|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
DINH HA IMPORT - EXPORT JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 24A7/411 Da Nang Street, Dong Hai 1 Ward, Hai An District, Hai
Phong City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
28.02.2008 |
|
|
|
|
Com. Reg. No.: |
0203003994 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and Trading of Lime Lump and
Lime Powder. |
|
|
|
|
No. of Employees : |
About 100 (including both office staff and worker) |
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 Complaint |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep 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 has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.
|
Source : CIA |
SUBJECT IDENTIFICATION & LEGAL FORM
|
||
|
|
||
|
Registered English Name |
|
DINH HA IMPORT - EXPORT JOINT STOCK
COMPANY |
|
Registered Vietnamese Name |
|
CONG TY CO PHAN XUAT NHAP KHAU DINH HA |
|
Registered Short name |
|
DINH HA IMPORT – EXPORT -JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2008 |
|
Business Registration No. |
|
0203003994 |
|
Date of Registration |
|
28 Feb 2008 |
|
Place of Registration |
|
Hai Phong Province Planning and Investment
Department |
|
Chartered capital |
|
VND 8,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0200790676 |
|
Total Employees |
|
About 100 (including both office staff and
worker) |
|
Size |
|
Small |
|
Note:
The exact name of the subject is above |
||
COMPANY ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 24A7/411 Da Nang Street, Dong Hai 1
Ward, Hai An District, Hai Phong City, Vietnam |
|
Notes: - The exact address of the subject is above -
This is only registered address of the subject. Its business activities are performed
at transaction office. |
||
|
|
||
|
Transaction
office in Hai Phong |
||
|
Address |
|
No. 210, Tran Hung Dao Boundary Road, ,
Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3555 110 |
|
Fax |
|
(84-31) 3555 109 |
|
Email |
|
|
|
Website |
|
|
|
Note: The subject
also has factories at Uong Bi District - Quang Ninh Province, Thuy Nguyen
District - Hai Phong City, Thai Binh Province, etc |
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
VU VAN DUNG |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
030698958 |
|
Resident |
|
No. 12/CT1 - A8 Van
My, Van My Ward, Ngo Quyen District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 903450348 |
|
|
||
|
2.
NAME |
|
Ms.
VU THI THANH THUY |
|
Position |
|
Director |
|
Date of Birth |
|
23 Dec 1969 |
|
ID Number/Passport |
|
030732229 |
|
ID Issue Date |
|
14 Mar 2007 |
|
ID Issue Place |
|
Hai Phong Police
Department |
|
Resident |
|
No. 12/CT1 - A8 Van
My, Van My Ward, Ngo Quyen District, Hai Phong City, Vietnam |
|
Current resident |
|
No. 24A7/411, Da Nang Street, Dong Hai 1
Ward, Hai An District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 904682269 |
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject
is specialized in manufacturing and trading lime lump and lime powder |
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
Currently, the subject does not
import |
||
|
|
||
|
EXPORT: |
||
|
·
Market |
|
India, Indonesia, Bangladesh, Korea, Thailand, Philippines, Singapore,
Malaysia, Australia, Africa, etc |
|
·
Mode of payment |
|
L/C (main), T/T |
BANKERS
|
||
|
|
||
|
1.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE HAI PHONG BRANCH |
||
|
Address |
|
No.36 Dien Bien Phu str, Ngo Quyen District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3859913 |
|
|
||
|
2.
ASIA COMMERCIAL BANK DUYEN HAI BRANCH |
||
|
Address |
|
No.15 Hoang Dieu, Hong Bang District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 382 3388 |
|
Fax |
|
(84-31) 382 3383 |
|
|
||
|
3.
VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK HAI PHONG BRANCH |
||
|
Address |
|
No.32 Tran Phu Street, Ngo Quyen District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3757578 |
|
Fax |
|
(84-31) 3757571 |
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
VU VAN NGOC |
|
ID Number/Passport |
|
030763539 |
|
Resident |
|
No. 4, Line 1 floor and 4 rooms, Cang 2
Lane, Le Loi, May To Ward, Ngo Quyen District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
12,000 |
|
Value of shares |
|
VND 1,200,000,000 |
|
Percentage |
|
15% |
|
|
||
|
2.
NAME |
|
Mr.
VU VAN DUNG |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
030698958 |
|
Resident |
|
No. 12/CT1 - A8 Van My, Van My Ward, Ngo
Quyen District, Hai Phong City, Vietnam |
|
Mobile phone |
|
+84 903450348 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
58,400 |
|
Value of shares |
|
VND 5,840,000,000 |
|
Percentage |
|
73% |
|
|
||
|
3.
NAME |
|
Ms.
VU THI THANH THUY |
|
Position |
|
Director |
|
Date of Birth |
|
23 Dec 1969 |
|
ID Number/Passport |
|
030732229 |
|
Issued on |
|
14 Mar 2007 |
|
Issued Place |
|
Hai Phong Police Department |
|
Resident |
|
No. 12/CT1 - A8 Van My, Van My Ward, Ngo
Quyen District, Hai Phong City, Vietnam |
|
Current Resident |
|
No. 24A7/411, Da Nang Street, Dong Hai 1
Ward, Hai An District, Hai Phong City, Vietnam |
|
Mobile phone |
|
+84 904682269 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
9,600 |
|
Value of shares |
|
VND 960,000,000 |
|
Percentage |
|
12% |
FINANCIAL DATA
|
|
|
|
|
|
BALANCE
SHEET |
|
Unit: One
VND
|
|
|
Balance sheet
date |
31/12/2011 |
|
Number of weeks |
52 |
|
Audit status |
Unknown |
ASSETS
|
|
|
A – CURRENT
ASSETS |
12,565,000,000 |
|
I. Cash and cash
equivalents |
539,000,000 |
|
1. Cash |
539,000,000 |
|
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 |
9,998,000,000 |
|
1. Receivable from customers |
4,901,000,000 |
|
2. Prepayments to suppliers |
564,000,000 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
4,533,000,000 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
1,000,000 |
|
1. Inventories |
1,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
2,027,000,000 |
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
2,027,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
0 |
|
B. LONG-TERM
ASSETS |
1,188,000,000 |
|
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
|
1,188,000,000 |
|
1. Tangible assets |
1,188,000,000 |
|
- Historical costs |
1,252,000,000 |
|
- Accumulated depreciation |
-64,000,000 |
|
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 |
0 |
|
1. Long-term prepaid expenses |
0 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
VI. Goodwill |
0 |
|
1. Goodwill |
0 |
|
TOTAL ASSETS |
13,753,000,000 |
|
|
|
LIABILITIES
|
|
|
A- LIABILITIES |
5,338,000,000 |
|
I. Current
liabilities |
5,338,000,000 |
|
1. Short-term debts and loans |
0 |
|
2. Payable to suppliers |
4,624,000,000 |
|
3. Advances from customers |
295,000,000 |
|
4. Taxes and other obligations to the State Budget |
419,000,000 |
|
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 |
0 |
|
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 |
8,415,000,000 |
|
I. OWNER’S
EQUITY |
8,415,000,000 |
|
1. Capital |
8,000,000,000 |
|
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 |
415,000,000 |
|
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 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
13,753,000,000 |
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2011 |
|
1. Total Sales |
43,368,000,000 |
|
2. Deduction item |
2,343,000,000 |
|
3. Net revenue |
41,025,000,000 |
|
4. Costs of goods sold |
25,819,000,000 |
|
5. Gross profit |
15,206,000,000 |
|
6. Financial income |
983,000,000 |
|
7. Financial expenses |
315,000,000 |
|
- In which: Loan interest expenses |
0 |
|
8. Selling expenses |
0 |
|
9. Administrative overheads |
15,292,000,000 |
|
10. Net operating profit |
582,000,000 |
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
582,000,000 |
|
15. Current corporate income tax |
102,000,000 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
480,000,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2011 |
Average Industry |
|
Current liquidity ratio |
2.35 |
1.18 |
|
Quick liquidity ratio |
2.35 |
0.54 |
|
Inventory circle |
25,819.00 |
3.48 |
|
Average receive period |
88.95 |
62.32 |
|
Utilizing asset performance |
2.98 |
1.02 |
|
Liability by total assets |
38.81 |
64.29 |
|
Liability by owner's equity |
63.43 |
198.96 |
|
Ebit / Total assets (ROA) |
4.23 |
6.25 |
|
Ebit / Owner's equity (ROE) |
6.92 |
16.74 |
|
Ebit / Total revenue (NPM) |
1.34 |
5.52 |
|
Gross profit / Total revenue (GPM) |
35.06 |
13.15 |
|
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 |
|
Stable |
|
|
Litigation data |
|
No Record |
|
|
Bankruptcy |
|
No Record |
|
|
Payment Methods |
|
L/C (main), T/T |
|
|
Sale Methods |
|
Exporting |
|
INTERPRETATION ON THE SCORES
|
|
|
|
The subject was established in 2008 as a joint stock company. Currently, it is running under the business registration No. 0203003994 with chartered capital of VND 8 billion. The subject registers its head office at No. 24A7/411 Da Nang Street - Dong Hai Ward - Hai An District - Hai Phong City, but its business transactions are performed at No. 210 Tran Hung Dao Boundary Road - Hai Phong City. Its factories are located at many different provinces such Hai Phong City, Quang Ninh province, Thai Binh Province, etc. Its current total employees are about 100 persons (including both office staff and worker). The subject is specialized in manufacturing and trading lime lump and lime powder. It now is the official member of Vietnam Chamber of Commerce and Industry. All its products are exported to foreign country with very many markets such as India, Indonesia, Bangladesh, Korea, Thailand, Philippines, Singapore, Malaysia, Australia, Africa, etc. Financially, in 2011, the subject's total sales and profit were acceptable. The subject's debt rate was low because its liabilities were small. The low debt rate shows that, the subject's capital structure was safe. However, looking at balance sheet, in 2011, the subject's total assets were VND 13,753 million, in which the current assets accounted for the major percentage. The accounts receivable were large. It means that the subject has loose credit policy to its customers; this can help the subject enhance its annual turnover but also creates potential risk in gathering the payment. In general, the subject operates on small scale. Its facilities and management capacity are satisfactory. Its capital structure is safe but its liquidity seems normal. Caution is needed for medium and big with the subject. |
|
INDUSTRY
DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
5.53 |
7.70 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.69 |
7.52 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population (Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic Products (USD billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita (USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (% Change in Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget Deficit compared with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
|
SERVICE
TRADE PERFORMANCE |
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
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.