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MIRA INFORM REPORT
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Report No. : |
490285 |
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Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
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Name : |
VARD VUNG TAU LTD |
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Formerly Known As : |
·
STX OSV VUNG TAU LTD · STX VIETNAM OFFSHORE LTD |
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Registered Office : |
Dong Xuyen Industrial Zone
6 Rach Dua Ward, Vung Tau, Ba Ria-Vung Tau |
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Country : |
Vietnam |
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Financials (as on) : |
December 2008 |
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Date of Incorporation : |
14.02.2007 |
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Com. Reg. No.: |
3500781205 |
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Legal Form : |
Private Company with
Limited Liability |
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Line of Business : |
·
Repair and maintenance of ships and
boats · Building of pleasure and sporting boats |
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No. of Employees : |
800 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum Credit Limit : |
USD 55.000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 NAME
VARD VUNG TAU
LTD
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Business Name |
VARD VUNG TAU LTD |
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Country |
VIET NAM |
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Company Registration Number |
3500781205 |
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Main Activity Code |
3315 |
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Main Activity Description |
Repair and maintenance of ships and boats |
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Company Status |
Normal (Active) |
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Latest Turnover Figure |
- |
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Latest Shareholder Equity Figure |
33.588.000.000 |
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Business Name |
VARD VUNG TAU LTD |
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Registered Company Name |
VARD VUNG TAU LTD |
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Company Registration Number |
3500781205 |
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Country |
VIET NAM |
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VAT Registration Number |
3500781205 |
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VAT Registration Date |
2007-02-14 |
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Date of Company Registration |
2016-04-05 |
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Date of Starting Operations |
2016-04-05 |
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Legal Form |
Private Company with Limited Liability |
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Company Status |
Normal (Active) |
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Contact Telephone Number |
[+84] 254-3615600 [+84] 254-3616600 |
Main
Address
|
Address |
Country |
Telephone |
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Dong Xuyen Industrial Zone 6 Rach Dua Ward, Vung Tau, Ba
Ria-Vung Tau |
VIET NAM |
[+84] 254-3615600 [+84] 2543616600 |
No other addresses for this company.
No previous addresses for this company.
Activities
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Activity Code |
Activity Description |
|
3315 |
Repair and maintenance of ships and boats |
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3012 |
Building of pleasure and sporting boats |
No email for this company.
Web Pages
No web pages for this company.
Previous
Names
|
Previous Name |
Date Changed from Previous Name |
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STX VIETNAM OFFSHORE LTD |
2006-06-30 |
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STX OSV VUNG TAU LTD |
2011-01-01 |
Employee
Information
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Date Reported |
Number of Employees |
|
2018 |
800 |
No banker information for this company.
No advisor information for this company.
Miscellaneous
Information
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Fax Number |
[+84] 254-3615601 |
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Export Countries |
Europe, Norway. |
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Import Countries |
Asia / Pacificm Europem Norwaym Singapore, |
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Additional Business Information |
Core Business The primary business
focus of VARD VUNG TAU LTD is Manufacturing -Finished products. Key product
include : Ships An integral part of the core business includes: Distribution
Supplementary BusinessIn addition to the core business, VARD VUNG TAU LTD
also is engaged in the following areas of business: 1. Exporting Exporting -
Finished products 2. Importing Importing - Raw material |
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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 30~120 days
Cash on delivery (COD) |
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Additional Financial Information |
Financial statement were prepared
as on 2008-12-01. 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 |
800 |
Additional
Miscellaneous Information
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Issuing Authority |
DEPT. OF PLANNING & INVESTMENT - Vung Tau |
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Capital |
6768160 |
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Note |
1) 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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Primary Products (Products / Materials / Services
Description Activity) |
Ships Manufacturing, Exporting |
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Domestic Sales & Purchases (Annual Sales Analysis
Percentage) |
Domestic Sales 70% International
Sales (Export) 30% Local Purchases 60% Imports 40% |
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Reputation |
Reference checking for the purpose
of establishing VARD VUNG TAU LTD's reputation within the respective industry
failed to reveal any adverse information. |
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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 |
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Shareholders |
Total number of shareholders : 1 Total number of shares :
n/a |
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Domestic Suppliers (Business Entity Name Global Identifier) |
VIETSTAR INDUSTRY CORP P2989247 |
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Previous Business License/S |
License Date: License No., 30 Jun, 2006: 39/GP-KCN-BV, 27
May, 2008: 492043000073. |
FINANCIALS
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Financial Year |
2008-12 |
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Number of Weeks |
52 |
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Currency |
VND |
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Consolidated Accounts |
No |
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Profit and Loss |
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Revenue |
150.134.000.000 |
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Operating Costs |
166.628.000.000 |
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Operating Profit |
-16.494.000.000 |
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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 |
2.129.000.000 |
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Financial Expenses |
347.000.000 |
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Extraordinary Income |
976.000.000 |
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Extraordinary Costs |
24.000.000 |
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Profit before Tax |
-13.760.000.000 |
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Tax |
- |
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Profit after Tax |
-13.760.000.000 |
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Dividends |
- |
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Minority Interests |
- |
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Other Appropriations |
- |
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Retained Profit |
-13.760.000.000 |
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Balance Sheet |
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Land & Buildings |
0 |
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Plant & Machinery |
0 |
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Other Tangible Assets |
163.784.000.000 |
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Total Tangible Assets |
163.784.000.000 |
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Goodwill |
0 |
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Other Intangible Assets |
0 |
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Total Intangible Assets |
0 |
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Investments |
0 |
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Loans to Group |
0 |
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Other Loans |
0 |
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Miscellaneous Fixed Assets |
148.218.000.000 |
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Total Other Fixed Assets |
148.218.000.000 |
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Total Fixed Assets |
312.002.000.000 |
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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 |
72.189.000.000 |
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Total Inventories |
72.189.000.000 |
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Trade Receivables |
210.518.000.000 |
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Group Receivables |
0 |
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Receivables Due after 1 year |
0 |
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Miscellaneous Receivables |
1.563.000.000 |
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Total Receivables |
212.081.000.000 |
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Cash |
112.168.000.000 |
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Other Current Assets |
18.508.000.000 |
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Total Current Assets |
414.946.000.000 |
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Total Assets |
726.948.000.000 |
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Trade Payables |
76.757.000.000 |
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Bank Liabilities |
0 |
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Other Loans or Finance |
0 |
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Group Payables |
362.228.000.000 |
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Miscellaneous Liabilities |
6.860.000.000 |
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Total Current Liabilities |
445.845.000.000 |
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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 |
247.393.000.000 |
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Group Payables After 1 Year |
0 |
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Miscellaneous Liabilities Due After 1 Year |
122.000.000 |
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Total Long Term Liabilities |
247.515.000.000 |
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Total Liabilities |
693.360.000.000 |
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Called Up Share Capital |
52.200.000.000 |
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Share Premium |
0 |
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Revenue Reserves |
-18.612.000.000 |
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Other Reserves |
0 |
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Total Shareholders Equity |
33.588.000.000 |
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Other Financials |
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Contingent Liabilities |
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Working Capital |
-30.899.000.000 |
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Net Worth |
0 |
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Ratios |
|
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Pre Tax Profit Margin |
-9.17 |
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Return On Capital Employed |
-4.9 |
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Return On Total Assets Employed |
-1.89 |
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Return On Net Assets Employed |
-40.97 |
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Sales / Net Working Capital |
-4.86 |
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Stock Turnover Ratio |
48.08 |
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Debtor Days |
511.8 |
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Creditor Days |
186.61 |
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Current Ratio |
0.93 |
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Liquidity Ratio Or Acid Test |
0.77 |
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Current Debt Ratio |
13.27 |
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Gearing |
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Equity In Percentage |
|
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Total Debt Ratio |
20.64 |
Current
Directors
|
Name |
Gender |
Address |
Date of Birth |
Position |
|
Erik Hellan Sandnes |
Male |
|
1979-01-01 |
Managing Director Director |
No previous directors for this company.
Share
Capital Structure
|
Nominal Share Capital |
15.640.000.000 |
|
Issued Share Capital |
15.640.000.000 |
Shareholders
|
Shareholder |
Address |
% Shares Held |
|
VARD SINGAPORE PTE LTD |
Singapore |
100 |
Ultimate
Holding Parent
No Ultimate Holding Parent for this company.
Immediate
Holding Parent
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Name |
Status |
Registration Number |
Address |
|
VARD SINGAPORE PTE LTD |
Active |
|
Asia Square Tower 2, 12 Marina View #29-03 018961 |
Subsidaries
No subsidaries for this company.
Affiliates
|
Name |
Status |
Registration Number |
Address |
|
STX HEAVY INDUSTRIES CO LTD |
Active |
|
381 Nammyeon-ro Seongsan-gu, Changwon, Kyongsangnam-do
51530 |
Negative Information
No negative information for this
company
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
INR 64.13 |
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|
1 |
INR 89.17 |
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Euro |
1 |
INR 79.39 |
|
VND |
1 |
INR 0.0028 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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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 |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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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.