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MIRA
INFORM REPORT
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Report No. : |
490134 |
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Report Date : |
12.02.2018 |
IDENTIFICATION DETAILS
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Name : |
HYOSUNG DONG NAI CO LTD |
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Registered Office : |
Nhon Trach 5 Industrial Zone Rd N3 Hiep Phuoc Commune, Nhon Trach Dist, Dong Nai |
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Country : |
Vietnam |
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Financials (as on) : |
December 2016 |
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Date of Incorporation : |
13.04.2015 |
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Com. Reg. No.: |
3603277021 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Manufacture of Other
Fabricated Metal Products N.E.C. |
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No. of Employees : |
6,000 [2018] |
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+ |
Low Risk |
Business dealings permissible with low
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
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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 Summary |
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Business Name |
HYOSUNG DONG NAI CO LTD |
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Country |
VIET NAM |
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Company Registration Number |
3603277021 |
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Main Activity Code |
2599 |
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Main Activity Description |
Manufacture of other fabricated metal products
n.e.c. |
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Company Status |
Normal (Active) |
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Latest Turnover Figure |
- |
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Latest Shareholder Equity Figure |
1.036.037.000.000 |
Basic Information |
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Business Name |
HYOSUNG DONG NAI CO LTD |
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Registered Company Name |
HYOSUNG DONG NAI CO LTD |
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Company Registration Number |
3603277021 |
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Country |
VIET NAM |
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VAT Registration Number |
3603277021 |
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VAT Registration Date |
2015-04-13 |
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Date of Company Registration |
2016-01-13 |
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Date of Starting Operations |
2016-01-13 |
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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 |
|
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Principal Activity Description |
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Contact Telephone Number |
[+84] 251-3566000 |
Main Address
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Address |
Country |
Telephone |
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Nhon Trach 5 Industrial Zone Rd N3 Hiep Phuoc Commune, Nhon Trach Dist, Dong Nai |
VIET NAM |
[+84] 251-3566000 |
Other Address |
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Address |
Country |
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7Fl Vincom B Tower 72 Le Thanh Ton St Ben Nghe Ward, District 1, Ho Chi Minh |
VIET NAM |
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Previous Address |
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No previous addresses for this company. |
Activities
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Activity Code Activity Description |
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2599 Manufacture of other fabricated metal products n.e.c. |
Email Addresses |
Web Pages |
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No web pages for this company. |
Employee Information |
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Date Reported Number
of Employees |
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2018 6,000 |
Banker Information |
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Banker Name Banker Address Phone Number |
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HANA BANK HNBNVNVX |
Advisors Information |
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No advisor information for this company. |
Miscellaneous Information |
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Fax Number |
[+84] 251-3569448 |
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Export Countries |
Asia / Pacific, Europe, North America. USA |
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Import Countries |
Asia / Pacific, Europe, China, Korea, South (Republic of Korea) |
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Additional Business Information |
Core Business:The primary business focus of HYOSUNG DONG NAI CO LTD is Manufacturing - Finished products.Key products include: Antimicrobial yarn, Fibers, Fabric dyeing PU, Nylon, Polyester, Quick-drying yarn, Spandex PU, An integral part of the core business includes: Distribution. Supplementary Business: In addition to the core business, HYOSUNG DONG NAI CO LTD also is engaged in the following areas of business:1. Exporting: Finished products. 2.Importing. Raw materials. |
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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. |
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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 2016-12-31 and 2015-12-31. 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 |
6,000 |
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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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Issuing Authority |
DEPARTMENT OF PLANNING AND INVESTMENT - Dong Nai |
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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. 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. |
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Previous Business License/S |
License Date License No., 10 Apr, 2015472043001215. |
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Domestic Sales & Purchases (Annual Sales Analysis, Percentage, Annual Purchases Analysis) |
Domestic Sales: 10%, International Sales (Export): 90%, Local Purchases: 20%, Imports: 80%. |
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Direct / Indirect Corporate Parent Details |
Indirect Corporate Parent:HYOSUNG INVESTMENT & DEVELOPMENT CORP, Global Identifier:P0606344, Legal Form Category:Private Company with Limited Liability, Country:Korea, South (Republic of Korea), Operational Address:40 Kongdok-dong Mapo-gu Seoul 121720, Primary Business Activity:Service. |
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Reputation |
Although HYOSUNG DONG NAI CO LTD has been recently incorporated, it is indirectly owned by HYOSUNG CORP which is a Public Listed Company in Korea, South (Republic of Korea) 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:INDUSTRIAL BANK OF KOREA, Global Identifier:P0079100,Branch:INDUSTRIAL BANK OF |
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KOREA HOCHIMINH CITY BRANCH - HANOI,Branch Address:Hanoi,SWIFT Code:IBKOVNV1. Bank |
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Name:KEXIM VIETNAM LEASING CO LTD, Global Identifier:P0077624. SWIFT Code:This bank does not have |
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a SWIFT Code. Bank Name:KOOKMIN BANK HO CHI MINH CITY, Global Identifier:P3315832,SWIFT |
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Code:CZNBVNVX. Bank Name:SHINHAN BANK (VIETNAM) LTD, Global |
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Identifier:32406827,Branch:SHINHAN BANK (VIETNAM) LTD - DONG NAI, Branch Address:Dong Nai,SWIFT |
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Code:SHBKVNVX.Bank Name:VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE, |
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Global Identifier:32404058,Branch:VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND |
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TRADE - NHON TRACH DIST, DONG NAI,Branch Address:Nhon Trach Dist, Dong Nai, SWIFT |
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Code:ICBVVNVX. Bank Name:WOORI BANK, Global Identifier:P0271354, Branch:WOORI BANK - HO CHI |
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MINH, Branch Address:Ho Chi Minh, SWIFT Code:HVBKVN2X. |
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Financial Year |
2016-12 |
2015-12 |
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Number of Weeks |
52 |
52 |
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Currency |
VND |
VND |
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Consolidated Accounts |
No |
No |
Profit and Loss |
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Revenue |
3.008.931.000.000 |
342.962.000.000 |
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Operating Costs |
2.593.447.000.000 |
274.684.000.000 |
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Operating Profit |
415.484.000.000 |
68.278.000.000 |
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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 |
24.005.000.000 |
9.772.000.000 |
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Financial Expenses |
120.781.000.000 |
17.994.000.000 |
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Extraordinary Income |
76.000.000 |
1.000.000 |
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Extraordinary Costs |
990.000.000 |
4.000.000 |
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Profit before Tax |
317.794.000.000 |
60.053.000.000 |
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Tax |
5.959.000.000 |
- |
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Profit after Tax |
311.835.000.000 |
60.053.000.000 |
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Dividends |
- |
- |
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Minority Interests |
- |
- |
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Other Appropriations |
- |
- |
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Retained Profit |
311.835.000.000 |
60.053.000.000 |
Balance Sheet |
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Land & Buildings |
0 |
0 |
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Plant & Machinery |
0 |
0 |
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Other Tangible Assets |
5.878.876.000.000 |
1.574.394.000.000 |
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Total Tangible Assets |
5.878.876.000.000 |
1.574.394.000.000 |
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Goodwill |
0 |
0 |
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Other Intangible Assets |
725.215.000.000 |
318.321.000.000 |
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Total Intangible Assets |
725.215.000.000 |
318.321.000.000 |
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Investments |
0 |
0 |
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Loans to Group |
0 |
0 |
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Other Loans |
0 |
0 |
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Miscellaneous Fixed Assets |
136.863.000.000 |
99.119.000.000 |
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Total Other Fixed Assets |
136.863.000.000 |
99.119.000.000 |
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Total Fixed Assets |
6.740.954.000.000 |
1.991.834.000.000 |
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Raw Materials |
0 |
0 |
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Work in Progress |
0 |
0 |
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Finished Goods |
0 |
0 |
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Other Inventories |
1.022.789.000.000 |
189.360.000.000 |
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Total Inventories |
1.022.789.000.000 |
189.360.000.000 |
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Trade Receivables |
751.040.000.000 |
660.303.000.000 |
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Group Receivables |
0 |
0 |
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Receivables Due after 1 year |
0 |
0 |
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Miscellaneous Receivables |
0 |
0 |
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Total Receivables |
751.040.000.000 |
660.303.000.000 |
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Cash |
540.294.000.000 |
125.860.000.000 |
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Other Current Assets |
114.180.000.000 |
128.144.000.000 |
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Total Current Assets |
2.428.303.000.000 |
1.103.667.000.000 |
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Total Assets |
9.169.257.000.000 |
3.095.501.000.000 |
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Trade Payables |
883.484.000.000 |
267.123.000.000 |
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Bank Liabilities |
0 |
0 |
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Other Loans or Finance |
1.926.744.000.000 |
799.211.000.000 |
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Group Payables |
0 |
0 |
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Miscellaneous Liabilities |
27.763.000.000 |
3.530.000.000 |
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Total Current Liabilities |
2.837.991.000.000 |
1.069.864.000.000 |
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Trade Payables After 1 Year |
0 |
0 |
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Bank Liabilities After 1 Year |
0 |
0 |
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Other Loans or Finance due after 1 year |
5.295.229.000.000 |
1.741.050.000.000 |
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Group Payables After 1 Year |
0 |
0 |
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Miscellaneous Liabilities Due After 1 Year |
0 |
0 |
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Total Long Term Liabilities |
5.295.229.000.000 |
1.741.050.000.000 |
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Total Liabilities |
8.133.220.000.000 |
2.810.914.000.000 |
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Called Up Share Capital |
0 |
0 |
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Share Premium |
0 |
0 |
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Revenue Reserves |
0 |
0 |
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Other Reserves |
1.036.037.000.000 |
284.587.000.000 |
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Total Shareholders Equity |
1.036.037.000.000 |
284.587.000.000 |
Other Financials |
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Contingent Liabilities |
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Working Capital |
-409.688.000.000 |
33.803.000.000 |
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Net Worth |
310.822.000.000 |
-33.734.000.000 |
Ratios |
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Pre Tax Profit Margin |
10.56 |
17.51 |
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Return On Capital Employed |
5.02 |
2.96 |
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Return On Total Assets Employed |
3.47 |
1.94 |
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Return On Net Assets Employed |
30.67 |
21.1 |
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Sales / Net Working Capital |
-7.34 |
10.15 |
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Stock Turnover Ratio |
33.99 |
55.21 |
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Debtor Days |
91.11 |
702.73 |
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Creditor Days |
107.17 |
284.29 |
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Current Ratio |
0.86 |
1.03 |
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Liquidity Ratio Or Acid Test |
0.5 |
0.85 |
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Current Debt Ratio |
2.74 |
3.76 |
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Gearing |
||||
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Equity In Percentage |
12.27 |
10.25 |
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Total Debt Ratio |
7.85 |
9.88 |
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Additional Financials |
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Gross Profit |
Current Directors |
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Name |
Gender |
Date of Birth |
Position |
|
Chi-Hyung Kim |
Male |
1961-11-23 |
Managing Director Director |
Previous Directors |
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No previous directors for this company. |
Share Capital Structure |
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Nominal Share Capital |
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Issued Share Capital |
Shareholders |
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Shareholder |
Address |
% Shares Held |
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HYOSUNG ISTANBUL TEKSTIL LTD STI |
Turkey |
100 |
Ultimate Holding Parent |
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Name |
Status |
Address |
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HYOSUNG CORP |
Active |
Hyoseong Bldg 119 Mapo-daero Mapo-gu Seoul 04144 |
Immediate Holding Parent |
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Name |
Status |
Registration Address Number |
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HYOSUNG ISTANBUL TEKSTIL LTD STI |
Active |
Cerkezkoy Organize Sanayi Bolgesi Karaagac Mahallesi 13 Sokak 1-3A Kapakli Tekirdag 59520 |
Subsidaries |
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No subsidaries for this company. |
Affiliates |
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Name |
Status |
Registration Address Number |
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HYOSUNG VIETNAM CO LTD |
Active |
Nhon Trach 5 Industrial Zone Hiep Phuoc Commune Rd 2, Nhon Trach Dist, Bien Hoa, Dong Nai |
Negative Information |
|
No negative information for this company |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.37 |
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|
1 |
INR 89.71 |
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Euro |
1 |
INR 78.89 |
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VND |
1 |
INR 0.0028 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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Report Prepared
by : |
TPT |
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.