|
Report Date : |
18.10.2012 |
IDENTIFICATION DETAILS
|
Correct Name : |
VEDAN VIETNAM ENTERPRISE CORPORATION
LIMITED |
|
|
|
|
Registered Office : |
National Road 51 - 1A Hamlet Phuoc Thai Commune, Long Thanh District, Dong
Nai Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1991 |
|
|
|
|
Legal Form : |
Foreign Invested Company |
|
|
|
|
Line of Business : |
manufacturing and
trading of |
|
|
|
|
No. of Employees : |
2,800 employees |
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 : |
Exists |
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 |
Current legal status
|
||
|
English Name |
|
VEDAN VIETNAM ENTERPRISE CORPORATION LIMITED
|
|
Vietnamese Name |
|
CONG TY CO PHAN HUU HAN VEDAN VIET NAM |
|
Trade name |
|
VEDAN VIETNAM
ENTERPRISE CORPORATION LIMITED |
|
Short name |
|
VEDAN VIETNAM |
|
Type of Business |
|
Foreign invested company |
|
Year Established |
|
1991 |
|
Investment Certificate No |
|
471033000143 |
|
Date Of Issuance |
|
30 Jun 2008 |
|
Place of Issuance |
|
Dong Nai province People’s Committee |
|
Registered Investment Capital |
|
USD 501,860,000 |
|
Chartered capital |
|
USD 133,470,000 |
|
Investment Duration |
|
50 years |
|
Status |
|
Unlisted |
|
Tax code |
|
3600239719 |
|
Total Employees |
|
2,800 |
|
Size |
|
Large |
|
Note |
|
The correct name of the subject is as
above. |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got
former Registered Investment Capital: USD 452,600,000, changed to USD
460,724,000, changed to USD 500,360,000, then Changed to: USD 501,860,000 |
30 Dec 2011 |
|
2 |
Subject has got former
Chartered capital: USD 129,961,924 increased to USD 131,970,000, then Changed
to: USD 133,470,000 |
09 Dec 2010 |
|
3 |
Subject has got
former Investment Certificate No: 171A/GPDC21, Issuance on June 09th 2006,
Issuance by Dong Nai industrial zone authority. Changed to:
471033000143, Issuance by Dong Nai province People’s Committee |
30 Jun 2008 |
|
4 |
Subject has got
former Board Of Director: The General Directors: Mr. JOEL.J.WANG Changed to:
Mr. YANG KUN HSIANG |
2008 |
|
5 |
Subject has got
former Shareholders: VEDAN ENTERPRISE CORPORATION - TAIWAN Changed to:
BURGHLEY ENTERPRISE PTE., LTD |
2002 |
|
Head Office |
||
|
Address |
|
National Road 51 - 1A Hamlet Phuoc Thai Commune,
Long Thanh District, Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 382 5111 |
|
Fax |
|
(84-61) 354 3160 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Factory Address |
||
|
Address |
|
Tan Lap ward, Ham Thuan Nam District, Binh
Thuan Province, Vietnam |
|
Telephone |
|
(84-62) 3869371 |
|
Manager |
|
Mr. HUANJG LIANG MING |
|
|
||
|
Factory Address |
||
|
Address |
|
National Road 12 My Tan Village Ki Son
Ward, Ky Anh District, Ha Tinh Province, Vietnam |
|
Telephone |
|
(84-39) 3866385 |
|
|
||
|
Factory Address |
||
|
Address |
|
Ky Son commune , Ky Anh District, Ha Tinh Province,
Vietnam |
|
Telephone |
|
(84-39) 374341/ 42/43/.../49. |
|
Fax |
|
(84-39) 374349 |
|
Manager |
|
Mr. CHANG JUNG CHOU |
|
|
||
|
Branch in Dong Nai |
||
|
Address |
|
Phuoc Thai commune, Long Thanh District,
Dong Nai Province, Vietnam |
|
Note: Including some factories 1. MSG &
Glutamic acid Factory 2. Lysine Factory 3. Acid & Soda Factory 4.
Electric Factory 5. Phuoc Thai Port 6. Starch & Syrup Factory Note: This
industrial complex has many factories of subject for manufacture. Besides, subject
also built a fertilizer factory in Dong Nai province, Veyu in Gia Lai and a
Starch Factory in Ha Tinh province with the total investment capital of 12
million USD. |
||
|
|
||
|
Branch in Ha Noi |
||
|
Address |
|
No 34 Plot 1A, Trung Yen 11B, Cau Giay District,
Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 37833721 |
|
Fax |
|
(84-4) 37833720 |
|
|
||
|
Branch in Binh Phuoc |
||
|
Address |
|
Long Phu Str Bu Nho ward, Phuoc Long
District, Binh Phuoc Province, Vietnam |
|
Telephone |
|
(84-651) 3777627 |
|
Fax |
|
(84-651) 3777631 |
|
1. NAME |
|
Mr. YANG TOU HSIUNG –( DUONG DAU HUNG in
Vietnamese) |
|
Position |
|
Chairman |
|
Date of Birth |
|
1942 |
|
ID Number/Passport |
|
212783133 |
|
ID Issue Date |
|
23 Jun 2005 |
|
ID Issue Place |
|
Taiwan |
|
Resident |
|
No. 65 Hsin An Street
Shalu, , Taichung , Taiwan |
|
Nationality |
|
Taiwanese |
|
|
||
|
2. NAME |
|
Mr. YANG KUN HSIANG |
|
Position |
|
General Director |
|
Current resident |
|
Long Thanh District, Dong Nai Province,
Vietnam |
|
Nationality |
|
Taiwanese |
|
|
||
|
3. NAME |
|
Mr. HSIEH JAU HWANG |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
1950 |
|
Current resident |
|
Long Thanh District, Dong Nai Province,
Vietnam |
|
Nationality |
|
Taiwanese |
|
Qualification |
|
Management |
|
Years of experience |
|
16 years |
|
The
subject registers and operates in the manufacturing and trading: |
|
IMPORT: |
||
|
Types of products |
|
Molasses and Industrial salt |
|
Market |
|
Thailand, Indonesia, Singapore, Taiwan, Japan, and Australia |
|
Mode of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
Market |
|
Taiwan, Japan, China, Hong Kong, Korea, Thailand, India, and
Australia. |
|
Mode of payment |
|
L/C, TT |
|
1. CHINFON BANK Hochiminh City Branch |
||
|
Address |
|
27Tu Xuong Str, Ward 17 , 3 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3932 5888 |
|
Fax |
|
(84-8) 3932 6431 |
|
|
||
|
2. MEGA INTERNATIONAL COMMERCIAL BANK CO.,
LTD - HO CHI MINH BRANCH |
||
|
Address |
|
No.5B Ton Duc Thang Str, 1 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38225697 |
|
Fax |
|
(84-8) 38225698 |
|
|
||
|
3. CHINATRUST COMMERCIAL BANK |
||
|
Address |
|
Floor 1 - Petrovietnam Tower - 1-5 Le Duan St , 1 District, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 39101888 |
|
Fax |
|
(84-8) 39101999 |
|
1. NAME |
|
BURGHLEY ENTERPRISE PTE., LTD |
|
Address |
|
No. 51 - Goldhill Plaza#18-05, Singapore, Singapore |
|
Number of shares |
|
133,203,060 |
|
Value of shares |
|
USD 133,203,060 |
|
Percentage |
|
99.8% |
|
|
||
|
2. NAME |
|
VIETNAM ORSAN COMPANY LIMITED |
|
Business Registration |
|
411043000936 |
|
Tax code |
|
0300828436 |
|
Address |
|
Hamlet 9 Tan Thoi Hiep ward, 12 District, Ho Chi Minh City, Vietnam |
|
Tel |
|
(84-8) 37171428/ 37171563 |
|
Number of shares |
|
133,470 |
|
Value of shares |
|
USD 133,470 |
|
Percentage |
|
0.1% |
|
|
||
|
3. NAME |
|
VEYU COMPANY LIMITED |
|
Business Registration |
|
391045000068 |
|
Tax code |
|
5900345493 |
|
Address |
|
Tan An ward, Gia Lai Province, Vietnam |
|
Tel |
|
(84-59) 383 2282 |
|
Number of shares |
|
133,470 |
|
Value of shares |
|
USD 133,470 |
|
Percentage |
|
0.1% |
|
BALANCE SHEET |
|||
|
|
|||
|
Balance sheet date |
31/12/2010 |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
52 |
|
Unit |
VND |
USD |
VND |
|
ASSETS |
|||
|
A – CURRENT ASSETS |
2,595,373,188,768
|
113,090,831 |
1,942,310,000,000
|
|
I. Cash and cash equivalents |
455,979,302,520 |
22,955,866 |
280,163,000,000 |
|
1. Cash |
333,115,298,724 |
11,309,934 |
148,669,000,000 |
|
2. Cash equivalents |
122,864,003,796 |
11,645,932 |
131,494,000,000 |
|
II. Short-term investments |
9,000,007,752 |
278,691 |
3,002,000,000 |
|
1. Short-term investments |
9,000,007,752 |
278,691 |
3,002,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts receivable |
810,344,218,820 |
31,661,402 |
613,987,000,000 |
|
1. Receivable from customers |
755,592,893,752 |
29,010,606 |
471,468,000,000 |
|
2. Prepayments to suppliers |
40,091,671,644 |
1,641,362 |
130,617,000,000 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
54,450,268,404 |
2,849,841 |
27,710,000,000 |
|
6. Provisions for bad debts |
-39,790,614,980 |
-1,840,407 |
-15,808,000,000 |
|
IV. Inventories |
1,301,154,293,096
|
56,657,164 |
1,033,120,000,000
|
|
1. Inventories |
1,306,168,509,024 |
56,983,071 |
1,052,240,000,000 |
|
2. Provisions for devaluation of inventories |
-5,014,215,928 |
-325,907 |
-19,120,000,000 |
|
V. Other Current Assets |
18,895,366,580 |
1,537,708 |
12,038,000,000 |
|
1. Short-term prepaid expenses |
1,722,433,360 |
147,451 |
1,340,000,000 |
|
2. VAT to be deducted |
16,614,742,132 |
1,362,623 |
10,301,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
558,191,088 |
27,634 |
397,000,000 |
|
B. LONG-TERM ASSETS |
2,175,426,290,976
|
121,089,353 |
1,715,629,000,000
|
|
I. Long term accounts receivable |
17,325,998,440 |
1,398,333 |
24,919,000,000 |
|
1. Long term account receivable from customers |
0 |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
0 |
|
4. Other long-term receivable |
17,325,998,440 |
1,398,333 |
24,919,000,000 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets |
2,008,015,329,044
|
109,601,147 |
1,478,441,000,000
|
|
1. Tangible assets |
1,883,090,160,544 |
96,998,069 |
1,316,922,000,000 |
|
- Historical costs |
9,365,496,751,792 |
476,240,668 |
7,474,652,000,000 |
|
- Accumulated depreciation |
-7,482,406,591,248 |
-379,242,599 |
-6,157,730,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
19,967,731,856 |
1,090,865 |
19,260,000,000 |
|
- Initial costs |
31,157,622,980 |
1,514,600 |
24,188,000,000 |
|
- Accumulated amortization |
-11,189,891,124 |
-423,735 |
-4,928,000,000 |
|
4. Construction-in-progress |
104,957,436,644 |
11,512,213 |
142,259,000,000 |
|
III. Investment property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
112,437,867,416 |
8,731,494 |
149,325,000,000 |
|
1. Investments in affiliates |
110,527,628,616 |
5,838,138 |
99,248,000,000 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
1,910,238,800 |
2,893,356 |
50,077,000,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term assets |
37,647,096,076 |
1,358,379 |
62,944,000,000 |
|
1. Long-term prepaid expenses |
29,093,788,864 |
938,402 |
54,179,000,000 |
|
2. Deferred income tax assets |
7,634,007,156 |
370,893 |
7,911,000,000 |
|
3. Other long-term assets |
919,300,056 |
49,084 |
854,000,000 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
4,770,799,479,744
|
234,180,184 |
3,657,939,000,000
|
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
1,470,384,222,656
|
60,357,919 |
1,083,238,000,000
|
|
I. Current liabilities |
1,177,095,206,800
|
43,979,462 |
1,018,180,000,000
|
|
1. Short-term debts and loans |
351,890,712,152 |
17,641,428 |
581,467,000,000 |
|
2. Payable to suppliers |
532,791,235,248 |
16,192,399 |
177,385,000,000 |
|
3. Advances from customers |
6,884,167,432 |
393,361 |
5,220,000,000 |
|
4. Taxes and other obligations to the State Budget |
26,954,453,932 |
2,181,297 |
104,328,000,000 |
|
5. Payable to employees |
32,026,261,004 |
1,398,796 |
24,491,000,000 |
|
6. Accrued expenses |
2,668,011,032 |
58,120 |
2,354,000,000 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
223,880,366,000 |
6,114,061 |
122,935,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term Liabilities |
293,289,015,856 |
16,378,457 |
65,058,000,000 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
274,627,592 |
17,856 |
53,000,000 |
|
4. Long-term debts and loans |
288,892,456,428 |
16,222,000 |
63,717,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
4,121,931,836 |
138,601 |
1,288,000,000 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S EQUITY |
3,300,415,257,088
|
173,822,265 |
2,574,701,000,000
|
|
I. OWNER’S EQUITY |
3,300,415,257,088
|
173,822,265 |
2,574,701,000,000
|
|
1. Capital |
2,498,456,040,000 |
129,961,924 |
2,056,353,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
0 |
-1,334,535 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
801,959,217,088 |
45,194,876 |
518,348,000,000 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
II. Other sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S INTEREST |
0 |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
4,770,799,479,744
|
234,180,184 |
3,657,939,000,000
|
|
PROFIT &
LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
FY2008 |
|
1. Total Sales |
5,443,658,757,284
|
238,221,393 |
5,067,469,000,000
|
|
2. Deduction item |
2,507,808,448 |
195,363 |
0 |
|
3. Net revenue |
5,441,150,948,836
|
238,026,030 |
5,067,469,000,000
|
|
4. Costs of goods sold |
4,316,399,957,964 |
164,224,409 |
3,917,145,000,000 |
|
5. Gross profit |
1,124,750,990,872
|
73,801,621 |
1,150,324,000,000
|
|
6. Financial income |
42,772,783,620 |
1,309,980 |
71,214,000,000 |
|
7. Financial expenses |
75,979,435,892 |
3,788,668 |
96,701,000,000 |
|
- In which: Loan interest expenses |
22,488,716,976 |
985,479 |
36,909,000,000 |
|
8. Selling expenses |
304,509,898,664 |
14,016,474 |
224,783,000,000 |
|
9. Administrative overheads |
218,394,345,700 |
12,109,065 |
217,191,000,000 |
|
10. Net operating profit |
568,640,094,236 |
45,197,394 |
682,863,000,000 |
|
11. Other income |
16,067,266,556 |
883,649 |
10,810,000,000 |
|
12. Other expenses |
267,595,868,560 |
3,277,903 |
15,362,000,000 |
|
13. Other profit /(loss) |
-251,528,602,004
|
-2,394,254 |
-4,552,000,000 |
|
14. Total accounting profit before tax |
317,111,492,232 |
42,803,140 |
678,311,000,000 |
|
15. Current corporate income tax |
80,927,503,412 |
7,004,872 |
117,836,000,000 |
|
16. Deferred corporate income tax |
612,241,948 |
94,451 |
6,666,000,000 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
236,796,230,768 |
35,703,817 |
567,141,000,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
2.20 |
2.57 |
1.91 |
1.70 |
|
Quick liquidity ratio |
1.10 |
1.28 |
0.89 |
1.05 |
|
Inventory circle |
3.32 |
2.90 |
4.36 |
7.68 |
|
Average receive period |
54.36 |
48.55 |
44.22 |
37.77 |
|
Utilizing asset performance |
1.14 |
1.02 |
1.39 |
1.72 |
|
Liability by total assets |
30.82 |
25.77 |
29.61 |
51.74 |
|
Liability by owner's equity |
44.55 |
34.72 |
42.07 |
145.40 |
|
Ebit / Total assets (ROA) |
7.12 |
18.70 |
19.55 |
14.18 |
|
Ebit / Owner's equity (ROE) |
10.29 |
25.19 |
27.78 |
31.73 |
|
Ebit / Total revenue (NPM) |
6.24 |
18.38 |
14.11 |
10.11 |
|
Gross profit / Total revenue (GPM) |
20.66 |
30.98 |
22.70 |
20.29 |
|
Note: The Average Industry was calculated by
VietnamCredit based on our own statistical data |
||||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Strong |
|
Development trend |
|
Positive |
|
Litigation data |
|
Yes |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, T/TR, D/A, D/P |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Good |
|
The subject was
established in 1991under the Investment Certificate No. 171A/GPDC21 issued by
Dong Nai Province People's Committee. Currently, the company is operating
under the investment Certificate No. 471033000143 with the registered
investment capital of USD 501,860,000 and chartered capital of USD
133,470,000. Burghley Enterprise Pte., Ltd is the key shareholder who holds
99.8% its chartered capital. The head office
and factory of the subject are located at National Road 51, 1A Hamlet, Phuoc
Thai Commune, Long Thanh District, Dong Nai Province, Vietnam. It also has
many factories in Binh Thuan, Binh Phuoc, Ha Tinh Province, one transaction
office in Ha Noi City and a system of distributing agencies nationwide. The company
specializes in manufacturing MSG (monosodium glutamate), high-grade starch,
lysine, chlori-alkali and fertilizers in which the strongest activity of the
subject is producing and trading in MSG and high-grade starch. The subject
imports almost materials and additives from many foreign countries, such as
Thailand, Indonesia, Singapore, Taiwan, Japan, and Australia. Currently, its
products are exported to Taiwan, Japan, China, Hong Kong, Korea, Thailand,
India, and Australia. The company is a
large size company in the industry. The company’s total assets in 2010 were
VND 4,770.7 billion. According to the balance sheet, the self-financing
ability is good. Liability by total assets in 2010 was 30.82% while the
average industry was 51.74%. The company’s capital structure is safe for
creditors. About the business result, the company’s total sales increased
well. However, profit after tax in 2010 went down compared to previous years.
It is due to the higher cost of goods sold in the year 2010. According to Mr.
Thong, legal department, in 2011 the subject improved slightly and stably. We
have tried to update the latest financial data but it is not provided by the
subject and it also is not available in our sources. In general, the
subject’s business is stable and developing. The financial situation is
strong. The subject has capacity to meet the financial commitments. No
caution needed for the small and medium business transactions. |
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed by price compared with 1994 (%) |
Total enterprises 2010 |
Total employees 2011 (Thous.pers.) |
Annual average capital of enterprises 2010 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
5.53 |
7.70 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and Services |
6.69 |
7.52 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
|
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.52.75 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.69.04 |
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.