|
Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAC SON TOBACCO COMPANY LIMITED |
|
|
|
|
Formerly Known As : |
BAC SON CIGARETTE FACTORY |
|
|
|
|
Registered Office : |
Area I - Dap Cau Ward, Bac Ninh City, Bac Ninh Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishments: |
1968 |
|
|
|
|
Com. Reg. No.: |
2104000008 |
|
|
|
|
Legal Form : |
One member liability limited company |
|
|
|
|
Line of Business : |
manufacturing
and trading of filter cigarette, tobacco |
|
|
|
|
No. of Employees : |
450 |
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 |
|
BAC SON TOBACCO COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH MOT THANH VIEN THUOC LA BAC
SON |
|
Short name |
|
VINATABA BACSON |
|
Type of Business |
|
One member liability limited company |
|
Year Established |
|
1968 |
|
Establishment Decision |
|
321/2005/QD-TTG |
|
Date of Issuance |
|
06 Dec 2005 |
|
Place of Issuance |
|
Prime Minister |
|
Business Registration No. |
|
2104000008 |
|
Date of Registration |
|
30 Dec 2005 |
|
Place of Registration |
|
Planning and Investment Department of Bac
Ninh Province |
|
Chartered capital |
|
VND 58,875,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
2300101644 |
|
Total Employees |
|
450 |
Note: The correct name of the subject is as above.
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
VND 46,966,218,649 Changed to: VND 58,875,000,000 |
2012
|
|
2 |
Subject has got former Registered English
Name: BAC SON CIGARETTE FACTORY Changed to: BAC SON TOBACCO COMPANY
LIMITED |
06
Dec 2005 |
|
3 |
Subject has got former Registered
Vietnamese Name: NHA MAY THUOC LA BAC SON Changed to: CONG TY TNHH MOT THANH VIEN
THUOC LA BAC SON |
06
Dec 2005 |
|
|
||
company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Area I - Dap Cau Ward, Bac Ninh City, Bac
Ninh Province, Vietnam |
|
Telephone |
|
(84-241) 3821 332/254 |
|
Fax |
|
(84-241) 3821 551 |
|
Note: The correct address of
the subject is as above. |
||
SUBSIDIARIES AND RELATED
COMPANIES
|
||
|
|
||
|
PARENT COMPANY -
VIETNAM NATIONAL TOBACCO CORPORATION |
||
|
Business Registration |
|
0101216069 |
|
Date of Registration |
|
28 Sep 2011 |
|
Place of Registration |
|
Business Registration Office – Planning and Investment Department of
Ha Noi City |
|
Chartered Capital |
|
VND 1,602,000,000,000 |
|
Tax code |
|
0101216069 |
|
Address |
|
25A Ly Thuong Kiet Str., Hoan Kiem District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 3826 5778/ 38251381/ 39335536 |
|
Fax |
|
(84-4) 3826 5777 |
|
Website |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
4.
NAME |
|
Mr.
DANG XUAN PHUONG |
|
Position |
|
Chairman |
|
Date of Birth |
|
24 Dec 1959 |
|
ID Number/Passport |
|
011639439 |
|
ID Issue Date |
|
07 Nov 2001 |
|
ID Issue Place |
|
Hanoi city,
Department police |
|
Resident |
|
No. 27 - Lane 184
Vuong Thua Vu Str, Thanh Xuan District, Ha Noi City, Vietnam |
|
Current resident |
|
No. A13 - Lot 11 the urban Dinh Cong -
Dinh Cong ward, Hoang Mai District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
DINH VAN LA |
|
Position |
|
Director |
|
ID Number/Passport |
|
120818066 |
|
Resident |
|
No. 55 Ngo Gia Tu
Street - Tien An Ward, Bac Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI KIM DUNG |
|
Position |
|
Deputy Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Mr.
NGUYEN TRUNG DUNG |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject focuses on manufacture and trading of filter cigarette, tobacco. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Machinery |
|
·
Market |
|
England, Germany and others |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Czech, Dubai, USA, Russia, etc. |
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM BAC NINH BRANCH |
||
|
Address |
|
No. 353 Tran Hung Dao Street, Bac Ninh City, Bac Ninh Province,
Vietnam |
|
Telephone |
|
(84-241) 3811858 / 3811849 |
|
Fax |
|
(84-241) 3811844 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE BAC NINH BRANCH |
||
|
Address |
|
No.31 Nguyen Dang Dao str, Bac Ninh City, Bac Ninh Province, Vietnam |
|
Telephone |
|
(84-241) 3810939 |
|
|
||
|
3.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM BAC NINH BRANCH |
||
|
Address |
|
No.1 Nguyen Dang Dao, Bac Ninh City, Bac Ninh Province, Vietnam |
|
Telephone |
|
(84-0241) 3822720 |
|
|
||
|
4.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT BAC NINH CITY BRANCH |
||
|
Address |
|
No.81 Nguyen Du Street, Bac Ninh City, Bac Ninh Province, Vietnam |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
NAME |
|
VIETNAM
NATIONAL TOBACCO CORPORATION |
|
Business Registration |
|
0101216069 |
|
Date of Registration |
|
28 Sep 2011 |
|
Place of Registration |
|
Business Registration Office – Planning and Investment Department of
Ha Noi City |
|
Chartered Capital |
|
VND 1,602,000,000,000 |
|
Tax code |
|
0101216069 |
|
Address |
|
25A Ly Thuong Kiet Str., Hoan Kiem District,
Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 3826 5778/ 38251381/ 39335536 |
|
Fax |
|
(84-4) 3826 5777 |
|
Email |
|
vitab@hcm.vnn.vn |
|
Website |
|
www.vinataba.com.vn |
|
Percentage |
|
100% |
|
|
||
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
159,818,530,409 |
115,806,085,749 |
126,544,000,000 |
|
I. Cash and cash
equivalents |
16,155,349,548 |
8,092,330,153 |
31,802,000,000 |
|
1. Cash |
16,155,349,548 |
8,092,330,153 |
31,802,000,000 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
0 |
10,000,000,000 |
0 |
|
1. Short-term investments |
0 |
10,000,000,000 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
93,916,137,856 |
28,118,719,611 |
23,912,000,000 |
|
1. Receivable from customers |
90,278,738,077 |
26,475,929,085 |
22,745,000,000 |
|
2. Prepayments to suppliers |
27,873,000 |
170,456,000 |
81,000,000 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
3,636,783,590 |
1,499,591,337 |
1,113,000,000 |
|
6. Provisions for bad debts |
-27,256,811 |
-27,256,811 |
-27,000,000 |
|
IV. Inventories |
49,270,504,200 |
69,339,513,236 |
70,575,000,000 |
|
1. Inventories |
49,467,565,479 |
69,535,565,716 |
70,767,000,000 |
|
2. Provisions for devaluation of inventories |
-197,061,279 |
-196,052,480 |
-192,000,000 |
|
V. Other Current
Assets |
476,538,805 |
255,522,749 |
255,000,000 |
|
1. Short-term prepaid expenses |
154,089,191 |
82,998,863 |
83,000,000 |
|
2. VAT to be deducted |
0 |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
322,449,614 |
172,523,886 |
172,000,000 |
|
B. LONG-TERM
ASSETS |
24,053,263,315 |
28,598,010,755 |
32,432,000,000 |
|
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
|
23,799,896,115 |
28,428,426,755 |
32,261,000,000 |
|
1. Tangible assets |
23,799,896,115 |
28,428,426,755 |
32,261,000,000 |
|
- Historical costs |
83,742,953,681 |
83,549,714,263 |
82,554,000,000 |
|
- Accumulated depreciation |
-59,943,057,566 |
-55,121,287,508 |
-50,293,000,000 |
|
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 |
0 |
0 |
0 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
253,367,200 |
169,584,000 |
171,000,000 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
327,284,000 |
209,584,000 |
171,000,000 |
|
4. Provisions for devaluation of long-term investments |
-73,916,800 |
-40,000,000 |
0 |
|
V. Other
long-term assets |
0 |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
|
1. Goodwill |
0 |
0 |
|
|
TOTAL ASSETS |
183,871,793,724 |
144,404,096,504 |
158,976,000,000 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
107,347,221,922 |
69,929,080,934 |
87,880,000,000 |
|
I. Current
liabilities |
106,621,917,116 |
69,211,536,057 |
87,185,000,000 |
|
1. Short-term debts and loans |
10,000,000,000 |
12,000,000,000 |
20,000,000,000 |
|
2. Payable to suppliers |
44,759,846,412 |
17,687,332,910 |
21,411,000,000 |
|
3. Advances from customers |
736,581,723 |
265,974,825 |
106,000,000 |
|
4. Taxes and other obligations to the State Budget |
36,116,816,361 |
30,376,490,964 |
35,599,000,000 |
|
5. Payable to employees |
6,118,546,436 |
6,140,258,898 |
5,484,000,000 |
|
6. Accrued expenses |
0 |
15,500,000 |
16,000,000 |
|
7. Inter-company payable |
2,321,817,038 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
6,568,309,146 |
2,725,978,460 |
4,569,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
725,304,806 |
717,544,877 |
695,000,000 |
|
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 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
717,544,877 |
695,000,000 |
|
7. Provisions for long-term accounts payable |
725,304,806 |
0 |
0 |
|
8. Unearned Sale |
0 |
|
|
|
9. Science and technology development fund |
0 |
|
|
|
B- OWNER’S
EQUITY |
76,524,571,802 |
74,475,015,570 |
71,096,000,000 |
|
I. OWNER’S
EQUITY |
74,455,745,687 |
73,402,135,753 |
69,625,000,000 |
|
1. Capital |
49,917,969,584 |
49,724,730,166 |
48,729,000,000 |
|
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 |
13,992,217,838 |
14,185,457,256 |
10,146,000,000 |
|
8. Financial reserved fund |
4,884,223,032 |
4,371,853,554 |
3,663,000,000 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
5,661,335,233 |
5,120,094,777 |
7,087,000,000 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
|
|
|
II. Other
sources and funds |
2,068,826,115 |
1,072,879,817 |
1,471,000,000 |
|
1. Bonus and welfare funds |
2,068,826,115 |
1,072,879,817 |
1,471,000,000 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
183,871,793,724 |
144,404,096,504 |
158,976,000,000 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
522,944,346,590 |
488,774,898,320 |
532,875,000,000 |
|
2. Deduction item |
201,353,560,554 |
191,325,020,669 |
209,818,000,000 |
|
3. Net sale |
321,590,786,036 |
297,449,877,651 |
323,057,000,000 |
|
4. Costs of goods sold |
285,362,289,682 |
261,030,272,539 |
280,575,000,000 |
|
5. Gross profit |
36,228,496,354 |
36,419,605,112 |
42,482,000,000 |
|
6. Financial income |
889,885,893 |
416,186,639 |
557,000,000 |
|
7. Financial expenses |
404,819,578 |
1,390,638,889 |
298,000,000 |
|
- In which: Loan interest expenses |
370,902,778 |
1,350,638,889 |
322,000,000 |
|
8. Selling expenses |
6,532,192,683 |
5,613,423,864 |
5,847,000,000 |
|
9. Administrative overheads |
24,754,016,477 |
24,633,867,947 |
30,189,000,000 |
|
10. Net operating profit |
5,427,353,509 |
5,197,861,051 |
6,705,000,000 |
|
11. Other income |
2,115,049,269 |
1,628,931,985 |
2,884,000,000 |
|
12. Other expenses |
2,435,000 |
0 |
140,000,000 |
|
13. Other profit /(loss) |
2,112,614,269 |
1,628,931,985 |
2,744,000,000 |
|
14. Total accounting profit before tax |
7,539,967,778 |
6,826,793,036 |
9,449,000,000 |
|
15. Current corporate income tax |
1,878,632,545 |
1,706,698,259 |
2,362,000,000 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
5,661,335,233 |
5,120,094,777 |
7,087,000,000 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.50 |
1.67 |
1.45 |
1.25 |
|
Quick liquidity ratio |
1.04 |
0.67 |
0.64 |
0.40 |
|
Inventory circle |
4.81 |
3.76 |
4.39 |
3.62 |
|
Average receive period |
106.59 |
34.50 |
27.02 |
40.25 |
|
Utilizing asset performance |
1.75 |
2.06 |
2.03 |
1.45 |
|
Liability by total assets |
58.38 |
48.43 |
55.28 |
69.34 |
|
Liability by owner's equity |
140.28 |
93.90 |
123.61 |
298.51 |
|
Ebit / Total assets (ROA) |
4.30 |
5.66 |
6.15 |
8.98 |
|
Ebit / Owner's equity (ROE) |
10.34 |
10.98 |
13.74 |
31.06 |
|
Ebit / Total sale (NPM) |
1.51 |
1.67 |
1.83 |
4.24 |
|
Gross profit / Total sale (GPM) |
6.93 |
7.45 |
7.97 |
7.69 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, TT |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject was established in February 15th, 1968 as a factory of Vietnam
National Tobacco Corporation (VINATABA). On December 6th, 2005, The Prime
Minister decided to change type of business of subject from factory to one
member liability limited company and its name was changed to BAC SON TOBACCO
COMPANY LIMITED. The
subject is specialized in the manufacturing and trading of cigarette,
tobacco. The subject’s products are Vinataba, Pacific, Aroma, Song Cau, Win,
Vien Dong, Bay Leaf, Romantic trademark, etc. The subject imports machines
and production lines from Germany, England. Its products are exported to Czech,
Dubai, USA and Russia. However, the import – export activities of subject are
executed by VIETNAM NATIONAL TOBACCO CORPORATION. The
premise and facilities of the subject are above average. The management
capacity of the subject is normal. Its position in the field is normal.
Currently, the subject has about 450 employees. The subject achieved the
certificate ISO 9001:2008 and received some awards as The Third labor Medal
in 1978, the First Labor Medal in 1997… Tobacco
industry, which is not encouraged but brings high profit is forecasted to
have a new face thanks to issued decree of the government. Vietnam considers
the cigarette industry as a state monopoly area. The prevailing point of view
in managing this industry has been that the Vietnamese government will have a
monopoly over the tobacco industry, covering distribution, production and
import; the state will control the distribution and consumption of cigarettes
in the market and tightly manage the wholesale and retail of tobacco
products. The decree on cigarettes dated July 18, 2007 says that, the Prime
Minister approves the production of new brands of cigarettes in Vietnam and
only the Vietnam National Tobacco Corporation (Vinataba) is permitted to
import cigarettes into Vietnam. The trade morality is good. According
to financial statement of the subject, we can see that its business results
were fair. In 2011, the subject gained VND 522,944 million in total sales –
increased 7% in comparison with its one in 2010. However, its profit after
tax growth was small. This caused by high growth rate cost of goods sold. In
terms of the financial leverage, its debt ratio increased but it was still
moderate. Therefore, its financial structure was safe. Its liquidity was
fairly good with the quick liquidity was above 1. The subject guaranteed the
financial securities principle. Its operational ratios were still higher than
the industry. In profitability ratios, its ROE and ROA ratios were normal
because the NPM and GPM ratios were low. In
general, the subject’s operation and financial situation is fair. The subject
has capacity to meet small and normal 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.57.73 |
|
UK Pound |
1 |
Rs.90.61 |
|
Euro |
1 |
Rs.76.96 |
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.