MIRA INFORM REPORT

 

 

Report No. :

310315

Report Date :

13.03.2015

 

IDENTIFICATION DETAILS

 

Name :

MIEN TRUNG MINERAL JSC

 

 

Registered Office :

3Fl MTJ Bldg 104 Hai Thuong Lan Ong St, Vinh, Nghe An

 

 

Country :

Vietnam

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

15.05.2011

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is manufacturer of chemicals

 

 

No. of Employee :

80

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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

:

MIEN TRUNG MINERAL JSC

Address

:

3Fl MTJ Bldg 104 Hai Thuong Lan Ong St, Vinh, Nghe An

Country

:

Vietnam

Phone (S)

:

[+84] 38-3522868

Facsimile

:

[+84] 38-3521868

Email

:

sales@mtm.com.vn

Website

:

http://www.mtm.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

Key Facts

Registered Legal Address

:

3Fl MTJ Bldg 104 Hai Thuong Lan Ong St, Vinh, Nghe An

Operational Address

:

3Fl MTJ Bldg 104 Hai Thuong Lan Ong St, Vinh, Nghe An

Issuing Authority

:

Dept. of Planning & Investment - Nghe An

License Number

:

2900832928

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

:

15 Mar, 2011

Employees

:

80

Capital

:

US$ 1,408,523

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

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent

:

CONSULTING AND CONSTRUCTION OF CENTRAL JSC

Global Identifier

:

P3204315

Legal Form Category

:

Joint Stock Company

Country

:

Vietnam

Primary Business Activity

:

Service

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Kim Hoa Thi Tran

Vietnamese

Chief Accountant

-

2

Mr. Hoang Van Vu

Vietnamese

Managing Director

-

Management Details - 1

Personal Unique Identifier

:

MI03831279

Name

:

Ms. Kim Hoa Thi Tran

 

Date of Birth

:

1965

Management Details - 2

Personal Unique Identifier

:

MI03831264

Name

:

Mr. Hoang Van Vu

 

Date of Birth

:

1975

 

NEGATIVE 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

 

 

 

REPUTATION

Reference checking for the purpose of establishing MIEN TRUNG MINERAL JSC's reputation within the respective industry failed to reveal any adverse information.

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 30,000,000,000

Paid-up Capital

:

₫ 30,000,000,000

 

 

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

CONSULTING AND CONSTRUCTION OF CENTRAL JSC

Vietnam

n/a

21,852,000,000

72.84

2

Undisclosed Shareholders

n/a

n/a

4,674,000,000

15.58

3

VIET NAM LATCA JSC

Vietnam

n/a

1,974,000,000

6.58

4

VIETNAM LEPRO CONSTRUCTION AND TRADING JSC

Vietnam

n/a

1,500,000,000

5.00

Total

n/a

30,000,000,000

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

50%

International Sales (Export)

50%

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

PAYMENT TERMS

 

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~90 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 - Secured with Post-dated checks 30~90 days

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

3,074,720

4,351,236

7,635

2013 Annual (*)

4,225,892

3,981,963

250,473

 

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(*)

22,168,000,000

20,361,000,000

Non Current Assets(*)

68,445,000,000

63,611,000,000

Non Current Liabilities(*)

41,035,000,000

30,481,000,000

Share Capital(*)

30,000,000,000

30,000,000,000

Other long term assets 

Total Assets(*)

90,613,000,000

83,972,000,000

Total Liabilities(*)

73,157,000,000

61,279,000,000

Current Liabilities(*)

32,122,000,000

30,798,000,000

Long term liabilities 

Shareholders Funds(*)

17,456,000,000

22,693,000,000

 

ASSETS 

Current assets & short term investments

22,168,000,000

20,361,000,000

Cash & cash equivalents

4,590,000,000

1,346,000,000

Cash

4,590,000,000

1,346,000,000

Accounts receivable

11,450,000,000

11,118,000,000

Accounts receivable trade

10,661,000,000

7,951,000,000

Trade prepayment

144,000,000

46,000,000

Others receivables

645,000,000

3,121,000,000

i.Inventories

4,804,000,000

5,671,000,000

ii.Inventories

4,804,000,000

5,671,000,000

i.Other short term asset

1,324,000,000

2,226,000,000

Prepaid expenses

-

(8,000,000)

VAT deductible

513,000,000

922,000,000

Other tax receivables

1,000,000

-

ii.Other short term asset

810,000,000

1,312,000,000

Long term assets

68,445,000,000

63,611,000,000

Accounts of long term receivable

-

448,000,000

Other long term receivables

-

448,000,000

Fixed assets

67,914,000,000

62,436,000,000

Tangible fixed assets

67,872,000,000

62,396,000,000

i.Cost

80,990,000,000

80,523,000,000

i.Accumulated depreciation

13,118,000,000

18,127,000,000

Intangible fixed assets

12,000,000

10,000,000

ii.Cost

25,000,000

25,000,000

ii.Accumulated depreciation

13,000,000

15,000,000

Construction in progress

30,000,000

30,000,000

Other long term assets

531,000,000

727,000,000

Long term prepayments

531,000,000

727,000,000

Total assets

90,613,000,000

83,972,000,000

LIABILITIES & EQUITY 

Liabilities

73,157,000,000

61,279,000,000

Current liabilities

32,122,000,000

30,798,000,000

Short term borrowings

16,955,000,000

20,538,000,000

Accounts payables-trade

8,039,000,000

7,480,000,000

Advances from customers

405,000,000

2,000,000

Taxes and payable to state budget

-

5,000,000

Payable to employees

552,000,000

986,000,000

Accrued expenses payable

5,722,000,000

1,334,000,000

Other payables

449,000,000

453,000,000

Long term liabilities

41,035,000,000

30,481,000,000

Long term other payables

-

340,000,000

Long term borrowings

41,035,000,000

30,148,000,000

Provision funds for unemployment

-

(7,000,000)

i.Owner's equity

17,456,000,000

22,693,000,000

ii.Owner's equity

17,456,000,000

22,693,000,000

Business capital

30,000,000,000

30,000,000,000

Retained earnings

(12,544,000,000)

(7,307,000,000)

Total resources

90,613,000,000

83,972,000,000

Note: (*)

Financial Highlights

 

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

Turnover(*)

64,030,000,000

89,116,000,000

Profit (Loss) Before Tax(*)

159,000,000

5,282,000,000

Profit After Tax attributable to Shareholders(*)

159,000,000

5,282,000,000

 

Gross sales

64,030,000,000

89,116,000,000

Less deductions

76,000,000

707,000,000

Net income

63,954,000,000

88,409,000,000

Cost of goods sold

34,032,000,000

47,424,000,000

Gross margin

29,922,000,000

40,985,000,000

Income from financial activities

56,000,000

966,000,000

Expenses from financial activities

10,362,000,000

7,280,000,000

In which: Interest expenses

10,276,000,000

7,015,000,000

Selling expenses

17,657,000,000

26,540,000,000

General & administration expenses

1,761,000,000

2,311,000,000

Net income from operating activities

198,000,000

5,820,000,000

Extraordinary income

1,000,000

191,000,000

Extraordinary expenses

40,000,000

729,000,000

Extraordinary gains

(39,000,000)

(538,000,000)

Net profit before tax

159,000,000

5,282,000,000

Net profit after tax

159,000,000

5,282,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

39.18

Profitability 

Profit Margin (%)

0.25

5.93

Return on Equity (%)

0.91

23.28

Return on Assets (%)

0.18

6.29

Leverage 

Total Debt Equity (Times)

4.19

2.70

Current Debt Equity (Times)

1.84

1.36

Long Term Debt to Equity

2.35

1.34

Total Asset To Total Equity

5.19

3.70

Asset Management 

Total Assets Turnover (Times)

0.71

1.06

Fixed Assets Turnover (Times)

0.94

1.40

Liquidity 

Current Ratio

0.69

0.66

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

:

MIEN TRUNG MINERAL JSC

Acronym

:

MTM

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

3Fl MTJ Bldg 104 Hai Thuong Lan Ong St, Vinh, Nghe An

Tel

:

[+84] 38-3522868

 

:

[+84] 38-3791868

Fax

:

[+84] 38-3521868

 

:

[+84] 38-3791552

Email

:

sales@mtm.com.vn

Factory Contact Details

Address

:

Nam Cam Industrial Zone, Nghi Loc Dist, Nghe An

Website Details

Website

:

http://www.mtm.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

:

2900832928

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Han Truong

Nationality

:

Vietnamese

 

Primary Products

Products / Materials / Services Description

Activity

Calcium carbonate powder

Manufacturing, Exporting

Stearic acids

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2012

n/a

1,537,360

1,537,360

2013

n/a

2,112,946

2,112,946

 

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

Calcium carbonate

2836500000

Manufacturing, Exporting

Stearic acid

2915700020

Manufacturing, Exporting

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of MIEN TRUNG MINERAL JSC is Manufacturing - Finished products.

Key products include :

Stearic acids

Calcium carbonate powder

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, MIEN TRUNG MINERAL JSC 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

:

P1072025

Branch

:

Hanoi

Branch Address

:

HA TINH

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

TRUNG DO

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

OCEAN COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P1106738

Branch

:

Cau Giay Dist,Hanoi

Branch Address

:

VINH

SWIFT Code

:

OJBAVNVX

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03831278

Name

:

Mr. Han Truong

Date of Birth

:

1955

 

2

 

 

Personal Unique Identifier

:

MI03831264

Name

:

Mr. Hoang Van Vu

Date of Birth

:

1975

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

Bangladesh

Medium

Exporting

India

Medium

Exporting

 

 

OFFICE & FACILITIES

 

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

Name

:

MIEN TRUNG MINERAL JSC - VINH, NGHE AN

Primary Use

:

Office & Administration facilities

Address

:

3Fl MTJ Bldg 104 Hai Thuong Lan Ong St, Vinh, Nghe An

Country

:

Vietnam

Status

:

Operational

 

 

FACTORIES, SIZE, & LOCATIONS

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

Address

:

Nam Cam Industrial Zone, Nghi Loc Dist, Nghe An

 

 

QUALITY ACCREDITATION

Quality Accreditation Listings

#

Name

Accreditation Category

1

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

9001:2008

 

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

18 Oct, 2007

2703001637

 

 

 

NOTES & COMMENTS

 

N/a

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.56

UK Pound

1

Rs.93.57

Euro

1

Rs.65.95

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ASH

 

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.