|
Report Date : |
22.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
VIET STAR INTERNATIONAL JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
Floor 5, No.4 Nguyen Trai Street, May To Ward, Ngo Quyen District, Hai Phong City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
21.11. 2011 |
|
|
|
|
Com. Reg. No.: |
0201219659 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Agents Customs Procedures |
|
|
|
|
No. of Employees : |
10 |
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 : |
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
|
||
|
|
||
|
English Name |
|
VIET STAR INTERNATIONAL JOINT STOCK
COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN QUOC TE NGOI SAO VIET |
|
Short name |
|
VSI.,JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2011 |
|
Business Registration No. |
|
0201219659 |
|
Date of Registration |
|
21 Nov 2011 |
|
Place of Registration |
|
Planning and Investment Department of Hai
Phong City |
|
Chartered capital |
|
VND 500,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0201219659 |
|
Total Employees |
|
10 |
|
Size |
|
Small |
|
Note: The correct name of the subject is above. |
||
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Floor 5, No.4 Nguyen Trai Street, May To
Ward, Ngo Quyen District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3260 968 |
|
Fax |
|
(84-31) 3260 989 |
|
Email |
|
|
|
Website |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
DOAN HONG THANG |
|
Position |
|
Director |
|
Date of Birth |
|
16 Feb 1973 |
|
ID Number/Passport |
|
030901051 |
|
ID Issue Date |
|
03 Jul 2009 |
|
ID Issue Place |
|
Police Station in Hai
Phong City |
|
Resident |
|
No.484, Phu Thuong Doan
Street, Dong Hai 1 Ward, Hai An District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 983 507 418 |
|
Email |
|
thangdh@vietstarjsc.vn |
|
|
||
|
2.
NAME |
|
Ms.
TRINH THI THU HA |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
030888383 |
|
Resident |
|
Group 7, Thuyet Road,
Du Hang Kenh Ward, Le Chan District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI KIM CHI |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
030942183 |
|
Resident |
|
Luc Hanh Area, Dang
Lam Ward, Hai An District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 904 116 276 |
|
Email |
|
chintk@vietstarjsc.vn |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject has registered in the following areas: |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
China, India |
|
·
Mode of payment |
|
TT |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Japan, China |
|
·
Mode of payment |
|
TT |
|
|
||
BANKERS
|
||
|
|
||
|
1.
MILITARY COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No.6 May To Street, Ngo Quyen District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 6261789 |
|
|
||
|
2.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HAI PHONG CITY BRANCH |
||
|
Address |
|
No.283 Lach Tray, Ngo Quyen District, Hai Phong City, Vietnam |
|
|
||
|
3.
PINGAN BANK QINGDAO BRANCH |
||
|
Address |
|
Room 207, Shirt Building A, World Trade Center, No.6 Hongkong Middle
Road, Qingdao,266701, China |
|
Note: The given bank is not correct. The subject are
now transacting through banks as above. |
||
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
DOAN HONG THANG |
|
Position |
|
Director |
|
ID Number/Passport |
|
030901051 |
|
Issued on |
|
03 Jul 2009 |
|
Issued Place |
|
Police Station in Hai Phong City |
|
Resident |
|
No.484, Phu Thuong Doan Street, Dong Hai 1
Ward , Hai An District, Hai Phong City, Vietnam |
|
Email |
|
thangdh@vietstarjsc.vn |
|
Mobile phone |
|
(84) 983 507 418 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 100,000,000 |
|
Percentage |
|
20% |
|
|
||
|
2.
NAME |
|
Mr.
DUONG DUC THO |
|
Date of Birth |
|
30 Nov 1972 |
|
ID Number/Passport |
|
030821060 |
|
Issued on |
|
13 Dec 2007 |
|
Issued Place |
|
Hai Phong Police Station |
|
Resident |
|
No.45/122 Dinh Dong - Dong Hai Ward , Le
Chan District, Hai Phong City, Vietnam |
|
Mobile phone |
|
(84) 903 259 989 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 100,000,000 |
|
Percentage |
|
20% |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI KIM CHI |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
030942183 |
|
Resident |
|
Luc Hanh Area, Dang Lam Ward , Hai An
District, Hai Phong City, Vietnam |
|
Email |
|
chintk@vietstarjsc.vn |
|
Mobile phone |
|
(84) 904 116 276 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 50,000,000 |
|
Percentage |
|
10% |
|
|
||
|
4.
NAME |
|
Ms.
TRAN THI HONG VAN |
|
ID Number/Passport |
|
030897772 |
|
Resident |
|
No.3/28 Vu Chi Thang, Nghia Xa Ward , Le
Chan District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 100,000,000 |
|
Percentage |
|
20% |
|
|
||
|
5.
NAME |
|
Mr.
NGUYEN HAI SON |
|
ID Number/Passport |
|
030921621 |
|
Resident |
|
No.1, Lot B 119 Area C, Cat Bi Ward , Hai
An District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 100,000,000 |
|
Percentage |
|
20% |
|
|
||
|
6.
NAME |
|
Ms.
TRINH THI THU HA |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
030888383 |
|
Resident |
|
Group 7, Thuyet Road, Du Hang Kenh Ward ,
Le Chan District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 50,000,000 |
|
Percentage |
|
10% |
|
|
||
FINANCIAL DATA
|
|
|
|
|
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2012 |
|
Number of weeks |
52 |
ASSETS
|
|
|
A – CURRENT
ASSETS |
1,242,705,913 |
|
I. Cash and cash
equivalents |
340,531,368 |
|
1. Cash |
340,531,368 |
|
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 |
667,068,359 |
|
1. Receivable from customers |
231,553,599 |
|
2. Prepayments to suppliers |
5,000,000 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
430,514,760 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
164,159,006 |
|
1. Inventories |
164,159,006 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
70,947,180 |
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
70,947,180 |
|
B. LONG-TERM
ASSETS |
26,843,933 |
|
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
|
0 |
|
1. Tangible assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
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 |
0 |
|
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 |
26,843,933 |
|
1. Long-term prepaid expenses |
26,843,933 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
VI. Goodwill |
0 |
|
1. Goodwill |
0 |
|
TOTAL ASSETS |
1,269,549,846 |
|
|
|
LIABILITIES
|
|
|
A- LIABILITIES |
434,161,779 |
|
I. Current
liabilities |
434,161,779 |
|
1. Short-term debts and loans |
60,000,000 |
|
2. Payable to suppliers |
262,213,213 |
|
3. Advances from customers |
0 |
|
4. Taxes and other obligations to the State Budget |
0 |
|
5. Payable to employees |
0 |
|
6. Accrued expenses |
0 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
111,948,566 |
|
10. Provisions for short-term accounts payable |
0 |
|
11. Bonus and welfare funds |
0 |
|
II. Long-Term
Liabilities |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
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 Revenue |
0 |
|
9. Science and technology development fund |
0 |
|
B- OWNER’S
EQUITY |
835,388,067 |
|
I. OWNER’S
EQUITY |
835,388,067 |
|
1. Capital |
500,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
335,388,067 |
|
11. Construction investment fund |
0 |
|
12. Business arrangement supporting fund |
0 |
|
II. Other
sources and funds |
0 |
|
1. Sources of expenditure |
0 |
|
2. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
1,269,549,846 |
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2012 |
|
1. Total Sales |
15,767,867,281 |
|
2. Deduction item |
0 |
|
3. Net revenue |
15,767,867,281 |
|
4. Costs of goods sold |
14,984,178,176 |
|
5. Gross profit |
783,689,105 |
|
6. Financial income |
447,447 |
|
7. Financial expenses |
884,549 |
|
- In which: Loan interest expenses |
|
|
8. Selling expenses |
34,721,636 |
|
9. Administrative overheads |
301,346,278 |
|
10. Net operating profit |
447,184,089 |
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
447,184,089 |
|
15. Current corporate income tax |
111,796,022 |
|
16. Deferred corporate income tax |
|
|
17. Interest from subsidiaries/related companies |
|
|
18. Profit after tax |
335,388,067 |
|
|
||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2012 |
Average Industry |
|
Current liquidity ratio |
2.86 |
1.25 |
|
Quick liquidity ratio |
2.48 |
0.71 |
|
Inventory circle |
91.28 |
20.29 |
|
Average receive period |
15.44 |
61.81 |
|
Utilizing asset performance |
12.42 |
2.53 |
|
Liability by total assets |
34.20 |
69.15 |
|
Liability by owner's equity |
51.97 |
261.12 |
|
Ebit / Total assets (ROA) |
35.22 |
9.66 |
|
Ebit / Owner's equity (ROE) |
53.53 |
41.58 |
|
Ebit / Total revenue (NPM) |
2.84 |
4.49 |
|
Gross profit / Total revenue (GPM) |
4.97 |
9.69 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
High |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Good |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
VIET STAR INTERNATIONAL JOINT STOCK COMPANY
(VSI.,JSC) is a new company that was established in 2011 under business
registration No.0201219659 (the same as the tax code) granted by Planning
and Investment Department of Hai Phong City with chartered capital of VND 500
million. Head office of the subject is located at Floor 5, No.4 Nguyen Trai Street, May To
Ward, Ngo Quyen District, Hai Phong City. VSI.,JSC has registered in many
business lines in the license. In fact, it now focuses on trading agricultural products and seafood. The company imports
from India, China and exports to Japan, China. Besides banks in domestic, the
company also transacts through Pingan Bank Qingdao Branch in China. Based on the latest financial statements provided by the subject, its
financial capacity is considered average. It reached total sales of VND
15,767,867,281 and profit after tax of VND 335,388,067 in 2012. Total assets
are only VND 1,269,549,846 in this year. As a new company, its capital
structure seems safe and the financial ratios are quite good in comparison
with the average industry. Generally, VSI.,JSC is a small company
whose facilities and finance scale are humble. It is expected to further
develop in the future. Excepting for little transactions, caution needed for
medium and large ones with the subject. |
------------ APPENDIX ----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
GDP growth speed
by price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average capital
of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture,
Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
ECONOMIC INDICATORS
|
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population (Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic Products (USD
billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita
(USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (% Change in
Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.35 |
|
|
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.