|
Report Date : |
08.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
HAI BINH CO., LTD |
|
|
|
|
Registered Office : |
No. 30 Vo Hoanh Str, Phu Tho Hoa Ward, Tan Phu Dist, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
15.01.2001 |
|
|
|
|
Com. Reg. No.: |
4102003510 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Processing and preserving of fish, crustaceans and mollusks |
|
|
|
|
No. of Employees : |
20 employees |
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 |
|
Registered Trade name |
|
HAI BINH CO.,
LTD |
|
Registered Vietnamese Name |
|
CONG TY TNHH SAN XUAT THUONG MAI DICH VU
HAI BINH |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2001 |
|
Business Registration No. |
|
4102003510 |
|
Date of 01st Registration |
|
15 Jan 2001 |
|
Date of 08th adjustment |
|
01 Jun 2009 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of Ho Chi Minh City |
|
Chartered capital |
|
VND 5,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0302202299 |
|
Total Employees |
|
20 |
|
Size |
|
Small |
|
Notes: Business license was adjusted the latest (8th) on 01st Jun 2009 |
||
|
Registration Address |
||
|
Address |
|
No. 30 Vo Hoanh Str, Phu Tho Hoa Ward, Tan
Phu Dist, Ho Chi Minh City, Vietnam |
|
|
||
|
Transaction office in Ho Chi Minh |
||
|
Address |
|
Suite 208-210, No. 4 Ho Tung Mau Str,
Nguyen Thai Binh Ward, 1 Dist, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 22400609 |
|
Fax |
|
(84-8) 3829 9188 / 37800998 |
|
Email |
|
|
|
|
||
|
Other |
||
|
Address |
|
No. 9/38 Nguyen Binh Street, Nhon Duc
Commune, Nha Be District, Ho Chi Minh City, Vietnam |
|
1. NAME |
|
Mr. NGUYEN DANG HAI |
|
Position |
|
Chairman |
|
Date of Birth |
|
20 Aug 1969 |
|
ID Number/Passport |
|
024630229 |
|
ID Issue Date |
|
30 Aug 2006 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh city |
|
Resident |
|
No. 68/23 Pham Van
Xao Street, Phu Tho Hoa Ward, Tan Phu District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
MA |
|
|
||
|
2. NAME |
|
Mr. PHAM THANH BINH |
|
Position |
|
Managing Director |
|
ID Number/Passport |
|
181877224 |
|
Resident |
|
Thach Tan Commune,
Thach Ha District, Ha Tinh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 913913002 |
|
|
||
|
3. NAME |
|
Ms. PHAM LE THANH |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
273077370 |
|
Resident |
|
No. 65E Nguyen An
Ninh Street, Ward 9, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
The company is involving in: - Processing and preserving of fish,
crustaceans and mollusks - Wholesale of feeds and feed materials - Wholesale of materials of food industry, technological
food, chemical of all kinds (except for harmful chemicals) - Wholesale of machine and equipment of
civil electricity, industrial electricity, mechanical, refrigeration,
construction materials, interior decoration, arts and crafts products, mechanical
products, laboratory - Manufacture, processing, bottling and
packaging of pesticide - Wholesale of fertilizers - Manufacture of fertilizers |
|
IMPORT: |
||
|
Types of products |
|
Chemical, equipment |
|
Market |
|
Korea, China, Thailand, ... |
|
|
||
|
EXPORT: |
||
|
Market |
|
Asian countries. |
|
1. VIET NAM JOINT STOCK COMMERCIAL BANK
FOR INDUSTRY AND TRADE NO.10 BRANCH |
||
|
Address |
|
No.530 Le Hong Phong, 10 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38356058 |
|
SWIFT Code |
|
ICBVVNVX940 |
|
|
||
|
2. VIET NAM BANK FOR AGRICULTURE AND RURAL
DEVELOPMENT |
||
|
Address |
|
7Bis Ben Chuong Duong Street, Nguyen Thai Binh Ward, 1 District, Ho
Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38210566 - 38214146 |
|
Fax |
|
(84-8) 38292213 |
|
|
||
|
3. ASIA COMMERCIAL BANK LE LOI TRANSACTION
OFFICE |
||
|
Address |
|
No. 41 Le Loi Street, 1 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38214619 |
|
Fax |
|
(84-8) 38214618 |
|
1. NAME |
|
Mr. NGUYEN DANG HAI |
|
Resident |
|
68/23 Pham Van Xao, Phu Tho Hoa Ward, Tan Phu
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,000,000,000 |
|
Percentage |
|
40% |
|
|
||
|
2. NAME |
|
Ms. NGUYEN THI HOANG TRAM |
|
ID Number/Passport |
|
211356604 |
|
Resident |
|
No. 4 Hanh Minh Ward, Nghia Hanh District,
Quang Ngai Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 500,000,000 |
|
Percentage |
|
10% |
|
|
||
|
3. NAME |
|
Ms. PHAM LE THANH |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
273077370 |
|
Resident |
|
No. 65E Nguyen An Ninh Street, Ward 9,
Vung Tau City, Ba Ria-Vung Tau Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
20% |
|
|
||
|
4. NAME |
|
Mr. PHAM THANH BINH |
|
Position |
|
Managing Director |
|
ID Number/Passport |
|
181877224 |
|
Resident |
|
Thach Tan Commune, Thach Ha District, Ha
Tinh Province, Vietnam |
|
Mobile phone |
|
(84) 913913002 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,500,000,000 |
|
Percentage |
|
30% |
|
BALANCE SHEET |
||
Unit:
One VND
|
||
|
Balance sheet date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT ASSETS |
8,329,000,000
|
3,935,000,000
|
|
I. Cash and cash equivalents |
1,232,000,000
|
305,000,000
|
|
1. Cash |
1,232,000,000 |
305,000,000 |
|
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 |
2,944,000,000
|
1,107,000,000
|
|
1. Receivable from customers |
2,718,000,000 |
1,106,000,000 |
|
2. Prepayments to suppliers |
226,000,000 |
0 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
0 |
1,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
3,572,000,000
|
2,230,000,000
|
|
1. Inventories |
3,572,000,000 |
2,230,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
581,000,000
|
293,000,000
|
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
477,000,000 |
268,000,000 |
|
3. Taxes and other accounts receivable from the State |
16,000,000 |
9,000,000 |
|
4. Other current assets |
88,000,000 |
16,000,000 |
|
B. LONG-TERM ASSETS |
475,000,000
|
627,000,000
|
|
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 |
475,000,000
|
627,000,000
|
|
1. Tangible assets |
475,000,000 |
627,000,000 |
|
- Historical costs |
856,000,000 |
745,000,000 |
|
- Accumulated depreciation |
-381,000,000 |
-118,000,000 |
|
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 |
|
TOTAL ASSETS |
8,804,000,000
|
4,562,000,000
|
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
2,023,000,000
|
1,150,000,000
|
|
I. Current liabilities |
2,023,000,000
|
1,150,000,000
|
|
1. Short-term debts and loans |
1,536,000,000 |
159,000,000 |
|
2. Payable to suppliers |
324,000,000 |
943,000,000 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
163,000,000 |
37,000,000 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
0 |
11,000,000 |
|
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 |
|
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 |
|
B- OWNER’S EQUITY |
6,781,000,000
|
3,412,000,000
|
|
I. OWNER’S EQUITY |
6,781,000,000
|
3,412,000,000
|
|
1. Capital |
5,000,000,000 |
3,000,000,000 |
|
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 |
1,781,000,000 |
412,000,000 |
|
11. Construction investment 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 |
8,804,000,000
|
4,562,000,000
|
|
PROFIT &
LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
35,507,000,000
|
13,882,000,000
|
|
2. Deduction item |
0 |
0 |
|
3. Net sale |
35,507,000,000
|
13,882,000,000
|
|
4. Costs of goods sold |
29,998,000,000 |
11,993,000,000 |
|
5. Gross profit |
5,509,000,000
|
1,889,000,000
|
|
6. Financial income |
44,000,000 |
4,000,000 |
|
7. Financial expenses |
59,000,000 |
226,000,000 |
|
- In which: Loan interest expenses |
59,000,000 |
0 |
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
3,530,000,000 |
1,537,000,000 |
|
10. Net operating profit |
1,964,000,000
|
130,000,000
|
|
11. Other income |
0 |
0 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
0 |
0 |
|
14. Total accounting profit before tax |
1,964,000,000
|
130,000,000
|
|
15. Current corporate income tax |
491,000,000 |
32,000,000 |
|
16. Deferred corporate income tax |
0 |
0 |
|
18. Profit after tax |
1,473,000,000
|
98,000,000
|
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
4.12 |
3.42 |
1.92 |
|
Quick liquidity ratio |
2.35 |
1.48 |
1.02 |
|
Inventory circle |
8.40 |
5.38 |
5.97 |
|
Average receive period |
30.26 |
29.11 |
66.39 |
|
Utilizing asset performance |
4.03 |
3.04 |
2.29 |
|
Liability by total assets |
22.98 |
25.21 |
65.45 |
|
Liability by owner's equity |
29.83 |
33.70 |
290.21 |
|
Ebit / Total assets (ROA) |
22.98 |
2.85 |
10.65 |
|
Ebit / Owner's equity (ROE) |
29.83 |
3.81 |
31.58 |
|
Ebit / Total sale (NPM) |
5.70 |
0.94 |
4.98 |
|
Gross profit / Total sale (GPM) |
15.52 |
13.61 |
14.19 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
By cash or through the bank (L/C, T/T) |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
|
HAI BINH CO., LTD is
short of name HAI BINH MANUFACTURING TRADING SERVICE COMPANY LIMITED, which was
established in 2001 under the Business Registration No. 4102003510 issued by
the Business Registration Office - Planning and Investment Department of Ho
Chi Minh City. Currently, the registered capital of the subject is 5 billion.
The registered address is located at No. 30, Vo Hoanh Street, Phu Tho Hoa
Ward, Tan Phu District, Ho Chi Minh City, Vietnam but that address house is
operated as the subject’s warehouse and there is only one person at that
address. All of transactions are operated at Suite 208-210, No. 4, Ho Tung
Mau Street, Nguyen Thai Binh Ward, 1 District, Ho Chi Minh City, Vietnam.
Besides, the subject has also a warehouse in No. 9/38, Nguyen Binh Street,
Nhon Duc Commune, Nha Be District, Ho Chi Minh City, Vietnam. Although Subject registered
in many business fields but it is specializing in importing and distributing
chemicals, especially agro-chemicals, aqua-chemicals and industrial
chemicals. Its goods include Kali Humate, Humic Acid, Fulvic Acid, Zeolite,
MgSO4, Saponin, Vitamin C, Dolomite, CaCO3, CaO, Phosphorite, Secpentin, Saponin, MiaCaphos,
Zeolite, Vitamin C, Yucca, Alkaline, C-Tat, Dolomite… The subject
imports chemical, equipment mainly from Korea, China, Thailand. It also
exports products to Asian countries. Currently, its export activities are not
as busy as the past. In summary, the subject
as capacity to meet small 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.51.62 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.67.17 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.