MIRA
INFORM REPORT
|
Report Date : |
8th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
VIGLACERA
IMPORT – EXPORT JOIN STOCK COMPANY |
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|
|
|
Registered Office : |
No. 2
Hoang Quoc Viet Str, Hanoi City, Vietnam |
|
|
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Country : |
Vietnam |
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|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
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Date of Incorporation : |
1998 |
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|
|
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Com. Reg. No.: |
0103011079 |
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|
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Legal Form : |
Joint Stock Company |
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|
|
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Line of Business : |
Ø
Trading in materials,
equipment, machinery Ø
Trading in building
materials, interior decoration materials Ø Manufacturing and assemble hygiene equipments |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
English Name |
|
VIGLACERA
IMPORT – EXPORT JOIN STOCK COMPANY |
|
Vietnamese
name |
|
CONG
TY CO PHAN XUAT NHAP KHAU VIGLACERA |
|
Trade
name |
|
VIGLACERA – EXIM., JSC |
|
Current
type of business |
|
Joint Stock Company |
|
Former
type of business |
|
State Owned Company |
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Established
|
|
1998 |
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Equitized |
|
2005 |
|
Under
the decision No. |
|
1679/QD – BXD |
|
Issued
on |
|
September 05th, 2005 |
|
Issued
by |
|
Ministry of Construction |
|
Business
registration |
|
No.
0103011079 |
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Issued
on |
|
March
03rd, 2006 |
|
Issued
by |
|
Hanoi
Planning and Investment Department |
|
Registered
Capital |
|
8,000,000,000
VND |
|
Tax
code |
|
0100108173-007 |
|
Total
Employees |
|
70 |
|
Qualification |
|
Normal
|
|
Note: The given name “VIRLACERA” is not correct. Its right name is “VIGLACERA” |
||
ADDRESSES
|
Head Office
Location: |
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|
Address |
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No. 2
Hoang Quoc Viet Str, Hanoi City, Vietnam |
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Tel |
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(84-4)
7567712 |
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Fax |
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(84-4)
7567710 |
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Email |
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Branch in Hanoi city |
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|
Business
registration |
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No.
0113012139 |
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Issued
on |
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May 9th,
2006 |
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Address |
|
No. 2
Hoang Quoc Viet Str, Hanoi City, Vietnam |
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|
||
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Branch In Hochiminh City |
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|
Address |
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No. 50
Sam Son Str, Ward 4, Tan Binh Dist, Hochiminh City |
DIRECTORS
|
1. NAME |
|
Mr. LE MINH TUAN |
|
Position |
|
General
Director |
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Date of Birth |
|
November
4th, 1958 |
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ID |
|
012345767 |
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Issued on |
|
August
11th, 2000 |
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Issued by |
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Hanoi
Police Station |
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Resident |
|
K83
Yen Hoa Collective Zone, Yen Hoa Ward, Cau Giay Dist, Hanoi |
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Current Address |
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Room
301, Thang Long International Village, Cau Giay Dist, Hanoi City |
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Nationality |
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Vietnamese |
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2. NAME |
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Mr. NGUYEN TRAN TUAN NGHIA |
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Position |
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Deputy General Director |
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Resident |
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2A Nguyen Huu Huan Str, Hang Buom Ward, Hoan Kiem Dist, Hanoi |
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Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
Following are main business activities of the
subject:
Trading in materials,
equipment, machinery
Trading in building
materials, interior decoration materials
Manufacturing and assemble hygiene equipments
IMPORT & EXPORT ACTIVITIES
IMPORT: The Subject imports materials, equipment from
many countries in the world.
EXPORT: Products of the Subject are exported to Russia, Ukraine, Korea, Japan, Taiwan, India etc…
BANKERS
|
1.
BANK FOR ROREIGN TRADE OF VIETNAM – CAU GIAY BRANCH |
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|
Address |
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No. 98
Hoang Quoc Viet Str, Hanoi City |
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Country
|
|
Vietnam |
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Tel |
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(84-4)
7569004 |
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Fax |
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(84-4)
7569006 |
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|
||
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2.VIETNAM
BANK FOR AGRICULTURE AND RURAL DEVELOPMENT |
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|
Address |
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No. 2
Lang Ha Str, Ba Dinh Dist, Hanoi |
SHAREHOLDERS
|
1.
NAME |
|
Mr. LE MINH TUAN |
|
Position |
|
General
Director |
|
Date
of Birth |
|
November
4th, 1958 |
|
ID |
|
012345767 |
|
Issued
on |
|
August
11th, 2000 |
|
Issued
by |
|
Hanoi
Police Station |
|
Resident
|
|
K83
Yen Hoa Collective Zone, Yen Hoa Ward, Cau Giay Dist, Hanoi |
|
Current
Address |
|
Room
301, Thang Long International Village, Cau Giay Dist, Hanoi city |
|
Nationality |
|
Vietnamese |
|
Value |
|
47,200 Shares |
|
|
||
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2.
NAME |
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Mr.
DANG VAN THIEU |
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Resident |
|
Lam Son, Bim Son Town, Thanh Hoa Province, Vietnam
|
|
National |
|
Vietnamese |
|
Value |
|
41,600 Shares |
|
|
||
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3.
NAME |
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Mr.
NGUYEN HOANG TUNG |
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Resident |
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No. 20, Nguyen Khoai Lane, Thanh Tri Ward, Hoang
Mai Dist, Hanoi City |
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Value |
|
10,000 Shares |
|
|
||
|
4.
NAME |
|
Manufacturing
Service and Trading Company Limited |
|
Resident |
|
No. 5 Hoang Hoa Tham Collective Zone, Ngoc Ha
Ward, Ba Dinh Dist, Hanoi City |
|
Value |
|
25,000 Shares |
|
|
||
|
5.
NAME |
|
. Mr.
NGUYEN VINH CUONG |
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Resident |
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Room 511, Building C2, Quynh Mai Collective, Quynh
Mai Ward, Hai Ba Trung Dist, Hanoi City |
|
Value |
|
53,300 Shares |
|
|
||
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6.
NAME |
|
Mr.
NGUYEN TRAN TUAN NGHIA |
|
Resident |
|
2A Nguyen Huu Huan Str, Hang Buom Ward, Hoan Kiem
Dist, Hanoi City |
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Value |
|
51,000 Shares |
|
|
||
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7.
NAME |
|
Mr. LE
MINH TUAN |
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Resident |
|
K 83 Yen Hoa Collective, Yen Hoa Ward, Cau Giay
Dist, Hanoi City |
|
Value |
|
47,200 Shares |
|
|
||
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8.
NAME |
|
VIETNAM
GLASS AND CERAMICS FOR CONSTRUCTION COR |
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Resident |
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No. 628 Hoang Hoa Tham Str, Tay Ho Dist, Hanoi
City |
|
Value |
|
47,200 Shares |
|
|
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9.
NAME |
|
THUAN
THANH MANUFACTURING AND SERVICE CO., LTD |
|
Resident |
|
No. 802 LaThanh Str, Giang Vo Ward, BaDinh Dist,
Hanoi City |
|
Value |
|
25,600 Share |
|
|
||
|
10.
NAME |
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OTHER
SHAREHOLDERS |
|
Value |
|
38,000 Shares |
PAYMENT HISTORY AND EXPERIENCES
|
Trade
Morality |
|
Fairly
|
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Liquidity |
|
Normal |
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Payments |
|
Fairly
good |
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Financial
Situation |
|
Normal |
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Development
trend |
|
Normal |
|
Legal
Action |
|
No
recorded |
|
Bankruptcy |
|
No
recorded |
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Mode of payment |
|
The most usual are letter of credit (L/C) and remittance (T/T) |
FINANCIAL DATA
BALANCE SHEET
Unit: VND
|
Balance Sheet Date |
31/12/2005 |
31/12/2004 |
|
Number
of Weeks |
52 |
52 |
|
Consolidation
code |
Consolidated |
Consolidated |
|
ASSETS |
||
|
A.
Working assets & short-term Investment |
202,102,669,964 |
220,703,542,732 |
|
I.
Cash |
8,509,681,720 |
4,519,283,104 |
|
II.
Short-term finance investment |
0 |
0 |
|
1.
Short-term securities investment |
|
|
|
2.
Other short-term investment |
|
|
|
3.
Provision for short-term investment |
|
|
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III.
Receivables |
165,635,937,169 |
168,007,632,257 |
|
1.
Receivables from customers |
93,695,650,436 |
93,357,835,413 |
|
2.
Prepaid for providers |
2,816,644,955 |
1,814,035,582 |
|
3. VAT
deducted |
|
|
|
4. Internal
receivables |
12,903,564,082 |
15,496,126,674 |
|
5.
Other receivables |
56,220,077,696 |
57,339,634,588 |
|
6.
Provision for bad receivables |
|
|
|
IV.
Inventory |
15,045,365,937 |
37,119,979,063 |
|
1.
Purchased goods in transit |
|
|
|
2. Raw
materials |
|
|
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3.
Inventory appliance |
|
|
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4.
Cost for production and business in process |
|
|
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5.
Finished products |
|
|
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6.
Inventory goods |
15,045,365,937 |
37,119,979,063 |
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7.
Goods on consignment |
|
|
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8.
Provision for devaluation of stocks |
|
|
|
V.
Other current assets |
12,911,685,138 |
11,056,648,308 |
|
1.
Advances |
|
|
|
2.
Prepaid expenses |
12,911,685,138 |
11,056,648,308 |
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3.
Pending expenses for transfer |
|
|
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4.
Pending assets |
|
|
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5.
Mortgage, collateral & short run collateral |
|
|
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VI.
Administrative Expenses |
0 |
0 |
|
1.
Administrative expenses for previous year |
|
|
|
2.
Administrative expenses for current year |
|
|
|
B.
Fixed assets & long-term investment |
4,922,747,455 |
3,157,933,610 |
|
I.
Fixed assets |
1,730,835,943 |
1,872,554,779 |
|
1.
Tangible fixed assets |
730,835,943 |
872,554,779 |
|
+
Original cost |
1,301,466,023 |
1,370,636,435 |
|
+
Accumulated depreciation value |
-570,630,080 |
-498,081,656 |
|
2.
Financial leasing fixed assets |
0 |
0 |
|
+
Original cost |
|
|
|
+
Accumulated depreciation value |
|
|
|
3.
Intangible fix assets |
1,000,000,000 |
1,000,000,000 |
|
+
Original cost |
1,000,000,000 |
1,000,000,000 |
|
+
Accumulated depreciation value |
|
|
|
II.
Long-term investment |
0 |
0 |
|
1.
Long-term securities investment |
|
|
|
2.
Joint-venture capital contribution |
|
|
|
3.
Other long-term investment |
|
|
|
4.
Provision for long-term invest devaluation |
|
|
|
III.
Construction in process |
2,273,845,440 |
163,064,793 |
|
IV. Other |
918,066,072 |
1,122,314,038 |
|
TOTAL ASSETS: |
207,025,417,419 |
223,861,476,342 |
|
LIABILITIES |
||
|
A.
Payable: |
203,753,502,230 |
221,268,132,981 |
|
I.
Short-term payables |
176,492,998,940 |
185,396,413,536 |
|
1.
Short-term borrowings |
106,050,764,278 |
109,476,984,075 |
|
2. Due
long-term liabilities |
16,347,660,000 |
8,335,080,000 |
|
3.
Payables to suppliers |
49,204,354,768 |
61,890,696,827 |
|
4.
Prepayment of buyers |
957,087,856 |
1,926,201,306 |
|
5.
Taxes and accounts dutiable |
-77,616,627 |
-437,536,273 |
|
6.
Employee payments |
1,070,039,247 |
509,669,838 |
|
7.
Internal payables |
|
1,845,206,242 |
|
8.
Other payables |
2,940,709,418 |
1,850,111,521 |
|
II.
Long-term loans |
24,739,257,138 |
30,340,649,600 |
|
1.
Long-term borrowing |
24,739,257,138 |
30,340,649,600 |
|
2.
Long-term payables |
|
|
|
III.
Other liabilities |
2,521,246,152 |
5,531,069,845 |
|
1.
Payable expense |
2,521,246,152 |
5,531,069,845 |
|
2.
Pending assets |
|
|
|
3.
Receipts long-term collateral and deposit |
|
|
|
B.
Owner’s equity |
3,271,915,189 |
2,593,343,361 |
|
I.
Capital & fund |
3,271,915,189 |
2,593,343,361 |
|
1.
Working capital |
727,127,054 |
727,127,054 |
|
2.
Differences from assets revaluation |
1,857,117,500 |
1,857,117,500 |
|
3.
Exchange rate differences |
|
|
|
4.
Development & Investment funds |
|
|
|
5.
Reserved fund |
|
|
|
6.
Undistributed profit |
687,670,635.00 |
9,098,807 |
|
7.
Construction capital sources |
|
|
|
II.
Other administrative and fund sources |
0 |
0 |
|
TOTAL
LIABILITY AND OWNER’S EQUITY |
207,025,417,419 |
223,861,476,342 |
PROFIT & LOST ACCOUNT (INCOME
STATEMENT)
Unit: VND
|
Description |
FY 2005 |
FY 2004 |
|
Total
Revenues |
289,046,457,609 |
201,009,199,296 |
|
Deductions
Items |
83,333,333 |
13,308,639 |
|
-
Discount |
|
|
|
-
Devaluation |
83,333,333 |
13,308,639 |
|
-
Return of sold goods |
|
|
|
-
Turnover tax, luxury and export taxes |
|
|
|
1. Net
revenue |
288,963,124,276 |
200,995,890,657 |
|
2.
Cost of goods sold |
272,741,399,032 |
189,201,532,838 |
|
3. Gross Profit |
16,221,725,244 |
11,794,357,819 |
|
4.
Sales Expenses |
4,901,793,937 |
4,284,386,548 |
|
5.
Enterprise administrative costs |
4,748,633,848 |
3,788,259,600 |
|
6. Net
income from business activities |
6,571,297,459 |
3,721,711,671 |
|
Income
from financial activities |
1,890,369,910 |
3,451,658,700 |
|
Expenditures
from financial activities |
7,776,996,902 |
5,613,098,655 |
|
7. Net
income from financial operation |
-5,886,626,992 |
-2,161,439,955 |
|
Irregular
Income |
54,545,454 |
724,051,501 |
|
Irregular
Expenditure |
36,000,000 |
0 |
|
8.
Irregular Profit |
18,545,454 |
724,051,501 |
|
9.
Total pre-tax profit |
703,215,921 |
2,284,323,217 |
|
10.
Income tax |
0 |
0 |
|
11.
After-tax profit |
703,215,921 |
2,284,323,217 |
FINANCIAL FACTORS
|
Description |
FY 2005 |
FY 2004 |
|
Current
liquidity ratio |
1.15 |
1.19 |
|
Quick
Liquidity ratio |
1.06 |
0.99 |
|
Inventory
circle |
10.46 |
10.19 |
|
Average
Receive period |
209.22 |
305.09 |
|
Utilizing
Asset Performance |
1.40 |
0.90 |
|
Liability
/ Total Asset (%) |
98.42 |
98.84 |
|
Liability/
Owner's Equity (%) |
6,227.35 |
8,532.16 |
|
Income
before tax/ Total Asset (%) ROA |
0.34 |
1.02 |
|
Income
before tax/ Owner's equity (%) ROE |
21.49 |
88.08 |
|
Income
before tax/ Total revenue (%) NPM |
0.24 |
1.14 |
|
Gross
Profit / Total revenue (%) GPM |
5.61 |
5.87 |
INTERPRETATION ON THE SCORES
Viglacera
Import Export Joint Stock Company is one of subsidiaries company of Vietnam
Glass and Ceramics for Construction Corporation (VIGLACERA). This Corporation
has 30 member companies and 50 factories over the country including 13,000
staffs and workers, which is specializing in manufacturing and trading in
construction materials: construction glass, hygiene porcelain, Granite and
Ceramics ashlar paving stone, refractory material, baked -bricks, clays and
tiles. Trade name VIGLACERA is fairly famous and to be believed by consumer in
Vietnam. Viglacera imports equipment and technology from Italy and Germany and
colour glaze from Spain.
The
subject is a subsidiary company, so it is supported from parent company. The
subject was a state owned company. In the middle of 2005, the subject was
changed to joint stock company. It is now located at no. 2 Hoang Quoc Viet Str,
Hanoi City, which is a large building. The premises and facilities of the
subject are spacious. The subject is specializing in trading and import export
of construction material. At present, the subject is exporting its products to
Russia, Japan, Italy, India, etc.
The
finance and operation are regarded normal. Management capability is normal. The
subject’s payment is normal as well. In 2005, its revenue was higher than in
2004 but its profit was lower. Material and voyage freight increased the price
in 2005. In general, unfavorable factors may slight affect on the subject. It
has capacity to meet small amount of financial commitments. There is no caution
needed for small transactions. With any bigger transactions, there is caution
needed for business contracts.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|