|
Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
HA UYEN COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 131 Nguyen Du Str., Hoa Binh Area, Hoa Lac Ward, Mong Cai City,
Quang Ninh Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
25.06.2009 |
|
|
|
|
Com. Reg. No.: |
5700623577 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Import for Re-export and trading agricultural products, mining
equipments and automobile tires. |
|
|
|
|
No. of Employees : |
6 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
vietnam - ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.
|
Source : CIA |
|
Current legal status |
||
|
English Registered Name |
|
HA UYEN COMPANY LIMITED |
|
Vietnamese Registered Name |
|
CONG TY TNHH HA UYEN |
|
Registered Short name |
|
HA UYEN CO.,LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
5700623577 |
|
Date of Registration |
|
25 Jun 2009 |
|
Place of Registration |
|
Quang Ninh Department of Planning and Investment |
|
Chartered capital |
|
VND 1,850,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
5700623577 |
|
Total Employees |
|
6 |
|
Size |
|
Small |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Shareholders: Mr. HA QUOC DOANH Changed to: Ms. NGUYEN THI TU ANH |
18 Oct 2012 |
|
2 |
Subject has got former Business Registration No: 2202001429 issued on
11 Dec 2006 Changed to: 5700623577 |
25 Jun 2009 |
|
3 |
Subject has got former Total Employees: 32 (Feb 2012) Changed to: 6 |
N/A |
|
Head Office |
||
|
Address |
|
No. 131 Nguyen Du Str., Hoa Binh Area, Hoa Lac Ward, Mong Cai City,
Quang Ninh Province, Vietnam |
|
Telephone |
|
(84-33) 3772047 |
|
Fax |
|
(84-33) 3772047 |
|
1. NAME |
|
Mr. PHAM VAN LUAN |
|
Position |
|
Director |
|
Date of Birth |
|
15 Sep 1978 |
|
ID Number/Passport |
|
186123053 |
|
ID Issue Date |
|
07 Sep 2001 |
|
ID Issue Place |
|
Nghe An Police Dept |
|
Current resident |
|
No. 10B Dan Tien Street, Hoa Lac Ward, Mong Cai City, Quang Ninh
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 906 125 888 |
|
|
||
|
2. NAME |
|
Mr. TRAN TIEN CHUNG |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 919 778 227 |
The company specializes in temporary import for re-export and trading
agricultural products, mining equipments and automobile tires.
|
IMPORT: |
||
|
Types of products |
|
Agricultural products, mining equipments |
|
Market |
|
India and South African Countries |
|
Mode of payment |
|
TT, LC |
|
|
||
|
EXPORT: |
||
|
Types of products |
|
Finished Products |
|
Market |
|
China |
|
1. VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK MONG CAI BRANCH |
||
|
Address |
|
No.9 Hung Vuong Street-Tran Phu, Mong Cai City, Quang Ninh Province,
Vietnam |
|
Telephone |
|
(84-33) 3886816 |
|
Fax |
|
(84-33) 3882777 |
|
1. NAME |
|
Mr. PHAM VAN LUAN |
|
Position |
|
Director |
|
Date of Birth |
|
15 Sep 1978 |
|
ID Number/Passport |
|
186123053 |
|
Issued on |
|
07 Sep 2001 |
|
Issued Place |
|
Nghe An Police Dept |
|
Current Resident |
|
No. 10B Dan Tien Street, Hoa Lac Ward, Mong Cai City, Quang Ninh
Province, Vietnam |
|
Mobile phone |
|
+84 906 125 888 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,055,000,000 |
|
Percentage |
|
57% |
|
|
||
|
2. NAME |
|
Mr. HA QUOC DOANH |
|
ID Number/Passport |
|
101015927 |
|
Resident |
|
Group 20 Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 795,000,000 |
|
Percentage |
|
43% |
|
BALANCE SHEET |
|||
|
Unit: One VND |
|||
|
Balance sheet date |
31/12/2011 |
31/12/2010 |
|
|
Number of weeks |
52 |
52 |
|
|
ASSETS |
|||
|
A – CURRENT ASSETS |
114,179,407,880 |
2,837,110,362 |
|
|
I. Cash and cash equivalents |
10,964,446,462 |
2,460,499,874 |
|
|
1. Cash |
10,964,446,462 |
2,460,499,874 |
|
|
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 |
100,777,529,591 |
309,281,100 |
|
|
1. Receivable from customers |
100,777,529,591 |
309,281,100 |
|
|
2. Prepayments to suppliers |
0 |
0 |
|
|
3. Inter-company receivable |
0 |
0 |
|
|
4. Receivable according to the progress of construction |
0 |
0 |
|
|
5. Other receivable |
0 |
0 |
|
|
6. Provisions for bad debts |
0 |
0 |
|
|
IV. Inventories |
2,437,431,827 |
67,329,388 |
|
|
1. Inventories |
2,437,431,827 |
67,329,388 |
|
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
|
V. Other Current Assets |
0 |
0 |
|
|
1. Short-term prepaid expenses |
0 |
0 |
|
|
2. VAT to be deducted |
0 |
0 |
|
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
|
4. Other current assets |
0 |
0 |
|
|
B. LONG-TERM ASSETS |
235,408,991 |
279,892,991 |
|
|
I. Long term accounts 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 |
235,408,991 |
279,892,991 |
|
|
1. Tangible assets |
235,408,991 |
279,892,991 |
|
|
- Historical costs |
324,376,991 |
324,376,991 |
|
|
- Accumulated depreciation |
-88,968,000 |
-44,484,000 |
|
|
2. Financial leasehold assets |
0 |
0 |
|
|
- Historical costs |
0 |
0 |
|
|
- Accumulated depreciation |
0 |
0 |
|
|
3. Intangible assets |
0 |
0 |
|
|
- Initial costs |
0 |
0 |
|
|
- Accumulated amortization |
0 |
0 |
|
|
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 |
0 |
0 |
|
|
1. Long-term prepaid expenses |
0 |
0 |
|
|
2. Deferred income tax assets |
0 |
0 |
|
|
3. Other long-term assets |
0 |
0 |
|
|
VI. Goodwill |
0 |
0 |
|
|
1. Goodwill |
0 |
0 |
|
|
TOTAL ASSETS |
114,414,816,871 |
3,117,003,353 |
|
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
112,506,991,986 |
1,717,005,619 |
|
|
I. Current liabilities |
112,506,991,986 |
1,717,005,619 |
|
|
1. Short-term debts and loans |
0 |
0 |
|
|
2. Payable to suppliers |
112,677,268,279 |
1,628,155,838 |
|
|
3. Advances from customers |
0 |
0 |
|
|
4. Taxes and other obligations to the State Budget |
-170,276,293 |
88,849,781 |
|
|
5. Payable to employees |
0 |
0 |
|
|
6. Accrued expenses |
0 |
0 |
|
|
7. Inter-company payable |
0 |
0 |
|
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
|
9. Other payable |
0 |
0 |
|
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
|
11. Bonus and welfare funds |
0 |
0 |
|
|
II. Long-Term Liabilities |
0 |
0 |
|
|
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 |
0 |
|
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
|
8. Unearned Revenue |
0 |
0 |
|
|
9. Science and technology development fund |
0 |
0 |
|
|
B- OWNER’S EQUITY |
1,907,824,885 |
1,399,997,734 |
|
|
I. OWNER’S EQUITY |
1,907,824,885 |
1,399,997,734 |
|
|
1. Capital |
1,854,176,783 |
1,364,176,783 |
|
|
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 |
0 |
0 |
|
|
7. Business promotion fund |
0 |
0 |
|
|
8. Financial reserved fund |
0 |
0 |
|
|
9. Other funds |
0 |
0 |
|
|
10. Retained earnings |
53,648,102 |
35,820,951 |
|
|
11. Construction investment fund |
0 |
0 |
|
|
12. Business arrangement supporting fund |
0 |
0 |
|
|
II. Other sources and funds |
0 |
0 |
|
|
1. Bonus and welfare funds (Elder form) |
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 |
114,414,816,871 |
3,117,003,353 |
|
PROFIT & LOSS
STATEMENT
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
258,865,940,817 |
13,637,444,134 |
|
2. Deduction item |
0 |
0 |
|
3. Net revenue |
258,865,940,817 |
13,637,444,134 |
|
4. Costs of goods sold |
254,368,920,051 |
13,218,034,207 |
|
5. Gross profit |
4,497,020,766 |
419,409,927 |
|
6. Financial income |
54,856,525 |
1,046,200 |
|
7. Financial expenses |
262,155,063 |
0 |
|
- In which: Loan interest expenses |
0 |
|
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
4,215,879,752 |
368,890,269 |
|
10. Net operating profit |
73,842,476 |
51,565,858 |
|
11. Other income |
0 |
0 |
|
12. Other expenses |
0 |
3,804,590 |
|
13. Other profit /(loss) |
0 |
-3,804,590 |
|
14. Total accounting profit before tax |
73,842,476 |
47,761,268 |
|
15. Current corporate income tax |
18,460,619 |
11,940,317 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
55,381,857 |
35,820,951 |
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS
|
Description |
FY2011
|
FY2010
|
Average
Industry |
|
Current liquidity ratio |
1.01 |
1.65 |
1.21 |
|
Quick liquidity ratio |
0.99 |
1.61 |
0.72 |
|
Inventory circle |
203.11 |
266.91 |
12.25 |
|
Average receive period |
142.10 |
8.28 |
51.49 |
|
Utilizing asset performance |
2.26 |
4.38 |
2.30 |
|
Liability by total assets |
98.33 |
55.09 |
59.32 |
|
Liability by owner's equity |
5,897.13 |
122.64 |
229.17 |
|
Ebit / Total assets (ROA) |
0.06 |
1.53 |
8.16 |
|
Ebit / Owner's equity (ROE) |
3.87 |
3.41 |
24.08 |
|
Ebit / Total revenue (NPM) |
0.03 |
0.35 |
6.61 |
|
Gross profit / Total revenue (GPM) |
1.74 |
3.08 |
16.82 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
|||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT, LC |
|
Sale Methods |
|
Other |
Founded in 2006 as the limited liability company under business
registration No. 2202001429, now the registration was changed into No.
5700623577. The current chartered capital of the subject is VND 1,850,000,000.
The subject operates in temporary import for re-export field. Besides, It is
also trading agricultural products, automobile tires and mining equipments. The
main import market of the subject is India and South African market. Products
are exported to China.
Now, the subject is operating at No. 131 Nguyen Du Str., Hoa Binh Area,
Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Vietnam where is the
registration address of the subject. According to Mr. Trung – Chief accountant,
now total employees of the subject are decreased very much, from 32 people at
the beginning of the year to 6 people at the present because the subject’
business is not busy as before.
Financially, 2011 is the busy year of the subject. Revenue of the
subject in 2011 was very high which attained VND 258 billion, up 19 times
against 2010. However, the main business activities of the subject are supply
services so the costs of goods sold is very high which occupied 97% total sales
in 2010 and 98% total sales in 2011. That’s why the profitability of the
subject is humble. In addition, administrative overheads in 2011 were higher
eleven-fold than 2010. Hence, profit was not improved much.
Business in 2011 was very good. However self-finance of the subject was
limited so its liabilities were very high. Liabilities only occupied 55% total
assets in 2010, but in 2011 this rate was 98% in which payable to suppliers
engrossed. That’s why the liquidity ratios in 2011 were decreased strongly in
comparison with two previous years.
In conclusion, the subject is a small company. It can meet the small
business transactions.
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average capital
of enterprises 2010 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture, Forestry and Fishing |
4.00 |
2.78 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and Construction |
5.53 |
7.70 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and Services |
6.69 |
7.52 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
|
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.55.08 |
|
UK Pound |
1 |
Rs.89.53 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.