|
Report Date : |
26.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
VINH HOAN CORPORATION |
|
|
|
|
Formerly Known as: |
VINH HOAN COMPANY LIMITED |
|
|
|
|
Registered Office : |
Highway 30 Ward 11, Cao Lanh City, Dong Thap Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Year of Establishments: |
1997 |
|
|
|
|
Com. Reg. No.: |
1400112623 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Farming fishes such as Tra Fish, Basa Fish |
|
|
|
|
No. of Employees : |
3500 |
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 |
|
VINH HOAN CORPORATION |
|
Vietnamese Name |
|
CONG TY CO PHAN VINH HOAN |
|
Short name |
|
VINH HOAN CORP |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1997 |
|
Business Registration No. |
|
1400112623 |
|
Date of Registration |
|
11 Feb 2010 |
|
Place of Registration |
|
Planning and Investment Department of Dong
Thap Province |
|
Chartered capital |
|
VND 614,049,130,000 |
|
Status |
|
Listed |
|
Stock symbol |
|
VHC |
|
Stock Market |
|
HOSE |
|
Tax code |
|
1400112623 |
|
Total Employees |
|
3,500 |
|
Size |
|
Large |
Historical Identification
& Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
VND 475,112,730,000 Changed to: VND 614,049,130,000 |
04
Jul 2013 |
|
2 |
Subject has got former Chartered capital: VND
471,512,730,000 Changed to: VND 475,112,730,000 |
06
Mar 2013 |
|
3 |
Subject has got former Chartered capital:
VND 300,000,000,000, Changed to: VND 353,280,000,000 (on 11 Feb 2010), Changed to VND 362,702,100,000 (on 04 Jun
2010) Changed to: VND 471,512,730,000 |
27
Dec 2010 |
|
4 |
Subject has got former Business
Registration No: 053576 (Dated December 29, 1997) Changed to: 5103000069 (Dated April 17,
2007) Changed to: 1400112623 |
11
Feb 2010 |
|
5 |
Subject has got former Address: No. 384
Nguyen Trai Street - 5 District - Ho Chi Minh City - Vietnam Changed to: No. 569 Tran Hung Dao Street -
Cau Kho ward - 1 District - Ho Chi Minh City - Vietnam |
2009
|
|
6 |
Subject has got former Type of Business:
Limited Liability Company Changed to: Joint Stock Company |
17
Apr 2007 |
|
7 |
Subject has got former Registered English
Name: VINH HOAN COMPANY LIMITED Changed to: VINH HOAN CORPORATION |
17
Apr 2007 |
|
8 |
Subject has got former Registered Vietnamese
Name: CONG TY TNHH VINH HOAN Changed to: CONG TY CO PHAN VINH HOAN |
17
Apr 2007 |
|
|
||
Company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Highway 30 Ward 11, Cao Lanh City, Dong
Thap Province, Vietnam |
|
Telephone |
|
(84-67) 3891166/ 3891663/ 3891664 |
|
Fax |
|
(84-67) 3891062 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 569-571-573 (8th+9th Flr) Tran Hung
Dao Street - Cau Kho Ward, 1 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38364849 |
|
Fax |
|
(84-8) 38365090 |
|
|
||
SUBSIDIARIES AND RELATED
COMPANIES
|
||
|
|
||
|
Currently, the subject has six subsidiaries with information as below: |
||
|
1. VINH HOAN
JOINT STOCK COMPANY (UNITED STATES) |
||
|
Business Registration |
|
34473 |
|
Date of Registration |
|
19 Jan 2007 |
|
Chartered capital |
|
VND 4,033,152,684 |
|
Address |
|
No. 2 Mahogany Drive - Irvine - California 92620, , California ,
United States of America |
|
|
||
|
2. VINH HOAN 1 FEED
JOINT STOCK COMPANY |
||
|
Business Registration |
|
1400604953 |
|
Date of Registration |
|
22 Jul 2011 |
|
Place of Registration |
|
Dong Thap Department of Planning and Investment |
|
Chartered capital |
|
VND 100,000,000,000 |
|
Tax code |
|
1400604953 |
|
Address |
|
National Road No.30 Thanh Binh Industrial Zone, Binh Thanh Commune,
Thanh Binh District, Dong Thap Province, Vietnam |
|
Tel |
|
(84-67) 3541787 |
|
Fax |
|
(84-67) 3541763 |
|
Website |
|
|
|
|
||
|
3. VINH HOAN 2
FOOD COMPANY LIMITED |
||
|
Business Registration |
|
1401420853 |
|
Date of Registration |
|
27 Jul 2011 |
|
Place of Registration |
|
Dong Thap Department of Planning and Investment |
|
Tax code |
|
1401420853 |
|
Address |
|
Tan An Hamlet , Lap Vo District, Dong Thap Province, Vietnam |
|
|
||
|
4. VINH HOAN
FOOD 3 COMPANY LIMITED |
||
|
Business Registration |
|
1401493918 |
|
Tax code |
|
1401493918 |
|
Address |
|
Truong Xuan Industrial Zone Truong Xuan Hamlet, Thap Muoi District,
Dong Thap Province, Vietnam |
|
|
||
|
5. VINH HOAN
COLLAGEN 5 CORPORATION |
||
|
Business Registration |
|
1401587429 |
|
Tax code |
|
1401587429 |
|
Address |
|
National Road 30 Ward 11, Cao Lanh City, Dong Thap Province, Vietnam |
|
Tel |
|
(84 67) 3891166 |
|
Fax |
|
(84-67) 3891672 |
|
|
||
|
6. VINH HOAN 4
COMPANY LIMITED |
||
|
Business Registration |
|
1401711796 |
|
Tax code |
|
1401711796 |
|
Address |
|
Hamlet 4, Cao Lanh City, Dong Thap Province, Vietnam |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Ms.
TRUONG THI LE KHANH |
|
Position |
|
Chairwoman cum General Director |
|
Date of Birth |
|
20 Jul 1961 |
|
ID Number/Passport |
|
024397991 |
|
ID Issue Date |
|
04 Dec 2007 |
|
ID Issue Place |
|
Police Of Ho Chi Minh
City |
|
Resident |
|
No. 384 Nguyen Trai
Street Ward 8, 5 District, Ho Chi Minh City, Vietnam |
|
Current resident |
|
No. 765 Nguyen Duy Trinh Phu Huu Ward, 9
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-8) 3838 1996 / (84) 903 906 809 |
|
Qualification |
|
Bachelor |
|
|
||
|
2.
NAME |
|
Mr.
HUYNH DUC TRUNG |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
13 May 1963 |
|
Resident |
|
No.358A Tran Hung Dao
Street, Ward 1, Sa Dec District, Dong Thap Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-67) 3891166 |
|
Qualification |
|
engineer |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN NGO VI TAM |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
13 Sep 1979 |
|
ID Number/Passport |
|
023245417 |
|
ID Issue Date |
|
03 Jun 1995 |
|
ID Issue Place |
|
Hochiminh Police
Department |
|
Resident |
|
No.232/18/11 Minh
Phung Street, Ward 2, 11 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-8) 38381996 |
|
|
||
|
4.
NAME |
|
Mr.
DANG VAN VIEN |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
27 Jul 1975 |
|
ID Number/Passport |
|
024870942 |
|
ID Issue Date |
|
12 May 2008 |
|
ID Issue Place |
|
Hochiminh Police
Department |
|
Resident |
|
No.10 Street No.10, Tan
Phu Ward, 7 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-67) 3891166 |
|
Qualification |
|
Engineer |
|
|
||
|
5.
NAME |
|
Ms.
TRUONG TUYET PHUONG |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
06 Jul 1974 |
|
ID Number/Passport |
|
351110881 |
|
ID Issue Date |
|
21 Sep 2010 |
|
ID Issue Place |
|
An Giang Police
Department |
|
Resident |
|
Group 5 Chau Phu A
Ward, Chau Doc District, An Giang Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-67) 3891166 |
|
Qualification |
|
bachelor |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The company is involving in: |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
United State, India, Ukraine, Argentina |
|
·
Mode of payment |
|
LC, D/P, D/A, TTR |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Finished products |
|
·
Market |
|
United State, EU, Hong Kong, Australia, Russia… |
|
·
Mode of payment |
|
LC, D/P, D/A, TTR |
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM DONG THAP BRANCH |
||
|
Address |
|
No.66 30/4 str,01 ward, Cao Lanh City, Dong Thap Province, Vietnam |
|
Telephone |
|
(84-67) 3872111 / 3872115 |
|
Fax |
|
(84-67) 3872119 |
|
|
||
|
2.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM KY DONG BRANCH |
||
|
Address |
|
No. 13-13Bis Ky Dong Str,No.9 Ward, 3 District, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 39318956 |
|
Fax |
|
(84-8) 39318953 |
|
Foreign Currency Account |
|
007.137.0101577 |
|
|
||
|
3.
HSBC BANK (VIET NAM) LTD |
||
|
Address |
|
Metropolitan Building, No. 235 Dong Khoi Street, Ben Nghe Ward, 1
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3829 2288 |
|
Fax |
|
(84-8) 3823 0530 |
|
Foreign Currency Account |
|
001-046267-142 |
|
|
||
|
4.
NATIXIS BRANCH IN HO CHI MINH CITY |
||
|
Address |
|
173 Vo Thi Sau, Ward 7 , 3 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84 8) 39320827 |
|
Fax |
|
(84 8) 39320844 |
|
|
||
SHAREHOLDERS
|
||
Follow
are founding shareholders of company on legal document in last time
adjustments on 04th July 2013.
|
||
|
1.
NAME |
|
Ms.
TRUONG THI LE KHANH |
|
Position |
|
Chairwoman cum General Director |
|
Date of Birth |
|
20 Jul 1961 |
|
ID Number/Passport |
|
024397991 |
|
Issued on |
|
04 Dec 2007 |
|
Issued Place |
|
Police Of Ho Chi Minh City |
|
Resident |
|
No. 384 Nguyen Trai Street Ward 8, 5 District,
Ho Chi Minh City, Vietnam |
|
Current Resident |
|
No. 765 Nguyen Duy Trinh Phu Huu Ward, 9
District, Ho Chi Minh City, Vietnam |
|
Work phone |
|
(84-8) 3838 1996 |
|
Mobile phone |
|
(84) 903 906 809 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
17,965,000 |
|
Value of shares |
|
VND 179,650,000,000 |
|
Percentage |
|
29.26% |
|
|
||
|
2.
NAME |
|
Ms.
TRUONG TUYET PHUONG |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
06 Jul 1974 |
|
ID Number/Passport |
|
351110881 |
|
Issued on |
|
21 Sep 2010 |
|
Issued Place |
|
An Giang Police Department |
|
Resident |
|
Group 5 Chau Phu A Ward, Chau Doc
District, An Giang Province, Vietnam |
|
Work phone |
|
(84-67) 3891166 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
10,000 |
|
Value of shares |
|
VND 100,000,000 |
|
Percentage |
|
0.02% |
|
|
||
|
3.
NAME |
|
Mr.
DANG VAN VIEN |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
27 Jul 1975 |
|
ID Number/Passport |
|
024870942 |
|
Issued on |
|
12 May 2008 |
|
Issued Place |
|
Hochiminh Police Department |
|
Resident |
|
No.10 Street No.10, Tan Phu Ward, 7
District, Ho Chi Minh City, Vietnam |
|
Work phone |
|
(84-67) 3891166 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
10,000 |
|
Value of shares |
|
VND 100,000,000 |
|
Percentage |
|
0.02% |
|
|
||
|
4.
NAME |
|
Ms.
NGUYEN NGO VI TAM |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
13 Sep 1979 |
|
ID Number/Passport |
|
023245417 |
|
Issued on |
|
03 Jun 1995 |
|
Issued Place |
|
Hochiminh Police Department |
|
Resident |
|
No.232/18/11 Minh Phung Street, Ward 2, 11
District, Ho Chi Minh City, Vietnam |
|
Work phone |
|
(84-8) 38381996 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
10,000 |
|
Value of shares |
|
VND 100,000,000 |
|
Percentage |
|
0.02% |
|
|
||
|
5.
NAME |
|
Ms.
NGUYEN THI KIM DAO |
|
ID Number/Passport |
|
023372064 |
|
Issued on |
|
12 May 2008 |
|
Issued Place |
|
Hochiminh Police Department |
|
Resident |
|
No. 153 Dao Cam Moc Ward 4, 8 District, Ho
Chi Minh City, Vietnam |
|
Email |
|
kimdao@vinhhoan.com.vn |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
5,000 |
|
Value of shares |
|
VND 50,000,000 |
|
Percentage |
|
0.01% |
|
|
||
FINANCIAL DATA
|
|||
|
This financial report is audited by Auditing and
Consulting Co., Ltd. |
|||
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/03/2013 |
31/12/2012 |
31/12/2011 |
|
Number of weeks |
13 |
52 |
52 |
|
Audit status |
Unaudited and
Consolidated |
Audited and
Consolidated |
Audited and
Consolidated |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
2,522,407,343,078
|
2,281,972,775,048
|
1,758,324,324,568
|
|
I. Cash and cash
equivalents |
67,008,589,017 |
35,542,358,549 |
329,424,956,877 |
|
1. Cash |
67,008,589,017 |
35,542,358,549 |
312,924,956,877 |
|
2. Cash equivalents |
0 |
0 |
16,500,000,000 |
|
II. Short-term
investments |
738,217,050,780 |
738,217,050,780 |
219,548,828 |
|
1. Short-term investments |
738,217,050,780 |
738,217,050,780 |
219,548,828 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts receivable
|
541,460,503,737 |
448,010,688,289 |
563,618,091,194 |
|
1. Receivable from customers |
422,440,908,816 |
365,052,691,239 |
485,307,767,483 |
|
2. Prepayments to suppliers |
81,969,652,332 |
65,077,646,858 |
74,542,924,504 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
41,152,414,205 |
21,982,821,808 |
6,321,388,552 |
|
6. Provisions for bad debts |
-4,102,471,616 |
-4,102,471,616 |
-2,553,989,345 |
|
IV. Inventories |
1,101,029,137,023
|
982,200,197,516 |
823,256,429,259 |
|
1. Inventories |
1,157,507,518,676 |
1,045,613,032,148 |
868,752,372,217 |
|
2. Provisions for devaluation of inventories |
-56,478,381,653 |
-63,412,834,632 |
-45,495,942,958 |
|
V. Other Current
Assets |
74,692,062,521 |
78,002,479,914 |
41,805,298,410 |
|
1. Short-term prepaid expenses |
2,207,845,235 |
2,246,631,934 |
1,211,599,259 |
|
2. VAT to be deducted |
35,853,842,071 |
38,391,833,023 |
12,668,355,903 |
|
3. Taxes and other accounts receivable from the State |
1,270,312,133 |
352,310,342 |
608,007,853 |
|
4. Other current assets |
35,360,063,082 |
37,011,704,615 |
27,317,335,395 |
|
B. LONG-TERM ASSETS
|
806,897,193,543 |
791,585,564,649 |
649,295,263,719 |
|
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
|
727,420,338,995 |
711,629,848,455 |
565,799,074,719 |
|
1. Tangible assets |
528,975,900,117 |
525,169,865,922 |
488,277,285,379 |
|
- Historical costs |
926,956,459,982 |
897,461,961,711 |
764,893,969,470 |
|
- Accumulated depreciation |
-397,980,559,865 |
-372,292,095,789 |
-276,616,684,091 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
82,125,093,620 |
79,005,372,705 |
62,944,217,450 |
|
- Initial costs |
84,766,577,766 |
81,438,269,366 |
64,917,368,601 |
|
- Accumulated amortization |
-2,641,484,146 |
-2,432,896,661 |
-1,973,151,151 |
|
4. Construction-in-progress |
116,319,345,258 |
107,454,609,828 |
14,577,571,890 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
8,274,192,849 |
9,200,574,651 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
8,274,192,849 |
9,200,574,651 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
71,202,661,699 |
70,755,141,543 |
83,496,189,000 |
|
1. Long-term prepaid expenses |
42,878,307,642 |
42,234,593,381 |
55,010,935,960 |
|
2. Deferred income tax assets |
5,741,005,418 |
5,937,199,523 |
5,908,168,386 |
|
3. Other long-term assets |
22,583,348,639 |
22,583,348,639 |
22,577,084,654 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
3,329,304,536,621
|
3,073,558,339,697
|
2,407,619,588,287
|
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
1,870,500,218,692
|
1,668,512,424,780
|
1,070,621,607,171
|
|
I. Current
liabilities |
1,825,500,218,692
|
1,668,512,424,780
|
1,008,863,519,423
|
|
1. Short-term debts and loans |
1,447,536,764,191 |
1,254,928,310,721 |
633,578,126,990 |
|
2. Payable to suppliers |
127,353,560,334 |
122,717,034,688 |
129,537,953,983 |
|
3. Advances from customers |
6,148,694,807 |
8,238,394,638 |
6,850,285,852 |
|
4. Taxes and other obligations to the State Budget |
3,760,014,024 |
15,155,559,271 |
33,507,008,178 |
|
5. Payable to employees |
37,940,316,723 |
36,632,280,265 |
38,523,008,346 |
|
6. Accrued expenses |
12,963,098,604 |
22,847,648,611 |
16,224,971,652 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
99,656,416,184 |
113,014,525,861 |
116,642,164,422 |
|
10. Provisions for short-term accounts payable |
43,100,000,000 |
43,100,000,000 |
34,000,000,000 |
|
11. Bonus and welfare funds |
47,041,353,825 |
51,878,670,725 |
|
|
II. Long-Term
Liabilities |
45,000,000,000 |
0 |
61,758,087,748 |
|
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 |
45,000,000,000 |
0 |
58,942,312,000 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
2,815,775,748 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
|
|
9. Science and technology development fund |
0 |
0 |
|
|
B- OWNER’S
EQUITY |
1,379,205,165,056
|
1,328,996,900,367
|
1,273,224,757,714
|
|
I. OWNER’S
EQUITY |
1,379,205,165,056
|
1,328,996,900,367
|
1,243,040,928,148
|
|
1. Capital |
475,112,730,000 |
475,112,730,000 |
471,512,730,000 |
|
2. Share premiums |
190,492,000,000 |
190,492,000,000 |
190,492,000,000 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
-36,897,215,355 |
-36,897,215,355 |
-36,897,215,355 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
3,991,224,335 |
3,991,224,377 |
3,991,224,376 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
746,506,426,076 |
696,298,161,345 |
613,942,189,127 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
|
|
II. Other
sources and funds |
0 |
0 |
30,183,829,566 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
30,183,829,566 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S INTEREST
|
79,599,152,873 |
76,049,014,550 |
63,773,223,402 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
3,329,304,536,621
|
3,073,558,339,697
|
2,407,619,588,287
|
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
First 3 months of 2013 |
FY2012 |
FY2011 |
|
1. Total Sales |
1,077,429,431,770
|
4,236,484,487,918
|
4,114,059,871,210
|
|
2. Deduction item |
3,954,166,365 |
8,552,492,043 |
10,082,120,795 |
|
3. Net revenue |
1,073,475,265,405
|
4,227,931,995,875
|
4,103,977,750,415
|
|
4. Costs of goods sold |
942,855,949,941 |
3,680,318,008,967 |
3,379,843,860,523 |
|
5. Gross profit |
130,619,315,464 |
547,613,986,908 |
724,133,889,892 |
|
6. Financial income |
25,407,361,285 |
86,205,047,922 |
100,706,640,272 |
|
7. Financial expenses |
16,552,412,063 |
66,971,393,139 |
112,362,907,329 |
|
- In which: Loan interest expenses |
15,849,805,143 |
60,030,070,480 |
70,432,324,955 |
|
8. Selling expenses |
53,830,066,738 |
219,313,324,505 |
176,671,765,955 |
|
9. Administrative overheads |
19,642,108,749 |
85,303,548,346 |
55,803,209,398 |
|
10. Net operating profit |
66,002,089,199 |
262,230,768,840 |
480,002,647,482 |
|
11. Other income |
229,416,270 |
10,226,004,741 |
15,690,621,480 |
|
12. Other expenses |
738,422,766 |
2,820,486,975 |
15,599,006,406 |
|
13. Other profit /(loss) |
-509,006,496 |
7,405,517,766 |
91,615,074 |
|
14. Total accounting profit before tax |
65,493,082,703 |
269,636,286,606 |
480,094,262,556 |
|
15. Current corporate income tax |
11,538,485,584 |
36,922,015,839 |
64,179,718,736 |
|
16. Deferred corporate income tax |
196,194,106 |
-29,031,137 |
-2,940,175,717 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
53,758,403,013 |
232,743,301,904 |
412,974,368,103 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
First
3 months of 2013 |
FY2012 |
FY2011 |
Average Industry |
|
Current liquidity ratio |
1.38 |
1.37 |
1.74 |
1.24 |
|
Quick liquidity ratio |
0.78 |
0.78 |
0.93 |
0.64 |
|
Inventory circle |
0.91 |
3.75 |
4.61 |
5.02 |
|
Average receive period |
184.11 |
38.68 |
50.13 |
82.74 |
|
Utilizing asset performance |
0.32 |
1.38 |
1.70 |
1.36 |
|
Liability by total assets |
56.18 |
54.29 |
44.47 |
69.39 |
|
Liability by owner's equity |
135.62 |
125.55 |
84.09 |
260.95 |
|
Ebit / Total assets (ROA) |
2.44 |
10.73 |
22.87 |
15.09 |
|
Ebit / Owner's equity (ROE) |
5.90 |
24.81 |
43.24 |
49.87 |
|
Ebit / Total revenue (NPM) |
7.55 |
7.78 |
13.38 |
14.92 |
|
Gross profit / Total revenue (GPM) |
12.12 |
12.93 |
17.60 |
20.48 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
|
CASH
FLOW STATEMENT |
|||
|
(Indirect method) |
|||
|
Items |
First 3 months of 2013 |
FY2012 |
FY2011 |
|
I. Cash flows
from operating activities |
|||
|
1. Profit before tax |
65,493,082,702 |
269,636,286,606 |
480,094,262,556 |
|
2. Adjustments |
|
|
|
|
- Depreciation and amortization |
25,897,051,561 |
90,231,675,984 |
83,403,731,998 |
|
- Provisions |
-6,934,452,979 |
19,465,373,945 |
28,931,219,927 |
|
- Unrealized foreign exchange difference |
0 |
-9,817,814 |
5,503,447,698 |
|
- Gain/loss from investing activities |
-22,528,786,845 |
-51,237,020,284 |
-19,436,697,147 |
|
- Interest expense |
15,849,805,143 |
60,030,070,480 |
70,432,324,955 |
|
3. Operating profit before movements in working
capital |
77,776,699,582 |
388,116,568,917 |
648,928,289,987 |
|
- (Increase)/Decrease in receivables |
-83,150,147,139 |
100,028,533,055 |
-221,919,329,809 |
|
- (Increase)/Decrease in inventories |
-111,894,486,529 |
-176,860,659,930 |
-196,708,620,121 |
|
- Increase/(Decrease) in accounts payable |
-16,015,938,615 |
6,959,550,648 |
25,788,277,884 |
|
- (Increase)/Decrease in prepaid expenses |
417,109,688 |
-6,749,211,001 |
-27,689,476,737 |
|
- Interest paid |
-15,288,452,472 |
-59,086,830,316 |
-69,562,038,493 |
|
- Corporate income tax paid |
-21,946,691,507 |
-59,024,263,310 |
-60,328,667,862 |
|
- Other cash inflows |
143,852,000 |
2,000,000,000 |
1,259,150,260 |
|
- Other cash outflows |
-5,048,629,900 |
-15,553,311,379 |
-21,232,705,467 |
|
Net cash from (used in) operating activities |
-175,006,684,892 |
179,830,376,684 |
78,534,879,642 |
|
II. Cash flows
from investing activities |
|||
|
1. Acquisition of fixed assets and other long - term assets |
-34,703,623,317 |
-221,422,678,451 |
-121,397,054,282 |
|
2. Proceeds from fixed assets and long - term assets disposal |
0 |
0 |
13,383,013,868 |
|
3. Cash outflow for lending, buying debt instruments of other
companies |
0 |
-1,171,500,000,000 |
-37,127,931,302 |
|
4. Cash recovered from lending, selling debt instruments of other
companies |
926,381,802 |
425,201,033,500 |
74,484,730,350 |
|
5. Investment in other entities |
0 |
0 |
|
|
6. Cash recovered from investments in other entities |
0 |
0 |
|
|
7. Interest income, dividend and profit paid |
2,641,286,845 |
34,028,686,951 |
19,584,085,491 |
|
Net cash from (used in) investing activities |
-31,135,954,670 |
-933,692,958,000 |
-51,073,155,875 |
|
III. Cash flows
from financing activities |
|||
|
1. Proceeds from issuing stocks, receiving capital from owners |
0 |
0 |
|
|
2. Capital withdrawal, buying back issued stocks |
0 |
0 |
-5,487,904,737 |
|
3. Proceeds from borrowings |
1,634,009,845,589 |
3,856,862,724,588 |
2,362,514,113,407 |
|
4. Repayment of borrowings |
-1,396,401,392,119 |
-3,294,445,021,100 |
-2,110,674,323,676 |
|
5. Repayment of obligations under finance leased |
0 |
0 |
|
|
6. Dividends paid |
0 |
-102,437,720,500 |
-68,915,736,000 |
|
Net cash from (used in) financing activities |
237,608,453,470 |
459,979,982,988 |
177,436,148,994 |
|
Net increase/(decrease) in cash and cash equivalents |
31,465,813,908 |
-293,882,598,328 |
204,897,872,761 |
|
Cash and cash equivalents at beginning of year |
35,542,775,109 |
329,424,956,877 |
126,419,394,330 |
|
Effect from changing foreign exchange rate |
0 |
0 |
-1,892,310,214 |
|
Cash and cash equivalents at end of year |
67,008,589,017 |
35,542,358,549 |
329,424,956,877 |
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Strong |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
LC, D/P, D/A, TTR |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
||
|
|
||
|
The subject is known as a large company operating in seafood processing field.
The subject has a long time of operation and development; it was established
in 1997 as a limited liability company with the name of Vinh Hoan Company
Limited. Up to April, 2007 It equitized and changed its name into Vinh Hoan
Corporation. In December 2007, the subject officially listed its stocks on the Hochiminh Stock Exchange (HOSE) with the symbol of VHC. Up to now, the subject has grown and affirmed
its position in the domestic and international
market The subject became to
one of the top Vietnamese processors and exporters of Pangasius fish. The
subject has been ranked at the first position in top 10 seafood export
enterprises in 2012 with total export value of about USD 154.9 million. Its
products are available in 42 countries over the world.
With long-term development strategy, the subject
has been applying a closed production from farming to processing. It was winning
the special award for “health and nutrition” with seafood harmony product at
the seafood PRIX D’ELITE (European seafood fair in 2009). Besides, the
subject also was awarded many other achievement such as: certified with ISO
9001:2000; ISO 14001:2004; BRC: 2005 and IFS VERSION 4 (in 2005), Prestigious
exporter (in 2008), Farm certified with AQUAGAP by IMO (February 2009),
Vietnam seafood golden quality award 2009 of ministry of agriculture and
rural development, etc. Until February 22nd 2013, VINH HOAN
CORPORATION has 2 ASC-certified farms and becomes the company with the
largest ASC-certified farming areas, supplying a significant amount of high
quality pangasius (scientific name of Tra fish) products to international
markets. Base on the above financial data; we see that the
business activities of company are very effective. The financial ratios were
fairly good in the year 2011 and 2012. The liquidity ratios were at above
average level in compared with other companies in the same field. The liabilities
were controlled fairly well. Both of liability by total assets and liability
by owner equity were lower than the average industry indexes. The financial
leverage ratios in first three months were higher than two previous years but
the firm’s capital structure was still very safely. On its income statement,
total sales of the company in 2012 increased slightly, value VND 4,236
billion and over 2.97% compared with year 2011. However, its profits have
downtrend from VND 412,974 million in 2011 down to VND 232,743 million in
2012. This negative difference was made by the decrease in profit of parent
company because of the high farming costs and reducing export price. In spite
of this, the subject’s business results are considered to be good. The
profitability is above average In conclusion, the subject is a large scale
company. Its financial situation is considered as strong. It is graded at A,
meaning is The company has strong capacity to meet its 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.58.94 |
|
UK Pound |
1 |
Rs.90.48 |
|
Euro |
1 |
Rs.77.87 |
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.