|
Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
HOANG DUNG TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 737 Le Hong Phong Street, Ward 12, District 10, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
1995 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Trading in machines, materials, equipment, household appliances, electrical equipment, fabrics, handicraft products, cars, motorbikes and spare parts, construction materials, foods and foodstuffs: wine, beer, tobacco, processed food, agro and aqua products |
|
|
|
|
No. of Employees : |
50 |
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 : |
Slow but correct |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 has been
transitioning from the rigidities of a centrally-planned economy since 1986.
Vietnamese authorities have reaffirmed their commitment to economic
modernization in recent years. Vietnam joined the World Trade Organization in
January 2007, which has promoted more competitive, export-driven industries.
Vietnam became an official negotiating partner in the Trans-Pacific Partnership
trade agreement in 2010. Agriculture's share of economic output has continued
to shrink from about 25% in 2000 to less than 22% in 2012, while industry's
share increased from 36% to nearly 41% in the same period. State-owned
enterprises account for roughly 40% of GDP. 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
hurt Vietnam's export-oriented economy, with GDP in 2012 growing at 5%, the
slowest rate of growth since 1999. In 2012, however, exports increased by more
than 18%, year-on-year; several administrative actions brought the trade
deficit back into balance. Between 2008 and 2011, Vietnam's managed currency,
the dong, was devalued in excess of 20%, but its value remained stable in 2012.
Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign
donors have pledged $6.5 billion in new development assistance for 2013. Hanoi
has oscillated between promoting growth and emphasizing macroeconomic stability
in recent years. In February 2011, the Government shifted policy away from
policies aimed at achieving a high rate of economic growth, which had stoked
inflation, to those aimed at stabilizing the economy, through tighter monetary
and fiscal control. Although Vietnam unveiled a broad, "three pillar"
economic reform program in early 2012, proposing the restructuring of public
investment, state-owned enterprises, and the banking sector, little perceptible
progress had been made by early 2013. Vietnam's economy continues to face
challenges from an undercapitalized banking sector. Non-performing loans weigh
heavily on banks and businesses. In September 2012, the official bad debt ratio
climbed to 8.8%, though some independent analysts believe it could be higher
than 15%.
Source
: CIA
SUBJECT IDENTIFICATION &
LEGAL FORM
|
||
|
|
||
|
Translation English Name |
|
HOANG DUNG TRADING COMPANY LIMITED |
|
Registered Vietnamese Name |
|
CONG TY TNHH THUONG MAI HOANG DUNG |
|
Trade name |
|
HOANG DUNG TRADING CO., LTD |
|
Regisetred Short name |
|
HOANG DUNG CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1995 |
|
Establishment Decision |
|
1726/GP-UB |
|
Date of Issuance |
|
02 Aug 1995 |
|
Place of Issuance |
|
People's Committee of Ho Chi Minh City |
|
Business Registration No. |
|
0301148514 |
|
Date of latest adjustment (11th) |
|
18 May 2012 |
|
Place of Registration |
|
Business Registration Office- Planning and
Investment Department of Ho Chi Minh City |
|
Chartered capital |
|
VND 19,000,000,000 |
|
Tax code |
|
0301148514 |
|
Total Employees |
|
50 |
|
Size |
|
Medium |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 737 Le Hong Phong Street, Ward 12,
District 10, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3863 3472 / 3862 0640 |
|
Fax |
|
(84-8) 3865 7295 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 41 Vo Van Bich street, Binh My Commune,
Cu Chi District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3797 8146 |
|
Fax |
|
(84-8) 3797 8147 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN QUANG VINH |
|
Position |
|
Director |
|
Date of Birth |
|
02 Sep 1958 |
|
ID Number/Passport |
|
025082174 |
|
ID Issue Date |
|
13 Mar 2009 |
|
ID Issue Place |
|
Police station of
Hochiminh City |
|
Resident |
|
No. 737 Le Hong Phong
Street- Ward 12, District 10, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 903 907 156 |
|
Email |
|
|
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Ms.
DO THI THU HA |
|
Position |
|
Assistant of Director |
|
Resident |
|
Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Email |
|
|
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Trading in machines, materials, equipment,
household appliances, electrical equipment, fabrics, handicraft products,
cars, motorbikes and spare parts, construction materials, foods and
foodstuffs: wine, beer, tobacco, processed food, agro and aqua products |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Rubber |
|
·
Market |
|
China, Malaysia, Taiwan, Singapore, EU, USA... |
|
IMPORT: |
||
|
·
Types of products |
|
Material |
|
·
Market |
|
Thailand |
|
|
||
BANKERS
|
||
|
|
||
|
1.
ASIA COMMERCIAL BANK |
||
|
Address |
|
No.442, Nguyen Thi Minh Khai Street, District 3, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 3929 0999 |
|
Fax |
|
(84-8) 3839 9885 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN QUANG VINH |
|
Position |
|
Director |
|
Date of Birth |
|
02 Sep 1958 |
|
ID Number/Passport |
|
025082174 |
|
Issued on |
|
13 Mar 2009 |
|
Issued Place |
|
Police station of Hochiminh City |
|
Resident |
|
No. 737 Le Hong Phong
Street- Ward 12, District 10, Ho Chi Minh City, Vietnam |
|
Email |
|
|
|
Mobile phone |
|
+84 903 907 156 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 15,200,000,000 |
|
Percentage |
|
80% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN ANH DUNG |
|
ID Number/Passport |
|
024020754 |
|
Resident |
|
No. 737 Le Hong Phong
Street- Ward 12, District 10, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 3,800,000,000 |
|
Percentage |
|
20% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
230,440,000,000 |
206,454,000,000 |
|
I. Cash and cash
equivalents |
11,753,000,000 |
19,528,000,000 |
|
1. Cash |
11,753,000,000 |
19,528,000,000 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term
investments |
0 |
9,000,000,000 |
|
1. Short-term investments |
0 |
9,000,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts
receivable |
85,826,000,000 |
85,154,000,000 |
|
1. Receivable from customers |
60,805,000,000 |
43,642,000,000 |
|
2. Prepayments to suppliers |
24,965,000,000 |
41,451,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
56,000,000 |
61,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
115,943,000,000 |
78,128,000,000 |
|
1. Inventories |
115,943,000,000 |
78,128,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
16,918,000,000 |
14,644,000,000 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
7,607,000,000 |
14,060,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
9,311,000,000 |
584,000,000 |
|
B. LONG-TERM
ASSETS |
16,022,000,000 |
14,748,000,000 |
|
I. Long term
accounts receivable |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
|
II. Fixed assets
|
16,022,000,000 |
14,748,000,000 |
|
1. Tangible assets |
14,564,000,000 |
14,748,000,000 |
|
- Historical costs |
19,842,000,000 |
18,265,000,000 |
|
- Accumulated depreciation |
-5,278,000,000 |
-3,517,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
|
- Initial costs |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
|
4. Construction-in-progress |
1,458,000,000 |
0 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other
long-term assets |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
246,462,000,000 |
221,202,000,000 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
223,613,000,000 |
200,550,000,000 |
|
I. Current
liabilities |
223,613,000,000 |
200,550,000,000 |
|
1. Short-term debts and loans |
212,256,000,000 |
146,876,000,000 |
|
2. Payable to suppliers |
2,050,000,000 |
13,645,000,000 |
|
3. Advances from customers |
7,308,000,000 |
11,352,000,000 |
|
4. Taxes and other obligations to the State Budget |
1,700,000,000 |
95,000,000 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
-3,000,000 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
302,000,000 |
28,582,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
0 |
|
II. Long-Term
Liabilities |
0 |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
|
B- OWNER’S
EQUITY |
22,849,000,000 |
20,652,000,000 |
|
I. OWNER’S
EQUITY |
22,837,000,000 |
20,640,000,000 |
|
1. Capital |
22,300,000,000 |
19,373,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
-2,374,000,000 |
-1,660,000,000 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
2,911,000,000 |
2,927,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
|
II. Other sources
and funds |
12,000,000 |
12,000,000 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
|
2. Sources of expenditure |
12,000,000 |
12,000,000 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
246,462,000,000 |
221,202,000,000 |
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2011 |
|
1. Total Sales |
1,715,578,000,000
|
|
2. Deduction item |
0 |
|
3. Net revenue |
1,715,578,000,000
|
|
4. Costs of goods sold |
1,686,113,000,000 |
|
5. Gross profit |
29,465,000,000 |
|
6. Financial income |
17,506,000,000 |
|
7. Financial expenses |
17,474,000,000 |
|
- In which: Loan interest expenses |
9,757,000,000 |
|
8. Selling expenses |
0 |
|
9. Administrative overheads |
25,436,000,000 |
|
10. Net operating profit |
4,061,000,000 |
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
4,061,000,000 |
|
15. Current corporate income tax |
1,015,000,000 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
3,046,000,000 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.03 |
1.03 |
1.65 |
|
Quick liquidity ratio |
0.51 |
0.64 |
0.95 |
|
Inventory circle |
17.38 |
- |
5.36 |
|
Average receive period |
18.26 |
- |
69.02 |
|
Utilizing asset performance |
6.96 |
- |
1.15 |
|
Liability by total assets |
90.73 |
90.66 |
55.74 |
|
Liability by owner's equity |
978.66 |
971.09 |
197.00 |
|
Ebit / Total assets (ROA) |
5.61 |
- |
11.75 |
|
Ebit / Owner's equity (ROE) |
60.48 |
- |
26.54 |
|
Ebit / Total revenue (NPM) |
0.81 |
- |
10.24 |
|
Gross profit / Total revenue (GPM) |
1.72 |
- |
19.81 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
by cash or through the bank,TT,LC |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject - HOANG DUNG CO., LTD - is a limited liability company which was
established in 1995. At current, subject operates under business registration
no. 0301148514 and registered capital VND 19 billion. The subject is a manufacturer and exporter
in rubber products and rubber woods. Its products are TSR (Technically Specified
Rubbers) such as SVR of all types (SVR3L, SVR5, SVR10, SVR20, RSS3 for making
car tire, Sole of shoes, conveyor belt), CSK of all types and sawn rubber
wood. The
subject head office is located at No.
737 Le Hong Phong Street, Ward 12, District 10, Ho Chi Minh City, Vietnam. Besides, subject has one registered branch
located at Cu Chi province, Ho Chi Minh City. Subject
activates with medium scale in rubber manufacture industry. Management
capacity and competition capacity of the subject is average. In this
industry, subject must cope with more competitors, which are quite big and
strong such as PHUOC HOA RUBBER, DAKRUCO, MIDLAND RUBBER, PHU RIENG RUBBER,
LIEN ANH RUBBER, DONGPHU RUBBER, THONG NHAT RUBBER…. The
subject is a member of Vietnam Rubber Association (VRA). The subject is one
of the leading natural rubber exporters of Vietnam. The subject has been
listed in “List of reliable exporters” among Vietnamese companies selected
and published by Ministry of Trade of Vietnam. The subject exports about 80%
of its subject rubber latex products. Up to now, the subject has exported
products to China, Taiwan, Singapore, Malaysia, Korea, Spain, Italia, Czech,
Russia… In
generally, the subject operates normally in medium scale with over 50
employees. In our opinion, it has capacity to meet small - medium financial
commitments. |
------------ APPENDIX ----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
GDP 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.54.29 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.67 |
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.