MIRA INFORM REPORT
|
Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
HAI VIET CORPORATION |
|
|
|
|
Registered Office : |
No. 167/10 –
Street 30/4 – Thang Nhat Ward - Vung Tau City - Ba Ria-Vung Tau Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1991 |
|
|
|
|
Com. Reg. No.: |
4903000001 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
processing
and exporting seafood |
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 |
|
Payment
Behaviour : |
Usually Correct |
|
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
Current legal status
|
||
|
English Name |
|
HAI VIET CORPORATION |
|
Vietnamese Name |
|
CONG TY CO PHAN HAI VIET |
|
Short name |
|
HAVICO
|
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1991 |
|
Business Registration No. |
|
4903000001 |
|
Date of Registration |
|
24 Apr 2000 |
|
Place of Registration |
|
Planning and Investment Department of Ba Ria Vung Tau Province |
|
Current registered capital |
|
62,637,200,000 VND |
|
Status |
|
Unlisted |
|
Tax code |
|
3500387294 |
|
Total Employees |
|
About 1,500 |
|
Note:
The exact name of the subject is above (HAI VIET not HAIVIET) |
||
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered capital: 26,000,000,000 VND Changed
to: 62,637,200,000 VND |
2008 |
|
2 |
Subject has got former Type of Business: Limited liability company Changed
to: Joint stock company |
Apr 2000 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 167/10 – Street 30/4 – Thang Nhat Ward - Vung Tau City - Ba
Ria-Vung Tau Province - Vietnam |
|
Telephone |
|
(84-64) 3 848 255/ 3 838 676/ 3 848 412 |
|
Fax |
|
(84-64) 3 848 353 |
|
Email |
|
|
|
Website |
|
|
|
Note: The exact address as in the business
registration of the subject is above (Thang Nhat Ward not Ward 9) |
||
|
|
||
|
Representative office in Ho Chi Minh |
||
|
Address |
|
No. 14 C11 Thao Dien Str. - Thao Dien Ward - 2 District - Ho Chi Minh
City - Vietnam |
|
Telephone |
|
(84-8) 3519 0521/ 3519 0416 |
|
Fax |
|
(84-8) 3519 0522 |
|
|
||
|
Factory Address |
||
|
Address |
|
No. 167/10 – Street 30/4 - Thang Nhat Ward - Vung Tau City - Ba
Ria-Vung Tau Province - Vietnam |
|
Telephone |
|
(84-64) 384 8255/ 384 8412 |
|
Fax |
|
(84-64) 384 8353 |
|
|
||
|
Factory Address |
||
|
Address |
|
Dong Xuyen Industrial Zone - Vung Tau City - Ba Ria-Vung Tau Province
- Vietnam |
|
Telephone |
|
(84-64) 3611 258/ 3611 259 |
|
Fax |
|
(84-64) 3611 258 |
|
|
||
|
HAVICO-BCC Plant |
||
|
Address |
|
No. 167/10 – Street 30/4 - Thang Nhat Ward - Vung Tau City - Ba
Ria-Vung Tau Province - Vietnam |
|
Telephone |
|
(84-64) 3834 373 |
|
Fax |
|
(84-64) 3590 046 |
|
Note: This is a BCC between the subject (50%) and
ASIA View Investment Ltd - Japan (50%) |
||
DIRECTORS
|
1. NAME |
|
Mr. TRAN HUU CHINH |
|
Position |
|
Chairman |
|
Date of Birth |
|
15 Oct 1948 |
|
ID Number/Passport |
|
020056848 |
|
ID Issue Date |
|
31 Jul 2002 |
|
ID Issue Place |
|
Police of Hochiminh City |
|
Resident |
|
No. 14C10 Thao Dien Str, Thao Dien Ward - 2
District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
2. NAME |
|
Mr. PHAN THANH CHIEN |
|
Position |
|
General Director |
|
Date of Birth |
|
17 Jan 1955 |
|
ID Number/Passport |
|
024039283 |
|
ID Issue Date |
|
07 Oct 2002 |
|
ID Issue Place |
|
Hochiminh city policemen |
|
Resident |
|
No. 453/38 Nguyen Dinh Chieu Str. - 3 District -
Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Email |
|
ptchien@havicovn.com |
|
|
||
|
3. NAME |
|
Mr. NGUYEN NGOC THANH |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
08 Mar 1967 |
|
Resident |
|
No. 43 Road 19 (A9-05) - My Phu 1 Group - Tan
Phu ward - 7 District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-64) 3848 255 |
|
|
||
|
4. NAME |
|
Mr. MAI VAN PHUNG |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
28 Dec 1968 |
|
Resident |
|
No. 53/22 Le Quang Dinh Str. - Thang Nhat ward -
Vung Tau City - Ba Ria-Vung Tau Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-64) 3848 255 |
|
|
||
|
5. NAME |
|
Mr. NGO VAN HAI |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
10 Jun 1953 |
|
Current resident |
|
No.280/47/29 Bui Huu Nghia Str. - Ward 2 - Binh Thanh District - Ho
Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-64) 3611 259 |
|
|
||
|
6. NAME |
|
Mr. LAI HOP GIANG |
|
Position |
|
Chief Accountant |
|
Resident |
|
No. 167/10, 30/4 Str - Vung Tau City - Ba
Ria-Vung Tau Province - Vietnam |
|
Tel/Mobil phone |
|
(84-64) 3838676 |
BUSINESS NATURE AND ACTIVITIES
The subject is specializing
in processing and exporting seafood, its main products as follows:
• Diversified sushi and sashimi items from shrimp, squid, cuttlefish, octopus
• Sea Fish: whiting fish, big eye sad fish, salmon.
• Shell: scallop, top shell, abalone, crabs (king crab, snow crab, soft shell
crab).
• Shrimp: black tiger, pink, white, Endeavour, slipper lobster.
• Ready-to-cook products: spring roll, bread crumbed coating.
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types
of products |
|
Materials |
|
·
Market
|
|
The subject
mainly uses materials in domestic markets to process seafood products and
imports about 30% materials source from Japan, some Asian and EU countries. |
|
·
Mode
of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Types
of products |
|
Seafood
products |
|
·
Market
|
|
Japan (75%),
America, Australia, Hong Kong, Korea, Taiwan, Switzerland, China, Japan and
some countries in EU. |
|
·
Mode
of payment |
|
L/C, TT |
BANKERS
|
1. VIETNAM INTERNATIONAL
COMMERCIAL JOINT STOCK BANK SAI GON BRANCH |
||
|
Address |
|
Floor 3, No.2
Ngo Duc Ke Street, Ben Nghe Ward - 1 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3 824
2620 |
|
Fax |
|
(84-8) 3 824
2621 |
|
Notes: -
The exact name of bank is above. -
The full address of bank is above. -
Besides, the subject also transacts through
HSBC bank and ANZ bank. |
||
SHAREHOLDERS
|
1. NAME |
|
FOREIGN
TRADE DEVELOPMENT AND INVESTMENT CORPORATION OF HOCHIMINH CITY |
|
Business
Registration |
|
0300590663 |
|
Date of
Registration |
|
03 Jun 2010 |
|
Place of
Registration |
|
Planning And
Investment Department of Hochiminh City |
|
Registered
Capital |
|
157,273,080,000 VND |
|
Tax code |
|
0300590663 |
|
Address |
|
No. 28 Phung Khac Khoan Str, Da Kao Ward - 1 District - Ho Chi Minh
City - Vietnam |
|
Tel |
|
(84-8) 3822 1043/ 3822 1044 |
|
Fax |
|
(84-8) 3822 5241 |
|
Number of
shares |
|
1,656,430 |
|
Value of
shares |
|
16,564,300,000 VND |
|
Percentage |
|
26.44% |
|
|
||
|
2. NAME |
|
CONDAO COMPANY LTD |
|
Business
Registration |
|
No. 049095 |
|
Tax code |
|
3500121417 |
|
Address |
|
No. 239 Truong Cong Dinh Str - Vung Tau City - Ba Ria-Vung Tau Province
- Vietnam |
|
Tel |
|
(84-64) 3 852 497 |
|
Number of
shares |
|
629,990 |
|
Value of
shares |
|
6,299,900,000 VND |
|
Percentage |
|
10.06% |
|
|
||
|
3. NAME |
|
KANETOKU CORPORATION |
|
Business
Registration |
|
1400-01-019008
|
|
Address |
|
Imm Emeraude 6th Floor 4-1 Narihira Cho Ashiya - Shi Hyogo - Japan |
|
Tel |
|
+81-(0)797-35-7905 |
|
Fax |
|
+81-(0)797-35-7914 |
|
Number of
shares |
|
983,670 |
|
Value of
shares |
|
9,836,700,000 VND |
|
Percentage |
|
15.7% |
|
|
||
|
4. NAME |
|
Mr. PHAN THANH CHIEN |
|
Position |
|
General Director |
|
Date of Birth |
|
17 Jan 1955 |
|
ID Number/Passport |
|
024039283 |
|
Issued on |
|
07 Oct 2002 |
|
Issued Place |
|
Hochiminh city policemen |
|
Resident |
|
No. 453/38 Nguyen Dinh Chieu Str. - 3 District - Ho Chi Minh City -
Vietnam |
|
Email |
|
ptchien@havicovn.com |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
506,820 |
|
Value of shares |
|
5,068,200,000 VND |
|
Percentage |
|
8.09% |
|
|
||
|
5. NAME |
|
OTHER SHAREHOLDERS |
|
Number of Shares |
|
24,868,100 |
|
Value of shares |
|
24,868,100,000 VND |
|
Percentage |
|
39.7% |
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 |
335,959,447,673 |
274,656,541,610 |
218,399,991,781 |
|
I. Cash and cash equivalents |
88,643,043,445 |
85,595,446,264 |
9,590,043,244 |
|
1. Cash |
88,643,043,445 |
85,595,446,264 |
9,590,043,244 |
|
2. Cash
equivalents |
0 |
0 |
0 |
|
II. Short-term investments |
0 |
1,000,000,000 |
1,010,000,000 |
|
1. Short-term
investments |
0 |
1,000,000,000 |
1,010,000,000 |
|
2. Provisions
for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts receivable |
73,922,858,641 |
52,400,354,967 |
61,413,681,023 |
|
1. Receivable
from customers |
66,656,779,733 |
45,131,472,559 |
51,335,463,208 |
|
2. Prepayments
to suppliers |
3,541,742,732 |
4,937,051,730 |
7,963,291,705 |
|
3.
Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
0 |
|
5. Other
receivable |
3,724,336,176 |
2,331,830,678 |
2,114,926,110 |
|
6. Provisions
for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
168,607,411,434 |
132,232,289,897 |
142,049,974,879 |
|
1. Inventories
|
168,607,411,434 |
132,232,289,897 |
142,049,974,879 |
|
2. Provisions
for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current Assets |
4,786,134,153 |
3,428,450,482 |
4,336,292,635 |
|
1. Short-term
prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be
deducted |
3,832,804,841 |
1,826,884,345 |
2,468,272,653 |
|
3. Taxes and
other accounts receivable from the State |
0 |
0 |
449,984,715 |
|
4. Other
current assets |
953,329,312 |
1,601,566,137 |
1,418,035,267 |
|
B. LONG-TERM ASSETS |
47,626,258,584 |
74,290,066,929 |
96,916,972,297 |
|
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 |
34,600,258,584 |
56,764,066,929 |
82,167,164,297 |
|
1. Tangible
assets |
30,431,388,580 |
52,595,196,925 |
77,998,294,293 |
|
- Historical
costs |
169,207,519,177 |
170,552,419,734 |
167,294,292,267 |
|
- Accumulated
depreciation |
-138,776,130,597 |
-117,957,222,809 |
-89,295,997,974 |
|
2. Financial
leasehold assets |
0 |
0 |
0 |
|
- Historical
costs |
0 |
0 |
0 |
|
- Accumulated
depreciation |
0 |
0 |
0 |
|
3. Intangible
assets |
4,168,870,004 |
4,168,870,004 |
4,168,870,004 |
|
- Initial
costs |
4,519,346,000 |
4,519,346,000 |
4,519,346,000 |
|
- Accumulated
amortization |
-350,475,996 |
-350,475,996 |
-350,475,996 |
|
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 |
13,026,000,000 |
17,526,000,000 |
14,749,808,000 |
|
1. Investments
in affiliates |
0 |
0 |
0 |
|
2. Investments
in business concerns and joint ventures |
13,006,000,000 |
17,506,000,000 |
14,601,000,000 |
|
3. Other
long-term investments |
20,000,000 |
20,000,000 |
148,808,000 |
|
4. Provisions
for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term assets |
0 |
0 |
0 |
|
1. Long-term
prepaid expenses |
0 |
0 |
0 |
|
2. Deferred
income tax assets |
0 |
0 |
0 |
|
3. Other
long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
383,585,706,257 |
348,946,608,539 |
315,316,964,078 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
268,276,765,667 |
240,413,121,223 |
215,976,185,954 |
|
I. Current liabilities |
263,366,186,425 |
231,496,933,411 |
173,965,921,958 |
|
1. Short-term
debts and loans |
194,923,935,929 |
181,966,222,373 |
127,492,372,724 |
|
2. Payable to
suppliers |
56,781,976,542 |
37,648,932,971 |
39,959,358,724 |
|
3. Advances
from customers |
344,883,676 |
495,730,253 |
479,582,159 |
|
4. Taxes and
other obligations to the State Budget |
1,766,435,633 |
3,624,779,740 |
568,972,373 |
|
5. Payable to
employees |
4,990,626,584 |
5,945,019,293 |
4,450,043,109 |
|
6. Accrued
expenses |
40,000,000 |
60,000,000 |
120,000,000 |
|
7.
Inter-company payable |
0 |
0 |
0 |
|
8. Payable
according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other
payable |
4,518,328,061 |
1,756,248,781 |
895,592,869 |
|
10. Provisions
for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term Liabilities |
4,910,579,242 |
8,916,187,812 |
42,010,263,996 |
|
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 |
4,566,000,000 |
8,553,400,000 |
41,685,041,560 |
|
5. Deferred
income tax payable |
0 |
0 |
0 |
|
6. Provisions
for unemployment allowances |
344,579,242 |
362,787,812 |
325,222,436 |
|
7. Provisions
for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S EQUITY |
115,308,940,590 |
108,533,487,316 |
99,340,778,124 |
|
I. OWNER’S EQUITY |
111,937,296,834 |
107,246,296,181 |
99,251,526,754 |
|
1. Capital |
62,637,200,000 |
62,637,200,000 |
62,637,200,000 |
|
2. Share
premiums |
28,402,200,000 |
28,402,200,000 |
28,402,200,000 |
|
3. Other
sources of capital |
0 |
0 |
0 |
|
4. Treasury
stocks |
-5,983,000,000 |
-5,983,000,000 |
0 |
|
5. Differences
on asset revaluation |
0 |
0 |
0 |
|
6. Foreign
exchange differences |
2,362,129,870 |
1,547,367,305 |
0 |
|
7. Business
promotion fund |
4,146,009,400 |
1,947,697,940 |
964,724,975 |
|
8. Financial
reserved fund |
2,646,305,471 |
1,489,299,439 |
971,945,247 |
|
9. Other funds
|
0 |
0 |
0 |
|
10. Retained
earnings |
17,726,452,093 |
17,205,531,497 |
6,275,456,532 |
|
11.
Construction investment fund |
0 |
0 |
0 |
|
II. Other sources and funds |
3,371,643,756 |
1,287,191,135 |
89,251,370 |
|
1. Bonus and
welfare funds |
3,371,643,756 |
1,287,191,135 |
89,251,370 |
|
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 |
383,585,706,257 |
348,946,608,539 |
315,316,964,078 |
|
PROFIT & LOSS
STATEMENT |
|||
|
|
|||
|
Description |
FY2010
|
FY2009
|
FY2008
|
|
1. Total
Sale |
814,326,989,670 |
793,994,811,345 |
704,042,702,261 |
|
2. Deduction
item |
70,615,776 |
61,609,146 |
5,587,671 |
|
3. Net sale
|
814,256,373,894 |
793,933,202,199 |
704,037,114,590 |
|
4. Costs of
goods sold |
782,974,136,946 |
757,025,018,330 |
645,321,879,905 |
|
5. Gross
profit |
31,282,236,948 |
36,908,183,869 |
58,715,234,685 |
|
6. Financial
income |
33,356,290,778 |
33,749,165,219 |
9,608,560,197 |
|
7. Financial
expenses |
14,712,755,181 |
15,845,102,106 |
33,836,746,357 |
|
- In which:
Loan interest expenses |
7,242,422,816 |
0 |
14,818,651,049 |
|
8. Selling
expenses |
18,267,576,139 |
17,615,364,081 |
15,761,953,420 |
|
9.
Administrative overheads |
10,367,506,033 |
10,463,728,615 |
7,430,053,133 |
|
10. Net
operating profit |
21,290,690,373 |
26,733,154,286 |
11,295,041,972 |
|
11. Other income
|
245,878,142 |
7,297,687 |
11,771,146 |
|
12. Other
expenses |
0 |
0 |
0 |
|
13. Other
profit /(loss) |
345,878,142 |
7,297,687 |
11,771,146 |
|
14. Total
accounting profit before tax |
21,636,568,515 |
26,740,451,973 |
11,306,813,118 |
|
15. Current
corporate income tax |
4,076,304,420 |
3,600,331,341 |
959,729,276 |
|
16. Deferred
corporate income tax |
0 |
0 |
0 |
|
17. Interest
from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit
after tax |
17,560,264,095 |
23,140,120,632 |
10,347,083,842 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current
liquidity ratio |
1.28 |
1.19 |
1.26 |
1.23 |
|
Quick
liquidity ratio |
0.64 |
0.62 |
0.44 |
0.71 |
|
Inventory
circle |
4.64 |
5.52 |
3.69 |
5.40 |
|
Average
receive period |
33.14 |
24.09 |
31.84 |
117.55 |
|
Utilizing
asset performance |
2.12 |
2.28 |
2.23 |
1.67 |
|
Liability by
total asset |
69.94 |
68.90 |
68.49 |
66.66 |
|
Liability by
owner equity |
232.66 |
221.51 |
217.41 |
358.60 |
|
Ebit / Total
asset (ROA) |
7.53 |
7.66 |
8.29 |
7.03 |
|
Ebit / Owner's
equity (ROE) |
25.04 |
24.64 |
26.30 |
29.74 |
|
Ebit / Total sale
(NPM) |
3.55 |
3.37 |
3.71 |
5.06 |
|
Gross profit /
Total sale (GPM) |
3.84 |
4.65 |
8.34 |
14.43 |
|
Note: The Average Industry was calculated by Vietnam Credit
based on our owned statistical data |
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial
Situation |
|
Above Average |
|
Development
trend |
|
Uptrend |
|
Litigation
data |
|
No |
|
Bankruptcy |
|
No |
|
Payment
Methods |
|
Through its
corresponding bank. Foreign remittance by L/C, DA, DP, TT, TTr... |
|
Sale Methods |
|
To contracts |
|
CREDIT
INQUIRY: 125,000 USD Against DA in terms Acceptable |
INTERPRETATION ON THE SCORES
|
The subject established in 1991
as limited liability company, then, it was equitized to become joint stock
company. Its short name is HAVICO. Currently, HAVICO is operating under the
business registration No. 4903000001 granted by Ba Ria-Vung Tau Department of
Planning and Investment. Its registered capital is VND 62,637,200,000 and it has
about 1,500 employees. HAVICO specializes in producing
and processing exporting seafood products. Almost its products are exported
directly to foreign markets, a small part are exported indirectly through
other export unit in Vietnam. Its main export market is Japan (75%), besides
it also export to many other countries such as America, Australia, Hong Kong,
Korea, Taiwan, Switzerland, China, Japan and some countries in EU. Exported
commodity includes Slipper Lobster A1, A2, PTO, PD, Pink Shrimp, Bamboo Shrimp,
Squid, Broad Squid, Octopus Block, Squid Sushi, Mini, SKL, Sushi, Fish Roe,
Salmon, Seafood Mix, variety of roll… The premises and facilities of
the subject are standard. At the present, the subject is operating with 2
factories and a plant co-operated with Asia View Investment Ltd of Japan.
Production lines of the subject are carried out under the Japanese
technology. The subject has a cold storage which was constructed from April
2008 and completed on October 2008 with total investment capital 50 billion
VND. This storage officially put into operation on December 2008. It
specializes in maintaining and containing services of frozen food, fruits and
vegetables for export and domestic consumption. HAVICO was honored the title “the
top 40 foreign direct investment award” organized by Saigon Times Group in
early 2004. In 2005, the subject invested 40 billion VND to build a new
technological line specializing in production of refined goods. On September
2nd 2008, HAVICO was awarded Vietnam Gold Star Award. On November 2008,
HAVICO had received 5 certificates in conformity with International
standards. Until now, Hai Viet Corporation is the first enterprise who has
achieved and applied the management system in conformity with 5 International
standards: ISO 9001:2000; ISO 14001: 2004; SA 8000: 2001; HACCP CODEX -Rev;
BRC-Rev. Financially, based on the above
financial data, we can see that, the subject's business result were fairly
good. The turnover increased year by year. ROA fluctuated from 7.53 units to 8.29
units. ROE was around 25 units. The debt rate also was relatively stable. In 2010, the subject's current
liabilities increased compared with previous years but the current assets
also rose significantly, so the liquidity ratios were improved. The subject's average receive
period was not very high. This shows the subject's credit policy on deferred
payment sale seemed fairly strict. The following chart shows the
total sale that subject achieved from
2007 to 2010:
According to Mr. Lai Hop
Giang-the subject's chief accountant, in the first six months of 2011, the
subject's total sales reached about USD 22.2 million, in which the direct
export sale was USD 21 million. In general, the subject is a big
company with a long history. The position of the company in industry is
fairly high. The subject has capacity to meet financial commitments. No
caution needed for small and normal business transactions with the subject. |
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.44.38 |
|
UK Pound |
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.16 |
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.