|
|
|
MIRA INFORM REPORT
|
Report No. : |
507218 |
|
Report Date : |
03.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
VRG DONGWHA MDF JSC |
|
|
|
|
Registered Office : |
Minh Hung III Industrial Zone Lot G Minh Hung Commune, Chon
Thanh Dist, Binh Phuoc |
|
|
|
|
Country : |
Viet Nam |
|
|
|
|
Financials (as on) : |
December 2016 |
|
|
|
|
Date of Incorporation : |
14.08.2008 |
|
|
|
|
Com. Reg. No.: |
3800426402 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale of wood, construction materials and sanitary
equipment |
|
|
|
|
No. of Employees : |
250 |
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 : |
Slow but Correct |
|
|
|
|
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 |
|
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 |
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. 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
|
Business Name |
VRG DONGWHA |
|
Country |
VIET NAM |
|
Company Registration Number |
3800426402 |
|
Main Activity Code |
4673 |
|
Main Activity Description |
Wholesale of wood, construction materials and sanitary
equipment |
|
Company Status |
Normal (Active) |
|
Latest Turnover Figure |
76.557.621 |
|
Latest Shareholder Equity Figure |
2.720.442.000.000 |
Basic Information
|
Business Name |
VRG DONGWHA |
|
Registered Company Name |
VRG DONGWHA MDF JSC |
|
Company Registration Number |
3800426402 |
|
Country |
VIET NAM |
|
VAT Registration Number |
3800426402 |
|
VAT Registration Date |
2008-08-14 |
|
Date of Company Registration |
2016-06-02 |
|
Date of Starting Operations |
2016-06-02 |
|
Legal Form |
Joint Stock Company |
|
Type of Ownership |
Registered ownership by Subject Business Entity |
|
Company Status |
Normal (Active) |
|
Contact Telephone Number |
[+84] 271-3645500, [+84] 271-3645507, [+84] 271-3645508 |
Main
Address
|
Address |
Country |
Telephone |
|
Minh Hung III Industrial Zone Lot G Minh Hung Commune,
Chon Thanh Dist, Binh Phuoc |
VIET NAM |
[+84] 271-3645500, [+84] 2713645507, [+84] 271-3645508 |
Other
Address
|
Address |
Country |
Telephone |
|
L907-9Fl Vincom Centre 72 Le Thanh Ton St, District 1, Ho Chi Minh |
VIET NAM |
84-8-39103966 |
|
9Fl Han Viet Tower 203 Minh Khai St, Hai Ba Trung Dist, Hanoi |
VIET NAM |
84-4-44508188 |
Previous Address
No previous addresses for this company.
Activities
|
Activity Code |
Activity Description |
|
4673 |
Wholesale of wood, construction materials and sanitary
equipment |
Email Addresses
Web Pages
Employee
Information
|
Date Reported |
Number of Employees |
|
2017 |
250 |
Banker
Information
|
Banker Name |
Banker Address |
Phone Number |
|
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM |
Binh Phuoc |
|
Advisors Information
No advisor information for this company.
Miscellaneous
Information
|
Fax Number |
[+84] 271-3645502 |
|
Export Countries |
Asia / Pacific, Europe, India, Korea, Malaysia |
|
Import Countries |
Asia / Pacific, China, Hong Kong, Korea, South (Republic of Korea),
Malaysia |
|
Additional Business Information |
Core Business: The primary business focus of VRG DONGWHA MDF JSC is Manufacturing
- Finished products. Key products include: Glue, Lamination grade medium
density fibreboard, High density fiberboard, Latex-free medium density
fibreboard, Low density fibreboard (LDF), Medium density fiberboard, Moisture
resistance medium density fibreboard, Pine wood, Plywoods, Rubber wood, Wood,
Wood panels, Wood products, An integral part of the core business includes:
Distribution, Supplementary Business: In addition to the core business, VRG
DONGWHA MDF JSC also is engaged in the following areas of business: 1.
Exporting, Exporting - Finished products, 2. Importing, Importing - Raw
materials. |
|
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: 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. [Year: Turnover: Assets: Net Income] 2011 Annual: n/a, 112,077,532,
-2,141,863, 2012 Annual: 35,571,385, 122,760,180, -809,809, 2013 Annual: 76,557,621,
120,681,911, 9,677,643. 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. |
|
Number of Employees at Address |
250 |
Additional
Miscellaneous Information
|
Primary Business Activity |
Manufacturer |
|
Key Industry |
Plywood, Timber & Wood Products |
|
Issuing Authority |
DEPT. OF PLANNING & INVESTMENT - Binh Phuoc |
|
Capital |
US$ 44,026,002 |
|
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] |
Glue, High density fiberboard, Lamination grade medium
density fibreboard, Latex-free medium density fibreboard, Low density
fibreboard (LDF): Manufacturing, Exporting. |
|
Domestic Sales and
Purchases[Annual Sales Analysis: Percentage] |
Domestic Sales: 80%, International Sales (Export): 20%;
[Annual Purchases Analysis: Percentage] Local Purchases: 60%, Imports: 40%. |
|
Reputation |
Reference checking for the purpose of establishing VRG
DONGWHA MDF JSC'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: STANDARD CHARTERED BANK, Global Identifier: 32407088,
Branch: STANDARD CHARTERED BANK - HO CHI MINH, Branch Address: 10Fl Sai Gon
Trade Center 37 Ton Duc Thang St, District 1, Ho Chi Minh, SWIFT Code:
SCBLVNVX; Bank Name: VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY &
TRADE, Global Identifier: 32404058, Branch: VIETNAM JOINT STOCK COMMERCIAL
BANK FOR INDUSTRY AND TRADE, BRANCH 6, Branch Address: Branch 6, SWIFT Code:
ICBVVNVX; Bank Name: VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY &
TRADE, Global Identifier: 32404058, Branch: VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY
AND TRADE - HANOI, Branch Address: Hanoi, SWIFT Code: ICBVVNVX, Bank Name:
VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE, Global
Identifier: 32404058, Branch: VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY
AND TRADE - BA RIA-VUNG TAU, Branch Address: Ba Ria-Vung Tau, SWIFT Code:
ICBVVNVX; Bank Name: VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY &
TRADE, Global Identifier: 32404058, Branch: VIETNAM JOINT STOCK COMMERCIAL
BANK FOR INDUSTRY AND TRADE - KHANH HOA, Branch Address: Khanh Hoa, SWIFT
Code: ICBVVNVX; Bank Name: VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY
& TRADE, Global Identifier: 32404058, Branch: VIETNAM JOINT STOCK
COMMERCIAL BANK FOR INDUSTRY AND TRADE, BRANCH 11, Branch Address: Branch 11,
SWIFT Code: ICBVVNVX; Bank Name: VIETNAM JOINT STOCK COMMERCIAL BANK FOR
INDUSTRY & TRADE, Global Identifier: 32404058, Branch: VIETNAM JOINT
STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE - BINH PHUOC, Branch Address:
Binh Phuoc, SWIFT Code: ICBVVNVX. |
|
International Trade Statistics[Year: Imports: Exports:
Total] |
2012: n/a, 5,335,708, 5,335,708; 2013: n/a, 11,483,643,
11,483,643 |
|
Office & Facilities |
The following information relates to the Business Entity's
office as listed above: Name: VRG DONGWHA MDF JSC - CHON THANH DIST, BINH
PHUOC, Primary Use: Office & Administration facilities , Building Size:
390,000 Square meters, Address: Minh Hung III Industrial Zone Lot G Minh Hung
Commune, Chon Thanh Dist, Binh Phuoc, Country: Vietnam, Ownership of
Property: Rented / Leased, Status: Operational. |
|
Quality Accreditation[Name: Accreditation Category] |
INTERNATIONAL STANDARDS ORGANIZATION (ISO): 9001:2008. |
Financial
|
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 |
2.192.997.000.000 |
2.186.676.000.000 |
1.895.010.000.000 |
|||||
|
Operating Costs |
1.279.978.000.000 |
1.214.355.000.000 |
1.149.902.000.000 |
|||||
|
Operating Profit |
913.019.000.000 |
972.321.000.000 |
745.108.000.000 |
|||||
|
Wages & Salaries |
- |
- |
- |
|||||
|
Pension Costs |
- |
- |
- |
|||||
|
Depreciation |
- |
- |
- |
|||||
|
Amortisation |
- |
- |
- |
|||||
|
Financial Income |
- |
- |
- |
|||||
|
Financial Expenses |
- |
- |
- |
|||||
|
Extraordinary Income |
2.381.000.000 |
3.975.000.000 |
32.426.000.000 |
|||||
|
Extraordinary Costs |
185.675.000.000 |
193.730.000.000 |
229.773.000.000 |
|||||
|
Profit before Tax |
729.725.000.000 |
782.566.000.000 |
547.761.000.000 |
|||||
|
Tax |
59.066.000.000 |
5.924.000.000 |
4.567.000 |
|||||
|
Profit after Tax |
670.659.000.000 |
776.642.000.000 |
543.194.000.000 |
|||||
|
Dividends |
- |
- |
- |
|||||
|
Minority Interests |
- |
- |
- |
|||||
|
Other Appropriations |
- |
- |
- |
|||||
|
Retained Profit |
670.659.000.000 |
776.642.000.000 |
543.194.000.000 |
|||||
|
Balance Sheet |
||||||||
|
Land & Buildings |
0 |
0 |
0 |
|||||
|
Plant & Machinery |
0 |
0 |
0 |
|||||
|
Other Tangible Assets |
0 |
0 |
0 |
|||||
|
Total Tangible Assets |
0 |
0 |
1.787.383.000.000 |
|||||
|
Goodwill |
0 |
0 |
0 |
|||||
|
Other Intangible Assets |
0 |
0 |
0 |
|||||
|
Total Intangible Assets |
3.037.000.000 |
7.147.000.000 |
12.142.000.000 |
|||||
|
Investments |
3.042.571.000.000 |
1.856.950.000.000 |
1.947.117.000.000 |
|||||
|
Loans to Group |
0 |
0 |
0 |
|||||
|
Other Loans |
0 |
0 |
0 |
|||||
|
Miscellaneous Fixed Assets |
-3.037.000.000 |
-7.147.000.000 |
-1.799.525.000.000 |
|||||
|
Total Other Fixed Assets |
3.039.534.000.000 |
1.849.803.000.000 |
147.592.000.000 |
|||||
|
Total Fixed Assets |
3.042.571.000.000 |
1.856.950.000.000 |
1.947.117.000.000 |
|||||
|
Raw Materials |
0 |
0 |
0 |
|||||
|
Work in Progress |
0 |
0 |
0 |
|||||
|
Finished Goods |
0 |
0 |
0 |
|||||
|
Other Inventories |
0 |
0 |
0 |
|||||
|
Total Inventories |
170.069.000.000 |
260.080.000.000 |
143.707.000.000 |
|||||
|
Trade Receivables |
61.175.000.000 |
149.996.000.000 |
80.634.000.000 |
|||||
|
Group Receivables |
0 |
0 |
0 |
|||||
|
Receivables Due after 1 year |
0 |
0 |
0 |
|||||
|
Miscellaneous Receivables |
95.414.000.000 |
250.051.000.000 |
-130.802.000.000 |
|||||
|
Total Receivables |
156.589.000.000 |
400.047.000.000 |
-50.168.000.000 |
|||||
|
Cash |
450.545.000.000 |
415.913.000.000 |
615.054.000.000 |
|||||
|
Other Current Assets |
0 |
0 |
0 |
|||||
|
Total Current Assets |
777.203.000.000 |
1.076.040.000.000 |
708.593.000.000 |
|||||
|
Total Assets |
3.819.774.000.000 |
2.932.990.000.000 |
2.655.710.000.000 |
|||||
|
Trade Payables |
201.568.000.000 |
106.670.000.000 |
66.240.000.000 |
|||||
|
Bank Liabilities |
0 |
0 |
0 |
|||||
|
Other Loans or Finance |
0 |
276.881.000.000 |
431.264.000.000 |
|||||
|
Group Payables |
0 |
0 |
0 |
|||||
|
Miscellaneous Liabilities |
324.838.000.000 |
390.436.000.000 |
107.886.000.000 |
|||||
|
Total Current Liabilities |
526.406.000.000 |
773.987.000.000 |
605.390.000.000 |
|||||
|
Trade Payables After 1 Year |
0 |
0 |
0 |
|||||
|
Bank Liabilities After 1 Year |
0 |
0 |
0 |
|||||
|
Other Loans or Finance due after 1 year |
572.926.000.000 |
82.222.000.000 |
394.123.000.000 |
|||||
|
Group Payables After 1 Year |
0 |
0 |
0 |
|||||
|
Miscellaneous Liabilities Due After 1 Year |
0 |
0 |
0 |
|||||
|
Total Long Term Liabilities |
572.926.000.000 |
82.222.000.000 |
394.123.000.000 |
|||||
|
Total Liabilities |
1.099.332.000.000 |
856.209.000.000 |
999.513.000.000 |
|||||
|
Called Up Share Capital |
1.000.000.000.000 |
1.000.000.000.000 |
1.000.000.000.000 |
|||||
|
Share Premium |
0 |
0 |
0 |
|||||
|
Revenue Reserves |
1.720.442.000.000 |
1.076.781.000.000 |
650.139.000.000 |
|||||
|
Other Reserves |
0 |
0 |
6.058.000.000 |
|||||
|
Total Shareholders Equity |
2.720.442.000.000 |
2.076.781.000.000 |
1.656.197.000.000 |
|||||
|
Other Financials |
|
|
|
|||||
|
Contingent Liabilities |
|
|
|
|||||
|
Working Capital |
250.797.000.000 |
302.053.000.000 |
103.203.000.000 |
|||||
|
Net Worth |
2.717.405.000.000 |
2.069.634.000.000 |
1.644.055.000.000 |
|||||
|
Ratios |
||||||||
|
Pre Tax Profit Margin |
33.28 |
35.79 |
28.91 |
|||||
|
Return On Capital Employed |
22.16 |
36.25 |
26.72 |
|||||
|
Return On Total Assets Employed |
19.1 |
26.68 |
20.63 |
|||||
|
Return On Net Assets Employed |
26.82 |
37.68 |
33.07 |
|||||
|
Sales / Net Working Capital |
8.74 |
7.24 |
18.36 |
|||||
|
Stock Turnover Ratio |
7.76 |
11.89 |
7.58 |
|||||
|
Debtor Days |
10.18 |
25.04 |
15.53 |
|||||
|
Creditor Days |
33.55 |
17.81 |
12.76 |
|||||
|
Current Ratio |
1.48 |
1.39 |
1.17 |
|||||
|
Liquidity Ratio Or Acid Test |
1.15 |
1.05 |
0.93 |
|||||
|
Current Debt Ratio |
0.19 |
0.37 |
0.37 |
|||||
|
Gearing |
||||||||
|
Equity In Percentage |
71.28 |
70.98 |
62.65 |
|||||
|
Total Debt Ratio |
0.4 |
0.41 |
0.6 |
|||||
Current
Directors
|
Name |
Gender |
Address |
Date of Birth |
Position |
|
Dong-Ho Lee |
Male |
Korean |
|
Managing Director |
|
Hung Le |
Male |
Vietnam |
|
Deputy Managing Director |
|
Hoi Em Van Pham |
Male |
Vietnam |
1964-01-01 |
Chief Accountant |
Previous Directors
No previous directors for this company.
Share Capital Structure
Nominal Share Capital 1.000.000.000.000
Issued Share Capital
Shareholders
|
Shareholder |
Address |
% Shares Held |
|
DONGWHA VINA CO LTD |
Hong Kong |
|
|
VIETNAM RUBBER GROUP LTD |
Vietnam |
|
|
DONGWHA HONG KONG INTERNATIONAL CO LTD |
Hong Kong |
|
Ultimate
Holding Parent
No Ultimate Holding Parent for this company.
Immediate
Holding Parent
No Immediate
Holding Parent for this company.
Subsidaries
No
subsidaries for this company.
Affiliates
|
Name |
Status |
Registration Number |
Address |
|
DONGWHA INTERNATIONAL CO LTD |
Active |
P3194426 |
Rm 2001, 20Fl Jubilee Centre 46 Gloucester Rd, Wanchai,
Hong Kong |
|
DONGWHA MALAYSIA SDN BHD |
Active |
30809481 |
Lot 3726 & 3728 Nilai Industrial Estate Mukim Setul
Daerah Seremban, Nilai, Negeri Sembilan 71800 |
|
DONGWHA NEW ZEALAND LTD |
Active |
P3248396 |
301 Mataura-edendale Highway, Gore |
|
DONGWHA TIMBERS PTY LTD |
Active |
P3248402 |
1 Sandy Lane, Bombala, NSW 2632 |
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 80.01 |
|
VND |
1 |
INR 0.0029 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
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.