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MIRA INFORM REPORT
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Report No. : |
506963 |
|
Report Date : |
11.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
KANG NA VN CO LTD |
|
|
|
|
Registered Office : |
Lot 62B, 63, 65, 66 Long Giang
Industrial Zone Tan Lap 1 Commune, Tan Phuoc, Tien Giang |
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|
|
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Country : |
Viet Nam |
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|
|
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Financials (as on) : |
December 2016 |
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|
|
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Date of Incorporation : |
30.08.2013 |
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|
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Com. Reg. No.: |
1201450988 |
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|
|
|
Legal Form : |
Private Company with
Limited Liability |
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|
|
|
Line of Business : |
·
Manufacture
of other textiles n.e.c. ·
Wholesale
of textiles |
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|
|
|
No. of Employees : |
230 [2018] |
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 : |
Good |
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Payment Behaviour : |
Regular |
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|
|
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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 |
|
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 |
KANG NA VN CO LTD |
|
Country |
VIET NAM |
|
Company Registration
Number |
1201450988 |
|
Main
Activity Code |
1399 |
|
Main
Activity Description |
Manufacture of other textiles
n.e.c. |
|
Company
Status |
Normal (Active) |
|
Latest
Shareholder Equity Figure |
335.608.000.000 |
Basic Information
|
Business
Name |
KANG NA VN CO LTD |
|
Registered
Company Name |
KANG NA VN CO LTD |
|
Company
Registration Number |
1201450988 |
|
Country |
VIET NAM |
|
VAT
Registration Number |
1201450988 |
|
VAT
Registration Date |
2013-08-30 |
|
Date of
Company Registration |
2017-05-16 |
|
Date of
Starting Operations |
2017-05-16 |
|
Legal
Form |
Private Company with Limited
Liability |
|
Company
Status |
Normal (Active) |
|
Contact
Telephone Number |
[+84] 273-3646888 |
Main Address
|
Address |
Country |
Telephone |
|
Lot 62B, 63, 65, 66 Long Giang
Industrial Zone Tan Lap 1 Commune, Tan
VIET NAM Phuoc, Tien Giang |
[+84] 273-3646888 |
|
Other Address
No other
addresses for this company.
Previous Address
No previous
addresses for this company.
Activities
|
Activity Code |
Activity Description |
|
1399 |
Manufacture of other textiles n.e.c. |
|
4641 |
Wholesale of textiles |
Email Addresses
Web Pages
Employee
Information
|
Date Reported |
Number of Employees |
|
2018 |
230 |
Banker Information
No banker information for this company
Advisors
Information
No advisor information for this
company.
Miscellaneous Information
|
Fax
Number |
N/a |
|
Export
Countries |
Asia / Pacific |
|
Import
Countries |
Asia / Pacific |
|
Additional
Business Information |
Core Business: The primary business
focus of KANG NA VN CO LTD is Manufacturing - Finished products. Key products
include: Garments, Textiles, An integral part of the core business includes:
Distribution, Supplementary Business: In addition to the core business, KANG
NA VN CO LTD also is engaged in the following areas of business: 1.
Exporting, Exporting - Finished products, 2. Importing, Importing - Raw materials. |
|
Additional
Payment Information |
Selling:
Type: Local Terms: 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: 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 31.12.16, 31.12.15 and 31.12.14. 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 |
230 |
Additional Miscellaneous Information
|
Primary
Business Activity |
Manufacturer |
|
Key
Industry |
Garments & Accessories |
|
Registered
Legal Address |
Lot 62B, 63, 65, 66 Long Giang
Industrial Zone Tan Lap 1 Commune, Tan Phuoc, Tien Giang |
|
Issuing
Authority |
DEPT. OF PLANNING & INVESTMENT
- Tien Giang |
|
Capital |
US$ 10,000,000 |
|
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 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 GTGT / VAT Number: 1201450988 Date of Issuance: 30
Aug, 2013 |
|
Domestic
Sales & Purchases |
Annual
Sales Analysis: Percentage Domestic Sales: 80% International Sales (Export):
20% Annual Purchases Analysis: Percentage Local Purchases: 70% Imports: 30% |
|
Company
Management |
Personal Unique
Identifier: MI04434748 Name: Mr. Liang-Yi Zuo Date of Birth: 1969 |
|
Reputation |
Reference
checking for the purpose of establishing KANG NA VN 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. |
|
Local
Branches & Management |
Branch: KANG NA VN CO LTD - TAN BINH
DIST, HO CHI MINH Branch Address: 157-159 Xuan Hong Ward 12, Tan Binh Dist,
Ho Chi Minh |
|
Office
& Facilities |
The following information relates
to the Business Entity's office as listed above: Name: KANG NA VN CO LTD - TAN
PHUOC, TIEN GIANG Primary Use: Office & Administration facilities
Address: Lot 62B, 63, 65, 66 Long Giang Industrial Zone Tan Lap 1 Commune,
Tan Phuoc, Tien Giang Country: Vietnam Status: Operational |
|
Primary
Products |
|
|
Products
/ Materials / Services Description Activity |
|
|
Garments |
Manufacturing, Exporting |
|
Textiles |
Manufacturing, Exporting |
Financials
|
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 |
731.932.000.000 |
460.375.000.000 |
25.669.000.000 |
|
Operating Costs |
661.448.000.000 |
388.808.000.000 |
29.002.000.000 |
|
Operating Profit |
70.484.000.000 |
71.567.000.000 |
-3.333.000.000 |
|
Wages & Salaries |
- |
- |
- |
|
Pension Costs |
- |
- |
- |
|
Depreciation |
- |
- |
- |
|
Amortisation |
- |
- |
- |
|
Financial Income |
4.520.000.000 |
21.094.000.000 |
217.000.000 |
|
Financial Expenses |
19.047.000.000 |
20.262.000.000 |
1.437.000.000 |
|
Extraordinary Income |
629.000.000 |
112.000.000 |
750.000.000 |
|
Extraordinary Costs |
227.000.000 |
10.000.000 |
10.000.000 |
|
Profit before Tax |
56.360.000.000 |
72.501.000.000 |
-3.813.000.000 |
|
Tax |
- |
- |
- |
|
Profit after Tax |
56.360.000.000 |
72.501.000.000 |
-3.813.000.000 |
|
Dividends |
- |
- |
- |
|
Minority Interests |
- |
- |
- |
|
Other Appropriations |
- |
- |
- |
|
Retained Profit |
56.360.000.000 |
72.501.000.000 |
-3.813.000.000 |
|
|
|
|
|
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Balance
Sheet |
|
|
|
|
Land
& Buildings |
0 |
0 |
0 |
|
Plant
& Machinery |
0 |
0 |
0 |
|
Other
Tangible Assets |
550.606.000.000 |
290.173.000.000 |
277.871.000.000 |
|
Total
Tangible Assets |
550.606.000.000 |
290.173.000.000 |
277.871.000.000 |
|
Goodwill |
0 |
0 |
0 |
|
Other
Intangible Assets |
0 |
0 |
0 |
|
Total
Intangible Assets |
0 |
0 |
0 |
|
Investments |
0 |
0 |
0 |
|
Loans to
Group |
0 |
0 |
0 |
|
Other
Loans |
0 |
0 |
0 |
|
Miscellaneous
Fixed Assets |
888.000.000 |
877.000.000 |
0 |
|
Total Other
Fixed Assets |
888.000.000 |
877.000.000 |
0 |
|
Total
Fixed Assets |
646.562.000.000 |
388.940.000.000 |
364.342.000.000 |
|
Raw
Materials |
0 |
0 |
0 |
|
Work in
Progress |
0 |
0 |
0 |
|
Finished
Goods |
0 |
0 |
0 |
|
Other
Inventories |
0 |
0 |
0 |
|
Total
Inventories |
164.035.000.000 |
59.989.000.000 |
50.108.000.000 |
|
Trade
Receivables |
56.434.000.000 |
100.958.000.000 |
23.692.000.000 |
|
Group
Receivables |
0 |
0 |
0 |
|
Receivables
Due after 1 year |
0 |
0 |
0 |
|
Miscellaneous
Receivables |
0 |
0 |
0 |
|
Total
Receivables |
56.434.000.000 |
100.958.000.000 |
23.692.000.000 |
|
Cash |
6.419.000.000 |
6.041.000.000 |
7.389.000.000 |
|
Other
Current Assets |
99.068.000.000 |
97.890.000.000 |
86.471.000.000 |
|
Total
Current Assets |
231.382.000.000 |
167.478.000.000 |
92.281.000.000 |
|
Total
Assets |
877.944.000.000 |
556.418.000.000 |
456.623.000.000 |
|
Trade
Payables |
338.514.000.000 |
92.509.000.000 |
175.096.000.000 |
|
Bank
Liabilities |
0 |
0 |
0 |
|
Other
Loans or Finance |
168.801.000.000 |
119.174.000.000 |
74.668.000.000 |
|
Group
Payables |
0 |
0 |
0 |
|
Miscellaneous
Liabilities |
5.278.000.000 |
4.184.000.000 |
17.331.000.000 |
|
Total
Current Liabilities |
512.593.000.000 |
215.867.000.000 |
267.095.000.000 |
|
Trade
Payables After 1 Year |
0 |
0 |
0 |
|
Bank
Liabilities After 1 Year |
0 |
0 |
0 |
|
Other
Loans or Finance due after 1 year |
29.742.000.000 |
61.286.000.000 |
0 |
|
Group
Payables After 1 Year |
0 |
0 |
0 |
|
Miscellaneous
Liabilities Due After 1 Year |
0 |
0 |
0 |
|
Total Long
Term Liabilities |
29.742.000.000 |
61.286.000.000 |
0 |
|
Total
Liabilities |
542.335.000.000 |
277.153.000.000 |
267.095.000.000 |
|
Called
Up Share Capital |
211.724.000.000 |
211.723.000.000 |
194.487.000.000 |
|
Share
Premium |
0 |
0 |
0 |
|
Revenue Reserves |
123.884.000.000 |
67.542.000.000 |
-4.959.000.000 |
|
Other
Reserves |
0 |
0 |
0 |
|
Total
Shareholders Equity |
335.608.000.000 |
279.265.000.000 |
189.528.000.000 |
|
Other
Financials Contingent
Liabilities |
|
|
|
|
Working
Capital |
-281.211.000.000 |
-48.389.000.000 |
-174.814.000.000 |
|
Net
Worth |
0 |
0 |
0 |
|
|
|
|
|
|
Ratios Pre Tax
Profit Margin |
7.7 |
15.75 |
-14.85 |
|
Return
On Capital Employed |
15.43 |
21.29 |
|
|
Return
On Total Assets Employed |
6.42 |
13.03 |
-0.84 |
|
Return
On Net Assets Employed |
16.79 |
25.96 |
-2.01 |
|
Sales /
Net Working Capital |
-2.6 |
-9.51 |
-0.15 |
|
Stock
Turnover Ratio |
22.41 |
13.03 |
195.21 |
|
Debtor
Days |
28.14 |
80.04 |
336.89 |
|
Creditor
Days |
168.81 |
73.34 |
2489.78 |
|
Current Ratio |
0.45 |
0.78 |
0.35 |
|
Liquidity
Ratio Or Acid Test |
0.13 |
0.5 |
0.16 |
|
Current
Debt Ratio |
1.53 |
0.77 |
1.41 |
|
Gearing |
|
|
|
|
Equity
In Percentage |
|
|
|
|
Total
Debt Ratio |
1.62 |
0.99 |
1.41 |
Current Directors
|
Name |
Gender |
Address |
Date of
Birth |
Position |
|
Liang-Yi Zuo |
Male |
Chinese |
|
Managing Director |
|
Thanh Thuy Thi Dao |
Female |
Vietnamese |
|
Chief Accountant |
|
Chen Filan |
Male |
Chinese |
|
Deputy Managing Director |
Previous
Directors
No previous directors for
this company
Share Capital Structure
|
Nominal
Share Capital |
10.000.000 |
|
|
|
Issued
Share Capital |
|||
Shareholders
|
Shareholder |
Address |
% Shares
Held |
|
CHUANG RUI TEXTILE CO LTD |
|
100 |
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 67.38 |
|
|
1 |
INR 91.39 |
|
Euro |
1 |
INR 79.89 |
|
VND |
1 |
INR 0.0030 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
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.