|
Report Date : |
06.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
VIETLAND IMPORT - EXPORT PRODUCTION JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 2/C2 Group 1A Trung Liet Ward, Dong Da District, Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
2006 |
|
|
|
|
Com. Reg. No.: |
0101953129 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
The subject is mainly involving in manufacturing and trading in veneer
and plywood. |
|
|
|
|
No. of Employees : |
20 |
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 : |
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 |
|
Current legal status |
||
|
Registered English Name |
|
VIETLAND IMPORT - EXPORT PRODUCTION JOINT STOCK COMPANY |
|
Registered Vietnamese Name |
|
CONG TY CO PHAN SAN XUAT VA XUAT NHAP KHAU VIETLAND |
|
Registered Short name |
|
VIETNAMPRODUCTION.,JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
0101953129 |
|
Date of Registration |
|
13 Oct 2008 |
|
Place of Registration |
|
Hanoi Planning and investment Department |
|
Current Chartered capital |
|
VND 1,900,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0101953129 |
|
Total Employees |
|
20 |
|
Size |
|
Small |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration No: 0102026470 Changed to: 0101953129 |
13 Oct 2008 |
|
2 |
Subject has got former address: Transaction Office at Rm 108 – Y1, No.
135 Nui Truc, Ba Dinh District, Ha Noi City, Vietnam. Changed to: Floor 6th, Sun Building, No. 220 Hao Nam, Dong Da
District, Ha Noi City, Vietnam |
N/A |
|
Registration
Address |
||
|
Address |
|
No. 2/C2 Group 1A Trung Liet Ward, Dong Da District, Ha Noi City,
Vietnam |
|
|
||
|
Transaction
office in Ha Noi |
||
|
Address |
|
Floor 6th, Sun Building, No. 220 Hao Nam, Dong Da District,
Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 66802800/62900958 |
|
Fax |
|
(84-4) 37368663 |
|
Email |
|
|
|
Website |
|
|
|
Note: Besides, the subject has a wood processing workshop in Huu Lung District, Bac Giang Province, Vietnam. |
||
|
1. NAME |
|
Ms. QUACH THI THUY |
|
Position |
|
Director |
|
Date of Birth |
|
01 Aug 1979 |
|
ID Number/Passport |
|
012905871 |
|
ID Issue Date |
|
27 Jul 2006 |
|
ID Issue Place |
|
Police of Ha Noi City |
|
Resident |
|
No. 2/C2, Group 1A Trung Liet Ward, Dong Da
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
The subject is mainly involving in manufacturing and trading in veneer
and plywood. It main products include all kinds of commercial plywood, film
face plywood, face veneer, core veneer, sawn timber, wood logs etc.
|
IMPORT: |
||
|
Types of products |
|
wood |
|
Market |
|
Europe and Africa |
|
Payment Method |
|
N/A |
|
|
||
|
EXPORT: |
||
|
Types of products |
|
Products |
|
Market |
|
China, Korea, Malaysia etc |
|
Payment Method |
|
N/A |
|
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK LONG BIEN BRANCH |
||
|
Address |
|
No.484 Nguyen Van Cu Gia Thuy ward, Long Bien District, Ha Noi City,
Vietnam |
|
Telephone |
|
(84-4) 36522055 |
|
Fax |
|
(84-4) 36522066 |
|
1. NAME |
|
Mr. QUACH QUANG THAI |
|
ID Number/Passport |
|
012718782 |
|
Resident |
|
No. 72 Hang Bo Street Hang Bo Ward, Hoan Kiem District, Ha Noi City,
Vietnam |
|
Number of Shares |
|
38,000 |
|
Value of shares |
|
VND 380,000,000 |
|
Percentage |
|
20% |
|
|
||
|
2. NAME |
|
Mr. TRAN DUC ANH |
|
ID Number/Passport |
|
011663823 |
|
Resident |
|
No. 2/C2, Group 1A Trung Liet Ward, Dong Da District, Ha Noi City,
Vietnam |
|
Number of Shares |
|
57,000 |
|
Value of shares |
|
VND 570,000,000 |
|
Percentage |
|
30% |
|
|
||
|
3. NAME |
|
Ms. QUACH THI THUY |
|
Position |
|
Director |
|
Date of Birth |
|
1979 |
|
ID Number/Passport |
|
012905871 |
|
Issued on |
|
27 Jul 2006 |
|
Issued Place |
|
Police of Ha Noi City |
|
Resident |
|
No. 2/C2, Group 1A Trung Liet Ward, Dong Da District, Ha Noi City,
Vietnam |
|
Number of Shares |
|
95,000 |
|
Value of shares |
|
VND 950,000,000 |
|
Percentage |
|
50% |
|
BALANCE SHEET |
||
|
Unit: One VND |
||
|
Balance sheet
date |
31/12/2012 |
31/12/2011 |
|
Number of weeks |
52 |
52 |
|
Audit status |
Unaudited |
Unaudited |
|
ASSETS |
||
|
A – CURRENT ASSETS |
40,312,000,000 |
21,156,000,000 |
|
I. Cash and cash equivalents |
4,932,000,000 |
8,875,000,000 |
|
1. Cash |
4,932,000,000 |
8,875,000,000 |
|
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 |
26,054,000,000 |
10,122,000,000 |
|
1. Receivable from customers |
22,399,000,000 |
9,639,000,000 |
|
2. Prepayments to suppliers |
3,655,000,000 |
483,000,000 |
|
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 |
9,031,000,000 |
2,058,000,000 |
|
1. Inventories |
9,031,000,000 |
2,058,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
295,000,000 |
101,000,000 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
291,000,000 |
53,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
4,000,000 |
48,000,000 |
|
B. LONG-TERM ASSETS |
1,228,000,000 |
1,280,000,000 |
|
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 |
924,000,000 |
976,000,000 |
|
1. Tangible assets |
924,000,000 |
976,000,000 |
|
- Historical costs |
1,045,000,000 |
1,034,000,000 |
|
- Accumulated depreciation |
-121,000,000 |
-58,000,000 |
|
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 |
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 |
304,000,000 |
304,000,000 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
304,000,000 |
304,000,000 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
41,540,000,000 |
22,436,000,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
41,032,000,000 |
22,021,000,000 |
|
I. Current liabilities |
41,032,000,000 |
22,021,000,000 |
|
1. Short-term debts and loans |
4,181,000,000 |
1,414,000,000 |
|
2. Payable to suppliers |
9,842,000,000 |
5,143,000,000 |
|
3. Advances from customers |
26,936,000,000 |
15,279,000,000 |
|
4. Taxes and other obligations to the State Budget |
73,000,000 |
185,000,000 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
0 |
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 |
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 |
508,000,000 |
415,000,000 |
|
I. OWNER’S EQUITY |
508,000,000 |
415,000,000 |
|
1. Capital |
500,000,000 |
500,000,000 |
|
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 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
8,000,000 |
-85,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
|
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 |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
41,540,000,000 |
22,436,000,000 |
|
|
||
|
PROFIT &
LOSS STATEMENT |
||
|
|
||
|
Description |
FY2012 |
FY2011 |
|
1. Total Sales |
56,264,000,000 |
- |
|
2. Deduction item |
0 |
- |
|
3. Net revenue |
56,264,000,000 |
- |
|
4. Costs of goods sold |
54,035,000,000 |
- |
|
5. Gross profit |
2,229,000,000 |
- |
|
6. Financial income |
17,000,000 |
- |
|
7. Financial expenses |
429,000,000 |
- |
|
- In which: Loan interest expenses |
0 |
- |
|
8. Selling expenses |
0 |
- |
|
9. Administrative overheads |
1,692,000,000 |
- |
|
10. Net operating profit |
125,000,000 |
- |
|
11. Other income |
0 |
- |
|
12. Other expenses |
0 |
- |
|
13. Other profit /(loss) |
0 |
- |
|
14. Total accounting profit before tax |
125,000,000 |
- |
|
15. Current corporate income tax |
31,000,000 |
- |
|
16. Deferred corporate income tax |
0 |
- |
|
17. Interest from subsidiaries/related companies |
0 |
- |
|
18. Profit after tax |
94,000,000 |
- |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
Average Industry |
|
Current liquidity ratio |
0.98 |
0.96 |
1.36 |
|
Quick liquidity ratio |
0.76 |
0.87 |
0.70 |
|
Inventory circle |
9.75 |
- |
12.84 |
|
Average receive period |
169.02 |
- |
78.77 |
|
Utilizing asset performance |
1.35 |
- |
1.05 |
|
Liability by total assets |
98.78 |
98.15 |
63.01 |
|
Liability by owner's equity |
8,077.17 |
5,306.27 |
257.66 |
|
Ebit / Total assets (ROA) |
0.30 |
- |
9.45 |
|
Ebit / Owner's equity (ROE) |
24.61 |
- |
31.44 |
|
Ebit / Total revenue (NPM) |
0.22 |
- |
10.94 |
|
Gross profit / Total revenue (GPM) |
3.96 |
- |
16.15 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
|||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Below Average |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT, LC |
|
Sale Methods |
|
To contracts, retail and wholesale |
|
Public opinion |
|
Normal |
Operating since 2003 as a small wood processing workshop, VIETLAND
IMPORT - EXPORT PRODUCTION JOINT STOCK COMPANY was officially established in
2006 in Ha Noi City. Currently, it is operating under business registration No.
0101953129 (same as the tax code) granted by Ha Noi Department of Planning and
Investment with chartered capital of VND 1.9 billion.
The subject has head office registered at No. 2/C2, Group 1A, Trung Liet
Ward, Dong Da District, Ha Noi City, Vietnam. This is also the private house
address of Ms. Quach Thi Thuy - the subject's director. However, almost business
transactions are carried out at 6th floor, Sun Building, No. 220 Hao Nam - Ba
Dinh - Ha Noi. VIETLAND PRODUCTION., JSC also has a workshop in Huu Lung
District, Bac Giang Province. Its main activity is about manufacturing and
trading in veneer and plywood. The subject's products include all kinds of
commercial plywood, film face plywood, face veneer, core veneer, sawn timber,
wood logs etc. Contacted with Ms. Thuy, she said the subject now imports
material (wood) from Europe market (such as Germany and France) and some
African countries. Its products are not only consumed in domestic market but
also exported to some foreign countries like China, Korea and Malaysia etc.
Financially, the subject gained VND 56,264 million in total sale and VND
125 million in profit before tax. NMP and other profitability ratios were very
humble. The subject should manage its cost and operating expenses strictly to
improve furthermore NMP and its profitability. About the capital structure,
almost assets of the company (more than 98%) were invested by liabilities,
particularly the current liabilities. The rate between liability and the
owner's equity remained at very high level. That shows the subject's
self-financing capability was weak and it affected on the payment capacity, which
was lower than the average industry.
In general, the subject is a small business scale company in the
industry. The operation situation seems developing. The management capability
is normal. Now, the subject can meet only small financial commitments. Caution
is needed for medium and large transactions with it.
|
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.60.82 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.73 |
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.