MIRA INFORM REPORT

 

 

Report Date :

06.12.2013

 

IDENTIFICATION DETAILS

 

Name :

HUY SON CO LTD

 

 

Registered Office :

96 Ho Van Hue St Ward 9, Phu Nhuan, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2012

 

 

Date of Incorporation :

18.11.2008

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer of Agricultural Products such as prepared feeds

 

 

No. of Employees :

12

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

TATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

 

 

Payment Behaviour :

No Complaints 

 

 

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 – September 30th, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

 

 

 

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

HUY SON CO LTD

Address

:

96 Ho Van Hue St Ward 9, Phu Nhuan, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-38444557

Facsimile

:

[+84] 8-38444704

Email

:

huysonco@hcm.vnn.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Agricultural Products

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Pham Dinh Long

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

 

 

Management Listings

 

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Do Minh Truong Duy

Vietnamese

Vice Director

-

2

Mr. Nguyen Tan Long

Vietnamese

Chief Accountant

-

3

Mr. Le Duc Man

Vietnamese

Vice Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03579356

Name

:

Mr. Do Minh Truong Duy

 

Date of Birth

:

1972

 

 

Management Details - 2

Personal Unique Identifier

:

MI03579362

Name

:

Mr. Nguyen Tan Long

 

Date of Birth

:

1975

 

 

Management Details - 3

Personal Unique Identifier

:

MI03579360

Name

:

Mr. Le Duc Man

 

Date of Birth

:

1970

 

 

COMPANY DIRECTORS

 

 

1

 

 

Personal Unique Identifier

:

MI03579356

Name

:

Mr. Do Minh Truong Duy

Date of Birth

:

1972

Nationality

:

Vietnamese

2

 

 

Personal Unique Identifier

:

MI03579360

Name

:

Mr. Le Duc Man

Date of Birth

:

1970

Nationality

:

Vietnamese

3

 

 

Personal Unique Identifier

:

MI03579330

Name

:

Mr. Pham Dinh Long

Date of Birth

:

1952

Nationality

:

Vietnamese

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the HUY SON CO LTD's reputation within the respective industry failed to reveal any adverse information.

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital

:

US$ 284,220

 

CAPITAL (Currency: VND - Vietnam Dong)

 

 

Authorized Capital

:

6,000,000,000

 

 

SHAREHOLDERS

 

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Pham Dinh Long

Vietnam

n/a

n/a

61.67

2

Mr. Do Minh Truong Duy

Vietnam

n/a

n/a

38.33

Total

n/a

n/a

100.00

 

 

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

International Sales (Export)

0%

Annual Purchases Analysis

Percentage

Local Purchases

10%

Imports

90%

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~90 days

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~90 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

FINANCIAL INFORMATION   

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

4,573,308

2,515,891

13,634

2012 Annual  

6,875,887

2,349,666

20,505

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

-

 

FINANCIAL STATEMENT - DETAILED

 

 

Balance Sheet

 

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

 

Financial Highlights

2011 Annual

2012 Annual

Current Assets

51,876,000,000

48,491,000,000

Non Current Assets

530,000,000

440,000,000

Share Capital

6,000,000,000

6,000,000,000

Other long term assets 

Total Assets

52,406,000,000

48,931,000,000

Total Liabilities

47,735,000,000

44,550,000,000

Current Liabilities

47,735,000,000

44,550,000,000

Long term liabilities 

Shareholders Funds

4,671,000,000

4,381,000,000

 

Current assets & short term investments

51,876,000,000

48,491,000,000

Cash & cash equivalents

1,085,000,000

819,000,000

Cash

1,085,000,000

819,000,000

Accounts receivable

32,394,000,000

32,510,000,000

Accounts receivable trade

18,852,000,000

15,722,000,000

Trade prepayment

14,196,000,000

17,442,000,000

Provision for bad debts

(654,000,000)

(654,000,000)

Inventories

17,376,000,000

13,664,000,000

Other short term asset

935,000,000

1,235,000,000

VAT deductible

86,000,000

176,000,000

Other tax receivables

0

87,000,000

Long term assets

530,000,000

440,000,000

Fixed assets

530,000,000

440,000,000

Tangible fixed assets

530,000,000

440,000,000

Cost

638,000,000

638,000,000

Accumulated depreciation

108,000,000

198,000,000

Total assets

52,406,000,000

48,931,000,000

Liabilities

47,735,000,000

44,550,000,000

Current liabilities

47,735,000,000

44,550,000,000

Short term borrowings

15,993,000,000

21,656,000,000

Accounts payables-trade

29,307,000,000

22,467,000,000

Advances from customers

2,261,000,000

159,000,000

Taxes and payable to state budget

172,000,000

268,000,000

Other payables

2,000,000

0

Owners equity

4,671,000,000

4,381,000,000

Business capital

6,000,000,000

6,000,000,000

Retained earnings

(1,329,000,000)

(1,619,000,000)

Total resources

52,406,000,000

48,931,000,000

 

 

Income Statement

 

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

 

Financial Highlights

2011 Annual

2012 Annual

Turnover

95,262,000,000

143,188,000,000

Profit (Loss) Before Tax

344,000,000

517,000,000

Profit After Tax attributable to Shareholders

284,000,000

427,000,000

 

Gross sales

95,262,000,000

143,188,000,000

Net income

95,262,000,000

143,188,000,000

Cost of goods sold

84,604,000,000

131,275,000,000

Gross margin

10,658,000,000

11,913,000,000

Income from financial activities

34,000,000

77,000,000

Expenses from financial activities

3,700,000,000

4,084,000,000

In which: Interest expenses

3,354,000,000

3,989,000,000

General & administration expenses

6,772,000,000

7,576,000,000

Net income from operating activities

220,000,000

330,000,000

Extraordinary income

125,000,000

187,000,000

Extraordinary expenses

1,000,000

0

Extraordinary gains

124,000,000

187,000,000

Net profit before tax

344,000,000

517,000,000

Income tax

60,000,000

90,000,000

Net profit after tax

284,000,000

427,000,000

 

 

Financial Ratios

 

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

50.31

Profitability 

Profit Margin (%)

0.30

0.30

Return on Equity (%)

6.08

9.75

Return on Assets (%)

0.54

0.87

Leverage 

Total Debt Equity (Times)

10.22

10.17

Current Debt Equity (Times)

10.22

10.17

Total Asset To Total Equity

11.22

11.17

Asset Management 

Total Assets Turnover (Times)

1.82

2.93

Fixed Assets Turnover (Times)

179.74

325.43

Liquidity 

Current Ratio

1.09

1.09

 

 

Based on the corporate laws of Vietnam, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

ADDITIONAL INFORMATION

 

Key Facts

Registered Legal Address

:

96 Ho Van Hue St Ward 9, Phu Nhuan, Ho Chi Minh

Operational Address

:

96 Ho Van Hue St Ward 9, Phu Nhuan, Ho Chi Minh

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0302006784

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

18 Nov, 2008

Employees

:

12

 

Report Details

 

 

Country

:

Vietnam

 

 

Business Entity Name

:

HUY SON CO LTD

 

 

Primary Business Activity

:

Manufacturer

 

 

Primary Industry

:

Agricultural Products

 

 

Office Contact Details

 

 

Operating Address

:

96 Ho Van Hue St Ward 9, Phu Nhuan, Ho Chi Minh

 

 

Tel

:

[+84] 8-38444557

 

 

 

:

[+84] 8-38444558

 

 

Fax

:

[+84] 8-38444704

 

 

Email

:

huysonco@hcm.vnn.vn

 

 

Tax / VAT Details

 

 

Tax Issuing Authority

:

Ministry of Finance

 

 

Local Name Used

:

Gia Trj Gia Tang (Value Added Tax)

 

 

Acronym

:

GTGT / VAT

 

 

GTGT / VAT Number

:

0302006784

 

 

 

Primary Products

Products / Materials / Services Description

Activity

Animal foods

Manufacturing

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Prepared feeds, nspf

2048

Manufacturing

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Preparations used in animal feeding

2309

Manufacturing

Products chiefly used as food for animals or as ingredients in such food

0511993000

Manufacturing

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HUY SON CO LTD is Manufacturing - Finished products.

Key product include :

·                     Animal foods


An integral part of the core business includes:

·                     Distribution

Supplementary Business

In addition to the core business, HUY SON CO LTD also is engaged in the following areas of business:

1.                  Importing

·                     Importing - Raw materials

 

BANK DETAILS

Bank Name

:

ASIA COMMERCIAL BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

ASIA COMMERCIAL BANK, PHAN DANG LUU

SWIFT Code

:

ASCBVNVX

 

Bank Name

:

DONG A COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P1007587

Branch

:

Phu Nhuan,Ho Chi Minh

Branch Address

:

DONG A COMMERCIAL JOINT STOCK BANK, DINH TIEN HOANG

SWIFT Code

:

EACBVNVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM, KY DONG

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408999

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM TECHNOLOGICAL

SWIFT Code

:

VTCBVNVX

 

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Europe

Medium

Importing

South America

Medium

Importing

Argentina

Medium

Importing

Australia

Medium

Importing

France

Medium

Importing

India

Medium

Importing

Indonesia

Medium

Importing

Netherlands

Medium

Importing

 

 

 

 

 

 

OFFICE & FACILITIES

Name

:

HUY SON CO LTD - PHU NHUAN, HO CHI MINH

Building Size

:

150 Square meters

Address

:

96 Ho Van Hue St Ward 9, Phu Nhuan, Ho Chi Minh

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

PREVIOUS CONTACT DETAILS

Company Address

:

12/47 Dao Duy Anh St Ward 9, Phu Nhuan, Ho Chi Minh

Company Address

:

240 Nguyen Dinh Chieu St Ward 11, Phu Nhuan, Ho Chi Minh

 

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

15 May, 2000

4102001054

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.69

UK Pound

1

Rs.101.08

Euro

1

Rs.84.07

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.