Plastic products

Rubber products


An integral part of the core business includes:

Distribution

 

Supplementary Business

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

Exporting

Exporting - Finished products

 

 

BANK DETAILS

Bank Name

:

ASIA COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

ASIA COMMERCIAL JOINT STOCK BANK - BINH PHUOC

SWIFT Code

:

ASCBVNVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM

Global Identifier

:

32400483

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - BINH PHUOC

SWIFT Code

:

BIDVVNVX

 

Bank Name

:

SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0388625

Branch

:

District 3,Ho Chi Minh

Branch Address

:

SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK - BINH PHUOC

SWIFT Code

:

SGTTVNVX

 

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

China

Medium

Exporting

India

Medium

Exporting

Indonesia

Medium

Exporting

Malaysia

Medium

Exporting

Thailand

Medium

Exporting

 

 

OFFICE & FACILITIES

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

Name

:

THUAN LOI RUBBER CO LTD - DONG PHU DIST, BINH PHUOC

Primary Use

:

Office & Administration facilities

Address

:

Rd DT 741 Thuan Hoa Hamlet Thuan Loi Village, Dong Phu Dist, Binh Phuoc

Country

:

Vietnam

Status

:

Operational

 

 

COMPANY HISTORY

Date

Details

2015

Changed its legal form to Private limited company from Sole-propriertorship.

 

 

PREVIOUS CONTACT DETAILS

Company Address

:

Thuan Hoa Commune, Dong Phu Dist, Binh Phuoc

 

 

NOTES & COMMENTS

 

N/a

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.30

UK Pound

1

Rs.98.71

Euro

1

Rs.72.33

VND

1

Rs.0.0029

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

Report Prepared by :

TRU

 

 

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%)

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