MIRA
INFORM REPORT
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Report Date : |
9th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
TAN THANH TRADING LIABILITY LIMITED COMPANY |
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Registered Office : |
3165,
Thanh An Town, Vinh Thanh Dist, Can Tho province |
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Country : |
Viet
Nam |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
5702000566 |
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Legal Form : |
Liability
Limited Company |
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Line of Business : |
The subject is specializing in: Ø Trading in pesticides, plant protection medicines, chemical fertilizer, high quality fertilizer, growth-exciting medicine. Ø Trading, husking, supplying rice for exporting. Ø Planting techniques consultant services. Ø Searching and Development in plant protection medicine, fertilizer for agriculture. |
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 TAN THANH TRADING LIABILITY LIMITED COMPANY
Vietnamese Name CONG TY TNHH THUONG
MAI TAN THANH
Trade Name TAN THANH TRADING CO., LTD
Founded 1999
Type of Business Liability Limited
Company
Current business registration No. 5702000566
Issued on September 20th 2006
Original business registration No. 045258
Issued on January 15th, 1999
Issued by Planning and Investment
Department of Can Tho Province
Current registered capital 10,000,000,000 VND
Former registered capital 4,000,000,000 VND
Tax Code 1800297954
Total Employees 42 employees
Qualification Normal
Note: The Subject’s license has been revised
for 3 times. The latest one was dated on September 20th 2006 to
change its members and registered capital.
ADDRESSES
Head Office
Current Address 3165,
Thanh An Town, Vinh Thanh Dist, Can Tho province
Former Address 163,
Thanh An Town, Vinh Thanh Dist, Can Tho province
Country Vietnam
Tel (84-71)
856688 / 856187
Fax (84-71)
651011
Email tanthanhcoct@hcm.vnn.vn
Website www.tanthanhco.com.vn
Branch in Hochiminh city
Address 230A
Le Van Sy St, Ward 1, Tan Binh Dist, Hochiminh city
Former Address 291A
Le Van Sy St, Ward 1, Tan Binh Dist, Hochiminh city
Country Vietnam
Tel (84-8)
9911035
Fax (84-8)
9911661
Note: This address is both the
branch of Tan Thanh Co and also the location of a company named “Phu Nong
Limited company” which is running by Mr. Nguyen Anh Tuan. s
DIRECTORS
1. NAME Mr. NGUYEN XUAN KHOA
Position Director
Qualification Management
ID. No 360040199
Issued on May
21st 1993
Issued by Police
Station of Can Tho Province
Year of Birth 1957
Resident 3165
Thanh An Town, Vinh Thanh Dist, Can Tho City
Nationality Vietnamese
Tel ++84
913973233
2. NAME Ms. NGUYEN THI THIEN
Position Deputy
Director
Qualification Management
Resident 53
Nguyen Thi Minh Khai St, Dist 1, Hochiminh city
Nationality Vietnamese
Tel +84
913994445
3. NAME Mr. TRAN ANH TUAN
Position Former
Deputy Director
Qualification Management
Resident 230A,
Le Van Sy St, Ward 1, Dist 3, Hochiminh City
Nationality Vietnamese
Tel +84
903808350
BUSINESS NATURE AND ACTIVITIES
The subject is
specializing in:
- Trading in pesticides, plant protection
medicines, chemical fertilizer, high quality fertilizer, growth-exciting
medicine.
- Trading, husking, supplying rice for
exporting.
- Planting techniques consultant services.
- Searching and
Development in plant protection medicine, fertilizer for agriculture.
IMPORT & EXPORT ACTIVITIES
IMPORT: This company
imports equipments and materials from China, and India.
EXPORT: N/A
BANKERS
1. EASTERN ASIA COMMERCIAL JOINT STOCK BANK
(Can Tho Branch)
Address 58
Hung Vuong St, Ninh Kieu Dist, Can Tho Province
Country Vietnam
Tel (071)
824 331
Fax (071)
812 457
2. VIETNAM MARITIME COMMERCIAL STOCK BANK
(MARITIME BANK) BRANCH IN CANTHO
Address 40
Phan Dinh Phung St, Can Tho City, Can Tho province
Country Vietnam
Tel (84-71)
810326 - 820214
Fax (84-71)
820279
Swift MCOBVNVX006
SHAREHOLDER(S)
1. NAME Mr. NGUYEN XUAN KHOA
Position Director
Qualification Management
ID. No 360040199
Issued on May
21st 1993
Issued by Police
station of Can Tho Province
Year of Birth 1957
Resident 3165
Thanh An Town, Vinh Thanh Dist, Can Tho City
Nationality Vietnamese
Share 60
percent
Value 6,000,000,000
VND
Tel ++84
913973233
2. NAME Ms. PHAN HONG NHIEU
Position Shareholder
Resident Tran
Huy Lieu Str, Hochiminh City
Nationality Vietnamese
Share 30
percent
Value 3,000,000,000
VND
3. NAME Ms. NGUYEN THI THIEN
Position Deputy
Director
Resident 3165
Thanh An Town, Vinh Thanh Dist, Can Tho City
Nationality Vietnamese
Share 10
percent
Value 1,000,000,000
VND
Tel ++84
913994445
PAYMENT HISTORY AND EXPERIENCES
Trade Morality Fairly
Good
Liquidity Above
average
Previous Payments Normal
Current Payment status Above average
Past Financial Situation Fairly
good
Current Financial Situation Fairly
good
Legal Action No
recorded
Bankruptcy No
recorded
Reputation Fairly
good
Mode of Payment Directly
to clients or it banks
FINANCIAL DATA
BALANCE SHEET
Unit: 1 VND
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Balance
sheet date |
31/12/2005 |
31/12/2004 |
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Number of weeks |
52 |
52 |
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ASSETS
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A. Working assets & short-term Investment |
59,267,042,571 |
46,401,124,562 |
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I. Cash and cash
equivalents |
4,450,509,245 |
2,660,957,619 |
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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 short-term investment |
0 |
0 |
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III. Receivables |
39,980,212,314 |
22,234,125,321 |
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1. Receivables from customers |
0 |
0 |
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2.
Prepayment for providers |
0 |
0 |
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3.
Value-added tax deducted |
0 |
0 |
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4.
Internal receivables |
0 |
0 |
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5. Other
receivables |
39,980,212,314 |
22,234,125,321 |
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6.
Provision for bad receivables |
0 |
0 |
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IV. Inventory |
14,836,321,012 |
21,506,041,622 |
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1.
Purchased goods in transit |
0 |
0 |
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2. Raw
materials |
0 |
0 |
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3.
Instrument, tools |
0 |
0 |
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4. Cost
for production and business in process |
0 |
0 |
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5. End
products |
0 |
0 |
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6. Goods |
14,836,321,012 |
21,506,041,622 |
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7. Goods
on consignment |
0 |
0 |
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8.
Provision for devaluation of stocks |
0 |
0 |
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V. Other current assets |
0 |
0 |
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1.
Advances |
0 |
0 |
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2.
Prepaid expenses |
0 |
0 |
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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. Mortgage,
collateral and short run collateral |
0 |
0 |
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VI. Administrative
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0 |
0 |
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1.
Administrative expenses for previous year
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0 |
0 |
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2.
Administrative expenses for current year
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0 |
0 |
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B.
Fixed assets & Long term investment |
3,554,140,600 |
2,177,012,000 |
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I. Fixed assets |
1,841,099,609 |
1,625,081,690 |
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1. Tangible fixed assets |
1,841,099,609 |
1,625,081,690 |
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+
Original cost |
2,592,312,021 |
2,246,124,411 |
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+
Accumulated depreciation value |
-751,212,412 |
-621,042,721 |
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2.
Financial leasing fixed assets |
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 |
0 |
0 |
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+
Original cost |
0 |
0 |
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+
Accumulated depreciation value |
0 |
0 |
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II. Long term investment |
0 |
0 |
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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 |
0 |
0 |
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4. Provision for long-term investment devaluation |
0 |
0 |
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III. Capital construction in process |
1,713,040,991 |
551930310 |
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IV. Other |
0 |
0 |
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TOTAL
ASSETS |
62,821,183,171 |
48,578,136,562 |
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LIABILITIES
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A. Payable loans |
57,733,079,039 |
43,648,012,321 |
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I. Short term payables |
57,733,410,141 |
43,648,012,321 |
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1. Short-term borrowings |
15,255,659,307 |
17,575,599,628 |
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2. Due long-term liabilities |
0 |
0 |
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3. Payables to supplier |
43,309,874,985 |
26,800,425,034 |
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4. Prepayment of buyer |
0 |
0 |
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5. Taxes and accounts dutiable |
-832,124,151 |
-728,012,341 |
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6. Employee payments |
0 |
0 |
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7. Internal payables |
0 |
0 |
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8. Other payables |
0 |
0 |
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II. Long term loans |
0 |
0 |
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1. Long-term borrowings |
0 |
0 |
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2. Long-term payables |
0 |
0 |
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III. Other payables |
-331102 |
0 |
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1. Payable expenses |
0 |
0 |
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2. Pending assets |
-331102 |
0 |
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3. Receipts long-term collateral and deposit |
0 |
0 |
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B.
Owner’s Equity |
5,088,104,132 |
4,930,124,241 |
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I.
Capital and Funds |
4,164,686,070 |
4,158,835,294 |
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1. Working capital |
0 |
0 |
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2. Differences from asset revaluation |
0 |
0 |
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3. Exchange rate differences |
0 |
0 |
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4. Development investment funds |
0 |
0 |
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5. Reserved funds |
0 |
0 |
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6. Retained profit |
0 |
0 |
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7. Construction capital sources |
0 |
0 |
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II. Other administrative and fund sources |
923,418,062 |
771288947 |
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1. Provident funds for unemployment |
923418062 |
771288947 |
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2. Reward and welfare funds |
0 |
0 |
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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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5. Fund sources formed by fixed assets |
0 |
0 |
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TOTAL
LIABILITY AND EQUITY |
62,821,183,171 |
48,578,136,562 |
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PROFIT & LOSE ACCOUNT
(INCOME STATEMENT)
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Description |
FY 2005 |
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Total revenue |
120,879,032,124 |
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Deductions Items |
- |
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- Discount |
- |
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- Devaluation |
- |
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- Return of sold goods |
- |
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- Turnover tax, Luxury tax & Export tax |
- |
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1.
Net revenue |
120,879,032,124 |
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2. Cost of goods sold |
115,080,321,141 |
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3. Gross Profit |
5,798,710,983 |
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4. Sales expenses |
- |
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5. Enterprise administrative expenses |
5,292,710,983 |
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6. Net income from business activities |
506,000,000 |
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Income from financial activities |
- |
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Expenditure from financial activities |
- |
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7.
Net income from financial operation |
- |
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Irregular income |
- |
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Irregular expenditure |
- |
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8.
Irregular Profit |
- |
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9.
Total pre-tax profit |
506,000,000 |
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10. Income tax |
141,000,000 |
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11.
After tax profit |
365,000,000 |
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FINANCIAL FACTORS
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Description |
FY 2005 |
FY 2004 |
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Current Liquidity Ratio |
1.03 |
1.06 |
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Quick Liquidity Ratio |
0.77 |
0.57 |
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Inventory Circle |
6.33 |
- |
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Average Receive Period |
120.72 |
- |
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Utilizing Asset Performance |
1.92 |
- |
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Liability / Total Asset (%) |
91.90 |
89.85 |
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Liability / Owner's Equity (%) |
1,134.67 |
885.33 |
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Income Before Tax / Total Asset (%) ROA |
0.81 |
- |
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Income Before Tax / Owner's Equity (%) ROE |
9.94 |
- |
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Income Before Tax / Total Revenue (%) NPM |
0.42 |
- |
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Gross Profit / Total Revenue (%) GPM |
4.80 |
- |
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INTERPRETATION ON THE SCORES
Tan Thanh Trading Co Ltd is a liability limited company established in
1999. The subject is specializing in trading in fertilizer, chemical
fertilizer, and plant protection medicines.
The subject’s main material sources are often imported from China such
as Jingxing pesticide factory (Jingxing Shainxi), Agricultural Research Institute (Nam Kinh
City), Haiyan pesticide factory (Haiyan, Zhejiang), Forward (Beihai) pesticide preparation co.,
ltd (Guangx), Zhejiang Pinghu pesticide factory (industry area, Pinghu Zhejiang).
The subject’s head office is located in Can Tho city. This
area is in the center of Mekong Delta River- the South of Vietnam. All the
products are imported from foreign market for packaging and distributing for
agriculture activities in Can Tho city and some surrounding areas. Currently,
the subject has more than 150 wholesalers and retail outlet distributing its
products from the North to the South of Vietnam.
The subject has a transaction office at No. 53 Nguyen Thi Minh Khai St-
AVALON building- District 1, Hochiminh city. Nevertheless, It is hardly to see
staffs there; they always go out.
According to the Director- Mr. Nguyen Xuan Khoa, total revenue of the
subject was more than 20 millions USD in 2005 (equivalent of 320 Billions VND).
The management capability of the subject was fairly good. The Liquidity Ratio
in two years 2005 & 2004 was at medium scale. However, ROA index and
Liabilities/ Total assets in 2005 were not good, so the subject should
reconsider about the financial management.
The premises and facilities of the company are normal. Its position in
pesticide-trading field is normal. However, Tan Thanh Co has established a
stable market share. Trading activities of the company is busy. Besides
pesticide trading, Tan Thanh Trading Co., Ltd has a rice-husking factory named
Nguyen Khoa.
Generally,
the company has operated effectively and it has good relation with bankers.
There is no sign of delay in payment.
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 |
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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 |
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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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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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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