MIRA
INFORM REPORT
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Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
NGOC
TUNG MANUFACTURING, TRADING AND SERVICES LIABILITY LIMITED COMPANY |
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Registered Office : |
Block E 21-22-23, Road 12th,
Le Minh Xuan Industrial Park, Binh, Chanh Dist, HoChiMinh city, Vietnam |
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Country : |
Vietnam |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1997 |
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Com. Reg. No.: |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
The subject specializes in: -
Production, packing & trading in, Pesticides, Aerosol insecticides ,
Clean water for fruits, vegetables , Fertilizer . |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
Moderate
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUBJECT IDENTIFICATION &
LEGAL FORM
English
Name NGOC TUNG MANUFACTURING, TRADING AND SERVICES
LIABILITY LIMITED COMPANY
Vietnamese Name CONG TY TNHH SAN XUAT THUONG MAI DICH VU NGOC TUNG
Trade Name NGOC TUNG MANUFACTURING, TRADING AND SERVICES CO.,
LTD
Abbreviated Name CONG TY TNHH SX-TM&DV NGOC TUNG
Type of Business Limited Liability
Company
Founded 1997
Establishment Decision No. 1961/QD-UB
Issued on August 22nd 1997
Issued by People’s Committee of Hochiminh
City
Business registration No. 052616
Issued on September 04th 1997
Issued by Planning and Investment
Department of HoChiMinh City
Current Registered Capital 35,000,000,000 VND
Former Registered Capital 12,000,000,000
VND
Tax code 0301415086
Total Eployees 185 employees
Qualification Normal
Notes
Your given name is not correct. The correct name of the Subject is as above. According to your given address and Tel, we found the Subject and made the report about it.
ADDRESSES
Head Office
Address Block E 21-22-23, Road 12th, Le Minh Xuan Industrial Park, Binh
Chanh Dist, HoChiMinh city
Country Vietnam
Tel (84-8) 7660814, 7660815, 7600816, 7600817
Fax (84-8) 7660674, 7600814
Email duclh@hcm.vnn.vn; tcduc@hcm.vnn.vn
Website www.ngoctung.com.vn
Branches
An Giang branch
Address 1/4
Nguyen Thai Hoc Str, My Binh Ward, Long Xuyen City, An Giang Province
Country Vietnam
Tel (84-76) 852403
Fax (84-76)
854572
Can Tho Branch
Address 213A,
3/2 Str, Hung Loi Ward, Can Tho City
Country Vietnam
Tel (84-71) 838540
Fax (84-71)
838993
Northern
Representative Office
Address No
10, Str 800, National Defense Academy, Nghia Do ward, Hanoi
Country Vietnam
Tel (84-4) 8362131
Fax (84-4)
8362131
Western
Highland Representative Office
Address 202
Phan Chu Trinh St., Ban Me Thuot City, Daklak Province
Country Vietnam
Tel (84-50) 953686
Fax (84-50) 953686
Central
Vietnam Representative Office
Address Block
4, Vinh Dien Town, Dien Ban Dist., Quang Nam Province
Country Vietnam
Tel (84-510) 867879
Fax (84-510) 867879
TOURIST
Branch
Address 1A
Bis Le Hong Phong St., Ward 1, Dist 10, Ho Chi Minh City
Country Vietnam
Tel (84-8) 8335616
– 8335617
Fax (84-8)
8393326
DIRECTORS
1. NAME Mr.
LA HOANG DUC
Position Chairman
/ General Director
Qualification Management
ID No. 350194899
Issued by Police
Station of Hochiminh city
Resident No.
18 Block O, Group 3, Phu Lam C Housing Compound, An Lac Town, Binh Chanh Dist,
Hochiminh City
Nationality Vietnamese
Email duclh@hcm.vnnn.vn
2. NAME Mr.
TRUONG CONG DUC
Position Vice
General Director
Qualification Bachelor
Resident Hochiminh
City, Vietnam
Nationality Vietnamese
3. NAME Mr.
HO VAN HAO
Position Sales
Director
Qualification Bachelor
Resident Hochiminh
City, Vietnam
Nationality Vietnamese
4. NAME Mrs.
LIEN THUY THANH
Position Chief
Accountant
Qualification Bachelor
Resident Hochiminh
City, Vietnam
Nationality Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject specializes in:
- Production, packing &
trading in
• Pesticides
• Aerosol insecticides
• Clean water for fruits, vegetables
• Fertilizer
- Cargo and passenger
transportation
- Civil & industrial
construction
- Home & abroad travel
The subject registered in the following activities:
Trading in fertilizers,
insecticides, agro-aqua machine, agricultural products, food and foodstuff,
Foodstuff industry.
Goods on consignment
agent's.
Termite insecticide
killing service for houses and stores.
Bottling insecticides.
Transporting goods and passengers by land.
IMPORT & EXPORT ACTIVITIES
IMPORT: The principal
material and good sources of the subject are imported from India, China,
Netherlands, Australia, USA, France, Germany, Argentina and Malaysia.
EXPORT: N/A
BANKERS
1. SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK (SACOMBANK) - CHO LON
BRANCH
Address No.
920 Nguyen Chi Thanh Str, Ward 4, Dist 11, Hochiminh City
Country Vietnam
Tel (84-8)
9554860
Fax (84-8)
8579155
2. EASTERN ASIA COMMERCIAL JOINT STOCK BANK
Address No.
56 – 58 Nguyen Cong Tru Str, Nguyen Thai Binh Ward, Dist 1, Hochiminh City
Country Vietnam
Tel (84-8)
9142583
Fax (84-8)
8212426
Swift EACBVNVX
3. VIETNAM BANK FOR AGRICULTURE AND RURAL
DEVELOPMENT
Address No.
50 Ben Chuong Duong Str, Dist 1, Hochiminh city
Country Vietnam
Tel (84-8)
8222752 – 8295434
Fax (84-8)
8294063
Swift VBAAVNVX
4. INDUSTRIAL AND COMMERCIAL BANK OF VIETNAM
(INCOMBANK) BRANCH NO. 1
Address No.
93 - 95 Ham Nghi Str, Nguyen Thai Binh Ward, Dist 1, Hochiminh city
Country Vietnam
Tel (84-8)
8215388 – 8210089
Fax (84-8)
8290696
Swift ICBVVNVX902
SHAREHOLDERS
1. NAME Mr.
LA HOANG DUC
Position Chairman
/ General Director
Qualification Management
ID No. 350194899
Issued by Police
Station of HoChiMinh City
Resident No.
18 Block O, Group 3, Phu Lam C Housing Compound, An Lac Town, Binh Chanh Dist,
Hochiminh City
Nationality Vietnamese
Shares 92.14
percent
Value 32,250,000,000
VND
2. NAME Mr.
LA HOANG HUE
Position Shareholder
Qualification Management
ID No. 351600174
Issued by Police
Station of HoChiMinh City
Resident No.
18 Block O, Group 3, Phu Lam C Housing Compound, An Lac Town, Binh Chanh Dist,
Hochiminh City
Nationality Vietnamese
Shares 4.28
percent
Value 1,500,000,000
VND
3. NAME Mr.
TRUONG CONG DUC
Position Shareholder
ID No. 023740673
Issued by Police
Station of Hochiminh City
Resident No.
98/111, Group 3, Thang Long, Ward 5, Tan Binh Dist, Hochiminh City
Nationality Vietnamese
Shares 1.79
percent
Value 625,000,000
VND
Email tcduc@hcm.vnn.vn
4. NAME Mr.
TRINH MINH CANH
Position Shareholder
ID No. 350725776
Issued by Police
Station of Hochiminh City
Resident No.
278B, Group 10, An Phu Dist, An Giang Province
Nationality Vietnamese
Shares 1.79
percent
Value 625,000,000
VND
PAYMENT HISTORY AND EXPERIENCES
Trade Morality Normal
Liquidity Fairly
Previous Payment Status Relative
Current Payment Status Fairly prompt
Past Financial Situation Normal
Current Financial Situation Fairly
good
Legal Action No
recorded
Bankruptcy No
recorded
Reputation Fairly
good
Methods of Payment Direct payment or through its corresponding
bank. Foreign remittance by letter of credit (L/C) or by telegraphic transfer
(T/T).
Sales
methods Directly
to clients or through its agents
FINANCIAL DATA
Unit: 1,000,000
VND
BALANCE SHEET
Balance sheet date
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31/12/2005 |
31/12/2004 |
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Number of weeks |
52 |
52 |
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ASSET |
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A.
Current assets & Short term Investment |
74,712 |
57,395 |
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I. Cash and cash equivalents |
1,576 |
194 |
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II. Short term investment |
0 |
0 |
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1. Short-term securities investment |
0 |
0 |
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2. Other short-term investment |
0 |
0 |
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3. Provision for devaluation of
short-term investment |
0 |
0 |
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III. Receivables |
25,870 |
23,500 |
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1. Receivables from customers |
25,481 |
22,627 |
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2. Prepaid for providers |
0 |
0 |
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3.
Value-added tax deducted |
0 |
664 |
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4. Internal receivables |
0 |
0 |
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5. Other receivables |
389 |
209 |
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6. Provision for bad receivables |
0 |
0 |
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IV. Inventory |
42,764 |
33,012 |
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1.
Purchased goods in transit |
0 |
0 |
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2.
Inventory raw materials |
0 |
17,030 |
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3.
Inventory appliance |
0 |
0 |
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4. Cost
for production and business in process |
0 |
967 |
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5.
Inventory finished products |
0 |
11,448 |
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6.
Inventory cargoes |
42,764 |
3,567 |
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7.
Entrusted goods for sale |
0 |
0 |
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8. Provision for devaluation of
stocks |
0 |
0 |
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V. Other current assets |
4,502 |
689 |
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1. Advances |
0 |
5 |
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2. Prepaid expenses |
4,502 |
684 |
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3.
Pending expenses for transfer |
0 |
0 |
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4.
Pending assets |
0 |
0 |
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5.
Hypothecation, collateral and short run collateral |
0 |
0 |
VI. Administrative
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0 |
0 |
1.
Administrative expenses for previous year
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0 |
0 |
2.
Administrative expenses for current year
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0 |
0 |
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B.
Fixed assets & Long term investment: |
10,378 |
8,594 |
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I. Fixed
assets |
9,957 |
8,101 |
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1. Tangible fixed assets |
7,628 |
6,640 |
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+ Original cost |
12,519 |
10,221 |
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+ Accumulated depreciation value |
-4,891 |
-3,581 |
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2. Fixed assets of financing credit |
0 |
0 |
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+ Original cost |
0 |
0 |
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+ Accumulated depreciation value |
0 |
0 |
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3. Intangible fixed assets |
2,329 |
1,461 |
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+ Original cost |
3,303 |
2,435 |
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+ Accumulated depreciation value |
-974 |
-974 |
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II. Long term investment |
286 |
286 |
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1.
Long-term securities investment |
0 |
0 |
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2. Joint-venture capital contribution |
0 |
0 |
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3. Other long-term investment |
286 |
286 |
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4. Provision for long-term investment devaluation |
0 |
0 |
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III. Capital construction in process |
135 |
207 |
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IV. Other |
0 |
0 |
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TOTAL
ASSETS |
85,090 |
65,989 |
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LIABILITIES |
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A.
Payables |
50,138 |
29,189 |
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I. Short term payables |
50,138 |
29,189 |
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1.Short-term borrowings |
29,938 |
6,499 |
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2. Due long-term liabilities |
0 |
0 |
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3. Payable to seller |
20,879 |
22,699 |
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4. Prepayment of buyer |
0 |
0 |
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5. Taxes and accounts dutiable |
-912 |
-34 |
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6. Employee payments |
0 |
0 |
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7. Internal payments |
0 |
0 |
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8. Other payables |
233 |
25 |
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II. Long term payables |
0 |
0 |
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1. Long-term borrowing |
0 |
0 |
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2. Long-term loans |
0 |
0 |
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III. Other liabilities |
0 |
0 |
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1. Disbursement payable |
0 |
0 |
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2. Pending assets |
0 |
0 |
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3. Receipts long-term collateral and deposit |
0 |
0 |
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B.
Owner’s Equity: |
34,952 |
36,800 |
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I. Capital and Funds |
34,952 |
36,793 |
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1. Working capital |
35,000 |
35,000 |
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2. Differences from assets revaluation |
0 |
0 |
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3. Exchange rate differences |
0 |
0 |
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4. Business development fund |
0 |
0 |
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5. Reserved fund |
7 |
0 |
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6. Retained profit |
-55 |
1,793 |
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7. Construction capital sources |
0 |
0 |
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II. Other administrative and fund sources |
0 |
7 |
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1. Provident funds for unemployment |
0 |
0 |
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2. Welfare and reward funds |
0 |
7 |
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3. Management funds of higher level |
0 |
0 |
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4. Functional operation funds |
0 |
0 |
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+ Functional operation funds of last year |
0 |
0 |
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+ Functional operation funds of this year |
0 |
0 |
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5. Fund sources formed by fixed assets |
0 |
0 |
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TOTAL
LIABILITY AND EQUITY |
85,090 |
65,989 |
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PROFIT & LOSE ACCOUNTS
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Description |
Fiscal year 2005 |
Fiscal year 2004 |
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Total
revenue |
98,693 |
93,988 |
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Deductions Items |
0 |
0 |
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- Discount |
0 |
0 |
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- Devaluation of sale price |
0 |
0 |
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- Return of sold goods |
0 |
0 |
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- Turnover tax, excise tax, import and export
duties to be paid |
0 |
0 |
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1.
Net revenue |
98,693 |
93,988 |
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2. Original rate of goods for sale |
86,122 |
81,314 |
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3.
Combined Profit |
12,571 |
12,674 |
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4. Sales costs |
5,653 |
5,052 |
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5. Enterprise administrative costs |
2,785 |
4,741 |
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6. Net income from business activity |
4,133 |
2,881 |
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Income from financial activities |
11 |
38 |
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Costs of financial activities |
2,616 |
1,627 |
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7.
Net income from financial operation |
-2,605 |
-1,589 |
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Irregular income |
605 |
106 |
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Irregular expenditure |
695 |
61 |
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8.
Irregular Profit |
-90 |
45 |
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9. Total pre-tax profit |
1,438 |
1,337 |
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10. Income tax |
144 |
167 |
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11. After tax profit |
1,294 |
1,170 |
FINANCIAL FACTORS
Description 2005 2004
Current Liquidity Ratio 1.49 1.97
Quick Liquidity Ratio 0.64 0.84
Inventory Circle 2.27 2.46
Average Receivable Period (days) 95.68 91.26
Utilizing Asset performance 1.16 1.42
Liabilities / Total Assets (%) 58.92 44.23
Liabilities / Owner’s Equity (%) 143.45 79.32
Income before tax/Total assets (%) ROA 1.69 2.03
Income before tax / Owner’s Equity (%) ROE 4.11 3.63
Income before tax/Total revenues (%) NPM 1.46 1.42
Gross profit /Total revenues (%) GPM 12.74 13.48
INTERPRETATION ON THE SCORES
Ngoc Tung Manufacturing, Trading and Services
Company is a Limited Liability company that was established in 1997.
Its registered capital now is 35 billion VND.
The subject started its businesses on May 10th 1998. In July
1999, the Ministry of Agriculture and Rural Development permitted the subject
to process and package pesticides. On May 22nd, 2003, Ngoc Tung
established a branch at No. 1A Bis Le Hong Phong street, district 10 (now is
No. 330 Le Hong Phong street) in Hochiminh city for tourism business. On
February 24th, 2005, this tourism center was changed into “Sa Na
Festival Co., ltd”. At the moment, Ngoc Tung and “Sa Na Festival Co., ltd” are
two independent entities on legal document. In fact, “Sa Na Festival Co., ltd”
is a subsidiary of Ngoc Tung.
The subject specializes in producing and trading in pesticides. Its
materials are imported from India, China, Netherlands, Australia, USA, France,
Germany, Argentina and Malaysia.
The
premises and facilities of Ngoc Tung are standard. Its head office and factory
are located on an area of 4,500 sq meters in Le Minh Xuan industrial park. The factory has a modern assembly line to mix and pack
automatically liquid and powder pesticides. Its designed power is 4,200 tons of
products per year. Ngoc Tung was built the
quality management system and was certified to be in accordance with quality
standard ISO 9001 - 2000 by Bureau Veritas quality international: UKAS quality
management of United Kingdom and ANSI-RAB QMS of USA in November 2001. In March
2006, the subject was granted ISO 14001:2004 Certificate by QUACERT
organization.
The
management capacity of the subject is good. Its business operations are
regular. All products of Ngoc Tung are produced under the control of the quality management
system. Thus, their quality is stable and effective. With many years of
experiences in supply of pesticides, the subject has created a system of
distributors over the country. The subject’s main suppliers are United
Phosphorus ltd (Bombay 400018, India), Guang Zhou Wang Long Bio-Chemical
Development Center (China), Zhongshan Shiqi Pesticide Factory (Guangdon Prov,
China), and National Technology Scientific Institute of Research Agrochemical
Factory (China).
The position of the subject in the industry is medium. Annual turnover
and profits of the subject are passable and fairly stable. However, the
liquidity in 2005 is lower than 2004 and liability/owner’s equity is much
higher.
Being chosen as the “Vietnam high quality products” in 2005 and in 2006,
Ngoc Tung is one of the top pesticide
manufactures in Vietnam (Ngoc Tung has been chosen for 13th class).
In
overview, the subject is a medium sized enterprise and has developing
potential. Its financial status is reliable. There is no sigh of delay in
payment. The subject has capacity to meet financial commitments. No caution
needed for normal business transaction.
To be rated at BB, the company is expected to be VULNERABLE TO ADVERSE changes in
circumstances and economic conditions.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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