|
|
|
MIRA INFORM REPORT
|
Report No. : |
505489 |
|
Report Date : |
05.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
DUCGIANG CHEMICAL AND DETERGENT POWDER JSC |
|
|
|
|
Formerly Known As : |
DUC GIANG CHEMICAL
CO |
|
|
|
|
Registered Office : |
18, Lane 44, Duc Giang St Thuong Thanh Ward, Long
Bien Dist, Hanoi |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
December, 2017 |
|
|
|
|
Date of Incorporation : |
12.22.2011 |
|
|
|
|
Com. Reg. No.: |
0101452588 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
·
Manufacture of other chemical
products n.e.c. ·
Manufacture of other food
products n.e.c. |
|
|
|
|
No. of Employees : |
314 |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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. 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 |
DGC |
|
Country |
VIET
NAM |
|
Company
Registration Number |
0101452588 |
|
Main
Activity Code |
2059 |
|
Main
Activity Description |
Manufacture
of other chemical products n.e.c. |
|
Company
Status |
Normal
(Active) |
|
Latest
Turnover Figure |
- |
|
Latest
Shareholder Equity Figure |
666.194.205.180 |
Basic
Information
|
Business
Name |
DGC |
|
Registered
Company Name |
DUCGIANG
CHEMICAL AND DETERGENT POWDER JSC |
|
Company
Registration Number |
0101452588 |
|
Country |
VIET
NAM |
|
VAT
Registration Number |
0101452588 |
|
VAT
Registration Date |
2004-03-15 |
|
Date
of Company Registration |
2011-12-22 |
|
Date
of Starting Operations |
2011-12-22 |
|
Commercial
Court |
|
|
Legal
Form |
Public
Listed Company |
|
Type
of Ownership |
Registered
ownership by Subject Business Entity |
|
Company
Status |
Normal
(Active) |
|
Principal
Activity Code |
|
|
Principal
Activity Description |
|
|
Contact
Telephone Number |
[+84]
24-38271620 |
Main
Address
|
Address |
Country |
Telephone |
|
18,
Lane 44, Duc Giang St Thuong Thanh Ward, Long Bien Dist, Hanoi |
VIET
NAM |
[+84]
24-38271620 |
Other
Address
|
No
other addresses for this company. |
Previous
Address
|
Address
Country |
|
Dong An Industrial Zone
Rd 5, Thuan
An, Binh An,
Binh Duong VIET NAM |
Activities
|
Activity
Code |
Activity
Description |
|
2059 |
Manufacture
of other chemical products n.e.c. |
|
4675 |
Wholesale
of chemical products |
|
1089 |
Manufacture
of other food products n.e.c. |
|
4639 |
Non-specialised
wholesale of food, beverages and tobacco |
Email
Addresses
Web
Pages
Previous
Names
|
Previous Name Date Changed from
Previous Name |
|
DUC GIANG CHEMICAL CO 2004-03-05 |
Employee
Information
|
Date Reported Number
of Employees |
|
2018 314 |
Banker
Information
|
Banker
Name |
Banker
Address |
|
HSBC
BANK (VIETNAM) LTD |
Hanoi |
Advisors
Information
|
Auditor Name Solicitor Name |
|
A&C
AUDITING AND CONSULTING CO LTD |
Miscellaneous
Information
|
Fax Number |
[+84]
24-38271068 |
|
Export
Countries |
Asia
/ Pacific, Korea, South (Republic of Korea), India, Japan, Malaysia |
|
Import
Countries |
Asia
/ Pacific, Korea, South (Republic of Korea), China, Singapore |
|
Additional
Business Information |
Core Business: The primary business focus of DUCGIANG
CHEMICAL AND DETERGENT POWDER JSC is Manufacturing - Finished
products. Key products include: Chemical products, Detergent powder,
Fertilizers, Phosphorus, Plastic, Pure chemical, Rubber An integral part of the
core business includes: Distribution. Supplementary
Business: In addition to the core business, DUCGIANG CHEMICAL AND DETERGENT
POWDER JSC also
is engaged in the following areas of business: 1. Exporting, Exporting - Finished
products, 2. Importing, Importing - Raw materials. |
|
Additional
Financial Information |
Financial
Statements were prepared as at 31.12.17, 31.12.16 and 31.12.15. |
|
Number
of Employees at Address |
314 |
|
Number
of Employees at Group |
|
|
Number
of Employees at Factory |
|
Additional
Miscellaneous Information
|
Primary
Business Activity |
Manufacturer |
|
Key
Industry |
Chemicals |
|
Registered
Legal Address |
18,
Lane 44, Duc Giang St Thuong Thanh Ward, Long Bien Dist, Hanoi |
|
Issuing
Authority |
DEPARTMENT
OF PLANNING & INVESTMENT - Hanoi |
|
Capital |
US$
21,965,394 |
|
Note |
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. |
|
Ownership
Type |
Registered
ownership by Subject Business Entity |
|
Tax
/ VAT Details |
Tax Issuing Authority: MINISTRY OF FINANCE Local Name Used: Gia
Trj Gia Tang (Value Added Tax) Acronym: GTGT / VAT GTGT / VAT Number:
0101452588 Date of Issuance: 15 Mar, 2004 |
|
Previous
Business License/S |
License Date: License No. 11 Jun,
1996: 110973 8 Jun, 2003:
135/2003/QD-BCN 13 Feb, 2004:
10/2004/QD- BCN
5 Mar, 2004: 0103003850 |
|
Domestic
Sales & Purchases |
Annual
Sales Analysis: Percentage Domestic Sales: 40% International Sales (Export):
60% Annual Purchases Analysis: Percentage Local Purchases: 70% Imports: 30% |
|
Stock
Exchange Listing Details |
Country: Vietnam Name of Stock Exchange: Name: Acronym HANOI STOCK EXCHANGE: HNX Stock Symbol /
No.: DGC Date of listing: 26 Aug, 2014 |
|
Capital
(Date: Authorized Capital - History) |
11 Jun,
1996: 66,000,000,000 Dec, 2012: 220,000,000,000 Dec, 2013: 334,993,000,000
Aug, 2015: 422,091,320,000
Jul, 2016: 500,088,750,000 |
|
Reputation |
Reference checking for the purpose of establishing DUCGIANG CHEMICAL AND DETERGENT POWDER 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: HSBC BANK (VIETNAM) LTD Global
Identifier: 32403760 Branch: HSBC BANK (VIETNAM) LTD |
|
|
-
HANOI Branch Address: Hanoi SWIFT Code: HSBCVNVX Bank Name: VIETNAM COMBANK
Global |
|
|
Identifier:
32408807 Branch: HANOI SWIFT Code: This bank does not have a SWIFT Code #
Account |
|
|
Number
1 0011004077189 |
|
Related
Parties (Subsidiaries , Joint- Ventures & Affiliates) |
Business Entity Name: LAO CAI CHEMICAL
FERTILIZER JSC Global Identifier: P3425330 Country: Vietnam
Relationship: Minority
shareholding Operational Address: Tang
Loong Industrial Zone Tang Loong Town, Bao Thang Dist, Lao Cai Primary
Business Activity: Manufacturer Industry: Chemicals |
|
Office
& Facilities |
The
following information relates to the Business Entity's office as listed
above: Name: DUCGIANG |
|
|
CHEMICAL AND DETERGENT POWDER JSC - LONG BIEN DIST, HANOI Primary
Use: Office & Administration |
|
|
facilities
Address: 18, Lane 44, Duc Giang St Thuong Thanh Ward, Long Bien Dist, Hanoi
Country: Vietnam |
|
|
Status:
Operational |
|
Company
History (Date: Details) |
2004
- Mar: Changed its Legal form from Government Enterprise to Joint Stock
Company. |
Primary
Products
|
Products
/ Materials / Services Description |
Activity |
|
Chemical
products |
Manufacturing,
Exporting |
|
Detergent
powder |
Manufacturing,
Exporting |
|
Ferrous
metal product |
Manufacturing,
Exporting |
|
Fertilizers |
Manufacturing,
Exporting |
|
Food
additives |
Manufacturing,
Exporting |
|
Financial
Year |
2017-12 |
2016-12 |
2015-12 |
|
Number
of Weeks |
52 |
52 |
52 |
|
Currency |
VND |
VND |
VND |
|
Consolidated
Accounts |
No |
No |
No |
Profit
and Loss
|
Revenue |
625.590.797.623 |
2.622.156.236.415 |
2.437.666.382.238 |
|
Operating
Costs |
485.389.859.789 |
2.280.322.998.392 |
2.024.906.866.631 |
|
Operating
Profit |
140.200.937.834 |
341.833.238.023 |
412.759.515.607 |
|
Wages
& Salaries |
- |
- |
- |
|
Pension
Costs |
- |
- |
- |
|
Depreciation |
- |
- |
- |
|
Amortisation |
- |
- |
- |
|
Financial
Income |
- |
- |
- |
|
Financial
Expenses |
- |
- |
- |
|
Extraordinary
Income |
235.128.788 |
2.409.097.370 |
296.268.155 |
|
Extraordinary
Costs |
297.112.524 |
1.920.266.223 |
334.464.706 |
|
Profit
before Tax |
140.138.954.098 |
342.322.069.170 |
412.721.319.056 |
|
Tax |
11.742.436.498 |
22.793.217.133 |
22.334.768.918 |
|
Profit
after Tax |
128.396.517.600 |
319.528.852.037 |
390.386.550.138 |
|
Dividends |
- |
- |
- |
|
Minority
Interests |
- |
77.737.717.435 |
110.396.465.867 |
|
Other
Appropriations |
- |
- |
- |
|
Retained
Profit |
128.396.517.600 |
241.791.134.602 |
279.990.084.271 |
Balance
Sheet
|
Land
& Buildings |
0 |
0 |
0 |
|
Plant
& Machinery |
0 |
0 |
0 |
|
Other
Tangible Assets |
35.824.001.914 |
600.515.399.587 |
561.371.043.813 |
|
Total
Tangible Assets |
35.824.001.914 |
600.515.399.587 |
561.371.043.813 |
|
Goodwill |
0 |
0 |
0 |
|
Other
Intangible Assets |
213.472.222 |
50.564.300.263 |
51.597.829.206 |
|
Total
Intangible Assets |
213.472.222 |
50.564.300.263 |
51.597.829.206 |
|
Investments |
439.281.940.000 |
429.167.841.958 |
317.416.562.551 |
|
Loans
to Group |
0 |
0 |
0 |
|
Other
Loans |
0 |
0 |
0 |
|
Miscellaneous
Fixed Assets |
40.260.695.685 |
84.972.592.147 |
76.794.815.565 |
|
Total
Other Fixed Assets |
479.542.635.685 |
514.140.434.105 |
394.211.378.116 |
|
Total
Fixed Assets |
515.580.109.821 |
1.165.220.133.955 |
1.007.180.251.135 |
|
Raw
Materials |
15.671.563.248 |
101.219.865.256 |
104.352.003.428 |
|
Work
in Progress |
0 |
6.477.032.710 |
2.643.130.252 |
|
Finished
Goods |
18.862.086.765 |
65.178.371.976 |
70.173.969.973 |
|
Other
Inventories |
27.136.854 |
25.460.396 |
187.800.000 |
|
Total
Inventories |
34.560.786.867 |
172.900.730.338 |
177.667.282.917 |
|
Trade
Receivables |
143.666.568.111 |
208.030.364.180 |
130.819.109.694 |
|
Group
Receivables |
0 |
0 |
0 |
|
Receivables
Due after 1 year |
0 |
0 |
0 |
|
Miscellaneous
Receivables |
95.824.713.399 |
261.528.461.301 |
39.862.119.943 |
|
Total
Receivables |
239.491.281.510 |
469.558.825.481 |
608.514.870.377 |
|
Cash |
82.619.005.501 |
186.282.852.184 |
10.914.548.041 |
|
Other
Current Assets |
14.179.794.030 |
10.749.976.334 |
30.259.753.118 |
|
Total
Current Assets |
370.850.867.908 |
839.492.384.337 |
827.356.454.453 |
|
Total
Assets |
886.430.977.729 |
2.004.712.518.292 |
1.834.536.705.588 |
|
Trade
Payables |
67.796.926.344 |
99.386.772.206 |
116.999.723.630 |
|
Bank
Liabilities |
0 |
0 |
0 |
|
Other
Loans or Finance |
0 |
386.431.476.101 |
332.673.654.018 |
|
Group
Payables |
0 |
0 |
0 |
|
Miscellaneous
Liabilities |
152.439.846.205 |
154.933.474.699 |
190.858.067.048 |
|
Total
Current Liabilities |
220.236.772.549 |
640.751.723.006 |
640.531.444.696 |
|
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 |
220.236.772.549 |
640.751.723.006 |
640.531.444.696 |
|
Called
Up Share Capital |
500.088.750.000 |
500.088.750.000 |
422.091.320.000 |
|
Share
Premium |
1.072.000.000 |
1.072.000.000 |
1.072.000.000 |
|
Revenue
Reserves |
59.781.325.462 |
296.137.898.375 |
240.328.082.930 |
|
Other
Reserves |
105.252.129.718 |
215.770.635.014 |
179.956.680.722 |
|
Total
Shareholders Equity |
666.194.205.180 |
1.363.960.795.286 |
1.194.005.260.892 |
Other
Financials
|
Contingent
Liabilities |
|||
|
Working
Capital |
150.614.095.359 |
198.740.661.331 |
186.825.009.757 |
|
Net
Worth |
665.980.732.958 |
1.313.396.495.023 |
1.142.407.431.686 |
Ratios
|
Pre
Tax Profit Margin |
22.4 |
13.05 |
16.93 |
|
Return
On Capital Employed |
|||
|
Return
On Total Assets Employed |
15.81 |
17.08 |
22.5 |
|
Return
On Net Assets Employed |
21.04 |
25.1 |
34.57 |
|
Sales
/ Net Working Capital |
4.15 |
13.19 |
13.05 |
|
Stock
Turnover Ratio |
5.52 |
6.59 |
7.29 |
|
Debtor
Days |
83.82 |
28.96 |
19.59 |
|
Creditor
Days |
39.56 |
13.83 |
17.52 |
|
Current
Ratio |
1.68 |
1.31 |
1.29 |
|
Liquidity
Ratio Or Acid Test |
1.53 |
1.04 |
1.01 |
|
Current
Debt Ratio |
0.33 |
0.47 |
0.54 |
|
Gearing |
|||
|
Equity
In Percentage |
75.17 |
69.8 |
66.97 |
|
Total
Debt Ratio |
0.33 |
0.47 |
0.54 |
Additional
Financials
|
Gross
Profit |
Current
Directors
|
Name |
Gender |
Address |
Date
of Birth |
Position |
|
Huyen
Huu Dao |
Male |
Vietnamese |
1956-06-07 |
Chairman
Managing Director |
|
Duy
Anh Huu Dao |
Male |
Vietnamese |
1988-10-10 |
Deputy
Managing Director |
|
Mai
Thi Dao |
Female |
Vietnamese |
1981-03-09 |
Chief
Accountant |
|
Hung
Van Pham |
Male |
Vietnamese |
1984-10-06 |
Deputy
Managing Director |
Previous
Directors
|
No
previous directors for this company. |
Share
Capital Structure
|
Nominal Share
Capital 500.088.750.000 |
|
Issued Share Capital 500.088.750.000 |
Shareholders
|
Shareholder |
Address |
%
Shares Held |
|
Public
shareholding traded via Stock Exchange |
|
34.66 |
|
Mr.
Huyen Huu Dao |
Vietnam |
26.2 |
|
VIETNAM
NATIONAL CHEMICAL GROUP |
Vietnam |
19.91 |
|
Mr.
Kha Huu Dao |
Vietnam |
7.87 |
|
Ms.
Ngoc Lan Thi Ngo |
Vietnam |
7.76 |
|
Ms.
Hong Lan Thi Nguyen |
Vietnam |
2.2 |
|
Mr.
Duy Anh Huu Dao |
Vietnam |
1.4 |
Ultimate
Holding Parent
|
No
Ultimate Holding Parent for this company. |
Immediate
Holding Parent
|
Name Status Registration Address Number |
|
No
Immediate Holding Parent for this company. |
Subsidaries
|
Name |
Status |
Registration
Address Number |
|
DUC
GIANG-DINH VU CHEMICAL JSC |
Active |
Tang Loong Industrial Zone, Bao Thang Dist, Lao Cai, Vietnam |
Affiliates
|
Name |
Status |
Registration
Address Number |
|
BAO
THANG CHEMICALS JSC |
Active |
Tang Loong Industrial Zone Tang
Loong Town, Bao Thang Dist, Lao Cai, Vietnam |
|
DINH
VU CHEMICAL JSC |
Active |
36 Lane 42/60 Thinh Liet Ward, Hoang Mai Dist, Hanoi, Vietnam |
Negative
Information
|
No
negative information for this company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.76 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.96 |
|
VND |
1 |
INR 0.0029 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
DNS |
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.