|
Report Date : |
23.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Establishments: |
1962 |
|
|
|
|
Com. Reg. No.: |
0100106842 |
|
|
|
|
Legal Form : |
One member liability limited company |
|
|
|
|
Line of Business : |
subject is operating in the following business activities:- · General Import & Export Investment Activities Real Estate Trading. manufacturer of backpack, cap &
handbag |
|
|
|
|
No. of Employees : |
About 400 |
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 : |
Slow but Correct |
|
|
|
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
|
||
|
|
||
Current legal status
|
||
|
Registered English Name |
|
HANOI IMPORT EXPORT AND INVESTMENT
CORPORATION |
|
Registered Vietnamese Name |
|
CONG TY TNHH MOT THANH VIEN XUAT NHAP KHAU
VA DAU TU HA NOI |
|
Registered Short name |
|
UNIMEX HANOI |
|
Type of Business |
|
One member liability limited company |
|
Year Established |
|
1962 |
|
Business Registration No. |
|
0100106842 |
|
Date of Registration |
|
28 Oct 2013 |
|
Place of Registration |
|
Hanoi Department of Planning and
Investment |
|
Chartered capital |
|
VND 104,653,321,161 |
|
Status |
|
Unlisted |
|
Tax code |
|
0100106842 |
|
Total Employees |
|
About 400 |
|
Size |
|
Medium |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No: 108572 issued on 02 June 1993 Changed to 0104000309 Changed to: 0100106842 |
28
Oct 2013 |
|
2 |
Subject has got former Registered Vietnamese
Name: CONG TY TNHH NHA NUOC MOT THANH VIEN XUAT NHAP KHAU VA DAU TU HA NOI Changed to: CONG TY TNHH MOT THANH VIEN
XUAT NHAP KHAU VA DAU TU HA NOI |
28
Oct 2013 |
|
3 |
Subject has got former Chartered capital:
VND 58,575,000,000 Changed to: VND 104,653,321,161 |
28
Oct 2013 |
|
4 |
Subject has got former Registered
Vietnamese Name: CONG TY XUAT NHAP KHAU VA DAU TU HA NOI Changed to: CONG TY TNHH NHA NUOC MOT
THANH VIEN XUAT NHAP KHAU VA DAU TU HA NOI |
2005
|
company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 41 Ngo Quyen Street, Hang Bai Ward,
Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 38264188/ 38264159/ 38255008 |
|
Fax |
|
(84-4) 38259246 |
|
Email |
|
|
|
Website |
|
|
|
Note: -
The correct address is as above. - This address is being construction. |
||
|
|
||
|
Transaction
office in Ha Noi |
||
|
Address |
|
No. 201 Kham Thien Str., Dong Da District,
Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 38264159/ 35134804 |
|
Fax |
|
(84-4) 38259246 |
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
Group 47, Dong Anh Town, Dong Anh
District, Ha Noi City, Vietnam |
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
No. 26A, Cau Dien Market Street, Cau Dien
Town, Tu Liem District, Ha Noi City, Vietnam |
|
Telephone |
|
0100106842-007 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No 53 Phan Dinh Phung Street, Phu Nhuan
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 39954408/ 39954412 |
|
Fax |
|
(84-8) 39954413 |
|
Email |
|
|
|
Telephone |
|
0100106842-001 |
|
|
||
|
Branch in Hai
Phong |
||
|
Address |
|
No 46 Dien Bien Phu Street, Minh Khai
Ward, Hong Bang District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 37660003 |
|
Fax |
|
(84-31) 37660003 |
|
Telephone |
|
0100106842-002 |
|
|
||
SUBSIDIARIES AND RELATED
COMPANIES
|
||
|
|
||
|
1. PARENT
COMPANY - HANOI TRADE CORPORATION |
||
|
Business Registration |
|
0100101273 |
|
Date of Registration |
|
09 Dec 2010 |
|
Place of Registration |
|
Hanoi Department of Planning and Investment |
|
Chartered capital |
|
VND 900,000,000,000 |
|
Tax code |
|
0100101273 |
|
Address |
|
No.38-40 Le Thai To Street, Hoan Kiem District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 3826 7984/ 3928 5929 |
|
Fax |
|
(84-4) 3826 7983/ 3928 6892 |
|
Website |
|
|
|
|
||
|
2. HANOI IMPORT
EXPORT INVESTMENT CORPORATION - ARTEX HA NOI |
||
|
Business Registration |
|
0100106842-012 |
|
Date of Registration |
|
17 Mar 2006 |
|
Place of Registration |
|
Hanoi Department of Planning and Investment |
|
Tax code |
|
0100106842-012 |
|
Address |
|
No 172 Ngoc Khanh str, Giang Vo ward, Ba Dinh District, Ha Noi City,
Vietnam |
|
Tel |
|
(84-4) 37713352 - (84-4) 37713350 |
|
Fax |
|
(84-4) 37713349 |
|
Website |
|
|
|
|
||
|
3. THU DO
MANUFACTURE AND IMPORT EXPORT ENTERPRISE |
||
|
Business Registration |
|
0114000454 |
|
Date of Registration |
|
11 Aug 2006 |
|
Place of Registration |
|
Hanoi Department of Planning and Investment |
|
Tax code |
|
0100106842-010 |
|
Address |
|
26B Cau Dien market street, Tu Liem District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 37634231 |
|
Fax |
|
(84-4) 37645156 |
|
|
||
|
4. HA NOI
TRADING AND PACKAGING ENTERPRISE |
||
|
Address |
|
No 98 Hoang Cau, O Cho Dua Ward, Dong Da District, Ha Noi City,
Vietnam |
|
Tel |
|
(84-4) 38513669 |
|
Fax |
|
(84-4) 35110855 |
|
Tax code |
|
0100106842-009 |
|
|
||
|
5. UNIMEX-EXPORT
|
||
|
Address |
|
No 41 Ngo Quyen, Hoan Kiem District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4)39348736 |
|
Fax |
|
(84-4) 39362910 |
|
|
||
|
6. UNIMEX-IMPORT
|
||
|
Address |
|
No 201 Kham Thien Street, Tho Quan Ward, Dong Da District, Ha Noi
City, Vietnam |
|
Tel |
|
(84-4) 35133933 |
|
Fax |
|
(84-4) 35133636 |
|
|
||
|
7. UNIMEX REAL
ESTATE |
||
|
Address |
|
No 41 Ngo Quyen, Hoan Kiem District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 35114582 |
|
Fax |
|
(84-4) 35114582 |
|
|
||
DIRECTORS
|
||
|
|
||
|
Following is current board of directors of the subject |
||
|
1.
NAME |
|
Mr.
TRAN QUOC HUNG |
|
Position |
|
General Director |
|
Date of Birth |
|
28 Nov 1958 |
|
ID Number/Passport |
|
B3680350 |
|
ID Issue Date |
|
15 Mar 2010 |
|
ID Issue Place |
|
Immigration Bureau |
|
Resident |
|
No. 123D Thuy Khue,
Thuy Khue Ward, Tay Ho District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN QUOC KHANH |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
DANG THI MINH CHI |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Note: Ms. Le
Thi Kim Oanh retired |
||
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject is operating in the following business
activities: |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Materials, means of transportation, machinery, consumer's goods |
|
·
Market |
|
China, Taiwan, Japan, Korea, Singapore, etc |
|
·
Payment Method |
|
TT, LC |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Agricultural-forestry products, seafood, art and handicraft |
|
·
Market |
|
USA, Canada, Germany, Japan, Israel, Egypt, etc |
|
·
Payment Method |
|
TT, LC |
|
|
||
BANKERS
|
||
|
|
||
|
JOINT
STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM HA NOI BRANCH |
||
|
Address |
|
No 344 Ba Trieu, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 39423038 / 39420770 |
|
Fax |
|
(84-4) 38228039 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
NAME |
|
PEOPLE'S
COMMITTEE OF HANOI CITY |
|
Address |
|
No.79 Dinh Tien Hoang Street, Hoan Kiem
District, Ha Noi City, Vietnam |
|
Value of shares |
|
VND 104,653,321,161 |
|
Percentage |
|
100% |
|
|
||
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 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
588,803,000,000 |
679,540,000,000 |
551,667,000,000 |
|
I. Cash and cash
equivalents |
6,137,000,000 |
25,668,000,000 |
21,543,000,000 |
|
1. Cash |
6,137,000,000 |
25,668,000,000 |
21,543,000,000 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
2,690,000,000 |
0 |
0 |
|
1. Short-term investments |
2,690,000,000 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
463,177,000,000 |
411,473,000,000 |
404,907,000,000 |
|
1. Receivable from customers |
372,010,000,000 |
333,411,000,000 |
288,268,000,000 |
|
2. Prepayments to suppliers |
94,829,000,000 |
72,490,000,000 |
117,719,000,000 |
|
3. Inter-company receivable |
0 |
2,123,000,000 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
33,577,000,000 |
32,621,000,000 |
25,525,000,000 |
|
6. Provisions for bad debts |
-37,239,000,000 |
-29,172,000,000 |
-26,605,000,000 |
|
IV. Inventories |
94,582,000,000 |
191,416,000,000 |
105,061,000,000 |
|
1. Inventories |
95,013,000,000 |
191,971,000,000 |
105,616,000,000 |
|
2. Provisions for devaluation of inventories |
-431,000,000 |
-555,000,000 |
-555,000,000 |
|
V. Other Current
Assets |
22,217,000,000 |
50,983,000,000 |
20,156,000,000 |
|
1. Short-term prepaid expenses |
6,924,000,000 |
5,376,000,000 |
666,000,000 |
|
2. VAT to be deducted |
13,057,000,000 |
17,841,000,000 |
13,317,000,000 |
|
3. Taxes and other accounts receivable from the State |
27,000,000 |
27,000,000 |
80,000,000 |
|
4. Other current assets |
2,209,000,000 |
27,739,000,000 |
6,093,000,000 |
|
B. LONG-TERM
ASSETS |
182,291,000,000 |
184,343,000,000 |
181,490,000,000 |
|
I. Long term
accounts receivable |
0 |
0 |
1,000,000,000 |
|
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 |
1,000,000,000 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets
|
23,153,000,000 |
21,412,000,000 |
12,760,000,000 |
|
1. Tangible assets |
11,306,000,000 |
11,719,000,000 |
12,106,000,000 |
|
- Historical costs |
33,688,000,000 |
32,800,000,000 |
31,518,000,000 |
|
- Accumulated depreciation |
-22,382,000,000 |
-21,081,000,000 |
-19,412,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
90,000,000 |
130,000,000 |
0 |
|
- Initial costs |
160,000,000 |
160,000,000 |
0 |
|
- Accumulated amortization |
-70,000,000 |
-30,000,000 |
0 |
|
4. Construction-in-progress |
11,757,000,000 |
9,563,000,000 |
654,000,000 |
|
III. Investment
property |
132,070,000,000 |
135,693,000,000 |
140,406,000,000 |
|
Historical costs |
151,850,000,000 |
150,281,000,000 |
150,179,000,000 |
|
Accumulated depreciation |
-19,780,000,000 |
-14,588,000,000 |
-9,773,000,000 |
|
IV. Long-term
investments |
26,046,000,000 |
26,046,000,000 |
26,050,000,000 |
|
1. Investments in affiliates |
6,120,000,000 |
6,120,000,000 |
6,120,000,000 |
|
2. Investments in business concerns and joint ventures |
12,845,000,000 |
12,845,000,000 |
12,845,000,000 |
|
3. Other long-term investments |
7,081,000,000 |
7,081,000,000 |
7,085,000,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
1,022,000,000 |
1,192,000,000 |
1,274,000,000 |
|
1. Long-term prepaid expenses |
1,013,000,000 |
1,183,000,000 |
1,265,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
9,000,000 |
9,000,000 |
9,000,000 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
771,094,000,000 |
863,883,000,000 |
733,157,000,000 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
646,142,000,000 |
750,299,000,000 |
628,616,000,000 |
|
I. Current
liabilities |
555,843,000,000 |
606,272,000,000 |
470,206,000,000 |
|
1. Short-term debts and loans |
423,066,000,000 |
421,756,000,000 |
357,745,000,000 |
|
2. Payable to suppliers |
43,812,000,000 |
100,627,000,000 |
49,809,000,000 |
|
3. Advances from customers |
17,235,000,000 |
25,121,000,000 |
12,747,000,000 |
|
4. Taxes and other obligations to the State Budget |
4,549,000,000 |
4,298,000,000 |
7,937,000,000 |
|
5. Payable to employees |
2,433,000,000 |
12,003,000,000 |
6,682,000,000 |
|
6. Accrued expenses |
3,887,000,000 |
1,270,000,000 |
827,000,000 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
62,539,000,000 |
40,173,000,000 |
32,928,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
-1,678,000,000 |
1,024,000,000 |
1,531,000,000 |
|
II. Long-Term
Liabilities |
90,299,000,000 |
144,027,000,000 |
158,410,000,000 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
1,384,000,000 |
1,424,000,000 |
284,000,000 |
|
4. Long-term debts and loans |
1,102,000,000 |
4,311,000,000 |
9,655,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
761,000,000 |
569,000,000 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
87,813,000,000 |
137,531,000,000 |
147,902,000,000 |
|
9. Science and technology development fund |
0 |
|
|
|
B- OWNER’S EQUITY
|
124,952,000,000 |
113,584,000,000 |
104,541,000,000 |
|
I. OWNER’S
EQUITY |
124,952,000,000 |
113,584,000,000 |
104,541,000,000 |
|
1. Capital |
67,516,000,000 |
67,516,000,000 |
67,515,000,000 |
|
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 |
435,000,000 |
238,000,000 |
|
7. Business promotion fund |
19,415,000,000 |
19,415,000,000 |
24,095,000,000 |
|
8. Financial reserved fund |
3,573,000,000 |
3,573,000,000 |
4,248,000,000 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
34,448,000,000 |
22,645,000,000 |
8,445,000,000 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
0 |
|
1. Sources of expenditure |
0 |
0 |
0 |
|
2. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
771,094,000,000 |
863,883,000,000 |
733,157,000,000 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
1,547,046,000,000
|
1,877,953,000,000
|
1,201,564,000,000
|
|
2. Deduction item |
0 |
68,000,000 |
813,000,000 |
|
3. Net revenue |
1,547,046,000,000
|
1,877,885,000,000
|
1,200,751,000,000
|
|
4. Costs of goods sold |
1,407,520,000,000 |
1,738,928,000,000 |
1,120,358,000,000 |
|
5. Gross profit |
139,526,000,000 |
138,957,000,000 |
80,393,000,000 |
|
6. Financial income |
14,019,000,000 |
22,750,000,000 |
25,458,000,000 |
|
7. Financial expenses |
60,171,000,000 |
68,399,000,000 |
43,844,000,000 |
|
- In which: Loan interest expenses |
56,612,000,000 |
57,380,000,000 |
21,946,000,000 |
|
8. Selling expenses |
37,989,000,000 |
29,158,000,000 |
13,590,000,000 |
|
9. Administrative overheads |
47,907,000,000 |
50,022,000,000 |
38,557,000,000 |
|
10. Net operating profit |
7,478,000,000 |
14,128,000,000 |
9,860,000,000 |
|
11. Other income |
2,165,000,000 |
722,000,000 |
532,000,000 |
|
12. Other expenses |
36,000,000 |
11,000,000 |
259,000,000 |
|
13. Other profit /(loss) |
2,129,000,000 |
711,000,000 |
273,000,000 |
|
14. Total accounting profit before tax |
9,607,000,000 |
14,839,000,000 |
10,133,000,000 |
|
15. Current corporate income tax |
885,000,000 |
2,843,000,000 |
1,613,000,000 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
8,722,000,000 |
11,996,000,000 |
8,520,000,000 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.06 |
1.12 |
1.17 |
1.20 |
|
Quick liquidity ratio |
0.89 |
0.81 |
0.95 |
0.65 |
|
Inventory circle |
14.88 |
11.73 |
10.66 |
11.15 |
|
Average receive period |
109.28 |
79.98 |
123.08 |
49.22 |
|
Utilizing asset performance |
2.01 |
2.17 |
1.64 |
2.60 |
|
Liability by total assets |
83.80 |
86.85 |
85.74 |
72.10 |
|
Liability by owner's equity |
517.11 |
660.57 |
601.31 |
396.96 |
|
Ebit / Total assets (ROA) |
8.59 |
8.36 |
4.38 |
8.25 |
|
Ebit / Owner's equity (ROE) |
53.00 |
63.58 |
30.69 |
42.15 |
|
Ebit / Total revenue (NPM) |
4.28 |
3.85 |
2.67 |
4.23 |
|
Gross profit / Total revenue (GPM) |
9.02 |
7.40 |
6.69 |
7.33 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
CASH FLOW STATEMENT
|
|
|
(Indirect method) |
|
|
Items |
FY2011 |
|
I. Cash flows
from operating activities |
|
|
1. Profit before tax |
14,839,000,000 |
|
2. Adjustments |
|
|
- Depreciation and amortization |
6,514,000,000 |
|
- Provisions |
2,567,000,000 |
|
- Unrealized foreign exchange difference |
197,000,000 |
|
- Gain/loss from investing activities |
0 |
|
- Interest expense |
57,380,000,000 |
|
3. Operating profit before movements in working
capital |
81,497,000,000 |
|
- (Increase)/Decrease in receivables |
-8,133,000,000 |
|
- (Increase)/Decrease in inventories |
-86,355,000,000 |
|
- Increase/(Decrease) in accounts payable |
66,655,000,000 |
|
- (Increase)/Decrease in prepaid expenses |
-4,628,000,000 |
|
- Interest paid |
-57,380,000,000 |
|
- Corporate income tax paid |
-6,482,000,000 |
|
- Other cash inflows |
0 |
|
- Other cash outflows |
-29,268,000,000 |
|
Net cash from (used in) operating activities |
-44,094,000,000 |
|
II. Cash flows from
investing activities |
|
|
1. Acquisition of fixed assets and other long - term assets |
-10,453,000,000 |
|
2. Proceeds from fixed assets and long - term assets disposal |
0 |
|
3. Cash outflow for lending, buying debt instruments of other
companies |
0 |
|
4. Cash recovered from lending, selling debt instruments of other
companies |
0 |
|
5. Investment in other entities |
0 |
|
6. Cash recovered from investments in other entities |
4,000,000 |
|
7. Interest income, dividend and profit paid |
0 |
|
Net cash from (used in) investing activities |
-10,449,000,000 |
|
III. Cash flows
from financing activities |
|
|
1. Proceeds from issuing stocks, receiving capital from owners |
1,000,000 |
|
2. Capital withdrawal, buying back issued stocks |
0 |
|
3. Proceeds from borrowings |
58,667,000,000 |
|
4. Repayment of borrowings |
0 |
|
5. Repayment of obligations under finance leased |
0 |
|
6. Dividends paid |
0 |
|
Net cash from (used in) financing activities |
58,668,000,000 |
|
Net increase/(decrease) in cash and cash equivalents |
4,125,000,000 |
|
Cash and cash equivalents at beginning of year |
21,543,000,000 |
|
Effect from changing foreign exchange rate |
0 |
|
Cash and cash equivalents at end of year |
25,668,000,000 |
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium/High |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T, L/C |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Normal |
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject was established in 1962 as state single limited liability company.
From that until now, its legal document has adjusted for many times and the
latest time was on October 28th 2013. In this latest time, the
subject was changed to its registered Vietnamese name from CONG TY TNHH NHA
NUOC MOT THANH VIEN XUAT NHAP KHAU VA DAU TU HA NOI to CONG TY TNHH MOT THANH
VIEN XUAT NHAP KHAU VA DAU TU HA NOI; its business registration was adjusted
to No. 0100106842 for coincidence with the tax code and its chartered capital
was lifted to VND 104,653,321,161. The
subject now is considered as a interdisciplinary company. Its activities
include general import and export, investment activities, real estate trading
and manufacturing (backpack, cap & handbag). The subject still registers
its head office at 41 Ngo Quyen Street, Hoan Kiem District, Ha Noi City, Viet
Nam, which is being under construction. Therefore, all its business
transactions are performed at No. 201 Kham Thien – Dong Da – Ha Noi. Financially,
in 2012, it appears the subject was also affected by the common difficulties
in economics as very many other companies in Vietnam, so its total sales and
profit all decreased compared with those in previous year, in which the total
sales reduced by 17.62% and profit after tax lessened 27.29%. The subject’s
total assets also declined from VND 863,883 million (in 2011) to VND 771,094
million mostly by the decrease of current assets. In items of current assets,
accounts receivable grew remarkably but inventories decreased strongly from
VND 191,416 million (in 2011) to VND 94,582 million. Looking
at the financial ratios, we can see that the subject’s current liquidity
ratio reduced in relation to that in 2011 due to the decrease rate of current
assets was higher than the decrease rate of current liabilities. However, its
quick liquidity ratio rose slightly because of the strongly decrease of
inventories. Compared with the average industry, the subject’s liquidity
ratios were acceptable. Also
because the inventories shrank, the subject’s inventory circle was improved.
Yet its average receive period rised significantly from 79.98 days (in 2011)
to 109,28 days because the subject’s accounts receivable grew meanwhile its
net revenue went down. The subject’s average receive period in three
financial years was all longer by far than the average industry, shows that
the subject’s credit policy on deferred payment sale seems relatively easy
and like this the subject will take more time to obtain cash. The
subject’s debt rate was improved in 2012 due to the remarkable increase in
owner’s equity and the decrease in considerable current liabilities. However,
this rate was still higher by far than the average industry, reflects that
the subject’s capital structure was not very safe. To sum
up, the subject has a long time of existence and development. Its business
activities are fair good. However, its solvency seems average. Thus, caution
is needed for big transactions with the subject. |
|
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.61.92 |
|
UK Pound |
1 |
Rs.101.98 |
|
Euro |
1 |
Rs.83.93 |
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.