|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
VIET NA INOX COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 424 Tan Ky Tan Quy Str, Son Ky Ward, Tan Phu District,
Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year
of Established: |
2004 |
|
|
|
|
Com. Reg. No.: |
0303266714 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Subject specializes in importing
and selling stainless steel including stainless steel bars, stainless steel
wires, household articles, stainless steel chains, stainless steel strips,
stainless steel TIG/MIG wires, tools & molding steel. |
|
|
|
|
No. of Employees : |
35 |
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) |
|
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 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 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
|
||
|
Registration English
Name |
|
VIET NA INOX COMPANY LIMITED |
|
Registration Vietnamese Name |
|
CONG TY TNHH INOX VIET NA |
|
Registration Short name |
|
VINAINOX |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2004 |
|
Business Registration No |
|
0303266714 |
|
Date of the lastest (10th) |
|
17 Jul 2012 |
|
Place of Registration |
|
Business Registration Office -
Planning and Investment Department of Hochiminh City |
|
Chartered capital |
|
VND 5,000,000,000 |
|
Tax code |
|
0303266714 |
|
Total Employees |
|
35 |
Historical Identification &
Legal form
|
List |
Changed Items |
|
1 |
Subject has got former
Address: No.489 Hoang Van Thu Str, Ward 4, Tan Binh District, Hochiminh City,
Vietnam Changed to: No. 424 Tan Ky Tan
Quy Str, Son Ky Ward, Tan Phu District, Hochiminh City, Vietnam |
|
2 |
Subject has got former
Business Registration No: 4102021464 issued on 14 Apr 2004 Changed to: 0303266714 |
|
3 |
Subject has got former
Chartered capital: VND 2,000,000,000 Changed to: VND 5,000,000,000 |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head
Office |
||
|
Address |
|
No. 131/6/1/40D11 Tay Lan Str,
Quarter 7, Binh Tri Dong A Ward, Binh Tan District, Ho Chi Minh City, Vietnam
|
|
Telephone |
|
(84-8) 7306 3839 |
|
Fax |
|
(84-8) 7300 2525 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Registration
Address |
||
|
Address |
|
No. 424 Tan Ky Tan Quy Str,
Son Ky Ward, Tan Phu District, Ho Chi Minh City, Vietnam |
|
Email |
|
|
|
Website |
|
|
|
Branch
in Da Nang |
||
|
Address |
|
Lo 4-C8, Hoa Phat 4
Residential Area, Hoa An Ward, Cam Le District, Da Nang City, Vietnam |
|
|
||
DIRECTORS
|
||
|
|
||
|
1. NAME |
|
Mr. HA KIM THANG |
|
Position |
|
Director |
|
Date of Birth |
|
08 Sep 1973 |
|
ID Number/Passport |
|
211660743
|
|
ID Issue Date |
|
05 Jul
2005 |
|
ID Issue Place |
|
Police
Station of Binh Dinh Province |
|
Resident |
|
Group 6, Area
3 Bui Thi Xuan Ward, Qui Nhon City, Binh Dinh Province, Vietnam |
|
Current resident |
|
No. 29 Road No. 17, Ward 4,
District 4, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
2. NAME |
|
Mr. HA KIM AN |
|
Position |
|
Deputy Director |
|
Resident |
|
Ho Chi
Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
Note: He is older brother
of Mr. HA KIM THANG |
||
|
|
||
|
3. NAME |
|
Ms. VU THI BICH HANG |
|
Position |
|
Chief Accountant |
|
Resident |
|
Ho Chi
Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-8) 7306 3839 (ext 113) |
|
Email |
|
|
|
Qualification |
|
Accounting |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Subject specializes in importing and
selling stainless steel including stainless steel bars, stainless steel wires,
household articles, stainless steel chains, stainless steel strips, stainless
steel TIG/MIG wires, tools & molding steel. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT:
|
||
|
·
Types of products |
|
Inox, steel |
|
·
Market |
|
India, EU, Japan, Taiwan, Korea. |
|
·
Ratio |
|
100% |
|
|
||
|
EXPORT:
|
||
|
Note: N/A |
||
|
|
||
BANKERS
|
||
|
|
||
|
1. SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No.303 Nguyen Son Str, Phu Thanh Ward, Tan Phu District,
Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3978 6034 |
|
Fax |
|
(84-8) 3978 6034 |
|
|
||
|
2. ASIA COMMERCIAL JOINT STOCK
BANK |
||
|
Address |
|
No. 442 Nguyen Thi Minh Khai Str, Ward 5, District 3, Ho
Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3929 0999 , 3833 4085 , 3839 5179 |
|
Fax |
|
(84-8) 3839 9885 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1. NAME |
|
Mr. HA KIM THANG |
|
Position |
|
Director |
|
Date of Birth |
|
08 Sep 1973 |
|
ID Number/Passport |
|
211660743 |
|
Issued on |
|
05 Jul 2005 |
|
Issued Place |
|
Police Station of Binh Dinh
Province |
|
Resident |
|
Group 6, Area 3, Bui Thi Xuan
Ward, Qui Nhon City, Binh Dinh Province, Vietnam |
|
Current Resident |
|
No. 29 Road No. 17, Ward 4,
District 4, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 4,950,000,000 |
|
Percentage |
|
99% |
|
|
||
|
2. NAME |
|
Mr. HA KIM QUY |
|
ID Number/Passport |
|
211689700 |
|
Issued Place |
|
Police Station of Binh Dinh
Province |
|
Resident |
|
Group 6, Area 3 Bui Thi Xuan
Ward, Qui Nhon City, Binh Dinh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 50,000,000 |
|
Percentage |
|
1% |
|
|
||
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 |
57,595,000,000
|
30,262,000,000
|
|
I.
Cash and cash equivalents |
2,898,000,000
|
3,938,000,000
|
|
1. Cash |
2,898,000,000 |
3,938,000,000 |
|
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 |
19,430,000,000
|
10,257,000,000
|
|
1. Receivable from customers |
13,081,000,000 |
8,824,000,000 |
|
2. Prepayments to suppliers |
0 |
0 |
|
3. Inter-company receivable |
6,349,000,000 |
1,433,000,000 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV.
Inventories |
26,482,000,000
|
13,140,000,000
|
|
1. Inventories |
26,482,000,000 |
13,140,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V.
Other Current Assets |
8,785,000,000
|
2,927,000,000
|
|
1. Short-term prepaid expenses |
1,096,000,000 |
0 |
|
2. VAT to be deducted |
1,145,000,000 |
971,000,000 |
|
3. Taxes and other accounts receivable from the State |
2,904,000,000 |
138,000,000 |
|
4. Other current assets |
3,640,000,000 |
1,818,000,000 |
|
B.
LONG-TERM ASSETS |
2,710,000,000
|
1,821,000,000
|
|
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 |
2,710,000,000
|
1,821,000,000
|
|
1. Tangible assets |
2,710,000,000 |
1,821,000,000 |
|
- Historical costs |
3,300,000,000 |
2,152,000,000 |
|
- Accumulated depreciation |
-590,000,000 |
-331,000,000 |
|
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 |
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 |
60,305,000,000
|
32,083,000,000
|
|
|
||
LIABILITIES
|
||
|
A-
LIABILITIES |
34,230,000,000
|
19,324,000,000
|
|
I.
Current liabilities |
33,928,000,000
|
19,039,000,000
|
|
1. Short-term debts and loans |
32,994,000,000 |
15,469,000,000 |
|
2. Payable to suppliers |
0 |
1,592,000,000 |
|
3. Advances from customers |
0 |
772,000,000 |
|
4. Taxes and other obligations to the State Budget |
934,000,000 |
398,000,000 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
0 |
808,000,000 |
|
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 |
302,000,000
|
285,000,000
|
|
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 |
302,000,000 |
285,000,000 |
|
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 |
26,075,000,000
|
12,759,000,000
|
|
I.
OWNER’S EQUITY |
26,075,000,000
|
12,759,000,000
|
|
1. Capital |
5,000,000,000 |
5,000,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
50,000,000 |
50,000,000 |
|
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 |
21,025,000,000 |
7,709,000,000 |
|
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 |
60,305,000,000
|
32,083,000,000
|
|
|
|
|
PROFIT & LOSS STATEMENT |
|
|
|
|
|
Description |
FY2011 |
|
1. Total Sales |
179,592,000,000
|
|
2. Deduction item |
981,000,000 |
|
3. Net revenue |
178,611,000,000
|
|
4. Costs of goods sold |
151,313,000,000 |
|
5. Gross profit |
27,298,000,000
|
|
6. Financial income |
263,000,000 |
|
7. Financial expenses |
7,674,000,000 |
|
- In which: Loan interest expenses |
3,077,000,000 |
|
8. Selling expenses |
1,302,000,000 |
|
9. Administrative overheads |
5,325,000,000 |
|
10. Net operating profit |
13,260,000,000
|
|
11. Other income |
269,000,000 |
|
12. Other expenses |
155,000,000 |
|
13. Other profit /(loss) |
114,000,000
|
|
14. Total accounting profit before tax |
13,374,000,000
|
|
15. Current corporate income tax |
59,000,000 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
13,315,000,000
|
|
|
||
|
FINANCIAL
RATIOS AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2011
|
Average
Industry |
|
Current liquidity ratio |
1.70 |
1.50 |
|
Quick liquidity ratio |
0.92 |
0.73 |
|
Inventory circle |
7.64 |
17.83 |
|
Average receive period |
39.71 |
31.40 |
|
Utilizing asset performance |
2.96 |
3.97 |
|
Liability by total assets |
56.76 |
62.51 |
|
Liability by owner's equity |
131.28 |
255.82 |
|
Ebit / Total assets (ROA) |
27.28 |
12.98 |
|
Ebit / Owner's equity (ROE) |
63.09 |
42.26 |
|
Ebit / Total revenue (NPM) |
9.16 |
4.14 |
|
Gross profit / Total revenue (GPM) |
15.20 |
6.16 |
|
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 |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Cash or through the bank, L/C, T/T |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
|
|
|
|
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
VIET NA INOX
COMPANY LIMITED was
established in 2004. Subject is now operating under business registration No.
0303266714 and chartered capital VND 5 billion. Subject specializes in
importing and selling stainless steel. Subject is an exclusive distributor
for Garg Sales Co., Pvt (India). Subject registered address at No. 424 Tan Ky Tan Quy Street, Son Ky
Ward, Tan Phu District, Ho Chi Minh City. However, its head office is at
131/6/1/40D11 Tay Lan Street, Quarter 7, Binh Tri Dong A Ward, Binh Tan
District, Ho Chi Minh City. Subject moved to this place in the beginning of
2013. According to Ms. Vu Thi Bich Hang – chief accountant of subject, it is
now doing procedure to change new registration address. Besides, subject has
a branch in Da Nang City. The management capacity of the subject is fairly good. The business
operation is busy. According to the financial data, the subject operated
fair. Turnover and profit reached to VND 179,592,000,000 and VND
13,315,000,000 respectively in 2011. Financial ratios were at acceptable
level. Ms. Hang said that total sales in 2012 of subject increased about 10%
compared to 2011. However, profit 2012 decreased a half. In general, the subject is able to meet small – normal commitments. |
------------ APPENDIX
1 ----------
|
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.61.81 |
|
UK Pound |
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.82.45 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.