MIRA INFORM REPORT

 

 

Report Date :

28.06.2012

 

IDENTIFICATION DETAILS

 

Name :

ITALIAN PRODUCTIONS COMPANY LIMITED 

 

 

Registered Office :

Thanh Oai Industrial Cluster, Thanh Oai District, Ha Noi City

 

 

Country :

Vietnam

 

 

Financials (as on) :

31.12.2009

 

 

Year of Establishment :

2003

 

 

Legal Form :

Foreign Invested Company

 

 

Line of Business :

manufacturing and trading leather products, clothes and hats for export

 

 

No. of Employees :

352

 

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)

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

 

ITALIAN PRODUCTIONS COMPANY LIMITED

Vietnamese Name

 

CONG TY TNHH ITALIAN PRODUCTIONS

Trade name

 

ITALIAN PRODUCTIONS CO., LTD

Type of Business

 

Foreign invested company

Year Established

 

2003

Investment Certificate No

 

011043000494

Date Of Issuance

 

11 Dec 2008

Place of Issuance

 

People’s Committee of Hanoi City

Registered Investment Capital

 

USD 750,000

Chartered capital

 

USD 350,000

Status

 

Unlisted

Tax code

 

0500442623

Total Employees

 

352

Size

 

Medium

 

Historical Identification & Legal form

List

Changed Items

Date of changes

1

Subject has got former Address: Road 430, Van Phuc Str, Ha Dong District, Ha Noi City, Vietnam

Changed to: Thanh Oai Industrial Cluster, , Thanh Oai District, Ha Noi City, Vietnam

01 Nov 2010

2

Subject has got former Investment Certificate No: 26GP/HT issued on 01 Sep 2003 Changed to: 011043000494

11 Dec 2008

3

Subject has got former Shareholders: TOP NATION ENTERPRISES LTD Changed to: GOLDEN TEAM COMPANY LIMITED

N/A

 

 

company ADDRESSES

 

Head Office

Address

 

Thanh Oai Industrial Cluster, Thanh Oai District, Ha Noi City, Vietnam

Telephone

 

(84-4) 3387 7410 / 3387 7411

Fax

 

(84-4) 3387 7412

Email

 

fabrizio@goldenteamip.com

Website

 

www.goldenteamip.com

Land-use Right

 

Leased

Note: The given address, phone and fax numbers were the former ones of the subject.

 

DIRECTORS

 

1. NAME

 

Mr. FABRIZIO SFORZINI

Position

 

General Director

ID Number/Passport

 

YA0027831

Current resident

 

Thanh Oai District, Ha Noi City, Vietnam

Nationality

 

Italian

 

 

BUSINESS NATURE AND ACTIVITIES

 

The subject focuses on manufacturing and trading leather products, clothes and hats for export.

 

 

IMPORT & EXPORT ACTIVITIES

 

IMPORT:

·         Types of products

 

Materials

·         Market

 

China

·         Mode of payment

 

T/T

 

EXPORT:

·         Types of products

 

Garment products

·         Market

 

EU and Canada

 

 

 

BANKERS

 

1. VIETNAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HA DONG BRANCH

Address

 

No. 85 Quang Trung, Ha Dong District, Ha Noi City, Vietnam

Telephone

 

84-4 33834438

 

 

SHAREHOLDERS

 

1. NAME

 

GOLDEN TEAM COMPANY LIMITED

Address

 

Room 1401, The Center Mark, Nos 287-299 Queen’s Road Central, Hong Kong

Tel

 

852-2850 7918

Fax

 

852-2850 4120

Percentage

 

100%

 

 

FINANCIAL HIGHLIGHT

 

BALANCE SHEET

Unit: Million VND

Balance sheet date

31/12/2009

31/12/2008

Number of weeks

52

52

ASSETS

A. Current Asset

32,248

23,290

Receivables

6,255

1,954

Inventory

23,560

20,262

Cash and other current assets

2,433

1,074

B. Long term Asset

12,599

9,774

1. Long term account receivable

1,361

0

2. Fixed assets

10,935

9,550

Tangible fixed assets

6,535

5,974

+ Original cost

10,358

8,594

+ Accumulated depreciation value

3,823

2,620

Financial leasehold assets

0

0

Intangible fixed assets

0

0

Construction in progress and other long term asset

4,400

3,576

TOTAL ASSETS

44,847

33,064

 

LIABILITIES

Payable loans

47,204

32,521

Owner’s Equity

-2,357

543

TOTAL LIABILITY AND EQUITY

44,847

33,064

 

PROFIT & LOSS STATEMENT 2009

 

1. Total Sales

66,366

 

2. Deduction item

0

 

3. Net revenue

66,366

 

4. Costs of goods sold

61,779

 

5. Gross profit

4,587

 

6. Financial income

4,321

 

7. Financial expenses

3,771

 

8. Selling expenses and Administrative overheads

3,468

 

9. Net operating profit

1,669

 

10. Other income

32

 

11. Other expenses

14

 

12. Other profit /(loss)

18

 

13. Total accounting profit before tax

1,687

 

14. Current corporate income tax

337

 

15. Deferred corporate income tax

0

 

16. Interest from subsidiaries/related companies

0

 

17. Profit after tax

1,350

 

 

 

PROFIT & LOSS STATEMENT 2008

 

 

 

Total revenue

74,277

 

Deductions Items

0

 

1. Net revenue

74,277

 

2. Cost of goods sold and operation expense

-

 

3. Net income from business activities

-

 

Income from financial activities

2,772

 

Expenditure from financial activities

9,318

 

4. Net income from financial operation

-6,546

 

Irregular income

15

 

Irregular expenditure

9

 

5. Irregular Profit

6

 

6. Total pre-tax profit

-

 

 

 

 

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

 

Trade Morality

 

Normal

Liquidity

 

N/A

Payment status

 

N/A

Financial Situation

 

Average

Development trend

 

Positive

Litigation data

 

No Record

Bankruptcy

 

No Record

Payment Methods

 

L/C, T/T

Sale Methods

 

To contracts

Public opinion

 

Well-known

 

 

INTERPRETATION ON THE SCORES

 

ITALIAN PRODUCTIONS CO., LTD is a 100% foreign invested company. It is currently granted to operate under the Investment Certificate No. 011043000494 issued by People’s Committee of Hanoi City. The subject was officially put into operation in January 2005. It now has a labor force of 352 employees.

 

Formerly, the subject has address at Road 430, Van Phuc Str, Ha Dong District, Ha Noi City. In November 2010, its head office was moved to Thanh Oai Industrial Cluster, Thanh Oai District, Ha Noi City, Vietnam. This location is fairly large and leased for the duration of 50 years. It specializes in the manufacture and trading leather products, clothes and hats for export. The subject imports materials from China with payment in advance. The subject‘s products are mainly exported to Europe and Canada. Its product lines have modern technology but market share is not large.

 

Vietnam was ranked as one of 10 countries export in international markets at present on leather shoes. Particularly the EU market, Vietnam ranked second after China. Export turnover of Vietnamese leather shoes have a growth rate of average 16% annually, to reach the 3.96 billion USD in 2007, ranking 3rd after Vietnam textile and oil. In economic crisis, the companies specializing in producers, exports really faced with many difficulties.

 

Financially, the financial status of the company is on average. The total sales were reduced from VND 74,277 million in 2008 to VND 66,366 million in 2009. Also in this year, the subject reached the profit before tax of VND 1,687 million. At the end of 2009, the value of total assets was VND 44,847 million, increased 35.6% in comparison with the previous year.  

 

In general, the subject is medium scale company. It position in the industry is average. Being supported from its parent company but the subject also has to face with many difficulties in the garment and textile industry. Caution is needed for medium and big financial commitments with the subject.

 

 

APPENDIX

 

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.57.22

UK Pound

1

Rs.89.42

Euro

1

Rs.71.46

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.