MIRA
INFORM REPORT
|
Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
DONG
THO COMPANY LIMITED |
|
|
|
|
Registered Office : |
323A/7
Dao Duy Anh Str, Ward 9, Phu Nhuan Dist, Hochiminh City |
|
|
|
|
Country : |
Viet
Nam |
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|
|
|
Financials (as on) : |
31.12.2005 |
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|
|
|
Date of Incorporation : |
2001 |
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|
|
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Com. Reg. No.: |
4102004465 |
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|
|
|
Legal Form : |
Limited
Liability Company |
|
|
|
|
Line of Business : |
Engaged
in trading in chemicals, kinds of glue. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
English Name |
DONG THO COMPANY LIMITED |
|
Vietnamese name |
CONG TY TNHH DONG THO |
|
Trade Name |
DONG THO CO., LTD |
|
Abbreviated Name |
DT Co., ltd |
|
Type
of Business |
Limited
Liability Company |
|
Founded |
2001 |
|
Business Registration |
No.
4102004465 |
|
Date of Issuance |
April
9th 2001 |
|
Place of Issuance |
Planning
and Investment Department of Hochiminh City |
|
Registered Capital |
2,200,000,000
VND |
|
Tax Code |
0302274695 |
|
Total Employees |
20
employees |
|
Qualification |
Fair |
ADDRESS
|
Head Office |
||
|
Address |
|
323A/7
Dao Duy Anh Str, Ward 9, Phu Nhuan Dist, Hochiminh City |
|
Country |
|
Vietnam |
|
Tel |
|
(84-8)
9970334/9970335 |
|
Fax |
|
(84-8)
9970337 |
|
Note:
The exact address of the subject is No. 323A/7 Dao Duy Anh Street, not 323/7
Dao Duy Anh Street as given. |
||
DIRECTORS
|
1. NAME |
Mr. DO
BAC DU |
|
Position |
Director
|
|
Date of birth |
January
21st 1955 |
|
ID No. |
022158787 |
|
Issued on |
February
28th 1994 |
|
Issued by |
Police
Station of Hochiminh City |
|
Permanent Resident |
74/2A
Ly Thuong Kiet Str, Ward 7, Go Vap Dist, Hochiminh City |
|
Current Resident |
5R4
Pham Ngu Lao Str, Ward 3, Go Vap Dist, Hochiminh City |
|
Nationality |
Vietnamese |
|
Email |
|
|
|
|
|
2. NAME |
Ms.
NHAN THI TO NGA |
|
Position |
Vice
Director |
|
Resident |
74/2A
Ly Thuong Kiet Str, Ward 7, Go Vap Dist, Hochiminh City |
|
Nationality |
Vietnamese |
|
Email |
BUSINESS NATURE AND ACTIVITIES
|
The
subject is specializing in trading in chemicals, kinds of glue. |
|
The subject registered in the following lines of
business: Trading in equipment and material in industrial
production. Trading in construction material, interior
decoration products, handicraft, stationery, paper, plastic products and
packages. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT:
The subject imports products from Thailand, Japan. |
|
EXPORT:
N/A |
BANKERS
|
1.
ASIA COMMERCIAL JOINT STOCK BANK (ACB BANK) |
||
|
Address |
|
No.442
Nguyen Thi Minh Khai Str, Ward 5, Dist 3, Hochiminh City |
|
Country |
|
Vietnam |
|
Tel |
|
(84-8)
8334085 - 8395179 |
|
Fax |
|
(84-8)
8359156 |
|
Telex |
|
813158ACBVT |
|
Swift |
|
ASCBVNVX |
SHAREHOLDERS
|
The subject is a limited liability company established by founders as
following: |
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|
|
||
|
1. NAME |
|
Mr. DO
BAC DU |
|
Position |
|
Director
|
|
Date of birth |
|
January
21st 1955 |
|
ID No. |
|
022158787 |
|
Issued on |
|
February
28th 1994 |
|
Issued by |
|
Police
Station of Hochiminh City |
|
Current Resident |
|
5R4
Pham Ngu Lao Str, Ward 3, Go Vap Dist, Hochiminh City |
|
Nationality |
|
Vietnamese |
|
Email |
|
|
|
Share |
|
54.5% |
|
Value |
|
1,200,000,000
VND |
|
|
||
|
2. NAME |
|
Ms.
NHAN THI TO NGA |
|
Position |
|
Vice
Director |
|
Resident |
|
74/2A
Ly Thuong Kiet Str, Ward 7, Go Vap Dist, Hochiminh City |
|
Nationality |
|
Vietnamese |
|
Email |
|
|
|
Share |
|
45.5% |
|
Value |
|
1,000,000,000
VND |
PAYMENT HISTORY AND EXPERIENCES
|
Trade
Morality |
|
Average |
|
Liquidity |
|
Fairly
good |
|
Previous
Payments |
|
Normal |
|
Payment
status |
|
Normal |
|
Past
Financial Situation |
|
Average |
|
Current
Financial Situation |
|
Fairly
good |
|
Litigation
Data |
|
No
recorded |
|
Bankruptcy |
|
No
recorded |
|
Public
opinion |
|
Normal |
|
Payment
Methods |
|
Direct
payment or through its corresponding bank. Foreign remittance by letter of
credit (L/C), by telegraphic transfer (T/T). |
FINANCIAL DATA
Unit: 1,000,000 VND
BALANCE SHEET
|
Balance sheet date |
31/12/2005 |
31/12/2004 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A.
Working assets & short-term Investment |
6,029 |
3,224 |
|
I.
Cash and cash equivalents |
1,245 |
911 |
|
II.
Short-term investment |
0 |
0 |
|
1. Short-term securities investment |
0 |
0 |
|
2. Other short-term investment |
0 |
0 |
|
3. Provision for short-term investment |
0 |
0 |
|
III.
Receivables |
1,967 |
1,116 |
|
1.
Receivables from customers |
1,839 |
1,042 |
|
2. Prepayment for providers |
0 |
0 |
|
3. Value-added tax deducted |
0 |
0 |
|
4. Internal receivables |
93 |
1 |
|
5. Other receivables |
35 |
73 |
|
6. Provision for bad receivables |
0 |
0 |
|
IV. Inventory |
2,817 |
1,197 |
|
1. Purchased goods in transit |
0 |
0 |
|
2. Raw materials |
0 |
0 |
|
3. Instrument, tools |
0 |
0 |
|
4. Cost for production and business in
process |
0 |
0 |
|
5. End products |
0 |
0 |
|
6. Goods |
2,817 |
1,197 |
|
7. Goods on consignment |
0 |
0 |
|
8. Provision for devaluation of stocks |
0 |
0 |
|
V. Other current assets |
0 |
0 |
|
1. Advances |
0 |
0 |
|
2. Prepaid expenses |
0 |
0 |
|
3. Pending expenses for transfer |
0 |
0 |
|
4. Pending assets |
0 |
0 |
|
5. Mortgage, collateral and short run
collateral |
0 |
0 |
|
VI.
Administrative |
0 |
0 |
|
1. Administrative expenses for previous
year |
0 |
0 |
|
2. Administrative expenses for current year |
0 |
0 |
|
B.
Fixed assets & Long term investment |
476 |
537 |
|
I. Fixed
assets |
476 |
537 |
|
1.
Tangible fixed assets |
476 |
537 |
|
+ Original cost |
1,105 |
984 |
|
+ Accumulated depreciation value |
-629 |
-447 |
|
2. Financial leasing fixed assets |
0 |
0 |
|
+ Original cost |
0 |
0 |
|
+ Accumulated depreciation value |
0 |
0 |
|
3.
Intangible fixed assets |
0 |
0 |
|
+ Original cost |
0 |
0 |
|
+ Accumulated depreciation value |
0 |
0 |
|
II.
Long term investment |
0 |
0 |
|
1.
Long-term securities investment |
0 |
0 |
|
2.
Joint-venture capital contribution |
0 |
0 |
|
3.
Other long-term investment |
0 |
0 |
|
4.
Provision for long-term investment devaluation |
0 |
0 |
|
III.
Capital construction in process |
0 |
0 |
|
IV.
Other |
0 |
0 |
|
TOTAL
ASSETS |
6,505 |
3,761 |
|
LIABILITIES |
||
|
A.
Payable loans |
4,254 |
3,000 |
|
I.
Short term payables |
4,254 |
3,000 |
|
1.
Short-term borrowings |
785 |
778 |
|
2. Due
long-term liabilities |
0 |
0 |
|
3.
Payables to supplier |
3,357 |
2,161 |
|
4.
Prepayment of buyer |
0 |
0 |
|
5.
Taxes and accounts dutiable |
105 |
62 |
|
6.
Employee payments |
0 |
0 |
|
7.
Internal payables |
0 |
0 |
|
8.
Other payables |
7 |
-1 |
|
II. Long term loans |
0 |
0 |
|
1.
Long-term borrowings |
0 |
0 |
|
2.
Long-term payables |
0 |
0 |
|
III.
Other payables |
0 |
0 |
|
1.
Payable expenses |
0 |
0 |
|
2.
Pending assets |
0 |
0 |
|
3.
Receipts long-term collateral and deposit |
0 |
0 |
|
B.
Owner’s Equity |
2,251 |
761 |
|
I. Capital and Funds |
2,251 |
761 |
|
1.
Working capital |
2,200 |
1,400 |
|
2.
Differences from asset revaluation |
0 |
0 |
|
3.
Exchange rate differences |
0 |
0 |
|
4.
Development investment funds |
0 |
0 |
|
5.
Reserved funds |
0 |
0 |
|
6.
Retained profit |
51 |
-639 |
|
7.
Construction capital sources |
0 |
0 |
|
II. Other
administrative and fund sources |
0 |
0 |
|
1.
Provident funds for unemployment |
0 |
0 |
|
2.
Reward and welfare funds |
0 |
0 |
|
3.
Management funds of higher level |
0 |
0 |
|
4.
Functional operation funds |
0 |
0 |
|
5.
Fund sources formed by fixed assets |
0 |
0 |
|
TOTAL
LIABILITY AND EQUITY |
6,505 |
3,761 |
PROFIT
& LOSE ACCOUNT
(INCOME
STATEMENT)
|
Description |
FY 2005 |
FY 2004 |
|
Total
revenue |
12,281 |
10,108 |
|
Revenue
from export |
0 |
0 |
|
Deductions
Items |
0 |
0 |
|
-
Discount |
0 |
0 |
|
-
Devaluation |
0 |
0 |
|
-
Return of sold goods |
0 |
0 |
|
-
Turnover tax, Luxury tax & Export tax |
0 |
0 |
|
1. Net
revenue |
12,281 |
10,108 |
|
2.
Cost of goods sold |
9,468 |
- |
|
3.
Gross Profit |
2,813 |
- |
|
4.
Sales expenses |
1 |
- |
|
5.
Enterprise administrative expenses |
1,871 |
- |
|
6. Net income from business activities |
941 |
-63 |
|
Income
from financial activities |
8 |
7 |
|
Expenditure
from financial activities |
112 |
178 |
|
7. Net
income from financial operation |
-104 |
-171 |
|
Irregular
income |
6 |
0 |
|
Irregular
expenditure |
37 |
370 |
|
8.
Irregular Profit |
-31 |
-370 |
|
9.
Total pre-tax profit |
806 |
-604 |
|
10.
Income tax |
225 |
0 |
|
11.
After tax profit |
581 |
-604 |
FINANCIAL FACTORS
|
Description |
FY 2005 |
FY 2004 |
|
Current
Liquidity Ratio |
1.42 |
1.07 |
|
Quick
Liquidity Ratio |
0.76 |
0.68 |
|
Inventory
Circle |
4.72 |
- |
|
Average
Receive Period |
58.46 |
40.30 |
|
Utilizing
Asset Performance |
1.89 |
2.69 |
|
Liability
/ Total Asset (%) |
65.40 |
79.77 |
|
Liability
/ Owner's Equity (%) |
188.98 |
394.22 |
|
Income
Before Tax / Total Asset (%) ROA |
12.39 |
-16.06 |
|
Income
Before Tax / Owner's Equity (%) ROE |
35.81 |
-79.37 |
|
Income
Before Tax / Total Revenue (%) NPM |
6.56 |
-5.98 |
|
Gross
Profit / Total Revenue (%) GPM |
22.91 |
- |
INTERPRETATION ON THE SCORES
Dong Tho
is a Limited Private Company established in 2001. The subject is specializing
in trading in chemicals and kinds of glue. At present, it is distributor for
Henkel glue.
The
subject is operating on the small scale with the total workforce of 20
employees. Products for trading of the subject are mainly imported from
Thailand. Its market share is fair and expanded in recent years.
The
organization and facilities of the company are fairly good. Management capacity
of this subject is normal. The payment status is relative prompt. Its operation
seems to be in progress and developing. The annual turnover is rather high.
Liquidity of this subject is strong. Its business is fairly busy at this time.
In
general, the subject is considered to have regular prospect of development in the
future. It has capability for normal financial commitment.
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/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 |
|
<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 |
|