MIRA INFORM REPORT

 

 

Report No. :

347968

Report Date :

06.11.2015

 

IDENTIFICATION DETAILS

 

Name :

NGHE AN ULTRA-FINE WHITE STONE POWDER JSC

 

 

Registered Office :

Lot C Nam Cam Industrial Zone Nghi XA Commune, Nghi Loc Dist, Nghe An

 

 

Country :

Vietnam

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

10.02.2012

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is manufacturer of minerals and mining

 

 

No. of Employee :

100

 

 

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. Agriculture's share of economic output has shrunk 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 now account for only about 40% of GDP.

Vietnamese authorities have reaffirmed their commitment to economic modernization and a more open economy. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam joined the 12-nation Trans-Pacific Partnership free trade agreement negotiations in 2010.

Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. 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. 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.

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 to restructure 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.

 

Source : CIA

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Organization Name

:

NGHE AN ULTRA-FINE WHITE STONE POWDER JSC (1)

Name in Local Language

:

CÔNG TY CỔ PHẦN ĐỘT ĐÁ VÔI TRẮNG SIÊU MỊN NGHỆ AN

Address

:

Lot C Nam Cam Industrial Zone Nghi Xa Commune, Nghi Loc Dist, Nghe An

Country

:

Vietnam

Phone (S)

:

[+84] 38-3612868

Facsimile

:

[+84] 38-3791369

Primary Business Activity

:

Manufacturer

Key Industry

:

Minerals / Mining

 

Key Facts

Registered Legal Address

:

Lot C Nam Cam Industrial Zone Nghi Xa Commune, Nghi Loc Dist, Nghe An

Operational Address

:

Lot C Nam Cam Industrial Zone Nghi Xa Commune, Nghi Loc Dist, Nghe An

License Status

:

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Nghe An

License Number

:

2901490610

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

10 Feb, 2012

Employees

:

100

Capital

:

US$ 2,504,440

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. Ba Sy Truong

Local Name

:

Bá Trươngỹ Trương

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Binh Thi Que

Vietnamese

Chief Accountant

-

2

Mr. Ba Sy Truong

Vietnamese

n/a

-


Management Details - 1

Personal Unique Identifier

:

MI03921117

Name

:

Ms. Binh Thi Que

Name in local language

:

B́nh Thị Quế

Management Details - 2

Personal Unique Identifier

:

MI03921132

Name

:

Mr. Ba Sy Truong

Name in local language

:

Bá Trươngỹ Trương

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03921132

Name

:

Mr. Ba Sy Truong

Name in local language

:

Bá Trươngỹ Trương

 

2

 

 

Personal Unique Identifier

:

MI03921115

Name

:

Mr. The Duc Tran

Name in local language

:

Thế Đức Trần

Date of Birth

:

1960

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing NGHE AN ULTRA-FINE WHITE STONE POWDER 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

:

₫ 55,000,000,000

Paid-up Capital

:

₫ 8,768,000,000

 

SHAREHOLDERS

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

NGHE AN MINERAL JSC

Vietnam

n/a

6,400,640,000

73.00

2

Mr. Su Van Dang

Vietnam

n/a

1,402,880,000

16.00

3

Mr. Que Van Tran

Vietnam

n/a

964,480,000

11.00

Total

n/a

8,768,000,000

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%

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 Corporate Parent

:

NGHE AN MINERAL JSC

Global Identifier

:

P1310608

Legal Form Category

:

Joint Stock Company

Country

:

Vietnam

Operational Address

:

2 Le Hong Phong St Hung Binh Ward Vinh Nghe An

Primary Business Activity

:

Manufacturer

 

Indirect Corporate Parent

:

TAN LONG CHEMICAL INDUSTRY JSC

Global Identifier

:

P1117118

Legal Form Category

:

Joint Stock Company

Country

:

Vietnam

Operational Address

:

Rm 1012 Block 01 My Phuoc Bldg Binh Tan Dist Ho Chi Minh

Primary Business Activity

:

Trader

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2013 Annual  

554,721

1,841,134

89,814

2014 Annual  

511,975

2,829,509

-5,959

 

Sales Trend – Analysis

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

-

-

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

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

2014 Annual

Current Assets(*)

3,374,000,000

4,602,000,000

Non Current Assets(*)

35,452,000,000

55,224,000,000

Non Current Liabilities(*)

10,098,000,000

41,555,000,000

Share Capital(*)

8,702,000,000

8,768,000,000

Other long term assets 

Total Assets(*)

38,826,000,000

59,826,000,000

Total Liabilities(*)

12,666,000,000

50,848,000,000

Current Liabilities(*)

2,568,000,000

9,293,000,000

Long term liabilities 

Shareholders Funds(*)

26,160,000,000

8,978,000,000

 

Current Assets & Short Term Investments

3,374,000,000

4,602,000,000

Cash & Cash Equivalents

2,723,000,000

733,000,000

Cash

2,723,000,000

733,000,000

Accounts Receivable

37,000,000

109,000,000

Accounts Receivable Trade

15,000,000

103,000,000

Others Receivables

22,000,000

6,000,000

Inventories

28,000,000

33,000,000

i. Other Short Term Asset

586,000,000

3,727,000,000

Prepaid Expenses

-

1,393,000,000

Vat Deductible

586,000,000

2,326,000,000

ii. Other Short Term Asset

-

8,000,000

Long Term Assets

35,452,000,000

55,224,000,000

Fixed Assets

35,452,000,000

55,224,000,000

Tangible Fixed Assets

21,552,000,000

54,264,000,000

Cost

28,466,000,000

62,809,000,000

Accumulated Depreciation

6,914,000,000

8,545,000,000

Construction In Progress

13,900,000,000

960,000,000

Total Assets

38,826,000,000

59,826,000,000

Liabilities

12,666,000,000

50,848,000,000

Current Liabilities

2,568,000,000

9,293,000,000

Short Term Borrowings

-

3,796,000,000

Accounts Payables-Trade

397,000,000

1,529,000,000

Taxes And Payable To State Budget

73,000,000

-

Payable To Employees

-

185,000,000

Accrued Expenses Payable

1,849,000,000

3,576,000,000

Inter Company Payable

124,000,000

87,000,000

Other Payables

125,000,000

120,000,000

Long Term Liabilities

10,098,000,000

41,555,000,000

Long Term Borrowings

10,000,000,000

41,478,000,000

Provision Funds For Unemployment

98,000,000

77,000,000

i. Owner 's Equity

26,160,000,000

8,978,000,000

ii. Owner 's Equity

25,976,000,000

8,895,000,000

Business Capital

8,702,000,000

8,768,000,000

Other Owner 's Equity

15,478,000,000

-

Business Development Funds

1,415,000,000

124,000,000

Financial Reserved Funds

354,000,000

104,000,000

Other Funds From Owner 's Equity

27,000,000

25,000,000

Retained Earnings

-

(126,000,000)

Budget Sources

184,000,000

83,000,000

Source From Subsidies Of State

184,000,000

83,000,000

Total Resources

38,826,000,000

59,826,000,000

Note: (*)

Financial Highlights

 

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

2014 Annual

Turnover(*)

11,698,000,000

10,825,000,000

Profit (Loss) Before Tax(*)

2,367,000,000

(126,000,000)

Profit After Tax attributable to Shareholders(*)

1,894,000,000

(126,000,000)

 

Gross Sales

11,698,000,000

10,825,000,000

Net Income

11,698,000,000

10,825,000,000

Cost Of Goods Sold

7,705,000,000

7,919,000,000

Gross Margin

3,993,000,000

2,906,000,000

Income From Financial Activities

7,000,000

4,000,000

Expenses From Financial Activities

-

1,715,000,000

In Which: Interest Expenses

-

1,715,000,000

General & Administration Expenses

1,638,000,000

1,299,000,000

Net Income From Operating Activities

2,362,000,000

(104,000,000)

Extraordinary Income

257,000,000

2,000,000

Extraordinary Expenses

252,000,000

24,000,000

Extraordinary Gains

5,000,000

(22,000,000)

Net Profit Before Tax

2,367,000,000

(126,000,000)

Income Tax

473,000,000

-

Net Profit After Tax

1,894,000,000

(126,000,000)

Earning Per Share

11,698,000,000

10,825,000,000

Note: (*)

 

Financial Ratios

Financial Highlights

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

-

(7.46)

Profitability 

Profit Margin (%)

16.19

(1.16)

Return on Equity (%)

7.24

(1.40)

Return on Assets (%)

4.88

(0.21)

Leverage 

Total Debt Equity (Times)

0.48

5.66

Current Debt Equity (Times)

0.10

1.04

Long Term Debt to Equity

0.39

4.63

Total Asset To Total Equity

1.48

6.66

Asset Management 

Total Assets Turnover (Times)

0.30

0.18

Fixed Assets Turnover (Times)

0.33

0.20

Liquidity 

Current Ratio

1.31

0.50

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

:

NGHE AN ULTRA-FINE WHITE STONE POWDER JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Minerals / Mining

Office Contact Details

Operating Address

:

Lot C Nam Cam Industrial Zone Nghi Xa Commune, Nghi Loc Dist, Nghe An

Tel

:

[+84] 38-3612868

Fax

:

[+84] 38-3791369

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

:

2901490610

 

Primary Products

Products / Materials / Services Description

Activity

White stone powder

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Crushed and broken stone, nspf

1429

Manufacturing, Exporting

Excavation Work

1794

Service

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Articles of stone or other mineral substance

6815

Manufacturing, Exporting

Excavation work

9829

Service

Limestone, crushed or broken

2517100010

Manufacturing, Exporting

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Mining

Secondary

Service

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of NGHE AN ULTRA-FINE WHITE STONE POWDER JSC is Mining.

Key product include :

White stone powder

Supplementary Business

In addition to the core business, NGHE AN ULTRA-FINE WHITE STONE POWDER JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

 

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 - NGHE AN

SWIFT Code

:

ICBVVNVX

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

Bangladesh

Medium

Exporting

Indonesia

Medium

Exporting

Japan

Medium

Exporting

 

OFFICE & FACILITIES

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

Name

:

NGHE AN ULTRA-FINE WHITE STONE POWDER JSC - NGHI LOC DIST, NGHE AN

Primary Use

:

Office & Administration facilities

Address

:

Lot C Nam Cam Industrial Zone Nghi Xa Commune, Nghi Loc Dist, Nghe An

Country

:

Vietnam

Status

:

Operational

 

APPROVED SIGNATURES

The Company Director/s listed below maintain the legal right to sign on behalf of the company:

Name

Mr. Ba Sy Truong

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.68

UK Pound

1

Rs.101.02

Euro

1

Rs.71.35

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

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%)

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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.