MIRA INFORM REPORT
|
Report Date : |
29.04.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
HAI PHONG TRADING CONSTRUCTION NO5 JOINT
STOCK COMPANY |
|
|
|
|
Registered Office : |
No.22 Vo Thi Sau
Str - May To ward - Ngo Quyen District - Hai Phong City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Establishment : |
2000 |
|
|
|
|
Com. Reg. No.: |
0200375711 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Construction field |
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) |
|
Vietnam |
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
|
||
|
Registered English Name |
|
HAI PHONG TRADING CONSTRUCTION NO5 JOINT STOCK COMPANY |
|
Registered Vietnamese Name |
|
CONG TY CO PHAN THUONG MAI XAY DUNG 5 HAI PHONG |
|
Trade name |
|
VIETRACIMEX
HP |
|
Registered Short name |
|
VIETRACIMEX
HAI PHONG |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2000 |
|
Business Registration No. |
|
0200375711 |
|
Date of Registration |
|
17 Aug 2010 |
|
Place of Registration |
|
Hai Phong Department of Planning and Investment |
|
Current registered capital |
|
65,000,000,000 VND |
|
Status |
|
Unlisted |
|
Tax code |
|
0200375711 |
|
Total Employees |
|
100 |
|
Note |
|
The subject’s correct name is as above. The supplied name
(Vietracomex Haiphong Custom Bonded Warehouse) is not right one of subject. |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration No: 0203001990 (issued
05 Jan 2006) Changed to: 0200375711 |
17 Aug 2010 |
|
2 |
Subject has got former Registered capital: 6,500,000,000 VND Changed to: 12,720,000,000 VND |
30 Jan 2007 |
|
3 |
Subject has got former Registered capital: 12,720,000,000 VND Changed
to: 65,000,000,000 VND |
18 Feb 2009 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No.22 Vo Thi Sau Str - May To ward - Ngo Quyen District - Hai Phong
City - Vietnam |
|
Telephone |
|
(84-31) 3551237/ 3686477/ 3836681 |
|
Fax |
|
(84-31) 3836101 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Hanoi |
||
|
Address |
|
No.201 Minh Khai Str – Hai Ba Trung Dist – Hanoi city - Vietnam |
DIRECTORS
|
1 . NAME |
|
Mr. VO NHAT THANG |
|
Position |
|
Chairman |
|
Date of Birth |
|
29 Sep 1959 |
|
ID Number/Passport |
|
012620512 |
|
Resident |
|
No. 24 Nguyen Huu Huan Str Ly Thai To Ward -
Hoan Kiem District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2 . NAME |
|
Mr. LE VAN HOAN |
|
Position |
|
General Director |
|
Current resident |
|
Hai Phong City - Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
The subject companies focuses on
two fields: Construction field: -
Constructing ground, road -
Constructing buildings,
infrastructure, etc -
Construction of civil and
industrial projects, warehouse, factories, and so on Trading field: -
Traing in materials, equipments,
machinery, transporation means, etc -
Trading in warehouses -
Trading in real estate (main
core, now subject has a real estate trading center) |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types
of products |
|
Some
equipements |
|
·
Market
|
|
China |
|
·
Ratio |
|
N/a |
|
·
Mode
of payment |
|
T/T |
|
|
||
|
EXPORT: |
||
|
·
Market
|
|
N/a |
BANKERS
|
1. JOINT STOCK COMMERCIAL
BANK FOR FOREIGN TRADE OF VIETNAM HAI PHONG BRANCH |
||
|
Address |
|
No 11 Hoang
Dieu - Hong Bang District - Hai Phong City - Vietnam |
|
Telephone |
|
(84-31)
3842658 / 3841115 |
|
Fax |
|
(84-31)
3841117 |
|
|
||
|
2. BANK FOR INVESTMENT AND
DEVELOPMENT OF VIETNAM HAI PHONG BRANCH |
||
|
Address |
|
No. 68-70 Dien
Bien Phu - Hong Bang District - Hai Phong City - Vietnam |
|
Telephone |
|
(84-31)
3841475 |
|
Fax |
|
(84-31)
3841060 |
|
|
||
|
3. VIET NAM BANK FOR AGRICULTURE
AND RURAL DEVELOPMENT BAC HA NOI BRANCH |
||
|
Address |
|
No. 266 Doi
Can Street - Ba Dinh District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4)
37627632 |
|
Fax |
|
(84-4)
37627636 |
SHAREHOLDERS
|
1 . NAME |
|
STATE OWNED SHARES |
|
Number of
shares |
|
332,924 |
|
Value of
shares |
|
3,329,240,000 VND |
|
Percentage |
|
5.12% |
|
Representative |
|
Mr. Vo Nhat Thang |
|
Position |
|
Chairman |
|
|
||
|
2 . NAME |
|
STAFF OF COMPANY |
|
Number of
shares |
|
6,037,300 |
|
Value of
shares |
|
60,373,000,000 VND |
|
Percentage |
|
92.88% |
|
Representative |
|
Mr. Do Hong Hai |
|
|
||
|
3 . NAME |
|
OUTSIDE SHAREHOLDERS |
|
Number of
shares |
|
129,776 |
|
Value of
shares |
|
1,297,760,000 VND |
|
Percentage |
|
2% |
|
Representative |
|
Mr. Phan To Quang |
FINANCIAL DATA
|
BALANCE SHEET |
|
Unit: One VND
|
|
|
Balance sheet date |
31/12/2009 |
|
Number of weeks |
52 |
|
ASSETS |
|
|
A – CURRENT ASSETS |
35,335,359,157 |
|
I. Cash and cash equivalents |
2,088,277,380 |
|
1. Cash |
2,088,277,380 |
|
2. Cash
equivalents |
0 |
|
II. Short-term investments |
0 |
|
1. Short-term
investments |
0 |
|
2. Provisions
for devaluation of short-term investments |
0 |
|
III. Accounts receivable |
7,030,717,650 |
|
1. Receivable
from customers |
3,997,393,581 |
|
2. Prepayments
to suppliers |
30,527,500 |
|
3.
Inter-company receivable |
1,000,000,000 |
|
4. Receivable
according to the progress of construction |
0 |
|
5. Other
receivable |
2,871,664,000 |
|
6. Provisions
for bad debts |
-868,867,431 |
|
IV. Inventories |
22,713,669,978 |
|
1. Inventories
|
22,713,669,978 |
|
2. Provisions
for devaluation of inventories |
0 |
|
V. Other Current Assets |
3,502,694,149 |
|
1. Short-term
prepaid expenses |
54,282,334 |
|
2. VAT to be
deducted |
589,718,649 |
|
3. Taxes and
other accounts receivable from the State |
0 |
|
4. Other
current assets |
2,858,693,166 |
|
B. LONG-TERM ASSETS |
2,701,482,508 |
|
I. Long term account receivable |
0 |
|
1. Long term
account receivable from customers |
0 |
|
2. Working
capital in affiliates |
0 |
|
3. Long-term
inter-company receivable |
0 |
|
4. Other
long-term receivable |
0 |
|
5. Provisions for
bad debts from customers |
0 |
|
II. Fixed assets |
2,701,482,508 |
|
1. Tangible
assets |
2,593,473,508 |
|
- Historical
costs |
5,992,036,859 |
|
- Accumulated
depreciation |
-3,398,563,351 |
|
2. Financial
leasehold assets |
0 |
|
- Historical
costs |
0 |
|
- Accumulated
depreciation |
0 |
|
3. Intangible
assets |
0 |
|
- Initial
costs |
0 |
|
- Accumulated
amortization |
0 |
|
4.
Construction-in-progress |
108,009,000 |
|
III. Investment property |
0 |
|
Historical
costs |
0 |
|
Accumulated
depreciation |
0 |
|
IV. Long-term investments |
0 |
|
1. Investments
in affiliates |
0 |
|
2. Investments
in business concerns and joint ventures |
0 |
|
3. Other
long-term investments |
0 |
|
4. Provisions for
devaluation of long-term investments |
0 |
|
V. Other long-term assets |
0 |
|
1. Long-term
prepaid expenses |
0 |
|
2. Deferred
income tax assets |
0 |
|
3. Other
long-term assets |
0 |
|
VI. Goodwill |
0 |
|
1. Goodwill |
0 |
|
TOTAL ASSETS |
38,036,841,665 |
|
|
|
|
LIABILITIES |
|
|
A- LIABILITIES |
24,067,607,963 |
|
I. Current liabilities |
23,547,356,359 |
|
1. Short-term
debts and loans |
9,781,133,686 |
|
2. Payable to
suppliers |
25,724,900 |
|
3. Advances
from customers |
10,961,744,749 |
|
4. Taxes and
other obligations to the State Budget |
108,861,144 |
|
5. Payable to
employees |
651,896 |
|
6. Accrued
expenses |
0 |
|
7.
Inter-company payable |
0 |
|
8. Payable
according to the progress of construction contracts |
0 |
|
9. Other
payable |
2,669,239,984 |
|
10. Provisions
for short-term accounts payable |
0 |
|
II. Long-Term Liabilities |
520,251,604 |
|
1. Long-term
accounts payable to suppliers |
0 |
|
2. Long-term
inter-company payable |
520,251,604 |
|
3. Other
long-term payable |
0 |
|
4. Long-term
debts and loans |
0 |
|
5. Deferred
income tax payable |
0 |
|
6. Provisions
for unemployment allowances |
0 |
|
7. Provisions
for long-term accounts payable |
0 |
|
B- OWNER’S EQUITY |
13,969,233,702 |
|
I. OWNER’S EQUITY |
13,954,013,870 |
|
1. Capital |
12,720,000,000 |
|
2. Share
premiums |
0 |
|
3. Other
sources of capital |
1,532,488 |
|
4. Treasury
stocks |
0 |
|
5. Differences
on asset revaluation |
0 |
|
6. Foreign
exchange differences |
0 |
|
7. Business
promotion fund |
695,015,137 |
|
8. Financial
reserved fund |
0 |
|
9. Other funds
|
0 |
|
10. Retained
earnings |
537,466,245 |
|
11.
Construction investment fund |
0 |
|
II. Other sources and funds |
15,219,832 |
|
1. Bonus and welfare
funds |
15,219,832 |
|
2. Sources of
expenditure |
0 |
|
3. Fund to
form fixed assets |
0 |
|
MINORITY’S INTEREST |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
38,036,841,665 |
|
PROFIT & LOSS
STATEMENT |
|
|
|
|
|
Description |
FY2009
|
|
1. Total
Sale |
36,240,747,268 |
|
2. Deduction
item |
0 |
|
3. Net
sale |
36,240,747,268 |
|
4. Costs of
goods sold |
30,063,913,058 |
|
5. Gross profit
|
6,176,834,210 |
|
6. Financial
income |
84,673,336 |
|
7. Financial
expenses |
185,290,786 |
|
- In which:
Loan interest expenses |
185,290,786 |
|
8. Selling
expenses |
1,374,304,947 |
|
9.
Administrative overheads |
4,343,837,437 |
|
10. Net
operating profit |
358,074,376 |
|
11. Other
income |
13,636,364 |
|
12. Other
expenses |
4,437,775 |
|
13. Other
profit /(loss) |
9,198,589 |
|
14. Total
accounting profit before tax |
367,272,965 |
|
15. Current
corporate income tax |
32,136,384 |
|
16. Deferred
corporate income tax |
0 |
|
17. Interest
from subsidiaries/related companies |
|
|
18. Profit
after tax |
335,136,581 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
||
|
|
||
|
Description |
FY2009 |
Average Industry |
|
Current
liquidity ratio |
1.50 |
1.33 |
|
Quick
liquidity ratio |
0.54 |
0.83 |
|
Inventory
circle |
1.32 |
5.61 |
|
Average
receive period |
70.81 |
148.37 |
|
Utilizing
asset performance |
0.95 |
1.00 |
|
Liability by
total asset |
63.27 |
68.62 |
|
Liability by
owner equity |
172.29 |
353.53 |
|
Ebit / Total
asset (ROA) |
1.45 |
6.96 |
|
Ebit / Owner's
equity (ROE) |
3.96 |
25.50 |
|
Ebit / Total
sale (NPM) |
1.52 |
7.11 |
|
Gross profit /
Total sale (GPM) |
17.04 |
14.39 |
|
Note: The Average Industry was calculated by Vietnam Credit
based on our owned statistical data |
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial
Situation |
|
Average |
|
Development
trend |
|
Stable |
|
Litigation
data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment
Methods |
|
T/T, bank
transfer |
|
Sale Methods |
|
N/a |
INTERPRETATION ON THE SCORES
|
Being established since year 2000
as a state owned company and operating as a member of VIETNAM TRADING ENGINEERING CONSTRUCTION JOINT STOCK
CORPORATION. To 2006, it
equitized into joint stock company and now, the shares of State reduced by
5.12%. So far, it has had more than ten years in the industry and its
position is acceptable, mainly in Hai Phong city. Subject company operates in some
fields, including both trading activities and construction and real estate.
The business lines of subject covers construction field: -
Constructing ground, road -
Constructing buildings,
infrastructure, etc -
Construction of civil and
industrial projects, warehouse, factories, and so on And trading field: -
Traing in materials, equipments,
machinery, transporation means, etc -
Trading in warehouses -
Trading in real estate. At the moment, the main business cores of subject company is
construction field and trading real estate activities. It has carried many
construction projects within Hai Phong area and get concern from clients.
Moreover, subject has opened a real estate trading center, helping client to
find out a suitable real estate. As you can see, the real estate in Vietnam
is still hot and contains both potential as well as risks in business. Financially, as compared with other companies in the same
industry, its financial status is still humble. Looking at balance sheet, total
assets is more than 38 billion VND, among that current assets holds the main
ratio, with more than 90%. In liabilities structure, total liabilities hold
more than 63% of total assets while this ratio on owner’s equity is around
172%. This ratio is lower than the average industry and suitable for a
construction company like subject. However, the high ratio means that subject
may put into risk if having changes of economic situation. As can be seen in profit and lost statement, its total
sales in 2009 is around 36 billion VND and profit reported is limited. The
profitatblity of subject company is modest. In general, the subject is now operating normally and is on
the way of development. It is suitable for small financial commitments. |
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.44.33 |
|
UK Pound |
1 |
Rs.74.14 |
|
Euro |
1 |
Rs.65.78 |
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 |
|
---- |
NB |
New Business |
---- |
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.