MIRA INFORM REPORT

 

 

Report Date :

06.09.2007

 

IDENTIFICATION DETAILS

 

Name :

INTIMEX TAY NINH BRANCH

 

 

Registered Office :

No. 343, Cach Mang Thang Tam Street, Ward 3, Tay Ninh Town, Tay Ninh Province

 

 

Country :

Vietnam

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1999

 

 

Legal Form :

Branch of joint stock company

 

 

Line of Business :

Trading, distributing consume goods, agriculture products, plastic bead and other general goods.

 

 

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.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

SUBJECT IDENTIFICATION & LEGAL FORM

 
English Name
 
INTIMEX TAY NINH BRANCH

Vietnamese name

 

CHI NHANH CONG TY CO PHAN XUAT NHAP KHAU INTIMEX TAI TAY NINH

Type of Business

 

Branch of joint stock company

Foundation

 

1999

Established Decision No.

 

05/INTHCM-TCHC

Issued on

 

June 29th, 2006

Issued by

 

Boards of management

Business Registration No.

 

4513000028

Date of Issuance

 

June 30th, 2006

Place of Issuance

 

Planning and investment of Tay Ninh Province

Registered Capital

 

N.A

Tax Code

 

0304421306-001

Total Employees

 

36 employees

Qualification

 

Above average

 

The Subject is a branch of a joint stock company as follow
English Name
 
INTIMEX IMPORT EXPORT JOINT STOCK COMPANY

Vietnamese name

 

CONG TY CO PHAN XUAT NHAP KHAU INTIMEX

Type of Business

 

Joint stock company

Foundation

 

1999

Business Registration No.

 

4103004940

Date of Issuance

 

June 26th, 2006

Place of Issuance

 

Planning and investment of Hochiminh City

Registered Capital

 

14,400,000,000 VND

Tax Code

 

0304421306

Director

 

Mr. DO HA NAM

Website

 

www.intimexhcm.com

 

 

ADDRESS

 
Head Office

Address

 

No. 343, Cach Mang Thang Tam Street, Ward 3, Tay Ninh Town, Tay Ninh Province

Country

 

Vietnam

Tel

 

(84-66) 822348/ 815428/ 815664

Fax

 

(84-66) 826297

Email

 

intimextn@intimexhcm.com

 
Sales office

Address

 

2 Fl, No. 29, Nguyen Van Giai Street, District 1, Hochiminh City

Country

 

Vietnam

Tel

 

(84-8) 8206510

Fax

 

(84-8) 8207582

 

 

DIRECTORS

 

1. NAME

 

Mr. VU MAI NGAC

Position

 

Director

Resident

 

Hochiminh City

Nationality

 

Vietnamese

 

2. NAME

 

Mr. TRAN ANH TUAN

Position

 

Deputy director

Resident

 

Hochiminh City

Nationality

 

Vietnamese

Cell phone

 

84-84-908223777

 

 

BUSINESS NATURE AND ACTIVITIES

 

The subject is specializing in trading, distributing consume goods, agriculture products, plastic bead and other general goods

 

 

IMPORT & EXPORT ACTIVITIES

 

IMPORT: The subject imports materials and goods from India, Singapore and Australia

EXPORT: It export goods to USA, England, Italy, Germany, Netherlands, Russia, India and Singapore

 

 

 

 

BANKERS

 

1. AGRIBANK-TAY NINH BRANCH

 

2. VIETCOMBANK-KY DONG BRANCH

Address

 

No. 13, Ky Dong Street, District 3, Hochiminh City

 

 

SHAREHOLDERS

 
The subject is a branch and under management of this following company:
English Name
 
INTIMEX IMPORT EXPORT JOINT STOCK COMPANY

Vietnamese name

 

CONG TY CO PHAN XUAT NHAP KHAU INTIMEX

Type of Business

 

Joint stock company

Foundation

 

1999

Business Registration No.

 

4103004940

Date of Issuance

 

June 26th, 2006

Place of Issuance

 

Planning and investment of Hochiminh City

Registered Capital

 

14,400,000,000 VND

Tax Code

 

0304421306

Director

 

Mr. DO HA NAM
Address
 
No. 61, Nguyen Van Giai Street, District 1, Hochiminh City

Tel

 
84-4 8201754
Fax
 
84-8 8201998
Website
 
www.intimexhcm.com

 

 

PAYMENT HISTORY AND EXPERIENCES

 

Trade Morality

 

Average

Liquidity

 

Normal

Previous Payments

 

Average

Payment status

 

Average

Past Financial Situation

 

Normal

Current Financial Situation

 

Fair

Litigation Data

 

No recorded

Bankruptcy

 

No recorded

Public opinion

 

Average

Payment Methods

 

Through its bank, L.C, D/P, TT

 

 

FINANCIAL DATA

 

BALANCE SHEET

Unit: 1,000,000 VND

Balance sheet date

31/12/2006

31/12/2005

ASSETS

A. Working assets & short-term Investment

39,444

19,718

I. Cash and cash equivalents

3,468

2,268

II. Short-term investment

 

 

 1. Short-term securities investment

 

 

 2. Other short-term investment

 

 

 3. Provision for short-term investment

 

 

III. Receivables

31,159

12,409

1. Receivables from customers

16,843

2,901

 2. Prepayment for providers

14,203

9,374

 3. Value-added tax deducted

113

120

 4. Internal receivables

0

0

 5. Other receivables

0

14

 6. Provision for bad receivables

0

0

IV. Inventory

1,953

3,921

 1. Purchased goods in transit

-

-

 2. Raw materials

-

-

 3. Instrument, tools

-

-

 4. Cost for production and business in process

-

-

 5. End products

-

-

 6. Goods

1,953

3,921

 7. Goods on consignment

-

-

 8. Provision for devaluation of stocks

-

-

V. Other current assets

2,864

1,120

 1. Advances

111

197

 2. Prepaid expenses

2,392

845

 3. Pending expenses for transfer

361

78

 4. Pending assets

0

0

 5. Mortgage, collateral and short run collateral

-

-
VI. Administrative

-

-
 1. Administrative expenses for previous year

-

-
 2. Administrative expenses for current year

-

-

B. Fixed assets & Long term investment

1,373

1,650

I.  Fixed assets

1,294

1,569

1. Tangible fixed assets

550

792

   + Original cost

1,146

1,146

   + Accumulated depreciation value

-596

-354

2.  Financial leasing fixed assets

513

777

   + Original cost

791

791

   + Accumulated depreciation value

-278

-14

3. Intangible fixed assets

231

0

   + Original cost

231

0

   + Accumulated depreciation value

-

-

II. Long term investment

79

81

1. Long-term securities investment

-

-

2. Joint-venture capital contribution

-

-

3. Other long-term investment

79

81

4. Provision for long-term investment devaluation

-

-

III. Capital construction in process

-

-

IV. Other

-

-

TOTAL ASSETS

40,817

21,368

A. Payable loans

36,365

19,420

I. Short term payables

35,804

18,366

1. Short-term borrowings

21,130

7,157

2. Due long-term liabilities

8,303

3,001

3. Payables to supplier

4,820

0

4. Prepayment of buyer

0

0

5. Taxes and accounts dutiable

421

0

6. Employee payments

0

0

7. Internal payables

100

8,101

8. Other payables

1,030

107

II. Long term loans

561

1,054

1. Long-term borrowings

561

1,054

2. Long-term payables

-

-

III. Other payables

-

-

1. Payable expenses

-

-

2. Pending assets

-

-

3. Receipts long-term collateral and deposit

-

-

B. Owner’s Equity

4,452

1,948

I. Capital and Funds

4,452

1,948

1. Working capital

600

275

2. Differences from asset revaluation

-

-

3. Exchange rate differences

-

-

4. Development investment funds

-

-

5. Reserved funds

-

-

6. Retained profit

3,852

1,673

7. Construction capital sources

-

-

II. Other administrative and fund sources

-

-

1. Provident funds for unemployment

-

-

2. Reward and welfare funds

-

-

3. Management funds of higher level

-

-

4. Functional operation funds

-

-

5. Fund sources formed by fixed assets

-

-

TOTAL LIABILITY AND EQUITY

40,817

21,368

 

PROFIT & LOSE ACCOUNT (INCOME STATEMENT)

 

Description

F.Y 2006

F.Y 2005

Total revenue

317,505

N.A

Deductions Items

-

-

- Discount

-

-

- Devaluation

-

-

- Return of sold goods

-

-

- Turnover tax, Luxury tax & Export tax

-

-

1. Net revenue

317,505

-

2. Cost of goods sold

308,545

-

3. Gross Profit

8,960

-

4. Sales expenses

2,299

-

5. Enterprise administrative expenses

1,347

-

6. Net income from business activities

5,314

-

Income from financial activities

334

-

Expenditure from financial activities

1,809

-

7. Net income from financial operation

-1,475

-

Irregular income

14

-

Irregular expenditure

0

-

8. Irregular Profit

14

-

9. Total pre-tax profit

3,853

-

10. Income tax

0

-

11. After tax profit

3,853

-

 

 

FINANCIAL FACTORS

 
 

Description

F.Y 2006

F.Y 2005

Current Liquidity Ratio

1.10

N.A

Quick Liquidity Ratio

1.05

-

Inventory Circle

157.99

-

Average Receive Period

35.82

-

Utilizing Asset Performance

7.78

-

Liability / Total Asset (%)

89.09

-

Liability / Owner's Equity (%)

816.82

-

Income Before Tax / Total Asset (%) ROA

9.44

-

Income Before Tax / Owner's Equity (%) ROE

86.55

-

Income Before Tax / Total Revenue (%) NPM

1.21

-

Gross Profit / Total Revenue (%) GPM

2.82

-

 

 

INTERPRETATION

 

Intimex Tay Ninh was originally found in 1999. After many times of re-establishment, the subject has formal been found as a branch of Intimex Import Export Joint Stock Company under the decision No. 05/INTHCM-TCHC on June, 29th, 2006 issued by Boards of Management, business registration No. 4513000028 issued by Tay Ninh Planning and Investment Department.

 

Currently, the subject is distributor in brand name of Vinamilk, Vissan, Unif, Hafoco, Tan Phuong… in Tay Ninh Province and export to Cambodia. It also exports agriculture products to America, England, Italy, Germany, Netherlands, Russia, India and Singapore…

 

The subject imports house hold appliance, office machine, animal feed to distribute in domestic market.

 

The subject has good development under the management of the active board of director. According to the subject, its import export turnover in the first six months of 2007 accounted for 17,342 million USD, increased 10,205 million USD compared with the same period of last year-2006. Its revenue in the first six months of 2007 accounted for nearly 279 billion VND, increased 132 billion VND compared with the same period of last year and its profit before tax accounted for 3,127 billion VND.

 

The subject’s potential is fairly good. Its business operation is busy. Its position in the industry is fairy good.

It is on the way of development.

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions