MIRA INFORM REPORT
|
Report Date : |
02.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
INOX HOA BINH JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
Yen Phu Hamlet, Giai Pham Commune, Yen My District, Hung Yen Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
2007 |
|
|
|
|
Com. Reg. No.: |
0900272341 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Producing cold-rolled stainless steel coils, strips; stainless steel
pipes, tubes: round, square, rectangular; stainless steel angles, flat bars;
stainless steel round bright bars, wires. |
|
|
|
|
No. of Employees : |
700 |
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 – 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
|
Current legal
status |
||
|
English Name |
|
INOX HOA BINH JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN INOX HOA BINH |
|
Trade name |
|
INOX HOA BINH JOINT STOCK COMPANY |
|
Short name |
|
INOX HOA BINH ., JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2007 |
|
Business Registration No. |
|
0900272341 |
|
Date of Registration |
|
18 Nov 2009 |
|
Place of Registration |
|
Hung Yen Department of Planning and Investment |
|
Chartered capital |
|
VND 520,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0900272341 |
|
Total Employees |
|
700 |
|
Size |
|
Large |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital: VND 260,000,000,000 Changed to:
VND 520,000,000,000 |
06 Mar 2012 |
|
2 |
Subject has got former Chartered capital: VND 70,000,000,000; Changed
to: VND 210,000,000,000; Then Changed to: VND 260,000,000,000 |
27 Aug 2010 |
|
3 |
Subject has got former Business Registration No: 0503000239 dated 15
Jun 2007 Changed to: 0900272341 |
18 Nov 2009 |
|
4 |
Subject has got former Registered English Name: HOA BINH STEEL JOINT
STOCK COMPANY Changed to: INOX HOA BINH JOINT STOCK COMPANY |
22 Oct 2009 |
|
5 |
Subject has got former Registered Vietnamese Name: CONG TY CO PHAN
THEP HOA BINH Changed to: CONG TY CO PHAN INOX HOA BINH |
22 Oct 2009 |
|
6 |
Subject has got former Abbreviated Name: HOA BINH STEEL., JSC Changed to:
INOX HOA BINH ., JSC |
22 Oct 2009 |
|
7 |
Subject has got former Address: No. 43E Giang Vo Street, Giang Vo
Ward, Ba Dinh District, Ha Noi City, Vietnam Changed to: No. 132, Nguyen Thai Hoc Str, Ba Dinh District, Ha Noi
City, Vietnam |
N/A |
|
8 |
Subject has got former Address: No. 32/19E, Tien Lan Hamlet - Ba Diem,
Hoc Mon District, Ho Chi Minh City, Vietnam Changed to: No. 80, National Highway 1A, KP.03, Hiep Binh Phuoc Ward,
Thu Duc District, Ho Chi Minh City, Vietnam |
N/A |
ADDRESSES
|
Head Office |
||
|
Address |
|
Yen Phu Hamlet, Giai Pham Commune, Yen My District, Hung Yen Province,
Vietnam |
|
Telephone |
|
(84-321) 3969810 |
|
Fax |
|
(84-321) 3969811 |
|
Email |
|
|
|
Note: - The full address is as above. |
||
|
|
||
|
Representative
office in Ha Noi |
||
|
Address |
|
No. 132 Nguyen Thai Hoc Str., Ba Dinh District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 37367791/ 3736 7796 |
|
Fax |
|
(84-4) 37367800 |
|
|
||
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 80 National Highway 1A, KP.03, Hiep Binh Phuoc Ward, Thu Duc
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 37271668 |
|
Note: Besides, the subject also has some shops in Hanoi City |
||
SUBSIDIARIES AND RELATED COMPANIES
|
PARENT COMPANY -
HUY HOANG GENERAL BUSINESS JOINT STOCK COMPANY |
||
|
Business Registration |
|
0101176994 |
|
Date of Registration |
|
04 Jul 2011 |
|
Place of Registration |
|
Planning and Investment Department of Ha Noi City |
|
Chartered capital |
|
VND 30,000,000,000 |
|
Tax code |
|
0101176994 |
|
Address |
|
No. 95 Trieu Viet Vuong Street, Hai Ba Trung District, Ha Noi City,
Vietnam |
DIRECTORS
|
1. NAME |
|
Mr. VU THE DAT |
|
Position |
|
General Director |
|
Date of Birth |
|
12 Apr 1972 |
|
ID Number/Passport |
|
011698462 |
|
ID Issue Date |
|
05 May 2005 |
|
ID Issue Place |
|
Hanoi Department of Public Security |
|
Resident |
|
No. 118 Truong Dinh Street, Truong Dinh Ward, Hai
Ba Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Mr. VU HUU CUONG |
|
Position |
|
Chairman |
|
Date of Birth |
|
02 Oct 1969 |
|
ID Number/Passport |
|
011490102 |
|
ID Issue Date |
|
19 May 1957 |
|
ID Issue Place |
|
Hanoi Police Station |
|
Resident |
|
Suite 13, No 66, Bach Khoa collective zone, Bach
Khoa ward, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3. NAME |
|
Ms. DINH THI HOA |
|
Position |
|
Factory Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
4. NAME |
|
Mr. TRAN THANH HA |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
01 Jan 1962 |
|
Resident |
|
Km 3, National Road 2 Phuc Thang Industrial Zone,
Phuc Yen District, Vinh Phuc Province, Vietnam |
|
|
||
|
5. NAME |
|
Mr. NGUYEN VIET HUNG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
6. NAME |
|
Ms. KHONG THI HANG |
|
Position |
|
Financial Director |
|
Date of Birth |
|
17 Mar 1979 |
|
ID Number/Passport |
|
011968057 |
|
ID Issue Place |
|
Police station of Hanoi city |
|
Current resident |
|
Collective Building of Thong Nhat match factory Duc Giang Ward, Long
Bien District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
The main business activities of the subject:
- Producing cold-rolled stainless steel coils, strips; stainless steel pipes,
tubes: round, square, rectangular; stainless steel angles, flat bars; stainless
steel round bright bars, wires.
- Trading stainless steel (Inox)
- Importing and exporting all kinds of stainless steel (Inox)
- Advisory/consulting services of usage of stainless steel (Inox)
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
Types of products |
|
Materials |
|
Market |
|
China, India, Taiwan, Malaysia, England, America |
|
Mode of payment |
|
L/C at sight |
|
|
||
|
EXPORT: |
||
|
Types of products |
|
Stainless steel products |
|
Market |
|
Korea, Thailand |
|
Mode of payment |
|
L/C |
|
Note: The subject mainly serves domestic market |
||
BANKERS
|
1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM HUNG YEN BRANCH |
||
|
Address |
|
Km1 ,No.39 str Nghia Hiep ward, Yen My District, Hung Yen Province,
Vietnam |
|
Telephone |
|
(84-321) 3972516 |
|
|
||
|
2. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT |
||
|
Address |
|
No.304, Nguyen Van Linh Hien Nam Ward, Hung Yen City, Hung Yen
Province, Vietnam |
|
Telephone |
|
(84-321) 3862 976 |
|
Fax |
|
(84-321) 3866 128 |
SHAREHOLDERS
|
1. NAME |
|
HOA BINH COMPANY LIMITED |
|
Business Registration |
|
0100276146 |
|
Date of Registration |
|
17 Jul 1998 |
|
Place of Registration |
|
Hanoi Department of Planning & Investment |
|
Chartered Capital |
|
VND 415,000,000,000 |
|
Tax code |
|
0100276146 |
|
Address |
|
No. 84 Doi Can Str, Ba Dinh District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 722 2194 |
|
Fax |
|
(84-4) 823 3449 |
|
Number of shares |
|
8,320,000 |
|
Value of shares |
|
VND 83,200,000,000 |
|
Percentage |
|
16% |
|
|
||
|
2. NAME |
|
Mr. VU HUU CUONG |
|
Position |
|
Chairman |
|
Date of Birth |
|
02 Oct 1969 |
|
ID Number/Passport |
|
011490102 |
|
Issued on |
|
19 May 1957 |
|
Issued Place |
|
Hanoi Police Station |
|
Resident |
|
Suite 13, No 66, Bach Khoa collective zone, Bach Khoa ward,, Hai Ba
Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
7,800,000 |
|
Value of shares |
|
VND 78,000,000,000 |
|
Percentage |
|
15% |
|
|
||
|
3. NAME |
|
Mr. NGUYEN ANH TUAN |
|
ID Number/Passport |
|
012121333 |
|
Resident |
|
No.84 Doi Can, Ba Dinh District, Ha Noi City, Vietnam |
|
Current Resident |
|
Yen Phu Commune Giai Pham Commune, Yen My District, Hung Yen Province,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
2,600,000 |
|
Value of shares |
|
VND 26,000,000,000 |
|
Percentage |
|
5% |
|
|
||
|
4. NAME |
|
Mr. NGUYEN VAN VUONG |
|
ID Number/Passport |
|
151133500 |
|
Resident |
|
No.12/177, Thanh Dam Street Thanh Tri Ward, Hoang Mai District, Ha Noi
City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
7,280,000 |
|
Value of shares |
|
VND 72,800,000,000 |
|
Percentage |
|
14% |
|
|
||
|
5. NAME |
|
Ms. KHONG THI HANG |
|
Position |
|
Financial Director |
|
Date of Birth |
|
17 Mar 1979 |
|
ID Number/Passport |
|
011968057 |
|
Issued Place |
|
Police station of Hanoi city |
|
Current Resident |
|
Collective Building of Thong Nhat match factory Duc Giang Ward, Long
Bien District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
7,280,000 |
|
Value of shares |
|
VND 72,800,000,000 |
|
Percentage |
|
14% |
|
|
||
|
6. NAME |
|
Mr. NGUYEN TRUONG SON |
|
ID Number/Passport |
|
012097798 |
|
Resident |
|
D4 - Lot 18 - Dinh Cong Urban Zone Dinh Cong Ward, Hoang Mai District,
Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
2,423,200 |
|
Value of shares |
|
VND 24,232,000,000 |
|
Percentage |
|
4.66% |
|
|
||
|
7. NAME |
|
Mr. NGUYEN DUC THAI |
|
ID Number/Passport |
|
011983469 |
|
Resident |
|
T5 - House E - Group 62 Trung Tu Ward, Dong Da District, Ha Noi City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
1,731,600 |
|
Value of shares |
|
VND 17,316,000,000 |
|
Percentage |
|
3.33% |
|
|
||
|
8. NAME |
|
Mr. BUI HOANG HA |
|
ID Number/Passport |
|
011852223 |
|
Resident |
|
Resident Quarter 124 Minh Khai Ward, Hai Ba Trung District, Ha Noi
City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
6,765,200 |
|
Value of shares |
|
VND 67,652,000,000 |
|
Percentage |
|
13.01% |
|
|
||
|
9. NAME |
|
Ms. NGUYEN THU HUONG |
|
ID Number/Passport |
|
011795284 |
|
Resident |
|
No. 95 Trieu Viet Vuong Street Bui Thi Xuan Ward, Hai Ba Trung
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
7,800,000 |
|
Value of shares |
|
VND 78,000,000,000 |
|
Percentage |
|
15% |
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 |
|
ASSETS |
|||
|
A – CURRENT ASSETS |
697,682,127,330 |
1,125,169,317,085 |
717,355,764,796 |
|
I. Cash and cash equivalents |
9,253,051,842 |
10,495,685,706 |
14,987,265,427 |
|
1. Cash |
9,253,051,842 |
10,495,685,706 |
14,987,265,427 |
|
2. Cash equivalents |
|
0 |
|
|
II. Short-term investments |
|
0 |
|
|
1. Short-term investments |
|
0 |
|
|
2. Provisions for devaluation of short-term investments |
|
0 |
|
|
III. Accounts receivable |
437,063,837,338 |
698,105,343,209 |
376,331,477,552 |
|
1. Receivable from customers |
374,985,337,913 |
398,204,149,012 |
258,024,347,884 |
|
2. Prepayments to suppliers |
60,529,149,145 |
267,066,529,197 |
73,745,229,668 |
|
3. Inter-company receivable |
|
0 |
4,561,900,000 |
|
4. Receivable according to the progress of construction |
|
0 |
|
|
5. Other receivable |
1,549,350,280 |
32,834,665,000 |
40,000,000,000 |
|
6. Provisions for bad debts |
|
0 |
|
|
IV. Inventories |
218,024,536,494 |
398,718,225,322 |
268,599,415,290 |
|
1. Inventories |
218,024,536,494 |
398,718,225,322 |
268,599,415,290 |
|
2. Provisions for devaluation of inventories |
|
0 |
|
|
V. Other Current Assets |
33,340,701,656 |
17,850,062,848 |
57,437,606,527 |
|
1. Short-term prepaid expenses |
26,192,020,310 |
6,462,413,912 |
175,051,385 |
|
2. VAT to be deducted |
7,148,681,346 |
1,847,186,020 |
6,865,294,342 |
|
3. Taxes and other accounts receivable from the State |
|
0 |
|
|
4. Other current assets |
|
9,540,462,916 |
50,397,260,800 |
|
B. LONG-TERM ASSETS |
1,354,494,387,743 |
417,964,420,863 |
295,333,574,424 |
|
I. Long term accounts receivable |
|
0 |
|
|
1. Long term account receivable from customers |
|
0 |
|
|
2. Working capital in affiliates |
|
0 |
|
|
3. Long-term inter-company receivable |
|
0 |
|
|
4. Other long-term receivable |
|
0 |
|
|
5. Provisions for bad debts from customers |
|
0 |
|
|
II. Fixed assets |
1,340,469,272,546 |
398,810,112,810 |
279,857,111,791 |
|
1. Tangible assets |
136,944,890,485 |
145,858,506,990 |
115,380,396,733 |
|
- Historical costs |
164,141,980,991 |
164,141,980,991 |
125,324,667,866 |
|
- Accumulated depreciation |
-27,197,090,506 |
-18,283,474,001 |
-9,944,271,133 |
|
2. Financial leasehold assets |
15,414,823,295 |
0 |
|
|
- Historical costs |
15,742,798,260 |
0 |
|
|
- Accumulated depreciation |
-327,974,965 |
0 |
|
|
3. Intangible assets |
|
0 |
|
|
- Initial costs |
|
0 |
|
|
- Accumulated amortization |
|
0 |
|
|
4. Construction-in-progress |
1,188,109,558,766 |
252,951,605,820 |
164,476,715,058 |
|
III. Investment property |
|
0 |
|
|
Historical costs |
|
0 |
|
|
Accumulated depreciation |
|
0 |
|
|
IV. Long-term investments |
|
0 |
|
|
1. Investments in affiliates |
|
0 |
|
|
2. Investments in business concerns and joint ventures |
|
0 |
|
|
3. Other long-term investments |
|
0 |
|
|
4. Provisions for devaluation of long-term investments |
|
0 |
|
|
V. Other long-term assets |
14,025,115,197 |
19,154,308,053 |
15,476,462,633 |
|
1. Long-term prepaid expenses |
13,460,740,197 |
13,752,433,053 |
15,476,462,633 |
|
2. Deferred income tax assets |
|
0 |
|
|
3. Other long-term assets |
564,375,000 |
5,401,875,000 |
|
|
VI. Goodwill |
|
0 |
|
|
1. Goodwill |
|
0 |
|
|
TOTAL ASSETS |
2,052,176,515,073 |
1,543,133,737,948 |
1,012,689,339,220 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
1,448,974,921,278 |
1,173,851,300,218 |
685,556,931,035 |
|
I. Current liabilities |
907,871,825,402 |
804,711,232,747 |
504,274,820,447 |
|
1. Short-term debts and loans |
644,395,777,007 |
558,070,160,759 |
398,232,197,078 |
|
2. Payable to suppliers |
151,492,216,982 |
208,104,491,313 |
100,815,410,634 |
|
3. Advances from customers |
3,358,753,981 |
27,642,444,701 |
5,120,217,221 |
|
4. Taxes and other obligations to the State Budget |
7,949,162,929 |
7,695,009,002 |
48,547,548 |
|
5. Payable to employees |
|
279,389,742 |
|
|
6. Accrued expenses |
89,791,868,082 |
0 |
|
|
7. Inter-company payable |
|
0 |
|
|
8. Payable according to the progress of construction contracts |
|
0 |
|
|
9. Other payable |
3,350,053,360 |
1,182,612,147 |
58,447,966 |
|
10. Provisions for short-term accounts payable |
|
0 |
|
|
11. Bonus and welfare funds |
7,533,993,061 |
1,737,125,083 |
|
|
II. Long-Term Liabilities |
541,103,095,876 |
369,140,067,471 |
181,282,110,588 |
|
1. Long-term accounts payable to suppliers |
|
0 |
|
|
2. Long-term inter-company payable |
|
0 |
|
|
3. Other long-term payable |
|
0 |
|
|
4. Long-term debts and loans |
541,103,095,876 |
369,140,067,471 |
181,282,110,588 |
|
5. Deferred income tax payable |
|
0 |
|
|
6. Provisions for unemployment allowances |
|
0 |
|
|
7. Provisions for long-term accounts payable |
|
0 |
|
|
8. Unearned Revenue |
|
0 |
|
|
9. Science and technology development fund |
|
0 |
|
|
B- OWNER’S EQUITY |
603,201,593,795 |
369,282,437,730 |
327,132,408,185 |
|
I. OWNER’S EQUITY |
603,201,593,795 |
369,282,437,730 |
327,132,408,185 |
|
1. Capital |
520,000,000,000 |
260,000,000,000 |
260,000,000,000 |
|
2. Share premiums |
|
0 |
|
|
3. Other sources of capital |
|
0 |
|
|
4. Treasury stocks |
|
0 |
|
|
5. Differences on asset revaluation |
|
0 |
|
|
6. Foreign exchange differences |
|
0 |
|
|
7. Business promotion fund |
5,566,399,686 |
2,170,125,083 |
|
|
8. Financial reserved fund |
11,145,256,281 |
0 |
|
|
9. Other funds |
|
0 |
|
|
10. Retained earnings |
66,489,937,828 |
107,112,312,647 |
67,132,408,185 |
|
11. Construction investment fund |
|
0 |
|
|
12. Business arrangement supporting fund |
|
0 |
|
|
II. Other sources and funds |
|
0 |
|
|
1. Sources of expenditure |
|
0 |
|
|
2. Fund to form fixed assets |
|
0 |
|
|
MINORITY’S INTEREST |
|
0 |
|
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
2,052,176,515,073 |
1,543,133,737,948 |
1,012,689,339,220 |
|
|
|||
|
PROFIT &
LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
1,137,649,138,949 |
1,564,316,439,559 |
1,118,610,430,226 |
|
2. Deduction item |
|
0 |
173,917,360 |
|
3. Net revenue |
1,137,649,138,949 |
1,564,316,439,559 |
1,118,436,512,866 |
|
4. Costs of goods sold |
1,024,514,323,666 |
1,377,421,492,003 |
974,901,582,090 |
|
5. Gross profit |
113,134,815,283 |
186,894,947,556 |
143,534,930,776 |
|
6. Financial income |
157,195,954 |
3,272,372,609 |
165,520,475 |
|
7. Financial expenses |
98,239,689,144 |
121,591,119,421 |
62,547,348,762 |
|
- In which: Loan interest expenses |
|
114,844,719,726 |
55,534,522,843 |
|
8. Selling expenses |
5,233,474,297 |
6,150,468,893 |
4,760,582,938 |
|
9. Administrative overheads |
9,462,651,467 |
11,195,154,488 |
12,118,627,854 |
|
10. Net operating profit |
356,196,329 |
51,230,577,363 |
64,273,891,697 |
|
11. Other income |
|
131,428,571 |
|
|
12. Other expenses |
17,142,860 |
657,945,429 |
63,870,498 |
|
13. Other profit /(loss) |
-17,142,860 |
-526,516,858 |
-63,870,498 |
|
14. Total accounting profit before tax |
339,053,469 |
50,704,060,505 |
64,210,021,199 |
|
15. Current corporate income tax |
42,381,684 |
7,301,557,842 |
|
|
16. Deferred corporate income tax |
|
0 |
|
|
17. Interest from subsidiaries/related companies |
|
0 |
|
|
18. Profit after tax |
296,671,785 |
43,402,502,663 |
64,210,021,199 |
FINANCIAL RATIOS AND AVERAGE
INDUSTRY RATIOS
|
Description |
FY2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
0.77 |
1.40 |
1.42 |
1.15 |
|
Quick liquidity ratio |
0.53 |
0.90 |
0.89 |
0.55 |
|
Inventory circle |
4.70 |
3.45 |
3.63 |
4.67 |
|
Average receive period |
140.23 |
162.89 |
122.82 |
95.82 |
|
Utilizing asset performance |
0.55 |
1.01 |
1.10 |
1.12 |
|
Liability by total assets |
70.61 |
76.07 |
67.70 |
65.92 |
|
Liability by owner's equity |
240.21 |
317.87 |
209.57 |
234.28 |
|
Ebit / Total assets (ROA) |
0.02 |
10.73 |
11.82 |
6.27 |
|
Ebit / Owner's equity (ROE) |
0.06 |
44.83 |
36.60 |
18.68 |
|
Ebit / Total revenue (NPM) |
0.03 |
10.58 |
10.70 |
6.92 |
|
Gross profit / Total revenue (GPM) |
9.94 |
11.95 |
12.83 |
10.11 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
||||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T, L/C |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Well-known |
INTERPRETATION ON THE SCORES
The company was established in 2007 with name “HOA BINH STEEL JOINT
STOCK COMPANY” according to the Business registration No. 0503000239 issued on
15 June 2007 by Department of Planning and Investment of Hung Yen Province. In 2009,
it changed its former name into “INOX HOA BINH JOINT STOCK COMPANY” and
re-issued new business registration No. 0900272341, same as the tax code. Its
chartered capital is VND 520 billion.
The head office and factory of the company are located at Yen Phu
Hamlet, Giai Pham Commune, Yen My District, Hung Yen Province, Vietnam. The
subject is about to inaugurate the second factory at this address. Besides it
also has a representative office in Hanoi, a branch in Hochiminh City and some
shops in Hanoi.
The subject’s main business activities
including:
- Producing cold-rolled stainless steel coils, strips; stainless steel pipes,
tubes: round, square, rectangular; stainless steel angles, flat bars; stainless
steel round bright bars, wires, etc.
- Trading stainless steel (Inox)
- Importing and exporting all kinds of stainless steel (Inox)
- Advisory/consulting services of usage of stainless steel (Inox)
Currently, the subject’s main import markets are China, India, Taiwan,
Malaysia, England, America, etc and its products are exported to Korea and
Thailand. It mainly concentrates on domestic market.
The bellowing chart shows its growth over years.
Overall, business scale and turnover grew sharply in four consecutive
years from 2008 to 2011. In 2012, total assets continued to increase by 32%,
however, total sales reduced by 27%. There is a change in assets structure in
2012, In previous years, long-term assets only occupied under 30%, however, it
jumped to 66% in 2012. That is because the subject is constructing the second
factory to increase manufacturing capacity. Affected by slump construction
market and economic downturn in past year, profitability reduced significantly.
In terms of solvency, liquidity and debt ratios were acceptable.
In general, the subject is a large-scale business. Its management capabilities
are fair. The future prospect seems bright. Now, the company has capacity to
meet small and medium transactions.
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.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.