|
Report Date : |
02.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
FSI VIET NAM COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 29 - Group 52 Vong Thi Str. - Buoi Ward, Tay Ho District, Ha Noi
City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2009 |
|
|
|
|
Com. Reg. No.: |
0103812250 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Subject focuses on trading chemical and electric equipment. |
|
|
|
|
No. of Employees : |
45 |
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 |
|
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 |
|
Current legal
status |
||
|
English Name |
|
FSI VIET NAM COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH FSI VIET NAM |
|
Short name |
|
FSI VN CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2009 |
|
Business Registration No. |
|
0103812250 |
|
Date of Registration |
|
30 Mar 2010 |
|
Place of Registration |
|
Planning and Investment Department of Hanoi City |
|
Chartered capital |
|
VND 6,900,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0103812250 |
|
Total Employees |
|
45 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital: 5,000,000,000 VND Changed to: 6,900,000,000 VND |
22 Dec 2011 |
|
2 |
Subject has got former Shareholders: Mr. Tran Hoang Giang (80%) and
Mr. Tran Trung Kien (20%) Changed to: Mr. Tran Hoang Giang (35%), Mr. Tran Trung Kien (25%), Mr.
Nguyen Manh Hien (18%), Mr. Nguyen Van Ngoc (10%), Mr. Pham Ngoc Thang (7%),
Mr. Pham Duc Minh (5%) |
22 Dec 2011 |
|
3 |
Subject has got former Business Registration No: 0102038561 (issued on
06 May 2009) Changed to: 0103812250 |
30 Mar 2010 |
|
Registration Address |
||
|
Address |
|
No. 29 - Group 52 Vong Thi Str. - Buoi Ward, Tay Ho District, Ha Noi
City, Vietnam |
|
|
||
|
Transaction office in Ha Noi |
||
|
Address |
|
No. 445 Hoang Quoc Viet Str., Tu Liem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3566 5855 |
|
Fax |
|
(84-4) 6285 7600 |
|
|
||
|
Branch in Ho Chi Minh |
||
|
Address |
|
No. 48 Thich Buu Dang Street, Ward 1, Go Vap District, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 38955373 |
|
Fax |
|
(84-8) 38955371 |
|
NAME |
|
Mr. TRAN HOANG GIANG |
|
Position |
|
Director |
|
Date of Birth |
|
24 Oct 1980 |
|
ID Number/Passport |
|
B1244947 |
|
Resident |
|
Thi Kieu Hamlet Loc An Commune, Nam Dinh City,
Nam Dinh Province, Vietnam |
|
Current resident |
|
No. 29 - Group 52 Vong Thi Str. - Buoi Ward, Tay Ho District, Ha Noi
City, Vietnam |
|
Nationality |
|
Vietnamese |
Subject focuses on trading chemical and electric equipment.
|
IMPORT: |
||
|
Types of products |
|
Chemical, Electric equipment |
|
Market |
|
America, China, India, Taiwan, Korea, Japan etc |
|
|
||
|
EXPORT: |
||
|
Note: Currently, the subject does not export |
||
|
1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM TAY HA NOI BRANCH |
||
|
Address |
|
Thang Long Bridge No.11 Company, Tu Liem District, Ha Noi City,
Vietnam |
|
|
||
|
2. ASIA COMMERCIAL BANK THANH XUAN TRANSACTION |
||
|
Address |
|
No.233B Nguyen Trai Street, Thanh Xuan District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3557 4261 |
|
Fax |
|
(84-4) 3557 4263 |
|
|
||
|
3. JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HOAN KIEM BRANCH |
||
|
Address |
|
2 Hang Bai, Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 38251139 |
|
1. NAME |
|
Mr. TRAN HOANG GIANG |
|
Position |
|
Director |
|
Date of Birth |
|
24 Oct 1980 |
|
ID Number/Passport |
|
B1244947 |
|
Resident |
|
Thi Kieu Hamlet Loc An Commune, Nam Dinh City, Nam Dinh Province,
Vietnam |
|
Current Resident |
|
No. 29 - Group 52 Vong Thi Str. - Buoi Ward, Tay Ho District, Ha Noi
City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,415,000,000 |
|
Percentage |
|
35% |
|
|
||
|
2. NAME |
|
Mr. TRAN TRUNG KIEN |
|
ID Number/Passport |
|
013179903 |
|
Resident |
|
Lane 12 Dao Tan Str. - Cong Vi Ward, Ba Dinh District, Ha Noi City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,725,000,000 |
|
Percentage |
|
25% |
|
|
||
|
3. NAME |
|
Mr. NGUYEN MANH HIEN |
|
ID Number/Passport |
|
135394236 |
|
Resident |
|
Bao Thap Hamlet Kim Hoa Commune, Me Linh District, Ha Noi City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,242,000,000 |
|
Percentage |
|
18% |
|
|
||
|
4. NAME |
|
Mr. NGUYEN VAN NGOC |
|
ID Number/Passport |
|
162264230 |
|
Resident |
|
Qua Linh Hamlet Thanh Loi Commune, Vu Ban District, Nam Dinh Province,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 690,000,000 |
|
Percentage |
|
10% |
|
|
||
|
5. NAME |
|
Mr. PHAM NGOC THANG |
|
ID Number/Passport |
|
164103823 |
|
Resident |
|
No. 22/1 HT26 Road, Hiep Thanh Ward, 12 District, Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 483,000,000 |
|
Percentage |
|
7% |
|
|
||
|
6. NAME |
|
Mr. PHAM DUC MINH |
|
ID Number/Passport |
|
012175444 |
|
Resident |
|
P104, E3 Mechanical Company Collective, Thuong Dinh Ward, Thanh Xuan
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 345,000,000 |
|
Percentage |
|
5% |
|
BALANCE SHEET |
||
|
Unit: Million VND |
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT ASSETS |
29,062 |
9,273 |
|
I. Cash and cash equivalents |
975 |
415 |
|
1. Cash |
975 |
415 |
|
2. Cash equivalents |
0 |
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 |
14,101 |
5,452 |
|
1. Receivable from customers |
10,666 |
3,883 |
|
2. Prepayments to suppliers |
3,435 |
1,569 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
13,782 |
3,269 |
|
1. Inventories |
13,782 |
3,269 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
204 |
137 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
164 |
105 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
40 |
32 |
|
B. LONG-TERM ASSETS |
2,307 |
1,306 |
|
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 |
1,447 |
1,052 |
|
1. Tangible assets |
1,447 |
1,052 |
|
- Historical costs |
2,061 |
1,212 |
|
- Accumulated depreciation |
-614 |
-160 |
|
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 |
0 |
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 |
860 |
254 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
860 |
254 |
|
VI. Goodwill |
|
|
|
1. Goodwill |
|
|
|
TOTAL ASSETS |
31,369 |
10,579 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
23,734 |
5,612 |
|
I. Current liabilities |
23,734 |
5,612 |
|
1. Short-term debts and loans |
14,448 |
1,722 |
|
2. Payable to suppliers |
8,103 |
2,741 |
|
3. Advances from customers |
238 |
911 |
|
4. Taxes and other obligations to the State Budget |
327 |
0 |
|
5. Payable to employees |
0 |
238 |
|
6. Accrued expenses |
618 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
|
|
|
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 |
|
|
|
9. Science and technology development fund |
|
|
|
B- OWNER’S EQUITY |
7,635 |
4,967 |
|
I. OWNER’S EQUITY |
7,635 |
4,967 |
|
1. Capital |
6,900 |
5,000 |
|
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 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
735 |
-33 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
|
|
|
II. Other sources and funds |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S INTEREST |
|
|
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
31,369 |
10,579 |
|
|
||
|
PROFIT & LOSS
STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
62,923 |
14,241 |
|
2. Deduction item |
25 |
0 |
|
3. Net revenue |
62,898 |
14,241 |
|
4. Costs of goods sold |
48,015 |
10,815 |
|
5. Gross profit |
14,883 |
3,426 |
|
6. Financial income |
232 |
6 |
|
7. Financial expenses |
2,230 |
89 |
|
- In which: Loan interest expenses |
2,230 |
89 |
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
11,866 |
2,886 |
|
10. Net operating profit |
1,019 |
457 |
|
11. Other income |
12 |
0 |
|
12. Other expenses |
7 |
0 |
|
13. Other profit /(loss) |
5 |
0 |
|
14. Total accounting profit before tax |
1,024 |
457 |
|
15. Current corporate income tax |
256 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
|
|
|
18. Profit after tax |
768 |
457 |
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.22 |
1.65 |
1.88 |
|
Quick liquidity ratio |
0.64 |
1.07 |
0.96 |
|
Inventory circle |
5.63 |
3.31 |
15.21 |
|
Average receive period |
81.83 |
139.74 |
49.96 |
|
Utilizing asset performance |
2.01 |
1.35 |
2.95 |
|
Liability by total assets |
75.66 |
53.05 |
66.83 |
|
Liability by owner's equity |
310.86 |
112.99 |
256.69 |
|
Ebit / Total assets (ROA) |
10.37 |
5.16 |
12.92 |
|
Ebit / Owner's equity (ROE) |
42.62 |
10.99 |
41.70 |
|
Ebit / Total revenue (NPM) |
5.17 |
3.83 |
5.07 |
|
Gross profit / Total revenue (GPM) |
23.65 |
24.06 |
11.84 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
|||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT |
|
Sale Methods |
|
Retailer and Wholesaler |
FSI VIET NAM COMPANY LIMITED specializes in trading chemicals and
electric equipments. The subject was established in 2009 under the former
business registration No. 0102038561 in Hanoi City. In March, 2010, it
changed its business registration into the new number of 0103812250 which is
the same as its tax code, with the chartered capital of VND 6.9 billion.
Management capacity of the subject is average. It is under the
management of Mr. Tran Hoang Giang who is also the major shareholder of the
subject. At the moment, It has registration address located at No. 29, Group 52
Vong Thi Street, Buoi Ward - Tay Ho District - Hanoi City. However, all its
transactions are operated at No. 445 Hoang Quoc Viet Str., Tu Liem District, Ha
Noi City, Vietnam. In addition, the subject has a branch in Ho Chi Minh City.
Total employees are about 45 people working in normal condition of premises and
facilities.
In order to have chemicals for trading activities, the subject often
imports them from many countries in the world as America, China and India,
Taiwan, etc. Sometimes, it also imports electric equipments. After that, the
subject’s products are distributed in the domestic market with customers of
paint companies and other companies in industrial zones.
According to the financial statement in 2011, we found that the
subject's operation was fair. These figures of revenue show it is operating
with acceptable market share. In 2011, revenue of the
subject was VND 62,923 million (increased 342% compared with the previous
year), but profit only reached VND 768 million. This is caused by the increase
of expense accounts, especially financial expenses and administrative
overheads. Through conservation with Ms. Nga, accountant of the subject, she
revealed that its total sales in 2012 reached about VND 125 billion, and profit
attained VND 2.3 billion.
Based on the financial ratios, the subject's liquidity ratios decreased
and debt rate had uptrend. With the humble amount of equity, the subject used
mainly liabilities for its business activities, which occupied 75.66% of total
assets. So its capital structure was not safe and its solvency was not good. In
2011, the subject's utilizing asset performances increased but it was still
lower the industry. Its ROE was high because of high financial leverage.
In general, the subject is a young company. With the current operating
situation, the subject has capacity to meet small financial commitment. Caution
is needed for normal and big business transactions.
|
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.60.74 |
|
|
1 |
Rs.92.05 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.