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MIRA INFORM REPORT
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Report No. : |
504509 |
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Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
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Name : |
DAMEN-SONGCAM SHIPYARD CO LTD |
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|
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Registered Office : |
Loi Dong Town Hoang Dong Commune, Thuy Nguyen
Dist, Haiphong |
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Country : |
Vietnam |
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Financials (as on) : |
December 2016 |
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Date of Incorporation : |
07.11.2007 |
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Com. Reg. No.: |
0200767645 |
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Legal Form : |
Private Company with Limited Liability |
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|
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Line of Business : |
· Engineering activities and related technical consultancy · Building of ships and floating structures |
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No. of Employees : |
612 [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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
1,100,000 USD |
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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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
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. Vietnam exceeded its 2017 GDP growth target of 6.7% with
growth of 6.8%, primarily due to unexpected increases in 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 (which the EU has not yet ratified), 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 signed
the Comprehensive and Progressive Agreement for the Transpacific Partnership in
2018 and continued to pursue 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 despite the recent speed-up in economic growth the government
remains cautious about the risk of external shocks.
|
Source
: CIA |
Company
Summary
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|
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Business Name |
DAMEN-SONGCAM SHIPYARD CO LTD |
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Country |
VIET NAM |
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Company Registration Number |
0200767645 |
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Main Activity Code |
7112 |
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Main Activity Description |
Engineering activities and related technical
consultancy |
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Company Status |
Normal (Active) |
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Latest Turnover Figure |
- |
|
Latest Shareholder Equity Figure |
586.485.000.000 |
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Credit Limit |
1,100,000 USD |
Basic
Information
|
|
|
Business Name |
DAMEN-SONGCAM SHIPYARD CO LTD |
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Registered Company Name |
DAMEN-SONGCAM SHIPYARD CO LTD |
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Company Registration Number |
0200767645 |
|
Country |
VIET NAM |
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VAT Registration Number |
0200767645 |
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VAT Registration Date |
2007-11-07 |
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Date of Company Registration |
2007-11-07 |
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Date of Starting Operations |
2007-11-07 |
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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 |
|
|
Principal Activity Description |
|
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Contact Telephone Number |
[+84] 225-3968500 |
Main
Address
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||
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Address |
Country |
Telephone |
|
Loi Dong Town Hoang Dong Commune, Thuy Nguyen
Dist, Haiphong |
VIET NAM |
[+84] 225-3968500 |
Other
Address
|
|
No other addresses for this company. |
Previous
Address
|
|
No previous addresses for this company. |
Activities
|
|
|
Activity Code |
Activity Description |
|
7112 |
Engineering activities and related technical
consultancy |
|
3011 |
Building of ships and floating structures |
Email
Addresses
|
Web
Pages
|
Employee
Information
|
|
Date Reported Number of Employees |
|
2018 612 |
Banker
Information
|
|
No banker information for this company. |
Advisors
Information
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|
Auditor Name Solicitor Name |
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No advisor information for this company. |
Miscellaneous
Information
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Fax Number |
[+84] 225-3686795 |
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Export Countries |
Asia / Pacific |
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Import Countries |
Asia / Pacific |
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Additional Business Information |
Core Business: The primary business focus of
DAMEN-SONGCAM SHIPYARD CO LTD is Manufacturing - Finished products. Key
products include: Floating structures, Ship. An integral part of the core
business includes: Distribution. Supplementary
Business: In addition to the core business, DAMEN-SONGCAM SHIPYARD CO
LTD also is engaged in the following areas of business: 1. Exporting:
Exporting - Finished products, 2. Importing: Importing - Raw materials. 3.
Service: Specialized professional services, including: Ship building. |
|
Additional Rating Information |
Good Credit Quality: Credit can proceed on a
favorable basis but in strict adherence to financig terms. Revision of Credit
Limit: Annual. Risk Index: Low. |
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Additional Payment Information |
Selling: 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: 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). |
|
Additional Financial Information |
Financial statement were prepared as at
2016-12-01. 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 |
612 |
|
Number of Employees at Group |
|
|
Number of Employees at Factory |
|
Additional
Miscellaneous Information
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Primary Business Activity |
Manufacturer |
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Key Industry |
Marine Products, Ships & Boats |
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Registered Legal Address |
Loi Dong Town Hoang Dong Commune, Thuy Nguyen Dist,
Haiphong |
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Issuing Authority |
Dept. Of Planning & Investment - Hai Phong |
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Capital |
US$ 37,531,423 |
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Note |
(1) 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. |
|
Tax / VAT Details |
Tax Issuing
Authority: Ministry Of Finance,
Local Name Used: Gia Trj Gia Tang
(Value Added Tax), Acronym: GTGT /
VAT. |
|
Previous Business License/S |
License Date: 8 Aug, 2007, License No.:
021022000041 |
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Domestic Sales & Purchases |
Annual Sales Analysis: Domestic Sales: 80%, International
Sales (Export): 20%. Annual Purchases Analysis: Local Purchases: 70%,
Imports: 30%. |
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Director Information |
Name: Mr. Joris Van Tienen, Date of Birth: 1971. |
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Reputation |
Reference checking for the purpose of establishing DAMEN-SONGCAM SHIPYARD 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 & Facilities |
The following information relates to the Business Entity's office as listed
above: Name: DAMEN-SONGCAM SHIPYARD CO LTD - THUY
NGUYEN DIST, HAIPHONG,
Primary Use: Office & Administration facilities, Address:
Loi Dong Town Hoang Dong
Commune, Thuy Nguyen Dist,
Haiphong, Country: Vietnam, Status:
Operational. |
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Strategic Partner/S & Alliances |
Group / Alliance name: DAMEN SHIPYARDS GROUP |
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Approved Signatures |
The Company Director/s listed below maintain the legal right
to sign on behalf of the company: Name: Mr. Joris
Van Tienen |
Primary
Products
|
|
|
Products / Materials / Services Description |
Activity |
|
Floating structures |
Manufacturing, Exporting |
|
Ship |
Manufacturing, Exporting |
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Financial Year |
2016-12 |
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Number of Weeks |
52 |
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Currency |
VND |
|
Consolidated Accounts |
No |
Profit
and Loss
|
|
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Revenue |
490.464.000.000 |
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Operating Costs |
384.159.000.000 |
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Operating Profit |
106.304.000.000 |
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Wages & Salaries |
- |
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Pension Costs |
- |
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Depreciation |
- |
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Amortisation |
- |
|
Financial Income |
21.125.000.000 |
|
Financial Expenses |
28.396.000.000 |
|
Extraordinary Income |
112.000.000 |
|
Extraordinary Costs |
64.028.000.000 |
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Profit before Tax |
35.117.000.000 |
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Tax |
- |
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Profit after Tax |
35.117.000.000 |
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Dividends |
- |
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Minority Interests |
- |
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Other Appropriations |
- |
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Retained Profit |
35.117.000.000 |
Balance
Sheet
|
|
|
Land & Buildings |
0 |
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Plant & Machinery |
0 |
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Other Tangible Assets |
1.141.378.000.000 |
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Total Tangible Assets |
1.141.378.000.000 |
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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 |
212.739.000.000 |
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Total Other Fixed Assets |
212.739.000.000 |
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Total Fixed Assets |
1.354.117.000.000 |
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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 |
0 |
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Total Inventories |
24.960.000.000 |
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Trade Receivables |
125.017.000.000 |
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Group Receivables |
0 |
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Receivables Due after 1 year |
0 |
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Miscellaneous Receivables |
0 |
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Total Receivables |
125.017.000.000 |
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Cash |
64.763.000.000 |
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Other Current Assets |
12.853.000.000 |
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Total Current Assets |
227.593.000.000 |
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Total Assets |
1.581.710.000.000 |
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Trade Payables |
30.132.000.000 |
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Bank Liabilities |
0 |
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Other Loans or Finance |
165.114.000.000 |
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Group Payables |
0 |
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Miscellaneous Liabilities |
113.165.000.000 |
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Total Current Liabilities |
308.411.000.000 |
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Trade Payables After 1 Year |
0 |
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Bank Liabilities After 1 Year |
0 |
|
Other Loans or Finance due after 1 year |
686.814.000.000 |
|
Group Payables After 1 Year |
0 |
|
Miscellaneous Liabilities Due After 1 Year |
0 |
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Total Long Term Liabilities |
686.814.000.000 |
|
Total Liabilities |
995.225.000.000 |
|
Called Up Share Capital |
776.764.000.000 |
|
Share Premium |
0 |
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Revenue Reserves |
-190.279.000.000 |
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Other Reserves |
0 |
|
Total Shareholders Equity |
586.485.000.000 |
Other
Financials
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|
Contingent Liabilities |
|
Working Capital -80.818.000.000 |
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Net Worth 0 |
Ratios
|
||
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Pre Tax Profit Margin |
7.16 |
|
|
Return On Capital Employed |
2.76 |
|
|
Return On Total Assets Employed |
2.22 |
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Return On Net Assets Employed |
5.99 |
|
|
Sales / Net Working Capital |
-6.07 |
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|
Stock Turnover Ratio |
5.09 |
|
|
Debtor Days |
93.04 |
|
|
Creditor Days |
22.42 |
|
|
Current Ratio |
0.74 |
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Liquidity Ratio Or Acid Test |
0.66 |
|
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Current Debt Ratio |
0.53 |
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|
Gearing |
||
|
Equity In Percentage |
||
|
Total Debt Ratio |
1.7 |
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Additional
Financials
|
|
Gross Profit |
Current
Directors
|
||
|
Name |
Gender |
Position |
|
Joris Van Tienen |
Male |
Managing Director |
Previous
Directors
|
|
No previous directors for this company. |
Share
Capital Structure
|
|
Nominal Share Capital 854.657.300.000 |
|
Issued Share Capital 854.657.300.000 |
Shareholders
|
||
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Shareholder |
Address |
% Shares Held |
|
DAMEN HOLDING VIETNAM BV |
Netherlands |
70 |
|
SONG CAM SHIPBUILDING JSC |
Vietnam |
30 |
Ultimate
Holding Parent
|
|
No Ultimate Holding Parent for this company. |
Immediate
Holding Parent
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||
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Name |
Status |
Registration Address Number |
|
DAMEN HOLDING VIETNAM BV |
Active |
6 Avelingen West 20 Gorinchem 4202MS |
Subsidaries
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No subsidaries for this company. |
Affiliates
|
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No affiliates for this company. |
Negative
Information
|
|
No negative information for this company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.66 |
|
|
1 |
INR 90.66 |
|
Euro |
1 |
INR 80.00 |
|
VND |
1 |
INR 0.0029 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
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.