|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
THE VINACONEX SAIGON JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
01st Floor, VINACONEX Building, No. 47 Dien Bien Phu street, Da Kao
Ward, District 1, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Establishments: |
1996 |
|
|
|
|
Com. Reg. No.: |
0303156197 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturer of articles of concrete, cement
and plaster |
|
|
|
|
No. of Employees : |
500 |
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 |
|
THE VINACONEX SAIGON JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN VINACONEX SAI GON |
|
Short name |
|
VINACONEX SAIGON JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1996 |
|
Equitization Decision |
|
1438/QD-BXD |
|
Date of Issuance |
|
30 Oct 2003 |
|
Place of Issuance |
|
Minister of Construction |
|
Business Registration No. |
|
0303156197 |
|
Date of the latest adjustment |
|
04 Jul 2012 |
|
Place of Registration |
|
Business Registration Office- Planning and
Investment Department of Ho Chi Minh city |
|
Chartered capital |
|
VND 61,014,930,000 |
|
Tax code |
|
0303156197 |
|
Total Employees |
|
500 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration
No: 4103002007 which was first issued on 25 Dec 2003 Changed to: 0303156197 |
25
May 2010 |
|
2 |
Subject has got former Type of Business:
Branch Changed to: Joint Stock Company |
25
Dec 2003 |
|
|
||
Company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
01st Floor, VINACONEX Building, No. 47
Dien Bien Phu street, Da Kao Ward, District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3910 4813 – 3910 5311 |
|
Fax |
|
(84-8) 3910 4485 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Long
An |
||
|
Address |
|
Provincial Road 830, Luong binh Commune,
Ben Luc District, Long An Province, Vietnam |
|
|
||
|
Other |
||
|
Address |
|
33 Cong Hoa street, ward 4, Tan Binh
District, Ho Chi Minh City, Vietnam |
|
Manager |
|
Ms. NGUYEN LAN HOA |
|
|
||
SUBSIDIARIES AND RELATED
COMPANIES
|
||
|
|
||
|
1. VINACONEX CUU
LONG SOLE MEMBER LIMITED LIABILITY COMPANY |
||
|
Business Registration |
|
1401019144 |
|
Tax code |
|
1401019144 |
|
Address |
|
1647 National Way 30, Ward 11, Cao Lanh City, Dong Thap Province,
Vietnam |
|
Tel |
|
(84-67) 3892 610 – 3892 029 |
|
Fax |
|
(84-67) 3892 059 |
|
|
||
|
2. VINACONEX 27
JOINT-STOCK COMPANY |
||
|
Business Registration |
|
5103000042 |
|
Tax code |
|
1400104904 |
|
Address |
|
10 Nguyen Van Tre Street, Ward 1, Cao Lanh City, Dong Thap Province,
Vietnam |
|
Tel |
|
(84-67) 3851 158 |
|
Fax |
|
(84-67) 3872 132 |
|
Website |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN THAI HAI |
|
Position |
|
Chairman |
|
Date of Birth |
|
30 Oct 1982 |
|
ID Number/Passport |
|
280784674 |
|
ID Issue Date |
|
30 Sep 1997 |
|
ID Issue Place |
|
Police Station of
Binh Duong province |
|
Resident |
|
4/6 Thong Nhat, Di An
Town, Di An Town, Binh Duong Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
PHAN HUY DIEN |
|
Position |
|
Member of Board of Directors (BOD) |
|
Date of Birth |
|
16 Jun 1966 |
|
ID Number/Passport |
|
024838043 |
|
ID Issue Date |
|
11 Sep 2009 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh city |
|
Resident |
|
16M Mieu Noi Residential
Area, ward 3, Binh Thanh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
PHAM QUANG LONG |
|
Position |
|
Member of Board of Directors (BOD) |
|
Date of Birth |
|
29 May 1977 |
|
ID Number/Passport |
|
025099472 |
|
ID Issue Date |
|
16 Feb 2009 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh city |
|
Resident |
|
217/9 Hamlet I, Hiep
Phuoc Commune, Nha Be District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Mr.
THAI QUANG HA |
|
Position |
|
Member of Board of Directors (BOD) |
|
Date of Birth |
|
15 Dec 1958 |
|
ID Number/Passport |
|
250798821 |
|
ID Issue Date |
|
19 Dec 2006 |
|
ID Issue Place |
|
Police Station of Lam
Dong province |
|
Resident |
|
1647 National Way 30,
ward 6, Cao Lanh City, Dong Thap Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
5.
NAME |
|
Mr.
PHAN HUY DIEN |
|
Position |
|
Director |
|
Date of Birth |
|
16 Jun 1966 |
|
ID Number/Passport |
|
024838043 |
|
ID Issue Date |
|
11 Sep 2009 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh city |
|
Resident |
|
16M Mieu Noi
Residential Area, ward 3, Binh Thanh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
6.
NAME |
|
Mr.
PHAM QUANG LONG |
|
Position |
|
Deputy Director |
|
Date of Birth |
|
29 May 1977 |
|
ID Number/Passport |
|
025099472 |
|
ID Issue Date |
|
16 Feb 2009 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh city |
|
Resident |
|
217/9 Hamlet I, Hiep
Phuoc Commune, Nha Be District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
7.
NAME |
|
Ms.
NGUYEN THI THUY HONG |
|
Position |
|
Chief of Supervisory Board |
|
Date of Birth |
|
16 Dec 1974 |
|
ID Number/Passport |
|
011637592 |
|
ID Issue Date |
|
10 Apr 1998 |
|
ID Issue Place |
|
Police Station of Ha
Noi city |
|
Resident |
|
Block 41, Tien Phong
Newspaper Apartment, No. 64 Nguyen Luong Bang street, O Cho Dua ward, Dong Da
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Manufacture of articles of concrete, cement and
plaster |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Equipment and machine for construction project |
|
·
Market |
|
Germany, Korea |
|
·
Mode of payment |
|
L/C |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Labour |
|
·
Market |
|
Malaysia, Algeria, Japan... |
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK PHU NHUAN BRANCH |
||
|
Address |
|
307/5 Nguyen Van Troi, Ward 1, Tan Binh
District, Ho Chi Minh city, Vietnam |
|
Telephone |
|
(84-8) 3844 4522 |
|
Fax |
|
(84-8) 3844 4524 |
|
|
||
|
2.
LAOS VIET JOINT VENTURE BANK HOCHIMINH CITY BRANCH |
||
|
Address |
|
No 181 Hai Ba Trung Str, Ward 6, District 3, Ho Chi Minh City, Vietnam
|
|
Telephone |
|
(84-8) 3824 7417 |
|
Fax |
|
(84-8) 3824 7219 |
|
|
||
SHAREHOLDERS
|
||
|
Registration
shareholder information: |
||
|
1.
NAME |
|
VIETNAM
CONSTRUCTION AND IMPORT - EXPORT JOINT STOCK CORPORATION |
|
Business Registration |
|
0100105616 |
|
Date of Registration |
|
27 Jan 2011 |
|
Place of Registration |
|
Hanoi Department of Planning and Investment |
|
Registered Capital |
|
VND 4,417,106,730,000 |
|
Tax code |
|
0100105616 |
|
Address |
|
Vinaconex Building, No. 34 Lang Ha Str, Dong
Da District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 6284 9234 / 6284 9210/ 6284 9274 |
|
Fax |
|
(84-4) 6284 9208 |
|
Email |
|
|
|
Website |
|
|
|
Number of shares |
|
1,890,000 |
|
Value of shares |
|
VND 18,900,000,000 |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI KIM LIEN |
|
ID Number/Passport |
|
271208661 |
|
Resident |
|
23M Mieu Noi Residential Area, ward 3,
Binh Thanh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
40,000 |
|
Value of shares |
|
VND 400,000,000 |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI LE HA |
|
ID Number/Passport |
|
200793730 |
|
Resident |
|
16/26 Tran Thien Chanh street, ward 12, 10
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
33,300 |
|
Value of shares |
|
VND 333,000,000 |
|
|
||
|
4.
NAME |
|
17
other shareholders |
|
Number of shares |
|
117,200 |
|
Value of shares |
|
VND 1,172,000,000 |
|
|
||
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 |
Audited |
Audited |
Audited |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
118,241,259,720 |
99,416,402,554 |
169,314,886,427 |
|
I. Cash and cash
equivalents |
2,956,018,027 |
5,459,609,698 |
2,135,507,457 |
|
1. Cash |
2,956,018,027 |
5,459,609,698 |
2,135,507,457 |
|
2. Cash equivalents |
0 |
|
|
|
II. Short-term
investments |
1,319,187,000 |
|
37,300,000,000 |
|
1. Short-term investments |
1,319,187,000 |
|
37,300,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
|
|
III. Accounts
receivable |
65,686,344,279 |
39,519,131,793 |
52,748,622,352 |
|
1. Receivable from customers |
52,814,708,033 |
29,671,700,692 |
39,096,101,400 |
|
2. Prepayments to suppliers |
11,433,607,429 |
10,641,448,168 |
14,208,723,284 |
|
3. Inter-company receivable |
0 |
|
|
|
4. Receivable according to the progress of construction |
0 |
|
|
|
5. Other receivable |
10,050,849,819 |
6,032,790,130 |
6,139,418,060 |
|
6. Provisions for bad debts |
-8,612,821,002 |
-6,826,807,197 |
-6,695,620,392 |
|
IV. Inventories |
39,577,047,061 |
37,465,664,554 |
60,646,584,614 |
|
1. Inventories |
39,577,047,061 |
37,465,664,554 |
60,646,584,614 |
|
2. Provisions for devaluation of inventories |
0 |
|
|
|
V. Other Current
Assets |
8,702,663,353 |
16,971,996,509 |
16,484,172,004 |
|
1. Short-term prepaid expenses |
171,063,706 |
1,192,455,758 |
536,707,532 |
|
2. VAT to be deducted |
3,462,597 |
|
1,276,495,544 |
|
3. Taxes and other accounts receivable from the State |
775,391 |
|
|
|
4. Other current assets |
8,527,361,659 |
15,779,540,751 |
14,670,968,928 |
|
B. LONG-TERM
ASSETS |
128,494,598,749 |
135,385,275,090 |
93,027,185,124 |
|
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
|
122,486,932,367 |
128,726,209,983 |
85,310,225,342 |
|
1. Tangible assets |
120,498,110,013 |
20,031,796,828 |
23,088,242,347 |
|
- Historical costs |
138,909,879,405 |
34,682,798,166 |
34,473,344,463 |
|
- Accumulated depreciation |
-18,411,769,392 |
-14,651,001,338 |
-11,385,102,116 |
|
2. Financial leasehold assets |
0 |
|
|
|
- Historical costs |
0 |
|
|
|
- Accumulated depreciation |
0 |
|
|
|
3. Intangible assets |
1,480,971,300 |
1,480,971,300 |
1,480,971,300 |
|
- Initial costs |
1,480,971,300 |
1,480,971,300 |
1,480,971,300 |
|
- Accumulated amortization |
0 |
|
|
|
4. Construction-in-progress |
507,851,054 |
107,213,441,855 |
60,741,011,695 |
|
III. Investment
property |
0 |
|
|
|
Historical costs |
0 |
|
|
|
Accumulated depreciation |
0 |
|
|
|
IV. Long-term
investments |
4,683,890,081 |
4,677,281,863 |
5,104,235,086 |
|
1. Investments in affiliates |
0 |
|
|
|
2. Investments in business concerns and joint ventures |
4,683,890,081 |
4,677,281,863 |
5,104,235,086 |
|
3. Other long-term investments |
0 |
|
|
|
4. Provisions for devaluation of long-term investments |
0 |
|
|
|
V. Other
long-term assets |
1,221,685,003 |
1,866,930,534 |
2,612,724,696 |
|
1. Long-term prepaid expenses |
181,048,556 |
757,188,855 |
1,514,585,611 |
|
2. Deferred income tax assets |
0 |
|
|
|
3. Other long-term assets |
1,040,636,447 |
1,109,741,679 |
1,098,139,085 |
|
VI. Goodwill |
102,091,298 |
114,852,710 |
|
|
1. Goodwill |
102,091,298 |
114,852,710 |
|
|
TOTAL ASSETS |
246,735,858,469 |
234,801,677,644 |
262,342,071,551 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
169,402,151,118 |
157,777,317,389 |
200,737,525,083 |
|
I. Current
liabilities |
120,292,208,967 |
96,928,353,238 |
114,384,303,140 |
|
1. Short-term debts and loans |
48,743,419,848 |
32,888,101,475 |
25,857,185,519 |
|
2. Payable to suppliers |
20,780,078,137 |
19,374,508,603 |
23,818,546,020 |
|
3. Advances from customers |
9,536,889,901 |
17,289,891,143 |
44,498,709,166 |
|
4. Taxes and other obligations to the State Budget |
5,095,869,756 |
1,552,973,405 |
2,133,761,758 |
|
5. Payable to employees |
3,245,785,051 |
427,470,784 |
|
|
6. Accrued expenses |
3,259,352,134 |
6,614,801,843 |
5,405,217,114 |
|
7. Inter-company payable |
0 |
|
|
|
8. Payable according to the progress of construction contracts |
0 |
|
|
|
9. Other payable |
29,425,836,803 |
18,525,178,648 |
12,502,751,197 |
|
10. Provisions for short-term accounts payable |
204,977,337 |
|
|
|
11. Bonus and welfare funds |
0 |
255,427,337 |
168,132,366 |
|
II. Long-Term
Liabilities |
49,109,942,151 |
60,848,964,151 |
86,353,221,943 |
|
1. Long-term accounts payable to suppliers |
0 |
|
|
|
2. Long-term inter-company payable |
0 |
|
|
|
3. Other long-term payable |
386,816,550 |
125,838,550 |
155,838,550 |
|
4. Long-term debts and loans |
48,723,125,601 |
60,723,125,601 |
86,139,125,601 |
|
5. Deferred income tax payable |
0 |
|
|
|
6. Provisions for unemployment allowances |
0 |
|
58,257,792 |
|
7. Provisions for long-term accounts payable |
0 |
|
|
|
8. Unearned Revenue |
0 |
|
|
|
9. Science and technology development fund |
0 |
|
|
|
B- OWNER’S
EQUITY |
77,333,707,351 |
77,024,360,255 |
56,512,160,590 |
|
I. OWNER’S
EQUITY |
77,333,707,351 |
77,024,360,255 |
56,512,160,590 |
|
1. Capital |
61,014,930,000 |
61,014,930,000 |
40,834,950,000 |
|
2. Share premiums |
4,927,267,500 |
4,927,267,500 |
5,007,267,500 |
|
3. Other sources of capital |
0 |
|
|
|
4. Treasury stocks |
0 |
|
|
|
5. Differences on asset revaluation |
0 |
|
|
|
6. Foreign exchange differences |
0 |
|
12,375,336 |
|
7. Business promotion fund |
4,982,289,766 |
4,982,289,766 |
3,543,726,833 |
|
8. Financial reserved fund |
697,186,484 |
697,186,484 |
612,565,134 |
|
9. Other funds |
0 |
|
|
|
10. Retained earnings |
5,712,033,601 |
5,402,686,505 |
6,501,275,787 |
|
11. Construction investment fund |
0 |
|
|
|
12. Business arrangement supporting fund |
0 |
|
|
|
II. Other
sources and funds |
0 |
|
|
|
1. Bonus and welfare funds (Elder form) |
0 |
|
|
|
2. Sources of expenditure |
0 |
|
|
|
3. Fund to form fixed assets |
0 |
|
|
|
MINORITY’S
INTEREST |
0 |
|
5,092,385,878 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
246,735,858,469 |
234,801,677,644 |
262,342,071,551 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
129,547,010,769 |
145,237,573,828 |
146,999,248,056 |
|
2. Deduction item |
0 |
|
|
|
3. Net revenue |
129,547,010,769 |
145,237,573,828 |
146,999,248,056 |
|
4. Costs of goods sold |
112,983,704,938 |
129,259,570,796 |
133,837,026,203 |
|
5. Gross profit |
16,563,305,831 |
15,978,003,032 |
13,162,221,853 |
|
6. Financial income |
534,829,497 |
590,909,935 |
5,242,786,073 |
|
7. Financial expenses |
15,959,991,057 |
5,218,169,571 |
3,057,900,342 |
|
- In which: Loan interest expenses |
14,585,385,102 |
5,182,296,341 |
3,012,289,001 |
|
8. Selling expenses |
4,974,997 |
42,333,589 |
47,941,116 |
|
9. Administrative overheads |
10,506,015,465 |
9,877,257,656 |
14,611,739,130 |
|
10. Net operating profit |
-9,372,846,191 |
1,431,152,151 |
687,427,338 |
|
11. Other income |
18,734,374,945 |
1,221,449,025 |
2,282,308,389 |
|
12. Other expenses |
8,993,992,737 |
1,528,387,138 |
351,248,679 |
|
13. Other profit /(loss) |
9,740,382,208 |
-306,938,113 |
1,931,059,710 |
|
14. Total accounting profit before tax |
367,536,017 |
1,124,214,038 |
2,618,487,048 |
|
15. Current corporate income tax |
182,275,162 |
103,423,116 |
768,548,191 |
|
16. Deferred corporate income tax |
0 |
|
|
|
17. Interest from subsidiaries/related companies |
6,608,218 |
-426,953,223 |
-291,379,483 |
|
18. Profit after tax |
191,869,073 |
593,837,699 |
1,558,559,374 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
0.98 |
1.03 |
1.48 |
1.49 |
|
Quick liquidity ratio |
0.65 |
0.64 |
0.95 |
0.76 |
|
Inventory circle |
2.85 |
2.63 |
2.60 |
4.15 |
|
Average receive period |
185.07 |
99.32 |
130.98 |
428.99 |
|
Utilizing asset performance |
0.53 |
0.62 |
0.56 |
0.47 |
|
Liability by total assets |
68.66 |
67.20 |
76.52 |
68.68 |
|
Liability by owner's equity |
219.05 |
204.84 |
355.21 |
399.20 |
|
Ebit / Total assets (ROA) |
6.06 |
2.69 |
2.15 |
4.58 |
|
Ebit / Owner's equity (ROE) |
19.34 |
8.19 |
9.96 |
22.45 |
|
Ebit / Total revenue (NPM) |
11.54 |
4.34 |
3.83 |
17.51 |
|
Gross profit / Total revenue (GPM) |
12.79 |
11.00 |
8.95 |
19.94 |
|
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 |
374,144,235 |
697,260,815 |
2,327,107,565 |
|
2. Adjustments |
|
|
|
|
- Depreciation and amortization |
3,793,654,661 |
3,835,352,256 |
3,982,423,056 |
|
- Provisions |
1,786,013,805 |
131,186,805 |
4,268,417,350 |
|
- Unrealized foreign exchange difference |
0 |
|
|
|
- Gain/loss from investing activities |
-11,192,865,471 |
-747,820,057 |
-4,585,077,451 |
|
- Interest expense |
14,585,385,102 |
5,182,296,341 |
3,012,289,001 |
|
3. Operating profit before movements in working
capital |
9,346,332,332 |
9,098,276,160 |
9,005,159,521 |
|
- (Increase)/Decrease in receivables |
-6,250,342,227 |
14,104,190,130 |
-1,829,286,469 |
|
- (Increase)/Decrease in inventories |
-6,640,100,415 |
23,180,920,060 |
-18,171,026,900 |
|
- Increase/(Decrease) in accounts payable |
7,588,553,683 |
-1,176,792,323 |
-9,840,166,497 |
|
- (Increase)/Decrease in prepaid expenses |
1,600,449,238 |
101,648,530 |
-1,302,462,359 |
|
- Interest paid |
-11,183,642,932 |
-14,923,020,882 |
-6,781,421,428 |
|
- Corporate income tax paid |
0 |
-1,721,489,199 |
-429,442,947 |
|
- Other cash inflows |
5,287,504,458 |
|
4,460,050,963 |
|
- Other cash outflows |
-2,964,997,211 |
|
-2,205,458,807 |
|
Net cash from (used in) operating activities |
-3,216,243,074 |
28,663,732,476 |
-27,094,054,923 |
|
II. Cash flows
from investing activities |
|||
|
1. Acquisition of fixed assets and other long - term assets |
-5,101,709,082 |
-65,035,797,960 |
-37,099,732,371 |
|
2. Proceeds from fixed assets and long - term assets disposal |
2,868,940,218 |
309,285,455 |
82,727,272 |
|
3. Cash outflow for lending, buying debt instruments of other
companies |
-10,369,187,000 |
-175,606,000,000 |
-460,784,000,000 |
|
4. Cash recovered from lending, selling debt instruments of other
companies |
9,050,000,000 |
212,906,000,000 |
423,484,000,000 |
|
5. Investment in other entities |
0 |
|
|
|
6. Cash recovered from investments in other entities |
0 |
|
|
|
7. Interest income, dividend and profit paid |
458,500,961 |
578,534,599 |
4,804,542,678 |
|
Net cash from (used in) investing activities |
-3,093,454,903 |
-26,847,977,906 |
-69,512,462,421 |
|
III. Cash flows
from financing activities |
|||
|
1. Proceeds from issuing stocks, receiving capital from owners |
0 |
20,099,980,000 |
8,742,000,000 |
|
2. Capital withdrawal, buying back issued stocks |
0 |
|
|
|
3. Proceeds from borrowings |
71,876,281,699 |
53,945,439,299 |
171,900,295,664 |
|
4. Repayment of borrowings |
-68,070,175,393 |
-72,330,523,343 |
-87,512,668,937 |
|
5. Repayment of obligations under finance leased |
0 |
|
|
|
6. Dividends paid |
0 |
-206,548,285 |
-213,666,055 |
|
Net cash from (used in) financing activities |
3,806,106,306 |
1,508,347,671 |
92,915,960,672 |
|
Net increase/(decrease) in cash and cash equivalents |
-2,503,591,671 |
3,324,102,241 |
-3,690,556,672 |
|
Cash and cash equivalents at beginning of year |
5,459,609,698 |
2,135,507,457 |
5,813,688,793 |
|
Effect from changing foreign exchange rate |
0 |
|
12,375,336 |
|
Cash and cash equivalents at end of year |
2,956,018,027 |
5,459,609,698 |
2,135,507,457 |
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
|
||
|
|
|
||
|
Trade Morality |
|
Fair |
|
|
Liquidity |
|
Medium |
|
|
Payment status |
|
Average |
|
|
Financial Situation |
|
Average |
|
|
Development trend |
|
Stable |
|
|
Litigation data |
|
No Record |
|
|
Bankruptcy |
|
No Record |
|
|
Payment Methods |
|
Through the bank |
|
|
Sale Methods |
|
To projects |
|
|
Public opinion |
|
Good |
|
INTERPRETATION ON THE SCORES
|
|
|
|
Being established in 1990’s as a branch in Ho Chi Minh city of
Vinaconex. Since 25 Dec 2003 , the subject has operated under the type of Joint
Stock Company and called THE VINACONEX SAIGON JOINT STOCK COMPANY (shortened
as Vinaconex Saigon JSC). The subject focuses on construction and
construction material. Premises and facilities of the subject are standard. Recently, the
subject has leased 207 square meters for company’s office. The subject has land-use rights
of 262.7 square meter land locating at An Phu- District 2- Ho Chi
Minh city and 1,975.4 square meter land locating at No. 180 Hoang Huu Nam street-
District 9- Ho Chi Minh city which are being used as company’s warehouses.
Besides, the subject also has a 50
year lease agreement on 139,492 square
meter land locating in Long An province which is being used for Concrete
Factory. Competiveness of the subject in construction field is at average level.
In this field, business scopes of the subject include production,
transport, construction and installation and finishing work on the structure. One of remarkable product kind of the
subject is Super T Shipping. Having
operated for a long time and inherited relations of its parent company
(Vinaconex), the subject has undertaken many infrastructure projects. In
labor export field, main market of the subject is Malaysia and the subject is
trying its best in order to promote its products and services to Algeria,
Japan and Australia. Income of the subject mainly came from
construction field. Revenue in FY 2011 has a slight decrease but company’s
profit decreased deeply because of increase in interest expenses. In order to widen its production capacity (establishing Concrete
Factory) in Long An province, the subject extends financial
supports from its parent company and creditors. Currently, Vietnam
real estate market is in a gloomy period and many real estate projects have
been delayed due to capital shortage. In order to
control inflation, the government has cut public investment. Because of
industrial & economic difficulties, the
company’s revenue in
2012 mainly comes from contracts signed in 2010 and 2011; its revenue and profit were deeply decreased.
Overall, the can overcome difficulties; therefore the rating outlook
for the company is above average. |
|
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.57.74 |
|
UK Pound |
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
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.