MIRA INFORM REPORT

 

 

Report No. :

356358

Report Date :

31.12.2015

 

IDENTIFICATION DETAILS

 

Name :

HUU NGHI PLASTIC COMPOUNDS JSC

 

 

Registered Office :

Lot 1 Thuy Van Industrial Zone Thuy Van Commune, Viet Tri, Phu Tho

 

 

Country :

Vietnam

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

25.06.2013

 

 

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 :

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 name

 

HUU NGHI PLASTIC COMPOUNDS JSC

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

HUU NGHI PLASTIC COMPOUNDS JSC

Name in Local Language

:

CÔNG TY CỔ PHẦN PHỤ GIA NHỰA HỮU NGHỊ

Address

:

Lot 1 Thuy Van Industrial Zone Thuy Van Commune, Viet Tri, Phu Tho

Country

:

Vietnam

Phone (S)

:

[+84] 210-3952434

Facsimile

:

[+84] 210-3952250

Email

:

info@huunghiplastic.com.vn

Website

:

http://huunghiplastic.com.vn/

Primary Business Activity

:

Manufacturer

Key Industry

:

Plastics & Products

 

Key Facts

Registered Legal Address

:

Lot 1 Thuy Van Industrial Zone Thuy Van Commune, Viet Tri, Phu Tho

Operational Address

:

Lot 1 Thuy Van Industrial Zone Thuy Van Commune, Viet Tri, Phu Tho

License Status

:

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Phu Tho

License Number

:

2600888133

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

25 Jun, 2013

Employees

:

60

Capital

:

US$ 455,353

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Nguyen Hoai Mai

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Dao Thi Lanh

Vietnamese

Chief Accountant

-

2

Mr. Nguyen Hoai Mai

Vietnamese

Managing Director

-

 

 

 

Management Details - 1

Personal Unique Identifier

:

MI03692794

Name

:

Ms. Dao Thi Lanh

Date of Birth

:

1979

 

 

Management Details - 2

Personal Unique Identifier

:

MI03692782

Name

:

Mr. Nguyen Hoai Mai

Date of Birth

:

1958

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03692782

Name

:

Mr. Nguyen Hoai Mai

Date of Birth

:

1958

 

 

 

NEGATIVE INFORMATION

 

REPUTATION

Due to the recent incorporation of the HUU NGHI PLASTIC COMPOUNDS JSC, and the relatively small nature of its business, no meaningful points of reference in terms of reputation within the respective industry was possible.

 

 

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

:

₫ 10,000,000,000

Paid-up Capital

:

₫ 10,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

4

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Nguyen Chan Chinh

Vietnam

n/a

3,333,000,000

33.33

2

Mr. Vu Hung Son

Vietnam

n/a

3,333,000,000

33.33

3

Mr. Nguyen Hoai Mai

Vietnam

n/a

1,667,000,000

16.67

4

Mr. Tong Sy Bao Long

Vietnam

n/a

1,667,000,000

16.67

Total

n/a

10,000,000,000

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

10%

International Sales (Export)

90%

Annual Purchases Analysis

Percentage

Local Purchases

20%

Imports

80%

 

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

 

STRATEGIC PARTNER/S & ALLIANCES

 

 

Group / Alliance name

:

HUU NGHI GROUP

 

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2014 Annual  

2,026,618

1,200,363

19,060

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2014 Annual

Current Assets(*)

18,399,000,000

Non Current Assets(*)

6,981,000,000

Non Current Liabilities(*)

1,668,000,000

Share Capital(*)

10,000,000,000

Other long term assets 

Total Assets(*)

25,380,000,000

Total Liabilities(*)

14,984,000,000

Current Liabilities(*)

13,316,000,000

 

Current assets & short term investments

18,399,000,000

Cash & cash equivalents

2,259,000,000

Cash

2,259,000,000

Accounts receivable

7,693,000,000

Accounts receivable trade

7,165,000,000

Trade prepayment

528,000,000

I. Inventories

3,025,000,000

II. Inventories

3,025,000,000

I. Other short term asset

5,423,000,000

Prepaid expenses

333,000,000

VAT deductible

2,065,000,000

II. Other short term asset

3,024,000,000

Long term assets

6,981,000,000

Fixed assets

6,981,000,000

Tangible fixed assets

3,418,000,000

Cost

4,269,000,000

Accumulated depreciation

851,000,000

Construction in progress

3,563,000,000

Total assets

25,380,000,000

Liabilities

14,984,000,000

Current liabilities

13,316,000,000

Short term borrowings

9,996,000,000

Accounts payables-trade

2,321,000,000

Advances from customers

225,000,000

Taxes and payable to state budget

773,000,000

Other payables

1,000,000

Long term liabilities

1,668,000,000

Long term borrowings

1,668,000,000

I. Owner's equity

10,397,000,000

II. Owner's equity

10,397,000,000

Business capital

10,000,000,000

Retained earnings

397,000,000

Total resources

25,380,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2014 Annual

Turnover(*)

42,850,000,000

Profit (Loss) Before Tax(*)

403,000,000

Profit After Tax attributable to Shareholders(*)

403,000,000

 

Gross sales

42,850,000,000

Net income

42,850,000,000

Cost of goods sold

36,883,000,000

Gross margin

5,967,000,000

Income from financial activities

72,000,000

Expenses from financial activities

142,000,000

In which: Interest expenses

121,000,000

Selling expenses

4,499,000,000

General & administration expenses

995,000,000

Net income from operating activities

403,000,000

Net profit before tax

403,000,000

Net profit after tax

403,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2014 Annual

Profitability 

Profit Margin (%)

0.94

Return on Assets (%)

1.59

Asset Management 

Total Assets Turnover (Times)

1.69

Fixed Assets Turnover (Times)

6.14

Liquidity 

Current Ratio

1.38

 

 

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

=

0.000046 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

HUU NGHI PLASTIC COMPOUNDS JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Plastics & Products

Office Contact Details

Operating Address

:

Lot 1 Thuy Van Industrial Zone Thuy Van Commune, Viet Tri, Phu Tho

Tel

:

[+84] 210-3952434

Fax

:

[+84] 210-3952250

Email

:

info@huunghiplastic.com.vn

Website Details

Website

:

http://huunghiplastic.com.vn/

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

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

:

2600888133

 

Primary Products

Products / Materials / Services Description

Activity

Masterbatch

Manufacturing, Exporting

Plastic resins

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Plastics materials and resins

2821

Manufacturing, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Articles of plastics (inc polymers & resins)

3926

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HUU NGHI PLASTIC COMPOUNDS JSC is Manufacturing - Finished products.

Key products include :

Masterbatch

Plastic resins


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, HUU NGHI PLASTIC COMPOUNDS JSC also is engaged in the following areas of business:

Importing

Importing - Raw materials

 

 

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 - PHU THO

SWIFT Code

:

ICBVVNVX

 

 

INTERNATIONAL TRADE

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Africa

Medium

Exporting

Asia / Pacific

Medium

Importing, Exporting

Bangladesh

Medium

Exporting

China

Medium

Importing

India

Medium

Exporting

South Africa

Medium

Exporting

Taiwan

Medium

Importing

Thailand

Medium

Importing

 

 

OFFICE & FACILITIES

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

Name

:

HUU NGHI PLASTIC COMPOUNDS JSC - VIET TRI, PHU THO

Primary Use

:

Office & Administration facilities

Address

:

Lot 1 Thuy Van Industrial Zone Thuy Van Commune, Viet Tri, Phu Tho

Country

:

Vietnam

Status

:

Operational

 

 

COMPANY HISTORY

Date

Details

2014 - Jun

Commenced business operations.

 

 

 

 

NOTES & COMMENTS

 

N/a

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.42

UK Pound

1

Rs.98.54

Euro

1

Rs.72.60

VND

1

Rs. 0.0029

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.