|
Report Date : |
28.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
H.T CO., LTD |
|
|
|
|
Registered Office : |
No. 266 Co Bac Str - Co Giang Ward , 1 District, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
03.10.2002 |
|
|
|
|
Com. Reg. No.: |
0302741420 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of household appliances, electrical materials, electronic goods, fabrics, yarns, garments, garment accessories, food, food technology, handicraft goods, rubber products, agro-forestry and aquaculture products. |
|
|
|
|
No. of Employees : |
12 |
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 |
|
H.T CO., LTD |
|
Vietnamese Name |
|
CONG TY TNHH THUONG MAI HOA THUAN |
|
Short name |
|
CONG TY TNHH HOA THUAN |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2002 |
|
Business Registration No. |
|
0302741420 |
|
Date of Registration |
|
03 Oct 2002 |
|
5th revised |
|
18 Jan 2012 |
|
Place of Registration |
|
Business Registration Office - Department
of Planning and Investment of Hochiminh City |
|
Chartered capital |
|
VND 8,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0302741420 |
|
Total Employees |
|
12 |
|
Size |
|
Small |
|
|
||
|
Head Office |
||
|
Address |
|
No. 266 Co Bac Str - Co Giang Ward , 1
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3836 5703 |
|
Fax |
|
(84-8) 3837 7457 |
|
Email |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Ms.
DINH THI THANH TAM |
|
Position |
|
Director/ legal representative |
|
Date of Birth |
|
24 Oct 1953 |
|
ID Number/Passport |
|
020057732 |
|
ID Issue Date |
|
13 Nov 2003 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh City |
|
Resident |
|
No. 266 Co Bac STr -
Co Giang Ward , 1 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
MAN VAN CHUC |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
021582495 |
|
Resident |
|
No. 126 Dien Bien Phu
Str - Da Kao Ward , 1 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
MAN DINH THUAN |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
023598529 |
|
Resident |
|
No. 126 Dien Bien Phu
Str - Da Kao Ward , 1 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Ms.
QUACH THI GAM |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Trading of household appliances, electrical
materials, electronic goods, fabrics, yarns, garments, garment accessories, food,
food technology, handicraft goods, rubber products, agro-forestry and
aquaculture products. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
Note: Currently, the subject does not import |
||
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Australia, New Zealand, Japan, USA, UAE, England, Malaysia, France, Singapore,
Taiwan, China, Mexico, Brazil, Argentina, Pakistan, Russia, Romania,
Bangladesh, Phillipines, Uruguay, Turkey, Spain. |
|
|
||
BANKERS
|
||
|
|
||
|
1.
ASIA COMMERCIAL BANK SAI GON BRANCH |
||
|
Address |
|
No.30 Mac Dinh Chi Str, 1 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3824 3770 |
|
Fax |
|
(84-8) 3824 3946 |
|
|
||
|
2.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HO CHI MINH CITY BRANCH |
||
|
Address |
|
No.2A Pho Duc Chinh Street, 1 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38222752 |
|
Fax |
|
(84-8) 38294063 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
MAN DINH THUAN |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
023598529 |
|
Resident |
|
No. 126 Dien Bien Phu Str - Da Kao Ward ,
1 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,000,000,000 |
|
Percentage |
|
25% |
|
|
||
|
2.
NAME |
|
Mr.
MAN VAN CHUC |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
021582495 |
|
Resident |
|
No. 126 Dien Bien Phu Str - Da Kao Ward ,
1 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
12.5% |
|
|
||
|
3.
NAME |
|
Ms.
DINH THI THANH TAM |
|
Position |
|
Director |
|
Date of Birth |
|
24 Oct 1953 |
|
ID Number/Passport |
|
020057732 |
|
Issued on |
|
13 Nov 2003 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. 266 Co Bac STr - Co Giang Ward , 1
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 5,000,000,000 |
|
Percentage |
|
62.5% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2012 |
31/12/2011 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
231,311,798,866 |
167,403,847,583 |
|
I. Cash and cash
equivalents |
22,485,593,250 |
6,606,644,522 |
|
1. Cash |
22,485,593,250 |
6,606,644,522 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts
receivable |
122,736,232,921 |
71,294,843,244 |
|
1. Receivable from customers |
81,756,102,270 |
55,955,506,444 |
|
2. Prepayments to suppliers |
40,980,130,651 |
15,339,336,800 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
65,581,482,059 |
68,854,815,120 |
|
1. Inventories |
65,581,482,059 |
68,854,815,120 |
|
2. Provisions for devaluation of inventories |
|
|
|
V. Other Current
Assets |
20,508,490,636 |
20,647,544,697 |
|
1. Short-term prepaid expenses |
|
|
|
2. VAT to be deducted |
20,508,490,636 |
20,647,544,697 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM
ASSETS |
0 |
0 |
|
I. Long term
accounts receivable |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
|
II. Fixed assets
|
0 |
0 |
|
1. Tangible assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
|
- Initial costs |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other
long-term assets |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
231,311,798,866 |
167,403,847,583 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
198,662,064,499 |
148,782,444,786 |
|
I. Current
liabilities |
198,662,064,499 |
148,782,444,786 |
|
1. Short-term debts and loans |
108,431,825,401 |
58,955,138,120 |
|
2. Payable to suppliers |
|
89,827,306,666 |
|
3. Advances from customers |
87,127,929,228 |
|
|
4. Taxes and other obligations to the State Budget |
3,102,309,870 |
|
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
0 |
|
II. Long-Term
Liabilities |
0 |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
|
B- OWNER’S
EQUITY |
32,649,734,367 |
18,621,402,797 |
|
I. OWNER’S
EQUITY |
32,649,734,367 |
18,621,402,797 |
|
1. Capital |
8,000,000,000 |
8,000,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
24,649,734,367 |
10,621,402,797 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
231,311,798,866 |
167,403,847,583 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2012 |
FY2011 |
|
1. Total Sales |
2,100,669,773,364
|
2,150,950,649,274
|
|
2. Deduction item |
4,207,051,484 |
|
|
3. Net revenue |
2,096,462,721,880
|
2,150,950,649,274
|
|
4. Costs of goods sold |
2,051,772,176,965 |
2,142,858,712,000 |
|
5. Gross profit |
44,690,544,915 |
8,091,937,274 |
|
6. Financial income |
6,876,318,461 |
23,567,581,228 |
|
7. Financial expenses |
3,834,473,305 |
7,753,477,584 |
|
- In which: Loan interest expenses |
0 |
0 |
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
35,657,202,087 |
28,113,092,402 |
|
10. Net operating profit |
12,075,187,984 |
-4,207,051,484 |
|
11. Other income |
0 |
0 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
0 |
0 |
|
14. Total accounting profit before tax |
12,075,187,984 |
-4,207,051,484 |
|
15. Current corporate income tax |
2,113,157,898 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
9,962,030,086 |
-4,207,051,484 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
Average Industry |
|
Current liquidity ratio |
1.16 |
1.13 |
1.20 |
|
Quick liquidity ratio |
0.83 |
0.66 |
0.65 |
|
Inventory circle |
30.52 |
31.12 |
11.15 |
|
Average receive period |
21.37 |
12.10 |
49.22 |
|
Utilizing asset performance |
9.06 |
12.85 |
2.60 |
|
Liability by total assets |
85.89 |
88.88 |
72.10 |
|
Liability by owner's equity |
608.46 |
798.99 |
396.96 |
|
Ebit / Total assets (ROA) |
5.22 |
-2.51 |
8.25 |
|
Ebit / Owner's equity (ROE) |
36.98 |
-22.59 |
42.15 |
|
Ebit / Total revenue (NPM) |
0.57 |
-0.20 |
4.23 |
|
Gross profit / Total revenue (GPM) |
2.13 |
0.38 |
7.33 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
By cash or through the bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
CONG TY TNHH THUONG MAI HOA THUAN has the
shortened Vietnamese name of CONG TY TNHH HOA THUAN and shorten English name
is H.T CO., LTD, was established in 2002 under
the Business Registration No. 4102011951, issued on Oct 03rd ,
2002. Currently, the subject is operating under the
Business Registration No. 0302741420 with chartered capital VND 8 billion. Its head office is located at No. 266 Co Bac Str -
Co Giang Ward - District 1 - Ho Chi
Minh City – Vietnam with about 12 employees in total workforce. It is specializing in trading rubber products. The
main products are the natural rubber products such as SVR
3L, SVR 10, SVR 20, RSS3. SVR5, SVRL. The subject has used the main materials in country. Its
goods are consumed in domestic market. In addition, it exports its products to Australia,
New Zealand, Japan, USA, UAE, England, Malaysia, France, Singapore, Taiwan,
China, Mexico, Brazil, Argentina, Pakistan, Russia, Romania, Bangladesh,
Philippines, Uruguay, Turkey, Spain…. so on.
The market share of the subject is remarkable (Asian Market 50%, European Market 25%, Middle
East Market 10%, American Market 15%). Generally, the subject has operated normally at
the small-medium scale and can be able to meet all normal business
transactions. |
------------ 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.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
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.