|
Report Date : |
16.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
HANDICRAFT AND ART ARTICLES EXPORT- IMPORT CORPORATION |
|
|
|
|
Formerly Known As : |
HANDICRAFT AND ART ARTICLES EXPORT- IMPORT JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
Artexport House Building - No. 2A - Pham Su Manh Str ., Phan Chu Trinh Ward, Hoan Kiem District, Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishment : |
1964 |
|
|
|
|
Com. Reg. No.: |
0100107356 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Trading, importing and exporting handcrafts and
art articles, material, machines and equipment for construction, office
electric. |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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) |
|
Viet Nam |
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
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
HANDICRAFT AND
ART ARTICLES EXPORT- IMPORT CORPORATION |
|
Vietnamese Name |
|
CONG TY CO PHAN XUAT NHAP KHAU THU CONG MY
NGHE |
|
Short name |
|
ARTEXPORT HA NOI |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1964 |
|
Establishment Decision |
|
617/BNGT-TCCB |
|
Date of Issuance |
|
23 Dec 1964 |
|
Place of Issuance |
|
Ministry of Foreign Trade |
|
Business Registration No. |
|
0100107356 |
|
Date of Registration |
|
30 Mar 2011 |
|
Place of Registration |
|
Hanoi Planning and Investment Department |
|
Chartered capital |
|
VND 93,742,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0100107356 |
|
Total Employees |
|
200 |
|
Size |
|
Large |
|
Note: The given subject’s
name is incorrect. The correct one is as above. |
||
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration
No: 0103006536 Changed to: 93,742,000,000 |
30
Mar 2011 |
|
2 |
Subject has got former Board Of Director:
Mr. Trinh Quoc Thai Changed to: Mr. Do Van Khoi |
08
Sep 2010 |
|
3 |
Subject has got former chartered capital:
85,220,000,000 VND Changed to: 93,742,000,000 VND |
16
Jun 2010 |
|
4 |
Subject has got former Business
Registration No: 108474 issued on May 14, 1993 Changed to: 0103006536 Dated
18 January 2005 |
18
Jan 2005 |
|
5 |
Subject has got former chartered capital: 55,000,000,000
VND Changed to: 85,220,000,000 VND |
N/A |
|
6 |
Subject has got former Type of Business:
State Owned Enterprise Changed to: Joint Stock Company |
N/A |
|
7 |
Subject has got former Registered English Name:
HANDICRAFT AND ART ARTICLES EXPORT- IMPORT JOINT STOCK COMPANY Changed to:
HANDICRAFT AND ART ARTICLES EXPORT- IMPORT CORPORATION |
N/A |
|
|
||
company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Artexport House Building - No. 2A - Pham
Su Manh Str ., Phan Chu Trinh Ward, Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3826 5438, 38252760, 38266576 |
|
Fax |
|
(84-4) 3825 9275 |
|
Email |
|
|
|
Website |
|
|
|
Note: The correct address is
as above. |
||
|
Workshop Address
|
||
|
Address |
|
EMBROIDERY WORKSHOP Thanh Lan Commune,
Thanh Tri District, Ha Noi City, Vietnam |
|
Telephone |
|
(84–4) 38610093/ 36446003/ 36446191 |
|
|
||
|
Workshop Address
|
||
|
Address |
|
DONG MY WOOD WORKSHOP Hamlet 1, Dong My commune,
Thanh Tri District, Ha Noi City, Vietnam |
|
Telephone |
|
(84–4) 3686022/ 38615244 |
|
|
||
|
Branch in Hai
Phong |
||
|
Address |
|
No. 25 Da Nang - May To Ward , Ngo Quyen
District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3836537/ 3836516 |
|
Fax |
|
(84-31) 3836704 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 31 Tran Quoc Thao Str Ward 6, 3
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 39304357/ 38244357 / 39303748 |
|
Fax |
|
(84-8) 3930383 |
|
Email |
|
|
|
Website |
|
|
|
|
||
SUBSIDIARIES AND RELATED COMPANIES
|
||
|
|
||
|
1. SERVICES AND
TRADING ARTEXPORT COMPANY LIMITED |
||
|
Business Registration |
|
0104005892 |
|
Address |
|
Floor 9 ARTEXPORT BUILDING - No. 31-33 Ngo Quyen Hang Bai Ward, Hoan
Kiem District, Ha Noi City, Vietnam |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Ms.
DUONG THI NGAN |
|
Position |
|
Chairwoman |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-4) 38265438 |
|
|
||
|
2.
NAME |
|
Mr.
DO VAN KHOI |
|
Position |
|
General Director |
|
Education |
|
Bachelor of Foreign Trade |
|
Date of Birth |
|
07 Apr 1956 |
|
ID Number/Passport |
|
010060392 |
|
ID Issue Date |
|
08 May 1997 |
|
ID Issue Place |
|
Ha Noi Police |
|
Resident |
|
No. 15 - Kim Dong Str
Giap Bat Ward, Hoang Mai District, Ha Noi City, Vietnam |
|
Current resident |
|
No 51F, Yen Phu Hamlet Yen Phu Street, Tay
Ho District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The company is involving in: |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Equipments and Materials |
|
·
Market |
|
USA, Japan, Germany, China, England and Singapore. |
|
·
Mode of payment |
|
L/C, TT |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Japan, Europe countries, USA |
|
·
Ratio |
|
100% |
|
·
Mode of payment |
|
L/C, TT |
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM |
||
|
Address |
|
No. 198 Tran Quang Khai Street, Hoan Kiem District, Ha Noi City,
Vietnam |
|
Telephone |
|
(84-4) 3934 3137 / (84-4) 3814 8919 |
|
Fax |
|
(84-4) 3826 9067 / (84-4) 3825 1322 |
|
|
||
|
2.
VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK HA NOI BRANCH |
||
|
Address |
|
No.18 Tran Hung Dao Street, Hai Ba Trung District, Ha Noi City,
Vietnam |
|
Telephone |
|
(84-4) 38242 306 |
|
Fax |
|
(84-4) 38267 798 |
|
SWIFT Code |
|
EBVIVNVX |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
STATE
CAPITAL INVESTMENT CORPORATION |
|
Business Registration |
|
0101992921 |
|
Date of Registration |
|
09 Jul 2010 |
|
Place of Registration |
|
Ha Noi Planning and Investment Department |
|
Registered Capital |
|
VND 19,000,000,000,000 |
|
Tax code |
|
0101992921 |
|
Address |
|
No. 15A Tran Khanh Du Str.,, Hoan Kiem
District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 62780126 |
|
Fax |
|
(84-4) 62780136 |
|
Number of shares |
|
813,120 |
|
Value of shares |
|
VND 8,131,200,000 |
|
Percentage |
|
8.67% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN VAN BINH |
|
Date of Birth |
|
20 Mar 1962 |
|
ID Number/Passport |
|
010194842 |
|
Issued on |
|
07 Jul 1998 |
|
Issued Place |
|
Police station of Hanoi City |
|
Resident |
|
07 Nam Trang Str Truc Bach Ward, Ba Dinh
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
676,049 |
|
Value of shares |
|
VND 6,760,490,000 |
|
Percentage |
|
7.21% |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN VAN CAN |
|
ID Number/Passport |
|
010060393 |
|
Resident |
|
No.20 Branch 26 - Alley 162 Doi Can Doi
Can Ward, Ba Dinh District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
52,316 |
|
Value of shares |
|
VND 523,160,000 |
|
Percentage |
|
0.56% |
|
|
||
|
4.
NAME |
|
Ms.
LE THI MY HOAN |
|
ID Number/Passport |
|
011152771 |
|
Resident |
|
No. 13 Phu Dong Thien Vuong Ngo Thi Nham
Ward, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
45,342 |
|
Value of shares |
|
VND 453,420,000 |
|
Percentage |
|
0.48% |
|
|
||
|
5.
NAME |
|
Ms.
NGUYEN THI KIM HUONG |
|
ID Number/Passport |
|
010065157 |
|
Resident |
|
No. 24 - Alley 4 - Nguyen Son Str Bo De Ward,
Long Bien District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
35,068 |
|
Value of shares |
|
VND 350,680,000 |
|
Percentage |
|
0.37% |
|
|
||
|
6.
NAME |
|
Mr.
HA XUAN KHANG |
|
ID Number/Passport |
|
011485968 |
|
Resident |
|
No. 12E - Van Ho 2 Le Dai Hanh Ward, Hai
Ba Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
1,322,770 |
|
Value of shares |
|
VND 13,227,700,000 |
|
Percentage |
|
1.42% |
|
|
||
|
7.
NAME |
|
Mr.
DO VAN KHOI |
|
Position |
|
General Director |
|
Date of Birth |
|
07 Apr 1956 |
|
ID Number/Passport |
|
010060392 |
|
Issued on |
|
08 May 1997 |
|
Issued Place |
|
Ha Noi Police |
|
Resident |
|
No. 15 - Kim Dong Str Giap Bat Ward, Hoang
Mai District, Ha Noi City, Vietnam |
|
Current Resident |
|
No 51F, Yen Phu Hamlet Yen Phu Street, Tay
Ho District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
418,625 |
|
Value of shares |
|
VND 4,186,250,000 |
|
Percentage |
|
4.47% |
|
|
||
|
8.
NAME |
|
Mr.
VU VAN PHUC |
|
Date of Birth |
|
17 Oct 1951 |
|
ID Number/Passport |
|
011075325 |
|
Issued on |
|
29 Jun 1999 |
|
Issued Place |
|
Hanoi Department of Police |
|
Resident |
|
135/73/3 - No. 20. Doi Can Str Ngoc Ha
Ward, Ba Dinh District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
61,303 |
|
Value of shares |
|
VND 613,030,000 |
|
Percentage |
|
0.65% |
|
|
||
|
9.
NAME |
|
354
OTHER SHAREHOLDERS |
|
Number of shares |
|
5,949,607 |
|
Value of shares |
|
VND 59,496,070,000 |
|
Percentage |
|
76.17% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
52 |
|
Audit status |
Audited |
Audited |
Audited |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
235,392,865,109 |
111,841,189,373 |
132,649,799,428 |
|
I. Cash and cash
equivalents |
26,238,581,247 |
18,019,238,390 |
7,789,939,369 |
|
1. Cash |
13,738,581,247 |
7,788,199,254 |
7,789,939,369 |
|
2. Cash equivalents |
12,500,000,000 |
10,231,039,136 |
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 |
150,833,508,518 |
66,634,543,266 |
101,040,635,240 |
|
1. Receivable from customers |
105,415,184,517 |
39,449,945,110 |
79,715,319,202 |
|
2. Prepayments to suppliers |
56,657,952,693 |
30,815,344,251 |
18,285,627,898 |
|
3. Inter-company receivable |
0 |
|
0 |
|
4. Receivable according to the progress of construction |
0 |
|
0 |
|
5. Other receivable |
2,224,874,777 |
3,988,691,562 |
3,039,688,140 |
|
6. Provisions for bad debts |
-13,464,503,469 |
-7,619,437,657 |
0 |
|
IV. Inventories |
50,602,939,517 |
19,439,959,177 |
13,786,654,503 |
|
1. Inventories |
51,072,831,628 |
19,439,959,177 |
13,786,654,503 |
|
2. Provisions for devaluation of inventories |
-469,892,111 |
|
0 |
|
V. Other Current
Assets |
7,717,835,827 |
7,747,448,540 |
10,032,570,316 |
|
1. Short-term prepaid expenses |
2,117,296,991 |
62,656,447 |
0 |
|
2. VAT to be deducted |
4,953,307,964 |
7,330,329,236 |
7,391,537,032 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
2,641,033,284 |
|
4. Other current assets |
647,230,872 |
354,462,857 |
0 |
|
B. LONG-TERM
ASSETS |
101,197,382,504 |
104,927,270,752 |
121,237,269,772 |
|
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
|
41,287,396,327 |
50,192,863,797 |
92,141,779,980 |
|
1. Tangible assets |
39,966,830,964 |
44,057,114,783 |
89,050,773,812 |
|
- Historical costs |
65,317,845,830 |
66,901,053,737 |
122,809,094,687 |
|
- Accumulated depreciation |
-25,351,014,866 |
-22,843,938,954 |
-33,758,320,875 |
|
2. Financial leasehold assets |
0 |
|
0 |
|
- Historical costs |
0 |
|
0 |
|
- Accumulated depreciation |
0 |
|
0 |
|
3. Intangible assets |
1,313,759,888 |
1,326,189,500 |
0 |
|
- Initial costs |
1,364,238,848 |
1,364,238,848 |
0 |
|
- Accumulated amortization |
-50,478,960 |
-38,049,348 |
0 |
|
4. Construction-in-progress |
6,805,475 |
4,809,559,514 |
3,091,006,168 |
|
III. Investment
property |
53,680,046,579 |
48,729,153,802 |
0 |
|
Historical costs |
73,668,143,426 |
65,025,316,727 |
0 |
|
Accumulated depreciation |
-19,988,096,847 |
-16,296,162,925 |
0 |
|
IV. Long-term
investments |
5,100,000,000 |
4,800,000,000 |
25,400,000,000 |
|
1. Investments in affiliates |
300,000,000 |
|
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
1,600,000,000 |
|
3. Other long-term investments |
4,800,000,000 |
4,800,000,000 |
23,800,000,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
0 |
|
V. Other
long-term assets |
1,129,939,598 |
1,205,253,153 |
3,695,489,792 |
|
1. Long-term prepaid expenses |
1,129,939,598 |
1,184,877,621 |
3,695,489,792 |
|
2. Deferred income tax assets |
0 |
20,375,532 |
0 |
|
3. Other long-term assets |
0 |
|
0 |
|
VI. Goodwill |
0 |
|
|
|
1. Goodwill |
0 |
|
|
|
TOTAL ASSETS |
336,590,247,613 |
216,768,460,125 |
253,887,069,200 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
203,864,942,015 |
99,363,987,548 |
147,722,795,736 |
|
I. Current
liabilities |
177,714,228,241 |
73,493,628,228 |
124,994,525,421 |
|
1. Short-term debts and loans |
73,388,402,427 |
17,124,901,979 |
36,669,394,578 |
|
2. Payable to suppliers |
54,409,485,545 |
18,697,338,498 |
17,505,883,546 |
|
3. Advances from customers |
33,632,093,249 |
27,588,329,743 |
50,234,688,855 |
|
4. Taxes and other obligations to the State Budget |
8,054,952,379 |
4,076,548,925 |
12,765,808,481 |
|
5. Payable to employees |
2,201,422,465 |
2,237,900,133 |
1,777,582,301 |
|
6. Accrued expenses |
682,887,156 |
196,192,167 |
443,167,869 |
|
7. Inter-company payable |
0 |
|
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
0 |
|
9. Other payable |
5,344,985,020 |
3,572,416,783 |
5,597,999,791 |
|
10. Provisions for short-term accounts payable |
0 |
|
0 |
|
II. Long-Term
Liabilities |
26,150,713,774 |
25,870,359,320 |
22,728,270,315 |
|
1. Long-term accounts payable to suppliers |
0 |
|
0 |
|
2. Long-term inter-company payable |
0 |
|
0 |
|
3. Other long-term payable |
10,329,413,130 |
593,374,048 |
7,000,000 |
|
4. Long-term debts and loans |
15,697,040,269 |
19,057,915,269 |
22,599,396,219 |
|
5. Deferred income tax payable |
124,260,375 |
|
0 |
|
6. Provisions for unemployment allowances |
0 |
47,094,620 |
121,874,096 |
|
7. Provisions for long-term accounts payable |
0 |
6,171,975,383 |
0 |
|
B- OWNER’S
EQUITY |
132,725,305,598 |
117,404,472,577 |
106,164,273,464 |
|
I. OWNER’S
EQUITY |
132,725,305,598 |
116,867,642,122 |
105,790,893,009 |
|
1. Capital |
93,742,000,000 |
93,742,000,000 |
85,220,000,000 |
|
2. Share premiums |
9,578,000,000 |
9,578,000,000 |
18,100,000,000 |
|
3. Other sources of capital |
0 |
|
0 |
|
4. Treasury stocks |
-27,500,000 |
-27,500,000 |
-27,500,000 |
|
5. Differences on asset revaluation |
0 |
|
0 |
|
6. Foreign exchange differences |
1,874,326,734 |
99,280,858 |
688,458,316 |
|
7. Business promotion fund |
1,512,100,933 |
1,575,910,443 |
678,732,075 |
|
8. Financial reserved fund |
1,593,105,559 |
234,024,250 |
234,024,250 |
|
9. Other funds |
0 |
|
0 |
|
10. Retained earnings |
24,453,272,372 |
11,665,926,571 |
897,178,368 |
|
11. Construction investment fund |
0 |
|
0 |
|
II. Other
sources and funds |
0 |
536,830,455 |
373,380,455 |
|
1. Bonus and welfare funds |
0 |
536,830,455 |
373,380,455 |
|
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 |
336,590,247,613 |
216,768,460,125 |
253,887,069,200 |
|
|
|||
PROFIT & LOSS STATEMENT
|
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
588,849,710,060 |
539,180,408,686 |
548,437,903,859 |
|
2. Deduction item |
0 |
|
0 |
|
3. Net revenue |
588,849,710,060 |
539,180,408,686 |
548,437,903,859 |
|
4. Costs of goods sold |
516,168,613,297 |
466,185,043,661 |
481,232,504,456 |
|
5. Gross profit |
72,681,096,763 |
72,995,365,025 |
67,205,399,403 |
|
6. Financial income |
7,084,322,434 |
18,641,458,738 |
12,616,136,828 |
|
7. Financial expenses |
8,715,305,224 |
20,250,457,712 |
18,050,831,589 |
|
- In which: Loan interest expenses |
1,552,799,610 |
|
0 |
|
8. Selling expenses |
20,719,080,432 |
28,296,009,716 |
24,463,112,499 |
|
9. Administrative overheads |
15,410,828,543 |
15,741,193,434 |
7,498,114,674 |
|
10. Net operating profit |
34,920,204,998 |
27,349,162,901 |
29,809,477,469 |
|
11. Other income |
328,696,769 |
128,617,611 |
744,307,435 |
|
12. Other expenses |
1,939,940,553 |
298,874,847 |
4,433,224,558 |
|
13. Other profit /(loss) |
-1,611,243,784 |
-170,257,236 |
-3,688,917,123 |
|
14. Total accounting profit before tax |
33,308,961,214 |
27,178,905,665 |
26,120,560,346 |
|
15. Current corporate income tax |
8,300,720,105 |
6,409,294,250 |
4,518,983,332 |
|
16. Deferred corporate income tax |
124,260,375 |
-20,375,532 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
|
|
18. Profit after tax |
24,883,980,734 |
20,789,986,947 |
21,601,577,014 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.32 |
1.52 |
1.06 |
1.94 |
|
Quick liquidity ratio |
1.04 |
1.26 |
0.95 |
0.98 |
|
Inventory circle |
14.74 |
23.98 |
34.91 |
9.29 |
|
Average receive period |
93.49 |
45.11 |
67.25 |
54.01 |
|
Utilizing asset performance |
1.75 |
2.49 |
2.16 |
2.21 |
|
Liability by total assets |
60.57 |
45.84 |
58.18 |
58.72 |
|
Liability by owner's equity |
153.60 |
84.63 |
139.15 |
256.76 |
|
Ebit / Total assets (ROA) |
10.36 |
12.54 |
10.29 |
7.90 |
|
Ebit / Owner's equity (ROE) |
26.27 |
23.15 |
24.60 |
25.68 |
|
Ebit / Total revenue (NPM) |
5.92 |
5.04 |
4.76 |
4.18 |
|
Gross profit / Total revenue (GPM) |
12.34 |
13.54 |
12.25 |
15.30 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, TT |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
|
|
|
Formerly, the subject was
founded in 1964 as a state owned enterprise. Up to 2005, the company made its
equitization to become a joint stock company according to the business registration
number 0103006536 dated on 18 January 2005 by Hanoi City Department of
Planning and Investment. On 30th March 2011, it business registration number
was changed to 010010735. The subject is focusing on
trading, importing and exporting handicraft and art articles, material,
machines and equipment for construction, office electric, producing and
processing wooden products, fine arts, embroideries. Moreover, the company is
also engaging in trading real estate, office leasing, trading agent for producers,
comer, organizer trade fairs, handicrafts and articles exhibition in Vietnam
and foreign countries, trading vehicles. The subject imports equipments and
materials from USA, Japan, Germany, China, England and Singapore. Its
products of the company are now exported to a lot of countries such as Japan,
Europe countries, USA. Its head office is located in
Artexport House Building - No. 2A - Pham Su Manh Street - Phan Chu Trinh Ward
- Hoan Kiem District - Ha Noi City – Vietnam. Besides, the subject has two
workshops in Ha Noi City and three branches in Ho Chi Minh City and Hai Phong
City. The facilities of the subject are modern and standard. Its management
ability is also fair. Now, it has about 300 employees. The subject is quite
transparent in disclosure of the company’s information. According
to the financial statement in the past, we found that the subject's operating
was fairly good. These figures of revenue show it is operating with
acceptable market share. Despite of economic downturn in 2011, the subject got
positive business result. In 2011 the subject's debt rate
increased and was high because of the large increase in liabilities. Its debt
rate increased from 45.84% to 60.57%
but its capital structure was still safe. Thus, its self-financing and
solvency were fairly good. Despite
of the moderate debt ratio, the subject's liquidity was not high. The
subject's current liquidity was low because the current liabilities rate was
high. However, as it remained the small amount inventory, its quick liquidity
ratio was fairly good. In
2011, the subject's utilizing asset performances decreased and it was still
lower the industry. Its receivables turnover was low because the subject
applied the looser credit policies for its customers. Moreover, its inventory
turnover was reduce so its sale policy worked less efficiently. In general, the subject is the
strong company in this field in Viet Nam. The business activities of the
company are quite busy. Its operation and activities are effective. The
subject has ability to meet all normal financial commitments. |
|
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.53.12 |
|
UK Pound |
1 |
Rs.85.15 |
|
Euro |
1 |
Rs.68.60 |
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.