MIRA
INFORM REPORT
|
Report Date : |
20.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
DONG NAI PAINT JOINT STOCK COMPANY |
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Registered Office : |
Road 7, Bien Hoa Industrial Zone I, An Binh Ward, |
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Country : |
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Financials (as on) : |
31.06.2007 |
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Date of Incorporation : |
1987 |
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Legal Form : |
Joint - Stock Company |
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Line of Business : |
Producing and trading in paint and glue |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUBJECT
IDENTIFICATION & LEGAL FORM
|
Registered English Name |
|
DONG NAI PAINT JOINT STOCK COMPANY |
|
Current Trade Name |
|
DONG NAI PAINT CORPORATION |
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Current Vietnamese Name |
|
CONG TY CO PHAN SON DONG NAI |
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Abbreviated Name |
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DONAPACO |
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Former Trade Name |
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DONG NAI PAINT FACTORY |
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Founded |
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1987 |
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Current Type of Business |
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Joint - Stock Company |
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Former Type of Business |
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State Owned Enterprises |
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Former Business Registration |
|
No. 219 |
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Issued on |
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November 7th 1991 |
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Issued by |
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Planning & Investment Department of |
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Equitization Decision |
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No. 4636/QD.CT.UBT |
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Issued on |
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December 13th, 1999 |
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Issued by |
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People’s Committee of Dong Nai Province |
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New Business Registration |
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No. 4703000004 |
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Issued on |
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March 1st 2000 |
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Issued by |
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Planning & Investment Department of |
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Registered Capital |
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11,400,000,000 VND |
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Capacity |
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8,000 – 10,000 Tons / Year |
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Tax Code |
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3600451024 |
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Total Employees |
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148 employees |
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Qualification |
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Fairly good |
ADDRESSES
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Head office |
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Address |
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Road 7, Bien Hoa Industrial Zone I, An Binh Ward, |
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Country |
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Tel |
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(84-61) 836112 / 832724 / 931355 |
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Fax |
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(84-61) 836091 |
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Website |
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DIRECTORS
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1. NAME |
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Mr. VU DUC DAN |
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Position |
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Director |
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Qualification |
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Engineer |
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Date of Birth |
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December 14th 1952 |
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Indent No. |
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270034823 |
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Issued on |
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April 12th 1978 |
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Issued by |
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Police Station of |
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Resident |
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No.2/105 K7 Tan Phong Ward, |
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Province |
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Nationality |
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Vietnamese |
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2. NAME |
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Mr. NGUYEN PHI HUNG |
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Position |
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Deputy |
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Qualification |
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Management |
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Resident |
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No.B25 Phan Chu Trinh Str, Quang Vinh Ward, |
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Nationality |
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Vietnamese |
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3. NAME |
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Mr. PHAM DINH TOAN |
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Position |
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Chief of Sales Department |
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Qualification |
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Management |
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Resident |
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B8 Group 5 - Buu Long Ward - |
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Nationality |
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Vietnamese |
BUSINESS NATURE AND
ACTIVITIES
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The subject focuses on: |
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Producing and trading in paint and glue. Importing and exporting of raw materials and materials related to paint and glue. Painting services. |
IMPORT & EXPORT
ACTIVITIES
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IMPORT: The subject imports materials from |
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EXPORT: The subject exported 10% its products to foreign
countries such |
BANKERS
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1. VIETNAM BANK FOR FOREIGN TRADE (VIETCOMBANK) - BRANCH IN DONG NAI |
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Address |
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No. 116 -118 April 30th Str, Quyet Thang Ward, |
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Country |
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Tel |
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(84-61) 822575 |
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Fax |
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(84-61) 946513 |
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2. INDUSTRIAL AND COMMERCIAL BANK OF |
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Address |
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No. 93 - 95 Ham Nghi Str, Nguyen Thai Binh Ward, Dist 1, |
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Country |
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Tel |
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(84-8) 8215388 - 8210089 |
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Fax |
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(84-8) 8290696 |
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Swift |
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ICBVVNVX902 |
SHAREHOLDER(S)
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1. NAME |
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STATE SHARES |
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Proportion of Shares |
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30% |
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2. NAME |
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GENERAL DIRECTOR AND CONTROLLER BOARD |
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Total Employees |
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8 |
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Proportion of Shares |
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18.83% |
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3. NAME |
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Staffs and Worker of the Subject |
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Total Employees |
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23 |
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Proportion of Shares |
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15 % |
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4. NAME |
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OUTSIDE SHAREHOLDERS |
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Total Employees |
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146 |
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Proportion of Shares |
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35.17 % |
PAYMENT HISTORY AND
EXPERIENCES
|
Trade Morality |
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Liquidity |
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Average |
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Previous Payment Status |
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Fairly good |
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Current Payment Status |
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Fairly good |
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Past Financial Situation |
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Developed |
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Current Financial Situation |
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Fairly good |
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Legal Action |
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No recorded |
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Bankruptcy |
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No recorded |
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Reputation |
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Fairly good |
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Mode of Payment |
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Direct payment or through its corresponding bank. Foreign remittance by letter of credit (L/C), by telegraphic transfer (T/T) |
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Sales methods |
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Directly to clients & through its network agents. |
FINANCIAL DATA
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Unit: 01 VND |
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Balance Sheet Date |
31/6/2007 |
31/12/2005 |
31/12/2004 |
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Number of weeks |
13 |
52 |
52 |
|
ASSETS |
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A. Current assets & Short term Investment |
26,192,775,137 |
25,322,801,614 |
25,366,520,378 |
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I. Cash and cash equivalents |
1,281,190,651 |
968,949,234 |
2,086,697,710 |
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II. Short term investment |
0 |
0 |
116,000,000 |
|
III. Receivables |
13,712,076,203 |
14,122,124,412 |
13,444,212,867 |
|
1. Receivables from customers |
11,094,811,407 |
10,825,325,283 |
10,713,120,965 |
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2. Prepaid for providers |
78,080,000 |
523,394,211 |
192,269,432 |
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3. Value-added tax deducted |
|
42,357,541 |
139,829,460 |
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4. Internal receivables |
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|
|
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5. Other receivables |
3,670,862,065 |
2,731,047,377 |
2,398,993,010 |
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6. Provision for bad receivables |
-1,131,677,269 |
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|
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IV. Inventory |
9,981,716,007 |
9,902,117,666 |
9,577,217,139 |
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1. Purchased goods in transit |
9,981,716,007 |
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|
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2. Inventory raw materials |
|
7,399,578,473 |
7,551,005,892 |
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3. Inventory appliance |
|
337,724,602 |
269,318,411 |
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4. Cost for production and business in process |
|
209,511,795 |
73,218,088 |
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5. Inventory finished products |
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1,955,302,796 |
1,679,612,008 |
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6. Inventory cargoes |
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|
4,062,740 |
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7. Entrusted goods for sale |
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8. Provision for devaluation of stocks |
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V. Other current assets |
1,217,792,276 |
329,610,302 |
142,392,662 |
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1. Advances |
80,312,963 |
185,861,928 |
142,392,662 |
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2. Prepaid expenses |
96,839,696 |
126,348,374 |
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3. Pending expenses for transfer |
523,198,186 |
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4. Pending assets |
517,441,431 |
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5. Hypothecation, collateral and short run collateral |
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17,400,000 |
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VI. Administrative |
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1. Administrative expenses for previous year |
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2. Administrative expenses for current year |
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B. Fixed assets & Long term investment: |
2,658,344,198 |
2,740,572,243 |
3,245,795,547 |
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I. Fixed assets |
1,575,228,998 |
2,703,223,295 |
3,245,795,547 |
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1. Tangible fixed assets |
1,575,228,998 |
2,703,223,295 |
3,179,939,516 |
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+ Original cost |
8,995,150,959 |
8,287,371,825 |
8,466,636,459 |
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+ Accumulated depreciation value |
-7,419,921,961 |
-5,584,148,530 |
-5,286,696,943 |
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2. Fixed assets of financing credit |
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|
|
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+ Original cost |
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+ Accumulated depreciation value |
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|
|
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3. Intangible fixed assets |
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|
65,856,031 |
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+ Original cost |
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|
87,424,000 |
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+ Accumulated depreciation value |
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|
-21,567,969 |
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II. Long term investment |
303,000,000 |
0 |
0 |
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1. Long-term securities investment |
303,000,000 |
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2. Joint-venture capital contribution |
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3. Other long-term investment |
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4. Provision for long-term investment devaluation |
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III. Capital construction in process |
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37,348,948 |
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IV. Other |
780,115,200 |
0 |
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TOTAL ASSETS |
28,851,119,335 |
28,063,373,857 |
28,612,315,925 |
LIABILITIES
|
A. Payables: |
14,490,210,313 |
14,728,669,515 |
16,291,841,250 |
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I. Short term payables |
13,668,645,874 |
14,653,324,824 |
15,604,674,273 |
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1.Short-term borrowings |
8,469,236,914 |
9,673,654,963 |
10,528,148,852 |
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2. Due long-term liabilities |
3,114,092,744 |
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|
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3. Payable to seller |
98,775,034 |
2,602,044,024 |
3,055,976,426 |
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4. Prepaid buyer |
108,341,166 |
172,881,860 |
6,729,162 |
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5. Taxes and accounts dutiable |
1,015,155,957 |
283,271,028 |
268,154,971 |
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6. Employee payments |
|
783,665,494 |
493,743,412 |
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7. Internal payments |
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8. Other payables |
863,044,059 |
1,137,807,455 |
1,251,921,450 |
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II. Long term payables |
821,564,439 |
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1. Long-term borrowing |
821,564,439 |
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2. Long-term loans |
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|
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III. Other liabilities |
|
75,344,691 |
687,166,977 |
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1. Disbursement payable |
|
60,344,691 |
677,166,977 |
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2. Pending assets |
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|
|
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3. Receipts long-term collateral and deposit |
|
15,000,000 |
10,000,000 |
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B. Owner’s Equity |
14,360,909,022 |
13,334,704,342 |
12,320,474,675 |
|
I. Capital and Funds |
14,285,571,037 |
12,903,395,281 |
11,888,038,393 |
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1. Working capital |
11,400,000,000 |
10,501,908,494 |
10,475,579,289 |
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2. Differences from assets revaluation |
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|
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3. Exchange rate differences |
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|
|
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4. Business development fund |
681,059,334 |
942,853,344 |
664,583,299 |
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5. Reserved fund |
624,695,598 |
1,029,918,300 |
449,278,356 |
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6. Retained profit |
1,578,282,099 |
428,715,143 |
298,597,449 |
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7. Construction capital sources |
1,534,006 |
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|
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II. Other administrative and fund sources |
75,337,985 |
431,309,061 |
432,436,282 |
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1. Provident funds for unemployment |
75,337,985 |
|
|
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2. Welfare and reward funds |
|
431,309,061 |
432,436,282 |
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3. Management funds of higher level |
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4. Functional operation funds |
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5. Fund sources formed by fixed assets |
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|
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TOTAL LIABILITY AND EQUITY |
28,851,119,335 |
28,063,373,857 |
28,612,315,925 |
PROFIT & LOSE
ACCOUNTS
|
Description |
First 6 Months of 2007 |
F/Y 2005 |
F/Y2004 |
|
Total revenue |
22,330,354,715 |
41,308,946,813 |
N/A |
|
Export turnover |
|
0 |
|
|
Deductions Items |
525,180,426 |
1,553,034,018 |
|
|
- Discount |
392,627,836 |
1,074,362,007 |
|
|
- Devaluation of sale price |
132,552,590 |
478,672,011 |
|
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- Return of sold goods |
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|
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- Turnover tax, excise tax, import and export duties to be paid |
|
|
|
|
1. Net revenue |
21,805,174,289 |
39,755,912,795 |
|
|
2. Original rate of goods for sale |
17,406,655,023 |
31,303,284,257 |
|
|
3. Combined Profit |
4,398,519,266 |
8,452,628,538 |
|
|
4. Sales costs |
975,963,233 |
2,129,755,210 |
|
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5. |
1,450,155,038 |
2,745,464,574 |
|
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6. Net income from business activity |
1,972,400,995 |
3,577,408,754 |
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|
Income from financial activities |
59,743,212 |
241,011,186 |
|
|
Costs for financial activities |
550,734,064 |
848,020,869 |
|
|
7. Net income from financial operation |
-490,990,852 |
-607,009,683 |
|
|
Irregular income |
80,972,807 |
894,224,810 |
|
|
Irregular expenditure |
54,275,911 |
147,256,410 |
|
|
8. Irregular Profit |
26,696,896 |
746,968,400 |
|
|
9. Total pre-tax profit |
1,508,107,039 |
3,717,367,471 |
|
|
10. Income tax |
113,108,024 |
876,373,138 |
|
|
11. After tax profit |
1,394,999,015 |
2,840,994,333 |
|
FINANCIAL FACTORS
|
Description |
6 Months of 2007 |
2005 |
2004 |
|
Current Liquidity Ratio |
1.92 |
1.73 |
1.63 |
|
Quick Liquidity Ratio |
1.19 |
1.05 |
1.01 |
|
Inventory Circle |
1.75 |
3.21 |
0.00 |
|
Average Receive Period |
229.53 |
129.66 |
#DIV/0! |
|
Utilizing Asset Performance |
0.76 |
1.42 |
0.00 |
|
Liability / Total Asset (%) |
50.22 |
52.48 |
56.94 |
|
Liability / Owner's Equity (%) |
100.90 |
110.45 |
132.23 |
|
Income Before Tax / Total Asset (%) ROA |
5.23 |
13.25 |
0.00 |
|
Income Before Tax / Owner's Equity (%) ROE |
10.50 |
27.88 |
0.00 |
|
Income Before Tax / Total Revenue (%) NPM |
6.75 |
9.00 |
#DIV/0! |
|
Gross Profit / Total Revenue (%) GPM |
19.70 |
20.46 |
#DIV/0! |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)