MIRA INFORM REPORT

 

 

Report No. :

340862

Report Date :

21.09.2015

 

IDENTIFICATION DETAILS

 

Name :

HONG SINH RUBBER JSC

 

 

Registered Office :

561 Nguyen Kiem St Ward 9, Phu Nhuan, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

11.08.2010

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Rubber & Products. 

 

 

No. of Employees :

50

 

 

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

 

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

 

Company Details

Organization Name

:

HONG SINH RUBBER JSC (1)

Name in Local Language

:

CÔNG TY CỔ PHẦN CAO SU HỒNG SINH

Address

:

561 Nguyen Kiem St Ward 9, Phu Nhuan, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-39977043

Facsimile

:

[+84] 8-39977042

Email

:

hongsinh@hsrubber.vn

Website

:

http://www.hsrubber.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Rubber & Products

 

Key Facts

Registered Legal Address

:

561 Nguyen Kiem St Ward 9, Phu Nhuan, Ho Chi Minh

Operational Address

:

561 Nguyen Kiem St Ward 9, Phu Nhuan, Ho Chi Minh

Trading Name / DBA

:

HS RUBBER JSC

License Status

 

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0310245306

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

11 Aug, 2010

Employees

:

50

Capital

 

US$ 27,064

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. Nguyen Thi Phuong Thao

Nationality

:

Vietnamese

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03903692

Name

:

Mr. Nguyen Thi Phuong Thao

Date of Birth

:

23 Mar, 1977

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing HONG SINH RUBBER 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

:

₫ 600,000,000

Paid-up Capital

:

₫ 600,000,000

 

SHAREHOLDERS

Total number of shareholders

:

4

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Nguyen Thi Phuong Thao

Vietnam

n/a

180,000,000

30.00

2

Mr. Nguyen Duy Khoa

Vietnam

n/a

150,000,000

25.00

3

Mr. Nguyen Viet Binh

Vietnam

n/a

150,000,000

25.00

4

Mr. Nguyen Thanh Hong

Vietnam

n/a

120,000,000

20.00

Total

n/a

600,000,000

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

30%

International Sales (Export)

70%

 

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

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

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

HONG SINH RUBBER JSC - DAU TIENG, BINH DUONG

Branch Address

:

339 Group 8 Hoa Cuong Hamlet Minh Hoa Commune, Dau Tieng, Binh Duong

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

3,381,808

1,397,814

432

2013 Annual (*)

5,770,793

694,088

144,252

 

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(*)

28,157,000,000

13,690,000,000

Non Current Assets(*)

952,000,000

947,000,000

Non Current Liabilities(*)

0

475,000,000

Share Capital(*)

600,000,000

600,000,000

Other long term assets 

Total Assets(*)

29,109,000,000

14,637,000,000

Total Liabilities(*)

7,581,000,000

10,255,000,000

Current Liabilities(*)

7,581,000,000

9,780,000,000

Long term liabilities 

Shareholders Funds(*)

21,528,000,000

4,382,000,000

Current assets & short term investments

28,157,000,000

13,690,000,000

Cash & cash equivalents

3,677,000,000

838,000,000

Cash

3,677,000,000

838,000,000

Accounts receivable

8,205,000,000

7,327,000,000

Accounts receivable trade

5,139,000,000

7,250,000,000

Trade prepayment

3,066,000,000

-

Others receivables

-

77,000,000

i. Inventories

16,186,000,000

5,437,000,000

ii. Inventories

16,186,000,000

5,437,000,000

Other short term asset

89,000,000

88,000,000

Prepaid expenses

-

88,000,000

Other tax receivables

89,000,000

-

Long term assets

952,000,000

947,000,000

Fixed assets

952,000,000

947,000,000

Tangible fixed assets

952,000,000

947,000,000

Cost

2,285,000,000

990,000,000

Accumulated depreciation

1,333,000,000

43,000,000

Total assets

29,109,000,000

14,637,000,000

Liabilities

7,581,000,000

10,255,000,000

Current liabilities

7,581,000,000

9,780,000,000

Short term borrowings

7,581,000,000

8,730,000,000

Accounts payables-trade

-

492,000,000

Taxes and payable to state budget

-

546,000,000

Accrued expenses payable

-

3,000,000

Other payables

-

9,000,000

Long term liabilities

-

476,000,000

Long term borrowings

-

476,000,000

i. Owner's equity

21,528,000,000

4,382,000,000

ii. Owner's equity

21,528,000,000

4,382,000,000

Business capital

600,000,000

600,000,000

Retained earnings

20,928,000,000

3,782,000,000

Total resources

29,109,000,000

14,637,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

Turnover(*)

70,425,000,000

121,695,000,000

Profit (Loss) Before Tax(*)

9,000,000

4,056,000,000

Profit After Tax attributable to Shareholders(*)

9,000,000

3,042,000,000

 

Gross sales

70,425,000,000

121,695,000,000

Net income

70,425,000,000

121,695,000,000

Cost of goods sold

67,323,000,000

115,013,000,000

Gross margin

3,102,000,000

6,682,000,000

Income from financial activities

139,000,000

12,000,000

Expenses from financial activities

1,147,000,000

299,000,000

In which: Interest expenses

1,147,000,000

299,000,000

General & administration expenses

2,079,000,000

2,322,000,000

Net income from operating activities

15,000,000

4,073,000,000

Extraordinary expenses

6,000,000

16,000,000

Extraordinary gains

(6,000,000)

(16,000,000)

Net profit before tax

9,000,000

4,056,000,000

Income tax

-

1,014,000,000

Net profit after tax

9,000,000

3,042,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

72.80

Profitability 

Profit Margin (%)

0.01

2.50

Return on Equity (%)

0.04

69.42

Return on Assets (%)

0.03

20.78

Leverage 

Total Debt Equity (Times)

0.35

2.34

Current Debt Equity (Times)

0.35

2.23

Long Term Debt to Equity

-

0.11

Total Asset To Total Equity

1.35

3.34

Asset Management 

Total Assets Turnover (Times)

2.42

8.31

Fixed Assets Turnover (Times)

73.98

128.51

Liquidity 

Current Ratio

3.71

1.40

 

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

=

0.000045 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

Country

:

Vietnam

Business Entity Name

:

HONG SINH RUBBER JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Rubber & Products

Office Contact Details

Operating Address

:

561 Nguyen Kiem St Ward 9, Phu Nhuan, Ho Chi Minh

Tel

:

[+84] 8-39977043

 

:

[+84] 8-39970772

Fax

:

[+84] 8-39977042

Email

:

hongsinh@hsrubber.vn

Factory Contact Details

Address

:

Hoa Phu Hamlet Minh Hoa Commune, Dau Tieng, Binh Duong

Website Details

Website

:

http://www.hsrubber.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

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

:

0310245306

 

Primary Products

Products / Materials / Services Description

Activity

Latex

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Business Svcs, NEC

7389

Service

Fabricated rubber products, nspf

3069

Manufacturing, Exporting

Synthetic rubber

2822

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

9900

Service

Natural rubber in other forms

4001290000

Manufacturing, Exporting

Natural rubber, balata, chicle, prim form

4001

Manufacturing, Exporting

Rubbers & articles thereof

4000

Manufacturing, Exporting

Synth rubber & factice, inc nat-syn mk, pr fm

4002

Manufacturing, Exporting

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Rubber tree planting

Secondary

Service

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of HONG SINH RUBBER JSC is Manufacturing - Finished products.

Key product include :

Latex


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, HONG SINH RUBBER JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Service

Specialized professional services, including:

Tree plantations

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

Europe

Medium

Exporting

Italy

Medium

Exporting

Japan

Medium

Exporting

Korea, South (Republic of Korea)

Medium

Exporting

 

OFFICE & FACILITIES

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

Name

:

HONG SINH RUBBER JSC - PHU NHUAN, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

561 Nguyen Kiem St Ward 9, Phu Nhuan, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

FACTORIES, SIZE, & LOCATIONS

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

Address

:

Hoa Phu Hamlet Minh Hoa Commune, Dau Tieng, Binh Duong

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.93

UK Pound

1

Rs.102.75

Euro

1

Rs.75.13

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

VNT

 

               

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.