MIRA INFORM REPORT
|
Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HONG AN CO., LTD |
|
|
|
|
Registered Office : |
No.40 Trinh Hoai Duc Str - Ward 13 - Dist 5 - Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2002 |
|
|
|
|
Com. Reg. No.: |
0302531455 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading cloths, fiber and footwear |
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 : |
Unknown |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
|
Registered English Name |
|
HONG AN CO., LTD |
|
Registered Vietnamese Name |
|
CONG TY TNHH HONG AN |
|
Registered Short Name |
|
H.A CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2002 |
|
Business Registration No. |
|
0302531455 |
|
Date of 1st Registration |
|
01 Feb 2002 |
|
Date of 13th (latest)
Adjustment |
|
08 Feb 2011 |
|
Place of Registration |
|
Business Registration Office of Hochiminh
City |
|
Current registered capital |
|
2,500,000,000 VND |
|
Tax code |
|
0302531455 |
|
Total Employees |
|
10 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No.40 Trinh Hoai Duc Str - Ward 13 - Dist
5 - Ho Chi Minh City - Vietnam |
|
Telephone |
|
+84 8 38592850 |
|
Fax |
|
+84 8 39509487 |
|
|
||
|
Warehouse |
||
|
Address |
|
No.30 Duong Tu Giang Str - Ward 14 - Dist
5 - Ho Chi Minh City - Vietnam |
DIRECTORS
|
NAME |
|
Mr.
LUONG TRUNG HUNG |
|
Position |
|
Director - Legal representative |
|
Date of Birth |
|
13 Jan 1959 |
|
ID Number/Passport |
|
022237964 |
|
ID Issue Date |
|
19 Aug 1992 |
|
ID Issue Place |
|
Police of Ho Chi Minh
City |
|
Resident |
|
342/52 Tan Phuoc Ward
7 - District 10 - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
Trading
cloths, fiber and footwear. Trading
electrical machines and mobile phones |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Cloths and fiber |
|
·
Market |
|
India, Thailand, Korea and China |
|
·
Mode of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
N/A |
BANKERS
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM BINH TAY BRANCH |
||
|
Address |
|
No.129-129A Hau Giang, No5 ward - District 6- Ho Chi Minh City -
Vietnam |
|
Telephone |
|
(84-8) 39600478 |
|
Fax |
|
(84-8) 39606217 |
|
|
||
|
2.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK CHO LON BRANCH |
||
|
Address |
|
No.485-487-489 Nguyen Chi Thanh str, ward 15- District 5- Ho Chi Minh
City - Vietnam |
|
Telephone |
|
(84-8) 39555280 |
|
Fax |
|
(84-8) 39555947 |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
LUONG TRUNG HUNG |
|
Position |
|
Director - Legal representative |
|
Date of Birth |
|
13 Jan 1959 |
|
ID Number/Passport |
|
022237964 |
|
Issued on |
|
19 Aug 1992 |
|
Issued Place |
|
Police of Ho Chi Minh City |
|
Resident |
|
342/52 Tan Phuoc Ward 7 - District 10 - Ho
Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
200,000,000 VND |
|
Percentage |
|
8% |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI MAI HUONG |
|
ID Number/Passport |
|
024044454 |
|
Resident |
|
No. 128 Xo Viet Nghe Tinh Ward 21 - Binh
Thanh District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
200,000,000 VND |
|
Percentage |
|
8% |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI UT |
|
ID Number/Passport |
|
021957165 |
|
Resident |
|
No.74 Road 28 Ward 10 - District 6 - Ho
Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
200,000,000 VND |
|
Percentage |
|
8% |
|
|
||
|
4.
NAME |
|
Ms.
PHAM THI THU |
|
ID Number/Passport |
|
023380991 |
|
Resident |
|
No.128 Xo Viet Nghe Tinh Str Ward 21 -
Binh Thanh District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
1,500,000,000 VND |
|
Percentage |
|
60% |
|
|
||
|
5.
NAME |
|
Mr.
NGUYEN VAN UT |
|
ID Number/Passport |
|
022547812 |
|
Resident |
|
No.66, Road 02, Lu Gia Apartment Ward 11 -
District 11 - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
400,000,000 VND |
|
Percentage |
|
16% |
FINANCIAL DATA
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
22,215,000,000 |
18,016,887,443 |
|
I. Cash and cash
equivalents |
1,086,000,000 |
1,001,955,124 |
|
1. Cash |
1,086,000,000 |
1,001,955,124 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts
receivable |
1,084,000,000 |
2,159,291,913 |
|
1. Receivable from customers |
512,000,000 |
2,108,291,913 |
|
2. Prepayments to suppliers |
0 |
0 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
572,000,000 |
51,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
16,622,000,000 |
13,329,378,926 |
|
1. Inventories |
16,622,000,000 |
13,329,378,926 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
3,423,000,000 |
1,526,261,480 |
|
1. Short-term prepaid expenses |
2,050,000,000 |
588,586,386 |
|
2. VAT to be deducted |
1,238,000,000 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
802,670,584 |
|
4. Other current assets |
135,000,000 |
135,004,510 |
|
B. LONG-TERM
ASSETS |
0 |
0 |
|
I. Long term
account receivable |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
|
II. Fixed assets
|
0 |
0 |
|
1. Tangible assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
|
- Initial costs |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other
long-term assets |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
TOTAL ASSETS |
22,215,000,000 |
18,016,887,443 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
18,504,000,000 |
14,762,780,135 |
|
I. Current
liabilities |
14,504,000,000 |
12,363,280,135 |
|
1. Short-term debts and loans |
6,343,000,000 |
8,214,000,000 |
|
2. Payable to suppliers |
6,991,000,000 |
3,690,035,310 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
1,170,000,000 |
459,244,825 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
4,000,000,000 |
2,399,500,000 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
2,399,500,000 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
4,000,000,000 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
3,711,000,000 |
3,254,107,308 |
|
I. OWNER’S
EQUITY |
3,711,000,000 |
3,254,107,308 |
|
1. Capital |
2,000,000,000 |
2,000,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
1,711,000,000 |
1,254,107,308 |
|
11. Construction investment fund |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
22,215,000,000 |
18,016,887,443 |
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sale |
51,282,000,000 |
40,271,187,238 |
|
2. Deduction item |
0 |
0 |
|
3. Net sale |
51,282,000,000 |
40,271,187,238 |
|
4. Costs of goods sold |
48,772,000,000 |
38,301,471,404 |
|
5. Gross profit |
2,510,000,000 |
1,969,715,834 |
|
6. Financial income |
3,000,000 |
5,833,588 |
|
7. Financial expenses |
978,000,000 |
718,904,615 |
|
- In which: Loan interest expenses |
978,000,000 |
718,904,615 |
|
8. Selling expenses |
|
|
|
9. Administrative overheads |
550,000,000 |
529,750,505 |
|
10. Net operating profit |
985,000,000 |
726,894,302 |
|
11. Other income |
0 |
0 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
0 |
0 |
|
14. Total accounting profit before tax |
985,000,000 |
726,894,302 |
|
15. Current corporate income tax |
246,000,000 |
127,206,503 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
739,000,000 |
599,687,799 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.53 |
1.46 |
1.18 |
|
Quick liquidity ratio |
0.39 |
0.38 |
0.72 |
|
Inventory circle |
2.93 |
2.56 |
9.18 |
|
Average receive period |
7.72 |
19.57 |
64.20 |
|
Utilizing asset performance |
2.31 |
2.24 |
1.50 |
|
Liability by total asset |
83.30 |
81.94 |
69.79 |
|
Liability by owner equity |
498.63 |
453.67 |
238.92 |
|
Ebit / Total asset (ROA) |
8.84 |
8.02 |
6.08 |
|
Ebit / Owner's equity (ROE) |
52.90 |
44.43 |
21.50 |
|
Ebit / Total sale (NPM) |
3.83 |
3.59 |
4.89 |
|
Gross profit / Total sale (GPM) |
4.89 |
4.89 |
12.63 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
|||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment, L/C, T/T |
|
Sale Methods |
|
Retailer |
|
Public opinion |
|
Normal |
|
CREDIT INQUIRY: N/A |
INTERPRETATION ON THE SCORES
|
HONG AN
CO., LTD is a trader of cloths, fiber and footwear which was found in 2002.
It is located at No.40 Trinh Hoai Duc Str - Ward 13 - Dist 5
- Ho Chi Minh City – Vietnam. Recently, the subject is operating with the
workforce of 10 employees and present registered capital of VND2.5 billion.
The subject imports Cloths and fiber from India, Thailand, Korea and China.
It distributes in the domestic market. According to the financial data,
the total sales in 2010 increased slightly from VND 40.27 billion to VND 51.28
billion, followed by a gradually rise in profit after tax from VND 599.69
million to VND 739.00 million. The current ratios were too high but the quick
ratio was low, implied a high percentage of inventories. The main financial
resource was from liabilities, accounted for 83.3% of the total assets, which
reflects a high financial risk in the instability macro economics
environment. The profitability ratios were quite better than the industry
average. In general, the financial status
is average. Premises and facilities are not remarkable. Management of subject
is moderate. It is reliable to conduct small financial commitments with the
subject. It highly recommended taking consideration for medium-big business
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.45.37 |
|
UK Pound |
1 |
Rs.74.56 |
|
Euro |
1 |
Rs.65.34 |
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.