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MIRA
INFORM REPORT
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Report No. : |
488141 |
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Report Date : |
05.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SONHA SSP VIETNAM SOLE MEMBER CO LTD |
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Registered Office : |
Lot Cn1 Tu Liem Industrial Group Minh Khai Ward, Bac Tu Liem, Hanoi |
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Country : |
Vietnam |
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Financials (as on) : |
2015 |
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Date of Incorporation : |
08.09.2015 |
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Com. Reg. No.: |
0106980045 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Subject is engaged in Wholesale of hardware, plumbing and heating equipment
and supplies. |
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No. of Employees : |
500 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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Vietnam |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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. In 2016 and 2017, Vietnam missed its yearly growth target of 6.7% due to environmental issues – drought and salinization - impacting the agricultural sector, and low oil prices affecting the extractive sector. However, annual GDP growth reached 6.3%, reflecting strengthening 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, 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 continued to pursue other multilateral relationships, including the Comprehensive and Progressive Agreement for the Transpacific Partnership and 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 the recent slowdown in economic growth could test the government’s resolve.
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Source
: CIA |
Company name and Summary
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Business
Name |
SONHA
SSP VIETNAM |
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Country |
VIET
NAM |
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Company
Registration Number |
0106980045 |
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Main
Activity Code |
4674 |
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Main
Activity Description |
Wholesale
of hardware, plumbing and heating equipment and supplies |
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Company
Status |
Normal
(Active) |
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Latest
Turnover Figure |
- |
Basic Information
|
Business
Name |
SONHA
SSP VIETNAM |
|
Registered
Company Name |
SONHA
SSP VIETNAM SOLE MEMBER CO LTD |
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Company
Registration Number |
0106980045 |
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Country |
VIET
NAM |
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VAT
Registration Number |
0106980045 |
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VAT
Registration Date |
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Date
of Company Registration |
2015-09-08 |
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Date
of Starting Operations |
2015-09-08 |
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Commercial
Court |
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Legal
Form |
Private
Company with Limited Liability |
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Type
of Ownership |
|
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Company
Status |
Normal
(Active) |
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Principal
Activity Code |
|
|
Principal
Activity Description |
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Contact
Telephone Number |
[+84]
4-62656566 |
Main Address
|
Address |
Country |
Telephone |
|
Lot
CN1 Tu Liem Industrial Group Minh Khai Ward, Bac Tu Liem, Hanoi |
VIET
NAM |
[+84]
4-62656566 |
Other Address
|
Address Country Telephone |
|
No
other addresses for this company. |
Previous Address
|
Address Country |
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No
previous addresses for this company. |
Activities
|
Activity Code Activity Description |
|
4674 Wholesale of hardware, plumbing and heating equipment and supplies |
Email Addresses
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No
email for this company. |
Web Pages
|
No
web pages for this company. |
Employee Information
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Date Reported Number of Employees |
|
2017 500 |
Banker Information
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Banker
Name |
Banker
Address |
Phone
Number |
|
JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM |
198
Nguyen Tuan, Thanh Xuan, Hanoi |
BIDVVNVX |
Advisors Information
|
Auditor Name Solicitor Name |
|
No
advisor information for this company. |
Miscellaneous Information
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Fax
Number |
[+84]
4-62656588 |
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Export
Countries |
Asia
/ Pacific, Middle-East, South America, Brazil, India, Turkey |
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Import
Countries |
Asia
/ Pacific, China, Taiwan, Thailand |
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Additional
Business Information |
Core
Business: The primary business focus of SONHA SSP VIETNAM SOLE MEMBER CO LTD
is Manufacturing - Finished products. Key products include: Inox products,
Steel water tanks. An integral part of the core business includes:
Distribution. Supplementary Business: In addition to the core business, SONHA
SSP VIETNAM SOLE MEMBER CO LTD also is engaged in the following areas of
business: 1. Exporting,
Exporting - Finished products. 2. Importing, Importing - Raw materials. |
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Additional
Rating Information |
Good
Credit Quality: Credit can proceed on a favorable basis but in strict
adherence to financig terms. Revision of Credit Limit: Annual, Risk Index:
Low. |
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Additional
Payment Information |
Selling, Type, Terms, Local, Cash on delivery (COD), Credit - Unsecured
30~60 days, Export, Telegraphic Transfer (T/T)
- Received at time of transaction, Letter
of Credit (At-sight). Purchasing, Type Terms,
Import; Letter of Credit (At-sight), Telegraphic Transfer (T/T) -
Executed at time of transaction. Local; Credit - Unsecured 30~60 days,
Cash on delivery (COD). |
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Additional
Financial Information |
Financial
statement were prepared as at 2015-12-01. 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 |
500 |
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Number
of Employees at Group |
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Number
of Employees at Factory |
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Additional Miscellaneous Information
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Primary
Business Activity |
Manufacturer |
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Key
Industry |
Metals
& Metal Products |
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Issuing
Authority |
DEPARTMENT
OF PLANNING & INVESTMENT - Hanoi |
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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. |
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Domestic
Sales & Purchases |
Annual
Sales Analysis; Percentage, Domestic Sales; 80% International Sales
(Export); 20% Annual Purchases Analysis; Percentage, Local
Purchases: 70% Imports: 30% |
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Reputation |
Although SONHA SSP VIETNAM SOLE
MEMBER CO LTD has been recently incorporated, it is owned by SONHA INTERNATIONAL CORP which is a Public Listed Company in Vietnam
and maintains a good reputation
within their industry. |
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Nega-Scan
- Adverse Data Monitoring |
Dishonored
Checks, Debt, Civil Litigation, Performance Defaults, Adverse Local Media
Coverage / Adverse Filing History: No Record Found. |
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Bank
Details |
Bank Name: JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM, Global |
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Identifier: 32400483, Branch: JOINT
STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT
OF |
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VIETNAM,
HOAI DUC, Branch Address: Hoai Duc, SWIFT Code: BIDVVNVX. Bank Name: MILITARY |
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COMMERCIAL JOINT STOCK BANK, Global Identifier:
P0387295, Branch: MILITARY COMMERCIAL JOINT |
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STOCK
BANK - DONG DA, HANOI, Branch Address: Dong Da, Hanoi, SWIFT Code: MSCBVNVX.
Bank |
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Name: VIETNAM PROSPERITY JOINT STOCK COMMERCIAL BANK,
Global Identifier: P1854843, SWIFT Code: |
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VPBKVNVX, Bank Name: VIETNAM PUBLIC
COMMERCIAL JOINT STOCK BANK, Global Identifier: P2963938, |
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Branch: VIETNAM PUBLIC COMMERCIAL JOINT STOCK
BANK - BAC NINH, BAC NINH, Branch Address: Bac |
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Ninh,
Bac Ninh, SWIFT Code: This bank does not have a SWIFT Code. |
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Shareholders |
Total
number of shareholders: 1, Total number of shares: n/a. |
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Approved
Signatures |
The Company Director/s listed below
maintain the legal
right to sign
on behalf of the company: Name: Mr. Son Vinh Le. |
Financials
|
Financial
Year |
2015 |
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Number
of Weeks |
52 |
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Currency |
VND |
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Consolidated
Accounts |
No |
Profit and Loss
|
Revenue |
157.671.000.000 |
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Operating
Costs |
156.506.000.000 |
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Operating
Profit |
1.165.000.000 |
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Wages
& Salaries |
- |
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Pension
Costs |
- |
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Depreciation |
- |
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Amortisation |
- |
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Financial
Income |
148.000.000 |
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Financial
Expenses |
943.000.000 |
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Extraordinary
Income |
32.000.000 |
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Extraordinary
Costs |
48.000.000 |
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Profit
before Tax |
354.000.000 |
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Tax |
92.000.000 |
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Profit
after Tax |
262.000.000 |
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Dividends |
- |
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Minority
Interests |
- |
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Other
Appropriations |
- |
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Retained
Profit |
262.000.000 |
Balance Sheet
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Land
& Buildings |
0 |
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Plant
& Machinery |
0 |
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Other
Tangible Assets |
62.717.000.000 |
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Total
Tangible Assets |
62.717.000.000 |
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Goodwill |
0 |
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Other
Intangible Assets |
83.000.000 |
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Total
Intangible Assets |
83.000.000 |
|
Investments |
0 |
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Loans
to Group |
0 |
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Other
Loans |
0 |
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Miscellaneous
Fixed Assets |
2.363.000.000 |
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Total
Other Fixed Assets |
2.363.000.000 |
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Total
Fixed Assets |
65.163.000.000 |
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Raw
Materials |
0 |
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Work
in Progress |
0 |
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Finished
Goods |
0 |
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Other
Inventories |
0 |
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Total
Inventories |
174.647.000.000 |
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Trade
Receivables |
76.067.000.000 |
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Group
Receivables |
0 |
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Receivables
Due after 1 year |
0 |
|
Miscellaneous
Receivables |
0 |
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Total
Receivables |
76.067.000.000 |
|
Cash |
3.815.000.000 |
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Other
Current Assets |
23.072.000.000 |
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Total
Current Assets |
277.601.000.000 |
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Total
Assets |
342.764.000.000 |
|
Trade
Payables |
259.289.000.000 |
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Bank
Liabilities |
0 |
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Other
Loans or Finance |
0 |
|
Group
Payables |
0 |
|
Miscellaneous
Liabilities |
3.213.000.000 |
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Total
Current Liabilities |
262.502.000.000 |
|
Trade
Payables After 1 Year |
0 |
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Bank
Liabilities After 1 Year |
0 |
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Other
Loans or Finance due after 1 year |
0 |
|
Group
Payables After 1 Year |
0 |
|
Miscellaneous
Liabilities Due After 1 Year |
0 |
|
Total
Long Term Liabilities |
0 |
|
Total
Liabilities |
262.502.000.000 |
|
Called
Up Share Capital |
80.000.000.000 |
|
Share
Premium |
0 |
|
Revenue
Reserves |
0 |
|
Other
Reserves |
262.000.000 |
|
Total
Shareholders Equity |
80.262.000.000 |
Other Financials
|
Contingent
Liabilities |
|
Working Capital 15.099.000.000 |
|
Net Worth 80.179.000.000 |
Ratios
|
Pre
Tax Profit Margin |
0.22 |
|
Return
On Capital Employed |
|
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Return
On Total Assets Employed |
0.1 |
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Return
On Net Assets Employed |
0.44 |
|
Sales
/ Net Working Capital |
10.44 |
|
Stock
Turnover Ratio |
110.77 |
|
Debtor
Days |
176.09 |
|
Creditor
Days |
600.24 |
|
Current
Ratio |
1.06 |
|
Liquidity
Ratio Or Acid Test |
0.39 |
|
Current
Debt Ratio |
3.27 |
|
Gearing |
|
|
Equity
In Percentage |
23.42 |
|
Total
Debt Ratio |
3.27 |
Additional Financials
|
Gross
Profit |
Current Directors
|
Name |
Gender |
Address |
Date
of Birth |
Position |
|
Son
Vinh Le |
Male |
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|
Chairman
Director |
|
Hung
Quang Dam |
Male |
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Managing
Director Director |
|
Quang
Tien Nguyen |
Male |
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Vice
Director |
Previous Directors
|
Name |
Gender |
Address |
Date
of Birth |
Position |
Resignation
Date |
|
No
previous directors for this company. |
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Share Capital Structure
|
Nominal Share Capital 80.000.000.000 |
|
Issued Share Capital 80.000.000.000 |
Shareholders
|
Shareholder |
Address |
%
Shares Held |
|
SONHA
INTERNATIONAL CORP |
Vietnam |
100 |
Ultimate Holding Parent
|
Name |
Type |
OfficeType |
Status |
RegistrationNumber |
VatNumber |
Address |
PhoneNumber |
|
No
Ultimate Holding Parent for this company. |
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Immediate Holding Parent
|
Name |
Status |
Registration
Number |
Address |
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SONHA
INTERNATIONAL CORP |
Active |
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Subsidaries
|
Name Status Registration Address Number |
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No subsidaries
for this company. |
Affiliates
|
Name Status Registration Address Number |
|
No
affiliates for this company. |
Negative Information
|
No
negative information for this company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.07 |
|
|
1 |
INR 91.33 |
|
Euro |
1 |
INR 80.03 |
|
VND |
1 |
INR 0.0028 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
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Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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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 |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.