MIRA INFORM REPORT
|
Report Date : |
03.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
HONG HA PACKAGING COMPANY LIMITED |
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Registered Office : |
No. 205BC Ben Van Don Street - Ward 5 -
District 4 - Ho Chi Minh City |
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Country : |
Vietnam |
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Financials (as on) : |
31.12.2009 |
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Year of Establishment : |
1992 |
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Com. Reg. No.: |
046886 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturing and trading in paper and paper packaging. |
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 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Vietnam |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
Translation English Name |
|
HONG HA PACKAGING COMPANY LIMITED |
|
Registered Vietnamese Name |
|
CONG TY TNHH BAO BI HONG HA |
|
Trade Name |
|
HONG HA PACKAGING COMPANY LIMITED |
|
Registered Short name |
|
HONHACO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1992 |
|
Establishment Decision |
|
127/GP-UB |
|
Date of Issuance |
|
04 Apr 1992 |
|
Place of Issuance |
|
People’s Committee of Hochiminh City |
|
Business Registration No. |
|
046886 |
|
Date of Registration |
|
10 Apr 1992 |
|
Place of Registration |
|
Planning and Investment Department of
Hochiminh City |
|
Current registered capital |
|
80,000,000,000 VND |
|
Tax code |
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0301435928 |
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Total Employees |
|
170 |
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Note: The given name “HONG THAO CO LTD” is not correct name of subject. The registered name of subject is as above. |
coimpany ADDRESSES
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Head Office |
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|
Address |
`` |
No. 205BC Ben Van Don Street - Ward 5 -
District 4 - Ho Chi Minh City - Vietnam |
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Telephone |
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(84-8) 3754 2845 |
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Fax |
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(84-8) 3754 2848 |
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Email |
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Branch in Ho Chi
Minh |
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Address |
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Lot 2-Road 4 - Tan Tao Industrial Park-Tan
Tao A Ward - Binh Tan District - Ho Chi Minh City - Vietnam |
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Telephone |
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(84-8) 3754 2846/ 3754 2848 / 3754 2996 |
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Fax |
|
(84-8) 3754 2847 |
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Email |
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DIRECTORS
|
1.
NAME |
|
Mr.
TRAN QUANG DONG |
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Position |
|
Director |
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Year of Birth |
|
1948 |
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ID Number/Passport |
|
020328992 |
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ID Issue Date |
|
19 Jan 2000 |
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ID Issue Place |
|
Police Station Of
Hochiminh City |
|
Resident |
|
No. 97A Ly Tu Trong
street - Ben Thanh Ward - District 1 - Ho Chi Minh City - Vietnam |
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Nationality |
|
Vietnamese |
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||
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2.
NAME |
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Mr.
NGUYEN DANG THU |
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Position |
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Sales Manager |
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Resident |
|
Ho Chi Minh City –
Vietnam |
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Nationality |
|
Vietnamese |
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Tel/Mobil phone |
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(+84) 986 751 852 |
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Email |
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3.
NAME |
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Mr.
TRAN MINH DO |
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Position |
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HR Manager |
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Nationality |
|
Vietnamese |
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4.
NAME |
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Ms.
NGUYEN CHINH THUY |
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Position |
|
Chief Accountant |
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Resident |
|
Binh Chanh District -
Ho Chi Minh City - Vietnam |
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Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
The
subject registers in the following business activities: Ø
Manufacturing
and trading in paper and paper packaging. Ø
Printing
label on packaging. Ø
Plating
OPP, PET. |
IMPORT & EXPORT ACTIVITIES
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IMPORT: |
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·
Types of products |
|
Materials |
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·
Market |
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China and Indonesia |
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EXPORT: |
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Notes: Currently, the subject does not export |
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BANKERS
|
1.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK TAN BINH BRANCH |
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|
Address |
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No.224 Le Van Sy - ward 1 - Tan Binh District - Ho Chi Minh City -
Vietnam |
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Telephone |
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(84-8) 3990 7202 |
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Fax |
|
(84-8) 3990 7205 |
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|
2.
BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM- HCM CITY BRANCH |
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|
Address |
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No.134 Nguyen Cong Tru - District 1- Ho Chi Minh City - Vietnam |
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Telephone |
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(84-8) 3823 0125/ 3829 7384 |
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Fax |
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(84-8) 3829 8862 |
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3.
DONG A COMMERCIAL JOINT STOCK BANK - BRANCH IN DISTRICT 4 |
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|
Address |
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No. 154-156-158 Nguyen Tat Thanh Street, Ward 13 - District 4 - Ho Chi Minh City - Vietnam |
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Telephone |
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(84-8) 5401 1511 |
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Fax |
|
(84-8) 5401 1512 |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
CHAU VAN XUAN |
|
ID Number/Passport |
|
020424210 |
|
Resident |
|
No. 02N Ben Van Don Street-Ward 6 -
District 4 - Ho Chi Minh City - Vietnam |
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Nationality |
|
Vietnamese |
|
Value of shares |
|
2,700,000,000 VND |
|
Percentage |
|
3.82% |
|
|
||
|
2.
NAME |
|
Mr.
HOANG MINH TRUNG |
|
ID Number/Passport |
|
021567863 |
|
Resident |
|
No. 63 Tu Xuong Street - Ward 7 - District
3 - Ho Chi Minh City - Vietnam |
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Nationality |
|
Vietnamese |
|
Value of shares |
|
14,500,000,000 VND |
|
Percentage |
|
18.13% |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI NGOC DIEP |
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ID Number/Passport |
|
020460598 |
|
Resident |
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No. 97A Ly Tu Trong Street - District 1 -
Ho Chi Minh City - Vietnam |
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Nationality |
|
Vietnamese |
|
Value of shares |
|
10,000,000,000 VND |
|
Percentage |
|
12.5% |
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|
||
|
4.
NAME |
|
Ms.
PHAM BICH HIEN |
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ID Number/Passport |
|
024022578 |
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Resident |
|
D7 Mieu Noi - Ward - Binh Thanh District -
Ho Chi Minh City - Vietnam |
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Nationality |
|
Vietnamese |
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Value of shares |
|
4,000,000,000 VND |
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Percentage |
|
5% |
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|
||
|
5.
NAME |
|
Mr.
TRAN QUANG DONG |
|
Position |
|
Director |
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Year of Birth |
|
1948 |
|
ID Number/Passport |
|
020328992 |
|
ID Issue Date |
|
19 Jan 2000 |
|
ID Issue Place |
|
PoliceStation Of
Hochiminh City |
|
Resident |
|
No. 97A Ly Tu Trong street-Ben Thanh Ward
- District 1 - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
48,800,000,000 VND |
|
Percentage |
|
61% |
FINANCIAL HIGHLIGHT
|
BALANCE
SHEET |
|
Unit: One VND
|
|
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Balance sheet
date |
31/12/2009 |
|
Number of weeks |
52 |
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ASSETS |
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A. Current Asset
|
86,762,000,000 |
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Receivables |
39,533,000,000 |
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Inventory |
34,532,000,000 |
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Cash and other current assets |
12,697,000,000 |
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B. Long term
Asset |
32,872,000,000 |
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1. Long term
account receivable |
0 |
|
2. Fixed assets |
32,872,000,000 |
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Tangible fixed assets |
32,872,000,000 |
|
+ Original cost |
58,903,000,000 |
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+ Accumulated depreciation value |
-26,031,000,000 |
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Financial leasehold assets |
0 |
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Intangible fixed assets |
0 |
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Construction in progress and other long term asset |
0 |
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TOTAL ASSETS |
119,634,000,000 |
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|
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LIABILITIES |
|
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Payable loans |
32,975,000,000 |
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Owner’s Equity |
86,659,000,000 |
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TOTAL LIABILITY
AND EQUITY |
119,634,000,000 |
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|
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PROFIT & LOSS STATEMENT |
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1. Total Sale |
169,779,000,000 |
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2. Deduction item |
0 |
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3. Net sale |
169,779,000,000 |
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4. Costs of goods sold |
166,865,000,000 |
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5. Gross profit |
2,914,000,000 |
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6. Financial income |
0 |
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7. Financial expenses |
0 |
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8. Selling expenses and Administrative overheads |
1,278,000,000 |
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9. Net operating profit |
1,636,000,000 |
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10. Other income |
20,000,000 |
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11. Other expenses |
0 |
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12. Other profit /(loss) |
20,000,000 |
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13. Total accounting profit before tax |
1,656,000,000 |
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14. Current corporate income tax |
414,000,000 |
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15. Deferred corporate income tax |
0 |
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16. Interest from subsidiaries/related companies |
0 |
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17. Profit after tax |
1,242,000,000 |
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
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Liquidity |
|
N/A |
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Payment status |
|
N/A |
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Financial Situation |
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Average |
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Development trend |
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N/A |
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Litigation data |
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No Record |
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Bankruptcy |
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No Record |
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Payment Methods |
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By cash throught the bank |
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Sale Methods |
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Retailer |
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Public opinion |
|
Normal |
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CREDIT INQUIRY: 125,000 USD against D/A in term. |
|
Acceptable! |
INTERPRETATION ON THE SCORES
|
HONHACO., LTD is a
limited liability company which was established in 1992 with registered
capital0 VND 80 billion. The subject specializes in manufacturing and
trading in packaging. It is supplying packaging products for manufacturers in
foodstuffs, pesticides and chemicals. The subject imports materials from
China and Indonesia for domestic manufacturing. It does not export. We visited subject’s head
office . The subject’s head officce has only one person answers the phone, all of other
employees are in the factory. Its factory is in the
industrial area, the infrastructure is
relatively widely
with 12,000 square meters. The subject’s factory has granted ISO 9002
certificate by BVQI with modern machinery system of Korea
and Taiwan. According
to Mr. Ngoc Chau – assistant
of chief accountant, in
2010, net sale and profit after tax increased 15% compared with in 2009 and
sale of it in 2011 is stable. Generally,
it is operating fairly effectively. In our opinion, the BB credit estimate on
the subject reflects that the subject has capacity to meet small-medium
business commitments. |
APPENDIXES
|
INDUSTRY DATA |
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|
Industry code |
Growth speed by price
compared with 1994 (%) |
Total
enterprises 2009 |
Total employees
2010 (Thous.pers.) |
Annual average
capital of enterprises 2009 (billion dongs) |
||
|
2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.78 |
1.82 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
7.70 |
5.52 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
7.52 |
6.63 |
154,978 |
14,522 |
4,939,069 |
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ECONOMIC
INDICATORS |
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|
2010 |
2009 |
2008 |
|||
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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 |
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SERVICE TRADE
PERFORMANCE |
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Billion USD |
2010 |
2009 |
2008 |
|||
|
Exports |
72.2 |
57.1 |
62.7 |
|||
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Imports |
84.8 |
69.9 |
80.7 |
|||
|
Trade Balance |
-12.6 |
-12.8 |
-18 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.67.64 |
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.