|
Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
HA AN CO., LTD |
|
|
|
|
Registered Office : |
Group 3, Quarter 5, Tan Uyen Town, Tan Uyen District, Binh Duong
Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2004 |
|
|
|
|
Com. Reg. No.: |
4602001254 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
The subject is specializing in manufacturing
foodstuff for cattle (bran for pigs and fish). |
|
|
|
|
No. of Employees : |
70 |
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
|
||
|
|
||
|
English Name |
|
HA AN CO., LTD |
|
Vietnamese Name |
|
CONG TY TNHH SAN XUAT & THUONG MAI HA
AN |
|
Short name |
|
HA AN CO.,LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2004 |
|
Business Registration No. |
|
4602001254 |
|
Date of Registration |
|
18 Oct 2004 |
|
Place of Registration |
|
Business registration office - Planning
and Investment Department in Binh Duong province |
|
Chartered capital |
|
VND 2,000,000,000 |
|
Tax code |
|
3700599666 |
|
Total Employees |
|
70 |
Note: The correct
name is as above.
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Group 3, Quarter 5, Tan Uyen Town, Tan Uyen
District, Binh Duong Province, Vietnam |
|
Telephone |
|
(84-650) 3640 792 |
|
Fax |
|
(84-650) 3641 254 |
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
TUONG MINH HOA |
|
Position |
|
Chairman – Legal representative |
|
Date of Birth |
|
27 May 1957 |
|
ID Number/Passport |
|
023858343 |
|
ID Issue Date |
|
12 Dec 2000 |
|
ID Issue Place |
|
Police station of
Hochiminh City |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Managing |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI THANH HUE |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Binh Duong Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 973 453 608 |
|
Email |
|
thanh_hue2012@yahoo.com |
|
Qualification |
|
Bachelor |
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject is specializing in manufacturing foodstuff for cattle (bran for pigs
and fish). |
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
India, Argentina, Chile |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Cambodia, Korea, Japan |
BANKERS
|
||
|
|
||
|
VIETNAM
EXPORT IMPORT COMMERCIAL JOINT STOCK BANK BINH DUONG BRANCH |
||
|
Address |
|
No.244 Binh Duong Avenue, Phu Hoa Commune, Thu Dau Mot City, Binh
Duong Province, Vietnam |
|
Telephone |
|
(84-650) 387 2693 / 387 2468 / 387 2469 |
|
Fax |
|
(84-650) 387 2460 |
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
TUONG MINH HOA |
|
Position |
|
Chairman |
|
Date of Birth |
|
27 May 1957 |
|
ID Number/Passport |
|
023858343 |
|
Issued on |
|
12 Dec 2000 |
|
Issued Place |
|
Police station of Hochiminh City |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,500,000,000 |
|
Percentage |
|
75% |
|
|
||
|
2.
NAME |
|
Mr.
TRINH PHUONG LAN |
|
Resident |
|
No.36/253D Quang Trung Street, Ward 12, Go
Vap District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 500,000,000 |
|
Percentage |
|
25% |
FINANCIAL DATA
|
|||
|
|
|||
|
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 |
33,030,000,000 |
26,687,000,000 |
20,555,000,000 |
|
I. Cash and cash
equivalents |
2,106,000,000 |
1,601,000,000 |
1,288,000,000 |
|
1. Cash |
2,106,000,000 |
1,601,000,000 |
1,288,000,000 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
10,746,000,000 |
11,932,000,000 |
11,916,000,000 |
|
1. Receivable from customers |
9,856,000,000 |
8,211,000,000 |
6,115,000,000 |
|
2. Prepayments to suppliers |
890,000,000 |
3,721,000,000 |
3,489,000,000 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
0 |
0 |
2,312,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
19,834,000,000 |
13,154,000,000 |
7,351,000,000 |
|
1. Inventories |
19,834,000,000 |
13,154,000,000 |
7,351,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
344,000,000 |
0 |
0 |
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
344,000,000 |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
0 |
0 |
0 |
|
B. LONG-TERM
ASSETS |
10,115,000,000 |
12,271,000,000 |
15,169,000,000 |
|
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
|
10,115,000,000 |
12,271,000,000 |
15,169,000,000 |
|
1. Tangible assets |
10,115,000,000 |
12,271,000,000 |
14,354,000,000 |
|
- Historical costs |
23,925,000,000 |
22,915,000,000 |
22,865,000,000 |
|
- Accumulated depreciation |
-13,810,000,000 |
-10,644,000,000 |
-8,511,000,000 |
|
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 |
815,000,000 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
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 |
|
|
|
|
1. Goodwill |
|
|
|
|
TOTAL ASSETS |
43,145,000,000 |
38,958,000,000 |
35,724,000,000 |
|
|
|||
LIABILITIES
|
|||
|
A- LIABILITIES |
31,651,000,000 |
29,247,000,000 |
26,066,000,000 |
|
I. Current
liabilities |
21,019,000,000 |
14,315,000,000 |
8,716,000,000 |
|
1. Short-term debts and loans |
8,669,000,000 |
6,812,000,000 |
5,863,000,000 |
|
2. Payable to suppliers |
9,497,000,000 |
5,341,000,000 |
2,896,000,000 |
|
3. Advances from customers |
0 |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
-82,000,000 |
-93,000,000 |
0 |
|
5. Payable to employees |
0 |
0 |
-43,000,000 |
|
6. Accrued expenses |
0 |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
2,935,000,000 |
2,255,000,000 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
|
|
|
|
II. Long-Term
Liabilities |
10,632,000,000 |
14,932,000,000 |
17,350,000,000 |
|
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 |
10,632,000,000 |
14,932,000,000 |
17,350,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
|
|
|
|
9. Science and technology development fund |
|
|
|
|
B- OWNER’S
EQUITY |
11,494,000,000 |
9,711,000,000 |
9,658,000,000 |
|
I. OWNER’S
EQUITY |
11,494,000,000 |
9,701,000,000 |
9,648,000,000 |
|
1. Capital |
8,000,000,000 |
8,000,000,000 |
8,000,000,000 |
|
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 |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
3,494,000,000 |
1,701,000,000 |
1,648,000,000 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
|
|
|
|
II. Other
sources and funds |
0 |
10,000,000 |
10,000,000 |
|
1. Bonus and welfare funds (Elder form) |
0 |
10,000,000 |
10,000,000 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S INTEREST
|
|
|
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
43,145,000,000 |
38,958,000,000 |
35,724,000,000 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
87,516,000,000 |
62,778,000,000 |
55,082,000,000 |
|
2. Deduction item |
0 |
0 |
0 |
|
3. Net revenue |
87,516,000,000 |
62,778,000,000 |
55,082,000,000 |
|
4. Costs of goods sold |
78,415,000,000 |
56,249,000,000 |
49,353,000,000 |
|
5. Gross profit |
9,101,000,000 |
6,529,000,000 |
5,729,000,000 |
|
6. Financial income |
33,000,000 |
8,000,000 |
14,000,000 |
|
7. Financial expenses |
2,420,000,000 |
1,931,000,000 |
1,582,000,000 |
|
- In which: Loan interest expenses |
2,420,000,000 |
1,931,000,000 |
1,582,000,000 |
|
8. Selling expenses |
0 |
0 |
0 |
|
9. Administrative overheads |
3,220,000,000 |
2,907,000,000 |
2,512,000,000 |
|
10. Net operating profit |
3,494,000,000 |
1,699,000,000 |
1,649,000,000 |
|
11. Other income |
0 |
2,000,000 |
0 |
|
12. Other expenses |
0 |
0 |
0 |
|
13. Other profit /(loss) |
0 |
2,000,000 |
0 |
|
14. Total accounting profit before tax |
3,494,000,000 |
1,701,000,000 |
1,649,000,000 |
|
15. Current corporate income tax |
0 |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
|
|
|
|
18. Profit after tax |
3,494,000,000 |
1,701,000,000 |
1,649,000,000 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
||||
|
|
||||
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current
liquidity ratio |
1.57 |
1.86 |
2.36 |
1.43 |
|
Quick
liquidity ratio |
0.63 |
0.95 |
1.51 |
0.56 |
|
Inventory
circle |
3.95 |
5.49 |
6.71 |
5.64 |
|
Average receive
period |
44.82 |
69.37 |
78.96 |
27.24 |
|
Utilizing
asset performance |
2.03 |
1.61 |
1.54 |
2.27 |
|
Liability by
total assets |
73.36 |
75.07 |
72.97 |
58.03 |
|
Liability by
owner's equity |
275.37 |
301.17 |
269.89 |
169.12 |
|
Ebit / Total
assets (ROA) |
13.71 |
9.32 |
9.04 |
16.77 |
|
Ebit / Owner's
equity (ROE) |
51.45 |
37.40 |
33.45 |
41.49 |
|
Ebit / Total
revenue (NPM) |
6.76 |
5.79 |
5.87 |
7.21 |
|
Gross profit /
Total revenue (GPM) |
10.40 |
10.40 |
10.40 |
12.54 |
|
Note: The Average Industry was calculated by VietnamCredit
based on our own statistical data |
||||
INTERPRETATION ON THE SCORES
|
|
|
|
The subject – HA
AN CO., LTD was established in 2004 under business registration no.4602001254
issued by Business registration office – Planning and Investment Department
of Hochiminh City with chartered capital VND 2 billion. The subject is
specializing in manufacturing and trading foodstuff for cattle (bran for pigs
and fish). The subject imports material to produce from India, Argentina and
Chile market. Besides domestic market, its products are exported to Korea,
Cambodia and Japan. Its main market is Western provinces. Operation about 9
years, its market is also stable. The subject has traditional customers and
good relationship with partners in industry.
Its current business activities are normal. In overview,
premises and facilities of the subject are fair. As reported financial data,
its annual revenue and profit were increased regularly. Its liquidity ratios
were higher than industry ratios. The subject has capacity to meet small and
normal transactions. |
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 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.78 |
|
|
1 |
Rs.83.38 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.