MIRA INFORM REPORT
|
Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
VIET NAM GEOTEXTILE JOINT STOCK COMPANY |
|
|
|
|
Formerly Known As : |
VIET NAM GEOTEXTILE COMPANY LIMITED |
|
|
|
|
Registered Office : |
Lot 80 Dong Van Industrial Zone, Duy Tien District, Ha Nam Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
22.12.2008 |
|
|
|
|
Com. Reg. No.: |
0700266943 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· Manufacturer and trader of geo-technical products, chemical fiber, non-woven products. · Manufacturer and trader of stone muzzle, absorbent sponge, and waterproof membrane. · Trading property and construction projects |
|
|
|
|
No. of Employees : |
200 |
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 |
|
Maximum Credit Limit : |
USD 4,30,000 |
|
|
|
|
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 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 |
|
VIET NAM GEOTEXTILE JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CP VAI DIA KY THUAT VIET NAM |
|
Trade name |
|
ARITEX |
|
Short name |
|
CONG TY CP VAI DIA KY THUAT VIET NAM |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2008 |
|
Business Registration No. |
|
0700266943 |
|
Date of Registration |
|
22 Dec 2008 |
|
Place of Registration |
|
Ha Nam Department of Planning and
Investment |
|
Chartered capital |
|
VND 70,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0700266943 |
|
Total Employees |
|
200 |
|
Credit Limit |
|
USD 4,30,000 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
VND 50 billion Changed to: VND 70 billion |
18 Dec
2012 |
|
2 |
Subject has got former Chartered capital:
VND 20, 000,000,0000 Changed to: VND 50,000,000,000 |
24
Jan 2011 |
|
3 |
Subject has got former Type of Business:
Limited Liability Company Changed to: Joint stock company |
10
May 2010 |
|
4 |
Subject has got former Registered English
Name: VIET NAM GEOTEXTILE COMPANY LIMITED Changed to: VIET NAM GEOTEXTILE JOINT
STOCK COMPANY |
10
May 2010 |
|
5 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH VAI DIA KY THUAT VIET NAM Changed to: CONG TY CP VAI DIA KY THUAT
VIET NAM |
10
May 2010 |
|
6 |
Subject has got former Address: 4, Alley
165, Chua Boc Street, Hanoi City Changed to: 352, Giai Phong Street, Hanoi
City |
N/A |
Company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Lot 80 Dong Van Industrial Zone, Duy Tien
District, Ha Nam Province, Vietnam |
|
Telephone |
|
(84-351) 3836582 |
|
Fax |
|
(84-351) 3836583 |
|
Email |
|
|
|
|
||
|
Transaction
office in Ha Noi |
||
|
Address |
|
No. 352 Giai Phong, Thanh Xuan District,
Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 36658681 |
|
Fax |
|
(84-4) 36658682 |
|
|
||
|
Branch in Long
An |
||
|
Address |
|
Lot D11, Nhut Chanh Industrial Zone, Ben Luc
District, Long An Province, Vietnam |
|
Telephone |
|
(84-72) 3637199 |
|
Fax |
|
(84-72) 3637188 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN VAN TON |
|
Position |
|
Director |
|
Date of Birth |
|
09 Jan 1962 |
|
ID Number/Passport |
|
011259336 |
|
ID Issue Date |
|
13 Jan 2002 |
|
ID Issue Place |
|
Ha Noi Police
Department |
|
Resident |
|
8, Lien Tri Alley,
Tran Hung Dao Ward, Hoan Kiem District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 913 211 520 |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN QUANG KHANH |
|
Position |
|
Director of Factory |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
VUONG DINH QUANG |
|
Position |
|
Sales Manager |
|
Resident |
|
40, Alley 12, Trung
Phung Ward, Dong Da District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 903442689 |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The main activities of the subject are: |
|
|
IMPORT & EXPORT ACTIVITIES
|
|
||
|
|
|
||
|
IMPORT: |
|
||
|
·
Types of products |
|
Materials (polypropylene, plastic PT, PE...) |
|
|
·
Market |
|
Korea, China, Taiwan |
|
|
·
Ratio |
|
80 - 90% |
|
|
·
Mode of payment |
|
L/C, T/T |
|
|
|
|
||
|
EXPORT: |
|
||
|
·
Types of products |
|
Geo-technical products, chemical fiber, non-woven
products. .. |
|
|
·
Market |
|
Thailand, Malaysia, Bangladesh, Singapore, Indonesia,
Poland |
|
|
·
Ratio |
|
5 - 10% |
|
|
·
Mode of payment |
|
L/C, T/T |
|
|
Telephone |
|
(84-4) 39333189 |
|
|
Fax |
|
(84-4) 39460207 |
|
|
|
|||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE - HA NAM BRANCH |
|||
|
Address |
|
No 211 Le Hoan street Quang Trung ward, Phu Ly City, Ha Nam Province,
Vietnam |
|
|
Telephone |
|
(84-351) 3851082 |
|
|
|
|||
SHAREHOLDERS
|
||
|
Following is the
list of founding shareholders on business registration document: |
||
|
1.
NAME |
|
Mr.
NGUYEN VAN TON |
|
Position |
|
Director |
|
Date of Birth |
|
09 Jan 1962 |
|
ID Number/Passport |
|
011259336 |
|
Issued on |
|
13 Jan 2002 |
|
Issued Place |
|
Ha Noi Police Dept |
|
Resident |
|
8, Lien Tri Alley, Tran Hung Dao Ward,
Hoan Kiem District, Ha Noi City, Vietnam |
|
Mobile phone |
|
+84 913 211 520 |
|
Nationality |
|
Vietnamese |
|
Percentage |
|
94.2% |
|
|
||
|
2.
NAME |
|
Mr.
VUONG DINH QUANG |
|
Position |
|
Sales Manager |
|
Resident |
|
40, Alley 12, Trung Phung Ward, Dong Da
District, Ha Noi City, Vietnam |
|
Mobile phone |
|
+84 903442689 |
|
Nationality |
|
Vietnamese |
|
Percentage |
|
0.87% |
|
|
||
|
3.
NAME |
|
OTHER
SHAREHOLDERS |
|
Percentage |
|
4.93% |
FINANCIAL DATA
BALANCE SHEET
Unit:
One VND
|
|||
|
Balance sheet
date |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
52 |
|
Audit status |
Unknown |
Unknown |
Unknown |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
93,559,000,000
|
99,862,857,512
|
79,996,256,715
|
|
I. Cash and cash
equivalents |
17,178,000,000
|
3,180,934,594
|
2,769,329,708
|
|
1. Cash |
17,178,000,000 |
3,180,934,594 |
2,769,329,708 |
|
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 |
46,079,000,000
|
51,703,493,320
|
53,039,302,927
|
|
1. Receivable from customers |
44,468,000,000 |
47,088,782,674 |
36,627,623,638 |
|
2. Prepayments to suppliers |
1,574,000,000 |
4,614,710,646 |
16,411,679,289 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
37,000,000 |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
27,250,000,000
|
40,195,948,326
|
20,944,446,705
|
|
1. Inventories |
27,250,000,000 |
40,195,948,326 |
20,944,446,705 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
3,052,000,000
|
4,782,481,272
|
3,243,177,375
|
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
2,878,000,000 |
4,608,367,887 |
3,243,177,375 |
|
3. Taxes and other accounts receivable from the State |
174,000,000 |
174,113,385 |
0 |
|
4. Other current assets |
0 |
0 |
0 |
|
B. LONG-TERM
ASSETS |
95,128,000,000
|
90,916,101,799
|
70,652,290,127
|
|
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
|
95,035,000,000
|
90,773,134,142
|
70,452,333,388
|
|
1. Tangible assets |
58,382,000,000 |
54,129,610,168 |
60,159,863,670 |
|
- Historical costs |
94,884,000,000 |
80,342,157,491 |
77,442,748,510 |
|
- Accumulated depreciation |
-36,502,000,000 |
-26,212,547,323 |
-17,282,884,840 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
7,095,000,000 |
7,260,663,302 |
7,426,803,338 |
|
- Initial costs |
7,515,000,000 |
7,515,021,551 |
7,515,021,551 |
|
- Accumulated amortization |
-420,000,000 |
-254,358,249 |
-88,218,213 |
|
4. Construction-in-progress |
29,558,000,000 |
29,382,860,672 |
2,865,666,380 |
|
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 |
93,000,000
|
142,967,657
|
199,956,739
|
|
1. Long-term prepaid expenses |
93,000,000 |
142,967,657 |
199,956,739 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
188,687,000,000
|
190,778,959,311
|
150,648,546,842
|
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
97,753,000,000
|
124,973,206,683
|
88,969,350,786
|
|
I. Current
liabilities |
63,742,000,000
|
93,149,766,130
|
74,629,350,786
|
|
1. Short-term debts and loans |
44,676,000,000 |
59,534,104,982 |
42,365,334,286 |
|
2. Payable to suppliers |
17,861,000,000 |
31,476,617,329 |
25,081,473,872 |
|
3. Advances from customers |
712,000,000 |
1,198,190,650 |
1,402,168,493 |
|
4. Taxes and other obligations to the State Budget |
493,000,000 |
229,424,337 |
322,368,029 |
|
5. Payable to employees |
0 |
672,560,832 |
458,006,106 |
|
6. Accrued expenses |
0 |
38,868,000 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
0 |
0 |
5,000,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
0 |
|
|
II. Long-Term
Liabilities |
34,011,000,000
|
31,823,440,553
|
14,340,000,000
|
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
26,800,000,000 |
18,800,000,000 |
0 |
|
4. Long-term debts and loans |
7,211,000,000 |
13,023,440,553 |
14,340,000,000 |
|
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 |
0 |
0 |
|
|
9. Science and technology development fund |
0 |
0 |
|
|
B- OWNER’S
EQUITY |
90,934,000,000
|
65,805,752,628
|
61,679,196,056
|
|
I. OWNER’S
EQUITY |
90,934,000,000
|
65,805,752,628
|
61,679,196,056
|
|
1. Capital |
70,000,000,000 |
50,000,000,000 |
50,000,000,000 |
|
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 |
-100,000,000 |
-779,595,896 |
-213,081,769 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
21,034,000,000 |
16,585,348,524 |
11,892,277,825 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
|
|
II. Other
sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
188,687,000,000
|
190,778,959,311
|
150,648,546,842
|
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
341,464,000,000
|
261,328,326,799
|
152,576,367,596
|
|
2. Deduction item |
203,000,000 |
0 |
366,339,338 |
|
3. Net revenue |
341,261,000,000
|
261,328,326,799
|
152,210,028,258
|
|
4. Costs of goods sold |
323,865,000,000 |
240,126,551,851 |
139,653,486,238 |
|
5. Gross profit |
17,396,000,000
|
21,201,774,948
|
12,556,542,020
|
|
6. Financial income |
83,000,000 |
410,502,493 |
69,864,051 |
|
7. Financial expenses |
6,500,000,000 |
10,396,618,617 |
5,398,607,534 |
|
- In which: Loan interest expenses |
5,247,000,000 |
8,511,813,454 |
2,022,072,799 |
|
8. Selling expenses |
1,747,000,000 |
2,706,737,422 |
593,682,450 |
|
9. Administrative overheads |
3,473,000,000 |
3,199,108,285 |
2,689,948,836 |
|
10. Net operating profit |
5,759,000,000
|
5,309,813,117
|
3,944,167,251
|
|
11. Other income |
0 |
1,192,351 |
7,858,985 |
|
12. Other expenses |
212,000,000 |
375,778,690 |
2,731,107 |
|
13. Other profit /(loss) |
-212,000,000
|
-374,586,339
|
5,127,878
|
|
14. Total accounting profit before tax |
5,547,000,000
|
4,935,226,778
|
3,949,295,129
|
|
15. Current corporate income tax |
719,000,000 |
222,058,063 |
128,829,086 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
4,828,000,000
|
4,713,168,715
|
3,820,466,043
|
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2012 |
FY2011 |
FY2010 |
Average
Industry |
|
Current liquidity ratio |
1.47 |
1.07 |
1.07 |
1.21 |
|
Quick liquidity ratio |
1.04 |
0.64 |
0.79 |
0.57 |
|
Inventory circle |
11.89 |
5.97 |
6.67 |
4.48 |
|
Average receive period |
49.28 |
72.21 |
127.19 |
55.27 |
|
Utilizing asset performance |
1.81 |
1.37 |
1.01 |
1.24 |
|
Liability by total assets |
51.81 |
65.51 |
59.06 |
62.56 |
|
Liability by owner's equity |
107.50 |
189.91 |
144.25 |
255.09 |
|
Ebit / Total assets (ROA) |
5.72 |
7.05 |
3.96 |
10.05 |
|
Ebit / Owner's equity (ROE) |
11.87 |
20.43 |
9.68 |
36.71 |
|
Ebit / Total revenue (NPM) |
3.16 |
5.15 |
3.91 |
8.86 |
|
Gross profit / Total revenue (GPM) |
5.09 |
8.11 |
8.23 |
13.96 |
|
Note: The Average Industry was calculated by
VietnamCredit based on our own statistical data |
||||
|
|
||||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through its bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
|
CREDIT
INQUIRY: USD 350,000 Acceptable
INTERPRETATION ON THE SCORES
|
|
|
|
Founded in 2002, its precursor was Thi Son
Manufacture and Construction Company Limited which operates in the field of
construction, mining, textile manufacturing. In 2008, Thi Son Manufacture and
Construction Company Limited had been divided into two companies: - THI
SON MANUFACTURE AND CONSTRUCTION COMPANY LIMITED owns
three asphalt stations and 5 construction teams. - VIET
NAM GEOTEXTILE COMPANY LIMITED owns nonwoven geotextile factory and chemical fiber production factory in Dong Van industrial park - Ha Nam On 10 May 2010, the subject was converted to joint
stock company with the name of VIET NAM GEOTEXTILE JOINT STOCK
COMPANY. Currently, the subject is
operating under the business registration No. 0700266943 (same as tax code)
with the chartered capital of VND 70 billion. According to the business
registration document, Mr. Nguyen Van Ton is the key shareholders, holds
94.2% of its chartered capital. The company focuses on producing and trading
geo-textile products; fiber, gabion and wire mesh. Its products are supplied
for construction project and works for both domestic and foreign markets
under brand ARITEX (ART). According to Mr. VUONG DINH QUANG - Head of Sales
Department, because the demand of domestic market is still high. The subject
mainly supplies to domestic market rather than export. Financially, its business operation is fairly
good. Following is a chart which shows relationship between liability and
total assets of the subject company from 2009 to 2012
Both of total assets and liability increased year
by year. The company’s total assets in 2011 were VND 190.8 billion; increased
26.7% compared to 2010 and nearly 2 times higher than 2009. However, coming
to 2012, total assets decreased slightly 1.09% compared with 2011. Caution of
this was the decrease of current assets, especially inventory. According to
the balance sheet, the company’s self – financing ability is fairly good.
Liability by total assets in 2012 was 51.81% while the average industry is
62.56%. Additionally, its liquidity ratios were rather high. Both current and
quick liquidity ratios were higher than the average industry indexes. This
showed the solvency is good and its financial structure is safe for
creditors. Its operation ratios were fair. Inventory circle in 2012 moved 2
times more than that in 2011. Average receive period has downtrend over years
and was better than other companies in the same field. On income statement, total sales and profit after
tax have uptrend year by year. The subject reached VND 341,464 million of
total sales and VND 4,828 million of profit after tax. The growth rate in
total sales and profit after tax was 30.7% and 2.4% respectively in 2012
against the previous year.
In general, the subject is a medium
business scale with 200 staffs. At current, the
subject can meet small and normal
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.63.79 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.67 |
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.