MIRA INFORM REPORT
|
Report Date : |
16.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
HOA THO TEXTILE – GARMENT JOINT
STOCK CORPORATION |
|
|
|
|
Registered Office : |
No.36 Ong Ich Duong Street, Hoa Tho Dong Ward, Cam Le
District, Da Nang City |
|
|
|
|
Country : |
Viet Nam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1962 |
|
|
|
|
Com. Reg. No.: |
0400101556 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacture and trading in
garment products. |
|
|
|
|
No. of Employees : |
6,980 |
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 |
|
HOA THO TEXTILE – GARMENT
JOINT STOCK CORPORATION |
|
Vietnamese Name |
|
TONG CONG TY CO PHAN DET MAY
HOA THO |
|
Short name |
|
HOA THO CORPORATION |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1962 |
|
Establishment Decision |
|
3252/QD-BCN |
|
Date of Issuance |
|
15 Nov 2006 |
|
Place of Issuance |
|
Ministry of Industry |
|
Business Registration No. |
|
0400101556 |
|
Date of Registration |
|
17 Dec 2009 |
|
Place of Registration |
|
Da Nang Department of Planning
and Investment |
|
Chartered capital |
|
VND 150,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0400101556 |
|
Total Employees |
|
6,980 |
|
Size |
|
Large |
Historical Identification &
Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former chartered
capital: 45,000,000,000 (Nov 2006), Changed to: 62,000,000,000 (Dec 2008),
Changed to: 96,500,000,000 (Oct 2009) Changed to: 150,000,000,000 |
13 Jan 2012 |
|
2 |
Subject has got former
Business Registration No: 3203001300 (30 Jan 2007) Changed to: 0400101556 |
17 Dec 2009 |
|
3 |
Subject has got former
Registered English Name: HOA THO TEXTILE AND GARMENT ONE MEMBER OF STATE
RESPONSIBILITY LIMITED COMPANY Changed to: HOA THO TEXTILE –
GARMENT JOINT STOCK COMPANY |
15 Nov 2006 |
|
4 |
Subject has got former Trade
Name: HOTEXCO Changed to: HOA THO
CORPORATION |
15 Nov 2006 |
|
5 |
Subject has got former Type of
Business: State Enterprise (24 Mar 1993), Changed to: One Member State
Limited Company (8 Aug 2005) Changed to: Joint Stock Company |
15 Nov 2006 |
|
6 |
Subject has got former
Registered Vietnamese Name: NHA MAY DET HOA THO, Changed to: CONG TY DET HOA
THO (24 Mar 1993), Changed to: CONG TY DET MAY HOA THO (1997), Changed to: CONG
TY TNHH NHA NUOC MOT THANH VIEN DET MAY HOA THO (8 Aug 2005) Changed to: TONG CONG TY CO
PHAN DET MAY HOA THO |
15 Nov 2006 |
|
7 |
Subject has got former
Address: No.36 Ong Ich Duong Str., Hoa Tho Hamlet, Hoa Vang Dist., Da Nang
City Changed to: No.36, Ong Ich
Duong Str, Cam Le Dist., Da Nang City |
N/A |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head
Office |
||
|
Address |
|
No.36 Ong Ich Duong Street,
Hoa Tho Dong Ward, Cam Le District, Da Nang City, Vietnam |
|
Telephone |
|
(84-511) 3846 290/3670295/ 3671011
|
|
Fax |
|
(84-511) 3846 216 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Hoa
Tho Spinning Factory |
||
|
Address |
|
No. 36 Ong Ich Duong Street,
Cam Le District, Da Nang City, Vietnam |
|
Telephone |
|
(84 - 511) 3846925 |
|
|
||
|
Hoa
Tho Garment Factory I |
||
|
Address |
|
No. 36 Ong Ich Duong Street,
Cam Le District, Da Nang City, Vietnam |
|
Telephone |
|
(84 - 511) 3670 912 |
|
Manager |
|
Mr. PHAN VAN PHUOC |
|
|
||
|
Hoa
Tho Garment Factory II |
||
|
Address |
|
No. 36 Ong Ich Duong Street, Cam
Le District, Da Nang City, Vietnam |
|
Telephone |
|
(84 - 511) 3879 366 |
|
Manager |
|
Mr. PHAM NGOC TRUNG |
|
|
||
|
Hoa
Tho Suit Factory |
||
|
Address |
|
No. 36 Ong Ich Duong Street,
Cam Le District, Da Nang City, Vietnam |
|
|
||
|
Branch
in Dien Ban - Quang Nam |
||
|
Address |
|
Highway 1A - Bo Mung hamlet
Dien Thang Bac commune, Dien Ban District, Quang Nam Province, Vietnam |
|
Telephone |
|
84-510 386 9456 |
|
Fax |
|
84-510 386 9156 |
|
Manager |
|
Mr. DINH HUY TUONG |
|
|
||
|
Branch
in Hoi An - Quang Nam |
||
|
Address |
|
No. 50 Le Hong Phong Street,
Minh An ward, Hoi An District, Quang Nam Province, Vietnam |
|
Telephone |
|
84-510 386 1351 |
|
Fax |
|
84-510 386 2377 |
|
Manager |
|
Mr. NGUYEN VAN BINH |
|
|
||
|
Branch
in Duy Xuyen - Quang Nam |
||
|
Address |
|
Go Doi Industrial Zone - Road
610, Duy Xuyen District, Quang Nam Province, Vietnam |
|
Telephone |
|
84-510 372 6250 |
|
Fax |
|
84-510 372 6557 |
|
Manager |
|
Mr. LUC THI KIM TUYEN |
|
|
||
|
Branch
in Dong Ha - Quang Tri |
||
|
Address |
|
Nam Dong Ha Industrial Zone,
Dong Ha Town, Quang Tri Province, Vietnam |
|
Telephone |
|
84-53 356 3579 |
|
Manager |
|
Mr. HUYNH KHANH |
|
|
||
|
Fashion
Showroom in Da Nang |
||
|
Address |
|
No. 243 Le Duan Street, Tan
Chinh Ward, Thanh Khe District, Da Nang City, Vietnam |
|
|
||
SUBSIDIARIES AND RELATED COMPANIES
|
||
|
|
||
|
1.
PARENT COMPANY - VIETNAM NATIONAL TEXTILE AND GARMENT GROUP |
||
|
Business Registration |
|
0106000697 |
|
Registered Capital |
|
VND 3,400,000,000,000 |
|
Tax code |
|
0106000697 |
|
Address |
|
No.41A Ly Thai To, Hoan Kiem District, Ha Noi City,
Vietnam |
|
Tel |
|
(84-4) 38257700 |
|
Fax |
|
(84-4) 38262269 |
|
Website |
|
|
|
|
||
|
2.
HOA THO - QUANG NAM GARMENT JOINT STOCK COMPANY |
||
|
Business Registration |
|
4000735347 |
|
Registered Capital |
|
VND 5,000,000,000 |
|
Tax code |
|
4000735347 |
|
Address |
|
Highway 1A Ha Lam Town, Thang Binh District, Quang Nam
Province, Vietnam |
|
Tel |
|
(84 - 510) 3874 789 |
|
|
||
|
3.
HOA THO FASHION JOINT STOCK COMPANY |
||
|
Business Registration |
|
0401290899 |
|
Registered Capital |
|
2,000,000,000 |
|
Tax code |
|
0401290899 |
|
Address |
|
No. 31 Phan Chau Trinh Street, Hai Chau District, Da Nang
City, Vietnam |
|
Tel |
|
(84 - 511) 3817142/ 2202704 |
|
|
||
|
4. HOATHO
HOI AN GARMENT JOINT STOCK COMPANY |
||
|
Business Registration |
|
4000837028 |
|
Tax code |
|
4000837028 |
|
Address |
|
No. 26 Nguyen Tat Thanh, Hoi An District, Quang Nam
Province, Vietnam |
|
Tel |
|
(84-510) 3861351 |
|
Fax |
|
(84-510) 3862377 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1. NAME |
|
Mr. TRAN VAN PHO |
|
Position |
|
Chairman |
|
Education |
|
12/12 |
|
Date of Birth |
|
09 Jan 1955 |
|
ID Number/Passport |
|
200139127
|
|
ID Issue Date |
|
15 Nov
1982 |
|
ID Issue Place |
|
Quang Nam
- Da Nang Police |
|
Resident |
|
K7/27
Quang Trung Street, Hai Chau District, Da Nang City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 913401595 |
|
Email |
|
photv@hoatho.com.vn |
|
Qualification |
|
Bachelor of Foreign Trade
Economic |
|
|
||
|
2. NAME |
|
Mr. NGUYEN DUC TRI |
|
Position |
|
General Director |
|
Education |
|
12/12 |
|
Date of Birth |
|
09 Feb 1966 |
|
ID Number/Passport |
|
200982351
|
|
ID Issue Date |
|
25 Apr
2002 |
|
ID Issue Place |
|
Da Nang
Police |
|
Resident |
|
No. 80
Phan Ke Binh Street, Hai Chau District, Da Nang City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
84-511 3673797 |
|
Email |
|
trind@hoatho.com.vn |
|
Qualification |
|
Bachelor of Economics |
|
|
||
|
3. NAME |
|
Mr. NGUYEN VAN PHUOC |
|
Position |
|
Deputy General Director |
|
Education |
|
12/12 |
|
Date of Birth |
|
17 Feb 1954 |
|
ID Number/Passport |
|
201184152
|
|
ID Issue Date |
|
24 Jun 2003
|
|
ID Issue Place |
|
Da Nang
Police |
|
Resident |
|
B20 Le
Thanh Nghi Street, Hai Chau District, Da Nang City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-511) 3673792 |
|
Email |
|
phuocnv@hoatho.com.vn |
|
Qualification |
|
Engineer |
|
|
||
|
4. NAME |
|
Mr. TRAN DINH THANH |
|
Position |
|
Deputy General Director |
|
Education |
|
12/12 |
|
Date of Birth |
|
01 Nov 1955 |
|
ID Number/Passport |
|
200877811
|
|
ID Issue Date |
|
05 Oct
1995 |
|
ID Issue Place |
|
Quang Nam
- Da Nang Police |
|
Resident |
|
Hoa Tho
Dong Street, Cam Le District, Da Nang City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-511) 3674319 |
|
Email |
|
thanhtd@hoatho.com.vn |
|
Qualification |
|
Bachelor of Business
Administration |
|
|
||
|
5. NAME |
|
Mr. BUI DINH THANH |
|
Position |
|
Chief Executive Officer (CEO) |
|
Education |
|
12/12 |
|
Date of Birth |
|
02 Feb 1958 |
|
ID Number/Passport |
|
201186361
|
|
ID Issue Date |
|
02 Dec
2009 |
|
ID Issue Place |
|
Da Nang
Police |
|
Resident |
|
No. 21 Le
Co Street, Hoa Cuong Bac Ward, Hai Chau District, Da Nang City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 903512686 |
|
Email |
|
thanhbd@hoatho.com.vn |
|
Qualification |
|
Bachelor of Economics |
|
|
||
|
6. NAME |
|
Mr. DINH DUY TUONG |
|
Position |
|
Deputy General Director |
|
Education |
|
12/12 |
|
Date of Birth |
|
10 May 1954 |
|
ID Number/Passport |
|
200162120
|
|
ID Issue Date |
|
25 May 1996
|
|
ID Issue Place |
|
Quang Nam
- Da Nang Police |
|
Resident |
|
Vinh Dien
Town, Dien Ban District, Quang Nam Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-511) 3869456 |
|
Email |
|
tuongdd@hoatho.com.vn |
|
Qualification |
|
Bachelor of Business
Administration |
|
|
||
|
7. NAME |
|
Mr. NGUYEN VAN HAI |
|
Position |
|
Chief Executive Officer (CEO) |
|
Education |
|
12/12 |
|
Date of Birth |
|
12 Dec 1965 |
|
ID Number/Passport |
|
200795026
|
|
ID Issue Date |
|
12 Dec
2007 |
|
ID Issue Place |
|
Da Nang
Police |
|
Resident |
|
Group 41
Hoa Cuong Nam Ward, Hai Chau District, Da Nang City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-511) 3673770 |
|
Email |
|
hainv@hoatho.com.vn |
|
Qualification |
|
Bachelor of Economics,
Bachelor of Laws |
|
|
||
|
8. NAME |
|
Ms. TRAN TUONG ANH |
|
Position |
|
Chief Executive Officer (CEO) |
|
Education |
|
12/12 |
|
Date of Birth |
|
04 Apr 1968 |
|
ID Number/Passport |
|
200162210
|
|
ID Issue Date |
|
30 Mar
2010 |
|
ID Issue Place |
|
Da Nang
Police |
|
Resident |
|
No. 62
Nguyen Huu Tho Street, Hoa Thuan Tay Ward, Hai Chau District, Da Nang City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-511) 3673770 |
|
Qualification |
|
Bachelor of Business
Administration |
|
|
||
|
9. NAME |
|
Ms. HOANG THUY OANH |
|
Position |
|
Chief Executive Officer (CEO) |
|
Education |
|
12/12 |
|
Date of Birth |
|
06 Feb 1977 |
|
ID Number/Passport |
|
201268202
|
|
ID Issue Date |
|
14 May
2009 |
|
ID Issue Place |
|
Da Nang
Police |
|
Resident |
|
No. 91
Tong Phuoc Pho Street, Hoa Cuong Bac Ward, Hai Chau District, Da Nang City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-511) 3674534 |
|
Qualification |
|
Master of Business
Administration |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject is specialized in manufacture and trading in garment
products. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT:
|
||
|
·
Types of products |
|
Cloth, cotton fiber and other materials. |
|
·
Market |
|
Hong Kong, China, Singapore, Sweden, Taiwan, Mexico,
Korea, Japan, Indonesia and other countries. |
|
|
||
|
EXPORT:
|
||
|
·
Types of products |
|
Jacket, Shirt, T-shirt, Polo-shirt, Trousers, Labor
protection clothing |
|
·
Market |
|
Sweden, Egypt, Korea, Taiwan, Malaysia, Japan, USA,
Holland, Euro, Hong Kong, Singapore and other countries. |
|
|
||
BANKERS
|
||
|
|
||
|
1. VIETNAM BANK FOR AGRICULTURAL AND RURAL DEVELOPMENT DA NANG
CITY BRANCH |
||
|
Address |
|
No. 23 Phan Dinh Phung Str, Hai Chau District, Da Nang
City, Vietnam |
|
Telephone |
|
(84-511) 382 1166 |
|
Fax |
|
(84-511) 382 3495 |
|
|
||
|
2. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE
DA NANG BRANCH |
||
|
Address |
|
No.172 Nguyen Van Linh, Thanh Khe District, Da Nang City,
Vietnam |
|
Telephone |
|
(84-5113) 2691345 |
|
|
||
|
3. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM CAM LE
TRANSACTION |
||
|
Address |
|
No.42 Ong Ich Street, Cam Le District, Da Nang City,
Vietnam |
|
Telephone |
|
(84-511) 3810383 |
|
|
||
|
4. VIETNAM INTERNATIONAL BANK DA NANG BRANCH |
||
|
Address |
|
No. 189-191-193 Nguyen Van Linh street, , Da Nang City,
Vietnam |
|
Telephone |
|
84-5113652743 |
|
Fax |
|
84-5113652741 |
|
|
||
|
5. MILITARY COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
21 Group - 404 Hoang Dieu street, Hai Chau District, Da Nang
City, Vietnam |
|
Telephone |
|
84-511 3552111 |
|
Fax |
|
84-511 3552112 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1. NAME |
|
VIETNAM NATIONAL TEXTILE AND GARMENT GROUP |
|
Business Registration |
|
0106000697 |
|
Registered Capital |
|
VND 3,400,000,000,000 |
|
Tax code |
|
0106000697 |
|
Address |
|
No.41A Ly Thai To, Hoan Kiem
District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 38257700 |
|
Fax |
|
(84-4) 38262269 |
|
Website |
|
www.vinatex.com |
|
Number of shares |
|
10,742,482 |
|
Value of shares |
|
VND 107,424,820,000 |
|
Percentage |
|
71.62% |
|
|
||
|
2. NAME |
|
Mr. TRAN VAN PHO |
|
Position |
|
Chairman |
|
Date of Birth |
|
09 Jan 1955 |
|
ID Number/Passport |
|
200139127 |
|
Issued on |
|
15 Nov 1982 |
|
Issued Place |
|
Quang Nam - Da Nang Police |
|
Resident |
|
K7/27 Quang Trung Street, Hai
Chau District, Da Nang City, Vietnam |
|
Email |
|
photv@hoatho.com.vn |
|
Mobile phone |
|
+84 913401595 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
149,373 |
|
Value of shares |
|
VND 1,493,730,000 |
|
Percentage |
|
1% |
|
|
||
|
3. NAME |
|
Mr. NGUYEN DUC TRI |
|
Position |
|
General Director |
|
Date of Birth |
|
09 Feb 1966 |
|
ID Number/Passport |
|
200982351 |
|
Issued on |
|
25 Apr 2002 |
|
Issued Place |
|
Da Nang Police |
|
Resident |
|
No. 80 Phan Ke Binh Street,
Hai Chau District, Da Nang City, Vietnam |
|
Email |
|
trind@hoatho.com.vn |
|
Home phone |
|
84-511 3673797 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
52,441 |
|
Value of shares |
|
VND 524,410,000 |
|
Percentage |
|
0.35% |
|
|
||
|
4. NAME |
|
Mr. NGUYEN VAN PHUOC |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
17 Feb 1954 |
|
ID Number/Passport |
|
201184152 |
|
Issued on |
|
24 Jun 2003 |
|
Issued Place |
|
Da Nang Police |
|
Resident |
|
B20 Le Thanh Nghi Street, Hai
Chau District, Da Nang City, Vietnam |
|
Email |
|
phuocnv@hoatho.com.vn |
|
Work phone |
|
(84-511) 3673792 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
26,241 |
|
Value of shares |
|
VND 262,410,000 |
|
Percentage |
|
0.17% |
|
|
||
|
5. NAME |
|
Mr. DAO NGOC PHUONG |
|
Date of Birth |
|
20 Jun 1958 |
|
ID Number/Passport |
|
200178153 |
|
Issued on |
|
28 Feb 2002 |
|
Issued Place |
|
Da Nang Police |
|
Resident |
|
20 Me Nhu, Thanh Khe District,
Da Nang City, Vietnam |
|
Email |
|
phuongdn@hoatho.com.vn |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
38,878 |
|
Value of shares |
|
VND 388,780,000 |
|
Percentage |
|
0.26% |
|
|
||
|
6. NAME |
|
Other Shareholders |
|
Number of shares |
|
3,990,585 |
|
Value of shares |
|
VND 39,905,850,000 |
|
Percentage |
|
26.6% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE SHEET |
|||
Unit:
One VND
|
|||
|
Balance
sheet date |
31/12/2012
|
31/12/2011
|
31/12/2010
|
|
Number of weeks |
52 |
52 |
52 |
|
Audit status |
Audited
|
Audited
|
Audited
|
|
Consolidated situation |
Consolidated |
Consolidated |
Consolidated |
ASSETS
|
|||
|
A –
CURRENT ASSETS |
550,632,581,679
|
394,366,185,593
|
319,294,807,102
|
|
I.
Cash and cash equivalents |
28,074,527,675
|
35,855,115,262
|
6,426,356,730
|
|
1. Cash |
8,173,433,455 |
14,455,115,262 |
6,426,356,730 |
|
2. Cash equivalents |
19,901,094,220 |
21,400,000,000 |
0 |
|
II.
Short-term investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III.
Accounts receivable |
134,033,222,513
|
77,115,877,846
|
85,506,120,437
|
|
1. Receivable from customers |
126,808,365,864 |
68,258,418,170 |
81,294,682,952 |
|
2. Prepayments to suppliers |
4,368,433,768 |
3,479,302,282 |
2,504,680,438 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
2,856,422,881 |
5,378,157,394 |
1,706,757,047 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV.
Inventories |
361,958,072,526
|
254,283,090,819
|
218,041,590,749
|
|
1. Inventories |
362,398,872,526 |
254,392,812,724 |
218,404,504,727 |
|
2. Provisions for devaluation of inventories |
-440,800,000 |
-109,721,905 |
-362,913,978 |
|
V.
Other Current Assets |
26,566,758,965
|
27,112,101,666
|
9,320,739,186
|
|
1. Short-term prepaid expenses |
1,681,869,233 |
1,491,714,414 |
419,770,386 |
|
2. VAT to be deducted |
21,303,309,286 |
9,429,443,602 |
5,974,923,211 |
|
3. Taxes and other accounts receivable from the State |
157,877,994 |
36,452,481 |
453,598,527 |
|
4. Other current assets |
3,423,702,452 |
16,154,491,169 |
2,472,447,062 |
|
B.
LONG-TERM ASSETS |
423,928,635,428
|
344,643,444,629
|
268,981,632,710
|
|
I.
Long term accounts receivable |
0 |
0 |
0 |
|
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 |
0 |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II.
Fixed assets |
395,340,532,185
|
325,311,551,038
|
262,449,550,577
|
|
1. Tangible assets |
384,020,174,100 |
304,987,156,340 |
254,984,955,016 |
|
- Historical costs |
706,382,185,384 |
580,352,794,940 |
489,086,132,152 |
|
- Accumulated depreciation |
-322,362,011,284 |
-275,365,638,600 |
-234,101,177,136 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
1,174,751,371 |
570,208,349 |
389,254,606 |
|
- Initial costs |
3,141,609,643 |
2,203,875,183 |
1,782,300,183 |
|
- Accumulated amortization |
-1,966,858,272 |
-1,633,666,834 |
-1,393,045,577 |
|
4. Construction-in-progress |
10,145,606,714 |
19,754,186,349 |
7,075,340,955 |
|
III.
Investment property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV.
Long-term investments |
12,004,750,949
|
2,850,673,125
|
3,441,412,519
|
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
8,500,000,000 |
0 |
90,739,394 |
|
3. Other long-term investments |
4,405,702,000 |
3,805,702,000 |
4,305,702,000 |
|
4. Provisions for devaluation of long-term investments |
-900,951,051 |
-955,028,875 |
-955,028,875 |
|
V.
Other long-term assets |
15,392,615,384
|
15,150,396,861
|
3,090,669,614
|
|
1. Long-term prepaid expenses |
15,392,615,384 |
15,150,396,861 |
3,090,669,614 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI.
Goodwill |
1,190,736,910
|
1,330,823,605
|
0 |
|
1. Goodwill |
1,190,736,910 |
1,330,823,605 |
0 |
|
TOTAL
ASSETS |
974,561,217,107
|
739,009,630,222
|
588,276,439,812
|
|
|
|||
LIABILITIES
|
|||
|
A-
LIABILITIES |
735,212,126,709
|
520,283,915,777
|
447,263,992,472
|
|
I.
Current liabilities |
571,513,507,575
|
356,888,475,389
|
324,060,292,106
|
|
1. Short-term debts and loans |
299,338,031,562 |
192,848,989,826 |
143,443,115,906 |
|
2. Payable to suppliers |
160,206,775,506 |
88,899,960,530 |
87,316,460,822 |
|
3. Advances from customers |
11,317,302,672 |
8,040,685,979 |
11,469,291,911 |
|
4. Taxes and other obligations to the State Budget |
5,712,349,747 |
1,653,306,773 |
1,728,846,599 |
|
5. Payable to employees |
59,353,919,192 |
53,525,649,529 |
71,415,038,153 |
|
6. Accrued expenses |
10,041,784,768 |
2,652,419,231 |
4,072,541,208 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction
contracts |
0 |
0 |
0 |
|
9. Other payable |
21,907,477,455 |
9,267,463,521 |
4,614,997,507 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
3,635,866,673 |
0 |
0 |
|
II.
Long-Term Liabilities |
163,698,619,134
|
163,395,440,388
|
123,203,700,366
|
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
0 |
|
4. Long-term debts and loans |
163,698,619,134 |
159,768,909,878 |
121,427,364,591 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
3,626,530,510 |
1,776,335,775 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
0 |
|
B-
OWNER’S EQUITY |
223,494,487,992
|
208,326,217,423
|
135,494,961,796
|
|
I.
OWNER’S EQUITY |
223,494,487,992
|
207,311,879,157
|
134,998,919,624
|
|
1. Capital |
150,000,000,000 |
150,000,000,000 |
96,500,000,000 |
|
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 |
0 |
2,677,312,247 |
|
7. Business promotion fund |
25,690,869,377 |
13,552,488,247 |
3,894,529,841 |
|
8. Financial reserved fund |
5,538,018,129 |
3,226,232,333 |
1,411,810,971 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
42,265,600,486 |
40,533,158,577 |
30,515,266,565 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II.
Other sources and funds |
0 |
1,014,338,266
|
496,042,172
|
|
1. Bonus and welfare funds (Elder form) |
0 |
1,014,338,266 |
496,042,172 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
15,854,602,406
|
10,399,497,022
|
5,517,485,544
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
974,561,217,107
|
739,009,630,222
|
588,276,439,812
|
|
|
|||
|
PROFIT & LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
1,978,139,526,827
|
1,666,279,269,335
|
1,298,726,860,954
|
|
2. Deduction item |
1,464,907,771 |
7,001,006,157 |
389,603,443 |
|
3. Net revenue |
1,976,674,619,056
|
1,659,278,263,178
|
1,298,337,257,511
|
|
4. Costs of goods sold |
1,775,085,092,910 |
1,491,773,279,777 |
1,155,368,735,206 |
|
5. Gross profit |
201,589,526,146
|
167,504,983,401
|
142,968,522,305
|
|
6. Financial income |
5,016,079,896 |
27,650,278,389 |
34,534,708,246 |
|
7. Financial expenses |
28,360,506,365 |
47,360,871,914 |
62,900,153,205 |
|
- In which: Loan interest expenses |
24,268,351,065 |
0 |
0 |
|
8. Selling expenses |
63,832,700,212 |
36,759,383,741 |
33,990,991,618 |
|
9. Administrative overheads |
64,054,608,185 |
60,379,052,881 |
47,304,143,670 |
|
10. Net operating profit |
50,357,791,280
|
50,655,953,254
|
33,307,942,058
|
|
11. Other income |
6,234,487,784 |
3,170,829,987 |
4,208,206,909 |
|
12. Other expenses |
1,139,197,845 |
1,285,712,315 |
1,787,973,684 |
|
13. Other profit /(loss) |
5,095,289,939
|
1,885,117,672
|
2,420,233,225
|
|
14. Total accounting profit before tax |
55,453,081,219
|
52,541,070,926
|
35,728,175,283
|
|
15. Current corporate income tax |
5,348,321,761 |
3,456,763,816 |
1,284,755,792 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
-809,260,606 |
|
18. Profit after tax |
50,104,759,458
|
49,084,307,110
|
33,634,158,885
|
|
|
||||||||
|
FINANCIAL
RATIOS AND AVERAGE INDUSTRY RATIOS |
||||||||
|
|
||||||||
|
Description |
FY2012
|
FY2011
|
FY2010
|
Average
Industry |
||||
|
Current liquidity ratio |
0.96 |
1.11 |
0.99 |
1.21 |
||||
|
Quick liquidity ratio |
0.33 |
0.39 |
0.31 |
0.57 |
||||
|
Inventory circle |
5.76 |
6.32 |
5.30 |
4.48 |
||||
|
Average receive period |
24.75 |
16.96 |
24.04 |
55.27 |
||||
|
Utilizing asset performance |
2.03 |
2.25 |
2.21 |
1.24 |
||||
|
Liability by total assets |
75.44 |
70.40 |
76.03 |
62.56 |
||||
|
Liability by owner's equity |
328.96 |
249.74 |
330.10 |
255.09 |
||||
|
Ebit / Total assets (ROA) |
8.18 |
7.11 |
6.07 |
10.05 |
||||
|
Ebit / Owner's equity (ROE) |
35.67 |
25.22 |
26.37 |
36.71 |
||||
|
Ebit / Total revenue (NPM) |
4.03 |
3.15 |
2.75 |
8.86 |
||||
|
Gross profit / Total revenue (GPM) |
10.19 |
10.05 |
11.01 |
13.96 |
||||
|
Note: The Average Industry was calculated by VietnamCredit
based on our own statistical data |
||||||||
|
CASH FLOW STATEMENT |
|
||||||||
|
(Indirect method) |
|
||||||||
|
Items |
FY2012 |
FY2011 |
FY2010 |
|
|||||
|
I.
Cash flows from operating activities |
|
||||||||
|
1. Profit before tax |
55,453,081,219 |
52,541,070,926 |
- |
|
|||||
|
2. Adjustments |
|
|
|
|
|||||
|
- Depreciation and amortization |
60,882,896,978 |
48,945,789,740 |
- |
|
|||||
|
- Provisions |
-3,261,822,995 |
2,371,087,295 |
- |
|
|||||
|
- Unrealized foreign exchange difference |
-360,816,236 |
-205,970,585 |
- |
|
|||||
|
- Gain/loss from investing activities |
-928,260,500 |
2,992,909,669 |
- |
|
|||||
|
- Interest expense |
24,268,351,065 |
21,538,615,077 |
- |
|
|||||
|
3. Operating profit before movements
in working capital |
136,053,429,531 |
128,183,502,122 |
- |
|
|||||
|
- (Increase)/Decrease in receivables |
-56,327,163,286 |
-11,595,345,846 |
- |
|
|||||
|
- (Increase)/Decrease in inventories |
-108,006,059,802 |
-35,905,344,967 |
- |
|
|||||
|
- Increase/(Decrease) in accounts payable |
102,435,379,106 |
-21,057,617,075 |
- |
|
|||||
|
- (Increase)/Decrease in prepaid expenses |
1,424,399,122 |
-1,775,564,227 |
- |
|
|||||
|
- Interest paid |
-23,367,325,659 |
-20,797,949,122 |
- |
|
|||||
|
- Corporate income tax paid |
-3,464,005,393 |
-3,520,181,027 |
- |
|
|||||
|
- Other cash inflows |
766,465,116 |
0 |
- |
|
|||||
|
- Other cash outflows |
-4,839,793,822 |
-3,229,873,412 |
- |
|
|||||
|
Net cash from (used in) operating activities |
44,675,324,913 |
30,301,626,446 |
- |
|
|||||
|
II.
Cash flows from investing activities |
|
||||||||
|
1. Acquisition of fixed assets and other long - term
assets |
-133,298,696,149 |
-129,467,448,619 |
- |
|
|||||
|
2. Proceeds from fixed assets and long - term assets
disposal |
870,009,965 |
1,858,348,551 |
- |
|
|||||
|
3. Cash outflow for lending, buying debt instruments of
other companies |
0 |
0 |
- |
|
|||||
|
4. Cash recovered from lending, selling debt instruments
of other companies |
0 |
0 |
- |
|
|||||
|
5. Investment in other entities |
-9,100,000,000 |
0 |
- |
|
|||||
|
6. Cash recovered from investments in other entities |
0 |
500,000,000 |
- |
|
|||||
|
7. Interest income, dividend and profit paid |
814,049,485 |
2,462,127,169 |
- |
|
|||||
|
Net cash from (used in) investing activities |
-140,714,636,699 |
-124,646,972,899 |
- |
|
|||||
|
III.
Cash flows from financing activities |
|
||||||||
|
1. Proceeds from issuing stocks, receiving capital from
owners |
0 |
43,850,000,000 |
- |
|
|||||
|
2. Capital withdrawal, buying back issued stocks |
3,648,200,000 |
2,035,800,000 |
- |
|
|||||
|
3. Proceeds from borrowings |
1,474,743,534,781 |
1,339,227,743,995 |
- |
|
|||||
|
4. Repayment of borrowings |
-1,364,042,624,901 |
-1,249,964,646,971 |
- |
|
|||||
|
5. Repayment of obligations under finance leased |
-23,009,485,282 |
-9,650,000,000 |
- |
|
|||||
|
6. Dividends paid |
-3,160,194,500 |
-1,669,736,000 |
- |
|
|||||
|
Net cash from (used in) financing activities |
88,179,430,098 |
123,829,161,024 |
- |
|
|||||
|
Net increase/(decrease) in cash and cash equivalents |
-7,859,881,688 |
29,483,814,571 |
- |
|
|||||
|
Cash and cash equivalents at beginning of year |
35,855,115,262 |
6,426,356,730 |
- |
|
|||||
|
Effect from changing foreign exchange rate |
79,294,101 |
-55,056,039 |
- |
|
|||||
|
Cash and cash equivalents at end of year |
28,074,527,675 |
35,855,115,262 |
- |
|
|||||
|
|
|||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
|||
|
|
|||
|
Trade Morality |
|
Fair |
|
|
Liquidity |
|
Medium |
|
|
Payment status |
|
Above Average |
|
|
Financial Situation |
|
Above Average |
|
|
Development trend |
|
Stable |
|
|
Litigation data |
|
No Record |
|
|
Bankruptcy |
|
No Record |
|
|
Payment Methods |
|
Directly payment, through its bank by L/C, D/P, T/T |
|
|
Sale Methods |
|
Retailer and Wholesaler |
|
|
Public opinion |
|
Well-known |
|
|
|
||
INTERPRETATION ON THE SCORES
|
|
|
|
The subject has a long history. It was established in 1962 as a textile
factory with name Hoa Tho Textile Factory (SICOVINA), after that, from
factory, it was transferred into company in 1993 according to decision No.
241/TCLD of Ministry of Light Industry. At the end of year 2006, it was
equitized into joint stock company and the subject has officially operated as
Joint Stock Company since January 30th 2007. Currently, the subject operates under the business registration No.
0400101556 with chartered capital of VND 150 billion. The subject focuses on manufacturing and trading in garments products
such as Jacket, Shirt, T-shirt, Polo-shirt, Trousers, Labor protection
clothing suit and sport-wear. Its head office and factories are located at
No. 36 Ong Ich Duong Str., Hoa Tho Dong Ward, Cam Le Dist., Danang City with
total area of 145,600 m2. There are about 6,980 employees working for it now.
The subject's products are evaluated fairly well by domestic customers
and they has also exported to very many countries such as USA, EU, Japan,
Sweden, Taiwan, etc. With nearly 50 years of developing, the subject has had one stable
position in industry.
The subject's current liquidity ratio was acceptable, but its quick
liquidity ratio was a little low because the subject remained the large
inventory amount, reflecting the humble liquidity in transferring inventory
into cash to finance the business needs. The subject's ROA, ROE was fair but its operating cost management
ability should be improved further to increase NPM and GPM. In general, the subject’s operation is fairly good and stable. Its
financial situation is above average. Its future prospect is still bright. It
has a high position in the industry. It is able to meet the medium
transactions. However, caution is still needed for the big financial
commitments. |
APPENDIX
|
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) |
||
|
2012 |
2011 |
|||||
|
Agriculture,
Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry
and Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade
and Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
|
ECONOMIC INDICATORS |
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population (Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic Products (USD billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita (USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (% Change in Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget Deficit compared with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
|
SERVICE TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source:
General Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.62 |
|
|
1 |
Rs.83.69 |
|
Euro |
1 |
Rs.71.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.