MIRA INFORM REPORT
|
Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
PROSIMEX IMPORT EXPORT PRODUCTION AND TRADING
JOINT STOCK COMPANY-HAI PHONG BRANCH |
|
|
|
|
Registered Office : |
No.279 Ly Thuong Kiet str, Hong Bang Dist, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
26.09.2006 |
|
|
|
|
Com. Reg. No.: |
0213002555 |
|
|
|
|
Legal Form : |
Branch |
|
|
|
|
Line of Business : |
Trading agriculture products such as
cassava, rice |
|
|
|
|
No. of Employees
: |
30 |
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 |
|
English Name |
|
PROSIMEX IMPORT EXPORT PRODUCTION AND
TRADING JOINT STOCK COMPANY-HAI PHONG BRANCH |
|
Vietnamese Name |
|
CHI NHANH CONG TY CO PHAN SAN XUAT KINH
DOANH XUAT NHAP KHAU PROSIMEX TAI HAI PHONG |
|
Type of Business |
|
Branch |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
0213002555 |
|
Date of Registration |
|
26 Sep 2006 |
|
Place of Registration |
|
Hai Phong Department of Planning and
Investment |
|
Registered Capital |
|
N/A |
|
Status |
|
Unlisted |
|
Tax code |
|
0100107405-002 |
|
Total Employees |
|
30 |
|
Head Office |
||
|
Address |
|
No.279 Ly Thuong Kiet str, Hong Bang Dist,
|
|
Telephone |
|
(84-31) 3838811/3838001 |
|
Fax |
|
(84-31) 3838128/ 3520319 |
|
Email |
|
|
|
PROSIMEX IMPORT
EXPORT PRODUCTION AND TRADING JOINT STOCK COMPANY |
||
|
Business Registration |
|
0103013048 |
|
Date of Registration |
|
03 Nov 2008 |
|
Place of Registration |
|
Ha Noi Department of Planning and Investment |
|
Registered Capital |
|
VND 17,000,000,000 |
|
Tax code |
|
0100107405 |
|
Address |
|
No. 45/35, Khuong Ha Street, Khuong Dinh Ward, Thanh Xuan District, Ha
|
|
Tel |
|
(84-4) 38583672/ 38584087 |
|
Fax |
|
(84-4) 38585009 |
|
Website |
|
|
|
1.
NAME |
|
Ms.
KHOA THI THUY |
|
Position |
|
Legal Director |
|
ID Number/Passport |
|
PTA1679107A |
|
Resident |
|
No.8/A10, Dong Tam
Collective Zone, Lach Tray Ward, Ngo Quyen District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
NGO XUAN PHAN |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
030731006 |
|
Resident |
|
No.522, Ton Duc Thang
Street, An Dong Ward, An Duong District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Note: Currently, all business activities are managed by Mr. Ngo Xuan Phan. |
||
Trading agriculture
products such as cassava, rice.
Trading iron and steel, fertilizer.
|
IMPORT: |
||
|
·
Market |
|
|
|
|
||
|
EXPORT: |
||
|
·
Market |
|
|
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF |
||
|
Address |
|
No 11 Hoang Dieu, Hong Bang District, |
|
Telephone |
|
(84-31) 3842658 / 3841115 |
|
Fax |
|
(84-31) 3841117 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE HONG BANG BRANCH |
||
|
Address |
|
No.90, Tran Quang Khai str., Hong Bang District, |
|
Telephone |
|
(84-31) 3746682 |
|
NAME |
|
PROSIMEX
IMPORT EXPORT PRODUCTION AND TRADING JOINT STOCK COMPANY |
|
Business Registration |
|
0103013048 |
|
Date of Registration |
|
03 Nov 2008 |
|
Place of Registration |
|
Ha Noi Department of Planning and Investment |
|
Registered Capital |
|
VND 17,000,000,000 |
|
Tax code |
|
0100107405 |
|
Address |
|
No. 45/35, Khuong Ha Street, Khuong Dinh Ward,,
Thanh Xuan District, Ha |
|
Tel |
|
(84-4) 38583672/ 38584087 |
|
Fax |
|
(84-4) 38585009 |
|
Percentage |
|
100% |
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
7,238,862,376
|
20,617,282,616
|
6,699,000,000
|
|
I. Cash and cash
equivalents |
236,094,349
|
125,995,694
|
260,000,000
|
|
1. Cash |
236,094,349 |
125,995,694 |
260,000,000 |
|
2. Cash equivalents |
0 |
0 |
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
|
6,605,403,878
|
13,860,749,532
|
2,963,000,000
|
|
1. Receivable from customers |
148,723,878 |
11,555,509,532 |
1,542,000,000 |
|
2. Prepayments to suppliers |
6,456,680,000 |
2,305,240,000 |
1,421,000,000 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
0 |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
0 |
3,150,000,000
|
2,736,000,000
|
|
1. Inventories |
0 |
0 |
2,736,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
3,150,000,000 |
0 |
|
V. Other Current
Assets |
397,364,149
|
3,480,537,390
|
740,000,000
|
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
397,364,149 |
3,348,195,164 |
735,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
0 |
132,342,226 |
5,000,000 |
|
B. LONG-TERM
ASSETS |
2,581,785,303
|
2,697,555,780
|
2,965,000,000
|
|
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
|
2,530,239,848
|
2,697,555,780
|
2,882,000,000
|
|
1. Tangible assets |
2,530,239,848 |
2,697,555,780 |
2,882,000,000 |
|
- Historical costs |
3,909,993,790 |
3,894,993,790 |
3,895,000,000 |
|
- Accumulated depreciation |
-1,379,753,942 |
-1,197,438,010 |
-1,013,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
0 |
|
- Initial costs |
0 |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
0 |
|
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 |
51,545,455
|
0 |
83,000,000
|
|
1. Long-term prepaid expenses |
51,545,455 |
0 |
83,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
|
1. Goodwill |
0 |
0 |
|
|
TOTAL ASSETS |
9,820,647,679
|
23,314,838,396
|
9,664,000,000
|
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
7,154,227,811
|
19,796,034,315
|
7,520,000,000
|
|
I. Current
liabilities |
6,434,227,811
|
19,796,034,315
|
7,520,000,000
|
|
1. Short-term debts and loans |
0 |
13,391,663,200 |
2,000,000,000 |
|
2. Payable to suppliers |
663,223,740 |
995,493,796 |
792,000,000 |
|
3. Advances from customers |
0 |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
0 |
0 |
0 |
|
5. Payable to employees |
79,492,412 |
16,043,012 |
46,000,000 |
|
6. Accrued expenses |
0 |
0 |
0 |
|
7. Inter-company payable |
5,638,952,599 |
4,521,039,642 |
3,991,000,000 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
52,559,060 |
871,794,665 |
691,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
720,000,000
|
0 |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
720,000,000 |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
|
0 |
0 |
|
B- OWNER’S
EQUITY |
2,666,419,868
|
3,518,804,081
|
2,144,000,000
|
|
I. OWNER’S
EQUITY |
2,666,226,868
|
3,518,611,081
|
2,144,000,000
|
|
1. Capital |
1,610,735,487 |
1,610,735,487 |
1,611,000,000 |
|
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 |
0 |
0 |
0 |
|
6. Foreign exchange differences |
-52,880,856 |
156,327,192 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
1,108,372,237 |
1,751,548,402 |
533,000,000 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
193,000
|
193,000
|
0 |
|
1. Bonus and welfare funds |
193,000 |
193,000 |
0 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
9,820,647,679
|
23,314,838,396
|
9,664,000,000
|
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
107,471,257,033
|
118,667,364,858
|
48,705,000,000
|
|
2. Deduction item |
0 |
0 |
0 |
|
3. Net sale |
107,471,257,033
|
118,667,364,858
|
48,705,000,000
|
|
4. Costs of goods sold |
100,764,852,938 |
112,098,656,748 |
44,025,000,000 |
|
5. Gross profit |
6,706,404,095
|
6,568,708,110
|
4,680,000,000
|
|
6. Financial income |
307,774,442 |
1,545,820,130 |
162,000,000 |
|
7. Financial expenses |
1,362,536,494 |
1,921,726,207 |
381,000,000 |
|
- In which: Loan interest expenses |
1,282,853,512 |
1,134,936,361 |
201,000,000 |
|
8. Selling expenses |
4,285,788,197 |
4,220,158,069 |
3,917,000,000 |
|
9. Administrative overheads |
339,313,660 |
247,095,461 |
63,000,000 |
|
10. Net operating profit |
1,026,540,186
|
1,725,548,503
|
481,000,000
|
|
11. Other income |
89,851,718 |
25,999,899 |
52,000,000 |
|
12. Other expenses |
8,019,667 |
0 |
0 |
|
13. Other profit /(loss) |
81,832,051
|
25,999,899
|
52,000,000
|
|
14. Total accounting profit before tax |
1,108,372,237
|
1,751,548,402
|
533,000,000
|
|
15. Current corporate income tax |
0 |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
|
18. Profit after tax |
1,108,372,237
|
1,751,548,402
|
533,000,000
|
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.13 |
1.04 |
0.89 |
1.29 |
|
Quick liquidity ratio |
1.13 |
0.88 |
0.53 |
0.90 |
|
Inventory circle |
63.98 |
35.59 |
16.09 |
16.60 |
|
Average receive period |
22.43 |
42.63 |
22.21 |
61.82 |
|
Utilizing asset performance |
10.94 |
5.09 |
5.04 |
2.31 |
|
Liability by total assets |
72.85 |
84.91 |
77.81 |
66.08 |
|
Liability by owner's equity |
268.31 |
562.58 |
350.75 |
252.07 |
|
Ebit / Total assets (ROA) |
24.35 |
12.38 |
7.60 |
6.85 |
|
Ebit / Owner's equity (ROE) |
89.68 |
82.03 |
34.24 |
25.35 |
|
Ebit / Total sale (NPM) |
2.23 |
2.43 |
1.51 |
4.35 |
|
Gross profit / Total sale (GPM) |
6.24 |
5.54 |
9.61 |
8.03 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
||||
|
CASH
FLOW STATEMENT |
||
|
(Indirect method) |
||
|
Items |
FY2011 |
FY2010 |
|
I. Cash flows
from operating activities |
||
|
1. Profit before tax |
1,108,372,237 |
1,751,548,402 |
|
2. Adjustments |
|
|
|
- Depreciation and amortization |
182,315,932 |
184,621,321 |
|
- Provisions |
0 |
0 |
|
- Unrealized foreign exchange difference |
20,739,144 |
210,427,592 |
|
- Gain/loss from investing activities |
0 |
0 |
|
- Interest expense |
1,282,853,512 |
1,134,936,361 |
|
3. Operating profit before movements in working
capital |
2,594,280,825 |
3,281,533,676 |
|
- (Increase)/Decrease in receivables |
10,338,518,895 |
-13,639,019,065 |
|
- (Increase)/Decrease in inventories |
3,150,000,000 |
-414,045,880 |
|
- Increase/(Decrease) in accounts payable |
749,856,696 |
884,404,368 |
|
- (Increase)/Decrease in prepaid expenses |
-51,545,455 |
83,251,553 |
|
- Interest paid |
-1,282,853,512 |
-1,134,936,361 |
|
- Corporate income tax paid |
0 |
0 |
|
- Other cash inflows |
193,000 |
4,823,000 |
|
- Other cash outflows |
0 |
-4,800,000 |
|
Net cash from (used in) operating activities |
12,904,169,624 |
-14,220,322,385 |
|
II. Cash flows
from investing activities |
||
|
1. Acquisition of fixed assets and other long - term assets |
-15,000,000 |
0 |
|
2. Proceeds from fixed assets and long - term assets disposal |
0 |
0 |
|
3. Cash outflow for lending, buying debt instruments of other
companies |
0 |
0 |
|
4. Cash recovered from lending, selling debt instruments of other
companies |
0 |
0 |
|
5. Investment in other entities |
0 |
0 |
|
6. Cash recovered from investments in other entities |
0 |
0 |
|
7. Interest income, dividend and profit paid |
0 |
0 |
|
Net cash from (used in) investing activities |
-15,000,000 |
0 |
|
III. Cash flows
from financing activities |
||
|
1. Proceeds from issuing stocks, receiving capital from owners |
0 |
0 |
|
2. Capital withdrawal, buying back issued stocks |
0 |
0 |
|
3. Proceeds from borrowings |
25,835,061,800 |
53,248,619,250 |
|
4. Repayment of borrowings |
-39,226,725,000 |
-41,856,956,050 |
|
5. Repayment of obligations under finance leased |
0 |
0 |
|
6. Dividends paid |
-1,751,548,402 |
-530,075,879 |
|
Net cash from (used in) financing activities |
-15,143,211,602 |
10,861,587,321 |
|
Net increase/(decrease) in cash and cash equivalents |
340,238,847 |
-77,201,388 |
|
Cash and cash equivalents at beginning of year |
125,995,694 |
260,299,150 |
|
Effect from changing foreign exchange rate |
-229,947,192 |
-57,102,068 |
|
Cash and cash equivalents at end of year |
236,287,349 |
125,995,694 |
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T, L/C |
|
|
|
Retailer and Wholesaler |
|
Public opinion |
|
|
|
CREDIT INQUIRY: USD 125,000 DA in terms |
|
Caution is needed. |
|
The subject was established in
2006. It is branch of PROSIMEX IMPORT EXPORT PRODUCTION AND TRADING JOINT STOCK
COMPANY. Currently, the subject is operating under the business registration
no. 0213002555 graded by Planning and Investment Department of Hai Phong
City. The subject focuses on trading
agriculture products and cassava, rice. Besides it also trades fertilizer.
The subject’s market share is fair. The subject imports from some countries
such as The head office of
subject is located at No. 279, Ly Thuong Kiet Str,
Hong Bang Dist, According to financial data, the
total sales and liabilities were decrease in 2011. The total assets were
decreased from VND 23,314,838,396
(in 2010) down VND 9,820,647,679 (in 2011) because the accounts
receivable were decreased and the subject does not have inventories in 2011.
Besides, the subject does not have the short-term debts and loans. The business operations of subject are fairly
good. The net sale reached VND 107,471,257,033 and profit after tax was VND 1,108,372,237 in 2011. In
2011, the ratio of ROA, ROE of subject are higher than average industry
indexes. In general, the subject operates with small scale.
Its operation is normal. It can meet small financial commitments. A little
caution needed with medium and big business transactions. |
|
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.52.23 |
|
|
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.68.84 |
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.