MIRA INFORM REPORT

 

 

Report No. :

305971

Report Date :

10.02.2015

 

IDENTIFICATION DETAILS

 

Name :

HONDA TRADING VIETNAM CO LTD

 

 

Registered Office :

5Fl Sun Red River Bldg 23 Phan Chu Trinh St Phan Chu Trinh Ward, Hoan Kiem Dist, Hanoi

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2012

 

 

Date of Incorporation :

20.02.2008

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Exporter of Motor Vehicles, Parts and Accessories.

 

 

No. of Employees :

50

 

 

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 :

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Vietnam

A2

A2

 

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

 

COMPANY DETAILS

Organization Name

:

HONDA TRADING VIETNAM CO LTD (1)

Address

:

5Fl Sun Red River Bldg 23 Phan Chu Trinh St Phan Chu Trinh Ward, Hoan Kiem Dist, Hanoi

Country

:

Vietnam

Phone (S)

:

[+84] 4-39334591

Facsimile

:

[+84] 4-39334590

Email

:

hthno@hn.vnn.vn

Primary Business Activity

:

Exporter

Key Industry

:

Motor Vehicles, Parts & Accessories

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Rikunari Ashikaga

Nationality

:

Japanese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Pham Thi Thanh Huong

Vietnamese

Chief Accountant

-

Management Details - 1

Personal Unique Identifier

:

MI03618059

Name

:

Ms. Pham Thi Thanh Huong

 

Date of Birth

:

1975

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03618058

Name

:

Mr. Rikunari Ashikaga

Date of Birth

:

1968

 

 

NEGATIVE INFORMATION

 

REPUTATION

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

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

DEBT

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

CIVIL LITIGATION

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

PERFORMANCE DEFAULTS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital

:

US$ 1,000,000

 

CAPITAL (Currency: USD - US Dollar)

Authorized Capital

:

$ 1,000,000

 

SHAREHOLDERS

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

 

:

USD - US Dollar

 

No.

Shareholders

Country

Shares

Number

Amount (USD)

%

1

HONDA TRADING CO LTD

Japan

n/a

n/a

100.00

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

 

 International Trade - Statistics  (Currency: USD - US Dollar)

 

Year

Imports

Exports

Total

2010

n/a

158,444,484

158,444,484

2011

n/a

261,946,711

261,946,711

2012

n/a

255,618,675

255,618,675

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

International Sales (Export)

100%

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

PAYMENT TERMS

Selling

Type

Terms

Export

Letter of Credit (At-sight)

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

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

DIRECT/ INDIRECT CORPORATE PARENT DETAILS

Direct Parent

:

HONDA TRADING CO LTD

Global Identifier

:

P0247519

Legal Form Category

:

Private Company with Limited Liability

Country

:

Japan

Operational Address

:

3-10-2 Higashi-shirakawadai Suma-ku Kobe-shi Hyogo 6540102

Primary Business Activity

:

Trader

 

 

RELATED PARTIES (Subsidiaries, Joint-ventures & Affiliates)

 

The following provides a summary of the number of businesses that are related to HONDA TRADING VIETNAM CO LTD:

 

TYPE

INTERNATIONAL

Africa

Asia / Pacific

Europe

Middle-East

North America

South America

TOTAL

Subsidiaries

-

-

-

-

-

-

-

Joint-Ventures

-

-

-

-

-

-

-

Minority shareholdings

-

-

-

-

-

-

-

Affiliates

-

1

-

-

-

-

1

Liaison / Representative Offices

-

-

-

-

-

-

-

 

International

 

Business Entity Name

:

HONDA TRADING ASIA CO LTD

Global Identifier

:

31610350

Country

:

Thailand

Relationship

:

Affiliate

Operational Address

:

3Fl Indosuez House 152 Wireless Rd, Lumpini, Pathumwan, Bangkok 10330

Primary Business Activity

:

Importer

Industry

:

Motor Vehicles, Parts & Accessories

 

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2010 Annual

158,444,484

58,786,814

1,900,103

2011 Annual

261,946,711

57,955,737

6,865,723

2012 Annual (*)

255,618,675

66,299,090

5,487,292

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

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

http://www.asiancredit.com/Manage/image/down_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(*)

1,142,838,000,000

1,204,145,000,000

1,374,803,000,000

Non Current Assets(*)

2,917,000,000

3,073,000,000

5,853,000,000

Non Current Liabilities(*)

0

0

0

Share Capital(*)

16,515,000,000

16,515,000,000

16,515,000,000

Other long term assets 

Total Assets(*)

1,145,755,000,000

1,207,218,000,000

1,380,656,000,000

Total Liabilities(*)

1,065,072,000,000

989,077,000,000

1,119,750,000,000

Current Liabilities(*)

1,065,072,000,000

989,077,000,000

1,119,750,000,000

Long term liabilities 

Shareholders Funds(*)

80,683,000,000

218,141,000,000

260,906,000,000

 

Current assets & short term investments

1,142,838,000,000

1,204,145,000,000

1,374,803,000,000

Cash & cash equivalents

230,738,000,000

37,635,000,000

69,306,000,000

Cash

18,306,000,000

37,635,000,000

69,306,000,000

Cash equivalents

212,432,000,000

-

-

Accounts receivable

447,156,000,000

625,978,000,000

575,690,000,000

Accounts receivable trade

412,073,000,000

564,922,000,000

554,822,000,000

Trade prepayment

34,125,000,000

58,217,000,000

18,655,000,000

Others receivables

958,000,000

2,839,000,000

2,213,000,000

i. Inventories

458,188,000,000

528,455,000,000

680,241,000,000

ii. Inventories

459,041,000,000

529,704,000,000

681,845,000,000

Provision for decline in inventory

(853,000,000)

(1,249,000,000)

(1,604,000,000)

i. Other short term asset

6,756,000,000

12,077,000,000

49,566,000,000

Prepaid expenses

336,000,000

903,000,000

6,138,000,000

VAT deductible

5,008,000,000

11,050,000,000

43,310,000,000

Other tax receivables

1,214,000,000

-

-

ii. Other short term asset

198,000,000

124,000,000

118,000,000

Long term assets

2,917,000,000

3,073,000,000

5,853,000,000

Fixed assets

1,311,000,000

1,142,000,000

3,531,000,000

Tangible fixed assets

1,174,000,000

1,119,000,000

3,531,000,000

i. Cost

2,123,000,000

2,605,000,000

6,018,000,000

i. Accumulated depreciation

949,000,000

1,486,000,000

2,487,000,000

Intangible fixed assets

137,000,000

23,000,000

-

ii. Cost

387,000,000

404,000,000

404,000,000

ii. Accumulated depreciation

250,000,000

381,000,000

404,000,000

i. Other long term assets

1,606,000,000

1,931,000,000

2,322,000,000

Long term prepayments

1,116,000,000

907,000,000

1,102,000,000

ii. Other long term assets

490,000,000

1,024,000,000

1,220,000,000

Total assets

1,145,755,000,000

1,207,218,000,000

1,380,656,000,000

Liabilities

1,065,072,000,000

989,077,000,000

1,119,750,000,000

Current liabilities

1,065,072,000,000

989,077,000,000

1,119,750,000,000

Short term borrowings

175,976,000,000

10,000,000,000

-

Accounts payables-trade

765,546,000,000

887,810,000,000

1,059,767,000,000

Advances from customers

100,833,000,000

61,245,000,000

19,215,000,000

Taxes and payable to state budget

21,722,000,000

26,939,000,000

40,127,000,000

Payable to employees

316,000,000

427,000,000

641,000,000

Accrued expenses payable

679,000,000

822,000,000

-

Other payables

-

1,834,000,000

-

i. Owners equity

80,683,000,000

218,141,000,000

260,906,000,000

ii. Owners equity

80,683,000,000

218,141,000,000

260,906,000,000

Business capital

16,515,000,000

16,515,000,000

16,515,000,000

Retained earnings

64,168,000,000

201,626,000,000

244,391,000,000

Total resources

1,145,755,000,000

1,207,218,000,000

1,380,656,000,000

Note: (*)

Financial Highlights

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover(*)

3,088,083,000,000

5,456,350,000,000

5,323,172,000,000

Profit (Loss) Before Tax(*)

49,470,000,000

177,491,000,000

137,896,000,000

Profit After Tax attributable to Shareholders(*)

37,033,000,000

143,013,000,000

114,271,000,000

 

Gross sales

3,088,083,000,000

5,456,350,000,000

5,323,172,000,000

Net income

3,088,083,000,000

5,456,350,000,000

5,323,172,000,000

Cost of goods sold

2,913,211,000,000

5,174,457,000,000

5,137,463,000,000

Gross margin

174,872,000,000

281,893,000,000

185,709,000,000

Income from financial activities

23,700,000,000

25,403,000,000

34,780,000,000

Expenses from financial activities

125,891,000,000

93,663,000,000

35,939,000,000

Selling expenses

15,134,000,000

23,764,000,000

30,424,000,000

General & administration expenses

10,021,000,000

12,530,000,000

16,464,000,000

Net income from operating activities

47,526,000,000

177,339,000,000

137,662,000,000

Extraordinary income

3,488,000,000

737,000,000

386,000,000

Extraordinary expenses

1,544,000,000

585,000,000

152,000,000

Extraordinary gains

1,944,000,000

152,000,000

234,000,000

Net profit before tax

49,470,000,000

177,491,000,000

137,896,000,000

Income tax

12,437,000,000

34,478,000,000

23,625,000,000

Net profit after tax

37,033,000,000

143,013,000,000

114,271,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

76.69

(2.44)

Profitability 

Profit Margin (%)

1.20

2.62

2.15

Return on Equity (%)

45.90

65.56

43.80

Return on Assets (%)

3.23

11.85

8.28

Leverage 

Total Debt Equity (Times)

13.20

4.53

4.29

Current Debt Equity (Times)

13.20

4.53

4.29

Total Asset To Total Equity

14.20

5.53

5.29

Asset Management 

Total Assets Turnover (Times)

2.70

4.52

3.86

Fixed Assets Turnover (Times)

1,058.65

1,775.58

909.48

Liquidity 

Current Ratio

1.07

1.22

1.23

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 basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

N/A

 

 

ADDITIONAL INFORMATION

 

Key Facts

 

Registered Legal Address

:

5Fl Sun Red River Bldg 23 Phan Chu Trinh St Phan Chu Trinh Ward, Hoan Kiem Dist, Hanoi

Operational Address

:

5Fl Sun Red River Bldg 23 Phan Chu Trinh St Phan Chu Trinh Ward, Hoan Kiem Dist, Hanoi

Issuing Authority

:

Dept. of Planning & Investment - Hanoi

License Number

:

011023000108

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

:

20 Feb, 2008

Employees

:

50

Note

:

(1) Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

 

 

REPORT DETAILS

 

Country

:

Vietnam

Business Entity Name

:

HONDA TRADING VIETNAM CO LTD

Primary Business Activity

:

Exporter

Primary Industry

:

Motor Vehicles, Parts & Accessories

 

OFFICE CONTACT DETAILS

 

Operating Address

:

5Fl Sun Red River Bldg 23 Phan Chu Trinh St Phan Chu Trinh Ward, Hoan Kiem Dist, Hanoi

Tel

:

[+84] 4-39334591

 

:

[+84] 4-38255894

Fax

:

[+84] 4-39334590

Email

:

hthno@hn.vnn.vn

 

TAX / VAT DETAILS

 

Tax Issuing Authority

:

Ministry of Finance

Local Name Used

:

Gia Trj Gia Tang (Value Added Tax)

Acronym

:

GTGT / VAT

GTGT / VAT Number

:

0102655453

 

 

 PRIMARY PRODUCTS

 

Products / Materials / Services Description

Activity

Cars

Exporting

Motorcycle components

Exporting

Motorcycle equipment

Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Auto & Other Motor Vehicles

5012

Exporting

Motorcycles, bicycles, and parts, nspf

3751

Exporting

Transportation equipment, nspf, and parts, nspf

3799

Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Motor cars & vehicles for transporting persons

8703

Exporting

Parts & access for motor vehicles (head 8701-8705

8708

Exporting

 

 

 

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HONDA TRADING VIETNAM CO LTD is Exporting - Finished products.

Key products include :

Cars

Motorcycle components

Motorcycle equipment

 

BANK DETAILS

Bank Name

:

MIZUHO CORPORATE BANK LTD, THE

Global Identifier

:

P0220254

Branch

:

District 1,Ho Chi Minh

Branch Address

:

MIZUHO CORPORATE BANK LTD , THE - HANOI

SWIFT Code

:

This bank does not have a SWIFT Code

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Europe

Medium

Exporting

South America

Medium

Exporting

Brazil

Medium

Exporting

Italy

Medium

Exporting

 

 

 

 

 

 

 

OFFICE & FACILITIES

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

Name

:

HONDA TRADING VIETNAM CO LTD - HOAN KIEM DIST, HANOI

Primary Use

:

Office & Administration facilities

Building Size

:

500 Square meters

Address

:

5Fl Sun Red River Bldg 23 Phan Chu Trinh St Phan Chu Trinh Ward, Hoan Kiem Dist, Hanoi

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

NOTES & COMMENTS

 

N/A

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.14

UK Pound

1

Rs.94.79

Euro

1

Rs.70.38

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

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.