MIRA INFORM REPORT
|
Report Date : |
10.04.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
RICHES HIGH - TECH WRAPPER VIETNAM COMPANY
LIMITED |
|
|
|
|
Registered Office : |
No. 104/1 Road 2 Amata
Industrial Zone, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1997 |
|
|
|
|
Legal Form : |
Foreign Invested Company |
|
|
|
|
Line of Business : |
manufacturer of high – tech wrapper and bags in multi – layer plastic
films |
|
|
|
|
No. of Employees
: |
170 |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Current legal status
|
||
|
English Name |
|
RICHES HIGH - TECH WRAPPER VIETNAM COMPANY
LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH BAO BI KY THUAT CAO RICHES
VIET |
|
Type of Business |
|
Foreign invested company |
|
Year Established |
|
1997 |
|
Investment Certificate No |
|
No. 4/GP- KCN - DN |
|
Date Of Issuance |
|
16 Aug 1997 |
|
Place of Issuance |
|
Dong Nai
Industrial Zones Authority |
|
Registered Investment Capital |
|
USD 20,000,000 |
|
Chartered capital |
|
USD 6,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
3600359371 |
|
Total Employees |
|
170 |
|
Note |
|
The
given name RICHES HICH TECH WRAPAPER CO LTD is not correct. The correct one
is as above. |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered
Investment Capital: 12,000,000 USD Changed to: 20,000,000 USD |
2007
|
|
Head Office |
||
|
Address |
|
No. 104/1 Road 2 Amata
Industrial Zone, |
|
Telephone |
|
(84-61) 3936811 |
|
Fax |
|
(84-61) 3936810 |
|
Email |
|
|
|
1.
NAME |
|
Mr.
HENRY CHENG WEN HUNG |
|
Position |
|
General Director |
|
Date of Birth |
|
1953 |
|
Contact address |
|
No. 104/1 Road 2
Amata Industrial Zone, Bien Hoa City, Dong Nai Province, Vietnam |
|
Nationality |
|
Taiwanese |
|
|
||
|
2.
NAME |
|
Mr.
LIAO MIN CHIEH |
|
Position |
|
Deputy General Director |
|
Contact address |
|
No. 104/1 Road 2
Amata Industrial Zone, Bien Hoa City, Dong Nai Province, Vietnam |
|
Nationality |
|
Taiwanese |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN MINH CHAU |
|
Position |
|
Chief Accountant |
|
Contact address |
|
No. 104/1 Road 2
Amata Industrial Zone, Bien Hoa City, Dong Nai Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
The subject specializes in manufacture of high – tech
wrapper and bags in multi – layer plastic films, such as: Vacuum bags,
aluminum foil and laminate film for automatic package. |
|
IMPORT: |
||
|
·
Types of products |
|
Materials, machines |
|
·
Market |
|
Asian countries |
|
·
Mode of payment |
|
LC |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
|
|
·
Ratio |
|
40% |
|
·
Mode of payment |
|
TT |
|
1.
CHINFON BANK HOCHIMINH CITY BRANCH |
||
|
Address |
|
27Tu Xuong Str,
Ward 17 , 3 District, |
|
Telephone |
|
(84-8) 3932 5888 |
|
Fax |
|
(84-8) 3932 6431 |
|
|
||
|
2.
TAIPEI FUBON BANK - HOCHIMINH CITY BRANCH |
||
|
Address |
|
253 Dien Bien Phu Str, Ward 7 , 3 District, |
|
Telephone |
|
(84-8) 39325888 |
|
Fax |
|
(84-8) 39326431 |
|
1.
NAME |
|
RICHES
INTERNATIONAL |
|
Address |
|
|
|
Percentage |
|
100% |
|
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 |
179,707,310,457 |
171,160,000,000 |
179,835,641,213 |
|
I. Cash and cash
equivalents |
14,013,505,125 |
14,616,000,000 |
1,788,769,516 |
|
1. Cash |
2,084,284,108 |
3,616,000,000 |
1,788,769,516 |
|
2. Cash equivalents |
11,929,221,017 |
11,000,000,000 |
0 |
|
II. Short-term
investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
88,500,735,693 |
61,704,000,000 |
65,911,817,546 |
|
1. Receivable from customers |
84,347,289,437 |
57,183,000,000 |
59,213,026,157 |
|
2. Prepayments to suppliers |
8,543,254 |
3,075,000,000 |
3,230,420,000 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
5,569,120,983 |
2,871,000,000 |
4,892,589,370 |
|
6. Provisions for bad debts |
-1,424,217,981 |
-1,425,000,000 |
-1,424,217,981 |
|
IV. Inventories |
76,695,484,831 |
93,217,000,000 |
109,263,659,139 |
|
1. Inventories |
92,748,291,499 |
108,995,000,000 |
117,453,330,755 |
|
2. Provisions for devaluation of inventories |
-16,052,806,668 |
-15,778,000,000 |
-8,189,671,616 |
|
V. Other Current
Assets |
497,584,808 |
1,623,000,000 |
2,871,395,012 |
|
1. Short-term prepaid expenses |
43,724,808 |
41,000,000 |
58,290,960 |
|
2. VAT to be deducted |
0 |
1,191,000,000 |
2,564,320,052 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
453,860,000 |
391,000,000 |
248,784,000 |
|
B. LONG-TERM
ASSETS |
158,915,855,877 |
167,498,000,000 |
165,865,706,958 |
|
I. Long term
accounts 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
|
144,810,319,203 |
157,073,000,000 |
156,137,131,632 |
|
1. Tangible assets |
130,011,341,058 |
141,833,000,000 |
145,785,423,570 |
|
- Historical costs |
242,580,877,335 |
238,198,000,000 |
225,734,026,505 |
|
- Accumulated depreciation |
-112,569,536,277 |
-96,365,000,000 |
-79,948,602,935 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
14,798,978,145 |
15,240,000,000 |
10,351,708,062 |
|
- Initial costs |
18,214,157,942 |
18,215,000,000 |
12,960,434,063 |
|
- Accumulated amortization |
-3,415,179,797 |
-2,975,000,000 |
-2,608,726,001 |
|
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 |
0 |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
14,105,536,674 |
10,425,000,000 |
9,728,575,326 |
|
1. Long-term prepaid expenses |
9,343,245,987 |
8,032,000,000 |
7,289,738,705 |
|
2. Deferred income tax assets |
4,747,799,687 |
2,393,000,000 |
2,438,836,621 |
|
3. Other long-term assets |
14,491,000 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
338,623,166,334 |
338,658,000,000 |
345,701,348,171 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
150,365,957,266 |
180,815,000,000 |
189,151,840,604 |
|
I. Current
liabilities |
113,061,858,166 |
128,065,000,000 |
122,132,919,504 |
|
1. Short-term debts and loans |
48,879,097,399 |
78,387,000,000 |
67,745,859,463 |
|
2. Payable to suppliers |
34,101,317,979 |
30,668,000,000 |
30,971,935,271 |
|
3. Advances from customers |
0 |
64,000,000 |
47,428,675 |
|
4. Taxes and other obligations to the State Budget |
10,754,836,917 |
2,572,000,000 |
9,707,214,006 |
|
5. Payable to employees |
2,014,104,000 |
1,017,000,000 |
871,513,000 |
|
6. Accrued expenses |
16,644,328,002 |
14,538,000,000 |
12,393,346,689 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
668,173,869 |
819,000,000 |
395,622,400 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
37,304,099,100 |
52,750,000,000 |
67,018,921,100 |
|
1. Long-term accounts payable to suppliers |
7,667,460,000 |
15,824,000,000 |
23,462,214,000 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
47,720,100 |
45,000,000 |
44,438,100 |
|
4. Long-term debts and loans |
0 |
35,810,000,000 |
42,374,592,000 |
|
5. Deferred income tax payable |
28,322,272,000 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
1,071,000,000 |
1,137,677,000 |
|
7. Provisions for long-term accounts payable |
1,266,647,000 |
0 |
0 |
|
B- OWNER’S
EQUITY |
188,257,209,068 |
157,843,000,000 |
156,549,507,567 |
|
I. OWNER’S
EQUITY |
188,257,209,068 |
157,843,000,000 |
156,549,507,567 |
|
1. Capital |
90,420,000,000 |
90,420,000,000 |
90,420,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
-5,797,895,607 |
-5,798,000,000 |
-5,797,895,607 |
|
6. Foreign exchange differences |
0 |
-2,171,000,000 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
103,635,104,675 |
75,392,000,000 |
71,927,403,174 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
0 |
|
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 |
338,623,166,334 |
338,658,000,000 |
345,701,348,171 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
FY2008 |
|
1. Total Sales |
322,341,656,456 |
219,107,000,000 |
252,153,453,286 |
|
2. Deduction item |
2,586,317,854 |
10,062,000,000 |
1,248,320,643 |
|
3. Net sale |
319,755,338,602 |
209,045,000,000 |
250,905,132,643 |
|
4. Costs of goods sold |
266,886,732,917 |
184,908,000,000 |
212,687,710,916 |
|
5. Gross profit |
52,868,605,685 |
24,137,000,000 |
38,217,421,727 |
|
6. Financial income |
3,028,931,950 |
917,000,000 |
2,139,983,180 |
|
7. Financial expenses |
13,662,930,434 |
12,195,000,000 |
16,298,293,555 |
|
- In which: Loan interest expenses |
3,226,038,928 |
0 |
6,071,995,324 |
|
8. Selling expenses |
3,909,411,372 |
|
3,252,563,427 |
|
9. Administrative overheads |
8,048,512,106 |
6,519,000,000 |
6,311,250,463 |
|
10. Net operating profit |
30,276,683,723 |
3,797,000,000 |
14,495,297,462 |
|
11. Other income |
4,621,620,811 |
597,000,000 |
2,866,707,849 |
|
12. Other expenses |
1,190,195,685 |
265,000,000 |
1,179,644,665 |
|
13. Other profit /(loss) |
3,431,425,126 |
332,000,000 |
1,687,063,184 |
|
14. Total accounting profit before tax |
33,708,108,849 |
4,129,000,000 |
16,182,360,646 |
|
15. Current corporate income tax |
5,648,019,146 |
619,000,000 |
3,221,651,800 |
|
16. Deferred corporate income tax |
-2,354,436,901 |
-45,000,000 |
-1,031,582,461 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
30,414,526,604 |
3,465,000,000 |
13,992,291,307 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
1.59 |
1.34 |
1.47 |
1.65 |
|
Quick liquidity ratio |
0.91 |
0.61 |
0.58 |
0.95 |
|
Inventory circle |
3.48 |
1.98 |
2.28 |
5.36 |
|
Average receive period |
101.02 |
107.74 |
95.88 |
69.02 |
|
Utilizing asset performance |
0.94 |
0.62 |
0.73 |
1.15 |
|
Liability by total assets |
44.41 |
53.39 |
54.72 |
55.74 |
|
Liability by owner's equity |
79.87 |
114.55 |
120.83 |
197.00 |
|
Ebit / Total assets (ROA) |
10.91 |
1.22 |
6.44 |
11.75 |
|
Ebit / Owner's equity (ROE) |
19.62 |
2.62 |
14.22 |
26.54 |
|
Ebit / Total sale (NPM) |
11.46 |
1.88 |
8.83 |
10.24 |
|
Gross profit / Total sale (GPM) |
16.40 |
11.02 |
15.16 |
19.81 |
|
Note: The Average Industry was calculated by VietnamCredit
based on our own statistical data |
||||
|
CASH
FLOW STATEMENT |
|
|
(Indirect method) |
|
|
Items |
FY2010 |
|
I. Cash flows
from operating activities |
|
|
1. Profit before tax |
33,708,108,849 |
|
2. Adjustments |
|
|
- Depreciation and amortization |
17,273,232,870 |
|
- Provisions |
275,526,906 |
|
- Unrealized foreign exchange difference |
3,694,835,268 |
|
- Gain/loss from investing activities |
-895,070,058 |
|
- Interest expense |
3,226,038,928 |
|
3. Operating profit before movements in working
capital |
57,282,672,763 |
|
- (Increase)/Decrease in receivables |
-25,551,308,318 |
|
- (Increase)/Decrease in inventories |
16,246,538,750 |
|
- Increase/(Decrease) in accounts payable |
-2,638,090,064 |
|
- (Increase)/Decrease in prepaid expenses |
-1,314,353,073 |
|
- Interest paid |
-1,913,958,283 |
|
- Corporate income tax paid |
-1,995,783,441 |
|
- Other cash inflows |
2,500,000 |
|
- Other cash outflows |
0 |
|
Net cash from (used in) operating activities |
40,118,218,334 |
|
II. Cash flows
from investing activities |
|
|
1. Acquisition of fixed assets and other long - term assets |
-5,448,253,413 |
|
2. Proceeds from fixed assets and long - term assets disposal |
569,090,909 |
|
3. Cash outflow for lending, buying debt instruments of other
companies |
0 |
|
4. Cash recovered from lending, selling debt instruments of other
companies |
0 |
|
5. Investment in other entities |
0 |
|
6. Cash recovered from investments in other entities |
0 |
|
7. Interest income, dividend and profit paid |
666,944,871 |
|
Net cash from (used in) investing activities |
-4,212,217,633 |
|
III. Cash flows from
financing activities |
|
|
1. Proceeds from issuing stocks, receiving capital from owners |
0 |
|
2. Capital withdrawal, buying back issued stocks |
0 |
|
3. Proceeds from borrowings |
175,681,503,329 |
|
4. Repayment of borrowings |
-212,190,020,014 |
|
5. Repayment of obligations under finance leased |
0 |
|
6. Dividends paid |
0 |
|
Net cash from (used in) financing activities |
-36,508,516,685 |
|
Net increase/(decrease) in cash and cash equivalents |
-602,515,984 |
|
Cash and cash equivalents at beginning of year |
14,616,021,109 |
|
Effect from changing foreign exchange rate |
0 |
|
Cash and cash equivalents at end of year |
14,013,505,125 |
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT, L/C |
|
|
|
To contracts |
|
Public opinion |
|
Well-known |
|
CREDIT INQUIRY: 125,000 USD against DA in term. |
|
Acceptable! |
|
The subject is a wholly foreign invested company that was established
in 1997 under the Investment Certificate No. 04/GP-KCN-ĐN issued by Dong
Nai Industrial Zones Authority. Its original
investor is from The company's head office is located at No. 104/1, Road 2, Amata Industrial Zone, According to the financial statement, the company’s financial situation
is considered above average. It is a medium sized company in the industry. At
the end of 2010, the value of the company’s total assets was accounted at VND
338.6 billion; which did not change compared to previous years. The company’s
assets were mainly financed by owner equity. In 2010, liability by total
asset was 44.41%; lower than average industry. According to the financial
ratio table, the ratio of liability by total assets has down trend through
years. It means that the subject decrease the dependence on external
financial resources and the capital structure of the subject is becoming
safer. The reason is that the subject has operated effectively in years. The
total sales and profit after tax went up through years. In 2010, the
subject’s total sales was VND 322.3 billion, increased 47% in comparison with
2009; and profit after tax in 2010 was VND 30.4 billion, increased 768% in
comparison with 2009. It made the company’s retained earnings increased
through years. So the company’s owner equity increased, too. In general, the company has capacity to meet small financial
commitments. Caution needed for big transactions with the subject. |
|
INDUSTRY
DATA |
||||||
|
|
||||||
|
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) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
5.53 |
7.70 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
6.69 |
7.52 |
154,978 |
14,522 |
4,939,069 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population
(Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross
Domestic Products (USD billion) |
119 |
102.2 |
91 |
|||
|
GDP
Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita
(USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation
(% Change in Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State
Budget Deficit compared with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
|
SERVICE
TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade
Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.28 |
|
|
1 |
Rs.81.38 |
|
Euro |
1 |
Rs.67.01 |
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.