|
Report Date : |
12.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
HONG AN CO., LTD |
|
|
|
|
Registered Office : |
No.40 Trinh Hoai Duc Street, Ward 13, District 5, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Incorporation : |
2002 |
|
|
|
|
Com. Reg. No.: |
0302531455 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
The subject specialized in trading cloths and fiber |
|
|
|
|
No. of Employees : |
10 |
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 |
|
HONG AN CO., LTD |
|
Registration Vietnamese Name
|
|
CONG TY TNHH HONG AN |
|
Registration short name |
|
H.A CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2002 |
|
Business Registration No. |
|
0302531455 |
|
Date of 13th adjustment |
|
08 Feb 2011 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of Ho Chi Minh City |
|
Chartered capital |
|
VND 2,500,000,000 |
|
Tax code |
|
0302531455 |
|
Total Employees |
|
10 |
Historical Identification & Legal form
|
List |
Changed Items |
||
|
1 |
Subject has got former Business
Registration No: 4102008380 issued on 1st Feb 2002 Changed to: 0302531455 |
||
|
|
|||
ADDRESSES
|
|||
|
|
|||
|
Head Office |
|||
|
Address |
|
No.40 Trinh Hoai Duc Street, Ward 13,
District 5, Ho Chi Minh City, Vietnam |
|
|
Telephone |
|
(84-8) 38592850 |
|
|
Fax |
|
(84-8) 39509487 |
|
|
Note: The given tel
numbers “84-8-7518798- 8756409” are of KIM VU FABRICS & FASHION CO.,LTD |
|||
|
|
|||
|
Branch in Ho Chi
Minh |
|||
|
Address |
|
1392 Vo Van Kiet Street, Ward 1, District
6, Ho Chi Minh City, Vietnam |
|
|
|
|||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LUONG TRUNG HUNG |
|
Position |
|
Director |
|
Date of Birth |
|
13 Jan 1959 |
|
ID Number/Passport |
|
022237964 |
|
ID Issue Date |
|
19 Aug 1992 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh City |
|
Resident |
|
342/52 Tan Phuoc
Street, Ward 7, District 10, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
PHAM THI LOAN |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject specialized in trading cloths and
fiber |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Cloths, fiber |
|
·
Market |
|
India, Thailand, Korea, China |
|
·
Mode of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
N/A |
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM BINH TAY BRANCH |
||
|
Address |
|
No.129-129A Hau Giang, ward 5, District 6, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 39600478 |
|
Fax |
|
(84-8) 39606217 |
|
|
||
|
2.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK CHO LON BRANCH |
||
|
Address |
|
No.485-487-489, Nguyen Chi Thanh str, ward 15, District 5, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 39555280 |
|
Fax |
|
(84-8) 39555947 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LUONG TRUNG HUNG |
|
Position |
|
Director |
|
Date of Birth |
|
13 Jan 1959 |
|
ID Number/Passport |
|
022237964 |
|
Issued on |
|
19 Aug 1992 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
342/52 Tan Phuoc Street, Ward 7, District
10, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 200,000,000 |
|
Percentage |
|
8% |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI MAI HUONG |
|
ID Number/Passport |
|
024044454 |
|
Resident |
|
No. 128 Xo Viet Nghe Tinh Street, Ward 21,
Binh Thanh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 200,000,000 |
|
Percentage |
|
8% |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI UT |
|
ID Number/Passport |
|
021957165 |
|
Resident |
|
No.74 Road 28, Ward 10, District 6, Ho Chi
Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 200,000,000 |
|
Percentage |
|
8% |
|
|
||
|
4.
NAME |
|
Ms.
PHAM THI THU |
|
ID Number/Passport |
|
023380991 |
|
Resident |
|
No.128 Xo Viet Nghe Tinh Str, Ward 21,
Binh Thanh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,500,000,000 |
|
Percentage |
|
60% |
|
|
||
|
5.
NAME |
|
Mr.
NGUYEN VAN UT |
|
ID Number/Passport |
|
022547812 |
|
Resident |
|
No.66, Road 02, Lu Gia Apartment, Ward 11,
District 11, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 400,000,000 |
|
Percentage |
|
16% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
22,215,000,000 |
18,016,887,443 |
|
I. Cash and cash
equivalents |
1,086,000,000 |
1,001,955,124 |
|
1. Cash |
1,086,000,000 |
1,001,955,124 |
|
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 |
1,084,000,000 |
2,159,291,913 |
|
1. Receivable from customers |
512,000,000 |
2,108,291,913 |
|
2. Prepayments to suppliers |
0 |
0 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
572,000,000 |
51,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
16,622,000,000 |
13,329,378,926 |
|
1. Inventories |
16,622,000,000 |
13,329,378,926 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
3,423,000,000 |
1,526,261,480 |
|
1. Short-term prepaid expenses |
2,050,000,000 |
588,586,386 |
|
2. VAT to be deducted |
1,238,000,000 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
802,670,584 |
|
4. Other current assets |
135,000,000 |
135,004,510 |
|
B. LONG-TERM
ASSETS |
0 |
0 |
|
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
|
0 |
0 |
|
1. Tangible assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
|
- Initial costs |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
|
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 |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
22,215,000,000 |
18,016,887,443 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
18,504,000,000 |
14,762,780,135 |
|
I. Current
liabilities |
14,504,000,000 |
12,363,280,135 |
|
1. Short-term debts and loans |
6,343,000,000 |
8,214,000,000 |
|
2. Payable to suppliers |
6,991,000,000 |
3,690,035,310 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
1,170,000,000 |
459,244,825 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
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 |
4,000,000,000 |
2,399,500,000 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
2,399,500,000 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
4,000,000,000 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
8. Unearned Revenue |
|
|
|
9. Science and technology development fund |
|
|
|
B- OWNER’S EQUITY
|
3,711,000,000 |
3,254,107,308 |
|
I. OWNER’S
EQUITY |
3,711,000,000 |
3,254,107,308 |
|
1. Capital |
2,000,000,000 |
2,000,000,000 |
|
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 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
1,711,000,000 |
1,254,107,308 |
|
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 |
22,215,000,000 |
18,016,887,443 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
51,282,000,000 |
40,271,187,238 |
|
2. Deduction item |
0 |
0 |
|
3. Net revenue |
51,282,000,000 |
40,271,187,238 |
|
4. Costs of goods sold |
48,772,000,000 |
38,301,471,404 |
|
5. Gross profit |
2,510,000,000 |
1,969,715,834 |
|
6. Financial income |
3,000,000 |
5,833,588 |
|
7. Financial expenses |
978,000,000 |
718,904,615 |
|
- In which: Loan interest expenses |
978,000,000 |
718,904,615 |
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
550,000,000 |
529,750,505 |
|
10. Net operating profit |
985,000,000 |
726,894,302 |
|
11. Other income |
0 |
0 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
0 |
0 |
|
14. Total accounting profit before tax |
985,000,000 |
726,894,302 |
|
15. Current corporate income tax |
246,000,000 |
127,206,503 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
739,000,000 |
599,687,799 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.53 |
1.46 |
1.13 |
|
Quick liquidity ratio |
0.39 |
0.38 |
0.62 |
|
Inventory circle |
3.26 |
2.87 |
5.92 |
|
Average receive period |
7.72 |
19.57 |
55.47 |
|
Utilizing asset performance |
2.31 |
2.24 |
1.39 |
|
Liability by total assets |
83.30 |
81.94 |
70.41 |
|
Liability by owner's equity |
498.63 |
453.67 |
301.78 |
|
Ebit / Total assets (ROA) |
8.84 |
8.02 |
9.72 |
|
Ebit / Owner's equity (ROE) |
52.90 |
44.43 |
34.85 |
|
Ebit / Total revenue (NPM) |
3.83 |
3.59 |
7.85 |
|
Gross profit / Total revenue (GPM) |
4.89 |
4.89 |
16.74 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank (L/C,T/T) |
|
Sale Methods |
|
Retailer and Wholesaler |
|
|
INTERPRETATION ON THE SCORES
|
||||
|
|
||||
|
HONG AN CO., LTD was established in 2002 under business registration
No.
4102008380. Now, it has operated
under business registration No. 0302531455 and chartered capital VND
2.5 billion. Its head office is at No.40
Trinh Hoai Duc Street, Ward 13, District 5, Ho Chi Minh City, Vietnam. The subject specialized in trading cloths and fiber. It mainly imports
from India, Thailand, Korea and China then distributing in the domestic
market. Besides, it also trades products of local suppliers. Main operation
market of subject is in Ho Chi Minh City. Director of subject - Mr. LUONG TRUNG HUNG has experienced in this field for long time and created good relation
with traditional partners. At the present, its business activities are fairly
busy. In general, the subject has capacity to meet small and normal financial
commitments. |
||||
|
Following is import export tax payable of the subject in the latest 30
days: |
||||
|
Customs code |
Registration
Date |
Import tax
payable (unit: VND) |
Export tax
payable (unit: VND) |
VAT payable
(unit: VND) |
|
C02L |
17/12/2012 |
71,388,845 |
0 |
66,629,588 |
|
C02L |
17/12/2012 |
31,795,067 |
0 |
29,660,122 |
|
C02L |
17/12/2012 |
77,198,145 |
0 |
72,051,602 |
|
C02L |
21/12/2012 |
44,409,628 |
0 |
41,448,986 |
|
C02L |
24/12/2012 |
70,009,948 |
0 |
65,342,618 |
|
C02L |
25/12/2012 |
100,291,679 |
0 |
93,605,567 |
|
C02L |
03/01/2013 |
29,244,543 |
0 |
61,413,540 |
|
C02L |
04/01/2013 |
43,060,599 |
0 |
40,171,147 |
|
C02L |
04/01/2013 |
70,873,727 |
0 |
66,148,812 |
------------ 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.54.54 |
|
|
1 |
Rs.88.05 |
|
Euro |
1 |
Rs.72.29 |
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.