MIRA INFORM REPORT

 

 

Report No. :

322633

Report Date :

26.05.2015

 

IDENTIFICATION DETAILS

 

Name :

VIET NAM GUM ROSIN PROCESSING JSC (1)

 

 

Registered Office :

A-506 Tecco Tower Quang Trung St, Vinh, Nghe An

 

 

Country :

Vietnam

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

19.06.2009

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Chemicals.

 

 

No. of Employees :

35

 

 

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 :

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 – 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 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

:

VIET NAM GUM ROSIN PROCESSING JSC (1)

Address

:

A-506 Tecco Tower Quang Trung St, Vinh, Nghe An

Country

:

Vietnam

Phone (S)

:

[+84] 38-3588208

Facsimile

:

[+84] 38-3588209

Email

:

gumrosin@vinagum.com.vn

Website

:

http://www.vinagum.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

Key Facts

Registered Legal Address

:

A-506 Tecco Tower Quang Trung St, Vinh, Nghe An

Operational Address

:

A-506 Tecco Tower Quang Trung St, Vinh, Nghe An

Trading Name

:

VINAGUM

Issuing Authority

:

Dept. of Planning & Investment - Nghe An

License Number

:

2900828424

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

:

19 Jun, 2009

Employees

:

35

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

1 Oct, 2007

2703001614

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

:

Mr. Phan Cong Quang

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Le Thi Thu Hoai

Vietnamese

Chief Accountant

-

2

Mr. Phan Cong Quang

Vietnamese

Managing Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI02058757

Name

:

Ms. Le Thi Thu Hoai

 

Date of Birth

:

1974

Management Details - 2

Personal Unique Identifier

:

MI02058756

Name

:

Mr. Phan Cong Quang

 

Date of Birth

:

1974

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI02058756

Name

:

Mr. Phan Cong Quang

Date of Birth

:

1974

 

 

NEGATIVE INFORMATION

 

N/a

Capital

:

US$ 331,170

 

REPUTATION

Reference checking for the purpose of establishing VIET NAM GUM ROSIN PROCESSING 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

:

₫ 7,145,000,000

Paid-up Capital

:

₫ 7,145,000,000

Date

Paid-up Capital - History

1 Oct, 2007

5,104,000,000

2010

7,145,000,000

 

SHAREHOLDERS

 

Total number of shareholders

:

6

Total number of shares

:

n/a

 

Currency : VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Nguyen Ba Hoanh

Vietnam

n/a

1,300,390,000

18.20

2

Mr. Nguyen Kim Tam

Vietnam

n/a

1,300,390,000

18.20

3

Mr. Nguyen Van Binh

Vietnam

n/a

1,300,390,000

18.20

4

Mr. Phan Cong Quang

Vietnam

n/a

1,300,390,000

18.20

5

Ms. Le Thi Thu Hoai

Vietnam

n/a

1,300,390,000

18.20

6

Mr. Nguyen Anh Tu

Vietnam

n/a

643,050,000

9.00

Total

n/a

7,145,000,000

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

 

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

Year

Imports

Exports

Total

2010

n/a

373,607

373,607

2011

n/a

3,748,286

3,748,286

2013

n/a

2,305,429

2,305,429

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

10%

International Sales (Export)

90%

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

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

 

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2009

n/a

814,753

814,753

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2011 Annual  

4,164,762

589,822

20,787

2013 Annual (*)

2,561,588

910,846

11,950

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

Note: (*)

Financials listed are the most recent available for this company.

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2009 Annual

1,018,441

611,098

7,007

 

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2013 Annual

Current Assets(*)

6,026,000,000

12,760,000,000

Non Current Assets(*)

6,260,000,000

6,448,000,000

Non Current Liabilities(*)

0

0

Share Capital(*)

7,146,000,000

7,146,000,000

Other long term assets 

Total Assets(*)

12,286,000,000

19,208,000,000

Total Liabilities(*)

4,520,000,000

11,485,000,000

Current Liabilities(*)

4,520,000,000

11,485,000,000

Long term liabilities 

Shareholders Funds(*)

7,766,000,000

7,723,000,000

 

Current assets & short term investments

6,026,000,000

12,760,000,000

Cash & cash equivalents

138,000,000

65,000,000

Cash

138,000,000

65,000,000

Accounts receivable

2,881,000,000

4,708,000,000

Accounts receivable trade

2,881,000,000

4,708,000,000

Inventories

2,458,000,000

6,927,000,000

i.Other short term asset

549,000,000

1,060,000,000

VAT deductible

539,000,000

1,045,000,000

ii.Other short term asset

10,000,000

15,000,000

Long term assets

6,260,000,000

6,448,000,000

Fixed assets

6,260,000,000

6,448,000,000

Tangible fixed assets

6,260,000,000

6,448,000,000

Cost

7,631,000,000

8,775,000,000

Accumulated depreciation

1,371,000,000

2,327,000,000

Total assets

12,286,000,000

19,208,000,000

Liabilities

4,520,000,000

11,485,000,000

Current liabilities

4,520,000,000

11,485,000,000

Short term borrowings

2,920,000,000

9,661,000,000

Accounts payables-trade

1,352,000,000

1,710,000,000

Advances from customers

210,000,000

-

Payable to employees

25,000,000

110,000,000

Other payables

13,000,000

4,000,000

Owner's equity

7,766,000,000

7,723,000,000

Business capital

7,146,000,000

7,146,000,000

Share capital's surplus

186,000,000

324,000,000

Retained earnings

434,000,000

253,000,000

Total resources

12,286,000,000

19,208,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2013 Annual

Turnover(*)

86,752,000,000

54,019,000,000

Profit (Loss) Before Tax(*)

433,000,000

252,000,000

Profit After Tax attributable to Shareholders(*)

433,000,000

252,000,000

 

Gross sales

86,752,000,000

54,019,000,000

Net income

86,752,000,000

54,019,000,000

Cost of goods sold

79,394,000,000

47,735,000,000

Gross margin

7,358,000,000

6,284,000,000

Income from financial activities

3,000,000

1,000,000

Expenses from financial activities

1,372,000,000

694,000,000

In which: Interest expenses

944,000,000

668,000,000

General & administration expenses

5,556,000,000

5,339,000,000

Net income from operating activities

433,000,000

252,000,000

Net profit before tax

433,000,000

252,000,000

Net profit after tax

433,000,000

252,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2011 Annual

2013 Annual

Growth % 

Year-on-Year Growth

19.14

-

Profitability 

Profit Margin (%)

0.50

0.47

Return on Equity (%)

5.58

3.26

Return on Assets (%)

3.52

1.31

Leverage 

Total Debt Equity (Times)

0.58

1.49

Current Debt Equity (Times)

0.58

1.49

Total Asset To Total Equity

1.58

2.49

Asset Management 

Total Assets Turnover (Times)

7.06

2.81

Fixed Assets Turnover (Times)

13.86

8.38

Liquidity 

Current Ratio

1.33

1.11

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

 

Report Details

Country

:

Vietnam

Business Entity Name

:

VIET NAM GUM ROSIN PROCESSING JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

A-506 Tecco Tower Quang Trung St, Vinh, Nghe An

Tel

:

[+84] 38-3588208

Fax

:

[+84] 38-3588209

Email

:

gumrosin@vinagum.com.vn

Factory Contact Details

Address

:

Nam Cam Industrial Zone, Nghi Loc Dist, Nghe An

Tel

:

[+84] 38-3791557

Website Details

Website

:

http://www.vinagum.com.vn

Status

:

Normal - operational

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

:

2900828424

 

Primary Products

Products / Materials / Services Description

Activity

Essential oils

Manufacturing, Exporting

Gum chemicals

Manufacturing, Exporting

Pine resins

Manufacturing, Exporting

Wood chemicals

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Chemical preparations, nspf

2899

Manufacturing, Exporting

Chemicals and Allied Products

2800

Manufacturing, Exporting

Gum and wood chemicals

2861

Manufacturing, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Chemical products and preparations of the chemical or allied industries

3824909050

Manufacturing, Exporting

Essential oils; resinoids; terpenic by-products etc

3301

Manufacturing, Exporting

Miscellaneous chemical products

3800

Manufacturing, Exporting

Rosin & resin acids etc; rosin spirit etc; run gum

3806

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of VIET NAM GUM ROSIN PROCESSING JSC is Manufacturing - Finished products.

Key products include :

Gum chemicals

Pine resins

Essential oils

Wood chemicals


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, VIET NAM GUM ROSIN PROCESSING JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

BANK DETAILS

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

32400479

Branch

:

Hoan Kiem,Hanoi

Branch Address

:

Vinh

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

Phuc Yen

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408999

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

Hanoi

SWIFT Code

:

VTCBVNVX

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Exporting

China

Medium

Exporting

India

Medium

Exporting

Indonesia

Medium

Importing

Korea, South (Republic of Korea)

Medium

Exporting

Laos

Medium

Exporting

Pakistan

Medium

Exporting

Singapore

Medium

Exporting

Taiwan

Medium

Exporting

 

OFFICE & FACILITIES

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

Name

:

VIET NAM GUM ROSIN PROCESSING JSC - VINH, NGHE AN

Primary Use

:

Office & Administration facilities

Address

:

A-506 Tecco Tower Quang Trung 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

 

 

NOTES & COMMENTS

 

N/a

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.62

UK Pound

1

Rs.98.51

Euro

1

Rs.69.93

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

               

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.