MIRA INFORM REPORT

 

 

Report No. :

302641

Report Date :

17.01.2015

 

IDENTIFICATION DETAILS

 

Name :

ESACO LAOCAI CO LTD

 

 

Registered Office :

Tang Loong Industrial Zone Tang Loong Town, Bao Thang Dist, Lao Cai, Lao Cai

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2013

 

 

Date of Incorporation :

03.10.2014

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer of Chemicals.

 

 

No. of Employees :

120

 

 

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

:

ESACO LAOCAI CO LTD (1)

Address

:

Tang Loong Industrial Zone Tang Loong Town, Bao Thang

Dist, Lao Cai, Lao Cai

Country

:

Vietnam

Phone (S)

:

[+84] 20-3867037

Facsimile

:

[+84] 20-3867213

Email

:

info@esacogroup.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

Key Facts

Registered Legal Address

:

Tang Loong Industrial Zone Tang Loong Town, Bao Thang Dist, Lao Cai, Lao Cai

Operational Address

:

Tang Loong Industrial Zone Tang Loong Town, Bao Thang Dist, Lao Cai, Lao Cai

Issuing Authority

:

Dept. of Planning & Investment - Lao Cai

License Number

:

5300225620

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

:

3 Oct, 2014

Employees

:

120

Capital

:

US$ 8,357,239

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 Thi Kim Nhung

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Thi Kim Loan

Vietnamese

Chief Accountant

-

2

Mr. Trinh Van Dang

Vietnamese

Managing Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03814067

Name

:

Mr. Nguyen Thi Kim Loan

 

Date of Birth

:

1962

 

 

Management Details - 2

Personal Unique Identifier

:

MI03814058

Name

:

Mr. Trinh Van Dang

 

Date of Birth

:

1955

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03814058

Name

:

Mr. Trinh Van Dang

Date of Birth

:

1955

2

 

 

Personal Unique Identifier

:

MI03814066

Name

:

Ms. Pham Thi Kim Nhung

Date of Birth

:

1963

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing ESACO LAOCAI 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

 

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

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 178,000,000,000

 

SHAREHOLDERS

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

ESACO LTD

Vietnam

n/a

n/a

57.53

2

Ms. Dang Thi Xuan Mai

Vietnam

n/a

n/a

42.47

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

20%

International Sales (Export)

80%

 

 

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

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent

:

ESACO LTD

Global Identifier

:

P3171212

Legal Form Category

:

Private Company with Limited Liability

Country

:

Vietnam

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2012 Annual  

26,053,343

29,866,130

2,306,784

2013 Annual (*)

30,971,416

26,774,971

2,733,059

 

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

2012 Annual

2013 Annual

Current Assets(*)

340,662,000,000

334,815,000,000

Non Current Assets(*)

281,290,000,000

229,818,000,000

Non Current Liabilities(*)

96,184,000,000

85,085,000,000

Other long term assets 

Total Assets(*)

621,952,000,000

564,633,000,000

Total Liabilities(*)

482,114,000,000

496,633,000,000

Current Liabilities(*)

385,930,000,000

411,548,000,000

Long term liabilities 

Shareholders Funds(*)

139,838,000,000

68,000,000,000

 

Current assets & short term investments

340,662,000,000

334,815,000,000

Cash & cash equivalents

16,210,000,000

9,711,000,000

Cash

16,210,000,000

9,711,000,000

Accounts receivable

124,089,000,000

105,092,000,000

Accounts receivable trade

39,345,000,000

27,885,000,000

Trade prepayment

80,886,000,000

19,616,000,000

Others receivables

3,858,000,000

57,591,000,000

Inventories

193,726,000,000

205,743,000,000

I. Other short term asset

6,637,000,000

14,269,000,000

Prepaid expenses

-

3,060,000,000

VAT deductible

6,620,000,000

11,131,000,000

II. Other short term asset

17,000,000

78,000,000

Long term assets

281,290,000,000

229,818,000,000

Accounts of long term receivable

70,986,000,000

68,175,000,000

Other long term receivables

70,986,000,000

68,175,000,000

Fixed assets

107,252,000,000

161,466,000,000

Tangible fixed assets

39,793,000,000

30,443,000,000

I. Cost

104,874,000,000

108,554,000,000

I. Accumulated depreciation

65,081,000,000

78,111,000,000

Intangible fixed assets

2,489,000,000

2,195,000,000

II. Cost

5,914,000,000

6,103,000,000

II. Accumulated depreciation

3,425,000,000

3,908,000,000

Construction in progress

64,970,000,000

128,828,000,000

Long term investments

103,052,000,000

-

Invest to joint venture company

103,052,000,000

-

Other long term assets

-

177,000,000

Long term prepayments

-

177,000,000

Total assets

621,952,000,000

564,633,000,000

Liabilities

482,114,000,000

496,633,000,000

Current liabilities

385,930,000,000

411,548,000,000

Short term borrowings

306,941,000,000

360,273,000,000

Accounts payables-trade

38,124,000,000

43,979,000,000

Advances from customers

32,508,000,000

-

Taxes and payable to state budget

5,678,000,000

3,121,000,000

Payable to employees

2,602,000,000

2,939,000,000

Other payables

77,000,000

106,000,000

Bonus and welfare funds

-

1,130,000,000

Long term liabilities

96,184,000,000

85,085,000,000

Long term borrowings

96,184,000,000

85,085,000,000

Owner's equity

139,838,000,000

68,000,000,000

Business capital

68,000,000,000

68,000,000,000

Business development funds

43,070,000,000

-

Financial reserved funds

6,212,000,000

-

Other funds from owner's equity

1,946,000,000

-

Retained earnings

20,610,000,000

-

Total resources

621,952,000,000

564,633,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

Turnover(*)

542,552,000,000

653,128,000,000

Profit (Loss) Before Tax(*)

50,632,000,000

60,747,000,000

Profit After Tax attributable to Shareholders(*)

48,038,000,000

57,635,000,000

 

Gross sales

542,552,000,000

653,128,000,000

Net income

542,552,000,000

653,128,000,000

Cost of goods sold

400,651,000,000

502,290,000,000

Gross margin

141,901,000,000

150,838,000,000

Income from financial activities

33,000,000

10,000,000

Expenses from financial activities

27,353,000,000

25,314,000,000

In which: Interest expenses

25,875,000,000

23,893,000,000

Selling expenses

54,030,000,000

55,130,000,000

General & administration expenses

8,677,000,000

8,170,000,000

Net income from operating activities

51,874,000,000

62,234,000,000

Extraordinary expenses

1,242,000,000

1,487,000,000

Extraordinary gains

(1,242,000,000)

(1,487,000,000)

Net profit before tax

50,632,000,000

60,747,000,000

Income tax

2,594,000,000

3,112,000,000

Net profit after tax

48,038,000,000

57,635,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

20.38

Profitability 

Profit Margin (%)

8.85

8.82

Return on Equity (%)

34.35

84.76

Return on Assets (%)

7.72

10.21

Leverage 

Total Debt Equity (Times)

3.45

7.30

Current Debt Equity (Times)

2.76

6.05

Long Term Debt to Equity

0.69

1.25

Total Asset To Total Equity

4.45

8.30

Asset Management 

Total Assets Turnover (Times)

0.87

1.16

Fixed Assets Turnover (Times)

1.93

2.84

Liquidity 

Current Ratio

0.88

0.81

 

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

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

ESACO LAOCAI CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

Tang Loong Industrial Zone Tang Loong Town, Bao Thang Dist, Lao Cai, Lao Cai

Tel

:

[+84] 20-3867037

 

:

[+84] 20-3867289

Fax

:

[+84] 20-3867213

Email

:

info@esacogroup.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

:

5300225620

 

Primary Products

Products / Materials / Services Description

Activity

Chemicals

Manufacturing, Exporting

Phosphorus

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Chemical preparations, nspf

2899

Manufacturing, Exporting

Chemicals and Allied Products

2800

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Chemical products and preparations of the chemical or allied industries

3824909050

Manufacturing, Exporting

Phosphorus

2804700000

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of ESACO LAOCAI CO LTD is Manufacturing - Finished products.

Key products include :

Phosphorus

Chemicals


An integral part of the core business includes:

Distribution

 

Supplementary Business

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

Exporting

Exporting - Finished products

 

BANK DETAILS

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

32400479

Branch

:

Hoan Kiem,Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM - BINH THANH, HO CHI MINH

SWIFT Code

:

BFTVVNVX

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

ESACO LAOCAI CO LTD - DISTRICT 3, HO CHI MINH

Branch Address

:

15-17 Tran Quoc Thao Ward 6, District 3, Ho Chi Minh

Branch Tel

:

84-8-39305080

Branch Fax

:

84-8-39303193

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

 

OFFICE & FACILITIES

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

Name

:

ESACO LAOCAI CO LTD - BAO THANG DIST, LAO CAI

Primary Use

:

Office & Administration facilities

Address

:

Tang Loong Industrial Zone Tang Loong Town, Bao Thang Dist, Lao Cai, Lao Cai

Country

:

Vietnam

Status

:

Operational

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

28 Nov, 2005

1202000424

 

 

 

 

NOTES & COMMENTS

 

N/A

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.89

UK Pound

1

Rs.93.92

Euro

1

Rs.72.01

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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.