|
Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPITFIRE CONTROLS (VIETNAM) COMPANY LTD |
|
|
|
|
Registered Office : |
No. 13, Lot 103/4, Road No. 5, Amata Industrial Park, Long Binh Ward,
Bien Hoa City, Dong Nai Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishments: |
2005 |
|
|
|
|
Legal Form : |
Foreign invested company (Limited liability company) |
|
|
|
|
Line of Business : |
producer of all kinds of electronics boards for the home appliances
including dishwasher, blender, washing machine |
|
|
|
|
No. of Employees : |
250 |
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 : |
Unknown |
|
|
|
|
Litigation : |
--- |
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 |
|
SPITFIRE CONTROLS (VIETNAM) COMPANY LTD |
|
Vietnamese Name |
|
CONG TY TRACH NHIEM HUU HAN SPITFIRE
CONTROLS (VIET NAM) |
|
Type of Business |
|
Foreign invested company (Limited
liability company) |
|
Year Established |
|
2005 |
|
Investment Certificate No |
|
472043000625 |
|
Date Of Issuance |
|
18 Aug 2008 |
|
Place of Issuance |
|
Dong Nai Industrial Zones Authority |
|
Registered Investment Capital |
|
USD 4,695,824 |
|
Chartered capital |
|
USD 508,747 |
|
Investment Duration |
|
50 years |
|
Tax code |
|
3600738387 |
|
Total Employees |
|
250 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Investment
Certificate No: 402/GP-KCN-DN Changed to: 472043000625 |
18
Aug 2008 |
|
|
||
Company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 13, Lot 103/4, Road No. 5, Amata
Industrial Park, Long Binh Ward, Bien Hoa City, Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 3936 801 |
|
Fax |
|
(84-61) 3936 838 |
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
DO NGOC PHUONG |
|
Position |
|
General Director |
|
Date of Birth |
|
26 Oct 1955 |
|
ID Number/Passport |
|
020127665 |
|
ID Issue Date |
|
29 Jul 1994 |
|
ID Issue Place |
|
Police station of
Hochiminh City |
|
Resident |
|
No. 63/67 Nguyen Bieu
Street, Ward 1, District 5, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI THUY HONG |
|
Position |
|
Chief Accountant |
|
Resident |
|
Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject specializes in producing all
kinds of electronics boards for the home appliances including dishwasher,
blender, washing machine. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
China, Hong Kong, Taiwan, Singapore, USA |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
USA |
|
·
Ratio |
|
100% |
|
|
||
BANKERS
|
||
|
|
||
|
JOINT
STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM BIEN HOA BRANCH |
||
|
Address |
|
No 22 No 3A ,Bien Hoa II industrial park, Bien Hoa City, Dong Nai
Province, Vietnam |
|
Telephone |
|
(84-61) 3991 949 |
|
Fax |
|
(84-61) 3991 947 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
NAME |
|
SPITFIRE
CONTROLS (CAYMAN) CO., LTD |
|
Address |
|
Cayman Islands |
|
Percentage |
|
100% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One
USD
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
1,405,885 |
1,150,877 |
|
I. Cash and cash
equivalents |
221,250 |
31,485 |
|
1. Cash |
221,250 |
31,485 |
|
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 |
211,681 |
474,746 |
|
1. Receivable from customers |
195,749 |
474,680 |
|
2. Prepayments to suppliers |
14,603 |
0 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
1,329 |
66 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
971,466 |
627,902 |
|
1. Inventories |
971,466 |
627,902 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
1,488 |
16,744 |
|
1. Short-term prepaid expenses |
1,409 |
12,034 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
79 |
4,710 |
|
B. LONG-TERM
ASSETS |
455,052 |
540,464 |
|
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
|
358,200 |
386,182 |
|
1. Tangible assets |
341,695 |
364,726 |
|
- Historical costs |
699,243 |
636,839 |
|
- Accumulated depreciation |
-357,548 |
-272,113 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
16,505 |
21,456 |
|
- Initial costs |
39,611 |
39,611 |
|
- Accumulated amortization |
-23,106 |
-18,155 |
|
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 |
96,852 |
154,282 |
|
1. Long-term prepaid expenses |
52,612 |
110,042 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
44,240 |
44,240 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
1,860,937 |
1,691,341 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
3,038,915 |
3,028,339 |
|
I. Current
liabilities |
576,440 |
1,851,101 |
|
1. Short-term debts and loans |
0 |
1,287,830 |
|
2. Payable to suppliers |
531,558 |
522,224 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
6,080 |
4,496 |
|
5. Payable to employees |
32,445 |
26,810 |
|
6. Accrued expenses |
5,782 |
7,905 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
575 |
1,836 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
0 |
|
II. Long-Term
Liabilities |
2,462,475 |
1,177,238 |
|
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 |
2,461,843 |
1,174,013 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
632 |
3,225 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
8. Unearned Sale |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
|
B- OWNER’S
EQUITY |
-1,177,978 |
-1,336,998 |
|
I. OWNER’S
EQUITY |
-1,177,978 |
-1,336,998 |
|
1. Capital |
508,147 |
508,147 |
|
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 |
-1,686,125 |
-1,845,145 |
|
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 |
1,860,937 |
1,691,341 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
4,119,435 |
2,352,002 |
|
2. Deduction item |
0 |
0 |
|
3. Net sale |
4,119,435 |
2,352,002 |
|
4. Costs of goods sold |
3,374,026 |
2,291,396 |
|
5. Gross profit |
745,409 |
60,606 |
|
6. Financial income |
13,660 |
20,150 |
|
7. Financial expenses |
172 |
7,140 |
|
- In which: Loan interest expenses |
|
|
|
8. Selling expenses |
167,164 |
87,700 |
|
9. Administrative overheads |
432,304 |
309,043 |
|
10. Net operating profit |
159,429 |
-323,127 |
|
11. Other income |
0 |
17,699 |
|
12. Other expenses |
409 |
20,118 |
|
13. Other profit /(loss) |
-409 |
-2,419 |
|
14. Total accounting profit before tax |
159,020 |
-325,546 |
|
15. Current corporate income tax |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
159,020 |
-325,546 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
2.44 |
0.62 |
1.73 |
|
Quick liquidity ratio |
0.75 |
0.28 |
1.01 |
|
Inventory circle |
4.22 |
3.65 |
4.27 |
|
Average receive period |
18.76 |
73.67 |
52.35 |
|
Utilizing asset performance |
2.21 |
1.39 |
1.19 |
|
Liability by total assets |
163.30 |
179.05 |
54.59 |
|
Liability by owner's equity |
-257.98 |
-226.50 |
119.39 |
|
Ebit / Total assets (ROA) |
8.55 |
-19.25 |
6.55 |
|
Ebit / Owner's equity (ROE) |
-13.50 |
24.35 |
20.65 |
|
Ebit / Total sale (NPM) |
3.86 |
-13.84 |
4.82 |
|
Gross profit / Total sale (GPM) |
18.09 |
2.58 |
13.12 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
|
CASH
FLOW STATEMENT |
||
|
(Indirect method) |
||
|
Items |
FY2010 |
FY2009 |
|
I. Cash flows
from operating activities |
||
|
1. Profit before tax |
159,020 |
-325,546 |
|
2. Adjustments |
|
|
|
- Depreciation and amortization |
90,959 |
89,856 |
|
- Provisions |
|
|
|
- Unrealized foreign exchange difference |
171 |
742 |
|
- Gain/loss from investing activities |
-164 |
1,269 |
|
- Interest expense |
|
|
|
3. Operating profit before movements in working
capital |
249,986 |
-233,679 |
|
- (Increase)/Decrease in receivables |
267,780 |
-429,915 |
|
- (Increase)/Decrease in inventories |
-343,564 |
238,725 |
|
- Increase/(Decrease) in accounts payable |
9,298 |
158,718 |
|
- (Increase)/Decrease in prepaid expenses |
68,055 |
52,953 |
|
- Interest paid |
|
|
|
- Corporate income tax paid |
|
|
|
- Other cash inflows |
|
|
|
- Other cash outflows |
|
-84 |
|
Net cash from (used in) operating activities |
251,555 |
-213,282 |
|
II. Cash flows
from investing activities |
||
|
1. Acquisition of fixed assets and other long - term assets |
-63,387 |
-7,621 |
|
2. Proceeds from fixed assets and long - term assets disposal |
|
223 |
|
3. Cash outflow for lending, buying debt instruments of other
companies |
|
|
|
4. Cash recovered from lending, selling debt instruments of other
companies |
|
|
|
5. Investment in other entities |
|
|
|
6. Cash recovered from investments in other entities |
|
|
|
7. Interest income, dividend and profit paid |
574 |
801 |
|
Net cash from (used in) investing activities |
-62,813 |
-6,597 |
|
III. Cash flows
from financing activities |
||
|
1. Proceeds from issuing stocks, receiving capital from owners |
|
|
|
2. Capital withdrawal, buying back issued stocks |
|
|
|
3. Proceeds from borrowings |
|
|
|
4. Repayment of borrowings |
|
|
|
5. Repayment of obligations under finance leased |
|
|
|
6. Dividends paid |
|
|
|
Net cash from (used in) financing activities |
|
|
|
Net increase/(decrease) in cash and cash equivalents |
188,742 |
-219,879 |
|
Cash and cash equivalents at beginning of year |
31,485 |
251,250 |
|
Effect from changing foreign exchange rate |
1,023 |
114 |
|
Cash and cash equivalents at end of year |
221,250 |
31,485 |
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank, T/T |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Normal |
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject - SPITFIRE CONTROLS (VIETNAM) COMPANY LTD - was established in
2005. It is a 100% foreign invested Company by SPITFIRE CONTROLS (CAYMAN)
CO., LTD. Subject is operating under Investment Certificate No. 472043000625
issued by Dong Nai Industrial Zones Authority with Registered Investment
Capital of USD 4,695,824. Mr. Do Ngoc Phuong is legal representative and
General Director of subject. Its
head office locates at No. 13, Lot 103/4, Road No. 5, Amata Industrial Park,
Long Binh Ward, Bien Hoa City, Dong Nai Province, Vietnam. The subject
specializes in producing all kinds of electronics boards for the home
appliances including dishwasher, blender, washing machine. Its products are
supplier for leading home appliances in the world such as Electrolux,
Whirlpool. Subject imports materials and electronics components from many countries
for production such as China, Hong Kong, Taiwan, Singapore and USA. The
finished products are 100% exported to the USA. In
general, subject is activating in medium scale. In our opinion, subject has capacity to
meet normal financial commitments. No caution needed for small business
transactions with subject. |
|
|
|
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.67.71 |
|
UK Pound |
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.