MIRA INFORM REPORT

 

 

Report No. :

302833

Report Date :

02.02.2015

 

IDENTIFICATION DETAILS

 

Name :

VIETDUTCH INTERNATIONAL JSC

 

 

Registered Office :

69 Tuu Liet St Quoc Bao Van Dien Town, Thanh Tri Dist, Hanoi

 

 

Country :

Vietnam

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

11.01.2011

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Plywood, Timber & Wood Products.

 

 

No. of Employees :

30

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 40% of GDP. 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. The global recession hurt Vietnam's export-oriented economy, with GDP in 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained relatively stable in 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. 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 the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

 

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

Organization Name

:

VIETDUTCH INTERNATIONAL JSC

Address

:

69 Tuu Liet St Quoc Bao Van Dien Town, Thanh Tri Dist, Hanoi

Country

:

Vietnam

Phone (S)

:

[+84] 4-66847704

Facsimile

:

[+84] 4-35402122

Email

:

khanh.p@vietdutchveneer.com

Website

:

http://vietdutch.com/

Primary Business Activity

:

Manufacturer

Key Industry

:

Plywood, Timber & Wood Products

 

Key Facts

Registered Legal Address

:

69 Tuu Liet St Quoc Bao Van Dien Town, Thanh Tri Dist, Hanoi

Operational Address

:

69 Tuu Liet St Quoc Bao Van Dien Town, Thanh Tri Dist, Hanoi

Issuing Authority

:

Dept. of Planning & Investment - Hanoi

License Number

:

0105112857

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

:

11 Jan, 2011

Employees

:

30

Capital

:

US$ 845,114

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

:

Ms. Pham Ngoc Mai

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Pham Ngoc Mai

Vietnamese

Managing Director

-

2

Mr. Le Quoc Vuong

Vietnamese

Chief Accountant

-

Management Details - 1

Personal Unique Identifier

:

MI03133365

Name

:

Ms. Pham Ngoc Mai

 

Date of Birth

:

1986

Management Details - 2

Personal Unique Identifier

:

MI03133402

Name

:

Mr. Le Quoc Vuong

 

Date of Birth

:

1977

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03133365

Name

:

Ms. Pham Ngoc Mai

Date of Birth

:

1986

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing VIETDUTCH INTERNATIONAL 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

:

₫ 18,000,000,000

Paid-up Capital

:

₫ 18,000,000,000

 

Date

Authorized Capital - History

11 Jan, 2011

6,000,000,000

Dec, 2012

18,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Ms. Pham Ngoc Mai

Vietnam

n/a

17,640,000,000

98.00

2

Mr. Dang Xuan Hong

Vietnam

n/a

180,000,000

1.00

3

Mr. Nguyen Tai Duc

Vietnam

n/a

180,000,000

1.00

Total

n/a

18,000,000,000

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

0%

International Sales (Export)

100%

Annual Purchases Analysis

Percentage

Local Purchases

100%

Imports

0%

 

PAYMENT TERMS

Selling

Type

Terms

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/A

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

n/a

477,052

1,152

2012 Annual  

1,739,476

2,363,352

143,964

2013 Annual (*)

4,505,197

2,577,474

190,676

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

-

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

Note: (*)

Financials listed are the most recent available for this company.

 

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

8,854,000,000

28,593,000,000

37,966,000,000

Non Current Assets(*)

1,083,000,000

20,623,000,000

16,388,000,000

Other long term assets 

Total Assets(*)

9,937,000,000

49,216,000,000

54,354,000,000

Total Liabilities(*)

6,913,000,000

28,193,000,000

29,310,000,000

Current Liabilities(*)

6,913,000,000

28,193,000,000

29,310,000,000

Long term liabilities 

Shareholders Funds(*)

3,024,000,000

21,023,000,000

25,044,000,000

 

Assets 

Current assets & short term investments

8,854,000,000

28,593,000,000

37,966,000,000

Cash & cash equivalents

648,000,000

596,000,000

3,386,000,000

Cash

648,000,000

596,000,000

3,386,000,000

Short term investments

2,830,000,000

-

-

Short term securities investments

2,830,000,000

-

-

Accounts receivable

886,000,000

18,842,000,000

22,317,000,000

Accounts receivable trade

-

11,783,000,000

13,923,000,000

Trade prepayment

674,000,000

5,190,000,000

8,394,000,000

Other receivables

212,000,000

1,869,000,000

-

Inventories

3,837,000,000

6,966,000,000

9,276,000,000

i. Other short term asset

653,000,000

2,189,000,000

2,987,000,000

Prepaid expenses

522,000,000

-

120,000,000

VAT deductible

126,000,000

1,198,000,000

2,867,000,000

ii. Other short term asset

5,000,000

991,000,000

-

Long term assets

1,083,000,000

20,623,000,000

16,388,000,000

Fixed assets

1,083,000,000

20,623,000,000

16,388,000,000

Tangible fixed assets

1,047,000,000

20,623,000,000

16,388,000,000

Cost

1,053,000,000

21,940,000,000

21,940,000,000

Accumulated depreciation

6,000,000

1,317,000,000

5,552,000,000

Construction in progress

36,000,000

-

-

Total assets

9,937,000,000

49,216,000,000

54,354,000,000

i. Liabilities 

ii. Liabilities

6,913,000,000

28,193,000,000

29,310,000,000

Current liabilities

6,913,000,000

28,193,000,000

29,310,000,000

Short term borrowings

2,379,000,000

3,487,000,000

14,547,000,000

Accounts payables-trade

-

16,303,000,000

12,156,000,000

Advances from customers

4,526,000,000

8,197,000,000

12,156,000,000

Taxes and payable to state budget

8,000,000

181,000,000

1,355,000,000

Other payables

-

25,000,000

-

Owner's equity

3,024,000,000

21,023,000,000

25,044,000,000

Business capital

3,000,000,000

18,000,000,000

18,000,000,000

Retained earnings

24,000,000

3,023,000,000

7,044,000,000

Total resources

9,937,000,000

49,216,000,000

54,354,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

-

36,224,000,000

95,006,000,000

Profit (Loss) Before Tax(*)

32,000,000

3,271,000,000

5,361,000,000

Profit After Tax attributable to Shareholders(*)

24,000,000

2,998,000,000

4,021,000,000

 

Gross sales

-

36,224,000,000

95,006,000,000

Less deductions

-

-

2,604,000,000

Net income

-

36,224,000,000

92,402,000,000

Cost of goods sold

-

25,950,000,000

64,084,000,000

Gross margin

-

10,274,000,000

28,319,000,000

Income from financial activities

215,000,000

363,000,000

1,452,000,000

Expenses from financial activities

-

552,000,000

1,851,000,000

In which: Interest expenses

-

199,000,000

763,000,000

Selling expenses

-

5,276,000,000

16,351,000,000

General & administration expenses

183,000,000

1,592,000,000

6,207,000,000

Net income from operating activities

32,000,000

3,217,000,000

5,361,000,000

Extraordinary income

-

54,000,000

-

Extraordinary gains

-

54,000,000

-

Net profit before tax

32,000,000

3,271,000,000

5,361,000,000

Income tax

8,000,000

273,000,000

1,340,000,000

Net profit after tax

24,000,000

2,998,000,000

4,021,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

-

162.27

Profitability 

Profit Margin (%)

-

8.28

4.23

Return on Equity (%)

0.79

14.26

16.06

Return on Assets (%)

0.24

6.09

7.40

Leverage 

Total Debt Equity (Times)

2.29

1.34

1.17

Current Debt Equity (Times)

2.29

1.34

1.17

Total Asset To Total Equity

3.29

2.34

2.17

Asset Management 

Total Assets Turnover (Times)

-

0.74

1.75

Fixed Assets Turnover (Times)

-

1.76

5.80

Liquidity 

Current Ratio

1.28

1.01

1.30

Based on the corporate laws of Vietnam, legal entities which are 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

:

VIETDUTCH INTERNATIONAL JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Plywood, Timber & Wood Products

Office Contact Details

Operating Address

:

69 Tuu Liet St Quoc Bao Van Dien Town, Thanh Tri Dist, Hanoi

Tel

:

[+84] 4-66847704

 

:

[+84] 4-35402122

 

:

[+84] 4-35402123

Fax

:

[+84] 4-35402122

Email

:

khanh.p@vietdutchveneer.com
info@vietdutchveneer.com

Website Details

Website

:

http://vietdutch.com/

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

:

0105112857

Date of Issuance

:

11 Jan, 2011

 

Primary Products

Products / Materials / Services Description

Activity

Core veneer

Manufacturing, Exporting

Plywoods

Manufacturing, Exporting

Veneer

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2012

n/a

1,739,476

1,739,476

2013

n/a

4,505,197

4,505,197

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Hardwood veneer and plywood

2435

Manufacturing, Exporting

Lumber/Plywood/Millwork

5031

Manufacturing, Exporting

Softwood veneer and plywood

2436

Manufacturing, Exporting

Wood products, nspf

2499

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Articles of wood

4421

Manufacturing, Exporting

Plywood

4412995000

Manufacturing, Exporting

Plywood, veneered panels & similar laminated wood

4412

Manufacturing, Exporting

Veneer sheets and sheets for plywood and other wood sawn lengthwise, sliced or peeled, thickness not exceeding 6 mm, of tropical woods

4408200000

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of VIETDUTCH INTERNATIONAL JSC is Manufacturing - Finished products.

Key products include :

Plywoods

Core veneer

Veneer

An integral part of the core business includes:

Distribution

Supplementary Business

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

Exporting

Exporting - Finished products

 

BANK DETAILS

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 - THANG LONG

SWIFT Code

:

BIDVVNVX

 

Bank Name

:

VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT

Global Identifier

:

32408794

Branch

:

Tu Liem,Hanoi

Branch Address

:

THANH TRI

SWIFT Code

:

VBAAVNVX

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

VIETDUTCH INTERNATIONAL JSC - ME LINH, HANOI

Branch Address

:

Phu Huu Hamlet Thanh Lam Commune, Me Linh, Hanoi

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

High

Exporting

India

High

Exporting

 

OFFICE & FACILITIES

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

Name

:

VIETDUTCH INTERNATIONAL JSC - THANH TRI DIST, HANOI

Primary Use

:

Office & Administration facilities

Address

:

69 Tuu Liet St Quoc Bao Van Dien Town, Thanh Tri Dist, Hanoi

Country

:

Vietnam

Status

:

Operational

 

 

COMPANY HISTORY

Date

Details

2014 - Aug

As per current investigation it was confirmed that the subject company has no revenue in 2011.

 

 

PREVIOUS CONTACT DETAILS

Company Address

:

Rm 708 CT 4A1 Bac Linh Dam Urban Area, Hoang Mai Dist, Hanoi

 

 

 

 

NOTES & COMMENTS

 

N/A

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.88

UK Pound

1

Rs.93.27

Euro

1

Rs.69.94

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               


 

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.