MIRA INFORM REPORT

 

 

Report No. :

299908

Report Date :

06.01.2015

 

IDENTIFICATION DETAILS

 

Name :

SUNRISE IMPORT EXPORT TRADING CO LTD 

 

 

Registered Office :

2 Nguyen Oanh St Ward 7, Go Vap, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2013

 

 

Date of Incorporation :

28.11.2013

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Engaged in trading of Metals & Metal Products such as Aluminum Coils, Aluminum Plates, Aluminum Sheets & Metal Products

 

 

No of Employees :

12

 

 

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

 

Company Details

Organization Name

:

SUNRISE IMPORT EXPORT TRADING CO LTD

Address

:

2 Nguyen Oanh St Ward 7, Go Vap, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-62956588

Facsimile

:

[+84] 8-62956589

Email

:

sunrimex@viettel.vn

Primary Business Activity

:

Engaged in trading of Metals & Metal Products such as Aluminum Coils, Aluminum Plates, Aluminum Sheets & Metal Products

 

Key Facts

 

Registered Legal Address

:

2 Nguyen Oanh St Ward 7, Go Vap, Ho Chi Minh

Operational Address

:

2 Nguyen Oanh St Ward 7, Go Vap, Ho Chi Minh

Trading Name

:

SUNRIMEX CO LTD

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0304413062

License Status

:

License exists - Normal.

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

:

28 Nov, 2013

Employees

:

12

Capital

:

US$ 945,913

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.

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

SUNRISE IMPORT EXPORT TRADING CO LTD

Primary Business Activity

:

Trader

Primary Industry

:

Metals & Metal Products

Office Contact Details

Operating Address

:

2 Nguyen Oanh St Ward 7, Go Vap, Ho Chi Minh

Tel

:

[+84] 8-62956588

 

:

[+84] 8-62956587

Fax

:

[+84] 8-62956589

Email

:

sunrimex@viettel.vn

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

:

0304413062

 

 

DIRECTORS/MANAGEMENT

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Truong Thi Hien

Vietnamese

Vice Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI02387018

Name

:

Ms. Truong Thi Hien

 

Date of Birth

:

1967

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing SUNRISE IMPORT EXPORT TRADING CO LTD's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

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

 

DEBT

 

No Record Found

 

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CIVIL LITIGATION

 

No Record Found

 

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PERFORMANCE DEFAULTS

 

No Record Found

 

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

 

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

:

₫ 20,000,000,000

Paid-up Capital

:

₫ 20,000,000,000

 

Date

Authorized Capital - History

2010

6,000,000,000

28 Nov, 2013

20,000,000,000

 

Date

Paid-up Capital - History

2008

1,900,000,000

2010

6,000,000,000

28 Nov, 2013

20,000,000,000

 

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. Le Minh Cuong

Vietnam

n/a

15,500,000,000

77.50

2

Ms. Truong Thi Hien

Vietnam

n/a

4,500,000,000

22.50

Total

n/a

20,000,000,000

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

 

 

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

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

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

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2008 Annual  

2,342,581

739,928

16,164

2012 Annual  

4,152,145

1,555,944

108,477

2013 Annual  

3,450,573

2,425,777

120,020

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

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

Current Assets(*)

32,402,000,000

51,155,000,000

Non Current Liabilities(*)

0

0

Other long term assets 

Total Assets(*)

32,402,000,000

51,155,000,000

Total Liabilities(*)

18,892,000,000

21,113,000,000

Current Liabilities(*)

18,892,000,000

21,113,000,000

Long term liabilities 

Shareholders Funds(*)

13,510,000,000

30,042,000,000

 

Current assets & short term Investments

32,402,000,000

51,155,000,000

Cash & cash equivalents

2,877,000,000

2,380,000,000

Cash

2,877,000,000

2,380,000,000

Accounts receivable

7,579,000,000

28,316,000,000

Accounts receivable trade

7,552,000,000

10,103,000,000

Trade prepayment

-

186,000,000

Others receivables

27,000,000

18,027,000,000

I. Inventories

16,441,000,000

15,513,000,000

II. Inventories

16,441,000,000

15,513,000,000

I. Other short term asset

5,505,000,000

4,946,000,000

VAT deductible

959,000,000

55,000,000

Other tax receivables

1,000,000

2,000,000

II. Other short term asset

4,545,000,000

4,889,000,000

Total assets

32,402,000,000

51,155,000,000

Liabilities

18,892,000,000

21,113,000,000

Current liabilities

18,892,000,000

21,113,000,000

Short term borrowings

14,254,000,000

12,698,000,000

Accounts payables-trade

4,611,000,000

8,388,000,000

Other payables

27,000,000

27,000,000

I. Owner's equity

13,510,000,000

30,042,000,000

II. Owner's equity

13,510,000,000

30,042,000,000

Business capital

6,000,000,000

20,000,000,000

Retained earnings

7,510,000,000

10,042,000,000

 

Note: (*)

 

Financial Highlights

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2012 Annual

2013 Annual

Turnover(*)

86,467,000,000

72,766,000,000

Profit (Loss) Before Tax(*)

2,259,000,000

2,531,000,000

Profit After Tax attributable to Shareholders(*)

2,259,000,000

2,531,000,000

 

Gross sales

86,467,000,000

72,766,000,000

Net income

86,467,000,000

72,766,000,000

Cost of goods sold

79,238,000,000

66,803,000,000

Gross margin

7,229,000,000

5,963,000,000

Income from financial activities

9,000,000

27,000,000

Expenses from financial activities

3,015,000,000

1,934,000,000

In which: Interest expenses

2,149,000,000

1,934,000,000

Selling expenses

50,000,000

14,000,000

General & administration expenses

1,907,000,000

1,416,000,000

Net income from operating activities

2,266,000,000

2,626,000,000

Extraordinary income

1,000,000

335,000,000

Extraordinary expenses

8,000,000

430,000,000

Extraordinary gains

(7,000,000)

(95,000,000)

Net profit before tax

2,259,000,000

2,531,000,000

Net profit after tax

2,259,000,000

2,531,000,000

 

Note: (*)

 

Financial Highlights

 

 

Financial Ratios

 

Financial Highlights

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

(15.85)

Profitability 

Profit Margin (%)

2.61

3.48

Return on Equity (%)

16.72

8.42

Return on Assets (%)

6.97

4.95

Leverage 

Total Debt Equity (Times)

1.40

0.70

Current Debt Equity (Times)

1.40

0.70

Total Asset To Total Equity

2.40

1.70

Asset Management 

Total Assets Turnover (Times)

2.67

1.42

Liquidity 

Current Ratio

1.72

2.42

 

 

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

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Aluminum coils

Trading

Aluminum plates

Trading

Aluminum sheets

Trading

Metal products

Trading

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Aluminum extruded products, rolled or drawn

3354

Trading

Aluminum sheet, plate, and foil, rolled or drawn

3353

Trading

Fabricated metal products, nspf

3499

Trading

Primary metal products, nspf

3399

Trading

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Aluminum plates sheets a strip rect inc sq alloy not clad with a thickness of 6.3 mm or less

7606123090

Trading

Miscellaneous articles of base metal

8300

Trading

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of SUNRISE IMPORT EXPORT TRADING CO LTD is Trading - Finished products.

Key products include :

·         Aluminum coils

·         Aluminum plates

·         Aluminum sheets

·         Metal products

 

 

 

Supplementary Business

 

In addition to the core business, SUNRISE IMPORT EXPORT TRADING CO LTD also is engaged in the following areas of business:

1.     Exporting

·         Exporting - Finished products

2.     Importing

·         Importing - Finished products

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

90%

International Sales (Export)

10%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

20%

Imports

80%

 

 

 

 

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, ONG ICH KHIEM

SWIFT Code

:

ASCBVNVX

 

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 - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

China

Medium

Importing

Japan

Medium

Importing

Korea, South (Republic of Korea)

Medium

Importing

Taiwan

Medium

Importing

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

SUNRISE IMPORT EXPORT TRADING CO LTD - GO VAP, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

2 Nguyen Oanh St Ward 7, Go Vap, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

1 Jun, 2006

4102039864

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.39

UK Pound

1

Rs.96.85

Euro

1

Rs.75.67

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

MNL

 

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.