MIRA INFORM REPORT
|
Report Date : |
16.03.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
CONG TY TNHH SAM HWAN VINA |
|
|
|
|
Registered Office : |
Road 2, Nhon Trach 5 Industrial Zone , Nhon Trach District, Dong Nai Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
08.11.2007 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
The subject company is specified in manufacturing and exporting steel wire belt and belt plastic PET |
|
|
|
|
No. of Employees
: |
70 |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Vietnam |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Vietnamese Name |
|
CONG TY TNHH SAM HWAN VINA |
|
Trade name |
|
SAM HWAN VINA CO., LTD |
|
Short name |
|
SAM HWAN VINA |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2007 |
|
Investment Certificate No |
|
472023000300 |
|
Date Of Issuance |
|
08 Nov 2007 |
|
Place of Issuance |
|
Dong Nai Industrial Zone of Authority |
|
Registered Investment Capital |
|
USD 9,949,000 |
|
Chartered capital |
|
USD 9,949,000 |
|
Investment Duration |
|
46 years |
|
Status |
|
Unlisted |
|
Tax code |
|
3600942745 |
|
Total Employees |
|
70 |
|
Size |
|
Small |
|
Notes: The correct name of the subject like the bold name above. |
||
|
Head Office |
||
|
Address |
|
Road 2, Nhon Trach 5 Industrial Zone ,
Nhon Trach District, Dong Nai Province, Vietnam |
|
Telephone |
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(84-61) 3569400 |
|
Fax |
|
(84-61) 3569401 |
|
Email |
|
|
|
Website |
|
|
|
|
|
|
|
1.
NAME |
|
Mr.
KIM IL HWAN |
|
Position |
|
General Director |
|
Nationality |
|
Korean |
|
|
||
|
2.
NAME |
|
Mr.
CHOI JONG HEE |
|
Position |
|
Former General Director |
|
Date of Birth |
|
22 Nov 1952 |
|
ID Number/Passport |
|
YP0725416 |
|
ID Issue Date |
|
25 May 2000 |
|
ID Issue Place |
|
Korea |
|
Current resident |
|
927-16 Janghang-ri, Gpdae-myon,
Dangjin-gun, Chungnarn, Korea, South |
|
Nationality |
|
Japanese |
|
|
||
|
3.
NAME |
|
Ms.
DAO HONG CHIEN |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
The subject company is specified in manufacturing and exporting steel wire belt and belt plastic PET.
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
Korea |
|
·
Ratio |
|
Little |
|
·
Mode of payment |
|
T/T, L/C |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Steel wire and PET plastic wire |
|
·
Market |
|
Korea, EU and some countries in Asia |
|
·
Mode of payment |
|
T/T, L/C |
|
1.
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM NHON TRACH BRANCH |
||
|
Address |
|
Road 25B, Central Service Area, Nhon Trach III Industrial Zone, Nhon
Trach District, Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 3560881 |
|
Fax |
|
(84-61) 3560880 |
|
1.
NAME |
|
SAM
HWAN STEEL CO., LTD. |
|
Address |
|
4BA-417 Sihwa Industrial Complex, 720-6,
Seonggok-dong, Danwon-gu Ansan-si, Gyeonggi-do , Korea, South |
|
Value of shares |
|
USD 8,059,000 |
|
Percentage |
|
81% |
|
|
||
|
2.
NAME |
|
POSCO
VIETNAM COMPANY LIMITED |
|
Business Registration |
|
492043000004 |
|
Date of Registration |
|
15 Nov 2006 |
|
Place of Registration |
|
Authorities of Ba Ria - Vung Tau Industrial Zones |
|
Registered Capital |
|
USD 451,000,000 |
|
Tax code |
|
3500771158 |
|
Address |
|
Lot 1, Phu My 2 Industrial Zone, Tan Thanh
District, Ba Ria-Vung Tau Province, Vietnam |
|
Tel |
|
(84-64) 3923039, 3923003 |
|
Fax |
|
(84-64) 3923000 |
|
Value of shares |
|
USD 1,890,000 |
|
Percentage |
|
19% |
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
102,681,715,983
|
76,369,428,163
|
|
I. Cash and cash
equivalents |
4,238,243,285
|
6,562,329,831
|
|
1. Cash |
4,238,243,285 |
6,562,329,831 |
|
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 |
57,245,107,268
|
42,884,535,969
|
|
1. Receivable from customers |
51,737,504,172 |
40,564,257,632 |
|
2. Prepayments to suppliers |
2,065,657,043 |
40,511,285 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
4,629,103,768 |
3,466,924,767 |
|
6. Provisions for bad debts |
-1,187,157,715 |
-1,187,157,715 |
|
IV. Inventories |
37,403,714,539
|
26,106,221,908
|
|
1. Inventories |
37,403,714,539 |
26,106,221,908 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
3,794,650,891
|
816,340,455
|
|
1. Short-term prepaid expenses |
30,649,996 |
26,201,100 |
|
2. VAT to be deducted |
3,705,000,895 |
781,139,355 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
59,000,000 |
9,000,000 |
|
B. LONG-TERM
ASSETS |
178,865,093,824
|
147,047,012,163
|
|
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
|
154,502,179,271
|
121,884,745,438
|
|
1. Tangible assets |
154,502,179,271 |
121,870,828,106 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
6,958,664 |
13,917,332 |
|
- 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 |
24,355,955,889
|
25,162,266,725
|
|
1. Long-term prepaid expenses |
24,355,955,889 |
25,162,266,725 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
281,546,809,807
|
223,416,440,326
|
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
153,849,827,607
|
94,073,523,978
|
|
I. Current
liabilities |
115,985,827,607
|
58,191,523,978
|
|
1. Short-term debts and loans |
68,473,257,600 |
21,529,200,000 |
|
2. Payable to suppliers |
37,033,771,960 |
33,518,759,461 |
|
3. Advances from customers |
9,662,360,748 |
2,218,981,970 |
|
4. Taxes and other obligations to the State Budget |
279,782,964 |
291,862,982 |
|
5. Payable to employees |
497,748,186 |
303,359,018 |
|
6. Accrued expenses |
0 |
288,750,475 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
38,906,149 |
40,610,072 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
37,864,000,000
|
35,882,000,000
|
|
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 |
37,864,000,000 |
35,882,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
127,696,982,200
|
129,342,916,348
|
|
I. OWNER’S
EQUITY |
127,696,982,200
|
129,342,916,348
|
|
1. Capital |
148,924,300,432 |
148,924,300,432 |
|
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 |
-688,748,736 |
-400,469,716 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
-20,538,569,496 |
-19,180,914,368 |
|
11. Construction investment fund |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
|
1. Bonus and welfare funds |
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 |
281,546,809,807
|
223,416,440,326
|
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
205,525,901,700
|
87,827,170,606
|
|
2. Deduction item |
403,444,715 |
35,890,400 |
|
3. Net revenue |
205,122,456,985
|
87,791,280,206
|
|
4. Costs of goods sold |
186,398,138,874 |
83,663,613,341 |
|
5. Gross profit |
18,724,318,111
|
4,127,666,865
|
|
6. Financial income |
4,793,713,365 |
3,886,361,725 |
|
7. Financial expenses |
10,611,593,371 |
6,251,150,039 |
|
- In which: Loan interest expenses |
2,474,603,734 |
1,920,528,466 |
|
8. Selling expenses |
7,136,517,305 |
5,208,770,363 |
|
9. Administrative overheads |
7,583,890,367 |
4,609,802,645 |
|
10. Net operating profit |
-1,813,969,567
|
-8,055,694,457
|
|
11. Other income |
493,648,002 |
82,627,269 |
|
12. Other expenses |
37,333,563 |
1,396,963 |
|
13. Other profit /(loss) |
456,314,439
|
81,230,306
|
|
14. Total accounting profit before tax |
-1,357,655,128
|
-7,974,464,152
|
|
15. Current corporate income tax |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
-1,357,655,128
|
-7,974,464,152
|
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
0.89 |
1.31 |
1.61 |
|
Quick liquidity ratio |
0.56 |
0.86 |
0.72 |
|
Inventory circle |
5.87 |
3.20 |
6.41 |
|
Average receive period |
101.86 |
178.30 |
40.98 |
|
Utilizing asset performance |
0.73 |
0.39 |
1.30 |
|
Liability by total assets |
54.64 |
42.11 |
58.19 |
|
Liability by owner's equity |
120.48 |
72.73 |
206.32 |
|
Ebit / Total assets (ROA) |
0.40 |
-2.71 |
8.26 |
|
Ebit / Owner's equity (ROE) |
0.87 |
-4.68 |
21.07 |
|
Ebit / Total revenue (NPM) |
0.54 |
-6.89 |
5.03 |
|
Gross profit / Total revenue (GPM) |
9.11 |
4.70 |
12.08 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
|||
|
|
|||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through its banks |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Normal |
|
SAM
HWAN VINA CO., LTD was set up in 2007 with the Investment Certificate No.
472023000300 issued on 8th November 2007 by Dong Nai Industrial Zone of Authority.
The subject company registered its charter capital and registered investment
capital of USD 9,949,000 which is contributed by its parent company in Korea
and one firm in Vietnam with the majority of capital belonging to the parent
company. The registered
address as well as the factory is located at Road 2, Nhon Trach 5 Industrial
Zone, Nhon Trach District, Dong Nai Province, Vietnam. The used area of the
company is about 50,000 m2. The subject can manufacture and outsource steel
wire belts and PET plastic belts with capacity of 54,000 tons and 3,600 tons
one year respectively. In
2010, total sales of the subject grew 134% compared to that in 2009. Although
the firm had the improvement in total sales, high costs and expenses arising
in 2010 made profit after tax be minus amount. However, if compared to the
result in 2009, minus amount of profit in 2010 was better than that in the
previous year. Both
liquidity ratios in 2010 were lower than 1 and also lower than those in 2009.
In 2010, current assets increased 34.45% and current liabilities grew 99.08%.
The growth in current liabilities outweighed that in current assets, one
factor contributing to low current liquidity ratio. Average receive period
was 101 days that was 77 days faster than that in 2009 but this level was
higher than the average industry index. Debt ratio and liability by owner’s
equity both increased in comparison with those in 2009 due to the increase in
total liabilities used in 2010, especially current liabilities in which short-term
loans and debts increased much. Profitability indicators were kept at low
level due to small profit generated at the end of 2010. In
conclusion, the subject company is small firm in the market. With 4-year
operating and the support from its parent company, the firm can have ability
to meet small transactions. Caution needs to be care for bigger ones. |
|
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.50.22 |
|
UK Pound |
1 |
Rs.78.64 |
|
Euro |
1 |
Rs.65.54 |
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.