|
Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
MY HUNG TAY NGUYEN CORPORATION |
|
|
Registered Office : |
No. 160 Tran Phu Street, Bao Loc District, Lam Dong Province |
|
|
|
|
|
|
Country : |
Vietnam |
|
|
|
|
|
|
Date of Incorporation : |
08.07.2008 |
|
|
|
|
|
|
Com. Reg. No.: |
5800581747 |
|
|
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
|
|
Line of Business : |
The subject is specialized in construction of hydroelectric power plant |
|
|
|
|
|
|
No. of Employees : |
4 |
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 : |
Unknown |
|
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 (31.03.2011) |
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
SUBJECT
IDENTIFICATION & LEGAL FORM
|
||
|
|
||
|
Registered English Name |
|
MY HUNG TAY NGUYEN CORPORATION |
|
Registered Vietnamese Name |
|
CONG TY CP MY HUNG TAY NGUYEN |
|
Registered Short name |
|
MHTN CORP |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2008 |
|
Business Registration No. |
|
5800581747 |
|
Date of Registration |
|
08 Jul 2008 |
|
Place of Registration |
|
Lam Dong Department of Planning and
Investment |
|
Chartered capital |
|
VND 100,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
5800581747 |
|
Total Employees |
|
4 |
|
Note:
The exact name of the subject is above. |
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 160 Tran Phu Street, Bao Loc District,
Lam Dong Province, Vietnam |
|
Telephone |
|
(84-63) 3 720194 |
|
Fax |
|
(84-63) 3 720194 |
|
|
||
SUBSIDIARIES
AND RELATED COMPANIES
|
||
|
|
||
|
1. PARENT COMPANY
- THAC MO HYDROPOWER JOINT STOCK COMPANY |
||
|
Business Registration |
|
4403000108 |
|
Date of Registration |
|
19 May 2008 |
|
Place of Registration |
|
Department of Planning and Investment of Binh Phuoc Province |
|
Registered Capital |
|
VND 700,000,000,000 |
|
Tax code |
|
3800311306 |
|
Address |
|
5 Area Thac Mo Town, Long Thuy Ward, Phuoc Long District, Binh Phuoc
Province, Vietnam |
|
Tel |
|
(84-651) 6216308/ 2216 308 |
|
Fax |
|
(84-651) 3778268 |
|
Website |
|
|
|
|
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DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN THANH PHU |
|
Position |
|
Chairman |
|
Date of Birth |
|
10 Apr 1962 |
|
ID Number/Passport |
|
271019942 |
|
ID Issue Date |
|
10 Nov 2006 |
|
ID Issue Place |
|
Dong Nai Police
Department |
|
Resident |
|
No. 17B1, KP1, Buu
Long Ward, Bien Hoa City, Dong Nai Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
BUI DINH HUNG |
|
Position |
|
Director |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS
NATURE AND ACTIVITIES
|
|
|
|
The
subject is specialized in construction of hydroelectric power plant |
|
|
IMPORT
& EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Equipment |
|
·
Market |
|
India |
|
·
Mode of payment |
|
L/C |
|
|
||
|
EXPORT: Currently, the subject does not export |
||
BANKERS
|
|
|
|
N/A |
|
. |
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
THAC
MO HYDROPOWER JOINT STOCK COMPANY |
|
Business Registration |
|
4403000108 |
|
Date of Registration |
|
19 May 2008 |
|
Place of Registration |
|
Department of Planning and Investment of Binh Phuoc Province |
|
Registered Capital |
|
VND 700,000,000,000 |
|
Tax code |
|
3800311306 |
|
Address |
|
5 Area, Thac Mo Town, Long Thuy Ward, Phuoc
Long District, Binh Phuoc Province, Vietnam |
|
Tel |
|
(84-651) 6216308/ 2216 308 |
|
Fax |
|
(84-651) 3778268 |
|
Website |
|
|
|
Number of shares |
|
9,800,000 |
|
Value of shares |
|
VND 98,000,000,000 |
|
Percentage |
|
98% |
|
|
||
|
2.
NAME |
|
THE
IMPORT EXPORT - INTERNATIONAL COOPERATION AND GENERAL INVESTMENT CORPORATION |
|
Business Registration |
|
4103000134 |
|
Date of Registration |
|
22 Aug 2000 |
|
Place of Registration |
|
Planning and Investment Department of Hochiminh city |
|
Registered Capital |
|
VND 20,000,000,000 |
|
Tax code |
|
0302075241 |
|
Address |
|
No. 93 Ho Hao Hon street - Co Giang ward, 1
District, Ho Chi Minh City, Vietnam |
|
Tel |
|
84-8 38367598 / 39202581 / 39202498 |
|
Fax |
|
84-8 39202497 |
|
Email |
|
gelexim@hcm.netnam.vn |
|
Website |
|
www.gelexim.com.vn |
|
Number of shares |
|
100,000 |
|
Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
1% |
|
|
||
|
3.
NAME |
|
Ms.
PHUNG DUYEN THU |
|
ID Number/Passport |
|
023527964 |
|
Resident |
|
No. 418, Road 3/2, Ward 12, 10 District,
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
100,000 |
|
Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
1% |
|
|
||
FINANCIAL
DATA
|
|
N/A |
|
|
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
N/A |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C |
|
Sale Methods |
|
To projects |
|
|
INTERPRETATION
ON THE SCORES
|
|
|
|
The
subject was established in 2008 as a joint stock company. Currently, it is running
under the business registration No. 5800581747 (same to the tax code). Its
chartered capital is VND 100 billion, in which, THAC MO HYDROPOWER JOINT
STOCK COMPANY contributes 98%. THAC MO HYDROPOWER JOINT STOCK COMPANY, precursor
was Thac Mo hydroelectric power plant which was founded under decision
361/NL-TCCB-LD, dated on 11 June 1994 of Ministry of Energy with main
function was operation management of Thac Mo hydroelectric power plant,
capacity of 150MW. In 2008, the plant was transferred into joint stock
company. It operates mainly in field of manufacturing and trading in
electrical energy with chartered capital of VND 700 billion. The
subject's head office is located at No. 160 - Tran Phu Street - Bao Loc Town
- Lam Dong Province. It specializes in construction hydroelectric power
plant. Currently, it is building Dai Nga hydroelectric power plant which was
started to deploy in early 2012 and expected to complete at the end of 2013.
Besides, it does not have any other project. The subject now only has 4
official staffs, as for building workers are outsourced. The
subject imports equipment from India and it does not export activity. In
general, the subject is a small scale in construction industry. It also is
young business but it has received much supports from its parent company. It
has capacity to meet small-normal transaction. |
------------ 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.53.04 |
|
|
1 |
Rs.84.83 |
|
Euro |
1 |
Rs.68.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.