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MIRA INFORM REPORT
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Report No. : |
486541 |
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Report Date : |
20.01.2018 |
IDENTIFICATION DETAILS
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Name : |
FLAMINGO TRADING AND
SERVICE CO LTD |
|
|
|
|
Registered Office : |
611/107 Dien Bien Phu St
Ward 01, District 3, 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 : |
04.08.2008 |
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Com. Reg. No.: |
0305867735 |
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|
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Legal Form : |
Private Company with
Limited Liability |
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|
|
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Line of Business : |
Manufacture of other
organic basic chemicals |
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|
|
|
No. of Employees : |
16 [2018] |
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 : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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|
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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 |
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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 from the rigidities of a centrally planned, highly agrarian economy since 1986 to a more industrial and market based economy, raising 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.
However, 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 has demonstrated a commitment to sustainable growth over the last several years, but a recent slowdown in economic growth could test the government’s resolve.
In 2016, Vietnam cancelled its civilian nuclear energy development program, citing public concerns about safety and the high cost of the program, and is facing growing pressure on energy infrastructure. Overall, the country’s infrastructure fails to meet the needs of an expanding middle class. As the 2017 Asia-Pacific Economic Cooperation (APEC) chair, Vietnam lead the dialogue on key APEC priorities such as inclusive growth, innovation, food security and climate change.
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Source : CIA |
Company
name
FLAMINGO TRADING AND SERVICE CO LTD
|
Business Name |
FLAMINGO TRADING AND SERVICE CO LTD |
|
Country |
VIET NAM |
|
Company Registration Number |
0305867735 |
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Main Activity Code |
2014 |
|
Main Activity Description |
Manufacture of other organic basic chemicals |
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Company Status |
Normal (Active) |
|
Latest Turnover Figure |
799.361 |
|
Latest Shareholder Equity Figure |
3.751.000.000 |
|
Business Name |
FLAMINGO TRADING AND SERVICE CO LTD |
|
Registered Company Name |
FLAMINGO TRADING AND SERVICE CO LTD |
|
Company Registration Number |
0305867735 |
|
Country |
VIET NAM |
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VAT Registration Number |
0305867735 |
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VAT Registration Date |
2008-08-04 |
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Date of Company Registration |
2013-07-10 |
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Date of Starting Operations |
2013-07-10 |
|
Legal Form |
Private Company with Limited Liability |
|
Company Status |
Normal (Active) |
|
Contact Telephone Number |
[+84] 28-22171662 |
Main
Address
|
Address |
Country |
Telephone |
|
611/107 Dien Bien Phu St Ward 01, District 3, Ho Chi Minh |
VIET NAM |
[+84] 28-22171662 |
No other addresses for this company.
Previous
Address
|
Address |
Country |
|
38/6 Nguyen Van Troi St Ward 15, Phu Nhuan, Ho Chi Minh |
VIET NAM |
Activities
|
Activity Code |
Activity Description |
|
2014 |
Manufacture of other organic basic chemicals |
No email for this company.
Web Pages
No web pages for this company.
Employee
Information
|
Date Reported |
Number of Employees |
|
2018 |
16 |
Banker
Information
|
Banker Name |
Banker Address |
Phone Number |
|
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM |
Tan Dinh |
|
Advisors Information
No advisor information for this company.
Miscellaneous
Information
|
Fax Number |
[+84] 28-39972662 |
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Import Countries |
Asia / Pacific, China, Malaysia, Thailand |
|
Additional Business Information |
Core Business: The primary business
focus of FLAMINGO TRADING AND SERVICE CO LTD is Importing - Finished
products. Key products include: Varnish, Paints, Supplementary Business: In
addition to the core business, FLAMINGO TRADING AND SERVICE CO LTD also is engaged
in the following areas of business: 1. Trading, Trading - Finished products. |
|
Additional Payment Information |
Selling: Type: Terms: Local: Cash
on delivery (COD), Credit - Unsecured 30~60 days. Purchasing: Type: Terms:
Local: Credit - Unsecured 30~60 days, Cash on delivery (COD). Import: Letter
of Credit (At-sight), Telegraphic Transfer (T/T) - Executed at time of
transaction. |
|
Additional Financial Information |
Financial Statements were prepared
as at 31.12.16, 31.12.15 and 31.12.14. 2012 Annual: 544,115, 315,539, 11,813, 2013 Annual:
799,361, 601,761, 72,837. 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. |
|
Number of Employees at Address |
16 |
Additional
Miscellaneous Information
|
Primary Business Activity |
Importer |
|
Key Industry |
Chemicals |
|
Issuing Authority |
DEPARTMENT OF PLANNING AND INVESTMENT
- Ho Chi Minh |
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Capital |
US$ 132,088 |
|
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 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. |
|
Primary Products[Products / Materials / Services
Description: Activity] |
Paints, Varnish: Importing,
Trading. |
|
Domestic Sales and Purchases[Annual Sales Analysis:
Percentage] |
Domestic Sales: 100%, International
Sales (Export), 0%. [Annual Purchases Analysis: Percentage] Local Purchases:
30%, Imports: 70%. |
|
Capital[Date: Authorized Capital - History] |
21 Jul, 2008: 700,000,000, 7 Sep,
2017: 3,000,000,000. |
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Reputation |
Reference checking for the purpose
of establishing FLAMINGO TRADING AND SERVICE 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. |
|
Office and Facilities |
The following information relates
to the Business Entity's office as listed above: Name: FLAMINGO TRADING AND
SERVICE CO LTD - DISTRICT 3, HO CHI MINH, Primary Use: Office &
Administration facilities, Address: 611/107 Dien Bien Phu St Ward 01, District
3, Ho Chi Minh, Country: Vietnam, Status: Operational. |
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 |
29.115.000.000 |
28.638.000.000 |
33.971.000.000 |
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Operating Costs |
22.230.000.000 |
25.026.000.000 |
26.629.000.000 |
|
Operating Profit |
6.885.000.000 |
3.612.000.000 |
7.342.000.000 |
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Wages & Salaries |
- |
- |
- |
|
Pension Costs |
- |
- |
- |
|
Depreciation |
- |
- |
- |
|
Amortisation |
- |
- |
- |
|
Financial Income |
4.000.000 |
3.000.000 |
8.000.000 |
|
Financial Expenses |
545.000.000 |
603.000.000 |
449.000.000 |
|
Extraordinary Income |
89.000.000 |
137.000.000 |
165.000.000 |
|
Extraordinary Costs |
4.286.000.000 |
1.386.000.000 |
3.776.000.000 |
|
Profit before Tax |
2.147.000.000 |
1.763.000.000 |
3.290.000.000 |
|
Tax |
85.000.000 |
353.000.000 |
658.000.000 |
|
Profit after Tax |
2.062.000.000 |
1.410.000.000 |
2.632.000.000 |
|
Dividends |
- |
- |
- |
|
Minority Interests |
- |
- |
- |
|
Other Appropriations |
- |
- |
- |
|
Retained Profit |
2.062.000.000 |
1.410.000.000 |
2.632.000.000 |
|
Balance Sheet |
|
|
|
|
Land & Buildings |
0 |
0 |
0 |
|
Plant & Machinery |
0 |
0 |
0 |
|
Other Tangible Assets |
0 |
0 |
0 |
|
Total Tangible Assets |
700.000.000 |
0 |
0 |
|
Goodwill |
0 |
0 |
0 |
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Other Intangible Assets |
0 |
0 |
0 |
|
Total Intangible Assets |
0 |
0 |
0 |
|
Investments |
0 |
0 |
0 |
|
Loans to Group |
0 |
0 |
0 |
|
Other Loans |
0 |
0 |
0 |
|
Miscellaneous Fixed Assets |
0 |
0 |
0 |
|
Total Other Fixed Assets |
0 |
0 |
0 |
|
Total Fixed Assets |
700.000.000 |
0 |
0 |
|
Raw Materials |
0 |
0 |
0 |
|
Work in Progress |
0 |
0 |
0 |
|
Finished Goods |
0 |
0 |
0 |
|
Other Inventories |
0 |
0 |
0 |
|
Total Inventories |
5.829.000.000 |
1.004.000.000 |
162.000.000 |
|
Trade Receivables |
4.299.000.000 |
12.709.000.000 |
19.231.000.000 |
|
Group Receivables |
0 |
0 |
0 |
|
Receivables Due after 1 year |
0 |
0 |
0 |
|
Miscellaneous Receivables |
169.000.000 |
0 |
20.000.000 |
|
Total Receivables |
4.468.000.000 |
12.709.000.000 |
19.251.000.000 |
|
Cash |
4.987.000.000 |
2.233.000.000 |
3.382.000.000 |
|
Other Current Assets |
0 |
0 |
0 |
|
Total Current Assets |
15.284.000.000 |
15.946.000.000 |
22.795.000.000 |
|
Total Assets |
15.984.000.000 |
15.946.000.000 |
22.795.000.000 |
|
Trade Payables |
2.286.000.000 |
317.000.000 |
1.736.000.000 |
|
Bank Liabilities |
0 |
0 |
0 |
|
Other Loans or Finance |
9.858.000.000 |
5.406.000.000 |
11.964.000.000 |
|
Group Payables |
0 |
0 |
0 |
|
Miscellaneous Liabilities |
89.000.000 |
389.000.000 |
671.000.000 |
|
Total Current Liabilities |
12.233.000.000 |
6.112.000.000 |
14.371.000.000 |
|
Trade Payables After 1 Year |
0 |
0 |
0 |
|
Bank Liabilities After 1 Year |
0 |
0 |
0 |
|
Other Loans or Finance due after 1 year |
0 |
0 |
0 |
|
Group Payables After 1 Year |
0 |
0 |
0 |
|
Miscellaneous Liabilities Due After 1 Year |
0 |
0 |
0 |
|
Total Long Term Liabilities |
0 |
0 |
0 |
|
Total Liabilities |
12.233.000.000 |
6.112.000.000 |
14.371.000.000 |
|
Called Up Share Capital |
700.000.000 |
700.000.000 |
700.000.000 |
|
Share Premium |
0 |
0 |
0 |
|
Revenue Reserves |
2.979.000.000 |
9.062.000.000 |
7.652.000.000 |
|
Other Reserves |
72.000.000 |
72.000.000 |
72.000.000 |
|
Total Shareholders Equity |
3.751.000.000 |
9.834.000.000 |
8.424.000.000 |
|
Other Financials |
|
|
|
|
Contingent Liabilities |
|
|
|
|
Working Capital |
3.051.000.000 |
9.834.000.000 |
8.424.000.000 |
|
Net Worth |
0 |
0 |
0 |
|
Ratios |
|
|
|
|
Pre Tax Profit Margin |
7.37 |
6.16 |
9.68 |
|
Return On Capital Employed |
|
|
|
|
Return On Total Assets Employed |
13.43 |
11.06 |
14.43 |
|
Return On Net Assets Employed |
57.24 |
17.93 |
39.06 |
|
Sales / Net Working Capital |
9.54 |
2.91 |
4.03 |
|
Stock Turnover Ratio |
20.02 |
3.51 |
0.48 |
|
Debtor Days |
53.89 |
161.98 |
206.63 |
|
Creditor Days |
28.66 |
4.04 |
18.65 |
|
Current Ratio |
1.25 |
2.61 |
1.59 |
|
Liquidity Ratio Or Acid Test |
0.77 |
2.44 |
1.57 |
|
Current Debt Ratio |
3.26 |
0.62 |
1.71 |
|
Gearing |
|
|
|
|
Equity In Percentage |
|
|
|
|
Total Debt Ratio |
3.26 |
0.62 |
1.71 |
Current
Directors
|
Name |
Gender |
Address |
Date of Birth |
Position |
|
Thuy Diem Mai Bui |
Male |
|
1972-01-01 |
Managing Director |
No previous directors for this company.
Share
Capital Structure
|
Nominal Share Capital |
3.000.000.000 |
|
Issued Share Capital |
700.000.000 |
Shareholders
|
Shareholder |
Address |
% Shares Held |
|
Thuy Diem Mai Bui |
Vietnam |
71.43 |
|
Tuyet Giang Mai Bui |
Vietnam |
28.57 |
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 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
|
VND |
1 |
INR 0.0028 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
SYL |
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.