|
|
|
MIRA INFORM REPORT
|
Report No. : |
498592 |
|
Report Date : |
27.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
TISON PAINT CO LTD |
|
|
|
|
Registered Office : |
83 K4 Binh Dang Hamlet Binh Hoa Ward, Thuan
An Dist, Binh Duong |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
December 2016 |
|
|
|
|
Date of Incorporation : |
20.02.1998 |
|
|
|
|
Com. Reg. No.: |
3700257616 |
|
|
|
|
Legal Form : |
Private Company with Limited
Liability |
|
|
|
|
Line of Business : |
Manufacture of paints, varnishes
and similar coatings, printing ink and
mastics |
|
|
|
|
No. of Employees : |
185 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
Vietnam |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
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 Summary
|
Business Name |
TISON PAINT CO LTD |
|
Country |
VIET NAM |
|
Company Registration Number |
3700257616 |
|
Main Activity Code |
2030 |
|
Main Activity Description |
Manufacture of paints, varnishes
and similar coatings, printing ink and
mastics |
|
Company Status |
Normal (Active) |
|
Latest Turnover Figure |
- |
|
Latest Shareholder Equity Figure |
88.702.000.000 |
Basic
Information
|
Business Name |
TISON PAINT CO LTD |
|
Registered Company Name |
TISON PAINT CO LTD |
|
Company Registration Number |
3700257616 |
|
Country |
VIET NAM |
|
VAT Registration Number |
3700257616 |
|
VAT Registration Date |
1998-12-10 |
|
Date of Company Registration |
2009-09-29 |
|
Date of Starting Operations |
2004-10-01 |
|
Commercial Court |
|
|
Legal Form |
Private Company with Limited Liability |
|
Type of Ownership |
|
|
Company Status |
Normal (Active) |
|
Principal Activity Code |
|
|
Principal Activity Description |
|
|
Contact Telephone Number |
[+84] 28-37671119 |
Main
Address
|
Address |
Country |
Telephone |
|
1025 Tan Ky Tan Quy, Binh
Tan Dist, Ho Chi Minh |
VIET NAM |
[+84] 28-37671119 |
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 |
|
2030 |
Manufacture of paints, varnishes
and similar coatings, printing ink and
mastics |
Email
Addresses
tisonpaint@hcm.vnn.vn
Web
Pages
http://www.tisonpaint.vn
Previous
Names
|
Previous Name |
Date Changed from Previous Name |
|
TIEN SON CO LTD |
2009-09-29 |
Employee
Information
|
Date Reported |
Number of Employees |
|
2018 |
185 |
Banker
Information
|
Banker Name |
Banker Address |
Phone Number |
|
JOINT STOCK COMMERCIAL BANK FOR
FOREIGN TRADE OF VIETNAM |
Ho Chi Minh |
|
Advisors
Information
|
Auditor Name |
Solicitor Name |
|
No advisor information for this
company. |
|
Miscellaneous
Information
|
Fax Number |
[+84] 28-37671116 |
|
Export Countries |
|
|
Import Countries |
Asia / Pacific, Europe, China, Germany, Singapore, Thailand |
|
Additional Business Information |
Core Business: The primary business focus of TISON PAINT CO LTD is Manufacturing - Finished products. Key products include: Additives, Decorative paints, Oil paint, Paint products, Paints. Water-based paints. An integral part of the core business includes: Distribution. Supplementary Business: In addition to the core business, TISON PAINT CO LTD also is engaged in the following areas of business:Importing - Raw materials. |
|
Additional Payment Information |
Selling: Type: Local Terms: Cash on delivery (COD), Credit - Unsecured 30~60 days. Purchasing: Type: Import Terms: Letter of Credit (At-sight), Telegraphic Transfer (T/T) - Executed at time of transaction. Local: Credit - Unsecured 30~60 days, Cash on delivery (COD). |
|
Additional Financial Information |
Financial Statements were prepared as at 2016-12-31 and 2014-12-31. 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. |
|
Number of Employees at Address |
185 |
|
Number of Employees at Group |
|
|
Number of Employees at Factory |
|
Additional Miscellaneous Information
|
Primary Business Activity |
Manufacturer |
|
Key Industry |
Chemicals |
|
Registered Legal Address |
83 K4 Binh Dang Hamlet Binh Hoa Ward, Thuan An Dist,
Binh Duong |
|
Issuing Authority |
DEPT. OF PLANNING & INVESTMENT - Binh Duong |
|
Capital |
US$ 2,631,784 |
|
Note |
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 |
|
Ownership Type |
Registered ownership by Subject Business Entity |
|
Tax Issuing Authority |
MINISTRY OF FINANCE |
|
Previous Business License/S |
License Date: License No. 20 Feb, 1998: 41GP/TLDN 1
Oct, 2004: 4602001001 |
|
Primary Products (Products /
Materials / Services Description: Activity) |
Additives, Decorative paints, Lacquer paints, Oil
paint, Paint products: Manufacturing |
|
Domestic Sales & Purchases |
Annual Sales Analysis: Percentage Domestic Sales:
100% Annual Purchases Analysis: Percentage Local Purchases: 70% Imports: 30% |
|
Reputation |
Reference checking for the purpose of establishing
TISON PAINT 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 |
|
Bank Details |
Bank Name: JOINT STOCK COMMERCIAL BANK FOR FOREIGN
TRADE OF VIETNAM Global Identifier: 32400479 Branch: JOINT STOCK COMMERCIAL
BANK FOR FOREIGN TRADE OF VIETNAM - HO CHI MINH SWIFT Code: BFTVVNVX |
|
Local Branches & Management |
Branch: TISON PAINT CO LTD - BINH THANH, HO CHI MINH
Branch Address: 1025 Tan Ky Tan Quy Group 1 Binh Hung Hoa A Ward, Binh Thanh,
Ho Chi Minh Branch: TISON PAINT CO LTD - HAI BA TRUNG DIST, HANOI Branch
Address: 89 Dai La St Truong Dinh Ward, Hai Ba Trung Dist, Hanoi Branch:
TISON PAINT CO LTD - HAI BA TRUNG DIST, HANOI Branch Address: 79 Lac Trung
St, Hai Ba Trung Dist, Hanoi |
|
Office & Facilities |
The following information relates to the Business
Entity's office as listed above: Name: TISON PAINT CO LTD - BINH TAN DIST, HO
CHI MINH Primary Use: Office & Administration facilities Other Use: This
facility is also used for Manufacturing Building Size: 3,000 Square meters
Address: 1025 Tan Ky Tan Quy, Binh Tan Dist, Ho Chi Minh Country: Vietnam
Ownership of Property: Rented / Leased Status: Operational |
|
Previous Contact Details |
Telephone Number: 84-650-3754167 Fax Number:
84-650-3753826 Telephone Number: 84-650-3753826 Telephone Number:
84-8-38551122 Company Address: 561, 3/2 Rd Ward 8, District 10, Ho Chi Minh Telephone Number: 84-8-38532008 Fax Number:
84-8-38533578 |
Financial
|
Financial Year |
2016-12 |
2014-12 |
|
Number of Weeks |
52 |
52 |
|
Currency |
VND |
VND |
|
Consolidated Accounts |
No |
No |
Profit
and Loss
|
Revenue |
127.363.000.000 |
139.476.000.000 |
|
Operating
Costs |
109.937.000.000 |
123.719.000.000 |
|
Operating
Profit |
17.426.000.000 |
15.757.000.000 |
|
Wages
& Salaries |
- |
- |
|
Pension
Costs |
- |
- |
|
Depreciation |
- |
- |
|
Amortisation |
- |
- |
|
Financial
Income |
106.000.000 |
40.000.000 |
|
Financial
Expenses |
1.005.000.000 |
1.699.000.000 |
|
Extraordinary
Income |
1.011.000.000 |
1.585.000.000 |
|
Extraordinary
Costs |
13.528.000.000 |
12.586.000.000 |
|
Profit
before Tax |
4.010.000.000 |
3.097.000.000 |
|
Tax |
824.000.000 |
805.000.000 |
|
Profit
after Tax |
3.186.000.000 |
2.292.000.000 |
|
Dividends |
- |
- |
|
Minority
Interests |
- |
- |
|
Other
Appropriations |
- |
- |
|
Retained
Profit |
3.186.000.000 |
2.292.000.000 |
Balance
Sheet
|
Land & Buildings |
0 |
0 |
|
Plant & Machinery |
0 |
0 |
|
Other Tangible Assets |
4.533.000.000 |
5.673.000.000 |
|
Total Tangible Assets |
4.533.000.000 |
5.673.000.000 |
|
Goodwill |
0 |
0 |
|
Other Intangible Assets |
3.323.000.000 |
3.388.000.000 |
|
Total Intangible Assets |
3.323.000.000 |
3.388.000.000 |
|
Investments |
0 |
0 |
|
Loans to Group |
0 |
0 |
|
Other Loans |
0 |
0 |
|
Miscellaneous Fixed Assets |
10.063.000.000 |
10.035.000.000 |
|
Total Other Fixed Assets |
10.063.000.000 |
10.035.000.000 |
|
Total Fixed Assets |
18.101.000.000 |
19.276.000.000 |
|
Raw Materials |
0 |
0 |
|
Work in Progress |
0 |
0 |
|
Finished Goods |
0 |
0 |
|
Other Inventories |
0 |
0 |
|
Total Inventories |
59.807.000.000 |
64.401.000.000 |
|
Trade Receivables |
45.321.000.000 |
37.085.000.000 |
|
Group Receivables |
0 |
0 |
|
Receivables Due after 1 year |
0 |
0 |
|
Miscellaneous Receivables |
0 |
0 |
|
Total Receivables |
45.321.000.000 |
37.085.000.000 |
|
Cash |
7.679.000.000 |
6.534.000.000 |
|
Other Current Assets |
37.000.000 |
180.000.000 |
|
Total Current Assets |
112.844.000.000 |
108.084.000.000 |
|
Total Assets |
130.945.000.000 |
127.360.000.000 |
|
Trade Payables |
11.200.000.000 |
11.309.000.000 |
|
Bank Liabilities |
0 |
0 |
|
Other Loans or Finance |
0 |
0 |
|
Group Payables |
0 |
0 |
|
Miscellaneous Liabilities |
10.643.000.000 |
12.679.000.000 |
|
Total Current Liabilities |
21.843.000.000 |
23.988.000.000 |
|
Trade Payables After 1 Year |
0 |
0 |
|
Bank Liabilities After 1 Year |
0 |
0 |
|
Other Loans or Finance due
after 1 year |
20.400.000.000 |
20.400.000.000 |
|
Group Payables After 1 Year |
0 |
0 |
|
Miscellaneous Liabilities Due After
1 Year |
0 |
0 |
|
Total Long Term Liabilities |
20.400.000.000 |
20.400.000.000 |
|
Total Liabilities |
42.243.000.000 |
44.388.000.000 |
|
Called Up Share Capital |
60.000.000.000 |
60.000.000.000 |
|
Share Premium |
0 |
0 |
|
Revenue Reserves |
28.677.000.000 |
22.947.000.000 |
|
Other Reserves |
25.000.000 |
25.000.000 |
|
Total Shareholders Equity |
88.702.000.000 |
82.972.000.000 |
|
Other Financials |
|
|
|
Contingent Liabilities |
|
|
|
Working Capital |
91.001.000.000 |
84.096.000.000 |
|
Net Worth |
85.379.000.000 |
79.584.000.000 |
Ratios
|
Pre Tax Profit Margin |
3.15 |
2.22 |
|
Return On Capital Employed |
3.68 |
3 |
|
Return On Total Assets Employed |
3.06 |
2.43 |
|
Return On Net Assets Employed |
4.52 |
3.73 |
|
Sales / Net Working Capital |
1.4 |
1.66 |
|
Stock Turnover Ratio |
46.96 |
46.17 |
|
Debtor Days |
129.88 |
97.05 |
|
Creditor Days |
32.1 |
29.59 |
|
Current Ratio |
5.17 |
4.51 |
|
Liquidity Ratio Or Acid Test |
2.43 |
1.82 |
|
Current Debt Ratio |
0.25 |
0.29 |
|
Gearing |
|
|
|
Equity In Percentage |
69.5 |
66.93 |
|
Total Debt Ratio |
0.48 |
0.53 |
|
Additional Financials |
|
|
|
Gross Profit |
|
|
|
Credit Score |
|
|
|
Current Common Credit Rating |
B |
|
|
Current Common Rating Description |
Low
Risk |
|
|
Current Credit Limit |
280.000
USD |
|
|
Current Provider Credit Rating |
69 |
|
|
Current Provider Rating Description |
Low
Risk |
|
Current
Directors
|
Name |
Gender |
Address |
Date of |
Position |
|
|
|
|
Birth |
|
|
Tien Tan Luu |
Male |
Vietnamese |
|
Managing Director |
|
Ton Van Luu |
Male |
Vietnamese |
|
Chief Accountant |
|
Trinh Kim Thi Nguyen |
Female |
Vietnamese |
|
Deputy Managing Director |
Previous
Directors
|
Name |
Gender |
Address |
Date of Birth |
Position |
Resignation Date |
|
No previous directors for this
company. |
|
|
|
|
|
Share
Capital Structure
|
Nominal Share Capital |
60.000.000.000 |
|
Issued Share Capital |
|
Shareholders
|
Shareholder |
Address |
% Shares Held |
|
Mr. Tien Tan Luu |
Vietnam |
66.67 |
|
Ms. Trinh Kim Thi Nguyen |
Vietnam |
33.33 |
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 64.91 |
|
|
1 |
INR 91.87 |
|
Euro |
1 |
INR 80.26 |
|
VND |
1 |
INR 0.0029 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TRU |
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.