MIRA INFORM REPORT

 

 

Report No. :

339572

Report Date :

05.09.2015

 

IDENTIFICATION DETAILS

 

Name :

SUHEUNG VIETNAM CO LTD

 

 

Registered Office :

Long Thanh Industrial Zone Tam An Commune, Long Thanh, Dong Nai

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2013

 

 

Date of Incorporation :

11.09.2006

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Subject is manufacturer of medical equipment & pharmaceutical

 

 

No of Employees :

250

 

 

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 Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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

 

Company Details

Organization Name

:

SUHEUNG VIETNAM CO LTD (1)

Address

:

Long Thanh Industrial Zone Tam An Commune, Long Thanh, Dong Nai

Country

:

Vietnam

Phone (S)

:

[+84] 61-3514350

Facsimile

:

[+84] 61-3514359

Email

:

suheungvietnam@yahoo.com

Website

:

http://www.suheung.com/

Primary Business Activity

:

Manufacturer

Key Industry

:

Medical Equipment & Pharmaceutical

 

Key Facts

 

Registered Legal Address

:

Long Thanh Industrial Zone Tam An Commune, Long Thanh, Dong Nai

Operational Address

:

Long Thanh Industrial Zone Tam An Commune, Long Thanh, Dong Nai

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

473042000007

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

:

11 Sep, 2006

Employees

:

250

Capital

:

US$ 13,000,000

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

:

SUHEUNG VIETNAM CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Medical Equipment & Pharmaceutical

Office Contact Details

Operating Address

:

Long Thanh Industrial Zone Tam An Commune, Long Thanh, Dong Nai

Tel

:

[+84] 61-3514350

 

:

[+84] 61-3514351

Fax

:

[+84] 61-3514359

Email

:

suheungvietnam@yahoo.com

Website Details

Website

:

http://www.suheung.com/

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

:

3600840239

Date of Issuance

:

19 Sep, 2006

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Sang-Jo Han

Nationality

:

Korean

 

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Thanh Dung

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03646889

Name

:

Mr. Nguyen Thanh Dung

 

Date of Birth

:

1964

 

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03646888

Name

:

Mr. Sang-Jo Han

Date of Birth

:

1960

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing SUHEUNG VIETNAM 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

:

$ 13,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

USD - US Dollar

 

No.

Shareholders

Country

Shares

Number

Amount (USD)

%

1

SUHEUNG CAPSULE CO LTD

Korea, South (Republic of Korea)

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

26%

International Sales (Export)

74%

 

 

Annual Purchases Analysis

Percentage

Local Purchases

0%

Imports

100%

 

 

 

 

PAYMENT TERMS

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 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 - Secured with Post-dated checks 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

:

SUHEUNG CAPSULE CO LTD

Global Identifier

:

P1053048

Legal Form Category

:

Public Listed Company

Country

:

Korea, South (Republic of Korea)

Operational Address

:

6Fl Jung-An Bldg 435-5 Jangan 3-dong Tongdaemun-gu Seoul 130103

Primary Business Activity

:

Manufacturer

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2011 Annual  

17,179,261

35,751,704

1,320,739

2012 Annual  

19,545,913

35,128,305

482,649

2013 Annual (*)

22,159,617

37,057,410

3,825,240

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

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

http://www.asiancredit.com/Manage/image/up_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

9,279,759

43,003,675

-472,814

 

 

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

221,048,000,000

269,298,000,000

350,273,000,000

Non Current Assets(*)

523,660,000,000

462,237,000,000

431,197,000,000

Non Current Liabilities(*)

0

98,862,000,000

242,420,000,000

Share Capital(*)

215,240,000,000

215,241,000,000

215,241,000,000

Other long term assets 

Total Assets(*)

744,708,000,000

731,535,000,000

781,470,000,000

Total Liabilities(*)

562,225,000,000

485,335,000,000

454,604,000,000

Current Liabilities(*)

562,225,000,000

386,473,000,000

212,184,000,000

Long term liabilities 

Shareholders Funds(*)

182,483,000,000

246,200,000,000

326,866,000,000

 

Current assets & short term investments

221,048,000,000

269,298,000,000

350,273,000,000

Cash & cash equivalents

15,558,000,000

6,339,000,000

50,413,000,000

Cash

15,558,000,000

6,339,000,000

50,413,000,000

Accounts receivable

121,773,000,000

141,363,000,000

170,679,000,000

Accounts receivable trade

117,760,000,000

141,042,000,000

153,610,000,000

Trade prepayment

4,612,000,000

484,000,000

17,052,000,000

Others receivables

399,000,000

22,000,000

203,000,000

Provision for bad debts

(998,000,000)

(185,000,000)

(186,000,000)

I. Inventories

80,968,000,000

107,533,000,000

119,174,000,000

II.Inventories

80,968,000,000

107,533,000,000

119,174,000,000

I. Other short term asset

2,749,000,000

14,063,000,000

10,007,000,000

Prepaid expenses

823,000,000

586,000,000

770,000,000

VAT deductible

1,834,000,000

13,387,000,000

8,748,000,000

Other tax receivables

-

-

403,000,000

II.Other short term asset

92,000,000

90,000,000

86,000,000

Long term assets

523,660,000,000

462,237,000,000

431,197,000,000

Fixed assets

459,789,000,000

404,507,000,000

378,566,000,000

Tangible fixed assets

422,715,000,000

371,579,000,000

325,441,000,000

I. Cost

422,715,000,000

565,311,000,000

567,949,000,000

I. Accumulated depreciation

-

193,732,000,000

242,508,000,000

Finance lease assets

23,158,000,000

19,810,000,000

16,462,000,000

II.Cost

23,158,000,000

33,481,000,000

33,481,000,000

II.Accumulated depreciation

-

13,671,000,000

17,019,000,000

Intangible fixed assets

13,916,000,000

13,118,000,000

12,345,000,000

III.Cost

13,916,000,000

16,048,000,000

16,048,000,000

III.Accumulated depreciation

-

2,930,000,000

3,703,000,000

Construction in progress

-

-

24,318,000,000

Long term investments

29,249,000,000

29,834,000,000

29,834,000,000

Other long term investments

29,249,000,000

29,834,000,000

29,834,000,000

I. Other long term assets

34,622,000,000

27,896,000,000

22,797,000,000

Long term prepayments

33,942,000,000

27,213,000,000

22,377,000,000

II.Other long term assets

680,000,000

683,000,000

420,000,000

Total assets

744,708,000,000

731,535,000,000

781,470,000,000

Liabilities

562,225,000,000

485,335,000,000

454,604,000,000

Current liabilities

562,225,000,000

386,473,000,000

212,184,000,000

Short term borrowings

383,359,000,000

376,453,000,000

188,896,000,000

Accounts payables-trade

171,264,000,000

2,336,000,000

7,961,000,000

Advances from customers

214,000,000

270,000,000

3,733,000,000

Taxes and payable to state budget

774,000,000

163,000,000

4,036,000,000

Payable to employees

1,336,000,000

1,841,000,000

3,811,000,000

Accrued expenses payable

5,100,000,000

5,360,000,000

3,663,000,000

Other payables

178,000,000

50,000,000

84,000,000

Long term liabilities

-

98,862,000,000

242,420,000,000

Long term borrowings

-

98,862,000,000

242,420,000,000

Owner's equity

182,483,000,000

246,200,000,000

326,866,000,000

Business capital

215,240,000,000

215,241,000,000

215,241,000,000

Foreign exchange differences

(53,665,000,000)

-

-

Retained earnings

20,908,000,000

30,959,000,000

111,625,000,000

Total resources

744,708,000,000

731,535,000,000

781,470,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

357,844,000,000

407,037,000,000

467,304,000,000

Profit (Loss) Before Tax(*)

27,511,000,000

10,112,000,000

89,320,000,000

Profit After Tax attributable to Shareholders(*)

27,511,000,000

10,051,000,000

80,667,000,000

 

Gross sales

357,844,000,000

407,037,000,000

467,304,000,000

Less deductions

1,144,000,000

303,000,000

202,000,000

Net income

356,700,000,000

406,734,000,000

467,102,000,000

Cost of goods sold

257,568,000,000

278,903,000,000

311,787,000,000

Gross margin

99,132,000,000

127,831,000,000

155,315,000,000

Income from financial activities

8,095,000,000

2,046,000,000

2,625,000,000

Expenses from financial activities

32,557,000,000

73,377,000,000

23,965,000,000

In which: Interest expenses

6,954,000,000

11,944,000,000

11,649,000,000

Selling expenses

37,406,000,000

39,293,000,000

35,415,000,000

General & administration expenses

11,541,000,000

9,489,000,000

12,842,000,000

Net income from operating activities

25,723,000,000

7,718,000,000

85,718,000,000

Extraordinary income

1,943,000,000

2,626,000,000

5,236,000,000

Extraordinary expenses

155,000,000

232,000,000

1,634,000,000

Extraordinary gains

1,788,000,000

2,394,000,000

3,602,000,000

Net profit before tax

27,511,000,000

10,112,000,000

89,320,000,000

Income tax

-

61,000,000

8,653,000,000

Net profit after tax

27,511,000,000

10,051,000,000

80,667,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

13.75

14.81

Profitability 

Profit Margin (%)

7.69

2.47

17.26

Return on Equity (%)

15.08

4.08

24.68

Return on Assets (%)

3.69

1.37

10.32

Leverage 

Total Debt Equity (Times)

3.08

1.97

1.39

Current Debt Equity (Times)

3.08

1.57

0.65

Long Term Debt to Equity

-

0.40

0.74

Total Asset To Total Equity

4.08

2.97

2.39

Asset Management 

Total Assets Turnover (Times)

0.48

0.56

0.60

Fixed Assets Turnover (Times)

0.68

0.88

1.08

Liquidity 

Current Ratio

0.39

0.70

1.65

 

 

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

Pharmaceutical capsules

Manufacturing, Exporting

Pharmaceutical products

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2011

n/a

12,712,653

12,712,653

2012

n/a

14,463,976

14,463,976

2013

n/a

16,398,117

16,398,117

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Drugs/Druggists' Sundries

5122

Manufacturing, Exporting

Pharmaceutical preparations

2834

Manufacturing, Exporting

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Medicaments nesoi, mixed or not, in dosage etc form

3004

Manufacturing, Exporting

Pharmaceutical products

3000

Manufacturing, Exporting

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of SUHEUNG VIETNAM CO LTD is Manufacturing - Finished products.

Key products include :

·         Pharmaceutical capsules

·         Pharmaceutical products

An integral part of the core business includes:

·         Distribution

 

 

 

Supplementary Business

 

In addition to the core business, SUHEUNG VIETNAM CO LTD also is engaged in the following areas of business:

1.     Exporting

·         Exporting - Finished products

2.     Importing

·         Importing - Raw materials

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

INDUSTRIAL BANK OF KOREA

Global Identifier

:

P0079100

Branch

:

District 1,Ho Chi Minh

Branch Address

:

HO CHI MINH

SWIFT Code

:

IBKOVNV1

 

Bank Name

:

KEXIM VIETNAM LEASING CO LTD

Global Identifier

:

P0077624

Branch

:

District 1,Ho Chi Minh

Branch Address

:

KEXIM VIETNAM LEASING CO LTD - HO CHI MINH

SWIFT Code

:

This bank does not have a SWIFT Code

 

Bank Name

:

KOREA EXCHANGE BANK

Global Identifier

:

P1242336

SWIFT Code

:

This bank does not have a SWIFT Code

 

Bank Name

:

SHINHAN BANK

Global Identifier

:

32406827

Branch

:

District 1,Ho Chi Minh

Branch Address

:

SHINHAN BANK - HO CHI MINH

SWIFT Code

:

SHBKVNVX

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

SUHEUNG VIETNAM CO LTD - BINH THANH, HO CHI MINH

Branch Address

:

9Fl SPT Tower 199 Dien Bien Phu St, Binh Thanh, Ho Chi Minh

Branch Tel

:

84-8-54222357

Branch Fax

:

84-8-54222358

 

Branch

:

SUHEUNG VIETNAM CO LTD - LONG THANH, DONG NAI

Branch Address

:

St 12, Long Thanh Industrial Zone, Long Thanh, Dong Nai

 

 

 

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

 

 

 

Year

Imports

Exports

Total

2009

n/a

6,495,832

6,495,832

 

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Importing

North America

Medium

Importing, Exporting

Bangladesh

Medium

Exporting

China

Medium

Importing

France

Medium

Importing

Germany

Medium

Importing

Indonesia

Medium

Exporting

Korea, South (Republic of Korea)

Medium

Importing

Malaysia

Medium

Importing, Exporting

Pakistan

Medium

Exporting

Thailand

Medium

Exporting

USA

Medium

Importing, Exporting

 

 

 

 

DOMESTIC CUSTOMERS

 

Business Entity Name

Global Identifier

HO CHI MINH CITY MEDICAL IMPORT EXPORT JSC

P3156044

 

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

SUHEUNG VIETNAM CO LTD - LONG THANH, DONG NAI

Primary Use

:

Office & Administration facilities

Building Size

:

3,000 Square meters

Address

:

Long Thanh Industrial Zone Tam An Commune, Long Thanh, Dong Nai

Country

:

Vietnam

Status

:

Operational

 

 

 

 

PREVIOUS CONTACT DETAILS

 

 

 

Company Address

:

R 6, 3Fl Ward 15, 268 To Hien Thanh, District 10, Ho Chi Minh

Telephone Number

:

84-8-38681363

Fax Number

:

84-8-38681366

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 66.40

UK Pound

1

Rs. 101.19

Euro

1

Rs. 73.89

 

INFORMATION DETAILS

 

Analysis Done by :

SAN

 

 

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.