|
Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
HUNG ANH INVESTMENT JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
Duong Long Hamlet, Thanh Tuyen Commune, Dau Tieng District, Binh Duong Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
2008 |
|
|
|
|
Com. Reg. No.: |
3700717221 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Subject specialized in manufacturing and trading types of tiles |
|
|
|
|
No. of Employees : |
100 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep 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 has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.
Source
: CIA
SUBJECT IDENTIFICATION & LEGAL
FORM
|
||
|
|
||
|
Registration English Name |
|
HUNG ANH INVESTMENT JOINT STOCK COMPANY |
|
Registration Vietnamese Name
|
|
CONG TY CO PHAN DAU TU HUNG ANH |
|
Registration Short name |
|
HUNG ANH IJS COMPANY |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2008 |
|
Business Registration No. |
|
3700717221 |
|
Date of 2nd adjustment |
|
18 Oct 2010 |
|
Place of Registration |
|
Business Registration Office - Planning and
Investment Department of Binh Duong Province |
|
Chartered capital |
|
VND 41,028,730,000 |
|
Tax code |
|
3700717221 |
|
Total Employees |
|
100 |
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Duong Long Hamlet, Thanh
Tuyen Commune, Dau Tieng District, Binh Duong
Province, Vietnam |
|
Telephone |
|
(84-650) 3584567 – 3584568 |
|
Fax |
|
(84-650) 3830351 – 3584568 |
|
Email |
|
|
|
Website |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Ms.
NGUYEN THI NHU Y |
|
Position |
|
General Director |
|
Date of Birth |
|
15 Oct 1975 |
|
ID Number/Passport |
|
024044170 |
|
ID Issue Date |
|
12 Oct 2009 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh City |
|
Resident |
|
86 Ham Tu Street, Ward 1 , 5th District, Ho Chi Minh
City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
CHUNG TIEN VU |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Note: He is husband of Ms.NGUYEN
THI NHU Y |
||
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Subject
specialized in manufacturing and trading types of tiles |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Material |
|
·
Market |
|
China |
|
|
||
|
EXPORT: |
||
|
Note: N/A |
||
|
|
||
BANKERS
|
||
|
|
||
|
VIET
NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE BINH DUONG BRANCH |
||
|
Address |
|
No.330 Binh Duong Boulevard, Thu Dau Mot City, Binh Duong
Province, Vietnam |
|
Telephone |
|
(84-650) 3822263 |
|
|
||
SHAREHOLDERS
|
||
Following
are registered shareholders of subject:
|
||
|
1.
NAME |
|
Mr.
THAI QUOC DUY |
|
Date of Birth |
|
10 Jun 1963 |
|
ID Number/Passport |
|
022190587 |
|
Issued on |
|
17 Feb 2005 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. 195/7 Bui Minh
Truc Str. Ward 5, 8th District, Ho Chi Minh
City, Vietnam |
|
Current Resident |
|
No. 195/7 Bui Minh
Truc Str. Ward 5, 8th District, Ho Chi Minh
City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
565,120 |
|
Value of shares |
|
VND 5,651,200,000 |
|
Percentage |
|
13.77% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN VAN THO |
|
Date of Birth |
|
18 Oct 1964 |
|
ID Number/Passport |
|
024075960 |
|
Issued on |
|
06 Oct 2002 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
43/14E Huong Lo
13, Tay Thanh Ward, Tan Phu District, Ho Chi Minh City,
Vietnam |
|
Number of Shares |
|
670,000 |
|
Value of shares |
|
VND 6,700,000,000 |
|
Percentage |
|
16.33% |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI NHU Y |
|
Position |
|
General Director |
|
Date of Birth |
|
15 Oct 1975 |
|
ID Number/Passport |
|
024044170 |
|
Issued on |
|
12 Oct 2009 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
86 Ham Tu
Street, Ward 1 , 5th
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
1,407,753 |
|
Value of shares |
|
VND 14,077,530,000 |
|
Percentage |
|
34.31% |
|
|
||
|
4.
NAME |
|
Mr.
NGUYEN BA SINH |
|
ID Number/Passport |
|
250447514 |
|
Resident |
|
23/15 Bui The my Street, Ward 10 , Tan Binh District, Ho Chi Minh
City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
290,000 |
|
Value of shares |
|
VND 2,900,000,000 |
|
Percentage |
|
7.07% |
|
|
||
|
5.
NAME |
|
Mr.
TRAN VAN KHOA |
|
ID Number/Passport |
|
201079416 |
|
Resident |
|
No. 536 Minh Phung, Ward 9, 11th District, Ho Chi Minh
City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
100,000 |
|
Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
2.44% |
|
|
||
FINANCIAL DATA
|
|
|
|
|
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2011 |
|
Number of weeks |
52 |
|
Audit status |
Unknown |
ASSETS
|
|
|
A – CURRENT
ASSETS |
35,208,402,191 |
|
I. Cash and cash
equivalents |
1,511,664,339 |
|
1. Cash |
1,511,664,339 |
|
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 |
10,360,584,626 |
|
1. Receivable from customers |
9,113,733,199 |
|
2. Prepayments to suppliers |
1,246,851,427 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
0 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
20,333,627,748 |
|
1. Inventories |
20,333,627,748 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
3,002,525,478 |
|
1. Short-term prepaid expenses |
242,305,422 |
|
2. VAT to be deducted |
1,796,755,223 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
963,464,833 |
|
B. LONG-TERM
ASSETS |
39,268,034,915 |
|
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
|
39,268,034,915 |
|
1. Tangible assets |
37,458,532,930 |
|
- Historical costs |
63,952,665,427 |
|
- Accumulated depreciation |
-26,494,132,497 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
0 |
|
- Initial costs |
0 |
|
- Accumulated amortization |
0 |
|
4. Construction-in-progress |
1,809,501,985 |
|
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 |
0 |
|
1. Long-term prepaid expenses |
0 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
VI. Goodwill |
|
|
1. Goodwill |
|
|
TOTAL ASSETS |
74,476,437,106 |
|
|
|
LIABILITIES
|
|
|
A- LIABILITIES |
27,832,702,209 |
|
I. Current
liabilities |
22,008,472,577 |
|
1. Short-term debts and loans |
13,338,655,975 |
|
2. Payable to suppliers |
7,648,955,950 |
|
3. Advances from customers |
290,459,944 |
|
4. Taxes and other obligations to the State Budget |
52,408,998 |
|
5. Payable to employees |
677,991,710 |
|
6. Accrued expenses |
0 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
0 |
|
10. Provisions for short-term accounts payable |
0 |
|
11. Bonus and welfare funds |
|
|
II. Long-Term
Liabilities |
5,824,229,632 |
|
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 |
5,824,229,632 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
8. Unearned Revenue |
|
|
9. Science and technology development fund |
|
|
B- OWNER’S
EQUITY |
46,643,734,897 |
|
I. OWNER’S
EQUITY |
46,643,734,897 |
|
1. Capital |
42,128,730,000 |
|
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 |
1,350,000,000 |
|
8. Financial reserved fund |
1,250,000,000 |
|
9. Other funds |
0 |
|
10. Retained earnings |
1,915,004,897 |
|
11. Construction investment fund |
0 |
|
12. Business arrangement supporting fund |
|
|
II. Other
sources and funds |
|
|
1. Bonus and welfare funds (Elder form) |
|
|
2. Sources of expenditure |
|
|
3. Fund to form fixed assets |
|
|
MINORITY’S
INTEREST |
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
74,476,437,106 |
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2011 |
|
1. Total Sales |
117,025,164,869 |
|
2. Deduction item |
527,192,080 |
|
3. Net revenue |
116,497,972,789 |
|
4. Costs of goods sold |
94,501,899,292 |
|
5. Gross profit |
21,996,073,497 |
|
6. Financial income |
92,177,067 |
|
7. Financial expenses |
3,439,294,068 |
|
- In which: Loan interest expenses |
3,232,041,398 |
|
8. Selling expenses |
807,201,004 |
|
9. Administrative overheads |
5,977,488,970 |
|
10. Net operating profit |
11,864,266,522 |
|
11. Other income |
449,278,093 |
|
12. Other expenses |
96,396,161 |
|
13. Other profit /(loss) |
352,881,932 |
|
14. Total accounting profit before tax |
12,217,148,454 |
|
15. Current corporate income tax |
1,527,143,557 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
|
|
18. Profit after tax |
10,690,004,897 |
|
|
||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2011 |
Average Industry |
|
Current liquidity ratio |
1.60 |
1.61 |
|
Quick liquidity ratio |
0.68 |
0.72 |
|
Inventory circle |
4.65 |
6.41 |
|
Average receive period |
32.46 |
40.98 |
|
Utilizing asset performance |
1.56 |
1.30 |
|
Liability by total assets |
37.37 |
58.19 |
|
Liability by owner's equity |
59.67 |
206.32 |
|
Ebit / Total assets (ROA) |
20.74 |
8.26 |
|
Ebit / Owner's equity (ROE) |
33.12 |
21.07 |
|
Ebit / Total revenue (NPM) |
13.20 |
5.03 |
|
Gross profit / Total revenue (GPM) |
18.80 |
12.08 |
|
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 |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
HUNG ANH INVESTMENT JOINT STOCK COMPANY was
established in 2008. It has operated under business registration No.3700717221. Its
head office is at Duong Long Hamlet, Thanh Tuyen Commune , Dau Tieng District, Binh Duong
Province, Vietnam. Subject specialized in manufacturing and trading types of tiles such as
wall tile, floor tile, garden tile, water floor tile, border tile, roof tile
and accessories. Material sources of subject are mainly from China. Ms. NGUYEN THI
NHU Y is general director but she trusted his husband Mr. CHUNG TIEN VU
managing all activities of subject. He creates good relationship with Chinese
suppliers and is responsible for import goods from China. Shareholders of
subject: Mr.NGUYEN VAN THO is director of THAI
DUONG RUBBER JOINT STOCK COMPANY (This company specialized in manufacturing
and trading of technical rubber products) and Mr.THAI
QUOC DUY is director of HUNG ANH PLASTICS MANUFACTURING JOINT STOCK COMPANY
(this company specialized in assembling, producing, and trading of bathroom and
toilet accessories). According to
subject’s financial statement, its turnover and profit are fairly good. Its
premises and facilities are normal. In general, the subject has capacity to
meet normal financial commitments. |
------------ APPENDIX ----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
5.53 |
7.70 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.69 |
7.52 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
ECONOMIC INDICATORS
|
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population (Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic Products (USD
billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita
(USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (% Change in
Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.08 |
|
|
1 |
Rs.83.12 |
|
Euro |
1 |
Rs.72.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.