MIRA INFORM REPORT

 

 

Report No. :

327544

Report Date :

27.06.2015

 

IDENTIFICATION DETAILS

 

Name :

HONG HA TRADING AND TRANSPORT JSC

 

 

Registered Office :

27/27 Le Loi St May To Ward, Ngo Quyen Dist, Haiphong

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2012

 

 

Date of Incorporation :

26.02.2004

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of Minerals / Mining

 

 

No of Employees :

20

 

 

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 :

Unknown

 

 

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Vietnam

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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 18% in 2014, while industry's share increased from 36% to 38% 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 2014 growing at 5.4%, one of the slower growth rates since 1999. Exports have grown strongly in 2013-14; 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 has remained relatively stable since then. 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, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses. Vietnam is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations.

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

 

Organization Name

:

HONG HA TRADING AND TRANSPORT JSC (1)

Address

:

Rm 511 Dau Khi Hotel 441 Da Nang St Dong Hai 1 Ward, Hai An Dist, Haiphong

Country

:

Vietnam

Phone (S)

:

[+84] 31-3555110

Facsimile

:

[+84] 31-3555109

Email

:

honghaphudongco@vnn.vn

Primary Business Activity

:

Trader

Key Industry

:

Minerals / Mining

 

Key Facts

Registered Legal Address

:

27/27 Le Loi St May To Ward, Ngo Quyen Dist, Haiphong

Operational Address

:

Rm 511 Dau Khi Hotel 441 Da Nang St Dong Hai 1 Ward, Hai An Dist, Haiphong

Trading Name

:

HONG HA CO JSC

Issuing Authority

:

Dept. of Planning & Investment - Hai Phong

License Number

:

0203000729

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

26 Feb, 2004

Employees

:

20

Capital

:

US$ 165,213

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.

 

DIRECTORS/MANAGEMENT

 

 Key Person

Legal Title

:

Managing Director

Name

:

Ms. Hai Yen Thi Vu

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Ngoc Van Vu

Vietnamese

Deputy Managing Director

-

Management Details - 1

Personal Unique Identifier

:

MI03784119

Name

:

Mr. Ngoc Van Vu

 

Date of Birth

:

1970

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03784119

Name

:

Mr. Ngoc Van Vu

Date of Birth

:

1970

 

2

 

 

Personal Unique Identifier

:

MI03784102

Name

:

Ms. Hai Yen Thi Vu

Date of Birth

:

1994

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing HONG HA TRADING AND TRANSPORT JSC's reputation within the respective industry failed to reveal any adverse information.

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 3,600,000,000

Date

Authorized Capital - History

26 Feb, 2004

1,800,000,000

Mar, 2014

3,600,000,000

 

SHAREHOLDERS

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Dung Van Vu

Vietnam

n/a

n/a

85.00

2

Mr. Ngoc Van Vu

Vietnam

n/a

n/a

9.03

3

Ms. Thuy Thi Vu

Vietnam

n/a

n/a

5.97

Total

n/a

n/a

100.00

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000046 USD
United States Dollars

 

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

80%

International Sales (Export)

20%

Annual Purchases Analysis

Percentage

Local Purchases

100%

Imports

0%

 

 

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

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

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

India

Medium

Exporting

Philippines

Medium

Exporting

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

 Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual (*)

1,006,451

315,107

2,833

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

2012 Annual

Current Assets(*)

5,324,000,000

Non Current Assets(*)

1,238,000,000

Share Capital(*)

1,800,000,000

Other long term assets 

Total Assets(*)

6,562,000,000

Total Liabilities(*)

4,431,000,000

Current Liabilities(*)

4,431,000,000

Long term liabilities 

Shareholders Funds(*)

2,131,000,000

 

Current assets & short term investments

5,324,000,000

Cash & cash equivalents

34,000,000

Cash

34,000,000

Accounts receivable

2,854,000,000

Accounts receivable trade

1,453,000,000

Trade prepayment

911,000,000

Others receivables

490,000,000

i.Inventories

58,000,000

ii.Inventories

58,000,000

i.Other short term asset

2,378,000,000

VAT deductible

759,000,000

ii.Other short term asset

1,619,000,000

Long term assets

1,238,000,000

Fixed assets

1,238,000,000

Tangible fixed assets

1,238,000,000

Cost

1,985,000,000

Accumulated depreciation

747,000,000

Total assets

6,562,000,000

Liabilities

4,431,000,000

Current liabilities

4,431,000,000

Short term borrowings

1,130,000,000

Accounts payables-trade

3,297,000,000

Taxes and payable to state budget

4,000,000

i.Owner's equity

2,131,000,000

ii.Owner's equity

2,131,000,000

Business capital

1,800,000,000

Retained earnings

331,000,000

Total resources

6,562,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

Turnover(*)

20,959,000,000

Profit (Loss) Before Tax(*)

87,000,000

Profit After Tax attributable to Shareholders(*)

59,000,000

 

Gross sales

20,959,000,000

Less deductions

1,109,000,000

Net income

19,850,000,000

Cost of goods sold

13,455,000,000

Gross margin

6,395,000,000

Income from financial activities

122,000,000

Expenses from financial activities

182,000,000

In which: Interest expenses

182,000,000

General & administration expenses

6,171,000,000

Net income from operating activities

165,000,000

Extraordinary income

332,000,000

Extraordinary expenses

409,000,000

Extraordinary gains

(77,000,000)

Net profit before tax

87,000,000

Income tax

29,000,000

Net profit after tax

59,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

Profitability 

Profit Margin (%)

0.28

Return on Equity (%)

2.77

Return on Assets (%)

0.90

Leverage 

Total Debt Equity (Times)

2.08

Current Debt Equity (Times)

2.08

Total Asset To Total Equity

3.08

Asset Management 

Total Assets Turnover (Times)

3.19

Fixed Assets Turnover (Times)

16.93

Liquidity 

Current Ratio

1.20

Based on the corporate laws of Vietnam, legal entities which are a Joint Stock Company are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000046 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

Country

:

Vietnam

Business Entity Name

:

HONG HA TRADING AND TRANSPORT JSC

Primary Business Activity

:

Trader

Primary Industry

:

Minerals / Mining

Office Contact Details

Operating Address

:

Rm 511 Dau Khi Hotel 441 Da Nang St Dong Hai 1 Ward, Hai An Dist, Haiphong

Tel

:

[+84] 31-3555110

 

:

[+84] 31-3260858

Fax

:

[+84] 31-3555109

Email

:

honghaphudongco@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

:

0200580478

 

 

Primary Products

Products / Materials / Services Description

Activity

Coal

Trading, Exporting

Minerals

Trading, Exporting

Ores

Trading, Exporting

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Coal & Other Minerals & Ores

5052

Trading, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Coal; briquettes, ovoids etc, mfr from coal

2701

Trading, Exporting

Mineral substances nesoi

2530

Trading, Exporting

 

 

 

 

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HONG HA TRADING AND TRANSPORT JSC is Trading - Finished products.

Key products include :

·         Coal

·         Minerals

·         Ores

Supplementary Business

In addition to the core business, HONG HA TRADING AND TRANSPORT JSC also is engaged in the following areas of business:

1.     Exporting

·         Exporting - Finished products

 

BANK DETAILS

Bank Name

:

ASIA COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

ASIA COMMERCIAL JOINT STOCK BANK - HAIPHONG

SWIFT Code

:

ASCBVNVX

 

OFFICE & FACILITIES

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

Name

:

HONG HA TRADING AND TRANSPORT JSC - HAI AN DIST, HAIPHONG

Primary Use

:

Office & Administration facilities

Address

:

Rm 511 Dau Khi Hotel 441 Da Nang St Dong Hai 1 Ward, Hai An Dist, Haiphong

Country

:

Vietnam

Status

:

Operational

 

 

NOTES & COMMENTS

 

N/a

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.60

UK Pound

1

Rs. 100.09

Euro

1

Rs. 71.23

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

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%)

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