MIRA INFORM REPORT

 

 

Report No. :

356615

Report Date :

31.12.2015

 

IDENTIFICATION DETAILS

 

Name :

MAI THAO CO LTD

 

 

Registered Office :

Tan Minh Hamlet Minh Thanh Commune, Dau Tieng, Binh Duong

 

 

Country :

Vietnam

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

11.11.2009

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Subject is manufacturer of rubber & products

 

 

No. of Employee :

110

 

 

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

Company name

 

MAI THAO CO LTD

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Organization Name

:

MAI THAO CO LTD (1)

Name in Local Language

:

CÔNG TY TNHH MAI THẢO

Address

:

Ward 25, 64/1J Rd D3, Binh Thanh, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-35127198

Facsimile

:

[+84] 8-35106459

Email

:

phuong.ho@maithao.com

Website

:

http://www.maithao.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Rubber & Products

 

Registered Legal Address

:

Tan Minh Hamlet Minh Thanh Commune, Dau Tieng, Binh Duong

Operational Address

:

Ward 25, 64/1J Rd D3, Binh Thanh, Ho Chi Minh

License Status

:

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Binh Duong

License Number

:

3700769847

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

:

11 Nov, 2009

Employees

:

110

Capital

:

US$ 2,413,369

PREVIOUS BUSINESS LICENSE/S

:

License Date

License No.

14 Dec, 2006

4602002482

 

 

DIRECTORS/MANAGEMENT

 

Key Person

 

Legal Title

:

Managing Director

Name

:

Mr. Phuong Minh Ho

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Phuong Minh Ho

Vietnamese

Managing Director

-

2

Ms. Huong Thi Nguyen

Vietnamese

Deputy Managing Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI03539108

Name

:

Mr. Phuong Minh Ho

Email

:

phuong.ho@maithao.com

Date of Birth

:

1962

 

Management Details - 2

Personal Unique Identifier

:

MI03539122

Name

:

Ms. Huong Thi Nguyen

Date of Birth

:

1975

 

 

COMPANY DIRECTORS

1

 

 

 

Personal Unique Identifier

:

MI03539108

 

Name

:

Mr. Phuong Minh Ho

 

Email

:

phuong.ho@maithao.com

Date of Birth

:

1962

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing MAI THAO 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

:

₫ 53,000,000,000

Paid-up Capital

:

₫ 53,000,000,000

 

Date

Authorized Capital - History

2011

16,000,000,000

2012

21,000,000,000

3 Apr, 2013

53,000,000,000

 

 

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. Phuong Minh Ho

Vietnam

n/a

32,997,800,000

62.26

2

Ms. Huong Thi Nguyen

Vietnam

n/a

20,002,200,000

37.74

Total

n/a

53,000,000,000

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

100%

Imports

0%

 

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

Typeaw

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

MAI THAO CO LTD

Branch Address

:

Thua Dat So 191 To Ban Do So 3 Ap Tan Minh Binh Duong Huyen Dau Tieng Xa Minh Thanh

Branch Email

:

phienlt@maithao.com

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

47,073,902

10,709,419

159,186

2013 Annual  

41,818,818

11,726,524

141,881

2014 Annual  

37,675,088

17,822,414

101,544

 

Sales Trend - Analysis

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

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

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

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

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2011 Annual

68,290,542

9,141,767

100,576

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

 

 

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Current Assets(*)

200,492,000,000

209,001,000,000

333,207,000,000

Non Current Assets(*)

22,528,000,000

38,289,000,000

43,623,000,000

Non Current Liabilities(*)

0

10,670,000,000

8,078,000,000

Share Capital(*)

21,000,000,000

53,000,000,000

53,000,000,000

Other long term assets 

Total Assets(*)

223,020,000,000

247,290,000,000

376,830,000,000

Total Liabilities(*)

195,477,000,000

184,755,000,000

313,050,000,000

Current Liabilities(*)

195,477,000,000

174,085,000,000

304,972,000,000

Long term liabilities 

Shareholders Funds(*)

27,543,000,000

62,535,000,000

63,780,000,000

 

Current assets & short term investments

200,492,000,000

209,001,000,000

333,207,000,000

Cash & cash equivalents

899,000,000

4,756,000,000

5,277,000,000

Cash

899,000,000

4,756,000,000

5,277,000,000

Accounts receivable

47,568,000,000

48,776,000,000

201,010,000,000

Accounts receivable trade

26,669,000,000

43,852,000,000

67,286,000,000

Trade prepayment

19,661,000,000

3,803,000,000

132,838,000,000

Others receivables

1,238,000,000

1,121,000,000

886,000,000

Inventories

144,143,000,000

153,396,000,000

121,689,000,000

I. Other short term asset

7,882,000,000

2,073,000,000

5,231,000,000

Prepaid expenses

152,000,000

256,000,000

550,000,000

VAT deductible

7,730,000,000

1,734,000,000

226,000,000

Other tax receivables

-

12,000,000

4,410,000,000

II. Other short term asset

-

71,000,000

45,000,000

Long term assets

22,528,000,000

38,289,000,000

43,623,000,000

Fixed assets

22,270,000,000

37,082,000,000

42,231,000,000

Tangible fixed assets

22,270,000,000

19,907,000,000

24,394,000,000

I. Cost

30,799,000,000

31,334,000,000

39,586,000,000

I. Accumulated depreciation

8,529,000,000

11,427,000,000

15,192,000,000

Finance lease assets

-

14,361,000,000

12,476,000,000

II. Cost

-

14,933,000,000

15,499,000,000

II. Accumulated depreciation

-

572,000,000

3,023,000,000

Construction in progress

-

2,814,000,000

5,361,000,000

I. Other long term assets

258,000,000

1,207,000,000

1,392,000,000

Long term prepayments

258,000,000

626,000,000

789,000,000

II. Other long term assets

-

581,000,000

603,000,000

Total assets

223,020,000,000

247,290,000,000

376,830,000,000

Liabilities

195,477,000,000

184,755,000,000

313,050,000,000

Current liabilities

195,477,000,000

174,085,000,000

304,972,000,000

Short term borrowings

145,483,000,000

152,795,000,000

283,085,000,000

Accounts payables-trade

24,130,000,000

14,000,000,000

20,066,000,000

Advances from customers

25,194,000,000

6,218,000,000

1,728,000,000

Taxes and payable to state budget

527,000,000

1,072,000,000

3,000,000

Other payables

143,000,000

-

90,000,000

Long term liabilities

-

10,670,000,000

8,078,000,000

Long term borrowings

-

10,670,000,000

8,078,000,000

Owner's equity

27,543,000,000

62,535,000,000

63,780,000,000

Business capital

21,000,000,000

53,000,000,000

53,000,000,000

Retained earnings

6,543,000,000

9,535,000,000

10,780,000,000

Total resources

223,020,000,000

247,290,000,000

376,830,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

 

 

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Turnover(*)

980,298,000,000

881,879,000,000

796,587,000,000

Profit (Loss) Before Tax(*)

4,421,000,000

3,989,000,000

2,752,000,000

Profit After Tax attributable to Shareholders(*)

3,315,000,000

2,992,000,000

2,147,000,000

 

Gross sales

980,298,000,000

881,879,000,000

796,587,000,000

Less deductions

2,000,000

-

2,694,000,000

Net income

980,296,000,000

881,879,000,000

793,893,000,000

Cost of goods sold

959,220,000,000

856,746,000,000

763,131,000,000

Gross margin

21,076,000,000

25,133,000,000

30,762,000,000

Income from financial activities

3,097,000,000

3,761,000,000

2,236,000,000

Expenses from financial activities

8,032,000,000

9,373,000,000

10,907,000,000

In which: Interest expenses

6,477,000,000

7,338,000,000

8,025,000,000

Selling expenses

10,717,000,000

10,781,000,000

13,404,000,000

General & administration expenses

3,813,000,000

4,735,000,000

5,706,000,000

Net income from operating activities

1,611,000,000

4,005,000,000

2,981,000,000

Extraordinary income

3,867,000,000

7,184,000,000

77,000,000

Extraordinary expenses

1,057,000,000

7,200,000,000

306,000,000

Extraordinary gains

2,810,000,000

(16,000,000)

(229,000,000)

Net profit before tax

4,421,000,000

3,989,000,000

2,752,000,000

Income tax

1,106,000,000

997,000,000

605,000,000

Net profit after tax

3,315,000,000

2,992,000,000

2,147,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

(31.09)

(10.04)

(9.67)

Profitability 

Profit Margin (%)

0.34

0.34

0.27

Return on Equity (%)

12.04

4.78

3.37

Return on Assets (%)

1.49

1.21

0.57

Leverage 

Total Debt Equity (Times)

7.10

2.95

4.91

Current Debt Equity (Times)

7.10

2.78

4.78

Long Term Debt to Equity

-

0.17

0.13

Total Asset To Total Equity

8.10

3.95

5.91

Asset Management 

Total Assets Turnover (Times)

4.40

3.57

2.11

Fixed Assets Turnover (Times)

43.51

23.03

18.26

Liquidity 

Current Ratio

1.03

1.20

1.09

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

 

Country

:

Vietnam

Business Entity Name

:

MAI THAO CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Rubber & Products

 

Office Contact Details

Operating Address

:

Ward 25, 64/1J Rd D3, Binh Thanh, Ho Chi Minh

Tel

:

[+84] 8-35127198

Mobile

:

[+84]-913740620

 

:

[+84]-903348085

Fax

:

[+84] 8-35106459

Email

:

phuong.ho@maithao.com

 

Factory Contact Details

Address

:

Tan Minh Hamlet Minh Thanh Commune, Dau Tieng, Binh Duong

Tel

:

[+84] 650-6293772

 

Website Details

Website

:

http://www.maithao.com

Status

:

Normal - operational

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

:

3700769847

Date of Issuance

:

29 Dec, 2006

 

Primary Products

Products / Materials / Services Description

Activity

Latex rubber

Manufacturing, Exporting

Rubber products

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2012

n/a

42,366,512

42,366,512

2013

n/a

37,636,936

37,636,936

2014

n/a

33,907,580

33,907,580

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fabricated rubber products, nspf

3069

Manufacturing, Exporting

Synthetic rubber

2822

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Other latex

4002910000

Manufacturing, Exporting

Rubbers & articles thereof

4000

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of MAI THAO CO LTD is Manufacturing - Finished products.

Key products include :

Rubber products

Latex rubber


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, MAI THAO CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

 

 

BANK DETAILS

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 - BEN CAT, BINH DUONG

SWIFT Code

:

SGTTVNVX

 

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

32404058

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

108 Tran Hung Dao St Hoan Kiem Dist Hanoi (Head Office)

SWIFT Code

:

ICBVVNVX

 

Bank Name

:

VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408999

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM TECHNOLOGICAL

SWIFT Code

:

VTCBVNVX

 

 

INTERNATIONAL TRADE

 

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

Year

Imports

Exports

Total

2011

n/a

61,461,488

61,461,488

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

China

Medium

Exporting

Japan

Medium

Exporting

Korea, South (Republic of Korea)

Medium

Exporting

Singapore

Medium

Exporting

 

 

 

OFFICE & FACILITIES

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

Name

:

MAI THAO CO LTD - BINH THANH, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

Ward 25, 64/1J Rd D3, Binh Thanh, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

FACTORIES, SIZE, & LOCATIONS

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

Address

:

Tan Minh Hamlet Minh Thanh Commune, Dau Tieng, Binh Duong

 

 

COMPANY HISTORY

Date

Details

2006 - Dec

Incorporated to continue the business operations of MANUFACTURING & TRADING PTE MAI THAO that was established in 2001.

 

 

 

 

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 :

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.