|
Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
VIGLACERA HA NOI JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
15th Floor, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishments: |
1998 |
|
|
|
|
Com. Reg. No.: |
0100774247 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
subject is specialized in manufacturing and trading of ceramic tiles |
|
|
|
|
No. of Employees : |
600 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 has been transitioning from the
rigidities of a centrally-planned economy since 1986. Vietnamese authorities have
reaffirmed their commitment to economic modernization in recent years. Vietnam
joined the World Trade Organization in January 2007, which has promoted more
competitive, export-driven industries. Vietnam became an official negotiating
partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's
share of economic output has continued to shrink from about 25% in 2000 to less
than 22% in 2012, while industry's share increased from 36% to nearly 41% in
the same period. State-owned enterprises account for roughly 40% of GDP.
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 hurt Vietnam's export-oriented economy,
with GDP in 2012 growing at 5%, the slowest rate of growth since 1999. In 2012,
however, exports increased by more than 18%, year-on-year; several
administrative actions brought the trade deficit back into balance. Between
2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of
20%, but its value remained stable in 2012. Foreign direct investment inflows
fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in
new development assistance for 2013. Hanoi has oscillated between promoting
growth and emphasizing macroeconomic stability in recent years. In February
2011, the Government shifted policy away from policies aimed at achieving a
high rate of economic growth, which had stoked inflation, to those aimed at
stabilizing the economy, through tighter monetary and fiscal control. Although
Vietnam unveiled a broad, "three pillar" economic reform program in
early 2012, proposing the restructuring of public investment, state-owned
enterprises, and the banking sector, little perceptible progress had been made
by early 2013. Vietnam's economy continues to face challenges from an
undercapitalized banking sector. Non-performing loans weigh heavily on banks
and businesses. In September 2012, the official bad debt ratio climbed to 8.8%,
though some independent analysts believe it could be higher than 15%.
|
Source : CIA |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
VIGLACERA HA NOI JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN VIGLACERA HA NOI |
|
Short name |
|
VIH.,JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1998 |
|
Business Registration No. |
|
0100774247 |
|
Date of Registration |
|
20 Apr 2011 |
|
Place of Registration |
|
Hanoi Department of Planning and
Investment |
|
Chartered capital |
|
VND 28,000,000,000 |
|
Tax code |
|
0100774247 |
|
Total Employees |
|
600 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered
Vietnamese Name: CONG TY GACH OP LAT HA NOI Changed to: CONG TY CO PHAN VIGLACERA HA
NOI |
18
Apr 2008 |
|
|
||
Company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
15th Floor, Viglacera Building, No. 1,
Thang Long Avenue Me Tri Commune, Tu Liem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 35530070/ 35535771/ 38546239/
35530771 |
|
Fax |
|
(84-4) 38542889 |
|
Email |
|
|
|
Website |
|
|
|
Note: The subject is almost moved to Bac Ninh Factory |
||
|
Factory Address |
||
|
Address |
|
Yen Phong Industrial Zone Long Chau
Commune, Yen Phong District, Bac Ninh Province, Vietnam |
|
|
||
|
Branch in Da
Nang |
||
|
Address |
|
No. 480 Trung Nu Vuong - Hoa Thuan Tay
Ward, Hai Chau District, Da Nang City, Vietnam |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 12 Be Van Dan Street - Ward 14, Tan
Binh District, Ho Chi Minh City, Vietnam |
|
|
||
|
Factory Address |
||
|
Address |
|
No. 108 Nguyen Thi Due Street - Thanh Binh
Ward, Hai Duong City, Hai Duong Province, Vietnam |
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
15th Flr - Viglacera Building - No. 1 -
Thang Long Avenue - Me Tri Commune, Tu Liem District, Ha Noi City, Vietnam |
|
|
||
SUBSIDIARIES AND RELATED
COMPANIES
|
||
|
|
||
|
PARENT COMPANY -
VIGLACERA CORPORATION |
||
|
Business Registration |
|
0100108173 |
|
Date of Registration |
|
01 Oct 2010 |
|
Place of Registration |
|
Hanoi Department of Planning and Investment |
|
Chartered capital |
|
VND 624,515,812,107 |
|
Tax code |
|
0100108173 |
|
Address |
|
Flr.16th – 17th Viglacera tower, No.1 Thang Long Avenue-Me Tri Ward,
Tu Liem District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 35536660 |
|
Fax |
|
(84-4) 35536671 |
|
Website |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN VAN SINH |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
011501493 |
|
Resident |
|
No. 10 - Lane 225,
Vong Street, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
LE TIEN DUNG |
|
Position |
|
Director |
|
Date of Birth |
|
31 Jan 1979 |
|
ID Number/Passport |
|
012008970 |
|
ID Issue Date |
|
15 Oct 2007 |
|
ID Issue Place |
|
Ha Noi Public
Security |
|
Resident |
|
Huu Hung Factory
Collective, Dai Mo Commune, Tu Liem District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Note:
There is no one named Minh Loan in board of directors of the subject |
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject is specialized in manufacturing and trading ceramic tiles. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
China |
|
·
Mode of payment |
|
L/C |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Brick |
|
·
Market |
|
Iraq, Pakistan and Thailand |
|
·
Mode of payment |
|
L/C, T/T |
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT MY DINH TRANSACTION |
||
|
Address |
|
Next To My Dinh Market, My Dinh Commune, Tu Liem District, Ha Noi
City, Vietnam |
|
Telephone |
|
(84-4) 37683586 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE BA DINH BRANCH |
||
|
Address |
|
No. 142 Doi Can Str., Ba Dinh District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3843 4922 |
|
Fax |
|
(84-4) 3843 4617 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
VIGLACERA
CORPORATION |
|
Business Registration |
|
0100108173 |
|
Date of Registration |
|
01 Oct 2010 |
|
Place of Registration |
|
Hanoi Department of Planning and Investment |
|
Representative |
|
NGUYEN VAN SINH, LE VAN TOAN, LE MANH QUANG |
|
Registered Capital |
|
VND 624,515,812,107 |
|
Tax code |
|
0100108173 |
|
Address |
|
Flr.16th – 17th Viglacera tower, No.1 Thang Long
Avenue-Me Tri Ward, Tu Liem District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 35536660 |
|
Fax |
|
(84-4) 35536671 |
|
Email |
|
vgc@hn.vnn.vn |
|
Website |
|
www.viglacera.com.vn |
|
Number of shares |
|
1,428,000 |
|
Value of shares |
|
VND 14,280,000,000 |
|
Percentage |
|
51% |
|
|
||
|
2.
NAME |
|
Mr.
LE VAN TOAN |
|
ID Number/Passport |
|
011817659 |
|
Resident |
|
P101A, A11 Nghia Tan Ward, Cau Giay
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
2,300 |
|
Value of shares |
|
VND 23,000,000 |
|
Percentage |
|
0.08% |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN VAN SINH |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
011501493 |
|
Resident |
|
No. 10 - Lane 225 Vong Street, Hai Ba
Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
6,695 |
|
Value of shares |
|
VND 66,950,000 |
|
Percentage |
|
0.24% |
|
|
||
|
4.
NAME |
|
Mr.
LE MANH QUANG |
|
Date of Birth |
|
23 Jan 1962 |
|
ID Number/Passport |
|
010098460 |
|
Issued on |
|
25 Oct 2000 |
|
Issued Place |
|
Hanoi Police Department |
|
Resident |
|
No. 50 Nguy Nhu Kon Tum - Nhan Chinh Ward,
Thanh Xuan District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
1,800 |
|
Value of shares |
|
VND 18,000,000 |
|
Percentage |
|
0.06% |
|
|
||
|
5.
NAME |
|
Mr.
NGUYEN XUAN DONG |
|
ID Number/Passport |
|
112293331 |
|
Resident |
|
Group 35 Dong Anh Town, Dong Anh District,
Ha Noi City, Vietnam |
|
Mobile phone |
|
+84 983640776 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
3,348 |
|
Value of shares |
|
VND 33,480,000 |
|
Percentage |
|
0.12% |
|
|
||
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 |
188,720,000,000 |
150,705,699,226 |
128,968,828,785 |
|
I. Cash and cash
equivalents |
14,795,000,000 |
20,871,153,831 |
15,370,454,575 |
|
1. Cash |
12,295,000,000 |
18,371,153,831 |
14,816,384,575 |
|
2. Cash equivalents |
2,500,000,000 |
2,500,000,000 |
554,070,000 |
|
II. Short-term
investments |
0 |
|
|
|
1. Short-term investments |
0 |
|
|
|
2. Provisions for devaluation of short-term investments |
0 |
|
|
|
III. Accounts
receivable |
77,682,000,000 |
68,680,939,203 |
66,199,957,077 |
|
1. Receivable from customers |
52,270,000,000 |
44,206,328,623 |
43,313,240,001 |
|
2. Prepayments to suppliers |
7,933,000,000 |
6,322,749,499 |
5,437,808,713 |
|
3. Inter-company receivable |
146,000,000 |
63,768,972 |
2,786,690,702 |
|
4. Receivable according to the progress of construction |
0 |
|
|
|
5. Other receivable |
18,178,000,000 |
18,088,092,109 |
14,662,217,661 |
|
6. Provisions for bad debts |
-845,000,000 |
|
|
|
IV. Inventories |
80,090,000,000 |
51,276,717,503 |
42,249,070,105 |
|
1. Inventories |
80,090,000,000 |
51,276,717,503 |
42,249,070,105 |
|
2. Provisions for devaluation of inventories |
0 |
|
|
|
V. Other Current
Assets |
16,153,000,000 |
9,876,888,689 |
5,149,347,028 |
|
1. Short-term prepaid expenses |
143,000,000 |
31,082,500 |
|
|
2. VAT to be deducted |
12,688,000,000 |
8,352,546,964 |
3,485,858,579 |
|
3. Taxes and other accounts receivable from the State |
755,000,000 |
154,734,615 |
139,368,075 |
|
4. Other current assets |
2,567,000,000 |
1,338,524,610 |
1,524,120,374 |
|
B. LONG-TERM
ASSETS |
134,612,000,000 |
140,891,117,442 |
151,121,523,521 |
|
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
|
126,296,000,000 |
136,734,976,318 |
148,196,098,877 |
|
1. Tangible assets |
114,466,000,000 |
122,329,026,685 |
130,405,037,543 |
|
- Historical costs |
354,004,000,000 |
351,657,819,198 |
338,046,432,944 |
|
- Accumulated depreciation |
-239,538,000,000 |
-229,328,792,513 |
-207,641,395,401 |
|
2. Financial leasehold assets |
2,365,000,000 |
2,508,426,305 |
2,472,784,983 |
|
- Historical costs |
3,876,000,000 |
3,875,982,336 |
3,151,342,064 |
|
- Accumulated depreciation |
-1,511,000,000 |
-1,367,556,031 |
-678,557,081 |
|
3. Intangible assets |
17,000,000 |
4,639,103,490 |
11,226,874,488 |
|
- Initial costs |
63,000,000 |
6,937,928,450 |
13,418,429,844 |
|
- Accumulated amortization |
-46,000,000 |
-2,298,824,960 |
-2,191,555,356 |
|
4. Construction-in-progress |
9,448,000,000 |
7,258,419,838 |
4,091,401,863 |
|
III. Investment
property |
0 |
|
|
|
Historical costs |
0 |
|
|
|
Accumulated depreciation |
0 |
|
|
|
IV. Long-term
investments |
1,000,000,000 |
1,000,000,000 |
1,000,000,000 |
|
1. Investments in affiliates |
0 |
|
|
|
2. Investments in business concerns and joint ventures |
0 |
|
|
|
3. Other long-term investments |
1,000,000,000 |
1,000,000,000 |
1,000,000,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
|
|
V. Other
long-term assets |
7,316,000,000 |
3,156,141,124 |
1,925,424,644 |
|
1. Long-term prepaid expenses |
7,206,000,000 |
3,064,630,710 |
1,622,952,442 |
|
2. Deferred income tax assets |
0 |
|
|
|
3. Other long-term assets |
110,000,000 |
91,510,414 |
302,472,202 |
|
VI. Goodwill |
0 |
|
|
|
1. Goodwill |
0 |
|
|
|
TOTAL ASSETS |
323,332,000,000 |
291,596,816,668 |
280,090,352,306 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
310,994,000,000 |
259,113,951,923 |
243,732,577,171 |
|
I. Current
liabilities |
301,936,000,000 |
244,560,515,198 |
230,545,149,730 |
|
1. Short-term debts and loans |
167,268,000,000 |
144,672,090,585 |
142,522,197,059 |
|
2. Payable to suppliers |
106,023,000,000 |
72,230,693,689 |
67,225,171,060 |
|
3. Advances from customers |
471,000,000 |
868,813,432 |
769,511,058 |
|
4. Taxes and other obligations to the State Budget |
4,086,000,000 |
6,141,996,911 |
3,852,978,143 |
|
5. Payable to employees |
-126,000,000 |
1,684,961,790 |
2,236,813,172 |
|
6. Accrued expenses |
4,747,000,000 |
6,031,220,159 |
9,935,875,034 |
|
7. Inter-company payable |
5,618,000,000 |
5,752,658,848 |
2,015,927,455 |
|
8. Payable according to the progress of construction contracts |
0 |
|
|
|
9. Other payable |
14,390,000,000 |
7,178,079,784 |
1,986,676,749 |
|
10. Provisions for short-term accounts payable |
0 |
|
|
|
11. Bonus and welfare funds |
-541,000,000 |
|
|
|
II. Long-Term
Liabilities |
9,058,000,000 |
14,553,436,725 |
13,187,427,441 |
|
1. Long-term accounts payable to suppliers |
0 |
|
|
|
2. Long-term inter-company payable |
0 |
|
|
|
3. Other long-term payable |
825,000,000 |
782,063,000 |
1,050,863,000 |
|
4. Long-term debts and loans |
8,221,000,000 |
13,752,880,075 |
12,136,564,441 |
|
5. Deferred income tax payable |
0 |
|
|
|
6. Provisions for unemployment allowances |
12,000,000 |
18,493,650 |
|
|
7. Provisions for long-term accounts payable |
0 |
|
|
|
8. Unearned Sale |
0 |
|
|
|
9. Science and technology development fund |
|
|
|
|
B- OWNER’S
EQUITY |
12,338,000,000 |
32,482,864,745 |
36,357,775,135 |
|
I. OWNER’S
EQUITY |
12,338,000,000 |
32,522,722,199 |
36,357,775,135 |
|
1. Capital |
28,000,000,000 |
28,000,000,000 |
28,000,000,000 |
|
2. Share premiums |
0 |
|
|
|
3. Other sources of capital |
0 |
|
|
|
4. Treasury stocks |
0 |
|
|
|
5. Differences on asset revaluation |
0 |
|
|
|
6. Foreign exchange differences |
-571,000,000 |
-571,136,090 |
209,142,565 |
|
7. Business promotion fund |
981,000,000 |
966,892,391 |
|
|
8. Financial reserved fund |
584,000,000 |
390,000,000 |
|
|
9. Other funds |
0 |
|
|
|
10. Retained earnings |
-16,656,000,000 |
3,736,965,898 |
8,148,632,570 |
|
11. Construction investment fund |
0 |
|
|
|
12. Business arrangement supporting fund |
|
|
|
|
II. Other
sources and funds |
|
-39,857,454 |
|
|
1. Bonus and welfare funds (Elder form) |
|
-39,857,454 |
|
|
2. Sources of expenditure |
|
|
|
|
3. Fund to form fixed assets |
0 |
|
|
|
MINORITY’S
INTEREST |
0 |
|
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
323,332,000,000 |
291,596,816,668 |
280,090,352,306 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
296,036,000,000 |
306,476,560,900 |
317,716,231,658 |
|
2. Deduction item |
2,516,000,000 |
27,272,727 |
4,839,061,589 |
|
3. Net sale |
293,520,000,000 |
306,449,288,173 |
312,877,170,069 |
|
4. Costs of goods sold |
246,399,000,000 |
245,726,825,383 |
256,141,247,519 |
|
5. Gross profit |
47,121,000,000 |
60,722,462,790 |
56,735,922,550 |
|
6. Financial income |
546,000,000 |
1,297,242,168 |
707,256,145 |
|
7. Financial expenses |
27,626,000,000 |
19,054,358,498 |
13,092,041,366 |
|
- In which: Loan interest expenses |
25,561,000,000 |
18,445,594,115 |
12,125,655,708 |
|
8. Selling expenses |
26,408,000,000 |
27,592,587,734 |
26,779,195,663 |
|
9. Administrative overheads |
9,080,000,000 |
10,404,115,072 |
9,704,632,979 |
|
10. Net operating profit |
-15,447,000,000 |
4,968,643,654 |
7,867,308,687 |
|
11. Other income |
854,000,000 |
374,147,273 |
4,847,891,551 |
|
12. Other expenses |
8,000,000 |
164,892,269 |
2,292,677,049 |
|
13. Other profit /(loss) |
846,000,000 |
209,255,004 |
2,555,214,502 |
|
14. Total accounting profit before tax |
-14,601,000,000 |
5,177,898,658 |
10,422,523,189 |
|
15. Current corporate income tax |
0 |
1,294,454,733 |
2,622,630,797 |
|
16. Deferred corporate income tax |
0 |
|
|
|
17. Interest from subsidiaries/related companies |
0 |
|
|
|
18. Profit after tax |
-14,601,000,000 |
3,883,443,925 |
7,799,892,392 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
0.63 |
0.62 |
0.56 |
0.82 |
|
Quick liquidity ratio |
0.36 |
0.41 |
0.38 |
0.39 |
|
Inventory circle |
3.08 |
5.25 |
6.06 |
4.34 |
|
Average receive period |
96.60 |
81.80 |
77.23 |
49.13 |
|
Utilizing asset performance |
0.91 |
1.05 |
1.12 |
0.66 |
|
Liability by total assets |
96.18 |
88.86 |
87.02 |
65.18 |
|
Liability by owner's equity |
2,520.62 |
797.69 |
670.37 |
290.56 |
|
Ebit / Total assets (ROA) |
3.39 |
8.10 |
8.05 |
8.34 |
|
Ebit / Owner's equity (ROE) |
88.83 |
72.73 |
62.02 |
29.30 |
|
Ebit / Total sale (NPM) |
3.70 |
7.71 |
7.10 |
13.11 |
|
Gross profit / Total sale (GPM) |
15.92 |
19.81 |
17.86 |
24.42 |
|
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 |
|
Average |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, T/T |
|
Sale Methods |
|
Retailer and Wholesaler |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
The subject began operating as a factory in 1994.
It is the first unit in Vietnam that has imported Italian technology for producing
high quality ceramic tiles. In 1998, the factory was transferred officially
to company with Vietnamese name as "CONG TY GACH OP LAT HA NOI" and
up to 2008 the subject's former name was changed into current name. The
subject now is operating under the business registration No. 0100774247, same
as the tax code with chartered capital of VND 28 billion. The subject's head office is located at 15th Floor
- Viglacera Building - No. 1 - Thang Long Avenue Me Tri Commune - Tu Liem
District - Ha Noi City - Vietnam. This is a big office with good
infrastructure. However, most of office staffs moved to factory in Bac Ninh
Province. The subject is specialized in manufacturing and trading floor
ceramic tiles with trademark VIGLACERA that is fairly famous in Vietnam. The
subject's products are used popularly by the customers throughout Vietnam and
have appeared in some countries such as Iraq, Pakistan and Thailand. Financially, based on the above financial data, we
can see that, the subject's total sales and profit decreased over 3 years;
even in 2011, profit after tax was recorded the loss of VND 14.6 billion. The
subject was strongly impact from downtrend of the real estate industry in
Vietnam. The subject's current liabilities were so high; this made the
solvency and self-financing abilities of the subject limited. In general, the subject is considered as a medium
scale company. Its position in industry and prestige are fair good but it
faces many difficulties of general market, its financial situation was worse
over years. Caution is needed for average and above average transactions with
the subject. |
|
INDUSTRY
DATA |
||||||
|
|
||||||
|
Industry code |
GDP growth speed
by price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture,
Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population (Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic Products (USD billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita (USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (% Change in Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget Deficit compared with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
|
SERVICE
TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion
USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
UK Pound |
1 |
Rs.91.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.