MIRA
INFORM REPORT
|
Report Date : |
29.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ALLCHEMS TRADING, PRODUCING AND SERVICE
COMPANY LTD |
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Registered Office : |
No 62/6, Bau Cat Str, Ward 13, Tan Binh Dist, Hochiminh City |
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Country : |
Vietnam |
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Date of Incorporation : |
2001 |
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Legal Form : |
Private Owned Company |
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Line of Business : |
Trading in rubber, plastic, and chemical (excluding strong
noxious chemicals), water processing equipment |
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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SUBJECT
IDENTIFICATION & LEGAL FORM |
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English Name
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ALLCHEMS TRADING, PRODUCING
AND SERVICE COMPANY LTD
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Vietnamese Name |
|
CONG TY TNHH
THUONG MAI, SAN XUAT & DICH VU TOAN HOA |
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Trade Name |
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ALLCHEMS CO.,
LTD |
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Founded |
|
2001 |
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Type of Business |
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Private Owned
Company |
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Business
registration |
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No.4102004108 |
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Issued on |
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March 15th
2001 |
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Issued by |
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Business
Registration Office of HoChiMinh City |
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Current
registered capital |
|
10,000,000,000
VND |
|
Former
Registered Capital |
|
5,700,000,000 VND |
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Tax code |
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0302245422 |
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Total Employees |
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20 persons |
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Qualification |
|
Normal |
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ADDRESS |
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Head Office
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Address |
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No 62/6, Bau Cat Str, Ward 13, Tan Binh
Dist, Hochiminh city |
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Country |
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Vietnam |
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Tel |
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(84-8) 8494132 – 8494089 - 8494091 |
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Fax |
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(84–8) 8490897 |
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E-mail |
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DIRECTORS |
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1.
NAME |
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Mr.
NGUYEN THI |
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Position |
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Operating Director |
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Qualification |
|
Management |
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ID No |
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200259925 |
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Address |
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No 368/811 Cach Mang Thang Tam Str, Ward
14, Tan Binh Dist, Hochiminh city |
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Nationality |
|
Vietnamese |
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|
|
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2.
NAME |
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Mr.
BUI KHAC HUNG |
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Position |
|
Chairman, Registered Director |
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Qualification |
|
Management |
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ID No |
|
020612857 |
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Date of birth |
|
December 17th 1955 |
|
Resident |
|
No 491/66A Le Van Sy Str, Ward 12, Dist 3,
Hochiminh City |
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Nationality |
|
Vietnamese |
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|
|
|
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3.
NAME |
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Mr.
NGUYEN CONG HUYNH |
|
Position |
|
Deputy Director |
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ID No |
|
2113566258 |
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Address |
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No. 80/54 Pho Quang Str, Ward 12, Tan Binh
Dist, Hochiminh City |
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Nationality |
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Vietnamese |
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BUSINESS NATURE AND
ACTIVITIES |
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The subject registered in the following
lines of business: Trading in rubber, plastic, and chemical
(excluding strong noxious chemicals), water processing equipment Trading service. Export and import on committal Trading in raw
materials and additive for manufacturing eatables of cattle and poultry. |
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IMPORT & EXPORT
ACTIVITIES |
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IMPORT: The main goods
source of the subject is imported from Indonesia, India, Germany, and France,
Japan and USA. |
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EXPORT: n/a |
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BANKERS |
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1 VIETNAM
BANK FOR AGRICULTURE AND RURAL DEVELOPMENT |
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|
Address |
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No. 326 Nguyen Chi Thanh Str, Ward 5, Dist
10, Hochiminh city |
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Tel |
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(84-8) 8534442 - 8534440 |
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Fax |
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(84-8) 8534340 |
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Swift |
|
VBAAVNVXAXXX |
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2.
INDUSTRIAL AND COMMERCIAL BANK OF VIETNAM (INCOMBANK) BRANCH NO.5 |
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|
Address |
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No. 218 Tran Hung Dao B Str, Ward 11, Dist
5, Hochiminh city |
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Tel |
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(84-8) 8552675 |
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Fax |
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(84-8) 8563411 |
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Swift |
|
ICBVVNVX920 |
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3.
ASIA COMMERCIAL JOINT STOCK BANK (ACB BANK) |
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|
Address |
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No.442 Nguyen Thi Minh Khai Str, Ward 5,
Dist 3, Hochiminh city |
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Tel |
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(84-8) 8334085 - 8395179 |
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Fax |
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(84-8) 8359156 |
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Telex |
|
813158ACBVT |
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Swift |
|
ASCBVNVX |
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SHAREHOLDERS |
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1.
Name |
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Mr.
BUI KHAC HUNG |
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Qualification |
|
Management |
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ID No |
|
020612857 |
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Date of birth |
|
December 17th 1955 |
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Resident |
|
No 491/66A Le Van Sy Str, Ward 12, Dist 3,
Hochiminh city |
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Nationality |
|
Vietnamese |
|
Share |
|
52.00% |
|
Value |
|
5,200,000,000 VND |
|
|
|
|
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2.
Name |
|
Mr.
LE DAN HIEU |
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ID No |
|
020164314 |
|
Address |
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No 541/54 Huynh Van Banh Str, Ward 14, Phu
Nhuan Dist, Hochiminh city |
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Nationality |
|
Vietnamese |
|
Share |
|
7.00% |
|
Value |
|
700,000,000 VND |
|
|
|
|
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3.
Name |
|
Mr.
NGUYEN CONG HUYNH |
|
ID No |
|
2113566258 |
|
Address |
|
No. 80/54 Pho Quang Str, Ward 12, Tan Binh
Dist, Hochiminh city |
|
Nationality |
|
Vietnamese |
|
Share |
|
14% |
|
Value |
|
1,400,000,000 VND |
|
|
|
|
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4.
Name |
|
Mr.
NGUYEN THI |
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ID No |
|
200259925 |
|
Address |
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No 368/811 Cach Mang ThangTam Str, Ward 4,
Tan Binh Dist, Hochiminh City |
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Nationality |
|
Vietnamese |
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Share |
|
18% |
|
Value |
|
1,800,000,000 VND |
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|
|
|
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5.
Name |
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Mrs.
TRINH MINH HONG PHUONG |
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ID No |
|
300736609 |
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Address |
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No 11 Do Chieu Str, Can Giuoc Village, Can
Giuoc Dist, Long An Province |
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Nationality |
|
Vietnamese |
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Share |
|
9% |
|
Value |
|
900,000,000 VND |
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PAYMENT HISTORY AND
EXPERIENCES |
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Trade Morality |
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AVERAGE |
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Liquidity |
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AVERAGE |
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Previous Payments |
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NORMAL |
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Payment status |
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NORMAL |
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Past Financial Situation |
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AVERAGE |
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Current Financial Situation |
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AVERAGE |
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Litigation Data |
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NO RECORDED |
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Bankruptcy |
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NO RECORDED |
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Public opinion |
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NORMAL |
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Payment Methods |
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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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FINANCIAL DATA |
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Unit:
1,000,000 VND |
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Description |
2005 |
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|
|
|
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Current assets & Short term Investment |
12,666 |
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Fixed assets and long-term investment |
370 |
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Total
Assets |
13,036 |
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Payable |
7,483 |
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Owner’s Equity |
5,553 |
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Total
Liability and Equity |
13,036 |
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|
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Total
Revenue |
45,643 |
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Deduction items |
28 |
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Net
Revenue |
45,615 |
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Net Income From business Activities |
374 |
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Net Income From Financial Operation |
-481 |
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Irregular Profit |
0 |
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Total
pre-tax Profit |
-107 |
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BALANCE
SHEET |
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Unit: 01 VND
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Balance sheet
date |
31/12/2004 |
31/12/2003 |
|
Number of weeks |
52 |
52 |
ASSETS
|
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A.
Working assets & short-term Investment |
13,115,635,123 |
11,669,927,724 |
|
I. Cash and cash equivalents |
931,717,361 |
1,064,614,706 |
|
II. Short-term investment |
0 |
0 |
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1. Short-term securities
investment |
0 |
0 |
|
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 |
4,469,578,773 |
4,606,238,189 |
|
1. Receivables from customers |
3,695,778,092 |
3,628,203,106 |
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2. Prepayment for providers |
0 |
0 |
|
3. Value-added tax deducted |
558,582,322 |
642,648,443 |
|
4. Internal receivables |
0 |
0 |
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5. Other receivables |
215,218,359 |
335,386,640 |
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6. Provision for bad
receivables |
0 |
0 |
|
IV. Inventory |
7,714,338,989 |
5,999,074,829 |
|
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 |
|
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 |
7,732,440,251 |
5,999,074,829 |
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7. Goods on consignment |
0 |
0 |
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8. Provision for devaluation
of stocks |
-18,101,262 |
0 |
|
V. Other current assets |
0 |
0 |
|
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 |
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 |
478,316,461 |
605,074,538 |
|
I. Fixed assets |
462,046,461 |
589,012,544 |
|
1. Tangible fixed assets |
462,046,461 |
589,012,544 |
|
+ Original cost |
691,938,862 |
748,202,426 |
|
+ Accumulated depreciation
value |
-229,892,401 |
-159,189,882 |
|
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 |
16,270,000 |
16,061,994 |
|
TOTAL ASSETS |
13,593,951,584 |
12,275,002,262 |
|
LIABILITIES |
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|
A.
Payable loans |
7,752,411,677 |
6,404,390,080 |
|
I. Short term payables |
7,752,411,677 |
6,404,390,080 |
|
1. Short-term borrowings |
1,500,000,000 |
810,000,000 |
|
2. Due long-term liabilities |
0 |
0 |
|
3. Payables to supplier |
6,044,407,986 |
5,378,593,331 |
|
4. Prepayment of buyer |
0 |
0 |
|
5. Taxes and accounts dutiable |
200,003,691 |
215,796,749 |
|
6. Employee payments |
0 |
0 |
|
7. Internal payables |
0 |
0 |
|
8. Other payables |
8,000,000 |
0 |
|
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 |
5,841,539,907 |
5,870,612,182 |
|
I. Capital and
Funds |
5,841,539,907 |
5,854,000,182 |
|
1. Working capital |
5,700,000,000 |
5,700,000,000 |
|
2. Differences from asset revaluation |
0 |
0 |
|
3. Exchange rate differences |
0 |
0 |
|
4. Development investment funds |
0 |
0 |
|
5. Reserved funds |
53,280,265 |
53,280,265 |
|
6. Retained profit |
88,259,642 |
100,719,917 |
|
7. Construction capital sources |
0 |
0 |
|
II. Other administrative and fund sources |
0 |
16,612,000 |
|
1. Provident funds for unemployment |
0 |
0 |
|
2. Reward and welfare funds |
0 |
16,612,000 |
|
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 |
13,593,951,584 |
12,275,002,262 |
|
|
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|
PROFIT & LOSE
ACCOUNT (INCOME STATEMENT) |
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|
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|
Description |
FY 2004
|
FY 2003 |
|
Total
revenue |
43,807,524,106 |
- |
|
Deductions Items |
0 |
- |
|
- Discount |
0 |
- |
|
- Devaluation |
0 |
- |
|
- Return of sold goods |
0 |
- |
|
- Turnover tax, Luxury tax & Export tax |
0 |
- |
|
1. Net revenue |
43,807,524,106 |
- |
|
2. Cost of goods sold |
40,179,245,199 |
- |
|
3. Gross Profit |
3,628,278,907 |
- |
|
4. Sales expenses |
0 |
- |
|
5. Enterprise administrative expenses |
3,077,603,622 |
- |
|
6. Net income from business activities |
550,675,285 |
- |
|
Income from financial activities |
0 |
- |
|
Expenditure from financial activities |
374,447,699 |
- |
|
7. Net income
from financial operation |
-374,447,699 |
- |
|
Irregular income |
12,048,792 |
- |
|
Irregular expenditure |
3,367,447 |
- |
|
8. Irregular
Profit |
8,681,345 |
- |
|
9.
Total pre-tax profit |
184,908,931 |
- |
|
10. Income tax |
79,346,544 |
- |
|
11.
After tax profit |
105,562,387 |
- |
|
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FINANCIAL FACTORS |
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|
||
|
Description |
FY 2004 |
FY 2003 |
|
Current Liquidity Ratio |
1.69 |
- |
|
Quick Liquidity Ratio |
0.70 |
- |
|
Inventory Circle |
5.86 |
- |
|
Average Receive Period |
37.24 |
- |
|
Utilizing Asset Performance |
3.22 |
- |
|
Liability / Total Asset (%) |
57.03 |
- |
|
Liability / Owner's Equity (%) |
132.71 |
- |
|
Income Before Tax / Total Asset (%) ROA |
1.36 |
- |
|
Income Before Tax / Owner's Equity (%) ROE |
3.17 |
- |
|
Income Before Tax / Total Revenue (%) NPM |
0.42 |
- |
|
Gross Profit / Total Revenue (%) GPM |
8.28 |
- |
|
|
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|
INTERPRETATION ON
THE SCORES |
||
|
Allchems is a private limited
company. It was established in 2001. The subject is specializing in
supplying chemicals for three economic branches in Hochiminh city and in other
cities and provinces. Its products includes industrial chemical, chemical for
food and chemical for manufacturing eatables for cattle and poultry. Its principal goods source is
imported from many countries in the world, such as Indonesia, India, Germany,
France, Japan and USA. It directly imports finished-products then
distributing to local market. The business activities of the subject now are
fairly effective. The premises and facilities of
the subject are normal. The management capabilities of the subject are good.
Its business operations are fairly busy. With a fairly long time of
development, the subject has occupied an important position in the economy of
Hochiminh city. Annual turnover is rather stable. Its market share is
increasing. The subject’s products are good quality products. This is the
primary factor that helps the subject operate more effectively and develops
in the future. The development potentiality of the subject is normal. The subject’s amounts of un-paid VAT is 117,194,609 dong, un-paid import tax of
3,617,775 dong (data is collected from March 07th to March 22nd
2006) In general, the subject is a
small scale company. Its operational and financial bases are regarded fair.
The subject has capacity to meet financial commitments. No caution needed for
any small business transactions with the subject. |
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|
CREDIT INQUIRY 1,500,000 USD against D/A terms |
||
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 |
|
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%)