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MIRA INFORM REPORT
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Report No. : |
495354 |
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Report Date : |
13.03.2018 |
IDENTIFICATION DETAILS
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Name : |
FURNIWEB (VIETNAM) SHAREHOLDING CO |
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Formerly Known As : |
FURNIWEB (VIETNAM) CO LTD |
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Registered Office : |
Bien Hoa II Industrial Zone 18 Rd 3A Long Binh Ward, Bien
Hoa, Dong Nai |
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Country : |
Viet Nam |
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Financials (as on) : |
December 2016 |
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Date of Incorporation : |
16.01.1997 |
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Com. Reg. No.: |
3600259680 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
· Finishing of textiles ·
Tanning and dressing of leather; dressing and
dyeing of fur |
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No. of Employees : |
330 |
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 : |
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
Viet Nam |
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 |
VIET NAM - 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 Summary
|
Business Name |
FURNIWEB VIETNAM |
|
Country |
VIET NAM |
|
Company Registration Number |
3600259680 |
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Main Activity Code |
1330 |
|
Main Activity Description |
Finishing of textiles |
|
Company Status |
Normal (Active) |
|
Latest Turnover Figure - |
|
|
Latest Shareholder Equity Figure |
194.751.000.000 |
Basic Information
|
Business Name |
FURNIWEB VIETNAM |
|
Registered Company Name |
FURNIWEB (VIETNAM) SHAREHOLDING CO |
|
Company Registration Number |
3600259680 |
|
Country |
VIET NAM |
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VAT Registration Number |
3600259680 |
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VAT Registration Date |
1998-10-08 |
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Date of Company Registration |
2015-12-25 |
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Date of Starting Operations |
2015-12-25 |
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Commercial Court |
|
|
Legal Form |
Joint Stock Company |
|
Type of Ownership |
|
|
Company Status |
Normal (Active) |
|
Principal Activity Code |
|
|
Principal Activity Description |
|
|
Contact Telephone Number |
[+84] 251-3832001 [+84] 251-3832012, [+84] 251-3832036, [+84] 251-3832742 |
Main Address
|
Address |
Country |
Telephone |
|
Bien Hoa II Industrial Zone 18 Rd 3A Long Binh Ward, Bien Hoa, Dong Nai |
VIET NAM |
[+84] 251-3832001 [+84] 2513832012, [+84] 251-3832036, [+84] 251-3832742 |
Other
Address
No other addresses for this company.
Previous
Address
No previous addresses for this company
Activities
|
Activity Code |
Activity Description |
|
1330 |
Finishing of textiles |
|
1511 |
Tanning and dressing of leather; dressing and dyeing of fur |
Email
Addresses
Web
Pages
Previous
Names
|
Previous Name |
Date Changed from Previous Name |
|
FURNIWEB (VIETNAM) CO LTD |
1997-01-16 |
Employee
Information
|
Date Reported |
Number of Employees |
|
2018 |
330 |
Banker
Information
|
Banker Name |
Banker Address |
Phone Number |
|
MALAYAN BANKING BHD (MAYBANK) |
Sun Wah Bldg 115 Nguyen Hue St Ben Nghe Ward, District 1, Ho Chi Minh |
MBBEVNVX |
Advisors
Information
No advisor information for this company.
Miscellaneous Information
|
Fax Number |
[+84] 251-3832742 [+84] 251-3833090 |
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Export Countries |
Asia / Pacific, Malaysia. |
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Import Countries |
Asia / Pacific, Malaysia, Japan, Singapore, Thailand. |
|
Additional Business Information |
Core Business: The primary business focus of FURNIWEB (VIETNAM) SHAREHOLDING CO is Manufacturing - Finished products. Key products include : Belts, Elastic products, Elastic fabrics, Elastic yarn, Recliners. An integral part of the core business includes: Distribution. Supplementary Business: In addition to the core business, FURNIWEB (VIETNAM) SHAREHOLDING CO also is engaged in the following areas of business: 1. Exporting Finished products, 2. Importing, Raw materials. |
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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. 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. |
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Number of Employees at Address |
330 |
Additional
Miscellaneous Information
|
Issuing Authority |
DEPARTMENT OF PLANNING AND INVESTMENT - Dong Nai |
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Note |
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., 16 Jan, 1997 1811/GP, 2 Jan, 2008 472033000358. |
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Domestic Sales & Purchases (Annual Sales Analysis, Percentage, Annual Purchases Analysis) |
International Sales (Export): 100%, Local Purchases: 10%, Imports: 90%. |
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Capital (Date Authorized Capital -History) |
16 Jan, 1997: 80,000,000,000, 9 May, 2017: 147,000,000,000. |
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Reputation |
Reference checking for the purpose of establishing FURNIWEB (VIETNAM) SHAREHOLDING CO'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. |
|
Bank Details |
Bank Name:VID PUBLIC BANK, Global Identifier:32408673,Branch:District 1Ho Chi Minh,Branch Address:7Fl First Bldg 53 Quang Trung, Hanoi, SWIFT Code:VIDPVNV5. |
|
Company History(Date, Details) |
1997 - Jan Established as a 100% foreign owned company. 2008 - Jan Changed legal form into joint stock company. |
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Primary Products (Products / Materials / Services Description: Activity) |
Belts: Manufacturing, Exporting, Elastic fabrics: Manufacturing, Exporting, Elastic products: Manufacturing, Exporting, Elastic yarn: Manufacturing, Exporting, Recliners: Manufacturing, Exporting. |
Financials
|
Financial Year |
2016-12 |
|
Number of Weeks |
52 |
|
Currency |
VND |
|
Consolidated Accounts |
No |
|
Profit and Loss |
|
|
Revenue |
170.806.000.000 |
|
Operating Costs |
138.681.000.000 |
|
Operating Profit |
32.125.000.000 |
|
Wages & Salaries |
- |
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Pension Costs |
- |
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Depreciation |
- |
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Amortisation |
- |
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Financial Income |
2.291.000.000 |
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Financial Expenses |
637.000.000 |
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Extraordinary Income |
11.000.000 |
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Extraordinary Costs |
- |
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Profit before Tax |
33.790.000.000 |
|
Tax |
5.095.000.000 |
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Profit after Tax |
28.695.000.000 |
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Dividends |
- |
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Minority Interests |
- |
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Other Appropriations |
- |
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Retained Profit |
28.695.000.000 |
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Balance Sheet |
|
|
Land & Buildings |
0 |
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Plant & Machinery |
0 |
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Other Tangible Assets |
16.014.000.000 |
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Total Tangible Assets |
16.014.000.000 |
|
Goodwill |
0 |
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Other Intangible Assets |
0 |
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Total Intangible Assets |
0 |
|
Investments |
45.947.000.000 |
|
Loans to Group |
0 |
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Other Loans |
0 |
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Miscellaneous Fixed Assets |
0 |
|
Total Other Fixed Assets |
45.947.000.000 |
|
Total Fixed Assets |
61.961.000.000 |
|
Raw Materials |
0 |
|
Work in Progress |
0 |
|
Finished Goods |
0 |
|
Other Inventories |
32.365.000.000 |
|
Total Inventories |
32.365.000.000 |
|
Trade Receivables |
70.339.000.000 |
|
Group Receivables |
0 |
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Receivables Due after 1 year |
0 |
|
Miscellaneous Receivables |
0 |
|
Total Receivables |
70.339.000.000 |
|
Cash |
45.605.000.000 |
|
Other Current Assets |
2.929.000.000 |
|
Total Current Assets |
151.238.000.000 |
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Total Assets |
213.199.000.000 |
|
Trade Payables |
10.420.000.000 |
|
Bank Liabilities |
0 |
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Other Loans or Finance |
618.000.000 |
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Group Payables |
0 |
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Miscellaneous Liabilities |
7.410.000.000 |
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Total Current Liabilities |
18.448.000.000 |
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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 |
0 |
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Group Payables After 1 Year |
0 |
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Miscellaneous Liabilities Due After 1 Year |
0 |
|
Total Long Term Liabilities |
0 |
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Total Liabilities |
18.448.000.000 |
|
Called Up Share Capital |
0 |
|
Share Premium |
0 |
|
Revenue Reserves |
0 |
|
Other Reserves |
194.751.000.000 |
|
Total Shareholders Equity |
194.751.000.000 |
|
Other Financials |
|
|
Contingent
Liabilities |
|
|
Working Capital |
132.790.000.000 |
|
Net Worth |
0 |
|
Ratios |
|
|
Pre Tax Profit Margin |
19.78 |
|
Return On Total Assets Employed |
15.85 |
|
Return On Net Assets Employed |
17.35 |
|
Sales / Net Working Capital |
1.29 |
|
Stock Turnover Ratio |
18.95 |
|
Debtor Days |
150.31 |
|
Creditor Days |
22.27 |
|
Current Ratio |
8.2 |
|
Liquidity Ratio Or Acid Test |
6.44 |
|
Current Debt Ratio |
0.09 |
|
Total Debt Ratio |
0.09 |
|
Additional
Financials |
|
Gross Profit |
Current
Directors
|
Name |
Gender |
Date of Birth |
Position |
|
Cheah Eng Chuan |
Male |
1947-01-06 |
Chairman Director |
|
Rangith Jinadasa |
Male |
|
Managing Director |
|
Ha Thu Nguyen |
Unknown |
|
Chief Accountant |
Previous
Directors
No previous directors for this company
Share
Capital Structure
Nominal Share Capital 147.000.000.000
Issued Share Capital 147.000.000.000
Shareholder
|
Shareholder |
Address |
% Shares Held |
|
WEBTEX TRADING SDN BHD |
Malaysia |
99.5 |
|
FURNIWEB MFG SDN BHD |
Malaysia |
0.25 |
|
FURNIWEB SAFETY WEBBING SDN BHD |
Malaysia |
0.25 |
Ultimate
Holding Parent
No Ultimate Holding Parent for this company.
Immediate
Holding Parent
|
Name |
Status |
Registration Number |
|
WEBTEX TRADING SDN BHD |
Active |
|
Subsidaries
|
Name |
Status |
Address |
|
FURNITECH COMPONENTS (VIETNAM) CO LTD |
Active |
|
|
PREMIER ELASTIC WEBBING & ACCESSORIES (VIETNAM) Active CO LTD |
|
Nhon Trach 1 Industrial Zone Rd 8, Nhon Trach Dist, Dong Nai |
Affiliates
No affiliates for this company
Negative Information
No negative
information for this company
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.02 |
|
|
1 |
INR 90.12 |
|
Euro |
1 |
INR 80.91 |
|
VND |
1 |
INR 0.0029 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KET |
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.