MIRA INFORM REPORT

 

 

Report No. :

328586

Report Date :

29.06.2015

 

IDENTIFICATION DETAILS

 

Name :

U - HOUSE ENTERPRISE CO LTD

 

 

Registered Office :

Lot B7 Dai Dang Industrial Zone, Thu Dau Mot, Binh Duong

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2014

 

 

Date of Incorporation :

10.05.2010

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer of Plastics & Products.

 

 

No. of Employee :

120

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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

 

Company Details

Organization Name

:

U - HOUSE ENTERPRISE CO LTD (1)

Address

:

Lot B7 Dai Dang Industrial Zone, Thu Dau Mot, Binh Duong

Country

:

Vietnam

Phone (S)

:

[+84] 650-3860063

Facsimile

:

[+84] 650-3860062

Email

:

uhousevn@gmail.com

Website

:

http://www.uhouse.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Plastics & Products

 

 

Key Facts

 

 

Registered Legal Address

:

Lot B7 Dai Dang Industrial Zone, Thu Dau Mot, Binh Duong

Operational Address

:

Lot B7 Dai Dang Industrial Zone, Thu Dau Mot, Binh Duong

Trading Name

:

U-HOUSE

Issuing Authority

:

Industrial Park Managing Department - Binh Duong

License Number

:

462045000075

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

:

10 May, 2010

Employees

:

120

Capital

:

US$ 4,400,000

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

:

U - HOUSE ENTERPRISE CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Plastics & Products

 

 

Office Contact Details

 

Operating Address

:

Lot B7 Dai Dang Industrial Zone, Thu Dau Mot, Binh Duong

Tel

:

[+84] 650-3860063

 

:

[+84] 650-3860072

 

:

[+84] 650-3860073

Mobile

:

[+84]-914998108

 

:

[+84]-917988723

Fax

:

[+84] 650-3860062

Email

:

uhousevn@gmail.com
sales@uhouse.com.vn

 

 

Website Details

 

Website

:

http://www.uhouse.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

:

3700776516

Date of Issuance

:

2 Feb, 2007

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

 

Legal Title

:

Managing Director

Name

:

Mr. Tsai-Hsiu Chin

Nationality

:

Vietnamese

 

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03869036

Name

:

Mr. Tsai-Hsiu Chin

Date of Birth

:

1959

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

 

Reference checking for the purpose of establishing U - HOUSE ENTERPRISE 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

 

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

 

CIVIL LITIGATION

 

No Record Found

 

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

 

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: USD - US Dollar)

 

Authorized Capital

:

$ 4,400,000

 

 

 

SHAREHOLDERS

 

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

USD - US Dollar

 

No.

Shareholders

Country

Shares

Number

Amount (USD)

%

1

ZHENTAI LTD CO

Taiwan

n/a

n/a

100.00

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

80%

International Sales (Export)

20%

 

Annual Purchases Analysis

Percentage

Local Purchases

70%

Imports

30%

 

 

 

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

 

 

 

Direct Parent

:

ZHENTAI LTD CO

Global Identifier

:

P3262906

Legal Form Category

:

Private Company with Limited Liability

Country

:

Taiwan

Primary Business Activity

:

Service

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

8,625,735

10,392,919

232,465

2013 Annual  

10,821,559

11,159,901

124,810

2014 Annual  

12,321,364

8,369,672

-180,717

 

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(*)

118,853,000,000

152,952,000,000

99,471,000,000

Non Current Assets(*)

97,576,000,000

82,389,000,000

77,494,000,000

Non Current Liabilities(*)

21,821,000,000

15,234,000,000

12,073,000,000

Share Capital(*)

75,104,000,000

75,104,000,000

75,104,000,000

Other long term assets 

Total Assets(*)

216,429,000,000

235,341,000,000

176,965,000,000

Total Liabilities(*)

133,351,000,000

149,630,000,000

95,091,000,000

Current Liabilities(*)

111,530,000,000

134,396,000,000

83,018,000,000

Long term liabilities 

Shareholders Funds(*)

83,078,000,000

85,711,000,000

81,874,000,000

 

Current assets & short term investments

118,853,000,000

152,952,000,000

99,471,000,000

Cash & cash equivalents

12,102,000,000

9,458,000,000

32,905,000,000

Cash

12,102,000,000

9,458,000,000

32,905,000,000

Accounts receivable

30,030,000,000

56,003,000,000

24,299,000,000

Accounts receivable trade

29,368,000,000

50,893,000,000

17,555,000,000

Trade prepayment

-

53,000,000

79,000,000

Inter company receivables

-

5,057,000,000

-

Others receivables

662,000,000

-

6,665,000,000

I. Inventories

74,918,000,000

82,907,000,000

39,164,000,000

II. Inventories

74,918,000,000

82,907,000,000

39,164,000,000

Other short term asset

-

-

2,123,000,000

Prepaid expenses

418,000,000

26,000,000

61,000,000

VAT deductible

1,385,000,000

4,558,000,000

905,000,000

Other tax receivables

-

-

14,000,000

Long term assets

97,576,000,000

82,389,000,000

77,494,000,000

Fixed assets

96,480,000,000

80,975,000,000

76,570,000,000

Tangible fixed assets

81,628,000,000

66,459,000,000

62,391,000,000

I. Cost

112,865,000,000

98,808,000,000

99,567,000,000

I. Accumulated depreciation

31,237,000,000

32,349,000,000

37,176,000,000

Intangible fixed assets

14,852,000,000

14,516,000,000

14,179,000,000

II. Cost

16,159,000,000

16,159,000,000

16,159,000,000

II. Accumulated depreciation

1,307,000,000

1,643,000,000

1,980,000,000

Other long term assets

1,096,000,000

1,414,000,000

924,000,000

Long term prepayments

1,096,000,000

1,414,000,000

924,000,000

Total assets

216,429,000,000

235,341,000,000

176,965,000,000

Liabilities

133,351,000,000

149,630,000,000

95,091,000,000

Current liabilities

111,530,000,000

134,396,000,000

83,018,000,000

Short term borrowings

45,699,000,000

47,206,000,000

53,782,000,000

Accounts payables-trade

39,428,000,000

50,029,000,000

27,572,000,000

Advances from customers

3,020,000,000

24,224,000,000

796,000,000

Taxes and payable to state budget

807,000,000

209,000,000

53,000,000

Payable to employees

485,000,000

601,000,000

685,000,000

Inter company payable

-

5,057,000,000

-

Other payables

22,091,000,000

7,070,000,000

130,000,000

Long term liabilities

21,821,000,000

15,234,000,000

12,073,000,000

Long term borrowings

21,821,000,000

15,234,000,000

12,073,000,000

I. Owner's equity

83,078,000,000

85,711,000,000

81,874,000,000

II. Owner's equity

83,078,000,000

85,711,000,000

81,874,000,000

Business capital

75,104,000,000

75,104,000,000

75,104,000,000

Retained earnings

7,974,000,000

10,607,000,000

6,770,000,000

Total resources

216,429,000,000

235,341,000,000

176,965,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Turnover(*)

179,628,000,000

228,206,000,000

260,518,000,000

Profit (Loss) Before Tax(*)

4,841,000,000

2,838,000,000

(3,821,000,000)

Profit After Tax attributable to Shareholders(*)

4,841,000,000

2,632,000,000

(3,821,000,000)

 

Gross sales

179,628,000,000

228,206,000,000

260,518,000,000

Less deductions

0

0

164,000,000

Net income

179,628,000,000

228,206,000,000

260,354,000,000

Cost of goods sold

147,903,000,000

196,951,000,000

233,831,000,000

Gross margin

31,725,000,000

31,255,000,000

26,523,000,000

Income from financial activities

515,000,000

770,000,000

700,000,000

Expenses from financial activities

7,930,000,000

5,604,000,000

5,408,000,000

In which: Interest expenses

3,076,000,000

3,848,000,000

3,808,000,000

Selling expenses

14,116,000,000

15,121,000,000

14,763,000,000

General & administration expenses

6,042,000,000

8,538,000,000

10,319,000,000

Net income from operating activities

4,152,000,000

2,762,000,000

(3,267,000,000)

Extraordinary income

10,453,000,000

12,747,000,000

1,640,000,000

Extraordinary expenses

9,764,000,000

12,671,000,000

2,194,000,000

Extraordinary gains

689,000,000

76,000,000

(554,000,000)

Net profit before tax

4,841,000,000

2,838,000,000

(3,821,000,000)

Income tax

0

206,000,000

0

Net profit after tax

4,841,000,000

2,632,000,000

(3,821,000,000)

Note: (*)

 

Financial Highlights

 

Financial Ratios

 

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

-

27.04

14.16

Profitability 

Profit Margin (%)

2.70

1.15

(1.47)

Return on Equity (%)

5.83

3.07

(4.67)

Return on Assets (%)

2.24

1.12

(2.16)

Leverage 

Total Debt Equity (Times)

1.61

1.75

1.16

Current Debt Equity (Times)

1.34

1.57

1.01

Long Term Debt to Equity

0.26

0.18

0.15

Total Asset To Total Equity

2.61

2.75

2.16

Asset Management 

Total Assets Turnover (Times)

0.83

0.97

1.47

Fixed Assets Turnover (Times)

1.84

2.77

3.36

Liquidity 

Current Ratio

1.07

1.14

1.20

 

 

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

 

Na

 

 

ADDITIONAL INFORMATION

 

Primary Products

 

Products / Materials / Services Description

Activity

Blow molded plastics

Manufacturing, Exporting

Films, blow-plastic

Manufacturing, Exporting

Flat yarns

Manufacturing, Exporting

Injection mold

Manufacturing, Exporting

Plastic resins

Manufacturing, Exporting

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Plastics film, strips, and sheets, unsupported

3081

Manufacturing, Exporting

Plastics materials and resins

2821

Manufacturing, Exporting

Plastics products, nspf

3089

Manufacturing, Exporting

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Articles of plastics (inc polymers & resins)

3926

Manufacturing, Exporting

Blow molds for rubber or plastics

8480799010

Manufacturing, Exporting

Injection type molds for rubber or plastics, except for shoe machinery

8480719010

Manufacturing, Exporting

Plates, sheets, film etc no ad, non-cel etc, plastics

3920

Manufacturing, Exporting

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of U - HOUSE ENTERPRISE CO LTD is Manufacturing - Finished products.

Key products include :

Films, blow-plastic

Blow molded plastics

Flat yarns

Injection mold

Plastic resins

An integral part of the core business includes:

Distribution

 

 

 

Supplementary Business

 

In addition to the core business, U - HOUSE ENTERPRISE CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

 

 

BANK DETAILS

 

 

 

 

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

32404058

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE, BINH DUONG

SWIFT Code

:

ICBVVNVX

 

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Exporting

Middle-East

Medium

Importing, Exporting

South America

Medium

Exporting

Australia

Medium

Exporting

Saudi Arabia

Medium

Importing, Exporting

Taiwan

Medium

Importing, Exporting

 

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

U - HOUSE ENTERPRISE CO LTD - THU DAU MOT, BINH DUONG

Primary Use

:

Office & Administration facilities

Building Size

:

35,000 Square meters

Address

:

Lot B7 Dai Dang Industrial Zone, Thu Dau Mot, Binh Duong

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

 

 

QUALITY ACCREDITATION

 

 

 

Quality Accreditation Listings

 

#

Name

Accreditation Category

1

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

14001

2

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

9001:2008

 

 

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.60

UK Pound

1

Rs.100.09

Euro

1

Rs.71.23

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.