MIRA INFORM REPORT

Report Date :

25.01.2013

IDENTIFICATION DETAILS

Name :	HANOI INDUSTRIAL TEXTILE JOINT STOCK COMPANY
Registered Office :	No 93 Linh Nam Str, Mai Dong ward, Hai Ba Trung District, Ha Noi City
Country :	Vietnam
Financials (as on) :	31.12.2011
Date of Incorporation :	1967
Com. Reg. No.:	0100100985
Legal Form :	Joint stock company
Line of Business :	Manufacturing materials for sewing sector.
No. of Employees :	210

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit limit:	USD 1,000,000
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 30^th, 2012

Country Name	Previous Rating (31.03.2012)	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	HANOI INDUSTRIAL TEXTILE JOINT STOCK COMPANY
Registered Vietnamese Name	CONG TY CO PHAN DET CONG NGHIEP HA NOI
Registered short name	HAICATEX
Type of Business	Joint stock company
Year Established	1967
Business Registration No.	0100100985
Date of Registration	19 Jan 2012
Place of Registration	Department of Planning and Investment of Ha Noi City
Chartered capital	VND 27,000,000,000
Status	Unlisted
Tax code	0100100985
Total Employees	210
Size	Medium

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 0103013133 Changed to: 0100100985	19 Jan 2012
2	Subject has got former Chartered capital: VND 17 billion Changed to: VND 27 billion	2011
3	Subject has got former Registered Vietnamese Name: CONG TY DET VAI CONG NGHIEP HA NOI Changed to: CONG TY CO PHAN DET CONG NGHIEP HA NOI	14 Jul 2006
4	Subject has got former Registered English Name: HANOI INDUSTRIAL CANVAS TEXTILE COMPANY Changed to: HANOI INDUSTRIAL TEXTILE JOINT STOCK COMPANY	14 Jul 2006
5	Subject has got former Business Registration No: 0106000201, granted on 06 April 1993 Changed to: 0103013133	14 Jul 2006
6	Subject has got former Type of Business: State Owned Enterprise Changed to: Joint Stock Company	14 Jul 2006

ADDRESSES

Head Office
Address	No 93 Linh Nam Str, Mai Dong ward, Hai Ba Trung District, Ha Noi City, Vietnam
Telephone	(84-4)38624945/38624621
Fax	(84-4)38622601
Email	haicatex@hn.vnn.vn
Website	http://haicatex.com.vn

SUBSIDIARIES AND RELATED COMPANIES

1. HANOI INDUSTRIAL GARMENT JOINT STOCK COMPANY
Business Registration	0103036020
Date of Registration	03 Apr 2009
Place of Registration	Planning and Investment Department of Hanoi City
Tax code	0103673864
Address	No 91-93 , Linh Nam Str, Mai Dong ward, Hoang Mai District, Ha Noi City, Vietnam
Tel	(84-4) 38624796

DIRECTORS

1. NAME	Mr. PHAM HOA BINH
Position	Chairman cum General Director
Date of Birth	14 Jun 1955
ID Number/Passport	B4607115
ID Issue Date	08 Nov 2010
ID Issue Place	Vietnam Immigration Department
Resident	No 4, Ba Huyen Thanh Quan Str, Dien Bien ward,, Ba Dinh District, Ha Noi City, Vietnam
Current resident	B2 Yen Hoa New Urban, Yen Hoa Ward, Cau Giay District, Ha Noi City, Vietnam
Nationality	Vietnamese
2. NAME	Mr. TRAN KIM CUONG
Position	Former Deputy General Director
Resident	Ha Noi City, Vietnam
Nationality	Vietnamese
3. NAME	Mr. TRAN DUC HOANG
Position	Deputy General Director
Nationality	Vietnamese
4. NAME	Mr. NGUYEN DUC SY
Position	Deputy General Director
Nationality	Vietnamese
5. NAME	Ms. DAO THI NGUYET
Position	Chief Accountant
Resident	Ha Noi City, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The main business activities of the subject include:
- Manufacturing materials for sewing sector.
- Trading all kind of tire core and Nonwoven Geotextiles such as: tire fabric strength, local technical fabrics, fashion custom-made
- Trading office, real estate, house for worker, ..

IMPORT & EXPORT ACTIVITIES

IMPORT:
Types of products	Material
Market	Korea, Taiwan, China, India, etc
Ratio	95%
Mode of payment	L/C, T/T
EXPORT:
Market	Australia, Philippines, New Zealand, Malaysia
Ratio	N/A
Mode of payment	L/C, T/T

BANKERS

1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM HA NOI BRANCH
Address	Kinh Do Building, 93 Lo Duc, Hai Ba Trung District, Ha Noi City, Vietnam
Telephone	(84-4) 38254609
2. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE HAI BA TRUNG BRANCH
Address	No 285 Tran Khat Chan Str, Thanh Nhan ward, Hai Ba Trung District, Ha Noi City, Vietnam
Telephone	(84-4)39718251
Fax	(84-4)39718251
SWIFT Code	ICBVVNVX142
3. VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK HA NOI BRANCH
Address	No. 106 Lo Duc Str, Hai Ba Trung District, Ha Noi City, Vietnam
Telephone	(84-4) 39742256
Fax	(84-4) 39742259

SHAREHOLDERS

Following is the list of founding shareholders of the subject:
1. NAME	VIETCAN TECH COMPANY LIMITED
Business Registration	0302050920
Date of Registration	10 Aug 2012
Place of Registration	Planning and Investment Department of Hochiminh city
Representative	Mr. NGUYEN VAN TUAN
Registered Capital	VND 12,000,000,000
Tax code	0302050920
Address	No. 29 Hoang Viet Str, Ward 4, Tan Binh District, Ho Chi Minh City, Vietnam
Tel	(84-8) 3844 2111 – 3811 3693
Fax	(84-8) 3811 9206
Email	vietcantech@hcm.vnn.vn
Note: This company has transferred its shares at the subject.
2. NAME	Mr. NGUYEN TUAN VAN
ID Number/Passport	022267122
Issued on	31 Jul 2001
Issued Place	Police Station of Ho Chi Minh City
Resident	No 197 Bach Dang Str, 15 ward, Binh Thanh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	133,926
Value of shares	VND 1,339,260,000
Percentage	4.96%
3. NAME	Mr. TRAN DANG TUONG
ID Number/Passport	023008410
Issued on	12 Apr 1997
Issued Place	Police Station of Hochiminh City
Resident	No 90/92 BC2 Bau Cat Str, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	395,428
Value of shares	VND 3,954,280,000
Percentage	14.65%
4. NAME	Mr. VU MANH CUONG
ID Number/Passport	010231096
Resident	No 343/17, 331/20 alley Tran Khat Chan Str, Hai Ba Trung District, Ha Noi City, Vietnam
Nationality	Vietnamese
Note: Mr. VU MANH CUONG has transferred his shares at the subject.
5. NAME	STATE SHARES
Number of shares	493,000
Value of shares	VND 4,930,000,000
Percentage	18.26%
Representative persons	Mr. PHAM HOA BINH – General Director Ms. DANG THI ANH DAO

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2011	31/12/2010	31/12/2009
Number of weeks	52	52	52
ASSETS
A – CURRENT ASSETS	118,318,189,896	98,262,548,426	111,608,000,000
I. Cash and cash equivalents	12,182,217,057	5,238,879,632	2,348,000,000
1. Cash	12,182,217,057	-	2,348,000,000
2. Cash equivalents	0	-	0
II. Short-term investments	0	0	5,000,000,000
1. Short-term investments	0	0	5,000,000,000
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	68,567,763,228	65,128,180,701	49,936,000,000
1. Receivable from customers	65,367,820,291	-	46,764,000,000
2. Prepayments to suppliers	446,122,958	-	498,000,000
3. Inter-company receivable	0	-	0
4. Receivable according to the progress of construction	0	-	0
5. Other receivable	3,287,600,383	-	6,346,000,000
6. Provisions for bad debts	-533,780,404	-	-3,672,000,000
IV. Inventories	36,947,450,704	27,691,952,425	53,485,000,000
1. Inventories	40,138,835,129	-	53,485,000,000
2. Provisions for devaluation of inventories	-3,191,384,425	-	0
V. Other Current Assets	620,758,907	203,535,668	839,000,000
1. Short-term prepaid expenses	28,000,000	-	0
2. VAT to be deducted	391,643,809	-	690,000,000
3. Taxes and other accounts receivable from the State	63,783,580	-	51,000,000
4. Other current assets	137,331,518	-	98,000,000
B. LONG-TERM ASSETS	43,089,722,739	57,744,190,482	72,933,000,000
I. Long term accounts receivable	0	1,199,699,638	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	41,939,722,739	56,544,490,844	72,434,000,000
1. Tangible assets	41,917,243,904	54,754,158,763	66,807,000,000
- Historical costs	169,680,714,230	-	161,094,000,000
- Accumulated depreciation	-127,763,470,326	-	-94,287,000,000
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	0	0	23,000,000
- Initial costs	656,820,424	0	657,000,000
- Accumulated amortization	-656,820,424	0	-634,000,000
4. Construction-in-progress	22,478,835	1,790,332,081	5,604,000,000
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	1,150,000,000	0	400,000,000
1. Investments in affiliates	0	0	400,000,000
2. Investments in business concerns and joint ventures	1,150,000,000	0	0
3. Other long-term investments	0	0	0
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	0	0	99,000,000
1. Long-term prepaid expenses	0	0	99,000,000
2. Deferred income tax assets	0	0	0
3. Other long-term assets	0	0	0
VI. Goodwill	0	0
1. Goodwill	0	0
TOTAL ASSETS	161,407,912,635	156,006,738,908	184,541,000,000
LIABILITIES
A- LIABILITIES	128,180,039,895	135,322,702,473	164,742,000,000
I. Current liabilities	116,475,495,238	103,920,612,080	129,679,000,000
1. Short-term debts and loans	98,149,795,007	-	111,896,000,000
2. Payable to suppliers	4,399,378,978	-	3,040,000,000
3. Advances from customers	802,257,595	-	236,000,000
4. Taxes and other obligations to the State Budget	841,122,015	-	472,000,000
5. Payable to employees	3,077,505,773	-	4,187,000,000
6. Accrued expenses	774,235,440	-	202,000,000
7. Inter-company payable	0	-	0
8. Payable according to the progress of construction contracts	0	-	0
9. Other payable	8,431,200,430	-	9,646,000,000
10. Provisions for short-term accounts payable	0	-	0
11. Bonus and welfare funds	0	-
II. Long-Term Liabilities	11,704,544,657	31,402,090,393	35,063,000,000
1. Long-term accounts payable to suppliers	0	-	0
2. Long-term inter-company payable	0	-	0
3. Other long-term payable	952,604,546	-	0
4. Long-term debts and loans	10,488,971,861	-	34,800,000,000
5. Deferred income tax payable	0	-	0
6. Provisions for unemployment allowances	262,968,250	-	0
7. Provisions for long-term accounts payable	0	-	263,000,000
8. Unearned Revenue	0	-	0
9. Science and technology development fund	0	-	0
B- OWNER’S EQUITY	33,227,872,740	20,743,362,522	19,799,000,000
I. OWNER’S EQUITY	31,910,033,800	20,743,362,522	19,222,000,000
1. Capital	27,000,000,000	17,000,000,000	17,000,000,000
2. Share premiums	0	0	0
3. Other sources of capital	0	0	0
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	79,384,047	0	0
7. Business promotion fund	3,114,359,927	-	902,000,000
8. Financial reserved fund	1,466,184,119	-	762,000,000
9. Other funds	0	-	207,000,000
10. Retained earnings	250,105,707	173,855,826	351,000,000
11. Construction investment fund	0	0	0
12. Business arrangement supporting fund	0	0
II. Other sources and funds	1,317,838,940	0	577,000,000
1. Bonus and welfare funds (Elder form)	1,317,838,940	0	577,000,000
2. Sources of expenditure	0	0	0
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	161,407,912,635	156,066,064,995	184,541,000,000

PROFIT & LOSS STATEMENT
Description	FY2011	FY2010	FY2009
1. Total Sales	427,083,337,385	361,049,374,212	304,238,000,000
2. Deduction item	0	363,636	0
3. Net revenue	427,083,337,385	361,049,010,576	304,238,000,000
4. Costs of goods sold	371,150,394,586	308,771,604,970	260,172,000,000
5. Gross profit	55,932,942,799	52,277,405,606	44,066,000,000
6. Financial income	528,007,261	1,527,334,139	2,061,000,000
7. Financial expenses	23,887,177,358	20,049,023,095	19,049,000,000
- In which: Loan interest expenses	13,740,804,493		14,649,000,000
8. Selling expenses	12,386,662,090	12,645,537,660	8,574,000,000
9. Administrative overheads	12,160,278,600	14,803,860,474	13,721,000,000
10. Net operating profit	8,026,832,012	6,306,318,516	4,783,000,000
11. Other income	55,218,253	85,263,084	1,092,000,000
12. Other expenses	0	0	1,730,000,000
13. Other profit /(loss)	55,218,253	85,263,084	-638,000,000
14. Total accounting profit before tax	8,082,050,265	6,391,581,600	4,145,000,000
15. Current corporate income tax	1,038,900,837	950,285,652	518,000,000
16. Deferred corporate income tax	0	0	0
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	7,043,149,428	5,441,295,948	3,627,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS

Description	FY2011	FY2010	FY2009	Average Industry
Current liquidity ratio	1.02	0.95	0.86	1.13
Quick liquidity ratio	0.70	0.68	0.45	0.62
Inventory circle	10.05	11.15	4.86	5.92
Average receive period	58.60	65.84	59.91	55.47
Utilizing asset performance	2.65	2.31	1.65	1.39
Liability by total assets	79.41	86.74	89.27	70.41
Liability by owner's equity	385.76	652.37	832.07	301.78
Ebit / Total assets (ROA)	13.52	4.10	10.18	9.72
Ebit / Owner's equity (ROE)	65.68	30.81	94.92	34.85
Ebit / Total revenue (NPM)	5.11	1.77	6.18	7.85
Gross profit / Total revenue (GPM)	13.10	14.48	14.48	16.74
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

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	L/C, T/T
Sale Methods	Distributor
Public opinion	Well-known

CREDIT LIMIT

CREDIT INQUIRY: USD 1,000,000

Caution is needed!

INTERPRETATION ON THE SCORES

The company was originally established in 1967 as State–Owned Unit with initial name of Blankets Textile Factory – a member of Nam Dinh textile Combinate factory. This factory was renamed to Ha Noi Industrial Textile Company in 1994. In 2006, the company was changed its legal form from State-Owned Company to Joint Stock Company and its name also changed to Ha Noi Industrial Textile Joint Stock Company. Currently, the company is operating under the business registration No. 0100100985 with the chartered capital of VND 27 billion. The state still holds 18.26% of its chartered capital.

The company’s head office is located at No. 93, Linh Nam Street, Mai Dong Ward, Hoang Mai District, Ha Noi City. The company focuses on manufacturing and trading tire core and Nonwoven Geotextiles such as: tire fabric strength, local technical fabrics, etc. According to the subject, the company imports 95% of important materials from China, India, Korea, etc. Its products are also exported to Newzealand, Malaysia, Australia but it takes small parts. The main market of the subject still domestic market.

The company is ranked as a medium size company in the industry. Its financial situation is considered above average. Following is the chart showing the company’s total assets, liabilities and total sales from 2007 to 2011:

According to the chart above, the company total assets has down tendency in recent years. The company’s total assets in 2010 were VND 156 billion; decreased VND 38.8 billion compared to 2007. However, the company’s total assets increased slightly agains in 2011; reached VND 161.4 billion. According to the balance sheet, the company’s total assets were mainly financed by liability. Liability by total assets of the subject from 2007 to 2010 always above 75%, higher than average industry. But we can see the down tern of this ratio through years. The subject is reduces its reliance on external financial resources.

Following is the charts showing the company’s liablity by total assets from 2007 to 2011:

Liability by total assets of the subject from 2007 to 2010 always above 75%, higher than average industry. But we can see the down trend of this ratio through years. The subject is reduces its reliance on external financial resources.

About the business result, the company’s total sales increased continuously from 2007 to 2011. The company’s total sales in 2011 were VND 427.1 billion; increased 74% compared to 2007. Profit after tax was VND 7 billion. The profitability of the subject is good. In the interview conducted with Ms. Nguyet – the company’s chief accountant, the company’s total sales in 2012 were about VND 410 billion; went down slightly compared to 2011. However, Ms. Nguyet said the profit after tax in 2012 was about VND 10 billion; increased compared to previous year.

In general, the company is medium size company in the industry. It has capacity to meet small financial commitments.

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.53.85
UK Pound	1	Rs.85.25
Euro	1	Rs.71.72

INFORMATION DETAILS

Report Prepared by :

SDA

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%)

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