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MIRA INFORM REPORT
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Report No. : |
488089 |
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Report Date : |
05.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
VINA ONE STEEL MANUFACTURING CORP |
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Registered Office : |
Voi La Hamlet Long Hiep Commune, Ben Luc, Long An |
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Country : |
Vietnam |
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Financials (as on) : |
31.12.2016 |
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Date of Incorporation : |
06.10.2010 |
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Com. Reg. No.: |
1100549268 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Subject is engaged in Manufacture of
basic iron and steel and of ferro-alloys.
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No. of Employees : |
200 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
|
Vietnam |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
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.
|
Source
: CIA |
Company
name and Summary
|
Business
Name |
VINAONE
STEEL |
|
Country |
VIET
NAM |
|
Company
Registration Number |
1100549268 |
|
Main
Activity Code |
2410 |
|
Main
Activity Description |
Manufacture
of basic iron and steel and of ferro-alloys |
|
Company
Status |
Normal
(Active) |
|
Latest
Turnover Figure |
- |
|
Latest
Shareholder Equity Figure |
1.039.066.000.000 |
Basic
Information
|
Business
Name |
VINAONE
STEEL |
|
Registered
Company Name |
VINA
ONE STEEL MANUFACTURING CORP |
|
Company
Registration Number |
1100549268 |
|
Country |
VIET
NAM |
|
VAT
Registration Number |
1100549268 |
|
VAT Registration
Date |
2002-10-02 |
|
Date
of Company Registration |
2010-10-06 |
|
Date
of Starting Operations |
2010-10-06 |
|
Commercial
Court |
|
|
Legal
Form |
Joint
Stock Company |
|
Type
of Ownership |
|
|
Company
Status |
Normal
(Active) |
|
Principal
Activity Code |
|
|
Principal
Activity Description |
|
|
Contact
Telephone Number |
[+84]
272-3989898, [+84] 272-3644123 |
Main
Address
|
Address |
Country |
Telephone |
|
Voi
la Hamlet Long Hiep Commune, Ben Luc, Long An |
VIET
NAM |
[+84]
272-3989898, [+84] 272- 3644123 |
Other
Address
|
Address Country Telephone |
|
No
other addresses for this company. |
Previous
Address
|
Address Country |
|
No
previous addresses for this company. |
Activities
|
Activity Code Activity Description |
|
2410 Manufacture of basic iron and steel and
of ferro-alloys |
Email
Addresses
Web
Pages
Employee
Information
|
Date Reported Number of Employees |
|
2018 200 |
Banker
Information
|
Banker Name Banker
Address Phone Number |
|
No
banker information for this company. |
Advisors
Information
|
Auditor Name Solicitor Name |
|
No advisor
information for this company. |
Miscellaneous
Information
|
Fax
Number |
[+84]
272-3890900 |
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Export
Countries |
|
|
Import
Countries |
|
|
Additional
Business Information |
Core Business: The primary business focus of VINA ONE STEEL
MANUFACTURING CORP is Manufacturing -
Finished products. Key product include: Steel. An integral part of the core
business includes: Distribution. |
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Additional
Rating Information |
High
Credit Qulaity: Credit can proceed with favorable & flexible financing
terms. Revision of Credit Limit: Annual. Risk Index: Low. |
|
Additional
Payment Information |
Selling:
Local: Cash on delivery (COD), Credit - Unsecured 30~60 days. Purchasing:
Local: Credit - Unsecured 30~60 days, Cash on delivery (COD). |
|
Additional
Financial Information |
Financial
statement were prepared as at 2016-12-01, 2015-12-01 and 2014-12-01. 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. |
|
Number
of Employees at Address |
200 |
|
Number
of Employees at Group |
|
|
Number
of Employees at Factory |
|
Additional
Miscellaneous Information
|
Issuing
Authority |
Dept.
Of Planning & Investment - Long An |
|
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. (2) In Vietnam, when changes occur
in the statutory records of an existing company, a new business license
number is issued which links the new changes to a new license number. Such
changes have occurred with the Subject Business Entity. Accordingly, there
are two different "Dates of Registration", one being the original Date of
Registration, and the other being the most recent Date of issuance of the new
License. Details of the various previous License dates (if available) and the
corresponding License numbers, are listed in PREVIOUS BUSINESS LICENSE/S
below. |
|
Previous
Business License/S (License Date: License No.) |
9
Oct, 2002: 5002000198; 11 Dec, 2007: 5003000294. |
|
Domestic
Sales & Purchases |
Annual
Sales Analysis: Domestic Sales: 100%. Annual Purchases Analysis: Local
Purchases: 100%. |
|
Reputation |
Reference checking for the purpose of establishing VINA ONE STEEL MANUFACTURING
CORP'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. |
|
Quality
Accreditation |
Quality Accreditation Listings: Name: INTERNATIONAL
STANDARDS ORGANIZATION (ISO); Accreditation Category: 9001:2008. |
Financials
|
Financial
Year |
2016-12 |
2015-12 |
2014-12 |
|
Number
of Weeks |
52 |
52 |
52 |
|
Currency |
VND |
VND |
VND |
|
Consolidated
Accounts |
No |
No |
No |
Profit and Loss
|
Revenue |
4.738.948.000.000 |
3.078.287.000.000 |
2.510.384.000.000 |
|
Operating
Costs |
4.532.063.000.000 |
2.915.783.000.000 |
2.310.527.000.000 |
|
Operating
Profit |
206.885.000.000 |
162.504.000.000 |
199.857.000.000 |
|
Wages
& Salaries |
- |
- |
- |
|
Pension
Costs |
- |
- |
- |
|
Depreciation |
- |
- |
- |
|
Amortisation |
- |
- |
- |
|
Financial
Income |
24.393.000.000 |
18.235.000.000 |
12.325.000.000 |
|
Financial
Expenses |
117.113.000.000 |
107.758.000.000 |
60.893.000.000 |
|
Extraordinary
Income |
66.064.000.000 |
11.150.000.000 |
44.642.000.000 |
|
Extraordinary
Costs |
150.636.000.000 |
68.592.000.000 |
99.494.000.000 |
|
Profit
before Tax |
29.593.000.000 |
15.539.000.000 |
96.437.000.000 |
|
Tax |
5.172.000.000 |
3.419.000.000 |
372.000.000 |
|
Profit
after Tax |
24.421.000.000 |
12.120.000.000 |
96.065.000.000 |
|
Dividends |
- |
- |
- |
|
Minority
Interests |
- |
- |
- |
|
Other
Appropriations |
- |
- |
- |
|
Retained
Profit |
24.421.000.000 |
12.120.000.000 |
96.065.000.000 |
Balance Sheet
|
Land
& Buildings |
0 |
0 |
0 |
|
Plant
& Machinery |
0 |
0 |
0 |
|
Other
Tangible Assets |
1.358.741.000.000 |
588.560.000.000 |
354.602.000.000 |
|
Total
Tangible Assets |
1.358.741.000.000 |
588.560.000.000 |
354.602.000.000 |
|
Goodwill |
0 |
0 |
0 |
|
Other
Intangible Assets |
79.424.000.000 |
683.684.000.000 |
325.165.000.000 |
|
Total
Intangible Assets |
79.424.000.000 |
683.684.000.000 |
325.165.000.000 |
|
Investments |
71.000.000.000 |
123.807.000.000 |
0 |
|
Loans
to Group |
0 |
0 |
0 |
|
Other
Loans |
0 |
0 |
0 |
|
Miscellaneous
Fixed Assets |
4.800.000.000 |
6.180.000.000 |
179.000.000 |
|
Total
Other Fixed Assets |
75.800.000.000 |
129.987.000.000 |
179.000.000 |
|
Total
Fixed Assets |
1.513.965.000.000 |
1.402.231.000.000 |
679.946.000.000 |
|
Raw
Materials |
0 |
0 |
0 |
|
Work
in Progress |
0 |
0 |
0 |
|
Finished
Goods |
0 |
0 |
0 |
|
Other
Inventories |
0 |
0 |
0 |
|
Total
Inventories |
1.242.055.000.000 |
812.476.000.000 |
716.290.000.000 |
|
Trade
Receivables |
582.306.000.000 |
420.438.000.000 |
647.955.000.000 |
|
Group
Receivables |
0 |
0 |
0 |
|
Receivables
Due after 1 year |
0 |
0 |
0 |
|
Miscellaneous
Receivables |
0 |
0 |
0 |
|
Total
Receivables |
582.306.000.000 |
420.438.000.000 |
647.955.000.000 |
|
Cash |
312.180.000.000 |
372.739.000.000 |
27.381.000.000 |
|
Other
Current Assets |
162.719.000.000 |
101.378.000.000 |
204.911.000.000 |
|
Total
Current Assets |
2.299.260.000.000 |
1.707.031.000.000 |
1.596.537.000.000 |
|
Total
Assets |
3.813.225.000.000 |
3.109.262.000.000 |
2.276.483.000.000 |
|
Trade
Payables |
873.868.000.000 |
482.480.000.000 |
537.955.000.000 |
|
Bank
Liabilities |
0 |
0 |
0 |
|
Other
Loans or Finance |
1.345.895.000.000 |
1.060.715.000.000 |
721.735.000.000 |
|
Group
Payables |
0 |
0 |
0 |
|
Miscellaneous
Liabilities |
27.696.000.000 |
36.092.000.000 |
128.749.000.000 |
|
Total
Current Liabilities |
2.273.910.000.000 |
1.588.843.000.000 |
1.388.439.000.000 |
|
Trade
Payables After 1 Year |
0 |
0 |
0 |
|
Bank
Liabilities After 1 Year |
0 |
0 |
0 |
|
Other
Loans or Finance due after 1 year |
500.000.000.000 |
708.014.000.000 |
187.760.000.000 |
|
Group
Payables After 1 Year |
0 |
0 |
0 |
|
Miscellaneous
Liabilities Due After 1 Year |
249.000.000 |
100.000.000.000 |
0 |
|
Total
Long Term Liabilities |
500.249.000.000 |
808.014.000.000 |
187.760.000.000 |
|
Total
Liabilities |
2.774.159.000.000 |
2.396.857.000.000 |
1.576.199.000.000 |
|
Called
Up Share Capital |
990.000.000.000 |
700.000.000.000 |
700.000.000.000 |
|
Share
Premium |
0 |
0 |
0 |
|
Revenue
Reserves |
49.066.000.000 |
12.405.000.000 |
284.000.000 |
|
Other
Reserves |
0 |
0 |
0 |
|
Total
Shareholders Equity |
1.039.066.000.000 |
712.405.000.000 |
700.284.000.000 |
Other
Financials
|
Contingent
Liabilities |
|||
|
Working
Capital |
25.350.000.000 |
118.188.000.000 |
208.098.000.000 |
|
Net
Worth |
959.642.000.000 |
28.721.000.000 |
375.119.000.000 |
Ratios
|
Pre
Tax Profit Margin |
0.62 |
0.5 |
3.84 |
|
Return
On Capital Employed |
1.92 |
1.02 |
10.86 |
|
Return
On Total Assets Employed |
0.78 |
0.5 |
4.24 |
|
Return
On Net Assets Employed |
2.85 |
2.18 |
13.77 |
|
Sales
/ Net Working Capital |
186.94 |
26.05 |
12.06 |
|
Stock
Turnover Ratio |
26.21 |
26.39 |
28.53 |
|
Debtor
Days |
44.85 |
49.85 |
94.21 |
|
Creditor
Days |
67.31 |
57.21 |
78.22 |
|
Current
Ratio |
1.01 |
1.07 |
1.15 |
|
Liquidity
Ratio Or Acid Test |
0.46 |
0.56 |
0.63 |
|
Current
Debt Ratio |
2.19 |
2.23 |
1.98 |
|
Gearing |
|||
|
Equity
In Percentage |
27.83 |
29.37 |
35.89 |
|
Total
Debt Ratio |
2.67 |
3.36 |
2.25 |
Additional
Financials
|
Gross
Profit |
Current
Directors
|
Name |
Gender |
Address |
Date
of Birth |
Position |
|
Phuc
Minh Nguyen |
Male |
|
1978-03-08 |
Managing
Director |
|
Ngoc
Thi Bich Nguyen |
Female |
|
|
Chief
Accountant |
Previous
Directors
|
Name |
Gender |
Address |
Date
of Birth |
Position |
Resignation
Date |
|
No
previous directors for this company. |
|||||
Share
Capital Structure
|
Nominal Share Capital 990.000.000.000 |
|
Issued Share Capital 990.000.000.000 |
Shareholders
|
Shareholder |
Address |
%
Shares Held |
|
Mr.
Phuc Minh Nguyen |
Vietnam |
50 |
|
Undisclosed
Shareholders |
|
40 |
|
Mr.
Hieu Minh Nguyen |
Vietnam |
5 |
|
Mr.
Van Ngoc Tran |
Vietnam |
5 |
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 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
: |
VAR |
|
|
|
|
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.