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MIRA INFORM REPORT
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Report No. : |
505210 |
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Report Date : |
30.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SUN SHINE RESOURCES CO LTD |
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Registered Office : |
P11, 4Fl QTSC Bldg 9 Rd 3 Quang Trung Sofware Park Tan Chanh Hiep Ward, District 12,
Ho Chi Minh |
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Country : |
Vietnam |
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Financials (as on) : |
December, 2016 |
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Date of Incorporation : |
19.12.2009 |
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Com. Reg. No.: |
0309587601 |
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Legal Form : |
Company Limited |
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Line of Business : |
Subject is engaged in Manufacture of
other products of wood; manufacture of articles of cork, straw and
plaiting materials. |
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No. of Employees : |
50 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Vietnam |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
VIETNAM - ECONOMIC OVERVIEW
Vietnam is a densely populated developing country that has been transitioning since 1986 from the rigidities of a centrally planned, highly agrarian economy to a more industrial and market based economy, and it has raised incomes substantially. Vietnam exceeded its 2017 GDP growth target of 6.7% with growth of 6.8%, primarily due to unexpected increases in domestic demand, and strong manufacturing exports.
Vietnam has a young population, stable political system, commitment to sustainable growth, relatively low inflation, stable currency, strong FDI inflows, and strong manufacturing sector. In addition, the country is committed to continuing its global economic integration. Vietnam joined the WTO in January 2007 and concluded several free trade agreements in 2015-16, including the EU-Vietnam Free Trade Agreement (which the EU has not yet ratified), the Korean Free Trade Agreement, and the Eurasian Economic Union Free Trade Agreement. In 2017, Vietnam successfully chaired the Asia-Pacific Economic Cooperation (APEC) Conference with its key priorities including inclusive growth, innovation, strengthening small and medium enterprises, food security, and climate change. Seeking to diversify its opportunities, Vietnam also signed the Comprehensive and Progressive Agreement for the Transpacific Partnership in 2018 and continued to pursue the Regional Comprehensive Economic Partnership.
To continue its trajectory of strong economic growth, the government acknowledges the need to spark a second wave’ of reforms, including reforming state-owned-enterprises, reducing red tape, increasing business sector transparency, reducing the level of non-performing loans in the banking sector, and increasing financial sector transparency. Vietnam’s public debt to GDP ratio is nearing the government mandated ceiling of 65%.
In 2016, Vietnam cancelled its civilian nuclear energy development program, citing public concerns about safety and the high cost of the program; it faces growing pressure on energy infrastructure. Overall, the country’s infrastructure fails to meet the needs of an expanding middle class. Vietnam has demonstrated a commitment to sustainable growth over the last several years, but despite the recent speed-up in economic growth the government remains cautious about the risk of external shocks.
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Source
: CIA |
Company
Summary
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Business
Name |
SS
RESOURCES |
|
Country |
VIET
NAM |
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Company
Registration Number |
0309587601 |
|
Main
Activity Code |
1629 |
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Main
Activity Description |
Manufacture
of other products of wood; manufacture of articles of cork, straw and
plaiting materials |
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Company
Status |
Normal
(Active) |
|
Latest
Turnover Figure |
- |
|
Latest
Shareholder Equity Figure |
6.162.000.000 |
Basic
Information
|
|
|
Business
Name |
SS
RESOURCES |
|
Registered
Company Name |
SUN
SHINE RESOURCES CO LTD |
|
Company
Registration Number |
0309587601 |
|
Country |
VIET
NAM |
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VAT
Registration Number |
0309587601 |
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VAT
Registration Date |
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|
Date
of Company Registration |
2009-12-19 |
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Date
of Starting Operations |
2009-12-19 |
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Commercial
Court |
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|
Legal
Form |
Company
Limited |
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Type
of Ownership |
|
|
Company
Status |
Normal
(Active) |
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Principal
Activity Code |
|
|
Principal
Activity Description |
|
|
Contact
Telephone Number |
[+84]
28-38831695 |
Main
Address
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||
|
Address |
Country |
Telephone |
|
P11, 4Fl QTSC Bldg 9 Rd 3 Quang Trung
Sofware Park Tan Chanh Hiep Ward, District 12, Ho Chi Minh |
VIET
NAM |
[+84]
28-38831695 |
Other
Address
|
|
Address Country Telephone |
|
No other
addresses for this company. |
Previous
Address
|
|
Address Country |
|
No
previous addresses for this company. |
Activities
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|
Activity Code Activity Description |
|
1629 Manufacture of other products of wood;
manufacture of articles of cork, straw and plaiting materials |
Email
Addresses
|
Web
Pages
|
Employee
Information
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|
Date Reported Number of Employees |
|
2018 50 |
Banker
Information
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||
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Banker
Name |
Banker
Address |
Phone
Number |
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VIETNAM
EXPORT IMPORT COMMERCIAL JOINT STOCK BANK |
Ho
Chi Minh |
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Advisors
Information
|
|
Auditor Name Solicitor Name |
|
No
advisor information for this company. |
Miscellaneous
Information
|
|
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Fax
Number |
[+84]
28-38831706 |
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Export
Countries |
Asia
/ Pacific, Europe, North America, USA. |
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Import
Countries |
Africa,
Europe, North America, USA. |
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Additional
Business Information |
Core Business; The primary business focus of SUN SHINE RESOURCES CO LTD is Trading - Finished products. Key products include: Wood products, Wooden
furniture, Paper, Supplementary Business; In addition to the core
business, SUN SHINE RESOURCES CO
LTD also is engaged in the following areas of business: 1. Exporting, Exporting -
Finished products.2. Importing, Importing - Finished products |
|
Additional
Rating Information |
Good
Credit Quality: Credit can proceed on a favorable basis but in strict
adherence to financig terms. Proposed Credit Limit: USD $170,000, Revision of
Credit Limit: Annual, Risk Index: Low. |
|
Additional
Payment Information |
Selling Type; Local Terms; Cash on delivery (COD), Credit - Unsecured
30~60 days Type; Export Terms; Telegraphic Transfer (T/T) -
Received at time of transaction, Letter of Credit (At-sight) Purchasing Type; Import Terms; Letter of Credit
(At-sight), Telegraphic Transfer (T/T) - Executed at time of transactiom Type; Local Terms; Credit - Unsecured 30~60
days, Cash on delivery (COD) |
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Additional
Financial Information |
Financial
Statements were prepared as at 31.12.16 and 31.12.15. Based on the corporate
laws of Vietnam, legal entities which
are a Private Company with
Limited Liability are not required to make public
disclosure of their annual financials.
Although basic financials were obtained for
reference |
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Number
of Employees at Address |
50 |
|
Number
of Employees at Group |
|
|
Number
of Employees at Factory |
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Additional
Miscellaneous Information
|
|
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Name
in Local Language |
CÔNG
TY TNHH TÀI NGUYÊN ÁNH DƯƠNG |
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Registered
Legal Address |
P11,
4Fl QTSC Bldg 9 Rd 3 Quang Trung Sofware Park Tan Chanh Hiep Ward, District
12, Ho Chi Minh |
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Issuing
Authority |
DEPARTMENT
OF PLANNING AND INVESTMENT - Ho Chi Minh |
|
Legal
Form - Category |
Private
Company with Limited Liability |
|
Capital |
US$
439,140 |
|
Tax
Issuing Authority |
MINISTRY
OF FINANCE |
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Domestic
Sales and Purchases (Annual Sales Analysis; Percentage) (Annual
Purchases Analysis; Percentage) |
Domestic
Sales: 90%, International Sales (Export); 10%, Local Purchases;
80%, Imports; 20%. |
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Capital
(Date; Authorized Capital - History) |
19
Dec, 2009; 6,000,000,000, 16 May, 2017: 10,000,000,000. |
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Reputation |
Reference checking for the purpose of
establishing SUN SHINE RESOURCES CO LTD's reputation within the respective
industry failed to reveal any adverse information. |
|
Nega-Scan
- Adverse Data Monitoring |
DISHONORED CHECKS; DEBT; CIVIL LITIGATION;
PERFORMANCE DEFAULTS; ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY; No Record Found |
|
Bank
Details |
SWIFT
Code: EBVIVNVX |
|
Office
and Facilities |
Name: SUN SHINE RESOURCES CO LTD - DISTRICT 12, HO CHI
MINH, Primary Use:
Office & Administration facilities , Address: P11, 4Fl QTSC
Bldg 9 Rd 3 Quang Trung Sofware
Park Tan Chanh Hiep Ward, District
12, Ho Chi Minh, Country: Vietnam,
Status: Operational. |
Primary
Products
|
|
|
Products
/ Materials / Services Description |
Activity |
|
Paper |
Trading |
|
Wood
products |
Trading |
|
Wooden
furniture |
Trading |
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Financial
Year |
2016-12 |
2015-12 |
|
Number
of Weeks |
52 |
52 |
|
Currency |
VND |
VND |
|
Consolidated
Accounts |
No |
No |
Profit
and Loss
|
||
|
Revenue |
76.908.000.000 |
29.649.000.000 |
|
Operating
Costs |
66.202.000.000 |
24.548.000.000 |
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Operating
Profit |
10.706.000.000 |
5.100.000.000 |
|
Wages
& Salaries |
- |
- |
|
Pension
Costs |
- |
- |
|
Depreciation |
- |
- |
|
Amortisation |
- |
- |
|
Financial
Income |
200.000.000 |
93.000.000 |
|
Financial
Expenses |
36.000.000 |
71.000.000 |
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Extraordinary
Income |
257.000.000 |
35.000.000 |
|
Extraordinary
Costs |
11.070.000.000 |
5.092.000.000 |
|
Profit
before Tax |
58.000.000 |
66.000.000 |
|
Tax |
12.000.000 |
14.000.000 |
|
Profit
after Tax |
47.000.000 |
51.000.000 |
|
Dividends |
- |
- |
|
Minority
Interests |
- |
- |
|
Other
Appropriations |
- |
- |
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Retained
Profit |
47.000.000 |
51.000.000 |
Balance
Sheet
|
||
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Land
& Buildings |
0 |
0 |
|
Plant
& Machinery |
0 |
0 |
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Other
Tangible Assets |
0 |
0 |
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Total
Tangible Assets |
0 |
0 |
|
Goodwill |
0 |
0 |
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Other
Intangible Assets |
0 |
0 |
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Total
Intangible Assets |
0 |
0 |
|
Investments |
0 |
0 |
|
Loans
to Group |
0 |
0 |
|
Other
Loans |
0 |
0 |
|
Miscellaneous
Fixed Assets |
0 |
0 |
|
Total
Other Fixed Assets |
0 |
0 |
|
Total
Fixed Assets |
0 |
0 |
|
Raw
Materials |
0 |
0 |
|
Work
in Progress |
0 |
0 |
|
Finished
Goods |
0 |
0 |
|
Other
Inventories |
0 |
0 |
|
Total
Inventories |
310.000.000 |
1.252.000.000 |
|
Trade
Receivables |
9.310.000.000 |
1.343.000.000 |
|
Group
Receivables |
0 |
0 |
|
Receivables
Due after 1 year |
0 |
0 |
|
Miscellaneous
Receivables |
1.943.000.000 |
1.627.000.000 |
|
Total
Receivables |
11.253.000.000 |
2.970.000.000 |
|
Cash |
938.000.000 |
3.342.000.000 |
|
Other
Current Assets |
0 |
0 |
|
Total
Current Assets |
12.501.000.000 |
7.565.000.000 |
|
Total
Assets |
12.501.000.000 |
7.565.000.000 |
|
Trade
Payables |
333.000.000 |
595.000.000 |
|
Bank
Liabilities |
0 |
0 |
|
Other
Loans or Finance |
6.006.000.000 |
855.000.000 |
|
Group
Payables |
0 |
0 |
|
Miscellaneous
Liabilities |
0 |
0 |
|
Total
Current Liabilities |
6.339.000.000 |
1.450.000.000 |
|
Trade
Payables After 1 Year |
0 |
0 |
|
Bank
Liabilities After 1 Year |
0 |
0 |
|
Other
Loans or Finance due after 1 year |
0 |
0 |
|
Group
Payables After 1 Year |
0 |
0 |
|
Miscellaneous
Liabilities Due After 1 Year |
0 |
0 |
|
Total
Long Term Liabilities |
0 |
0 |
|
Total
Liabilities |
6.339.000.000 |
1.450.000.000 |
|
Called
Up Share Capital |
6.000.000.000 |
6.000.000.000 |
|
Share
Premium |
0 |
0 |
|
Revenue
Reserves |
162.000.000 |
115.000.000 |
|
Other
Reserves |
0 |
0 |
|
Total
Shareholders Equity |
6.162.000.000 |
6.115.000.000 |
Other
Financials
|
||
|
Contingent
Liabilities |
||
|
Working
Capital |
6.162.000.000 |
6.115.000.000 |
|
Net
Worth |
0 |
0 |
Ratios
|
||
|
Pre
Tax Profit Margin |
0.08 |
0.22 |
|
Return
On Capital Employed |
||
|
Return
On Total Assets Employed |
0.46 |
0.87 |
|
Return
On Net Assets Employed |
0.94 |
1.08 |
|
Sales
/ Net Working Capital |
12.48 |
4.85 |
|
Stock
Turnover Ratio |
0.4 |
4.22 |
|
Debtor
Days |
44.18 |
16.53 |
|
Creditor
Days |
1.58 |
7.32 |
|
Current
Ratio |
1.97 |
5.22 |
|
Liquidity
Ratio Or Acid Test |
1.92 |
4.35 |
|
Current
Debt Ratio |
1.03 |
0.24 |
|
Gearing |
||
|
Equity
In Percentage |
||
|
Total
Debt Ratio |
1.03 |
0.24 |
Additional
Financials
|
|
Gross
Profit |
Current
Directors
|
||||
|
Name |
Gender |
Address |
Date
of Birth |
Position |
|
Hung
Van Vu |
Male |
|
1980-09-11 |
Managing
Director |
Previous
Directors
|
|||||
|
Name |
Gender |
Address |
Date
of Birth |
Position |
Resignation
Date |
|
No
previous directors for this company. |
|||||
Share
Capital Structure
|
|
Nominal Share
Capital 10.000.000.000 |
|
Issued Share Capital 10.000.000.000 |
Shareholders
|
||
|
Shareholder |
Address |
% Shares
Held |
|
Hung
Van Vu |
Vietnam |
90 |
|
Tam
Thi Vu |
Vietnam |
10 |
Group
Structure
|
|
No
group structure information for this company |
Negative
Information
|
|
No
negative information for this company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.78 |
|
|
1 |
INR 92.89 |
|
Euro |
1 |
INR 80.74 |
|
VND |
1 |
INR 0.0029 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.