MIRA INFORM REPORT

 

 

Report No. :

330012

Report Date :

08.07.2015

           

IDENTIFICATION DETAILS

 

Name :

VIETNAMESE CERAMIC JSC

 

 

Registered Office :

Trang Bang 2 Hamlet Trang An Commune, Dong Trieu, Quang Ninh

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2012

 

 

Date of Incorporation :

09.04.2015

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Houseware.

 

 

No. of Employees :

400

 

 

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. 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 18% in 2014, while industry's share increased from 36% to 38% 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 2014 growing at 5.4%, one of the slower growth rates since 1999. Exports have grown strongly in 2013-14; 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 has remained relatively stable since then. 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, 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. Vietnam is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations.

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Organization Name

:

VIETNAMESE CERAMIC JSC (1)

Address

:

Trang Bang 2 Hamlet Trang An Commune, Dong Trieu, Quang Ninh

Country

:

Vietnam

Phone (S)

:

[+84] 33-2466339

Facsimile

:

[+84] 33-3845282

Email

:

info@gomdatviet.net

Website

:

http://www.gomdatviet.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Houseware

 

Key Facts

Registered Legal Address

:

Trang Bang 2 Hamlet Trang An Commune, Dong Trieu, Quang Ninh

Operational Address

:

Trang Bang 2 Hamlet Trang An Commune, Dong Trieu, Quang Ninh

Issuing Authority

:

Dept. of Planning & Investment - Quang Ninh

License Number

:

5700865777

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

:

9 Apr, 2015

Employees

:

400

Capital

:

US$ 3,673,095

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

29 May, 2008

2203001416

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

:

Managing Director

Name

:

Mr. Dong Duc Chinh

Nationality

:

Vietnamese

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03874558

Name

:

Mr. Dong Duc Chinh

Date of Birth

:

1973

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing VIETNAMESE CERAMIC 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

:

₫ 80,000,000,000

Paid-up Capital

:

₫ 80,000,000,000

 

 

SHAREHOLDERS

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

Currency

 

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

UNDISCLOSED SHAREHOLDERS

n/a

n/a

59,552,000,000

74.44

2

Mr. Nguyen Duy Tan

Vietnam

n/a

5,728,000,000

7.16

3

Mr. Dong Duc Chinh

Vietnam

n/a

5,440,000,000

6.80

4

Mr. Nguyen Thu Vien

Vietnam

n/a

4,144,000,000

5.18

5

Mr. Hoang Huu Tap

Vietnam

n/a

3,304,000,000

4.13

6

Mr. Phung Van Huong

Vietnam

n/a

1,832,000,000

2.29

Total

 

n/a

80,000,000,000

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

80%

International Sales (Export)

20%

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

 

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

 

N/A

 

 

FINANCIAL INFORMATION

 

Financials - Summary (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

13,619,622

16,922,533

6,243

2013 Annual  

13,987,469

16,828,124

298,652

2014 Annual  

14,389,650

17,396,801

1,442,186

 

 

Sales Trend – Analysis

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

-

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

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

 

 

FINANCIAL STATEMENT – DETAILED

 

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Current Assets(*)

112,172,000,000

117,483,000,000

146,236,000,000

Non Current Assets(*)

240,234,000,000

237,390,000,000

221,595,000,000

Non Current Liabilities(*)

86,716,000,000

71,673,000,000

81,792,000,000

Share Capital(*)

57,394,000,000

80,000,000,000

80,000,000,000

Other long term assets 

Total Assets(*)

352,406,000,000

354,873,000,000

367,831,000,000

Total Liabilities(*)

296,095,000,000

268,864,000,000

255,833,000,000

Current Liabilities(*)

209,379,000,000

197,191,000,000

174,041,000,000

Long term liabilities 

Shareholders Funds(*)

56,311,000,000

86,009,000,000

111,998,000,000

 

Current Assets & Short Term Investments

112,172,000,000

117,483,000,000

146,236,000,000

Cash & Cash Equivalents

6,012,000,000

11,958,000,000

27,902,000,000

Cash

6,012,000,000

5,158,000,000

5,502,000,000

Cash Equivalents

-

6,800,000,000

22,400,000,000

Accounts Receivable

40,023,000,000

56,079,000,000

61,893,000,000

Accounts Receivable Trade

5,369,000,000

12,033,000,000

13,702,000,000

Trade Prepayment

34,282,000,000

45,619,000,000

49,674,000,000

Others Receivables

372,000,000

253,000,000

343,000,000

Provision For Bad Debts

-

(1,826,000,000)

(1,826,000,000)

i. Inventories

52,447,000,000

48,421,000,000

55,397,000,000

ii. Inventories

52,447,000,000

48,421,000,000

55,397,000,000

i. Other Short Term Asset

13,690,000,000

1,025,000,000

1,044,000,000

Prepaid Expenses

10,170,000,000

-

-

VAT Deductible

2,360,000,000

-

-

Other Tax Receivables

132,000,000

-

-

ii. Other Short Term Asset

1,028,000,000

1,025,000,000

1,044,000,000

Long Term Assets

240,234,000,000

237,390,000,000

221,595,000,000

Fixed Assets

236,991,000,000

231,724,000,000

219,261,000,000

Tangible Fixed Assets

225,226,000,000

223,348,000,000

212,668,000,000

i. Cost

263,490,000,000

279,118,000,000

292,343,000,000

i. Accumulated Depreciation

38,264,000,000

55,770,000,000

79,675,000,000

Finance Lease Assets

6,501,000,000

4,671,000,000

1,674,000,000

ii. Cost

10,985,000,000

10,985,000,000

4,708,000,000

ii. Accumulated Depreciation

4,484,000,000

6,314,000,000

3,034,000,000

Intangible Fixed Assets

6,000,000

-

-

iii. Cost

22,000,000

-

-

iii. Accumulated Depreciation

16,000,000

-

-

Construction In Progress

5,258,000,000

3,705,000,000

4,919,000,000

i. Other Long Term Assets

3,243,000,000

5,666,000,000

2,334,000,000

Long Term Prepayments

2,807,000,000

5,230,000,000

2,090,000,000

ii. Other Long Term Assets

436,000,000

436,000,000

244,000,000

Total Assets

352,406,000,000

354,873,000,000

367,831,000,000

Liabilities

296,095,000,000

268,864,000,000

255,833,000,000

Current Liabilities

209,379,000,000

197,191,000,000

174,041,000,000

Short Term Borrowings

167,563,000,000

145,997,000,000

132,699,000,000

Accounts Payables-Trade

28,964,000,000

30,936,000,000

14,617,000,000

Advances From Customers

166,000,000

3,380,000,000

392,000,000

Taxes And Payable To State Budget

6,853,000,000

4,155,000,000

10,892,000,000

Payable To Employees

1,464,000,000

4,095,000,000

5,919,000,000

Accrued Expenses Payable

3,275,000,000

7,312,000,000

8,681,000,000

Other Payables

1,094,000,000

1,316,000,000

337,000,000

Bonus And Welfare Funds

-

-

504,000,000

Long Term Liabilities

86,716,000,000

71,673,000,000

81,792,000,000

Long Term Other Payables

181,000,000

171,000,000

156,000,000

Long Term Borrowings

86,535,000,000

71,502,000,000

81,636,000,000

i. Owner's Equity

56,311,000,000

86,009,000,000

111,998,000,000

ii. Owner's Equity

56,311,000,000

86,009,000,000

111,998,000,000

Business Capital

57,394,000,000

80,000,000,000

80,000,000,000

Foreign Exchange Differences

(795,000,000)

-

-

Business Development Funds

-

-

341,000,000

Financial Reserved Funds

-

-

849,000,000

Other Funds From Owner's Equity

-

-

315,000,000

Retained Earnings

(288,000,000)

6,009,000,000

30,493,000,000

Total Resources

352,406,000,000

354,873,000,000

367,831,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Turnover(*)

283,624,000,000

294,969,000,000

304,249,000,000

Profit (Loss) Before Tax(*)

130,000,000

8,502,000,000

39,093,000,000

Profit After Tax attributable to Shareholders(*)

130,000,000

6,298,000,000

30,493,000,000

 

Gross Sales

283,624,000,000

294,969,000,000

304,249,000,000

Less Deductions

-

2,816,000,000

4,346,000,000

Net Income

283,624,000,000

292,153,000,000

299,903,000,000

Cost Of Goods Sold

207,094,000,000

189,981,000,000

194,890,000,000

Gross Margin

76,530,000,000

102,172,000,000

105,013,000,000

Income From Financial Activities

153,000,000

5,053,000,000

1,724,000,000

Expenses From Financial Activities

45,168,000,000

31,437,000,000

23,511,000,000

In Which: Interest Expenses

42,635,000,000

1,339,000,000

23,212,000,000

Selling Expenses

24,220,000,000

55,443,000,000

35,997,000,000

General & Administration Expenses

7,598,000,000

11,229,000,000

8,913,000,000

Net Income From Operating Activities

(303,000,000)

9,116,000,000

38,316,000,000

Extraordinary Income

5,276,000,000

310,000,000

1,377,000,000

Extraordinary Expenses

4,843,000,000

924,000,000

600,000,000

Extraordinary Gains

433,000,000

(614,000,000)

777,000,000

Net Profit Before Tax

130,000,000

8,502,000,000

39,093,000,000

Income Tax

-

2,204,000,000

8,600,000,000

Net Profit After Tax

130,000,000

6,298,000,000

30,493,000,000

Note: (*)

Financial Highlights

 

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

-

4.00

3.15

Profitability 

Profit Margin (%)

0.05

2.14

10.02

Return on Equity (%)

0.23

7.32

27.23

Return on Assets (%)

0.04

1.77

8.29

Leverage 

Total Debt Equity (Times)

5.26

3.13

2.28

Current Debt Equity (Times)

3.72

2.29

1.55

Long Term Debt to Equity

1.54

0.83

0.73

Total Asset To Total Equity

6.26

4.13

3.28

Asset Management 

Total Assets Turnover (Times)

0.80

0.83

0.83

Fixed Assets Turnover (Times)

1.18

1.24

1.37

Liquidity 

Current Ratio

0.54

0.60

0.84

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

 

Country

:

Vietnam

Business Entity Name

:

VIETNAMESE CERAMIC JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Houseware

Office Contact Details

Operating Address

:

Trang Bang 2 Hamlet Trang An Commune, Dong Trieu, Quang Ninh

Tel

:

[+84] 33-2466339

 

:

[+84] 33-2466337

 

:

[+84] 33-3598899

Fax

:

[+84] 33-3845282

Email

:

info@gomdatviet.net

Website Details

Website

:

http://www.gomdatviet.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

:

5700865777

Date of Issuance

:

3 Jun, 2008

 

Primary Products

Products / Materials / Services Description

Activity

Ceramic products

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Ceramic articles, nspf

3269

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Ceramic articles

6914

Manufacturing, Exporting

Ceramic products

6900

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of VIETNAMESE CERAMIC JSC is Manufacturing - Finished products.

Key product include :

Ceramic products


An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, VIETNAMESE CERAMIC 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 - QUANG NINH

SWIFT Code

:

BIDVVNVX

 

Bank Name

:

MILITARY COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0387295

Branch

:

Dong Da,Hanoi

Branch Address

:

MILITARY COMMERCIAL JOINT STOCK BANK - QUANG NINH

SWIFT Code

:

MSCBVNVX

 

Bank Name

:

VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT

Global Identifier

:

32408794

Branch

:

Tu Liem,Hanoi

Branch Address

:

VIETNAM BANK FOR AGRICULTURE

SWIFT Code

:

VBAAVNVX

 

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

Europe

Medium

Exporting

Middle-East

Medium

Exporting

Australia

Medium

Exporting

China

Medium

Exporting

Japan

Medium

Exporting

Korea, South (Republic of Korea)

Medium

Exporting

New Zealand

Medium

Exporting

Taiwan

Medium

Exporting

Thailand

Medium

Exporting

 

OFFICE & FACILITIES

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

Name

:

VIETNAMESE CERAMIC JSC - DONG TRIEU, QUANG NINH

Primary Use

:

Office & Administration facilities

Address

:

Trang Bang 2 Hamlet Trang An Commune, Dong Trieu, Quang Ninh

Country

:

Vietnam

Status

:

Operational

 

 

NOTES & COMMENTS

 

N/A

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.37

UK Pound

1

Rs.98.86

Euro

1

Rs.69.97

 

INFORMATION DETAILS

 

Analysis Done by :

SAN

 

 

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.