| Borrower | Loan | Status | Covenants | Next visit | |
|---|---|---|---|---|---|
VinaTrans Logistics Co., Ltd. |
US$3.5M |
Red alert |
15 Apr — urgent |
View report | |
SwiftLink Logistics Pte. Ltd. |
S$4.2M |
Amber |
Jun 2026 |
View report | |
Hanoi Industrial Supplies JSC |
US$2.1M |
Amber |
May 2026 |
View report |
|
PrimePack Industries Pte. Ltd. |
S$6.8M |
Amber |
Jul 2026 |
View report |
|
Meridian Cargo Solutions Pte. Ltd. |
S$3.5M |
Clear |
Aug 2026 |
View report |
|
SaigonTech Fulfilment Co., Ltd. |
US$1.8M |
Clear |
Sep 2026 |
View report |
|
Apex Steel Components Pte. Ltd. |
S$5.2M |
Clear |
Oct 2026 |
View report |
|
DeltaPort Marine Services Ltd. |
S$7.1M |
Clear |
Nov 2026 |
View report |
| Covenant | Threshold | Borrower-reported | Field / AI finding | Status | Confidence |
|---|---|---|---|---|---|
Debt service coverage ratio Min DSCR per loan agreement |
≥ 1.25× | 1.41× | AI flags EBITDA overstatement risk based on ACRA filing delta | Amber | 55% |
Inventory pledge — warehouse stock Pledged goods must meet minimum value |
S$1.8M | S$2.1M | Physical count estimates S$1.4–1.6M. Approx. 25% shortfall vs. reported | Amber | 62% |
Leverage ratio Total debt / EBITDA |
≤ 4.0× | 3.7× | Consistent with ACRA filings and observable operations | Clear | 88% |
Key person — CEO presence CEO must remain active |
Active | Active | CEO met on-site; operational decisions confirmed with staff | Clear | 95% |
Vehicle assets — 3 commercial trucks Pledged vehicles operational |
3 vehicles | 3 vehicles | 2 on-site verified. 1 confirmed in off-site repair (LTA records sighted) | Clear | 82% |
No additional encumbrance No undisclosed pledges |
None | Confirmed | ACRA and SLA searches return clean. No cross-pledging detected | Clear | 91% |
Former operations auditor, 9 years logistics & supply chain audit experience. GroundState certified agent, Singapore cohort. Professional indemnity insured. 17th completed verification.
The S$200K–400K inventory shortfall warrants formal reconciliation. Borrower should provide a certified warehouseman stock report by 30 April 2026. If confirmed shortfall exceeds S$300K, a cure notice should be issued per Clause 14.2.
The S$287K variance must be formally explained. Management committed to a reconciliation within 14 days. Escalate to legal counsel if not received by 17 May 2026.
Given the two concurrent amber flags, GroundState recommends upgrading from quarterly to monthly monitoring for the next two periods. Next verification visit scheduled for June 2026.
No evidence of deliberate misrepresentation at this stage. Operations are active, management engaged, and the borrower cooperated fully. A constructive remediation dialogue is recommended over enforcement.
Physical inspection and cross-referencing with Vietnam Enterprise Registration Portal (ERP) filings reveals the reported operational scale is materially inconsistent with on-the-ground reality. GroundState's AI engine flagged 4 pre-visit anomalies; all 4 were confirmed or escalated during the site visit.
| Covenant | Threshold | Borrower-reported | Field / AI finding | Status | Confidence |
|---|---|---|---|---|---|
Monthly revenue covenant Min revenue to maintain DSCR |
≥ US$420K/mo | US$510K/mo | ERP filings imply max US$180–220K/mo. ~3 trucks active vs. 8 reported | Breach | 22% |
Refrigerated fleet — 8 vehicles All 8 pledged vehicles operational |
8 vehicles | 8 active | 3 vehicles on-site (2 operational, 1 decommissioned). 5 unaccounted for. 3 registrations cannot be located in VNPT registry | Breach | 18% |
Cold-chain warehouse — operational Facility must be fully operational |
Operational | Fully active | Only 2 of 6 temperature-controlled bays functioning. Compressor units in bays 3–6 non-operational | Breach | 15% |
Key person — CEO & COO Both executives must remain active |
Both active | Both active | CEO present but evasive. COO absent — no verifiable explanation | Amber | 40% |
No additional encumbrance No undisclosed pledges |
None | Confirmed | Unresolved VietinBank lien on warehouse land title. Not disclosed in loan application | Amber | 35% |
Leverage ratio Total debt / EBITDA |
≤ 4.5× | 3.9× | Unreliable — EBITDA unverifiable given revenue fabrication suspicion | Unverifiable | 10% |
Former Vietnam Ministry of Finance auditor, 11 years in commercial credit and SOE auditing. GroundState certified, HCMC cohort. Professional indemnity insured. Bilingual (Vietnamese/English). 8th completed verification.
The findings constitute a likely event of default under Clause 18.1(a) (material misrepresentation) and Clause 18.1(c) (operational covenant breach). Apex Credit Partners should convene an emergency credit committee within 48 hours.
An independent Vietnam-based asset tracing firm should be engaged to locate the 5 unaccounted refrigerated vehicles via VNPT registry, customs records, and provincial transport authority records in Bình Dương and Đồng Nai.
A formal legal opinion from Vietnam counsel on lien priority under the Civil Code 2015 (Article 308 et seq.) is essential before any enforcement action on the warehouse collateral.
VinaTrans Logistics Co., Ltd. has been flagged in GroundState's proprietary borrower intelligence database. Other clients with exposure to this entity or affiliated UBOs will receive an anonymised risk signal via the dashboard.