|
Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
HUE TEXTILE GARMENT JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 122 Duong Thieu Tuoc - Thuy Duong Commune - Huong Thuy Town, Thua Thien-Hue Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
1988 |
|
|
|
|
Com. Reg. No.: |
3300100628 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
subject is specialized in Production and trading in garment & textile products, mainly jacket, sport (polo), shirt |
|
|
|
|
No. of Employees : |
3,300 |
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
|
||
|
English Name |
|
HUE TEXTILE GARMENT JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN DET - MAY HUE |
|
Short name |
|
HUEGATEX |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1988 |
|
Establishment Decision |
|
31/QD –TCCB |
|
Date of Issuance |
|
06 Jan 2004 |
|
Place of Issuance |
|
Ministry of Industry |
|
Business Registration No. |
|
3300100628 |
|
Date of Registration |
|
21 May 2012 |
|
Place of Registration |
|
Thua Thien Hue Planning and Investment
Department |
|
Chartered capital |
|
VND 49,995,570,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
3300100628 |
|
Total Employees |
|
3,300 |
|
Size |
|
Large |
|
Note: The correct name of
the subject is as above. |
||
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
VND 30,000,000,000 Changed to: VND 49,995,570,000 |
21
May 2012 |
|
2 |
Subject has got former Business
Registration No: 3103000140 Changed to: 3300100628 |
21
May 2012 |
|
3 |
Subject has got former Business Registration
No: 100490 (issued on February 26th 1994) Changed to: No. 3103000140 |
17
Nov 2005 |
|
4 |
Subject has got former chartered capital:
45,439,000,000 VND Changed to: 30,000,000,000 VND |
17
Nov 2005 |
|
5 |
Subject has got former Registered English
Name: HUE TEXTILE GARMENT COMPANY Changed to: HUE TEXTILE GARMENT JOINT
STOCK COMPANY |
06
Jan 2004 |
|
6 |
Subject has got former Registered Vietnamese
Name: CONG TY DET MAY HUE Changed to: CONG TY CO PHAN DET MAY HUE |
06
Jan 2004 |
|
7 |
Subject has got former Trade Name: HUTEXCO
Changed to: HUEGATEX |
06
Jan 2004 |
|
8 |
Subject has got former Type of Business: State
Owned Company Changed to: Joint Stock Company |
06
Jan 2004 |
|
9 |
Subject has got former Establishment
Decision No: 140/QD-TCLD (issued on February 19th 1994) Changed to: No. 31/QD
–TCCB |
06
Jan 2004 |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 122 Duong Thieu Tuoc - Thuy Duong
Commune - Huong Thuy Town, Thua Thien-Hue Province, Vietnam |
|
Telephone |
|
(84-54)
3864337/3864335/3822011/3864336/3864358 |
|
Fax |
|
(84-54) 3864338 |
|
Email |
|
|
|
Website |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN BA QUANG |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
07 Jun 1960 |
|
ID Number/Passport |
|
191299921 |
|
ID Issue Date |
|
11 Nov 1991 |
|
ID Issue Place |
|
Thua Thien Hue Police
Station |
|
Resident |
|
No 85/1, Nguyen Hue
Street, Phu Nhuan Ward, Hue City, Thua Thien-Hue Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
HO NGOC LAN |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
1963 |
|
Resident |
|
No77, Ngo The Lan
Str, Hue City, Thua Thien-Hue Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
TRAN HUU PHONG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Mr.
HO VAN DIEN |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
5.
NAME |
|
Mr.
DOAN TU |
|
Position |
|
Chief Accountant |
|
Date of Birth |
|
1957 |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject is specialized in the following
business lines: |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
Germany, Japan, China, Europe, Taiwan, Switzerland, Italy, Taiwan,
Hong Kong… |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Fiber products (about 50%) and garment products (about 80%) |
|
·
Market |
|
United State, Egypt, Malaysia, Singapore, Japan, Europe, Taiwan,
Korea… |
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM HUE BRANCH |
||
|
Address |
|
No 78 Hung Vuong, , Thua Thien-Hue Province, Vietnam |
|
Telephone |
|
(84-54) 3828990 / 3811145 |
|
Fax |
|
(84-54) 3824631 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE THUA THIEN HUE
BRANCH |
||
|
Address |
|
No.02 Le Quy Don, Hue City, Thua Thien-Hue Province, Vietnam |
|
Telephone |
|
(84-54) 3825102 |
|
|
||
|
3.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT NORTH SONG HUONG BRANCH |
||
|
Address |
|
No.139 Tran Hung Dao Street, Hue City, Thua Thien-Hue Province,
Vietnam |
|
Telephone |
|
(84-54) 3513 091 |
|
Fax |
|
(84-54) 3513 092 |
|
|
||
|
4.
MILITARY COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No. 3 Hung Vuong str, Hue City, Thua Thien-Hue Province, Vietnam |
|
Telephone |
|
(84-54) 3250 999 |
|
Fax |
|
(84-54) 3250 369 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
THE
VIETNAM NATIONAL TEXTILE AND GARMENT GROUP(VINATEX) |
|
Address |
|
No 25, Ba Trieu Street , Hoan Kiem District,
Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 8257700 |
|
Fax |
|
(84-4) 8262269 |
|
Email |
|
vinatexhn@vinatex.com.vn |
|
Website |
|
www.vinatex.com |
|
Percentage |
|
65.54% |
|
|
||
|
2.
NAME |
|
TUONG
LONG COMPANY LIMITED |
|
Business Registration |
|
0303166702 |
|
Tax code |
|
0303166702 |
|
Address |
|
No. 70 Road A - ADC Phu Thanh Villa Area , Tan
Binh District, Ho Chi Minh City, Vietnam |
|
Percentage |
|
9.61% |
|
|
||
|
3.
NAME |
|
BAO
LONG TRADING COMPANY LIMITED |
|
Business Registration |
|
0102025064 |
|
Date of Registration |
|
03 Mar 2006 |
|
Place of Registration |
|
Hanoi Department of Planning and Investment |
|
Registered Capital |
|
VND 1,500,000,000 |
|
Tax code |
|
0101895981 |
|
Address |
|
No 41 - Vu Ngoc Phan Str Lang Ha Ward, Dong
Da District, Ha Noi City, Vietnam |
|
Tel |
|
(84 - 4) 38359317 |
|
Fax |
|
(84 - 4) 37762012 |
|
Percentage |
|
2.33% |
|
|
||
|
4.
NAME |
|
THANH
CONG TEXTILE GARMENT INVESTMENT TRADING JOINT STOCK COMPANY |
|
Business Registration |
|
0301446221 |
|
Date of Registration |
|
02 Oct 2009 |
|
Place of Registration |
|
Business Registration Office- Planning and Investment Department of
Hochiminh city |
|
Registered Capital |
|
VND 447,374,860,000 |
|
Tax code |
|
0301446221 |
|
Address |
|
36 Tay Thanh Street Tay Thanh Ward, Tan Phu
District, Ho Chi Minh City, Vietnam |
|
Tel |
|
(84-8) 3815 3962 - 3815 3968 |
|
Fax |
|
(84-8) 3815 2757 - 3815 4008 |
|
Email |
|
tcm@thanhcong.net |
|
Website |
|
www.thanhcong.com.vn |
|
Percentage |
|
1% |
|
|
||
|
5.
NAME |
|
Mr.
NGUYEN BA QUANG |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
07 Jun 1960 |
|
ID Number/Passport |
|
191299921 |
|
Issued on |
|
11 Nov 1991 |
|
Issued Place |
|
Thua Thien Hue Police Station |
|
Resident |
|
No 85/1, Nguyen Hue Street, Phu Nhuan Ward,
Hue City, Thua Thien-Hue Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Percentage |
|
3.2% |
|
|
||
|
6.
NAME |
|
Mr.
TRAN HUU PHONG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Percentage |
|
2.06% |
|
|
||
|
7.
NAME |
|
OTHER
SHAREHOLDERS |
|
Percentage |
|
16.26% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: Million VND
|
|||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
52 |
ASSETS
|
|||
|
A – CURRENT
ASSETS |
219,286 |
233,892 |
156,883 |
|
I. Cash and cash
equivalents |
8,383 |
7,749 |
7,427 |
|
1. Cash |
8,383 |
7,749 |
7,427 |
|
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 |
111,773 |
105,918 |
89,298 |
|
1. Receivable from customers |
110,607 |
106,216 |
92,083 |
|
2. Prepayments to suppliers |
2,749 |
1,198 |
870 |
|
3. Inter-company receivable |
0 |
0 |
|
|
4. Receivable according to the progress of construction |
0 |
0 |
|
|
5. Other receivable |
2,153 |
1,995 |
1,834 |
|
6. Provisions for bad debts |
-3,736 |
-3,491 |
-5,489 |
|
IV. Inventories |
93,693 |
117,089 |
58,177 |
|
1. Inventories |
95,896 |
117,089 |
58,177 |
|
2. Provisions for devaluation of inventories |
-2,203 |
0 |
|
|
V. Other Current
Assets |
5,437 |
3,136 |
1,981 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
|
2. VAT to be deducted |
5,186 |
2,835 |
1,704 |
|
3. Taxes and other accounts receivable from the State |
1 |
0 |
|
|
4. Other current assets |
250 |
301 |
277 |
|
B. LONG-TERM
ASSETS |
121,414 |
135,815 |
131,102 |
|
I. Long term
accounts receivable |
286 |
375 |
414 |
|
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 |
286 |
375 |
|
|
5. Provisions for bad debts from customers |
0 |
0 |
|
|
II. Fixed assets
|
111,009 |
126,777 |
125,771 |
|
1. Tangible assets |
107,085 |
123,867 |
122,468 |
|
- Historical costs |
395,266 |
367,325 |
338,355 |
|
- Accumulated depreciation |
-288,181 |
-243,458 |
-215,887 |
|
2. Financial leasehold assets |
0 |
0 |
430 |
|
- Historical costs |
0 |
2,916 |
2,916 |
|
- Accumulated depreciation |
0 |
-2,916 |
-2,486 |
|
3. Intangible assets |
324 |
153 |
249 |
|
- Initial costs |
691 |
379 |
379 |
|
- Accumulated amortization |
-367 |
-226 |
-131 |
|
4. Construction-in-progress |
3,600 |
2,757 |
2,624 |
|
III. Investment
property |
0 |
0 |
|
|
Historical costs |
0 |
0 |
|
|
Accumulated depreciation |
0 |
0 |
|
|
IV. Long-term
investments |
7,653 |
6,653 |
4,383 |
|
1. Investments in affiliates |
0 |
0 |
|
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
|
3. Other long-term investments |
7,653 |
6,653 |
4,383 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
|
V. Other
long-term assets |
2,466 |
2,010 |
533 |
|
1. Long-term prepaid expenses |
2,466 |
2,010 |
533 |
|
2. Deferred income tax assets |
0 |
0 |
|
|
3. Other long-term assets |
0 |
0 |
|
|
VI. Goodwill |
|
|
|
|
1. Goodwill |
|
|
|
|
TOTAL ASSETS |
340,700 |
369,707 |
287,984 |
|
|
|||
LIABILITIES
|
|||
|
A- LIABILITIES |
276,114 |
318,745 |
254,621 |
|
I. Current
liabilities |
223,672 |
258,042 |
201,954 |
|
1. Short-term debts and loans |
156,781 |
162,925 |
142,611 |
|
2. Payable to suppliers |
31,458 |
39,863 |
34,614 |
|
3. Advances from customers |
1,465 |
921 |
1,053 |
|
4. Taxes and other obligations to the State Budget |
103 |
3,305 |
493 |
|
5. Payable to employees |
20,616 |
33,479 |
8,323 |
|
6. Accrued expenses |
983 |
4,212 |
2,223 |
|
7. Inter-company payable |
0 |
0 |
|
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
|
9. Other payable |
12,266 |
13,337 |
3,442 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
9,195 |
|
11. Bonus and welfare funds |
|
|
|
|
II. Long-Term
Liabilities |
52,442 |
60,703 |
52,667 |
|
1. Long-term accounts payable to suppliers |
0 |
344 |
|
|
2. Long-term inter-company payable |
0 |
0 |
|
|
3. Other long-term payable |
275 |
0 |
414 |
|
4. Long-term debts and loans |
50,755 |
59,544 |
52,252 |
|
5. Deferred income tax payable |
0 |
0 |
|
|
6. Provisions for unemployment allowances |
1,412 |
815 |
|
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
|
8. Unearned Revenue |
|
|
|
|
9. Science and technology development fund |
|
|
|
|
B- OWNER’S
EQUITY |
64,586 |
50,962 |
33,364 |
|
I. OWNER’S
EQUITY |
63,723 |
50,516 |
33,146 |
|
1. Capital |
30,000 |
30,000 |
30,000 |
|
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 |
9 |
-1,089 |
-713 |
|
7. Business promotion fund |
9,774 |
6,659 |
|
|
8. Financial reserved fund |
3,431 |
482 |
329 |
|
9. Other funds |
0 |
0 |
|
|
10. Retained earnings |
20,509 |
14,464 |
3,530 |
|
11. Construction investment fund |
0 |
0 |
|
|
12. Business arrangement supporting fund |
|
|
|
|
II. Other
sources and funds |
863 |
446 |
218 |
|
1. Bonus and welfare funds (Elder form) |
863 |
446 |
218 |
|
2. Sources of expenditure |
0 |
0 |
|
|
3. Fund to form fixed assets |
0 |
0 |
|
|
MINORITY’S
INTEREST |
|
|
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
340,700 |
369,707 |
287,984 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
1,015,087 |
787,838 |
555,107 |
|
2. Deduction item |
0 |
0 |
0 |
|
3. Net revenue |
1,015,087 |
787,838 |
555,107 |
|
4. Costs of goods sold |
918,218 |
700,150 |
494,260 |
|
5. Gross profit |
96,869 |
87,688 |
60,847 |
|
6. Financial income |
9,426 |
5,545 |
4,306 |
|
7. Financial expenses |
33,303 |
24,369 |
16,630 |
|
- In which: Loan interest expenses |
31,166 |
22,415 |
12,284 |
|
8. Selling expenses |
27,200 |
29,517 |
17,076 |
|
9. Administrative overheads |
25,153 |
17,135 |
30,580 |
|
10. Net operating profit |
20,639 |
22,212 |
866 |
|
11. Other income |
315 |
1,171 |
3,242 |
|
12. Other expenses |
873 |
172 |
107 |
|
13. Other profit /(loss) |
-558 |
999 |
3,134 |
|
14. Total accounting profit before tax |
20,081 |
23,211 |
4,000 |
|
15. Current corporate income tax |
3,173 |
3,546 |
471 |
|
16. Deferred corporate income tax |
0 |
0 |
|
|
17. Interest from subsidiaries/related companies |
|
|
|
|
18. Profit after tax |
16,908 |
19,665 |
3,530 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
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|
|
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|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
0.98 |
0.91 |
0.78 |
1.13 |
|
Quick liquidity ratio |
0.56 |
0.45 |
0.49 |
0.62 |
|
Inventory circle |
8.71 |
5.98 |
8.50 |
5.92 |
|
Average receive period |
40.19 |
49.07 |
58.72 |
55.47 |
|
Utilizing asset performance |
2.98 |
2.13 |
1.93 |
1.39 |
|
Liability by total assets |
81.04 |
86.22 |
88.41 |
70.41 |
|
Liability by owner's equity |
427.51 |
625.46 |
763.17 |
301.78 |
|
Ebit / Total assets (ROA) |
15.04 |
12.34 |
5.65 |
9.72 |
|
Ebit / Owner's equity (ROE) |
79.35 |
89.53 |
48.81 |
34.85 |
|
Ebit / Total revenue (NPM) |
5.05 |
5.79 |
2.93 |
7.85 |
|
Gross profit / Total revenue (GPM) |
9.54 |
11.13 |
10.96 |
16.74 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
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PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
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|
|
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|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Well-known |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
Formerly, the subject was founded
in 1988 as a State enterprise. Its precursor was HUE TEXTILE GARMENT COMPANY
which was a member of Vietnam National Textile Garment Corporation.. In 2004,
it had equitization decision and changed its former name into HUE TEXTILE
GARMENT JOINT STOCK COMPANY. At the end of the year 2005, the company began
running as joint stock company according to the Business code No. 3103000140.
Currently, the subject is operating under the business registration number
and tax code number as 3300100628. It is ranked as a large scale
company with the current registered capital of VND 49,995,570,000 and total
employees is about 3300 persons. The company is specialized in manufacture
and trading textile, fibre and garment products. Its address is located at
No. 122 Duong Thieu Tuoc - Thuy Duong Commune – Huong Thuy Town – Thua Thien
Hue Province. At this address, the subject has a electrical - mechanical
enterprise and three factories, including: - The Spinning mill: Equipped
assembly with four of spinning lines having technological machinery of
Germany, Switzerland, Japan. The Mill has a total of more than 58,000
spinning spindles; its annual capacity is 9,000 MT of various yarns as combed
and carded cotton yarn, polyester, blended yarn having yarn counts from Ne 16
to Ne 60. - The Knitting - Dyeing mill:
Equipped assembly with technological equipments of knitting, dyeing,
finishing made in Germany, Japan, Italia, Switzerland, Taiwan. Its annual
capacity is 2,500 MT. - The Garment factory: has 26
sewing lines which have equipped with the modern sewing machines made in
Japan, Taiwan and its main products are T-shirt, Polo-Shirt, Jacket,
Short-Pant and other garments made of knitting and weaving fabric. Its annual
capacity is 6 million products. The subject is applying the quality control
system of ISO 9001 – 2008. Its products have currently been exported to The
United States of American (USA), Japan, EU, Taiwan, Korea and sold around
domestic. In terms of financial position,
operating result of the subject in 2011 was improved fairly well in
comparison with 2010. Because of increase in revenues, its total assets
turnover went up to 2.98 and was higher the industry. The retained earnings
were good. The profitability ratio was higher compared with the average
industry, especially ROA ratio. However, liquidity ratios were normal; its
current liquidity was below 1. Liability over total assets and liability over
total equity ratio was high thus its capital structure was risky. Overall, the subject is a large company
has long time of operation. Its developing prospect seems bright. It is
reliable for normal financial obligations. |
------------ APPENDIX ----------
INDUSTRY DATA
|
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|
|
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|
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 |
|
|
|
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ECONOMIC INDICATORS
|
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|
|
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|
|
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 |
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|
|
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SERVICE TRADE PERFORMANCE
|
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|
|
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|
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.