MIRA INFORM REPORT
|
Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
VIETNAM ROYAL JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
2nd Floor
No. 27 Alley 106 Hoang Quoc Viet Str., - Cau Giay District – Ha |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
12.12.2006 |
|
|
|
|
Com. Reg. No.: |
0103014981 |
|
|
|
|
Legal Form : |
Joint Stock
Company |
|
|
|
|
Line of Business : |
Investing and Trading Real Estate |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUBJECT
IDENTIFICATION & LEGAL FORM
Current
legal status
|
||
|
English Name |
|
VIETNAM ROYAL JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN HOANG GIA VIET |
|
Short name |
|
VINA
RAL., JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
0103014981 |
|
Date of Registration |
|
12 Dec 2006 |
|
Place of Registration |
|
|
|
Current registered capital |
|
10,000,000,000 VND |
|
Status |
|
Unlisted |
|
Tax code |
|
0102108891 |
|
Total Employees |
|
About 100 |
Note: The given name (Hoang Gia Vietnam JSC) is incorrect.
Historical Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Address: Room 708 CT3 Building, Me Tri Ha new Urban-
Me Tri Commune- Tu Liem District- Ha Noi City Changed to: 2nd Floor No.27 Alley 106 Hoang Quoc Viet Str., Cau Giay
Dist, Ha |
company address
|
Head Office |
||
|
Address |
|
2nd Floor No. 27 Alley 106 Hoang Quoc Viet Str., - Cau Giay
District – Ha |
|
Telephone |
|
(84-4) 22411214 |
|
Fax |
|
(84-4) 62732575 |
|
Email |
|
|
|
Website |
|
|
|
Notes: The correct address is as above. |
||
|
Registration Address |
||
|
Address |
|
Room 708 CT3 Building, Me Tri Ha New Urban Me Tri Commune – Tu Liem
District – Ha |
|
|
||
|
Transaction office in Italy |
||
|
Address |
|
Piazza pertini 4 20043 Arcore – |
|
Telephone |
|
+39 039 618 0562 |
|
Fax |
|
+39 039 620 1931 |
|
Email |
|
|
|
|
||
|
Transaction office in Bangladesh |
||
|
Address |
|
|
|
Telephone |
|
88 02 761 6440 |
|
Fax |
|
88 02 761 6440 |
|
Email |
|
|
|
|
||
|
Warehouse |
||
|
Address |
|
Tien Lu District – |
|
Telephone |
|
(84-321) 3887076 |
|
Notes:
This is the warehouse for processing cinnamon and anise |
||
DIRECTORS
|
1 . NAME |
|
Ms. DO NGOC MAI |
|
Position |
|
Chairman |
|
Date of Birth |
|
21 Aug 1972 |
|
ID Number/Passport |
|
112160185 |
|
Resident |
|
Dong Hamlet Thuong Phung Commune - Phuc Tho
District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2 . NAME |
|
Mr. TRAN SY NGUYEN |
|
Position |
|
Director |
|
Date of Birth |
|
1980 |
|
ID Number/Passport |
|
149023370 |
|
Resident |
|
Group 1 Thien Phien Commune - Tien Lu District -
Hung Yen Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 972547258 |
|
Qualification |
|
Engineer and business management |
|
|
||
|
3 . NAME |
|
Ms. TRINH THI KIM LOAN |
|
Position |
|
Vice Director |
|
Nationality |
|
Vietnamese |
BUSINESS
NATURE AND ACTIVITIES
|
-
Investing and trading real estate |
IMPORT &
EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types
of products |
|
Agricultural
Products and some materials |
|
·
Market
|
|
Africa, |
|
·
Mode
of payment |
|
T/T, L/C |
|
|
||
|
EXPORT: |
||
|
·
Types
of products |
|
Products |
|
·
Market
|
|
|
|
·
Mode
of payment |
|
T/T, L/C |
BANKERS
|
1. |
||
|
Address |
|
No.70-72 Ba Trieu
- Hoan Kiem District - Ha |
|
Telephone |
|
(84-4) 3944
6368 |
|
Fax |
|
(84-4) 3944
6362 |
|
|
||
|
2. HONG KONG & SHANGHAI
BANKING CORP LTD (HSBC) |
||
|
Address |
|
Pacific Place -
83B Ly Thuong Kiet Str - Hoan Kiem District - Ha |
|
Telephone |
|
(84-4)
39333189 |
|
Fax |
|
(84-4)
39460207 |
SHAREHOLDERS
|
1 . NAME |
|
Ms. DO NGOC MAI |
|
Position |
|
Chairman |
|
Date of Birth |
|
21 Aug 1972 |
|
ID Number/Passport |
|
112160185 |
|
Issued on |
|
18 Nov 2004 |
|
Issued Place |
|
Ha |
|
Resident |
|
Dong Hamlet Thuong Phung Commune - Phuc Tho District - Ha |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
75,000 |
|
Value of shares |
|
7,500,000,000 VND |
|
|
||
|
2 . NAME |
|
Mr. TRAN SY NGUYEN |
|
Position |
|
Director |
|
Date of Birth |
|
1980 |
|
ID Number/Passport |
|
149023370 |
|
Resident |
|
Group 1 Thien Phien Commune - Tien Lu District - |
|
Mobile phone |
|
+84 972547258 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
5,000 |
|
Value of shares |
|
500,000,000 VND |
|
|
||
|
3 . NAME |
|
Mr. DO THANH VINH |
|
ID Number/Passport |
|
111528535 |
|
Resident |
|
Dong Hamlet Phung Thuong Commune - Phuc Tho District - Ha |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
20,000 |
|
Value of shares |
|
2,000,000,000 VND |
FINANCIAL
DATA
|
BALANCE SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet date |
31/12/2010 |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT ASSETS |
7,912,423,243 |
6,079,000,000 |
3,060,000,000 |
|
I. Cash and cash equivalents |
1,364,611,463 |
625,000,000 |
537,000,000 |
|
1. Cash |
1,364,611,463 |
625,000,000 |
537,000,000 |
|
2. Cash
equivalents |
0 |
0 |
0 |
|
II. Short-term investments |
0 |
0 |
0 |
|
1. Short-term
investments |
0 |
0 |
0 |
|
2. Provisions
for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts receivable |
2,017,639,851 |
1,662,000,000 |
919,000,000 |
|
1. Receivable
from customers |
1,692,218,327 |
1,337,000,000 |
919,000,000 |
|
2. Prepayments
to suppliers |
0 |
0 |
0 |
|
3.
Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
0 |
|
5. Other
receivable |
325,421,524 |
325,000,000 |
0 |
|
6. Provisions
for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
4,202,113,530 |
3,624,000,000 |
1,431,000,000 |
|
1. Inventories
|
4,202,113,530 |
3,624,000,000 |
1,431,000,000 |
|
2. Provisions
for devaluation of inventories |
|
0 |
0 |
|
V. Other Current Assets |
328,058,399 |
168,000,000 |
173,000,000 |
|
1. Short-term
prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be
deducted |
300,321,705 |
140,000,000 |
105,000,000 |
|
3. Taxes and
other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other
current assets |
27,736,694 |
28,000,000 |
68,000,000 |
|
B. LONG-TERM ASSETS |
2,421,531,280 |
680,000,000 |
451,000,000 |
|
I. Long term account receivable |
0 |
0 |
0 |
|
1. Long term
account receivable from customers |
0 |
0 |
0 |
|
2. Working
capital in affiliates |
0 |
0 |
0 |
|
3. Long-term
inter-company receivable |
0 |
0 |
0 |
|
4. Other
long-term receivable |
0 |
0 |
0 |
|
5. Provisions
for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets |
2,039,269,647 |
579,000,000 |
381,000,000 |
|
1. Tangible
assets |
2,039,269,647 |
579,000,000 |
381,000,000 |
|
- Historical
costs |
2,272,206,458 |
782,000,000 |
457,000,000 |
|
- Accumulated
depreciation |
-232,936,811 |
-203,000,000 |
-76,000,000 |
|
2. Financial
leasehold assets |
0 |
0 |
0 |
|
- Historical
costs |
0 |
0 |
0 |
|
- Accumulated
depreciation |
0 |
0 |
0 |
|
3. Intangible
assets |
0 |
0 |
0 |
|
- Initial
costs |
0 |
0 |
0 |
|
- Accumulated
amortization |
0 |
0 |
0 |
|
4.
Construction-in-progress |
0 |
0 |
0 |
|
III. Investment property |
0 |
0 |
0 |
|
Historical
costs |
0 |
0 |
0 |
|
Accumulated
depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
0 |
0 |
0 |
|
1. Investments
in affiliates |
0 |
0 |
0 |
|
2. Investments
in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other
long-term investments |
0 |
0 |
0 |
|
4. Provisions
for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term assets |
382,261,633 |
101,000,000 |
70,000,000 |
|
1. Long-term
prepaid expenses |
0 |
0 |
0 |
|
2. Deferred
income tax assets |
0 |
0 |
0 |
|
3. Other
long-term assets |
382,261,633 |
101,000,000 |
70,000,000 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
10,333,954,523 |
6,759,000,000 |
3,511,000,000 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
2,623,776,362 |
579,000,000 |
975,000,000 |
|
I. Current liabilities |
2,623,776,362 |
579,000,000 |
975,000,000 |
|
1. Short-term
debts and loans |
1,800,000,000 |
0 |
0 |
|
2. Payable to
suppliers |
787,731,873 |
543,000,000 |
971,000,000 |
|
3. Advances
from customers |
0 |
0 |
0 |
|
4. Taxes and
other obligations to the State Budget |
36,044,489 |
36,000,000 |
4,000,000 |
|
5. Payable to
employees |
0 |
0 |
0 |
|
6. Accrued
expenses |
0 |
0 |
0 |
|
7.
Inter-company payable |
0 |
0 |
0 |
|
8. Payable
according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other
payable |
0 |
0 |
0 |
|
10. Provisions
for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term Liabilities |
0 |
0 |
0 |
|
1. Long-term
accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term
inter-company payable |
0 |
0 |
0 |
|
3. Other
long-term payable |
0 |
0 |
0 |
|
4. Long-term
debts and loans |
0 |
0 |
0 |
|
5. Deferred
income tax payable |
0 |
0 |
0 |
|
6. Provisions
for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions
for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S EQUITY |
7,710,178,161 |
6,180,000,000 |
2,536,000,000 |
|
I. OWNER’S EQUITY |
7,710,178,161 |
6,180,000,000 |
2,536,000,000 |
|
1. Capital |
6,000,000,000 |
6,000,000,000 |
2,500,000,000 |
|
2. Share
premiums |
0 |
0 |
0 |
|
3. Other
sources of capital |
0 |
0 |
0 |
|
4. Treasury
stocks |
0 |
0 |
0 |
|
5. Differences
on asset revaluation |
0 |
0 |
0 |
|
6. Foreign
exchange differences |
0 |
0 |
0 |
|
7. Business
promotion fund |
0 |
0 |
0 |
|
8. Financial
reserved fund |
0 |
0 |
0 |
|
9. Other funds
|
0 |
0 |
0 |
|
10. Retained
earnings |
1,710,178,161 |
180,000,000 |
36,000,000 |
|
11.
Construction investment fund |
0 |
0 |
0 |
|
II. Other sources and funds |
0 |
0 |
0 |
|
1. Bonus and
welfare funds |
0 |
0 |
0 |
|
2. Sources of
expenditure |
0 |
0 |
0 |
|
3. Fund to
form fixed assets |
0 |
0 |
0 |
|
MINORITY’S INTEREST |
0 |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
10,333,954,523 |
6,759,000,000 |
3,511,000,000 |
|
PROFIT & LOSS
STATEMENT |
|||
|
|
|||
|
Description |
FY2010
|
FY2009
|
FY2008
|
|
1. Total |
8,938,006,806 |
1,549,286,300 |
4,381,000,000 |
|
2. Deduction
item |
0 |
0 |
0 |
|
3. Net sale
|
8,938,006,806 |
1,549,286,300 |
4,381,000,000 |
|
4. Costs of
goods sold |
6,133,744,373 |
1,075,286,340 |
3,734,000,000 |
|
5. Gross
profit |
2,804,262,433 |
473,999,960 |
647,000,000 |
|
6. Financial
income |
19,468,502 |
0 |
3,000,000 |
|
7. Financial expenses
|
112,108,528 |
18,956,000 |
22,000,000 |
|
- In which:
Loan interest expenses |
0 |
0 |
0 |
|
8. Selling
expenses |
0 |
0 |
0 |
|
9.
Administrative overheads |
857,288,930 |
315,486,000 |
577,000,000 |
|
10. Net
operating profit |
1,854,333,477 |
139,557,960 |
51,000,000 |
|
11. Other
income |
0 |
0 |
0 |
|
12. Other
expenses |
0 |
0 |
0 |
|
13. Other
profit /(loss) |
0 |
0 |
0 |
|
14. Total
accounting profit before tax |
1,854,333,477 |
139,557,960 |
51,000,000 |
|
15. Current
corporate income tax |
324,508,358 |
24,422,643 |
0 |
|
16. Deferred
corporate income tax |
0 |
0 |
0 |
|
17. Interest
from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit
after tax |
1,529,825,119 |
115,135,317 |
51,000,000 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current
liquidity ratio |
3.02 |
10.50 |
3.14 |
1.48 |
|
Quick
liquidity ratio |
1.41 |
4.24 |
1.67 |
0.86 |
|
Inventory
circle |
1.57 |
0.43 |
2.61 |
6.84 |
|
Average
receive period |
82.39 |
391.55 |
76.57 |
57.12 |
|
Utilizing
asset performance |
0.86 |
0.23 |
1.25 |
1.40 |
|
Liability by
total asset |
25.39 |
8.57 |
27.77 |
53.27 |
|
Liability by
owner equity |
34.03 |
9.37 |
38.45 |
165.07 |
|
Ebit / Total
asset (ROA) |
17.94 |
2.06 |
1.45 |
9.44 |
|
Ebit / Owner's
equity (ROE) |
24.05 |
2.26 |
2.01 |
22.99 |
|
Ebit / Total
sale (NPM) |
20.75 |
9.01 |
1.16 |
6.94 |
|
Gross profit /
Total sale (GPM) |
31.37 |
30.59 |
14.77 |
16.18 |
|
Note: The Average Industry was calculated by |
||||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium/High |
|
Payment status |
|
Average |
|
Financial
Situation |
|
Above Average |
|
Development
trend |
|
Positive |
|
Litigation
data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment
Methods |
|
T/T, L/C |
|
|
|
Wholesaler |
|
CREDIT
INQUIRY: 125,000 USD Against D/A in term |
|
Caution is needed for this credit inquiry. |
INTERPRETATION ON THE SCORES
|
The subject was built in 2006 as
a joint stock company following the business registration No. 0103014981 issued
by Hanoi Planning and Investment Department. The registered capital is 10
billion with about 100 staffs and workers, the subject can be considered as
small- medium scale enterprise. Its head office is located at 2nd
Floor, No.27 Alley 106 Hoang Quoc Viet Str., Cau Giay Dist, Ha Noi City. The
premise is average with 7 staffs. Besides, the subject has a warehouse in The company trades in two main
fields: - Real
estate - Agricultural
products It takes part in international trade activities in both
import and export. It has established relationship with many markets on the
world, only The financial situation of the subject is fair. The
liquidity ratios in recent years were relatively good. The liquidity ratio
was fairly high with the current asset was 3 times higher than the current
liability. Itself financial capacity was relatively good. Its business result
increased sharply in 2010 compared with 2009. In 2010, the total sales
reached VND 8,938,006,806 and the profit was 1,854,333,477. The operational
ratio was normal. In conclusion, the subject company has been operating
stably. Its future seems bright. The trade morality is good. The subject can
meet small commitments and transactions. |
APPENDIXES
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed (%) |
Total employees 2009 (Thousand) |
Total enterprises |
Annual average capital of enterprises |
||
|
Predict 2010 |
2009 |
|||||
|
Agriculture, Forestry and Fishing |
2.8 |
3.0 |
24,788.5 |
2,399 |
50,530 |
|
|
Trade and Services |
7.5 |
11 |
10,517.9 |
79,181 |
1,754,973 |
|
|
Construction |
7 |
11.3 |
2,692.8 |
17,783 |
248,268 |
|
|
Manufacturing |
12 |
7.6 |
7,591.2 |
30,786 |
967,068 |
|
|
|
||||||
|
ECONOMIC INDICATORS |
||||||
|
|
||||||
|
|
2010 |
2009 |
2008 |
|||
|
Population
(Million person) |
86.93 |
86.02 |
86.1 |
|||
|
Gross Domestic
Products (US$ billion) |
102.2 |
91 |
84.9 |
|||
|
GDP Growth (%) |
6.78 |
5.32 |
6.2 |
|||
|
GDP Per Capita
(US$) |
1,160 |
1,080 |
1,040 |
|||
|
Inflation (%
Change in Composite CPI) |
11.75 |
6.88 |
24.4 |
|||
|
|
||||||
|
SERVICE TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2010 |
2009 |
2008 |
|||
|
Exports |
71.6 |
56.6 |
62.9 |
|||
|
Imports |
84 |
68.8 |
76.6 |
|||
|
Trade Balance |
-12.4 |
-12.2 |
-14.6 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.04 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.