|
Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
AUSTFEED VIET NAM CORPORATION |
|
|
|
|
Registered Office : |
Bo Thoi Town Hong Tien Commune, Khoai Chau District, Hung Yen Province, |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
2004 |
|
|
|
|
Com. Reg. No.: |
0900235251 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and trading in animal feed, including feeds for pig, chicken, duck, swan, birds, etc. |
|
|
|
|
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
|
||
|
|
||
Current legal status
|
||
|
Registered English Name |
|
AUSTFEED VIET NAM CORPORATION |
|
Registered Vietnamese Name |
|
CONG TY CO PHAN AUSTFEED VIET NAM |
|
Registered short name |
|
AUSTFEED |
|
Type of Business |
|
Joint Stock Company |
|
Year Established |
|
2004 |
|
Business Registration No. |
|
0900235251 |
|
Date of Registration |
|
22 Jun 2009 |
|
Place of Registration |
|
Hung Yen Department of Planning and
Investment |
|
Chartered capital |
|
VND 80,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0900235251 |
|
Total Employees |
|
100 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered English
Name: AUSTFEED VIETNAM COMPANY LIMITED Changed to: AUSTFEED VIET NAM CORPORATION |
27
Jun 2012 |
|
2 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH AUSTFEED VIETNAM Changed to: CONG TY CO PHAN AUSTFEED VIET
NAM |
27
Jun 2012 |
|
3 |
Subject has got former Type of Business:
Limited liability company Changed to: Joint Stock Company |
27
Jun 2012 |
|
4 |
Subject has got former Chartered capital:
VND 30 Billion Changed to: VND 50 Billion |
02
Jun 2011 |
|
5 |
Subject has got former Business
Registration No: 0502000337 Dated on 3 Dec 2004 Changed to: 0900235251 |
22
Jun 2009 |
|
6 |
Subject has got former Chartered capital:
VND 10 Billion Changed to: VND 30 Billion |
22
Jun 2009 |
|
7 |
Subject has got former Chartered capital:
VND 50 Billion Changed to: VND 80 Billion |
N/A |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Bo Thoi Town Hong Tien Commune, Khoai Chau
District, Hung Yen Province, Vietnam |
|
Telephone |
|
(84-321) 3920930 |
|
Fax |
|
(84-321) 3920989 |
|
Email |
|
|
|
Website |
|
|
|
Note |
|
The exact
address is as above. |
|
|
||
|
Representative
office in Ha Noi |
||
|
Address |
|
No. 171 Phuc Tan Street, Phuc Tan Ward,
Hoan Kiem District, Ha Noi City, Vietnam |
|
|
||
SUBSIDIARIES AND RELATED
COMPANIES
|
||
|
|
||
|
1. AUSTFEED HUNG
YEN COMPANY LIMITED |
||
|
Business Registration |
|
0900222573 |
|
Date of Registration |
|
10 Mar 2010 |
|
Place of Registration |
|
Hung Yen Planning and Investment Department |
|
Registered Capital |
|
VND 30,000,000,000 |
|
Tax code |
|
0900222573 |
|
Address |
|
Luong Bang Town , Kim Dong District, Hung Yen Province, Vietnam |
|
Tel |
|
(84-321) 3824824 |
|
Fax |
|
(84-321) 3810910 |
|
|
||
|
2. HUNG VIET
INVESTMENT JOINT STOCK COMPANY |
||
|
Business Registration |
|
0900596480 |
|
Date of Registration |
|
06 Jul 2010 |
|
Place of Registration |
|
Hung Yen Department of Planning and Investment |
|
Registered Capital |
|
VND 10,000,000,000 |
|
Tax code |
|
0900596480 |
|
Address |
|
Road 39A Luong Bang Town, Kim Dong District, Hung Yen Province,
Vietnam |
|
Tel |
|
(84 - 321) 3505573/ 3824824 |
|
Fax |
|
(84 - 321) 3810910 |
|
Website |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
DAO MANH LUONG |
|
Position |
|
Director |
|
Date of Birth |
|
17 Aug 1975 |
|
ID Number/Passport |
|
012009198 |
|
ID Issue Date |
|
15 Jun 1997 |
|
ID Issue Place |
|
Ha Noi Police |
|
Resident |
|
Villa 2 No.26 X2 Bac
Linh Dam, Hoang Liet Ward, Hoang Mai District, Ha Noi City, Vietnam |
|
Current resident |
|
Villa 2 No.26 X2 Bac Linh Dam, Hoang Liet
Ward, Hoang Mai District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+ 84 903413579 |
|
|
||
|
2.
NAME |
|
Ms.
DUONG THI THANG |
|
Position |
|
Financial Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
DAO THI NHAN |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject now focuses on: |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
USA, China, Argentina, Singapore, India, Malaysia, Germany... |
|
·
Ratio |
|
N/a |
|
·
Mode of payment |
|
T/T, L/C |
|
|
||
|
EXPORT: |
||
|
Note: Currently, the subject does not export. |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM HUNG YEN BRANCH |
||
|
Address |
|
Nghia Hiep ward, Yen My District, Hung Yen Province, Vietnam |
|
Telephone |
|
(84-321) 394 1042 |
|
Fax |
|
(84-321) 394 1044 |
|
|
||
|
2.
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK HUNG YEN BRANCH |
||
|
Address |
|
No.37 Ban Yen Nhan, My Hao District, Hung Yen Province, Vietnam |
|
Telephone |
|
(84-321) 3941 158 |
|
Fax |
|
(84-321) 3941 160 |
|
|
||
|
3.
SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK HUNG YEN BRANCH |
||
|
Address |
|
No. 13 - Road 39A Pho Noi Str, My Hao District, Hung Yen Province,
Vietnam |
|
Telephone |
|
(84-321) 3866770 |
|
Fax |
|
(84-321) 3866769 |
|
Foreign Currency Account |
|
521800001366 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
DAO MANH LUONG |
|
Position |
|
Director |
|
Date of Birth |
|
17 Aug 1975 |
|
ID Number/Passport |
|
012009198 |
|
Issued on |
|
15 Jun 1997 |
|
Issued Place |
|
Ha Noi Police |
|
Resident |
|
Villa 2 No.26 X2 Bac Linh Dam, Hoang Liet
Ward, Hoang Mai District, Ha Noi City, Vietnam |
|
Current Resident |
|
Villa 2 No.26 X2 Bac Linh Dam, Hoang Liet
Ward, Hoang Mai District, Ha Noi City, Vietnam |
|
Mobile phone |
|
+ 84 903413579 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
5,600,000 |
|
Value of shares |
|
VND 56,000,000,000 |
|
Percentage |
|
70% |
|
|
||
|
2.
NAME |
|
Mr.
DAO MANH HOA |
|
Date of Birth |
|
14 Jul 1977 |
|
ID Number/Passport |
|
013209775 |
|
Issued on |
|
17 Aug 2009 |
|
Issued Place |
|
Ha Noi Police |
|
Resident |
|
Group 8, hamlet no.3, Thuan Hung commune ,
Khoai Chau District, Hung Yen Province, Vietnam |
|
Current Resident |
|
Hong Tien Commune, Khoai Chau District,
Hung Yen Province, Vietnam |
|
Email |
|
manhhoa772000@yahoo.com |
|
Mobile phone |
|
+84 1698998899 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
1,600,000 |
|
Value of shares |
|
VND 16,000,000,000 |
|
Percentage |
|
20% |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN ANH TUAN |
|
ID Number/Passport |
|
011899732 |
|
Resident |
|
No.55, Le Duan Str, Cua Nam ward , Hoan
Kiem District, Ha Noi City, Vietnam |
|
Current Resident |
|
Hong Tien Commune, Khoai Chau District,
Hung Yen Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
800,000 |
|
Value of shares |
|
VND 8,000,000,000 |
|
Percentage |
|
10% |
|
|
||
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 |
197,851,216,598 |
147,991,908,377 |
|
I. Cash and cash
equivalents |
5,994,692,678 |
10,615,853,011 |
|
1. Cash |
5,994,692,678 |
10,615,853,011 |
|
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 |
38,894,793,789 |
7,753,324,780 |
|
1. Receivable from customers |
29,209,137,936 |
3,794,393,344 |
|
2. Prepayments to suppliers |
7,496,084,847 |
2,955,044,247 |
|
3. Inter-company receivable |
0 |
1,003,887,189 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
2,189,571,006 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
144,863,527,584 |
114,242,717,396 |
|
1. Inventories |
144,863,527,584 |
114,242,717,396 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
8,098,202,547 |
15,380,013,190 |
|
1. Short-term prepaid expenses |
3,864,546,428 |
2,783,206,095 |
|
2. VAT to be deducted |
348,364,460 |
3,198,173,600 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
3,885,291,659 |
9,398,633,495 |
|
B. LONG-TERM
ASSETS |
101,317,822,188 |
97,042,439,596 |
|
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
|
50,657,504,410 |
49,448,299,323 |
|
1. Tangible assets |
26,355,270,132 |
27,054,203,250 |
|
- Historical costs |
32,697,680,790 |
30,936,505,297 |
|
- Accumulated depreciation |
-6,342,410,658 |
-3,882,302,047 |
|
2. Financial leasehold assets |
12,722,838,909 |
12,772,545,188 |
|
- Historical costs |
13,757,718,603 |
12,879,877,500 |
|
- Accumulated depreciation |
-1,034,879,694 |
-107,332,312 |
|
3. Intangible assets |
2,679,540,089 |
2,795,184,137 |
|
- Initial costs |
3,036,032,534 |
3,036,032,534 |
|
- Accumulated amortization |
-356,492,445 |
-240,848,397 |
|
4. Construction-in-progress |
8,899,855,280 |
6,826,366,748 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
48,999,104,400 |
46,306,152,273 |
|
1. Investments in affiliates |
48,999,104,400 |
46,306,152,273 |
|
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 |
1,661,213,378 |
1,287,988,000 |
|
1. Long-term prepaid expenses |
373,225,378 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
1,287,988,000 |
1,287,988,000 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
299,169,038,786 |
245,034,347,973 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
178,026,154,315 |
144,052,622,082 |
|
I. Current
liabilities |
166,734,515,402 |
129,575,507,446 |
|
1. Short-term debts and loans |
123,837,528,491 |
107,906,336,641 |
|
2. Payable to suppliers |
37,644,017,180 |
15,511,781,818 |
|
3. Advances from customers |
3,401,296,762 |
356,224,053 |
|
4. Taxes and other obligations to the State Budget |
86,016,650 |
0 |
|
5. Payable to employees |
927,168,158 |
0 |
|
6. Accrued expenses |
22,532,450 |
0 |
|
7. Inter-company payable |
815,955,711 |
5,801,164,934 |
|
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 |
|
|
|
II. Long-Term
Liabilities |
11,291,638,913 |
14,477,114,636 |
|
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 |
11,291,584,313 |
14,477,114,636 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
54,600 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
8. Unearned Revenue |
|
|
|
9. Science and technology development fund |
|
|
|
B- OWNER’S
EQUITY |
121,142,884,471 |
100,981,725,891 |
|
I. OWNER’S
EQUITY |
115,776,931,971 |
100,981,725,891 |
|
1. Capital |
32,189,691,928 |
32,189,691,928 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
48,999,104,400 |
46,306,152,273 |
|
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 |
34,588,135,643 |
22,485,881,690 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
|
|
|
II. Other
sources and funds |
5,365,952,500 |
0 |
|
1. Bonus and welfare funds (Elder form) |
5,365,952,500 |
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 |
299,169,038,786 |
245,034,347,973 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
510,827,461,142 |
307,244,957,695 |
|
2. Deduction item |
10,498,934,525 |
0 |
|
3. Net revenue |
500,328,526,617 |
307,244,957,695 |
|
4. Costs of goods sold |
444,554,778,178 |
266,939,907,285 |
|
5. Gross profit |
55,773,748,439 |
40,305,050,410 |
|
6. Financial income |
131,298,226 |
247,649,799 |
|
7. Financial expenses |
28,837,591,399 |
8,735,362,215 |
|
- In which: Loan interest expenses |
23,645,671,772 |
8,145,281,590 |
|
8. Selling expenses |
5,913,871,080 |
4,827,655,686 |
|
9. Administrative overheads |
11,425,610,248 |
4,880,213,334 |
|
10. Net operating profit |
9,727,973,938 |
22,109,468,974 |
|
11. Other income |
6,274,377,393 |
470,605,103 |
|
12. Other expenses |
3,900,097,378 |
94,192,387 |
|
13. Other profit /(loss) |
2,374,280,015 |
376,412,716 |
|
14. Total accounting profit before tax |
12,102,253,953 |
22,485,881,690 |
|
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 |
12,102,253,953 |
22,485,881,690 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.19 |
1.14 |
1.21 |
|
Quick liquidity ratio |
0.32 |
0.26 |
0.41 |
|
Inventory circle |
3.43 |
2.34 |
4.09 |
|
Average receive period |
28.37 |
9.21 |
35.22 |
|
Utilizing asset performance |
1.67 |
1.25 |
1.99 |
|
Liability by total assets |
59.51 |
58.79 |
64.75 |
|
Liability by owner's equity |
146.96 |
142.65 |
199.02 |
|
Ebit / Total assets (ROA) |
11.95 |
12.50 |
12.59 |
|
Ebit / Owner's equity (ROE) |
29.51 |
30.33 |
36.14 |
|
Ebit / Total revenue (NPM) |
7.00 |
9.97 |
6.48 |
|
Gross profit / Total revenue (GPM) |
10.92 |
13.12 |
12.11 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Good |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT, L/C |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Good |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
The subject was founded in 2004 as a Limited
Liability Company in Hung Yen Province with the initial name: Austfeed
Vietnam Company Limited. The company was changed its legal form to Joint Stock
Company on 27 Jun 2012. Its name also changed to Austfeed Viet Nam
Corporation. The company currently is operating under the business
registration No. 0900235251 issued by Hung Yen Department of Planning and
Investment. It has chartered capital of VND 80 billion that is contributed by
three individuals. The company specializes in manufacturing and
trading animal feed. 100% its products are consumed in domestic market,
including kinds of feed for pig, chicken, duck, swan and birds. Its head
office and factory are located at Bo Thoi Town, Hong Tien Commune, Khoai Chau
District, Hung Yen Province. It was started construction in January 2006 and
completed in October 2006. The subject officially commenced production in
November 2006. The management capacity of the subject is considered good. It
has applied ISO 9001:2000 for the quality management system. Besides, the
subject also applies production standard of AOAC, AS and TCVN for animal feed
production. The
company’s financial situation is considered average. The subject is a medium
size company in the industry with the total assets in 2011 of VND 299.2
billion VND. Current assets took higher parts in the company’s asset
structure, especially inventories and account receivable. Inventories in 2011
were VND 144.9 billion; took 73% in the company’s current assets and 48.4% in
the company’s total assets. Account receivable in 2011 was VND 38.9 billion;
took 19.7% in the company’s current assets and 13% in the company’s total
assets. According to the financial ratio table, the company’s operational
ratio is considered average compared to average industry. With regard to profitability, total sales of the
subject have been continuously improved year by year. The company’s total
sales in 2011 were VND 510.8 billion; increased 66.3% compared to 2010 – a
remarkably growth rate. However, gross of profit only went up with the growth
rate of 38.5%, lower than the growth rate of total sales. The reason is the
quick increase of costs of goods sold in 2011. It made the company’s Gross
Profit Margin went down from VND 13.12% in 2010 to 10.92% in 2011. The subject made a profit after tax of VND
12.1 billion in 2011; dropped sharply compared to 2010 (profit after tax in
2010 was VND 22.5 billion). It is due to the high financial expenses and
administrative overheads in 2011. Financial expenses in 2011 were VND 28.8
billion; more than 3 times higher than 2010. Administrative overheads in 2011
were more than 2 times higher than 2010. It made the company’s profitability
ratios in 2011 were not as good as 2010. Generally, the premises and facilities of the
subject are above average. No caution needed for the small business
transactions. |
------------ 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.54.05 |
|
|
1 |
Rs.83.45 |
|
Euro |
1 |
Rs.72.53 |
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.