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MIRA INFORM REPORT
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Report No. : |
498102 |
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Report Date : |
26.03.2018 |
IDENTIFICATION DETAILS
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Name : |
FRIT HUE JSC |
|
|
|
|
Formerly Known As : |
HUE CERAMIC MATERIAL CO LTD |
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|
|
|
Registered Office : |
Phu Bai Industrial
Zone Lot A1 Phu Bai Ward, Huong
Thuy Dist, Thua Thien- Hue |
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Country : |
Vietnam |
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|
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Financials (as on) : |
December 2016 |
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Date of Incorporation : |
26.03.2004 |
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|
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Com. Reg. No.: |
3300363627 |
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Legal Form : |
Joint Stock Company |
|
|
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Line of Business : |
Manufacture of Ceramic Household and Ornamental Articles |
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|
|
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No. of Employees : |
305 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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|
|
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Vietnam |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
VIETNAM - ECONOMIC OVERVIEW
Vietnam is a densely populated developing country that has been
transitioning since 1986 from the rigidities of a centrally planned, highly
agrarian economy to a more industrial and market based economy, and it has
raised incomes substantially. In 2016 and 2017, Vietnam missed its yearly
growth target of 6.7% due to environmental issues – drought and salinization -
impacting the agricultural sector, and low oil prices affecting the extractive
sector. However, annual GDP growth reached 6.3%, reflecting strengthening
domestic demand and strong manufacturing exports.
Vietnam has a young population, stable political system, commitment to
sustainable growth, relatively low inflation, stable currency, strong FDI inflows,
and strong manufacturing sector. In addition, the country is committed to
continuing its global economic integration. Vietnam joined the WTO in January
2007 and concluded several free trade agreements in 2015-16, including the
EU-Vietnam Free Trade Agreement, the Korean Free Trade Agreement, and the
Eurasian Economic Union Free Trade Agreement. In 2017, Vietnam successfully
chaired the Asia-Pacific Economic Cooperation (APEC) Conference with its key
priorities including inclusive growth, innovation, strengthening small and
medium enterprises, food security and climate change. Seeking to diversify its
opportunities, Vietnam also continued to pursue other multilateral
relationships, including the Comprehensive and Progressive Agreement for the
Transpacific Partnership and the Regional Comprehensive Economic Partnership.
To continue its trajectory of strong economic growth, the government
acknowledges the need to spark a second wave’ of reforms, including reforming state-owned-enterprises,
reducing red tape, increasing business sector transparency, reducing the level
of non-performing loans in the banking sector, and increasing financial sector
transparency. Vietnam’s public debt to GDP ratio is nearing the government
mandated ceiling of 65%.
In 2016, Vietnam cancelled its civilian nuclear energy development
program, citing public concerns about safety and the high cost of the program;
it faces growing pressure on energy infrastructure. Overall, the country’s
infrastructure fails to meet the needs of an expanding middle class. Vietnam
has demonstrated a commitment to sustainable growth over the last several
years, but the recent slowdown in economic growth could test the government’s
resolve.
|
Source
: CIA |
Company
Summary
|
|
|
Business Name |
FRIT HUE JSC |
|
Country |
VIET NAM |
|
Company Registration Number |
3300363627 |
|
Main Activity Code |
2341 |
|
Main Activity Description |
Manufacture of ceramic household and ornamental
articles |
|
Company Status |
Normal (Active) |
|
Latest Turnover Figure |
- |
|
Latest Shareholder Equity Figure |
172.753.000.000 |
Basic
Information
|
|
|
Business Name |
FRIT HUE JSC |
|
Registered Company Name |
FRIT HUE JSC |
|
Company Registration Number |
3300363627 |
|
Country |
VIET NAM |
|
VAT Registration Number |
3300363627 |
|
VAT Registration Date |
2004-03-26 |
|
Date of Company Registration |
2010-05-20 |
|
Date of Starting Operations |
2010-05-20 |
|
Commercial Court |
|
|
Legal Form |
Joint Stock Company |
|
Type of Ownership |
|
|
Company Status |
Normal (Active) |
|
Principal Activity Code |
|
|
Principal Activity Description |
|
|
Contact Telephone Number |
[+84] 234-3862355 [+84] 234-3862123, [+84]
234-3852386 |
Main
Address
|
||
|
Address |
Country |
Telephone |
|
Phu Bai Industrial
Zone Lot A1 Phu Bai Ward, Huong
Thuy Dist, Thua Thien- Hue |
VIET NAM |
[+84] 234-3862355 [+84] 234- 3862123, [+84] 234-3852386 |
Other
Address
|
|
No other addresses for this company. |
Previous
Address
|
|
No previous addresses for this company. |
Activities
|
|
Activity Code Activity Description |
|
2341 Manufacture of ceramic household and ornamental articles |
Email
Addresses
|
Web
Pages
|
Previous
Names
|
|
Previous Name Date Changed from Previous Name |
|
HUE CERAMIC MATERIAL CO LTD 2004-03-15 |
Employee
Information
|
|
Date Reported Number of Employees |
|
2018 305 |
Banker
Information
|
|
Banker Name Banker Address Phone Number |
|
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM Thua
Thien
Hue |
Advisors
Information
|
|
No advisor information for this company. |
Miscellaneous
Information
|
|
|
Fax Number |
[+84] 234-3862124 |
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Export Countries |
|
|
Import Countries |
Europe North America France Italy Spain USA |
|
Additional Business Information |
Core Business The primary business focus of FRIT
HUE JSC is Manufacturing -Finished products. Key products include : Sanitary ware Ceramic floor tiles
Ceramic products Wall tiles An integral part of the core business includes: Distribution Supplementary Business In addition to the core
business, FRIT HUE
JSC also is engaged in the
following areas of business: Importing Importing - Raw materials |
|
Additional Rating Information |
Good Credit Quality: Credit can proceed on a
favorable basis but in strict adherence to financig terms Revision of Credit
Limit : Annual Risk Index : Low |
|
Additional Payment Information |
Selling Type Terms Local
Cash on delivery (COD) Credit
- Secured with Post-dated checks 30~60 days Purchasing Type Terms Import
Letter of Credit
(At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction Local Credit
- Secured with
Post-dated checks 30~60
days Cash on delivery (COD) |
|
Additional Financial Information |
Financial statement were prepared as on
2016-12-01, 2015-12-01, 2014-12-01, 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. |
|
Number of Employees at Address |
305 |
|
Number of Employees at Group |
|
|
Number of Employees at Factory |
|
Additional
Miscellaneous Information
|
|
|
Issuing Authority |
DEPT. OF PLANNING & INVESTMENT - Thua Thien
Hue |
|
Capital |
US$ 2,635,260 |
|
Note |
(1) In Vietnam, when changes occur in the
statutory records of an existing company, a new business license number is
issued which links the new changes to a new license number. Such changes have
occurred with the Subject Business Entity. Accordingly, there are two
different "Dates of Registration", one being the original Date of
Registration, and the other being the most recent Date of issuance of the new
License. Details of the various previous License dates (if available) and the
corresponding License numbers, are listed in PREVIOUS BUSINESS LICENSE/S
below. |
|
Previous Business License/S |
License Date License No. 15 Mar, 2004 30/QD-CTXL
14 Dec, 2005 3103000148 |
|
Primary Products |
Products / Materials / Services Description
Activity Ceramic floor tiles Manufacturing Ceramic products Manufacturing
Sanitary ware Manufacturing Wall tiles Manufacturing |
|
Domestic Sales & Purchases |
Annual Sales Analysis Percentage Domestic Sales
100% Annual Purchases Analysis Percentage Local Purchases 60% Imports 40% |
|
Capital (Currency: Vnd - Vietnam Dong) |
Authorized Capital : 60,000,000,000.00 Paid-up
Capital : 60,000,000,000.00 Date Authorized Capital - History 15 Mar, 2004 44,680,000,000 24 Jun, 2016
60,000,000,000 |
|
Reputation |
Reference checking for the purpose of establishing
FRIT HUE 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 |
|
Bank details |
Bank Name : JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE
OF VIETNAM Global Identifier : 32400479 Branch : THUA THIEN HUE SWIFT Code : BFTVVNVX Bank Name :JOINT STOCK COMMERCIAL
BANK FOR FOREIGN
TRADE OF VIETNAM
Global Identifier : 32400479 Branch : THUA THIEN HUE SWIFT Code : BFTVVNVX Bank Name : JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM Global
Identifier : 32400483 Branch : JOINT STOCK
COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF
VIETNAM - HUE, THUA THIEN-HUE Branch Address : 41 Hung
Vuong, Hue, Thua
Thien-Hue SWIFT Code
: BIDVVNVX Bank Name
: VIETNAM BANK FOR
AGRICULTURE & RURAL DEVELOPMENT Global Identifier
:32408794 Branch : VIETNAM BANK FOR AGRICULTURE Branch Address : Thua
Thien-Hue SWIFT Code : VBAAVNVX Bank Name : VIETNAM JOINT STOCK COMMERCIAL
BANK FOR INDUSTRY & TRADE Global
Identifier : 32404058 Branch :
NAM THUA THIEN HUE SWIFT Code : ICBVVNVX |
|
Shareholders |
Total number of shareholders : n/a Total number of
shares : n/a |
|
Quality Accreditation |
Quality Accreditation Listings Name Accreditation
Category 1 INTERNATIONAL STANDARDS ORGANIZATION (ISO) 9001:2008 2 INTERNATIONAL STANDARDS ORGANIZATION (ISO) 9001:2000 |
|
Registered Legal Address |
Phu Bai Industrial Zone Lot A1 Phu Bai Ward, Huong
Thuy Dist, Thua Thien-Hue |
|
Tax / VAT Details |
Tax Issuing Authority:
MINISTRY OF FINANCE, Local Name Used:
Gia Trj Gia Tang (Value Added Tax), Acronym: GTGT / VAT |
|
Directors Information |
1. Name: Mr. Nghia Bao Ho: Date of Birth: 1971. 2.
Name: Mr. Thanh Chi Nguyen: Date of Birth: 1959 |
|
Financial Year |
2016-12 |
2015-12 |
2014-12 |
|
Number of Weeks |
52 |
52 |
52 |
|
Currency |
VND |
VND |
VND |
|
Consolidated Accounts |
No |
No |
No |
Profit
and Loss
|
|||
|
Revenue |
492.026.000.000 |
398.025.000.000 |
382.936.000.000 |
|
Operating Costs |
379.566.000.000 |
314.798.000.000 |
310.212.000.000 |
|
Operating Profit |
112.460.000.000 |
83.227.000.000 |
72.724.000.000 |
|
Wages & Salaries |
- |
- |
- |
|
Pension Costs |
- |
- |
- |
|
Depreciation |
- |
- |
- |
|
Amortisation |
- |
- |
- |
|
Financial Income |
49.000.000 |
50.000.000 |
161.000.000 |
|
Financial Expenses |
3.166.000.000 |
2.476.000.000 |
2.908.000.000 |
|
Extraordinary Income |
112.000.000 |
491.000.000 |
227.000.000 |
|
Extraordinary Costs |
43.623.000.000 |
28.924.000.000 |
27.736.000.000 |
|
Profit before Tax |
65.832.000.000 |
52.368.000.000 |
42.468.000.000 |
|
Tax |
10.577.000.000 |
4.553.000.000 |
3.707.000.000 |
|
Profit after Tax |
55.255.000.000 |
47.815.000.000 |
38.761.000.000 |
|
Dividends |
- |
- |
- |
|
Minority Interests |
- |
- |
- |
|
Other Appropriations |
- |
- |
- |
|
Retained Profit |
55.255.000.000 |
47.815.000.000 |
38.761.000.000 |
Balance
Sheet
|
|||
|
Land & Buildings |
0 |
0 |
0 |
|
Plant & Machinery |
0 |
0 |
0 |
|
Other Tangible Assets |
36.022.000.000 |
32.623.000.000 |
43.271.000.000 |
|
Total Tangible Assets |
36.022.000.000 |
32.623.000.000 |
43.271.000.000 |
|
Goodwill |
0 |
0 |
0 |
|
Other Intangible Assets |
482.000.000 |
655.000.000 |
0 |
|
Total Intangible Assets |
482.000.000 |
655.000.000 |
0 |
|
Investments |
0 |
0 |
0 |
|
Loans to Group |
0 |
0 |
0 |
|
Other Loans |
0 |
0 |
0 |
|
Miscellaneous Fixed Assets |
30.444.000.000 |
20.657.000.000 |
16.881.000.000 |
|
Total Other Fixed Assets |
30.444.000.000 |
20.657.000.000 |
16.881.000.000 |
|
Total Fixed Assets |
66.948.000.000 |
53.935.000.000 |
60.152.000.000 |
|
Raw Materials |
0 |
0 |
0 |
|
Work in Progress |
0 |
0 |
0 |
|
Finished Goods |
0 |
0 |
0 |
|
Other Inventories |
108.031.000.000 |
89.818.000.000 |
80.725.000.000 |
|
Total Inventories |
108.031.000.000 |
89.818.000.000 |
80.725.000.000 |
|
Trade Receivables |
79.134.000.000 |
69.227.000.000 |
54.382.000.000 |
|
Group Receivables |
0 |
0 |
0 |
|
Receivables Due after 1 year |
0 |
0 |
0 |
|
Miscellaneous Receivables |
0 |
0 |
0 |
|
Total Receivables |
79.134.000.000 |
69.227.000.000 |
54.382.000.000 |
|
Cash |
9.679.000.000 |
11.931.000.000 |
3.077.000.000 |
|
Other Current Assets |
381.000.000 |
280.000.000 |
277.000.000 |
|
Total Current Assets |
197.225.000.000 |
171.256.000.000 |
138.461.000.000 |
|
Total Assets |
264.173.000.000 |
225.191.000.000 |
198.613.000.000 |
|
Trade Payables |
17.098.000.000 |
17.725.000.000 |
11.433.000.000 |
|
Bank Liabilities |
0 |
0 |
0 |
|
Other Loans or Finance |
56.042.000.000 |
33.511.000.000 |
32.932.000.000 |
|
Group Payables |
0 |
0 |
0 |
|
Miscellaneous Liabilities |
18.170.000.000 |
11.725.000.000 |
10.544.000.000 |
|
Total Current Liabilities |
91.420.000.000 |
62.961.000.000 |
54.909.000.000 |
|
Trade Payables After 1 Year |
0 |
0 |
0 |
|
Bank Liabilities After 1 Year |
0 |
0 |
0 |
|
Other Loans or Finance due after 1 year |
0 |
0 |
0 |
|
Group Payables After 1 Year |
0 |
0 |
0 |
|
Miscellaneous Liabilities Due After 1 Year |
0 |
0 |
2.476.000.000 |
|
Total Long Term Liabilities |
0 |
0 |
2.476.000.000 |
|
Total Liabilities |
91.420.000.000 |
62.961.000.000 |
57.385.000.000 |
|
Called Up Share Capital |
60.000.000.000 |
44.680.000.000 |
44.680.000.000 |
|
Share Premium |
0 |
0 |
0 |
|
Revenue Reserves |
99.689.000.000 |
93.227.000.000 |
71.154.000.000 |
|
Other Reserves |
13.065.000.000 |
24.323.000.000 |
25.394.000.000 |
|
Total Shareholders Equity |
172.753.000.000 |
162.230.000.000 |
141.228.000.000 |
Other
Financials
|
|||
|
Contingent Liabilities |
|||
|
Working Capital |
105.805.000.000 |
108.295.000.000 |
83.552.000.000 |
|
Net Worth |
172.271.000.000 |
161.575.000.000 |
0 |
Ratios
|
|||
|
Pre Tax Profit Margin |
13.38 |
13.16 |
11.09 |
|
Return On Capital Employed |
28.28 |
25.31 |
29.55 |
|
Return On Total Assets Employed |
24.92 |
23.25 |
21.38 |
|
Return On Net Assets Employed |
38.11 |
32.28 |
30.07 |
|
Sales / Net Working Capital |
4.65 |
3.68 |
4.58 |
|
Stock Turnover Ratio |
21.96 |
22.57 |
21.08 |
|
Debtor Days |
58.7 |
63.48 |
51.83 |
|
Creditor Days |
12.68 |
16.25 |
10.9 |
|
Current Ratio |
2.16 |
2.72 |
2.52 |
|
Liquidity Ratio Or Acid Test |
0.98 |
1.29 |
1.05 |
|
Current Debt Ratio |
0.53 |
0.39 |
0.39 |
|
Gearing |
|||
|
Equity In Percentage |
65.51 |
72.25 |
|
|
Total Debt Ratio |
0.53 |
0.39 |
0.41 |
Additional
Financials
|
|
Gross Profit |
Current
Directors
|
|||
|
Name |
Gender |
Date of Birth |
Position |
|
Thanh Chi Nguyen |
Male |
|
Chairman Director |
|
Nam Huu Cao |
Male |
|
Chief Accountant |
|
Khanh Ba Duong |
Male |
1958-09-02 |
Managing Director |
|
Nghia Bao Ho |
Male |
|
Deputy Managing Director |
Previous
Directors
|
|
No previous directors for this company. |
Share
Capital Structure
|
|
Nominal Share Capital 60.000.000.000 |
|
Issued Share Capital 60.000.000.000 |
Shareholders
|
||
|
Shareholder |
Address |
% Shares Held |
|
UNDISCLOSED SHAREHOLDERS |
|
57.53 |
|
THUA THIEN HUE CONSTRUCTION
JOINT STOCK CORP |
Vietnam |
41.1 |
|
Mr. Khanh Ba Duong |
Vietnam |
0.68 |
|
Mr. Nghia Bao Ho |
Vietnam |
0.13 |
|
Mr. Nhat Tuong Nguyen |
Vietnam |
0.08 |
|
Mr. Thang Van Nguyen |
Vietnam |
0.08 |
|
Ms. Kim Anh Thi Le |
Vietnam |
0.07 |
|
Mr. Lai Nhu Tran |
Vietnam |
0.06 |
|
Mr. San Tuong Nguyen |
Vietnam |
0.06 |
|
Ms. Kim Chi Thi Hoang |
Vietnam |
0.06 |
|
Mr. Cuong Viet Ho |
Vietnam |
0.05 |
|
Mr. Quy Son Dinh Le |
Vietnam |
0.05 |
|
Mr. Son Minh Le |
Vietnam |
0.05 |
Group
Structure
|
|
No group structure information for this company |
Negative
Information
|
|
No negative information for this company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.13 |
|
|
1 |
INR 91.95 |
|
Euro |
1 |
INR 80.34 |
|
VND |
1 |
INR 0.0028 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.