MIRA
INFORM REPORT
|
Report Date : |
13.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
RESINOPLAST VIETNAM COMPANY LIMITED |
|
|
|
|
Registered Office : |
No.2 Road 15A Bien Hoa 2 Industrial Zone, Long Binh ward, Bien Hoa City, Dong Nai Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Incorporation : |
1994 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
The subject is specialized in the manufacture of PVC
compound for all kinds of PVC applications |
|
|
|
|
No. of Employees : |
150 |
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 |
|
RESINOPLAST VIETNAM COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH RESINOPLAST VIET NAM |
|
Trade name |
|
RESINOPLAST VIETNAM LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1994 |
|
Investment Certificate No |
|
472043000467 |
|
Date Of Issuance |
|
08 May 2008 |
|
Place of Issuance |
|
Dong Nai Industrial Zones Authority |
|
Registered Investment Capital |
|
USD 5,628,325 |
|
Chartered capital |
|
USD 4,778,325 |
|
Investment Duration |
|
40 years |
|
Status |
|
Unlisted |
|
Tax code |
|
3600243377 |
|
Total Employees |
|
150 |
|
Size |
|
Medium |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Trade Name: ARKEMA
LTD Changed to: RESINOPLAST VIETNAM LTD |
27
Jun 2012 |
|
2 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH ARKEMA Changed to: CONG TY TNHH RESINOPLAST
VIETNAM |
27
Jun 2012 |
|
3 |
Subject has got former Shareholders:
ARKEMA ASIE SAS Changed to: DIFI 8 |
27
Jun 2012 |
|
4 |
Subject has got former Investment
Certificate No: 966/GP issued 27 Aug 1994 Changed to: No.472043000467 |
08
May 2008 |
|
5 |
Subject has got former Registered English
Name: ELF ATOCHEM VIETNAM COMPANY LIMITED Changed to: ARKEMA COMPANY LIMITED |
01 Jan
2006 |
|
6 |
Subject has got former Registered
Vietnamese Name: CONG TY HUU HAN ELF ATOCHEM VIETNAM Changed to: CONG TY TNHH ARKEMA |
01
Jan 2006 |
|
7 |
Subject has got former Trade Name: ELF
ATOCHEM VIETNAM LTD., Changed to: ARKEMA LTD |
01 Jan
2006 |
|
8 |
Subject has got former Registered
Investment Capital: USD 3,556,650 Changed to: USD 5,628,325 |
N/A |
|
9 |
Subject has got former Chartered capital:
USD 1,778,325 Changed to: USD 4,778,325 |
N/A |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No.2 Road 15A Bien Hoa 2 Industrial Zone,
Long Binh ward, Bien Hoa City, Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 3836 339 |
|
Fax |
|
(84-61) 3836 372 |
|
Occupied Area |
|
14,782 m2 |
|
Land-use Right |
|
Leased |
|
Note: The exact fax is as above (84-61-3836 372 – not 84-61-3826372) |
||
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
DANIEL LE CERF |
|
Position |
|
General Director |
|
Date of Birth |
|
29 Sep 1952 |
|
ID Number/Passport |
|
10AI33306 |
|
ID Issue Date |
|
03 Mar 2010 |
|
ID Issue Place |
|
Embassy of Japan in
Ho Chi Minh City |
|
Resident |
|
Impasse De La Bruyere
56220, Cedex , France |
|
Nationality |
|
French |
|
Tel/Mobile phone |
|
(84-61) 3836437 |
|
|
||
|
2.
NAME |
|
Mr.
HA MUOI |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-61) 3836437 - Ext: 118 |
|
Email |
|
muoi.ha@arkema.com |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN VIET HUNG |
|
Position |
|
Human Resource Manager |
|
Current resident |
|
Dong Nai Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject
is specialized in the manufacture of PVC compound for all kinds of PVC
applications. |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Plastic materials, equipments |
|
·
Market |
|
France, USA, Thailand, Singapore, Japan, Malaysia, ... |
|
·
Ratio |
|
85% |
|
·
Mode of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
PVC compound |
|
·
Market |
|
USA, Australia, China, Japan, India, North America, Singapore, Thailand,
Canada,... |
|
·
Ratio |
|
80% |
|
·
Mode of payment |
|
TT, L/C |
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM DONG NAI BRANCH |
||
|
Address |
|
No. 116 -118 April 30th Str - Quyet Thang Ward, Bien Hoa City, Dong
Nai Province, Vietnam |
|
Telephone |
|
(84-61) 382 2575 |
|
Fax |
|
(84-61) 394 6513 |
|
|
||
|
2.
NATEXIS BANK |
||
|
Address |
|
No. 173 Vo Thi Sau Str, 3 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 39320827 |
|
Fax |
|
(84-8) 39320844 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
DIFI
8 |
|
Business Registration |
|
538 695 016 |
|
Representative |
|
THOMAS LESTAVEL |
|
Address |
|
No. 420, Rue d'Estienne d'Orves 92700
Colombes, Bordeaux , France |
|
Value of shares |
|
USD 4,778,325 |
|
Percentage |
|
100% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
52 |
|
Audit status |
Unknown |
Unknown |
Unknown |
ASSETS
|
|||
|
A – CURRENT
ASSETS |
407,731,593,984 |
404,427,169,300 |
325,936,184,804 |
|
I. Cash and cash
equivalents |
26,476,574,428 |
20,579,771,896 |
18,208,462,440 |
|
1. Cash |
26,476,574,428 |
20,579,771,896 |
18,208,462,440 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
188,254,002,968 |
188,632,551,868 |
174,660,817,048 |
|
1. Receivable from customers |
188,411,275,196 |
188,933,079,080 |
174,852,268,024 |
|
2. Prepayments to suppliers |
653,082,768 |
315,773,308 |
284,281,372 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
96,766,888 |
343,849,452 |
246,936,768 |
|
6. Provisions for bad debts |
-907,121,884 |
-960,149,972 |
-722,669,116 |
|
IV. Inventories |
142,491,158,756 |
146,038,937,792 |
92,153,340,204 |
|
1. Inventories |
147,393,944,988 |
148,912,451,984 |
94,027,797,720 |
|
2. Provisions for devaluation of inventories |
-4,902,786,232 |
-2,873,514,192 |
-1,874,457,516 |
|
V. Other Current
Assets |
50,509,857,832 |
49,175,907,744 |
40,913,565,112 |
|
1. Short-term prepaid expenses |
175,059,340 |
919,431,232 |
602,033,340 |
|
2. VAT to be deducted |
19,100,067,464 |
25,423,427,436 |
16,488,027,984 |
|
3. Taxes and other accounts receivable from the State |
30,557,321,156 |
22,358,649,720 |
23,391,885,144 |
|
4. Other current assets |
677,409,872 |
474,399,356 |
431,618,644 |
|
B. LONG-TERM
ASSETS |
49,278,048,256 |
39,464,623,636 |
36,700,602,240 |
|
I. Long term
accounts receivable |
0 |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets
|
46,485,575,812 |
38,510,909,516 |
36,184,526,056 |
|
1. Tangible assets |
46,177,633,832 |
35,700,691,616 |
36,184,526,056 |
|
- Historical costs |
157,603,559,824 |
138,135,045,040 |
132,130,770,028 |
|
- Accumulated depreciation |
-111,425,925,992 |
-102,434,353,424 |
-95,946,243,972 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
0 |
|
- Initial costs |
0 |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
0 |
|
4. Construction-in-progress |
307,941,980 |
2,810,217,900 |
0 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term investments
|
0 |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
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 |
2,792,472,444 |
953,714,120 |
516,076,184 |
|
1. Long-term prepaid expenses |
0 |
0 |
0 |
|
2. Deferred income tax assets |
2,792,472,444 |
953,714,120 |
516,076,184 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
457,009,642,240 |
443,891,792,936 |
362,636,787,044 |
|
|
|||
LIABILITIES
|
|||
|
A- LIABILITIES |
321,208,228,804 |
289,481,144,684 |
247,211,260,212 |
|
I. Current liabilities
|
321,208,228,804 |
286,956,791,084 |
140,967,403,104 |
|
1. Short-term debts and loans |
177,038,000,000 |
152,565,100,000 |
0 |
|
2. Payable to suppliers |
103,259,558,784 |
89,136,383,576 |
91,743,799,240 |
|
3. Advances from customers |
1,001,097,820 |
1,433,737,036 |
0 |
|
4. Taxes and other obligations to the State Budget |
11,035,090,960 |
10,579,145,212 |
17,412,478,764 |
|
5. Payable to employees |
571,832,740 |
439,283,348 |
329,644,756 |
|
6. Accrued expenses |
28,179,888,268 |
21,080,497,844 |
21,284,445,620 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
122,760,232 |
11,722,644,068 |
10,197,034,724 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
0 |
2,524,353,600 |
106,243,857,108 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
104,140,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
2,524,353,600 |
2,103,857,108 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
135,801,413,436 |
154,410,648,252 |
115,425,526,832 |
|
I. OWNER’S
EQUITY |
135,801,413,436 |
154,410,648,252 |
115,425,526,832 |
|
1. Capital |
99,522,953,100 |
99,522,953,100 |
99,522,953,100 |
|
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 |
0 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
36,278,460,336 |
54,887,695,152 |
15,902,573,732 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
0 |
|
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 |
457,009,642,240 |
443,891,792,936 |
362,636,787,044 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
774,753,029,104 |
773,263,743,792 |
666,751,538,732 |
|
2. Deduction item |
6,921,102,744 |
3,444,430,500 |
4,649,101,192 |
|
3. Net revenue |
767,831,926,360 |
769,819,313,292 |
662,102,437,540 |
|
4. Costs of goods sold |
634,731,133,888 |
638,424,938,032 |
531,459,953,080 |
|
5. Gross profit |
133,100,792,472 |
131,394,375,260 |
130,642,484,460 |
|
6. Financial income |
143,400,780 |
83,332,828 |
78,167,484 |
|
7. Financial expenses |
5,013,653,676 |
8,133,396,484 |
7,199,948,008 |
|
- In which: Loan interest expenses |
2,843,355,248 |
|
|
|
8. Selling expenses |
54,783,201,076 |
52,751,908,720 |
61,798,613,004 |
|
9. Administrative overheads |
32,117,629,948 |
28,023,011,772 |
23,279,768,020 |
|
10. Net operating profit |
41,329,708,552 |
42,569,391,112 |
38,442,322,912 |
|
11. Other income |
486,125,520 |
1,012,428,252 |
741,872,532 |
|
12. Other expenses |
1,506,905,800 |
274,325,588 |
426,953,172 |
|
13. Other profit /(loss) |
-1,020,780,280 |
738,102,664 |
314,919,360 |
|
14. Total accounting profit before tax |
40,308,928,272 |
43,307,493,776 |
38,757,242,272 |
|
15. Current corporate income tax |
5,869,226,260 |
4,760,010,292 |
5,813,594,672 |
|
16. Deferred corporate income tax |
1,838,758,324 |
-437,637,936 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
36,278,460,336 |
38,985,121,420 |
32,943,647,600 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.27 |
1.41 |
2.31 |
1.59 |
|
Quick liquidity ratio |
0.83 |
0.90 |
1.66 |
0.85 |
|
Inventory circle |
4.45 |
5.36 |
5.77 |
6.51 |
|
Average receive period |
89.49 |
89.44 |
96.29 |
98.33 |
|
Utilizing asset performance |
1.68 |
1.73 |
1.92 |
1.27 |
|
Liability by total assets |
70.28 |
65.21 |
71.77 |
57.42 |
|
Liability by owner's equity |
236.53 |
187.47 |
214.17 |
188.33 |
|
Ebit / Total assets (ROA) |
9.44 |
9.76 |
11.25 |
7.26 |
|
Ebit / Owner's equity (ROE) |
31.78 |
28.05 |
33.58 |
17.71 |
|
Ebit / Total revenue (NPM) |
5.57 |
5.60 |
5.81 |
6.23 |
|
Gross profit / Total revenue (GPM) |
17.18 |
16.99 |
19.59 |
17.03 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
|
CASH
FLOW STATEMENT |
|||
|
(Indirect method) |
|||
|
Items |
FY2012 |
FY2011 |
FY2010 |
|
I. Cash flows from
operating activities |
|||
|
1. Profit before tax |
40,308,928,272 |
43,307,493,776 |
38,757,242,272 |
|
2. Adjustments |
|
|
|
|
- Depreciation and amortization |
8,991,572,568 |
7,542,068,736 |
8,157,952,696 |
|
- Provisions |
1,976,243,952 |
1,836,508,900 |
1,208,690,496 |
|
- Unrealized foreign exchange difference |
0 |
0 |
0 |
|
- Gain/loss from investing activities |
-143,400,780 |
17,662,144 |
0 |
|
- Interest expense |
2,843,355,248 |
2,659,110,760 |
2,798,512,564 |
|
3. Operating profit before movements in working
capital |
53,976,699,260 |
55,362,844,316 |
50,922,398,028 |
|
- (Increase)/Decrease in receivables |
1,737,971,632 |
-22,471,558,308 |
-44,831,499,364 |
|
- (Increase)/Decrease in inventories |
1,518,506,996 |
-55,027,305,236 |
-8,447,920,112 |
|
- Increase/(Decrease) in accounts payable |
5,438,836,468 |
-8,411,846,016 |
41,651,147,076 |
|
- (Increase)/Decrease in prepaid expenses |
744,371,892 |
0 |
0 |
|
- Interest paid |
-1,168,221,692 |
-3,825,083,028 |
-2,798,512,564 |
|
- Corporate income tax paid |
-9,361,977,720 |
-1,794,727,932 |
-5,159,574,644 |
|
- Other cash inflows |
0 |
0 |
0 |
|
- Other cash outflows |
0 |
0 |
0 |
|
Net cash from (used in) operating activities |
52,886,186,836 |
-36,167,676,204 |
31,336,038,420 |
|
II. Cash flows
from investing activities |
|||
|
1. Acquisition of fixed assets and other long - term assets |
-16,718,010,760 |
-9,907,317,244 |
-5,105,171,908 |
|
2. Proceeds from fixed assets and long - term assets disposal |
0 |
21,202,904 |
0 |
|
3. Cash outflow for lending, buying debt instruments of other
companies |
0 |
0 |
0 |
|
4. Cash recovered from lending, selling debt instruments of other
companies |
0 |
0 |
0 |
|
5. Investment in other entities |
0 |
0 |
0 |
|
6. Cash recovered from investments in other entities |
0 |
0 |
0 |
|
7. Interest income, dividend and profit paid |
143,400,780 |
0 |
0 |
|
Net cash from (used in) investing activities |
-16,574,609,980 |
-9,886,114,340 |
-5,105,171,908 |
|
III. Cash flows
from financing activities |
|||
|
1. Proceeds from issuing stocks, receiving capital from owners |
0 |
0 |
0 |
|
2. Capital withdrawal, buying back issued stocks |
0 |
0 |
0 |
|
3. Proceeds from borrowings |
329,353,164,000 |
164,481,840,200 |
206,521,908,520 |
|
4. Repayment of borrowings |
-304,880,264,000 |
-116,056,740,200 |
-243,151,279,000 |
|
5. Repayment of obligations under finance leased |
0 |
0 |
0 |
|
6. Dividends paid |
-54,887,674,324 |
0 |
0 |
|
Net cash from (used in) financing activities |
-30,414,774,324 |
48,425,100,000 |
-36,629,370,480 |
|
Net increase/(decrease) in cash and cash equivalents |
5,896,802,532 |
2,371,309,456 |
-10,398,503,968 |
|
Cash and cash equivalents at beginning of year |
20,579,771,896 |
18,208,462,440 |
28,606,966,408 |
|
Effect from changing foreign exchange rate |
0 |
0 |
0 |
|
Cash and cash equivalents at end of year |
26,476,574,428 |
20,579,771,896 |
18,208,462,440 |
|
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
|||
|
|
|||
|
Trade Morality |
|
Fair |
|
|
Liquidity |
|
Medium |
|
|
Payment status |
|
Above Average |
|
|
Financial Situation |
|
Above Average |
|
|
Development trend |
|
Positive |
|
|
Litigation data |
|
No Record |
|
|
Bankruptcy |
|
No Record |
|
|
Payment Methods |
|
T/T, L/C |
|
|
Sale Methods |
|
To contracts |
|
|
Public opinion |
|
Good |
|
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject is known as a company in the field of manufacturing of PVC compound.
It is a long time of operation and development. It has been operating since
1994 with
initial name ELF ATOCHEM VIETNAM COMPANY
LIMITED. Up to 2006, it was changed name to ARKEMA COMPANY LIMITED. On 27th
June 2012, it changed again its business name and the new one now is
RESINOPLAST VIETNAM COMPANY LIMITED. Currently, subject is operating under
certificate investment No.472043000467 with the investment capital of USD
5,628,325 and the chartered capital of USD 4,778,325. Head
office and factory are located at No.2 Road 15A Bien Hoa 2 Industrial Zone,
Long Binh Ward, Bien Hoa City, Dong Nai Province, Vietnam on area of 14,782m2.
Management capacity is fair. The subject is controlled by Mr. Daniel Le Cerf
with 150 employees. Currently, its finished products are not only distributed
in the domestic and exported to USA, Australia, China, Japan, India, North
America, South Africa and Singapore. The export ratio of the company occupied
80% of total outputs Financially,
its business result seems to be fairly effective. Following is a chart which
showed total sales and profit after tax from 2005 to 2012.
Total
sales increased continuously, however, the growth rate tended to slow down in
recent year. In contrast with the
increase of total sales in 2012, profit after tax of company reduced slightly
from VND 38,985 million in 2011 down to VND 36,278 million in 2012. Its
financial ratios seem to be relatively fair. ROA and ROE ratios are good. The
solvency is acceptable but its self financing is not good. Liability by total
assets and liability by owner equity were high and higher than the average
industry In general, the subject is a medium foreign
investment company in the plastics industry. With its current financial
situation, it has capability to meet small and normal payment commitments.
However, caution is still needed for large business transactions. |
|
|
------------ APPENDIX ----------
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.59.89 |
|
|
1 |
Rs.90.88 |
|
Euro |
1 |
Rs.78.32 |
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.