MIRA
INFORM REPORT
|
Report Date : |
20.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BINH TAY IMPORT EXPORT PRODUCTION SERVICE JOINT STOCK COMPANY |
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Registered Office : |
No. 222-222A, Hau Giang St, Ward 9, Dist 6, Hochiminh city |
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Country : |
Vietnam |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.01.1978 |
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Com. Reg. No.: |
4103003832 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
General Trading, Production,
Service and Building |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUBJECT IDENTIFICATION &
LEGAL FORM
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English
Name
|
|
BINH
TAY IMPORT EXPORT PRODUCTION SERVICE JOINT STOCK COMPANY |
Vietnamese Name
|
|
CONG
TY CO PHAN DICH VU SAN XUAT XUAT NHAP KHAU BINH TAY |
|
Trade name |
|
BINH
TAY IMPORT EXPORT PRODUCTION SERVICE JSC |
|
Abbreviated Name |
|
BITAHACO
JSC |
|
Type of Business |
|
Joint Stock Company |
|
Founded |
|
January 01st , 1978 |
|
Business Registration |
|
4103003832 |
|
Date of Issuance |
|
September 14th, 2005 |
|
Place of Issuance |
|
Planning and Investment Department of
Hochiminh City |
|
Current Registered Capital |
|
26,400,000,000 VND |
|
Tax Code |
|
0301404976 |
|
Total
Employees |
|
300
employees |
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|
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Former Legal Information: |
||
English Name
|
|
BINH TAY SMALL INDUSTRY AND
HANDICRAFT PRODUCTION SERVICE COMPANY |
Vietnamese
Name
|
|
CONG TY DICH VU SAN XUAT TIEU
THU CONG NGHIEP BINH TAY
|
|
Trade name |
|
BINH TAY SMALL INDUSTRY AND
HANDICRAFT PRODUCTION SERVICE COMPANY |
|
Abbreviated
Name |
|
BITAHACO |
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Type of Business |
|
State Owned Enterprise |
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Established Decision |
|
No. 76/GP-UB |
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Date of Issuance |
|
March 11th, 1993 |
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Place of Issuance |
|
People’s committee of Hochiminh City |
|
Business
Registration |
|
No. 102450 |
|
Date of
Issuance |
|
March 18th,
1993 |
|
Place of
Issuance |
|
Planning and
Investment Department of Hochiminh City |
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Registered
Capital |
|
16,498,931,990
VND |
ADDRESSES
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Head Office |
||
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Address |
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No. 222-222A,
Hau Giang St, Ward 9, Dist 6, Hochiminh city |
|
Country |
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Vietnam |
|
Tel |
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(84-8) 960 6813
– 969 0320 – 960 6813 – 969 4990 |
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Fax |
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(84-8) 960 6345 |
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Email |
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Website |
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Factory
Location
|
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Address |
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Block J15, Road No.
5C, Le Minh Xuan Industrial Park, Binh Chanh Dist, Hochiminh city, Vietnam |
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Tel |
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(84-8) 766 1747
– 766 1748 |
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Fax |
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(84-8) 766 1459 |
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DIRECTORS
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1. NAME |
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Mr. PHAM
VAN HUNG |
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Position |
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General Director |
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Born |
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1954 |
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ID Number |
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020074760 |
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Resident |
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No. 286/50 Ba
Hom St, Ward 13, Dist 6, HoChiMinh City – Vietnam |
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Nationality |
|
Vietnamese |
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2. NAME |
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Mr. PHAM
HUY TUONG |
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Position |
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Vice General
Director |
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Born |
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1953 |
|
Resident |
|
683/12 Hong Bang
St, Dist 6, HoChiMinh City – Vietnam |
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Nationality |
|
Vietnamese |
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3. NAME |
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Ms.
NGUYEN NGOC BICH |
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Position |
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Vice General
Director (charge of financial) |
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Born |
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1955 |
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Resident |
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157/4 Han Hai
Nguyen St, Ward 2, Dist 11, HoChiMinh City - Vietnam |
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Nationality |
|
Vietnamese |
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4. NAME |
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Mr. TRAN VAN VU |
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Position |
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Vice Director |
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Qualification |
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Bachelor |
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Resident |
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HoChiMinh City -
Vietnam |
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Nationality |
|
Vietnamese |
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5. NAME |
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Mr. TRAN THI TUONG VAN |
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Position |
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Chief of
Accountant |
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Qualification |
|
Account |
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Born |
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1960 |
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Resident |
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HoChiMinh City -
Vietnam |
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Nationality |
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Vietnamese |
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BUSINESS NATURE AND ACTIVITIES
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This subject has function of general trading,
production, service and building. Following is the subject main trading
items: |
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1. Foreign Trade: a. Export: - Agro-products: rice, peanut,
soya-beans, red beans, pepper, cashew nut, corn, sesame, mushroom .. - Processed food:
peanut butter and candy, rice paper ... - Plastic packages,
latex, rubber gloves, rubber bands. - Handicraft products,
toys and souvenir made of cocoshell, cocofiber ... - Household articles
made of latex, aluminium, inox ... b. Import: - Varieties of plastic
resin: PE, PVC, PP, PA, PS ... - Chemicals: used for
plastic, latex, textile ... - Iron, hot & cold
rolled, galvanized steel sheet in coil ... - Interior decoration
materials for service in industry, agriculture, fishery. - Consumer goods. 2. Domestic Trade: - Construction: civil
& industrial works, interior decoration, real estate dealing. - Plywood factory,
agricultural product processing & trading station. - Network of retail
& wholesale shops. - Service of consigning import export with low cost and other supports.
Custom declaration. Investment co-operation, joint-venture for producing,
processing, agents for introduction of goods. |
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IMPORT & EXPORT ACTIVITIES
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EXPORT |
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Type of Products |
Plastic Bag |
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Market |
USA and EU |
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Rate |
25% |
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IMPORT |
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Type of Products |
Plastic, chemical |
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Market |
Thailand, Korea and China |
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Rate |
80% |
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BANKERS
|
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1. VIETNAM BANK FOR FOREIGN TRADE (
VIETCOMBANK) BINH TAY BRANCH |
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Address |
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No.129 - 129A
Hau Giang Str, Ward 5, Dist 6, Hochiminh city |
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Country |
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Vietnam |
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Tel |
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(84-8) 9600477 -
9600478 |
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Fax |
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(84-8) 9606217 |
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2. 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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Country |
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Vietnam |
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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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3.
INDOVINA BANK LTD (IVB) |
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Address |
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No. 39 Ham Nghi
Str, Nguyen Thai Binh Ward, Dist 1, Hochiminh city, Vietnam |
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Tel |
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(84-8) 822 4995 |
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Fax |
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(84-8) 823 0131 |
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Telex |
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811515 IVB-VT |
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Swift Code |
|
IABBVNVX |
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Email |
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Website |
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4. SAIGON BANK FOR INDUSTRY AND TRADE |
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Adresse |
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No. 2 Pho Duc
Chinh Str, Nguyen Thai Binh Ward, Dist 1, Hochiminh city, Vietnam |
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Telephone |
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(84-8) 9143183 |
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Fax |
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(84-8) 9143193 |
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Telex |
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813626 |
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Swift |
|
SBITVNVX |
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Email |
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SHAREHOLDER(S)
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This Subject is a joint stock company. Its
shareholders as follow: |
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I. State Owned Shares: 54.73%, valued:
14,448,720,000 VND. Representative by: |
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1. NAME |
|
Mr. PHAM VAN HUNG |
|
Position |
|
General Director |
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ID Number |
|
020074760 |
|
Resident |
|
286/50 Ba Hom
Str, Ward 13, Dist 6, HoChiMinh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Mr. PHAM HUY TUONG |
|
Position |
|
Vice General
Director |
|
Resident |
|
683/12 Hong Bang
Str, Dist 6, HoChiMinh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
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3. NAME |
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Ms. NGUYEN NGOC BICH |
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Position |
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Shareholder |
|
Resident |
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157/4 Han Hai
Nguyen Str, Ward 2, Dist 11, HoChiMinh City - Vietnam |
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Nationality |
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Vietnamese |
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|
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II. Private shares: 49%, valued: 12,936,000,000 VND |
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1. NAME |
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Mr. TRAN DINH BAO |
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Position |
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Shareholder |
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ID Number |
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02241388 |
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Resident |
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341 Nguyen Thi
Nho Str, Ward 16, Dist 6, HoChiMinh City – Vietnam |
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Nationality |
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Vietnamese |
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Share |
|
8.07% |
|
Value |
|
2,130,480,000
VND |
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|
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2. NAME |
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Mr. TRAN QUANG (TRAN KENNY) |
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Position |
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Shareholder |
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Passport No |
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700439580 |
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Resident |
|
11075 Vivaracho
San Diego, CA 92124, USA |
|
Nationality |
|
American (
Overseas Vietnamese) |
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Share |
|
0.81% |
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Value |
|
213,840,000 VND |
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|
||
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And other shareholders hold 36.39% the left
shares, valued at 9,606,960,000 VND. |
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FINANCIAL DATA
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BALANCE SHEET |
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Unit: 1,000,000 VND
|
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Balance sheet date |
31/12/2007 |
31/12/2006 |
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Number of weeks |
52 |
52 |
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ASSETS
|
||||
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A – CURRENT ASSETS |
62,477 |
100,369 |
||
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I. Cash
and cash equivalents |
4,879 |
5,920 |
||
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1.Cash |
4,879 |
5,920 |
||
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2.Cash
equivalents |
0 |
0 |
||
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II.
Short-term investments |
0 |
0 |
||
|
1.
Short-term investments |
0 |
0 |
||
|
2.
Provisions for devaluation of short-term investments |
0 |
0 |
||
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III.
Accounts receivable |
29,914 |
21,205 |
||
|
1.
Receivable from customers |
28,604 |
17,307 |
||
|
2.
Prepayments to suppliers |
1,771 |
1,270 |
||
|
3.
Inter-company receivable |
0 |
2,628 |
||
|
4.
Receivable according to the progress of construction |
0 |
0 |
||
|
5.
Other receivable |
790 |
0 |
||
|
6. Provisions
for bad debts |
-1,251 |
0 |
||
|
IV.
Inventories |
23,542 |
66,139 |
||
|
1.
Inventories |
24,421 |
66,139 |
||
|
2.
Provisions for devaluation of inventories |
-879 |
0 |
||
|
V.
Other Current Assets |
4,142 |
7,105 |
||
|
1.
Short-term prepaid expenses |
0 |
0 |
||
|
2.
VAT to be deducted |
1,746 |
4,355 |
||
|
3.
Taxes and other accounts receivable from the State |
27 |
35 |
||
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4.
Other current assets |
2,369 |
2,715 |
||
|
B.
LONG-TERM ASSETS |
26,675 |
30,743 |
||
|
I.
Long term account receivable |
0 |
0 |
||
|
1. Long term account receivable from customers |
0 |
0 |
||
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2.
Working capital in affiliates |
0 |
0 |
||
|
3.
Long-term inter-company receivable |
0 |
0 |
||
|
4.
Other long-term receivable |
0 |
0 |
||
|
5.
Provisions for bad debts from customers |
0 |
0 |
||
|
II.
Fixed assets |
23,535 |
27,755 |
||
|
1.
Tangible assets |
18,985 |
21,406 |
||
|
Historical
costs |
25,384 |
24,795 |
||
|
Accumulated
depreciation |
6,399 |
3,389 |
||
|
2.
Financial leasehold assets |
4,148 |
6,222 |
||
|
Historical
costs |
8,296 |
8,296 |
||
|
Accumulated
depreciation |
4,148 |
2,074 |
||
|
3.
Intangible assets |
0 |
0 |
||
|
Initial
costs |
0 |
0 |
||
|
Accumulated
amortization |
0 |
0 |
||
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4.
Construction-in-progress |
402 |
127 |
||
|
III.
Investment property |
0 |
0 |
||
|
Historical
costs |
0 |
0 |
||
|
Accumulated
depreciation |
0 |
0 |
||
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IV.
Long-term investments |
0 |
0 |
||
|
1.
Investments in affiliates |
0 |
0 |
||
|
2. Investments in business concerns and joint ventures |
0 |
0 |
||
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3.
Other long-term investments |
0 |
0 |
||
|
4. Provisions
for devaluation of long-term investments |
0 |
0 |
||
|
VI.
Other long-term assets |
3,140 |
2,988 |
||
|
1.
Long-term prepaid expenses |
2,879 |
2,727 |
||
|
2.
Deferred income tax assets |
0 |
261 |
||
|
3.
Other long-term assets |
261 |
0 |
||
|
TOTAL ASSETS |
89,152 |
131,112 |
||
|
LIABILITIES |
||||
|
A-
LIABILITIES |
60,637 |
103,539 |
||
|
I.
Current liabilities |
58,564 |
99,745 |
||
|
1.
Short-term debts and loans |
44,228 |
66,375 |
||
|
2.
Payable to suppliers |
4,118 |
11,112 |
||
|
3. Advances
from customers |
1,934 |
13,377 |
||
|
4.
Taxes and other obligations to the State Budget |
1,970 |
1,785 |
||
|
5.
Payable to employees |
920 |
505 |
||
|
6.
Accrued expenses |
155 |
212 |
||
|
7.
Inter-company payable |
0 |
0 |
||
|
8. Payable
according to the progress of construction contracts |
0 |
0 |
||
|
9.
Other payable |
5,239 |
6,379 |
||
|
10.
Provisions for short-term accounts payable
|
0 |
0 |
||
|
II.
Long-Term Liabilities |
2,073 |
3,794 |
||
|
1. Long-term
accounts payable to suppliers |
0 |
0 |
||
|
2.
Long-term inter-company payable |
0 |
0 |
||
|
3.
Other long-term payable |
0 |
0 |
||
|
4.
Long-term debts and loans |
2,012 |
3,763 |
||
|
5.
Deferred income tax payable |
0 |
0 |
||
|
6. Provisions
for unemployment allowances |
61 |
31 |
||
|
7.
Provisions for long-term accounts payable |
0 |
0 |
||
|
B-
OWNER'S EQUITY |
28,515 |
27,573 |
||
|
I.
Owner's equity |
28,425 |
27,254 |
||
|
1.
Capital |
26,400 |
26,400 |
||
|
2.
Share premiums |
0 |
0 |
||
|
3.
Other sources of capital |
0 |
0 |
||
|
4.
Treasury stocks |
0 |
0 |
||
|
5.
Differences on asset revaluation |
0 |
0 |
||
|
6.
Foreign exchange differences |
0 |
0 |
||
|
7.
Business promotion fund |
1,722 |
751 |
||
|
8.
Financial reserved fund |
303 |
103 |
||
|
9.
Other funds |
0 |
0 |
||
|
10.
Retained earnings |
0 |
0 |
||
|
11.
Construction investment fund |
0 |
0 |
||
|
II.
Other sources and funds |
90 |
319 |
||
|
1.
Bonus and welfare funds |
90 |
319 |
||
|
2.
Sources of expenditure |
0 |
0 |
||
|
3. Fund
to form fixed assets |
0 |
0 |
||
|
TOTAL LIABILITIES AND OWNER'S EQUITY |
89,152 |
131,112 |
||
|
|
||||
|
PROFIT &
LOSE STATEMENT |
||||
|
|
||||
|
Description |
FY 2007 |
FY 2006 |
||
|
1. Sales |
416,153 |
410,723 |
||
|
2. Deductions |
372 |
168 |
||
|
3. Net sales |
415,781 |
410,555 |
||
|
4. Costs of goods sold |
391,696 |
391,764 |
||
|
5. Gross profit |
24,085 |
18,791 |
||
|
6.
Financial income |
2,228 |
1,893 |
||
|
7.
Financial expenses |
6,459 |
5,868 |
||
|
-
In which : Loan interest expenses |
5,304 |
4,554 |
||
|
8.
Selling expenses |
12,165 |
9,418 |
||
|
9.
Administrative overheads |
4,738 |
2,849 |
||
|
10. Net operating profit |
2,951 |
2,549 |
||
|
11.
Other income |
327 |
433 |
||
|
12.
Other expenses |
32 |
81 |
||
|
13. Other profits |
295 |
352 |
||
|
14. Profit (loss) before tax |
3,246 |
2,901 |
||
|
15.
Income tax |
0 |
0 |
||
|
16. Profit (loss) after tax |
3,246 |
2,901 |
||
|
|
||||
|
FINANCIAL FACTORS |
||||
|
|
||||
|
Description |
2007 |
2006 |
||
|
Current liquidity ratio |
1.07 |
1.01 |
||
|
Quick Liquidity ratio |
0.66 |
0.34 |
||
|
Inventory circle |
8.74 |
5.92 |
||
|
Average receive period |
26.26 |
18.85 |
||
|
Utilizing Asset Performance |
4.66 |
3.13 |
||
|
Liability/ Total Asset (%) |
68.02 |
78.97 |
||
|
Liability/ Owner's equity (%) |
212.65 |
375.51 |
||
|
Income Before Tax / Total Asset (%) ROA |
3.64 |
2.21 |
||
|
Income Before Tax / Owner's Equity (%) ROE |
11.38 |
10.52 |
||
|
Income Before Tax / Total Revenue (%) NPM |
0.78 |
0.71 |
||
|
Gross Profit / Total Revenue (%) GPM |
5.79 |
4.58 |
||
|
|
||||
PAYMENT HISTORY AND EXPERIENCES
|
||||
|
|
||||
|
Trade
Morality |
|
Fairly
Good |
||
|
Liquidity |
|
Above
Average |
||
|
Payment
status |
|
Fair
prompt |
||
|
Financial
Situation |
|
Fair |
||
|
Development
trend |
|
Even |
||
|
Litigation
data |
|
No
Recorded |
||
|
Bankruptcy |
|
No
Recorded |
||
|
Payment
Methods |
|
Direct
payment or through its corresponding bank. Foreign remittance by letter of
credit (L/C), by telegraphic transfer (T/T). |
||
|
Sale
Methods |
|
Direct
to clients or through its agents. |
||
|
|
||||
INTERPRETATION ON THE SCORES
|
||||
|
|
||||
|
BITAHACO originally was a
state-owned company. This subject was founded in 1978 and has developed under
the name “BINH TAY SMALL INDUSTRY AND
HANDICRAFT PRODUCTION SERVICE COMPANY”. In 2005, subject was equitized to joint stock
company and its name has been changed into “BINH TAY IMPORT EXPORT PRODUCTION SERVICE
JSC“ since then. Currently, the number
of employees of the subject is 300 employees and the registration capital is
VND 26,400,000,000. BITAHACO businesses are very
large. The subject has a large system of restaurants, shops and factories
locating in Hochiminh city. USA and EU are the subject’s main export market
of the subject agricultural products and foodstuffs. This company’s
businesses seem to be effective and it is really busy now. The subject was
awarded the labor order, second and third-class from the president of the
socialist republic of Vietnam. After equitization, the
subject management capability is considered more active. The subject will
have good prospect of developing in the future. No caution needed with
small-medium transactions. |
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CREDIT INQUIRY: 500,000 USD |
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Acceptable with close term. |
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FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.72 |
|
UK Pound |
1 |
Rs.81.45 |
|
Euro |
1 |
Rs.64.47 |
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%)