MIRA INFORM REPORT

 

 

Report Date :

02.04.2014

 

IDENTIFICATION DETAILS

 

Name :

HONG AN CO LTD

 

 

Registered Office :

709 Hong Bang St Ward 6, District 6, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2012

 

 

Date of Incorporation :

08.02.2011

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Trader of Garments & Accessories

 

 

No of Employees :

30

 

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 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 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, 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 relatively stable in 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 has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

 

Source : CIA

 

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Key Facts

 

Registered Legal Address

:

709 Hong Bang St Ward 6, District 6, Ho Chi Minh

Operational Address

:

709 Hong Bang St Ward 6, District 6, Ho Chi Minh

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0302531455

License Status

:

License exists – Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

8 Feb, 2011

Employees

:

30

Capital

:

US$ 119,332

 

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

HONG AN CO LTD

Primary Business Activity

:

Trader

Primary Industry

:

Garments & Accessories

Office Contact Details

Operating Address

:

709 Hong Bang St Ward 6, District 6, Ho Chi Minh

Tel

:

[+84] 8-38592850

 

:

[+84] 8-39509487

Fax

:

[+84] 8-39509487

 

 

DIRECTORS/MANAGEMENT

 

Key Person

 

 

Legal Title

:

Managing Director

Name

:

Mr. Luong Trung Hung

Nationality

:

Vietnamese

 

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Pham Thi Loan

Vietnamese

Chief Accountant

-

2

Ms. Pham Thi Thu

Vietnamese

Deputy Managing Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03660814

Name

:

Ms. Pham Thi Loan

 

Date of Birth

:

1979

 

 

Management Details - 2

Personal Unique Identifier

:

MI03660811

Name

:

Ms. Pham Thi Thu

 

Date of Birth

:

1969

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03660803

Name

:

Mr. Luong Trung Hung

Date of Birth

:

1959

Nationality

:

Vietnamese

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the HONG AN CO LTD's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

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DEBT

 

No Record Found

 

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LITIGATION

 

No Record Found

 

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PERFORMANCE DEFAULTS

 

No Record Found

 

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ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

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SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

2,500,000,000

 

Date

Authorized Capital - History

1 Feb, 2002

2,000,000,000

Feb, 2013

2,500,000,000

 

SHAREHOLDERS

 

Total number of shareholders

:

5

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Ms. Pham Thi Thu

Vietnam

n/a

n/a

60.00

2

Mr. Nguyen Van Ut

Vietnam

n/a

n/a

16.00

3

Mr. Luong Trung Hung

Vietnam

n/a

n/a

8.00

4

Ms. Nguyen Thi Mai Huong

Vietnam

n/a

n/a

8.00

5

Ms. Nguyen Thi Ut

Vietnam

n/a

n/a

8.00

Total

n/a

n/a

100.00

 

 

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.

However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

 

PAYMENT TERMS

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

Purchasing

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual  

2,631,195

1,139,815

37,917

2011 Annual  

2,884,926

1,526,788

48,680

2012 Annual (*)

3,470,933

1,824,568

47,876

 

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

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http://www.asiancredit.com/Manage/image/up_arrow_04.gif

Note: (*)

Financials listed are the most recent available for this company.

 

 

FINANCIAL STATEMENT - DETAILED

 

 

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Current Assets

22,215,000,000

31,781,000,000

37,974,000,000

Non Current Assets

-

22,000,000

22,000,000

Non Current Liabilities

4,000,000,000

16,460,000,000

24,056,000,000

Share Capital

2,000,000,000

2,000,000,000

2,000,000,000

Other long term assets 

Total Assets

22,215,000,000

31,803,000,000

37,996,000,000

Total Liabilities

18,504,000,000

27,805,000,000

33,006,000,000

Current Liabilities

14,504,000,000

11,345,000,000

8,950,000,000

Long term liabilities 

Shareholders Funds

3,711,000,000

3,998,000,000

4,990,000,000

 

Current assets & short-term investments

22,215,000,000

31,781,000,000

37,974,000,000

Cash & cash equivalents

1,086,000,000

1,889,000,000

557,000,000

Cash

1,086,000,000

1,889,000,000

557,000,000

Accounts receivable

1,084,000,000

1,198,000,000

761,000,000

Accounts receivable trade

512,000,000

297,000,000

710,000,000

Others receivables

572,000,000

901,000,000

51,000,000

Inventories

16,622,000,000

24,870,000,000

31,240,000,000

i. Other short-term asset

3,423,000,000

3,824,000,000

5,416,000,000

Prepaid expenses

2,050,000,000

2,051,000,000

2,921,000,000

VAT deductible

1,238,000,000

-

-

Other tax receivables

-

1,638,000,000

2,360,000,000

ii. Other short-term asset

135,000,000

135,000,000

135,000,000

Long-term assets

-

22,000,000

22,000,000

Fixed assets

-

22,000,000

22,000,000

Tangible fixed assets

-

22,000,000

22,000,000

Cost

-

22,000,000

22,000,000

Total assets

22,215,000,000

31,803,000,000

37,996,000,000

Liabilities

18,504,000,000

27,805,000,000

33,006,000,000

Current liabilities

14,504,000,000

11,345,000,000

8,950,000,000

Short-term borrowings

6,343,000,000

3,780,000,000

1,050,000,000

Accounts payables-trade

6,991,000,000

6,949,000,000

6,711,000,000

Taxes and payable to state budget

1,170,000,000

616,000,000

1,189,000,000

Long-term liabilities

4,000,000,000

16,460,000,000

24,056,000,000

Account long-term inter company payables

-

16,460,000,000

24,056,000,000

Long-term borrowings

4,000,000,000

-

-

Owner's equity

3,711,000,000

3,998,000,000

4,990,000,000

Business capital

2,000,000,000

2,000,000,000

2,000,000,000

Retained earnings

1,711,000,000

1,998,000,000

2,990,000,000

Total resources

22,215,000,000

31,803,000,000

37,996,000,000

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

51,282,000,000

60,093,000,000

72,281,000,000

Profit (Loss) Before Tax

985,000,000

1,352,000,000

1,209,000,000

Profit After Tax attributable to Shareholders

739,000,000

1,014,000,000

997,000,000

 

Gross sales

51,282,000,000

60,093,000,000

72,281,000,000

Net income

51,282,000,000

60,093,000,000

72,281,000,000

Cost of goods sold

48,772,000,000

57,073,000,000

69,438,000,000

Gross margin

2,510,000,000

3,020,000,000

2,843,000,000

Income from financial activities

3,000,000

56,000,000

1,000,000

Expenses from financial activities

978,000,000

867,000,000

184,000,000

In which: Interest expenses

978,000,000

867,000,000

184,000,000

General & administration expenses

550,000,000

857,000,000

1,451,000,000

Net income from operating activities

985,000,000

1,352,000,000

1,209,000,000

Net profit before tax

985,000,000

1,352,000,000

1,209,000,000

Income tax

246,000,000

338,000,000

212,000,000

Net profit after tax

739,000,000

1,014,000,000

997,000,000

 

 

Financial Ratios

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

17.18

20.28

Profitability 

Profit Margin (%)

1.44

1.69

1.38

Return on Equity (%)

19.91

25.36

19.98

Return on Assets (%)

3.33

3.19

2.62

Leverage 

Total Debt Equity (Times)

4.99

6.95

6.61

Current Debt Equity (Times)

3.91

2.84

1.79

Long Term Debt to Equity

1.08

4.12

4.82

Total Asset To Total Equity

5.99

7.95

7.61

Asset Management 

Total Assets Turnover (Times)

2.31

1.89

1.90

Fixed Assets Turnover (Times)

-

2,731.50

3,285.50

Liquidity 

Current Ratio

1.53

2.80

4.24

 

 

Based on the corporate laws of Vietnam, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000048 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

 Primary Products

 

Products / Materials / Services Description

Activity

Fabric

Importing, Trading

Garment products

Importing, Trading

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Apparel and accessories, nspf

2389

Importing, Trading

Apparel/Other Textile Products

2300

Importing, Trading

Textile Mill Products

2200

Importing, Trading

Warp knit fabrics

2258

Importing, Trading

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Cotton, inc. yarns & woven fabrics thereof

5200

Importing, Trading

Garments nesoi, knitted or crocheted

6114

Importing, Trading

Made-up clothing access nesoi. parts etc. knit etc

6117

Importing, Trading

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of HONG AN CO LTD is Trading - Finished products.

 

Key products include :

·         Garment products

·         Fabric

 

 

 

Supplementary Business

 

In addition to the core business, HONG AN CO LTD also is engaged in the following areas of business:

1.     Importing

·         Importing - Finished products

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

 

BANK DETAILS

 

Bank Name

:

SAIGON THUONG TIN COMMERCIAL BANK (SACOMBANK)

Global Identifier

:

P0024801

Branch

:

District 3,Ho Chi Minh

Branch Address

:

SAIGON THUONG TIN COMMERCIAL BANK (SACOMBANK), CHO LON

SWIFT Code

:

SGTTVNVX

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

Branch

:

HONG AN CO LTD - DISTRICT 6, HO CHI MINH

Branch Address

:

1392 Vo Van Kiet St Ward 1, District 6, Ho Chi Minh

 

Branch

:

HONG AN CO LTD - DISTRICT 6, HO CHI MINH

Branch Address

:

751 Hong Bang St, District 6, Ho Chi Minh

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

India

Medium

Importing

Singapore

Medium

Importing

Thailand

Medium

Importing

 

 

 

 

OFFICE & FACILITIES

 

The following information relates to the Business Entity's office as listed above:

 

Name

:

HONG AN CO LTD - DISTRICT 6, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

709 Hong Bang St Ward 6, District 6, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

 

 

PREVIOUS CONTACT DETAILS

 

Company Address

:

40 Trinh Hoai Duc St Ward 13, District 5, Ho Chi Minh

Date of Relocation

:

Dec, 2013

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

1 Feb, 2002

4102008380

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 60.09

UK Pound

1

Rs. 99.84

Euro

1

Rs. 82.57

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.