MIRA
INFORM REPORT
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Report Date : |
04.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDUSTRIAL GAS AND WELDING ELECTRODE COMPANY LIMITED |
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Registered Office : |
INDUSTRIAL GAS AND WELDING ELECTRODE COMPANY |
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Country : |
Vietnam |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
4104000419 |
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Legal Form : |
One Member Limited Liability Company |
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Line of Business : |
Production of welding electrodes Production of the industrial gases (oxygen, nitrogen, carbon dioxide, acetylene, argon) Business of chemicals, calcium carbide |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT IDENTIFICATION &
LEGAL FORM
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Current English Name
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INDUSTRIAL GAS AND WELDING
ELECTRODE COMPANY LIMITED
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Current Vietnamese Name |
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CONG TY TNHH MOT THANH VIEN HOI KY NGHE QUE HAN |
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Trade Name |
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INDUSTRIAL GAS AND WELDING ELECTRODE CO., LTD |
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Abbreviated Name |
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SOVIGAZ |
Former English Name
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INDUSTRIAL GAS AND WELDING
ELECTRODE COMPANY
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Former Vietnamese Name |
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CONG TY HOI KY NGHE QUE HAN |
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Current Type of Business |
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One Member Limited Liability Company |
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Former Type of Business |
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State Owned Enterprise |
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Founded |
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1993 |
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Current Business Registration |
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No. 4104000419 |
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Issuance on |
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January 23rd 2007 |
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Issuance by |
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Planning and Investment Department of Hochiminh city |
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Former Business Registration |
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No. 102747 |
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Issuance on |
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June 7th 1993 |
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Issuance by |
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Economic Arbitration Board of Hochiminh city |
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Registered Capital |
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53,353,135,054 VND |
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Tax code |
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0300422482 |
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Total Employees |
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600 employees |
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Notes: + The subject changed type of business from state
owned enterprise into one member limited liability company in January 2007. + Business registration No. 4104000419 was
adjusted 02 times. The latest was on May 8th 2008. |
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ADDRESSES
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Head Office: |
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Address |
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No. 1-3 Nguyen Truong To str, Ward 12, Dist 4, Hochiminh city |
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Country |
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Vietnam |
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Tel |
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(84-8) 9400266 / 9401285 / 9430071 / 8260674 / 8267269 |
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Fax |
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(84-8) 9400942 |
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Email |
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Member Units: |
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1. Khanh Hoi Welding Electrode Enterprise: |
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Address |
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502 Nguyen Tat Thanh str, Ward 18, Dist 4, Hochiminh city |
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Country |
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Vietnam |
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Tel |
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(84-8) 9400321 |
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Fax |
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(84-8) 9404290 |
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2. Bien Hoa Industrial Gaz Enterprise: |
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Address |
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Bien Hoa 1 Industrial Zone, Dong Nai province |
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Country |
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Vietnam |
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Tel |
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(84-61) 836244 |
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Fax |
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(84-61) 833235 |
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3. Nha Trang Industrial Gaz Enterprise: |
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Address |
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58A Street 2/4, Vinh Hai ward, Nha Trang city, Khanh Hoa province |
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Country |
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Vietnam |
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Tel |
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(84-58) 831187 |
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Fax |
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(84-58) 837516 |
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4. Can Tho Industrial Gaz Enterprise: |
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Address |
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Tra Noc Industrial Zone, Can Tho province |
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Country |
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Vietnam |
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Tel |
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(84-71) 841634 |
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Fax |
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(84-71) 842113 |
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5. Branch in Hai Phong: |
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Address |
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Km 9, Quan Toan ward, Hong Bang dist, Hai Phong city |
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Country |
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Vietnam |
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Tel |
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(84-31) 850132 |
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Fax |
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(84-31) 749574 |
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6. Binh Duong Industrial gaz and Welding Electrode Enterprise: |
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Address |
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Dong An Industrial Zone, Binh Duong province |
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Country |
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Vietnam |
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Tel |
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(84-650) 783380 |
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Fax |
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(84-650) 783654 |
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7. Trang Kenh Calcium Carbide and Chemical Enterprise: |
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Address |
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Minh Duc town, Thuy Nguyen dist, Hai Phong province |
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Country |
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Vietnam |
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Tel |
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(84-31) 875146 |
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Fax |
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(84-31) 875494 |
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DIRECTORS
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1. NAME |
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Mr. TRINH ANH TUAN |
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Position |
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Director / Chairman |
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Date of Birth |
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November 24th 1952 |
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ID No. |
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020461825 |
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Qualification |
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Management |
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Resident |
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448/9B Nguyen Tat Thanh street, Ward 18, Dist 4, Hochiminh city |
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Nationality |
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Vietnamese |
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2. NAME |
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Mr. TRINH VAN XUYEN |
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Position |
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Deputy Director |
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Qualification |
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Management |
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Resident |
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Hochiminh city |
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Nationality |
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Vietnamese |
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3. NAME |
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Ms. DO THI LIEN |
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Position |
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Sales Manager |
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Qualification |
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Bachelor |
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Resident |
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Hochiminh city |
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Nationality |
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Vietnamese |
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Cell Phone |
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++ 84 913 809 390 |
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BUSINESS NATURE AND ACTIVITIES
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The subject registers and operates in the following business
activities: |
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Production of welding electrodes -
Production of the industrial gases (oxygen, nitrogen, carbon dioxide,
acetylene, argon) -
Business of chemicals, calcium carbide -
Service on: + Designing and installing gases guiding
systems + Controlling
reliability of containers for compressed gases |
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IMPORT & EXPORT ACTIVITIES
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IMPORT: The subject imports machinery, equipments from
Japan, India, EU |
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EXPORT: N/A |
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BANKERS
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1. INDUSTRIAL AND COMMERCIAL BANK OF VIETNAM (INCOMBANK) – Branch No.
1 |
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Address |
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No. 93 - 95 Ham Nghi Street, Nguyen Thai
Binh Ward, District 1, Hochiminh city |
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Country |
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Vietnam |
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Tel |
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(84-8) 8215388 - 8210089 |
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Fax |
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(84-8) 8290696 |
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Swift |
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ICBVVNVX902 |
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SHAREHOLDER(S)
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The subject is a One Member
Limited Liability Company. Following is its parent:
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1. NAME |
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VIETNAM NATIONAL CHEMICAL CORPORATION |
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Vietnamese Name |
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TONG CONG TY HOA
CHAT VIET NAM |
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Abbreviated Name |
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VINACHEM |
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Address |
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1A Trang Tien str, Hoan Kiem dist, Hanoi city |
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Country |
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Vietnam |
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Tel |
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(84-4) 8240551 |
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Fax |
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(84-4) 8252995 |
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Email |
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Website |
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Share |
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100 % |
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FINANCIAL DATA
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BALANCE
SHEET |
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Unit:
1,000,000 VND
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Description |
2006 |
2005 |
2004 |
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Current assets & Short-term investment |
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80,980 |
51,619 |
30,150 |
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Fixed assets & Long-term investment |
144,680 |
155,785 |
132,103 |
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Total
assets |
225,660 |
207,404 |
162,253 |
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Payable |
165,212 |
179,574 |
140,758 |
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Owner’s Equity |
60,448 |
27,830 |
21,495 |
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Total
Liability and Equity |
225,660 |
207,404 |
162,253 |
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PROFIT &
LOSE STATEMENT |
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Description |
FY
2006 |
FY
2005 |
FY
2004 |
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Total revenue |
166,677 |
124,339 |
86,729 |
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Deduction Items |
10 |
11 |
1 |
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Net revenue |
166,667 |
124,328 |
86,728 |
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Net income from business activities |
13,525 |
37 |
4,586 |
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Net income from financial operation |
- 11,301 |
55 |
2,875 |
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Irregular Profit |
213 |
409 |
130 |
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Total pre-tax
profit |
2,437
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501 |
1,841
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PAYMENT HISTORY AND EXPERIENCES
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Trade Morality |
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Fairly Good |
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Liquidity |
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Average |
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Payment status |
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Average |
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Financial Situation |
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Fairly Good |
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Development trend |
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Average |
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Litigation data |
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No Recorded |
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Bankruptcy |
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No Recorded |
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Payment Methods |
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Direct payment or through its corresponding bank |
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Sale Methods |
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Directly to clients |
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INTERPRETATION ON THE SCORES
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Industrial Gas and Welding Electrode Co., Ltd -
SOVIGAZ is a wholly owned subsidiary of Vietnam National Chemical Corporation
– VINACHEM. Originally, the subject was a state owned enterprise established
in 1993. In January 2007, it has changed type of business into one member
state limited liability company. The subject specializes in production of welding
electrodes, industrial gases and business of chemicals. Besides, the subject
also supplies services on designing and installing gases guiding systems,
controlling reliability of containers for compressed gases. Main products of
the subject are gaseous oxygen, liquid oxygen, gaseous nitrogen, liquid
nitrogen and liquid argon, welding electrode, calcium carbide, super
precipitated calcium carbonate, precipitated calcium carbonate, coated
calcium carbonate, calcium carbonate compound and black carbon. The subject is one of biggest companies in
production of welding electrodes and industrial gases in Vietnam. It has many
supports from Government and parent company. The subject has large market
share and high position in industry. The premise and facilities of the subject of the
subject are standard. At this time, the subject has 7 member units located in
big industrial cities and provinces of Vietnam such as Hochiminh city, Hai
Phong city, Dong Nai province, Can Tho province, Binh Duong province. These
factories are equipped modern production lines with high capacity imported
from USA and EU. At this time, the subject is investing a line of liquid
oxygen and nitrogen with capacity 3,000Nm3/hour (total investment value is over 208
billions VND) and a production line of welding electrodes (capacity
3,600tons/year) with total value of 9.5 billion VND) in Binh Duong Industrial gaz and Welding Electrode
Enterprise. In short, the subject
is a fairly strong enterprise in this field. Its operation is fairly
effective. Its revenue and profit are remarkable. Financial situation of the
subject is fairly good. The subject has capacity to meet all normal financial
commitments. |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.21 |
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UK Pound |
1 |
Rs.85.72 |
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Euro |
1 |
Rs.67.92 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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 and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)