MIRA INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
SAITEX INTERNATIONAL VIETNAM COMPANY
LIMITED |
|
|
|
|
Registered Office : |
Tang Nhon Phu B Ward -District 9- Ho Chi Minh City - Vietnam |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
21.05.2007 |
|
|
|
|
Com. Reg. No.: |
411043000184 |
|
|
|
|
Legal Form : |
Foreign Invested Company |
|
|
|
|
Line of Business : |
manufacturing garment products for export |
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 – 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
|
||
|
English Name |
|
SAITEX INTERNATIONAL VIETNAM COMPANY
LIMITED |
|
Vietnamese Name |
|
CONGTY TNHH SAITEX INTERNATIONAL VIET NAM |
|
Trade name |
|
SAITEX VIETNAM |
|
Short name |
|
SAITEX VIETNAM |
|
Type of Business |
|
Foreign Invested Company |
|
Year Established |
|
2005 |
|
Business Registration No. |
|
411043000184 |
|
Date of Registration |
|
24 May 2007 |
|
Place of Registration |
|
Business Registration Office of Ho Chi
Minh city |
|
Registered Investment Capital |
|
4,000,000 USD |
|
Chartered capital |
|
1,400,000 USD |
|
Tax code |
|
0303852483 |
|
Total Employees |
|
2,200 |
|
Size |
|
Medium |
company ADDRESSES
|
Head Office |
||
|
Address |
|
Tang Nhon Phu B Ward -District 9- Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 36402960 - 3640 2961 - 3640 2966 |
|
Fax |
|
(84-8) 3640 2967 |
|
Website |
|
|
|
|
||
|
Factory |
||
|
Address |
|
8th Street, Bien Hoa 1 Industrial Zone, Dong Nai Province,
Vietnam |
|
Telephone |
|
(84-61) 3933615 |
|
Fax |
|
(84-61) 3933611 |
DIRECTORS
|
1.
NAME |
|
Mr.
SANJEEV MADAN BAHL |
|
Position |
|
General Director |
|
Nationality |
|
Indian |
|
|
||
|
2.
NAME |
|
Mr.
NHAT LINH |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Email |
|
nhatlinh@sai-tex.com |
BUSINESS NATURE AND ACTIVITIES
|
Subject
is specialized in manufacturing garment products for export. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Fabric |
|
·
Market |
|
India, China and Malaysia |
|
·
Ratio |
|
100% |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Garment Products |
|
·
Market |
|
Main market is EU, and other countries such as South Korea, Pakistan,
Hong Kong, Turkey, Indonesia, Taiwan, Germany, Italy, Malaysia, Singapore,
Thailand |
|
·
Ratio |
|
100% |
BANKERS
|
1.
HONGKONG SHANGHAI BANK CORPORATION (HSBC) – HO CHI MINH BRANCH |
||
|
Address |
|
6 Floor, No. 235 Dong Khoi Str., Ben Nghe ward - District 1- Ho Chi
Minh City - Vietnam |
|
Telephone |
|
(84-8) 38292288 |
|
|
||
|
2.
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM THU DUC BRANCH |
||
|
Address |
|
No 618 To Ngoc Van street, Tam Binh ward - Thu Duc District - Ho Chi
Minh City - Vietnam |
|
Telephone |
|
(84-8) 3729 4722 |
|
Fax |
|
(84-8) 3729 4726 |
|
SWIFT Code |
|
BFTVVBVX 007 |
SHAREHOLDERS
|
NAME |
|
SAITEX
INTERNATIONAL (HK) LTD |
|
Address |
|
Hong Kong - Hong Kong |
|
Value of shares |
|
1,400,000 USD |
|
Percentage |
|
100% |
FINANCIAL DATA
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
28,703,851,814 |
41,943,146,551 |
|
I. Cash and cash
equivalents |
5,682,282,840 |
7,223,049,952 |
|
1. Cash |
5,682,282,840 |
7,223,049,952 |
|
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 |
11,222,729,913 |
21,211,483,615 |
|
1. Receivable from customers |
6,023,853,382 |
12,955,030,826 |
|
2. Prepayments to suppliers |
143,947,839 |
119,415,439 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
5,054,928,692 |
8,137,037,350 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
3,017,862,889 |
3,378,477,997 |
|
1. Inventories |
3,017,862,889 |
3,378,477,997 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
8,780,976,172 |
10,130,134,987 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
7,446,254,661 |
8,163,938,360 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
1,334,721,511 |
1,966,196,627 |
|
B. LONG-TERM
ASSETS |
37,008,804,313 |
37,510,413,601 |
|
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
|
34,151,657,072 |
34,363,298,546 |
|
1. Tangible assets |
33,504,704,184 |
34,007,020,283 |
|
- Historical costs |
55,611,911,218 |
48,893,185,288 |
|
- Accumulated depreciation |
-22,107,207,034 |
-14,886,165,005 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
646,952,888 |
356,278,263 |
|
- Initial costs |
849,640,000 |
477,267,000 |
|
- Accumulated amortization |
-202,687,112 |
-120,988,737 |
|
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 |
2,857,147,241 |
3,147,115,055 |
|
1. Long-term prepaid expenses |
2,857,147,241 |
3,147,115,055 |
|
2. Deferred income tax assets |
|
0 |
|
3. Other long-term assets |
|
0 |
|
TOTAL ASSETS |
65,712,656,127 |
79,453,560,152 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
38,233,965,586 |
53,773,657,697 |
|
I. Current
liabilities |
38,233,965,586 |
53,599,043,127 |
|
1. Short-term debts and loans |
0 |
0 |
|
2. Payable to suppliers |
10,505,223,620 |
11,490,908,684 |
|
3. Advances from customers |
0 |
6,703,000 |
|
4. Taxes and other obligations to the State Budget |
278,575,034 |
779,258,644 |
|
5. Payable to employees |
9,147,078,831 |
5,948,507,131 |
|
6. Accrued expenses |
883,187,832 |
173,156,962 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
17,419,900,269 |
35,200,508,706 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
0 |
174,614,570 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
174,614,570 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
27,478,690,541 |
25,679,902,455 |
|
I. OWNER’S
EQUITY |
27,478,690,541 |
25,679,902,455 |
|
1. Capital |
26,662,216,451 |
28,184,647,352 |
|
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 |
-951,137,788 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
1,767,611,878 |
-2,504,744,897 |
|
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 |
65,712,656,127 |
79,453,560,152 |
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2009 |
FY2008 |
|
1. Total Sale |
155,999,808,772 |
153,713,110,731 |
|
2. Deduction item |
0 |
0 |
|
3. Net Sale |
155,999,808,772 |
153,713,110,731 |
|
4. Costs of goods sold |
113,714,625,681 |
128,431,425,449 |
|
5. Gross profit |
42,285,183,091 |
25,281,685,282 |
|
6. Financial income |
5,138,949,163 |
5,145,651,020 |
|
7. Financial expenses |
989,637,428 |
2,255,141,607 |
|
- In which: Loan interest expenses |
0 |
0 |
|
8. Selling expenses |
1,057,181,322 |
1,540,584,640 |
|
9. Administrative overheads |
41,926,100,487 |
23,987,766,455 |
|
10. Net operating profit |
3,451,213,017 |
2,643,843,600 |
|
11. Other income |
599,422,705 |
311,702,314 |
|
12. Other expenses |
430,259,239 |
1,004,682,835 |
|
13. Other profit /(loss) |
169,163,466 |
-692,980,521 |
|
14. Total accounting profit before tax |
3,620,376,483 |
1,950,863,079 |
|
15. Current corporate income tax |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
18. Profit after tax |
3,620,376,483 |
1,950,863,079 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
0.75 |
0.78 |
1.18 |
|
Quick liquidity ratio |
0.67 |
0.72 |
0.72 |
|
Inventory circle |
35.56 |
38.01 |
9.18 |
|
Average receive period |
26.26 |
50.37 |
64.20 |
|
Utilizing asset performance |
2.37 |
1.93 |
1.50 |
|
Liability by total asset |
58.18 |
67.68 |
69.79 |
|
Liability by owner equity |
139.14 |
209.40 |
238.92 |
|
Ebit / Total asset (ROA) |
5.51 |
2.46 |
6.08 |
|
Ebit / Owner's equity (ROE) |
13.18 |
7.60 |
21.50 |
|
Ebit / Total Sale (NPM) |
2.32 |
1.27 |
4.89 |
|
Gross profit / Total Sale (GPM)
|
27.11 |
16.45 |
12.63 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
|||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Uptrend |
|
Litigation data |
|
No |
|
Bankruptcy |
|
No |
|
Payment Methods |
|
Direct payment or through its corresponding banks. Foreign remittance
by letter of credit (L/C). |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Average |
|
CREDIT INQUIRY: N/A |
INTERPRETATION ON THE SCORES
|
SAITEX
INTERNATIONAL VIETNAM COMPANY LIMITED is a 100% foreign owned company which
was established in 2005. The original investment capital of subject was one
million USD. Up to May 2007, subject has increased its investment capital to
US$4 million. Recently, chartered capital of the subject has been US$
1,400,000. Subject
specializes in manufacturing garment products for export. Main export market
of subject is EU. It also exports its products to other countries such as South
Korea, Pakistan, Hong Kong, Turkey, Indonesia, Taiwan, Germany, Italy,
Malaysia, Singapore, Thailand… Premises
and facilities of the subject are good with 2 factories, one in Tang Nhon Phu
B ward- Dist 9- Hochiminh City and one in Bien Hoa City- Dong Nai Province. Management
of subject is fairly good with more than 2,200 employees and workers. In June
2009, subject joined Business Export Cotton Fair at the Ritz Carlton Hotel
Jakarta in Indonesia with title "Cotton USA - Buyer" by
International Committee of Cotton by The U.S. The fair with the aim is to
create opportunities for trade between importers of cotton, fabrics, yarn
from the U.S., Europe and exporters from Indonesia, Thailand and Vietnam.
This event attracted 33 large importers from USA, Japan and Europe and 35
exporters from Indonesia, Thailand and Vietnam. According
to financial statement, its Sale and
profit in 2009 were better than 2008. Financial situation of the subject is
stable now. Liquidity ratios of the subject were normal. In overview, the
subject is a foreign company, which is operating fairly well in Vietnam.
Subject is reliable for small-medium 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.44.78 |
|
UK Pound |
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
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.