MIRA INFORM REPORT

 

 

Report Date :

07.09.2007

 

IDENTIFICATION DETAILS

 

Name :

PROSIMEX IMPORT EXPORT PRODUCTION AND TRADING JOINT STOCK COMPANY-HAI PHONG BRANCH

 

 

Registered Office :

No. 279, Ly Thuong Kiet Street, Hai Phong City

 

 

Country :

Vietnam

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1999

 

 

Legal Form :

Branch of joint stock company

 

 

Line of Business :

Trading agriculture products, iron and steel, fertilizer.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

SUBJECT IDENTIFICATION & LEGAL FORM

 
English Name
 
PROSIMEX IMPORT EXPORT PRODUCTION AND TRADING JOINT STOCK COMPANY-HAI PHONG BRANCH

Vietnamese name

 

CHI NHANH CONG TY CO PHAN SAN XUAT KINH DOANH XUAT NHAP KHAU PROSIMEX TAI HAI PHONG

Type of Business

 

Branch of joint stock company

Foundation

 

1999

Business Registration No.

 

0213002555

Date of Issuance

 

September 26th, 2006

Place of Issuance

 

Planning and investment department of Hai Phong City

Registered Capital

 

N.A

Tax Code

 

0100107405-002

Total Employees

 

30 employees

Qualification

 

Above average

 

The subject is branch of the following company
English Name
 
PROSIMEX IMPORT EXPORT PRODUCTION AND TRADING JOINT STOCK COMPANY

Vietnamese name

 

CONG TY CO PHAN SAN XUAT KINH DOANH XUAT NHAP KHAU PROSIMEX

Trade Name

 

PROSIMEX., JSC

Address

 

No. 45/35, Khuong Ha Street, Khuong Dinh Ward, Thanh Xuan District, Hanoi City

Tel

 

84-4 8583672

Fax

 

84-4 8585009

Type of Business

 

Joint stock company

Foundation

 

1993

Business Registration No.

 

0103013048

Date of Issuance

 

June 30th, 2006

Place of Issuance

 

Planning and investment department of Hanoi City 

Registered Capital

 

17,000,000,000 VND

Tax Code

 

0100107405

 

 

ADDRESS

 
Head Office

Address

 

No. 279, Ly Thuong Kiet Street, Hai Phong City

Country

 

Vietnam

Tel

 

84-31 3838001

Fax

 

84-31 838128

Email

 

Prosimex-cn@hn.vnn.vn

 

 

DIRECTORS

 

1. NAME

 

Ms. KHOA THI THUY

Position

 

Director

Resident

 

Hai Phong City

Nationality

 

Vietnamese

 

2. NAME

 

Mr. NGO XUAN PHAN

Position

 

Deputy director

Resident

 

Hai Phong City

Nationality

 

Vietnamese

 

 

BUSINESS NATURE AND ACTIVITIES

 

The subject is specializing in trading agriculture products, iron and steel, fertilizer

 

 

IMPORT & EXPORT ACTIVITIES

 

IMPORT: The subject imports materials and goods from China and Korea

EXPORT: The subject exports goods to England, America, China and Korea

 

 

BANKERS

 

1. VIETCOMBANK-HAI PHONG BRANCH

Address

 

No. 11, Hoang Dieu Street, Hong Bang District, Hai Phong City

Tel

 

(84-31) 3842658

Fax

 

(84-31) 3841117

 

 

SHAREHOLDERS

 
The subject is a branch, under management of this following company
English Name
 
PROSIMEX IMPORT EXPORT PRODUCTION AND TRADING JOINT STOCK COMPANY

Vietnamese name

 

CONG TY CO PHAN SAN XUAT KINH DOANH XUAT NHAP KHAU PROSIMEX

Trade Name

 

PROSIMEX., JSC

Address

 

No. 45/35, Khuong Ha Street, Khuong Dinh Ward, Thanh Xuan District, Hanoi City

Tel

 

84-4 8583672

Fax

 

84-4 8585009

 

 

PAYMENT HISTORY AND EXPERIENCES

 

Trade Morality

 

Average

Liquidity

 

Normal

Previous Payments

 

Normal

Payment status

 

Normal

Past Financial Situation

 

Normal

Current Financial Situation

 

Fair

Litigation Data

 

No recorded

Bankruptcy

 

No recorded

Public opinion

 

Normal

Payment Methods

 

Through its bank, L.C. T.T , D.P

 

 

FINANCIAL DATA

 

BALANCE SHEET

Unit: 1,000,000 VND

Balance sheet date

31/12/2006

31/12/2005

Number of weeks

52

52

ASSETS

A. Working assets & short-term Investment

28,668

55,628

I. Cash and cash equivalents

516

399

II. Short-term investment

-

-

 1. Short-term securities investment

-

-

 2. Other short-term investment

-

-

 3. Provision for short-term investment

-

-

III. Receivables

11,234

14,235

1. Receivables from customers

10,732

12,114

 2. Prepayment for providers

500

2,050

 3. Value-added tax deducted

-

-

 4. Internal receivables

-

-

 5. Other receivables

2

71

 6. Provision for bad receivables

-

-

IV. Inventory

15,569

38,665

 1. Purchased goods in transit

-

-

 2. Raw materials

-

-

 3. Instrument, tools

-

-

 4. Cost for production and business in process

-

-

 5. End products

-

-

 6. Goods

15,569

38,665

 7. Goods on consignment

-

-

 8. Provision for devaluation of stocks

-

-

V. Other current assets

1,349

2,329

 1. Advances

-

-

 2. Prepaid expenses

134

1,378

 3. Pending expenses for transfer

-

-

 4. Pending assets

1,215

951

 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

3,508

1,531

I.  Fixed assets

3,508

1,531

1. Tangible fixed assets

3,508

1,490

   + Original cost

4,044

1,994

   + Accumulated depreciation value

-536

-504

2.  Financial leasing fixed assets

-

-

   + Original cost

-

-

   + Accumulated depreciation value

-

-

3. Intangible fixed assets

-

-

   + Original cost

-

-

   + Accumulated depreciation value

-

-

II. Long term investment

-

-

1. Long-term securities investment

-

-

2. Joint-venture capital contribution

-

-

3. Other long-term investment

-

-

4. Provision for long-term investment devaluation

-

-

III. Capital construction in process

-

-

IV. Other

-

-

TOTAL ASSETS

32,176

57,159

A. Payable loans

29,165

55,396

I. Short term payables

29,165

55,396

1. Short-term borrowings

4,552

18,999

2. Due long-term liabilities

18,210

10,564

3. Payables to supplier

2,887

2,166

4. Prepayment of buyer

0

9

5. Taxes and accounts dutiable

67

37

6. Employee payments

0

334

7. Internal payables

3,421

23,265

8. Other payables

28

22

II. Long term loans

-

-

1. Long-term borrowings

-

-

2. Long-term payables

-

-

III. Other payables

-

-

1. Payable expenses

-

-

2. Pending assets

-

-

3. Receipts long-term collateral and deposit

-

-

B. Owner’s Equity

3,011

1,763

I. Capital and Funds

3,018

1,832

1. Working capital

565

565

2. Differences from asset revaluation

-

-

3. Exchange rate differences

1,024

1,024

4. Development investment funds

-

-

5. Reserved funds

9

9

6. Retained profit

1,393

147

7. Construction capital sources

27

87

II. Other administrative and fund sources

-7

-69

1. Provident funds for unemployment

-7

-69

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

32,176

57,159

 

PROFIT & LOSE ACCOUNT (INCOME STATEMENT)

 

Description

F.Y 2006

F.Y 2005

Total revenue

198,236

N.A

Deductions Items

-

-

- Discount

-

-

- Devaluation

-

-

- Return of sold goods

-

-

- Turnover tax, Luxury tax & Export tax

-

-

1. Net revenue

198,236

-

2. Cost of goods sold

172,293

-

3. Gross Profit

25,943

-

4. Sales expenses

21,938

-

5. Enterprise administrative expenses

79

-

6. Net income from business activities

3,926

-

Income from financial activities

19

-

Expenditure from financial activities

2,387

-

7. Net income from financial operation

-2,368

-

Irregular income

5

-

Irregular expenditure

169

-

8. Irregular Profit

-164

-

9. Total pre-tax profit

1,394

-

10. Income tax

0

-

11. After tax profit

1,394

-

 

 

FINANCIAL FACTORS

 
 

Description

F.Y 2006

F.Y 2005

Current Liquidity Ratio

0.98

N.A

Quick Liquidity Ratio

0.45

-

Inventory Circle

11.07

-

Average Receive Period

20.68

-

Utilizing Asset Performance

6.16

-

Liability / Total Asset (%)

90.64

-

Liability / Owner's Equity (%)

968.62

-

Income Before Tax / Total Asset (%) ROA

4.33

-

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

46.30

-

Income Before Tax / Total Revenue (%) NPM

0.70

-

Gross Profit / Total Revenue (%) GPM

13.09

-

 

 

INTERPRETATION

 

Import Export Production And Trading Joint Stock Company-Hai Phong Branch locates at No. 279, Ly Thuong Kiet Street, Hai Phong City.

 

The subject is the effective operating branch of Prosimex, which has head office at No. 45/35, Khuong Ha Street, Khuong Dinh Ward, Thanh Xuan District, Hanoi City.

 

The subject is now operating at fairly good with hard working employees.

 

The subject imports fertilizer, iron and steel from China and Korea to distribute domestic market. Its export agriculture product such as peanut, cashew nut, green pea, rice into China, England, America and Korea.

 

Its operation is fairly busy with good administration after its parent company was equitized.

 

Its annual turnover and profit is above average compared with other braches of other companies in the same field.

 

The subject needed to be invested much more to reduce its loan for business operation as well as expand its market share to operated well and has prospect in the near future.

 

The subject company has capability for small payment, the average and large payment needed to be guaranteed by its parent company.

 

 

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%)

 

 

 

 

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