|
Report Date : |
18.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
HAI PHONG TRADING CONSTRUCTION NO5 JOINT
STOCK COMPANY |
|
|
|
|
Registered Office : |
No.22 Vo Thi Sau Str., May To ward, Ngo Quyen District, Hai Phong City
|
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Establishments: |
2000 |
|
|
|
|
Com. Reg. No.: |
0200375711 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· construction of road, buildings, infrastructure, industry and civil projects trading in asphalt, materials and equipment for transportation
field, warehousing and bonded warehouse |
|
|
|
|
No. of Employees : |
100 |
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 : |
Unknown |
|
|
|
|
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
|
||
|
Registered English Name |
|
HAI PHONG TRADING CONSTRUCTION NO5 JOINT
STOCK COMPANY |
|
Registered Vietnamese Name |
|
CONG TY CO PHAN THUONG MAI XAY DUNG 5 HAI
PHONG |
|
Trade name |
|
VIETRACIMEX HP |
|
Registered Short name |
|
VIETRACIMEX HAI PHONG |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2000 |
|
Business Registration No. |
|
0200375711 |
|
Date of Registration |
|
02 Oct 2009 |
|
Place of Registration |
|
Hai Phong Department of Planning and
Investment |
|
Chartered capital |
|
VND 65,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0200375711 |
|
Total Employees |
|
100 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No: 0203001990 (issued 05 Jan 2006) Changed to: 0200375711 |
02
Oct 2009 |
|
2 |
Subject has got former Chartered capital:
12,720,000,000 VND Changed to: 65,000,000,000 VND |
18
Feb 2009 |
|
3 |
Subject has got former Chartered capital:
6,500,000,000 VND Changed to: 12,720,000,000 VND |
30
Jan 2007 |
Company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No.22 Vo Thi Sau Str., May To ward, Ngo
Quyen District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3551237 /3835167 /3836681 /3836779
/3836815 |
|
Fax |
|
(84-31) 3551237
/3836101 /3551055 |
|
Note: The exact tel number of the subject is as above. The
given email and website are not exact. |
||
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
No.201, Minh Khai St., Hai Ba Trung
District, Ha Noi City, Vietnam |
|
Business Registration No. |
|
0113025243 |
|
Tax code |
|
0200375711-005 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
VO NHAT THANG |
|
Position |
|
Chairman and Legal Representative |
|
Date of Birth |
|
29 Sep 1959 |
|
ID Number/Passport |
|
012620512 |
|
ID Issue Date |
|
22 Jul 2003 |
|
ID Issue Place |
|
Hanoi Police Station |
|
Resident |
|
No. 24, Nguyen Huu
Huan Str, Ly Thai To Ward, Hoan Kiem District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
LE VAN HOAN |
|
Position |
|
General Director |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject operates in the following business
activities: |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Asphalt |
|
·
Market |
|
N/A |
|
|
||
|
EXPORT: N/A |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM HAI PHONG BRANCH |
||
|
Address |
|
No 11 Hoang Dieu, Hong Bang District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3842658 / 3841115 |
|
Fax |
|
(84-31) 3841117 |
|
Note: The exact name of the bank is as above |
||
|
|
||
|
2.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM HAI PHONG BRANCH |
||
|
Address |
|
No. 68-70 Dien Bien Phu, Hong Bang District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3841475 |
|
Fax |
|
(84-31) 3841060 |
|
|
||
|
3.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT BAC HA NOI BRANCH |
||
|
Address |
|
No. 266 Doi Can Street, Ba Dinh District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 37627632 |
|
Fax |
|
(84-4) 37627636 |
|
|
||
SHAREHOLDERS
|
|||
|
|
|||
|
1.
NAME |
|
STATE
OWNED SHARES |
|
|
Number of shares |
|
332,924 |
|
|
Value of shares |
|
VND 3,329,240,000 |
|
|
Percentage |
|
5.12% |
|
|
Representative by |
|
Mr. VO NHAT THANG |
|
|
Position |
|
Chairman and Legal Representative |
|
|
ID Number/Passport |
|
012620512 |
|
|
Address |
|
No. 24, Nguyen Huu
Huan Str, Ly Thai To Ward, Hoan Kiem District, Ha Noi City, Vietnam |
|
|
|
|||
|
2.
NAME |
|
STAFF
OF COMPANY |
|
|
Number of shares |
|
6,037,300 |
|
|
Value of shares |
|
VND 60,373,000,000 |
|
|
Percentage |
|
92.88% |
|
|
Representative by |
|
Mr. DO HONG HAI |
|
|
ID Number/Passport |
|
030143594 |
|
|
Address |
|
No.1A, Minh Khai St.,
Minh Khai Ward, Hong Bang Dist., Hai Phong City, Vietnam |
|
|
|
|||
|
3.
NAME |
|
OUTSIDE
SHAREHOLDERS |
|
|
Number of shares |
|
129,776 |
|
|
Value of shares |
|
VND 1,297,760,000 |
|
|
Percentage |
|
2% |
|
|
Representative by |
|
Mr. PHAN TO QUANG |
|
|
ID Number/Passport |
|
030804123 |
|
|
Address |
|
No.5/17, Luong Khanh
Thien St., Ngo Quyen Dist., Hai Phong City, Vietnam |
|
|
|
|||
FINANCIAL DATA
|
|
|
Note: We are sorry for trying best but could not collect
the latest financial statements. |
|
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2009 |
|
Number of weeks |
52 |
|
ASSETS |
|
|
A – CURRENT
ASSETS |
35,335,359,157
|
|
I. Cash and cash
equivalents |
2,088,277,380
|
|
1. Cash |
2,088,277,380 |
|
2. Cash equivalents |
0 |
|
II. Short-term
investments |
0 |
|
1. Short-term investments |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
7,030,717,650
|
|
1. Receivable from customers |
3,997,393,581 |
|
2. Prepayments to suppliers |
30,527,500 |
|
3. Inter-company receivable |
1,000,000,000 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
2,871,664,000 |
|
6. Provisions for bad debts |
-868,867,431 |
|
IV. Inventories |
22,713,669,978
|
|
1. Inventories |
22,713,669,978 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
3,502,694,149
|
|
1. Short-term prepaid expenses |
54,282,334 |
|
2. VAT to be deducted |
589,718,649 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
2,858,693,166 |
|
B. LONG-TERM
ASSETS |
2,701,482,508
|
|
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
|
2,701,482,508
|
|
1. Tangible assets |
2,593,473,508 |
|
- Historical costs |
5,992,036,859 |
|
- Accumulated depreciation |
-3,398,563,351 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
0 |
|
- Initial costs |
0 |
|
- Accumulated amortization |
0 |
|
4. Construction-in-progress |
108,009,000 |
|
III. Investment
property |
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term
investments |
0 |
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
0 |
|
1. Long-term prepaid expenses |
0 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
VI. Goodwill |
0 |
|
1. Goodwill |
0 |
|
TOTAL ASSETS |
38,036,841,665
|
|
|
|
|
LIABILITIES |
|
|
A- LIABILITIES |
24,067,607,963
|
|
I. Current
liabilities |
23,547,356,359
|
|
1. Short-term debts and loans |
9,781,133,686 |
|
2. Payable to suppliers |
25,724,900 |
|
3. Advances from customers |
10,961,744,749 |
|
4. Taxes and other obligations to the State Budget |
108,861,144 |
|
5. Payable to employees |
651,896 |
|
6. Accrued expenses |
0 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
2,669,239,984 |
|
10. Provisions for short-term accounts payable |
0 |
|
II. Long-Term
Liabilities |
520,251,604
|
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
520,251,604 |
|
3. Other long-term payable |
0 |
|
4. Long-term debts and loans |
0 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
8. Unearned Sale |
0 |
|
9. Science and technology development fund |
0 |
|
B- OWNER’S
EQUITY |
13,969,233,702
|
|
I. OWNER’S
EQUITY |
13,954,013,870
|
|
1. Capital |
12,720,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
1,532,488 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
695,015,137 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
537,466,245 |
|
11. Construction investment fund |
0 |
|
12. Business arrangement supporting fund |
0 |
|
II. Other
sources and funds |
15,219,832
|
|
1. Bonus and welfare funds (Elder form) |
15,219,832 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
38,036,841,665
|
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2009 |
|
1. Total Sales |
36,240,747,268
|
|
2. Deduction item |
0 |
|
3. Net sale |
36,240,747,268
|
|
4. Costs of goods sold |
30,063,913,058 |
|
5. Gross profit |
6,176,834,210
|
|
6. Financial income |
84,673,336 |
|
7. Financial expenses |
185,290,786 |
|
- In which: Loan interest expenses |
185,290,786 |
|
8. Selling expenses |
1,374,304,947 |
|
9. Administrative overheads |
4,343,837,437 |
|
10. Net operating profit |
358,074,376
|
|
11. Other income |
13,636,364 |
|
12. Other expenses |
4,437,775 |
|
13. Other profit /(loss) |
9,198,589
|
|
14. Total accounting profit before tax |
367,272,965
|
|
15. Current corporate income tax |
32,136,384 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
335,136,581
|
|
|
||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.50 |
1.33 |
|
Quick liquidity ratio |
0.54 |
0.83 |
|
Inventory circle |
1.32 |
5.61 |
|
Average receive period |
70.81 |
148.37 |
|
Utilizing asset performance |
0.95 |
1.00 |
|
Liability by total assets |
63.27 |
68.62 |
|
Liability by owner's equity |
172.29 |
353.53 |
|
Ebit / Total assets (ROA) |
1.45 |
6.96 |
|
Ebit / Owner's equity (ROE) |
3.96 |
25.50 |
|
Ebit / Total sale (NPM) |
1.52 |
7.11 |
|
Gross profit / Total sale (GPM) |
17.04 |
14.39 |
|
Note: The Average Industry was calculated by VietnamCredit
based on our own statistical data |
||
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T, L/C |
|
Sale Methods |
|
To contracts |
INTERPRETATION ON THE SCORES
|
|
|
|
Being
established since year 2000 as a state owned company and operating as a member
of VIETNAM TRADING ENGINEERING CONSTRUCTION JOINT STOCK CORPORATION
(VIETRACIMEX). To 2006, the subject equitized to a joint stock company. After
a few times of adjustment, its current chartered capital is VND 65 billion. The
business operation of the subject includes construction of road, buildings,
infrastructure, industry and civil projects…; trading in asphalt, materials
and equipment for transportation field, warehousing and bonded warehouse. It
has carried many construction projects within Hai Phong area and got concern
from clients, for example Da Nang secondary school project. It is also one of
contractors of Ho Sen - Cau Rao 2 road project which has been cleared in
2010. The
premise and facilities of the subject are fair. The subject has about 100
people in total employees. Head office is located at No.22, Vo Thi Sau St.,
Ngo Quyen district, Hai Phong City. Besides, it has one branch in the same
address of VIETRACIMEX. Financially,
looking at balance sheet, total assets is more than 38 billion VND, among
that current assets holds the main ratio, with more than 90%. In liabilities
structure, total liabilities hold more than 63% of total assets while this
ratio on owner’s equity is around 172%. This ratio is lower than the average
industry and suitable for a construction company like subject. However, the
high ratio means that subject may put into risk if having changes of economic
situation. As can
be seen in profit and lost statement, its total sales in 2009 is around 36
billion VND and profit reported is limited. The profitability of the subject
is modest. In
general, the subject is now operating normally. Its position in this field is
average. It is suitable for small financial commitments. |
|
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.59.36 |
|
UK Pound |
1 |
Rs.89.69 |
|
Euro |
1 |
Rs.77.99 |
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.