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MIRA INFORM REPORT
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Report No. : |
509032 |
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Report Date : |
22.05.2018 |
IDENTIFICATION DETAILS
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Name : |
STEEL 568 CO LTD |
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Registered Office : |
Minh Duc Industrial Park Km 33 National Highway 5A Minh Duc Ward, My
Hao Dist, Hung Yen |
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Country : |
Vietnam |
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Financials (as on) : |
December, 2016 |
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Date of Incorporation : |
27.09.2013 |
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Com. Reg. No.: |
0900273306 |
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Legal Form : |
Company Limited |
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Line of Business : |
Subject is engaged in Manufacture of
basic iron and steel and of ferro-alloys.
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No. of Employees : |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 |
STEEL
568 CO LTD |
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Country |
VIET
NAM |
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Company
Registration Number |
0900273306 |
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Main
Activity Code |
2410 |
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Main
Activity Description |
Manufacture
of basic iron and steel and of ferro-alloys |
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Company
Status |
(Active) |
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Latest
Turnover Figure |
- |
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Latest
Shareholder Equity Figure |
165.919.000.000 |
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Common
Credit Rating |
C |
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Common
Rating Description |
Moderate
Risk |
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Credit
Limit |
No
Recommendation |
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Provider
Credit Rating |
45 |
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Provider
Rating Description |
Moderate
Risk |
Basic
Information
|
|
|
Business
Name |
STEEL
568 CO LTD |
|
Registered
Company Name |
STEEL
568 CO LTD |
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Company
Registration Number |
0900273306 |
|
Country |
VIET
NAM |
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VAT
Registration Number |
0900273306 |
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VAT
Registration Date |
2007-08-01 |
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Date
of Company Registration |
2013-09-27 |
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Date
of Starting Operations |
2013-09-27 |
|
Legal
Form |
Company
Limited |
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Company
Status |
(Active) |
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Contact
Telephone Number |
[+84]
221-3746086 Status: Telephone number not working [+84] 4-62810835 Status: Telephone number working but no
answer |
Main
Address
|
|
Address Country Telephone |
|
Minh Duc Industrial Park Km 33 National Highway 5A Minh Duc Ward, My Hao VIET NAM [+84]
221-3746086 Status: Dist, Hung Yen
Telephone number not working
[+84]
4-62810835
Status: Telephone
number working but no answer |
Other
Address
|
|
No other
addresses for this company. |
Previous
Address
|
|
No
previous addresses for this company. |
Activities
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Activity Code Activity Description |
|
2410 Manufacture of basic
iron and steel and of ferro-alloys |
Email
Addresses
|
|
N/A |
Web
Pages
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|
N/A |
Employee
Information
|
|
Date Reported Number of Employees |
|
2018 N/A |
Banker
Information
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|
No
banker information for this company. |
Advisors
Information
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No
advisor information for this company. |
Miscellaneous
Information
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Fax
Number |
[+84]
221-3746085 Status: Fax number not working |
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Additional
Business Information |
Core
Business: The primary business focus of STEEL 568 CO LTD is Manufacturing -
Finished products. Key products include: Steel coils, Steel plate, An
integral part of the core business includes: Distribution. Supplementary
Business: In addition to the core business, STEEL 568 CO LTD also is engaged
in the following areas of business: 1. Importing, Importing - Raw materials. |
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Additional
Rating Information |
Average Credit
Quality: Credit can proceed ONLY on strict
financing terms. Proposed Credit Limit: No Recommendation.
Revision of Credit Limit: Periodic
/quarterly. Risk Index: Medium. |
|
Additional
Financial Information |
Financial
Statements were prepared as at 2016-12-31 and 2015-12-31. 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 |
N/A |
Additional
Miscellaneous Information
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Primary
Business Activity |
Manufacturer |
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Key
Industry |
Metals
& Metal Products |
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Registered
Legal Address |
Minh
Duc Industrial Park Km 33 National Highway 5A Minh Duc Ward, My Hao Dist,
Hung Yen |
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Issuing
Authority |
DEPT.
OF PLANNING & INVESTMENT - Hung Yen |
|
Legal
Form – Category |
Private
Company with Limited Liability |
|
Legal
Form – Abbreviation |
CO
LTD |
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Operational
Status of Business |
It
was NOT possible to confirm the operational status. |
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Capital |
US$
3,513,520 |
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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. |
|
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:
0900273306 Date of Issuance: 1 Aug, 2007 |
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Previous
Business License/S |
License
Date: License No. 26 Jul, 2005: 0504000175 |
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Company
Management |
Name:
Mr. Lan Ngoc Pham Name in local language: Lan Ngọc Phạm Date of
Birth: 1981 |
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Capital
(Date: Authorized Capital - History) |
26
Jul, 2005: 30,000,000,000 2 Mar, 2016: 80,000,000,000 |
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Reputation |
Due to the prevailing circumstances regarding the status of STEEL 568
CO LTD, assessment of reputation is not
relevant. |
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Nega-Scan
- Adverse Data Monitoring |
Dishonored
Checks, Debt, Civil Litigation, Performance Defaults, Adverse Local Media
Coverage / Adverse Filing History: No Record Found. |
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Local
Branches & Management |
Branch: STEEL 568 CO LTD -
HANOI Branch Address: Rm 1011, 18T1
Bldg Trung Hoa Nhan Chinh, Hanoi Branch Tel:
84-4-62810835 |
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Office
& Facilities |
The following information relates to the Business Entity's office as listed above:
Name: STEEL 568 CO LTD
- MY HAO DIST, HUNG YEN Primary Use: Office & Administration facilities Address: Minh Duc
Industrial Park Km 33 National Highway 5A Minh Duc Ward, My Hao Dist,
Hung Yen Country: Vietnam Status: Unknown |
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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. Lan
Ngoc Pham |
Primary
Products
|
|
|
Products
/ Materials / Services Description |
Activity |
|
Steel
coils |
Manufacturing |
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Steel
plate |
Manufacturing |
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Financial
Year |
2016-12 |
2015-12 |
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Number
of Weeks |
52 |
52 |
|
Currency |
VND |
VND |
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Consolidated
Accounts |
No |
No |
Profit
and Loss
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||
|
Revenue |
1.417.045.000.000 |
1.096.120.000.000 |
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Operating
Costs |
1.367.431.000.000 |
1.072.720.000.000 |
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Operating
Profit |
49.614.000.000 |
23.400.000.000 |
|
Wages
& Salaries |
- |
- |
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Pension
Costs |
- |
- |
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Depreciation |
- |
- |
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Amortisation |
- |
- |
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Financial
Income |
956.000.000 |
2.575.000.000 |
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Financial
Expenses |
22.641.000.000 |
12.833.000.000 |
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Extraordinary
Income |
1.666.000.000 |
411.000.000 |
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Extraordinary
Costs |
2.755.000.000 |
3.731.000.000 |
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Profit
before Tax |
26.840.000.000 |
9.824.000.000 |
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Tax |
5.905.000.000 |
2.161.000.000 |
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Profit
after Tax |
20.935.000.000 |
7.663.000.000 |
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Dividends |
- |
- |
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Minority
Interests |
- |
- |
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Other
Appropriations |
- |
- |
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Retained
Profit |
20.935.000.000 |
7.663.000.000 |
Balance
Sheet
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Land
& Buildings |
0 |
0 |
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Plant
& Machinery |
0 |
0 |
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Other
Tangible Assets |
166.778.000.000 |
146.785.000.000 |
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Total
Tangible Assets |
166.778.000.000 |
146.785.000.000 |
|
Goodwill |
0 |
0 |
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Other
Intangible Assets |
0 |
0 |
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Total
Intangible Assets |
0 |
0 |
|
Investments |
0 |
0 |
|
Loans
to Group |
0 |
0 |
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Other
Loans |
0 |
0 |
|
Miscellaneous
Fixed Assets |
0 |
0 |
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Total
Other Fixed Assets |
0 |
0 |
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Total
Fixed Assets |
166.778.000.000 |
146.785.000.000 |
|
Raw
Materials |
0 |
0 |
|
Work
in Progress |
0 |
0 |
|
Finished
Goods |
0 |
0 |
|
Other
Inventories |
0 |
0 |
|
Total
Inventories |
201.955.000.000 |
69.844.000.000 |
|
Trade
Receivables |
210.369.000.000 |
163.548.000.000 |
|
Group
Receivables |
0 |
0 |
|
Receivables
Due after 1 year |
0 |
0 |
|
Miscellaneous
Receivables |
0 |
0 |
|
Total
Receivables |
210.369.000.000 |
163.548.000.000 |
|
Cash |
11.785.000.000 |
22.649.000.000 |
|
Other
Current Assets |
103.869.000.000 |
13.583.000.000 |
|
Total
Current Assets |
527.979.000.000 |
269.623.000.000 |
|
Total
Assets |
694.756.000.000 |
416.408.000.000 |
|
Trade
Payables |
192.876.000.000 |
121.027.000.000 |
|
Bank
Liabilities |
0 |
0 |
|
Other
Loans or Finance |
276.800.000.000 |
86.409.000.000 |
|
Group
Payables |
0 |
0 |
|
Miscellaneous
Liabilities |
6.463.000.000 |
4.430.000.000 |
|
Total
Current Liabilities |
476.139.000.000 |
211.866.000.000 |
|
Trade
Payables After 1 Year |
0 |
0 |
|
Bank
Liabilities After 1 Year |
0 |
0 |
|
Other
Loans or Finance due after 1 year |
52.698.000.000 |
94.558.000.000 |
|
Group
Payables After 1 Year |
0 |
0 |
|
Miscellaneous
Liabilities Due After 1 Year |
0 |
0 |
|
Total
Long Term Liabilities |
52.698.000.000 |
94.558.000.000 |
|
Total
Liabilities |
528.837.000.000 |
306.424.000.000 |
|
Called
Up Share Capital |
95.000.000.000 |
60.000.000.000 |
|
Share
Premium |
0 |
0 |
|
Revenue
Reserves |
70.919.000.000 |
49.984.000.000 |
|
Other
Reserves |
0 |
0 |
|
Total
Shareholders Equity |
165.919.000.000 |
109.984.000.000 |
Other
Financials
|
||
|
Contingent
Liabilities |
||
|
Working
Capital |
51.840.000.000 |
57.757.000.000 |
|
Net
Worth |
0 |
0 |
Ratios
|
||
|
Pre
Tax Profit Margin |
1.89 |
0.9 |
|
Return
On Capital Employed |
12.28 |
4.8 |
|
Return
On Total Assets Employed |
3.86 |
2.36 |
|
Return
On Net Assets Employed |
16.18 |
8.93 |
|
Sales
/ Net Working Capital |
27.33 |
18.98 |
|
Stock
Turnover Ratio |
14.25 |
6.37 |
|
Debtor
Days |
54.19 |
54.46 |
|
Creditor
Days |
49.68 |
40.3 |
|
Current
Ratio |
1.11 |
1.27 |
|
Liquidity
Ratio Or Acid Test |
0.68 |
0.94 |
|
Current
Debt Ratio |
2.87 |
1.93 |
|
Total
Debt Ratio |
3.19 |
2.79 |
Additional
Financials
|
|
Gross
Profit |
Current
Directors
|
|||
|
Name |
Gender |
Position |
|
|
Lan
Ngoc Pham |
Male |
Managing
Director |
|
|
Minh
Xuan Nguyen |
Male |
Chief
Accountant |
|
Previous
Directors
|
|
No
previous directors for this company. |
Share
Capital Structure
|
|
Nominal Share
Capital 80.000.000.000 |
|
Issued Share Capital 80.000.000.000 |
Shareholders
|
||
|
Shareholder |
Address |
%
Shares Held |
|
Mr.
Le Hong Pham |
Vietnam |
75 |
|
Mr.
Lan Ngoc Pham |
Vietnam |
25 |
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 68.08 |
|
|
1 |
INR 91.40 |
|
Euro |
1 |
INR 79.92 |
|
VND |
1 |
INR 0.0030 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
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.