MIRA
INFORM REPORT
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Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
SAIGON TOBACCO COMPANY LIMITED |
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Registered Office : |
No.152 Tran Phu St, Ward 4, Dist 5, Hochiminh City |
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Country : |
Viet Nam |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
05.10.1996 |
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Legal Form : |
State owned liability limited company |
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Line of Business : |
Manufacturing and trading cigarettes of various kinds for domestic
& export. Import equipments, machinery, spare parts and all tobacco
materials |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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SAIGON TOBACCO COMPANY LIMITED |
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Vietnamese name |
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CONG TY TNHH MOT THANH VIEN THUOC LA SAI GON |
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Trade Name |
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SAIGON TOBACCO CO., LTD |
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Abbreviated name |
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Vinataba SaiGon |
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Former Vietnamese Name |
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NHA MAY THUOC LA SAI
GON |
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Foundation |
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1996 |
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Type of Business |
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One member State owned liability limited
company |
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Business Number |
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4104000152 |
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Issued on |
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January 06th, 2006 |
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Issued by |
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Planning and Investment Department of
Hochiminh City |
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Former Business Number |
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103373 |
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Date of Issuance |
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October 05th, 1996 |
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Tax Code |
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0300602679 |
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Registered capital |
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514,486,000,000 VND |
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Total Employees |
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3,500 employee |
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Qualification |
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Fairly Good |
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ADDRESSES
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Head office |
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Address |
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No.152 Tran Phu St, Ward 4, Dist 5, Hochiminh City |
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Country |
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Vietnam |
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Tel |
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(84-8) 8301190 / 8353138 |
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Fax |
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(84-8) 8353462 |
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Email |
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DIRECTORS
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1. NAME |
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Mr. TRAN SON CHAU |
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Position |
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Managing Director |
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Qualification |
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Management |
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Resident |
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No. 80/20 Nguyen Trai Street, Ward 3, District 5, Hochiminh City |
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Nationality |
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Vietnamese |
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Email |
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2. NAME |
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Mr. VUONG QUANG THAI |
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Position |
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Deputy Director |
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Qualification |
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Management |
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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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Email |
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BUSINESS NATURE AND ACTIVITIES
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Manufacturing and trading cigarettes of various kinds for domestic
& export. Import equipments, machinery, spare parts and all tobacco
materials |
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IMPORT & EXPORT ACTIVITIES |
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IMPORT: The subject imports of
machinery, equipments and tobacco materials for production from China,
Malaysia, Korea, India, Germany, Thailand, Indonesia, USA and Japan |
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EXPORT: The subject exports various products such as tobacco leaf, cut
rag tobacco, cigarettes to many regions in the world, such as Africa, Middle
East, EU… |
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BANKERS
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1. BANK FOR FOREIGN TRADE OF VIETNAM
(VIETCOMBANK HOCHIMINH BRANCH) |
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Address |
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No.29 Ben Chuong Duong St, Dist No. 1, Hochiminh City |
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Country |
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Vietnam |
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Telephone |
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(84-8) 8251317 |
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Fax |
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(84-8) 8297228 |
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Telex |
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811234/5 VCB-VT |
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Swift |
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BFTVVNVX 007 |
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2. EXIMBANK HOCHIMINH |
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Address |
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No. 7 Le Thi Hong Gam St, Dist No.1, Hochiminh City |
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Tel |
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(84-8) 8210055 |
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Fax No |
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(84-8) 8296063 |
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Telex |
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812690 EIBVT |
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Swift |
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EBVIVNVX |
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SHAREHOLDERS
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Subject is a State Owned Company Limited. Following
is the details of its parent, who is representative for State: |
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English Name |
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VIETNAM NATIONAL TOBACCO CORPORATION |
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Vietnamese Name |
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TONG CONG TY THUOC LA VIET NAM |
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Abbreviated Name |
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VINATABA |
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Head office |
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No. 25A, Ly Thuong Kiet St, Hoan Kiem Dist, Hanoi City, |
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Country |
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Vietnam |
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Business Registration No. |
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0106000602 |
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Place of Issuance |
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Planning and Investment Department of Hanoi City |
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Legal capital |
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1,602,898,341,460 VND |
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Tax Code |
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0101216069 |
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Tel |
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(84-4) 8265778 |
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Fax No |
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(84-4) 8265777 |
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Email |
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Website |
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PAYMENT HISTORY AND EXPERIENCES
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Trade Morality |
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Normal |
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Liquidity |
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Average |
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Previous Payment Status |
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Average |
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Current Payment Status |
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Prompt |
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Past Financial Situation |
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Normal |
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Current Financial Situation |
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Fairly good |
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Legal Action |
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No recorded |
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Bankruptcy |
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No recorded |
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Reputation |
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Fairly good |
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Mode of Payment |
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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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Sales methods |
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Directly to clients & through its network agents. |
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FINANCIAL DATA
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Following is the financial highlight of the
Subject in 2006 |
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Unit: 1,000,000VND |
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Description |
2006 |
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Current assets & Short term Investment |
1,790,458 |
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Fixed assets and long-term investment |
442,320 |
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Total Assets |
2,232,778 |
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Payable |
1,519,263 |
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Owner’s Equity |
713,515 |
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Total Liability and Equity |
2,232,778 |
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Net Revenue |
2,788,080 |
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Net Income From business Activities |
176,599 |
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Net Income From Financial Operation |
-54,906 |
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Irregular Profit |
3,469 |
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Total pre-tax Profit |
125,162 |
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INTERPRETATION ON THE SCORES
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Saigon Tobacco Company is a state-owned
company, which was found as Tobacco Factory of Vinataba since 1996. In 2006,
subject was re-organized to be State owned liability limited company, under the
new law on business. There are over 3,500 workers, working in 23
departments and 06 workshops under management of subject company. Subject
company belongs to Viet Nam National Tobacco Corporation - Vinataba, the
biggest group in tobacco field in Vietnam which includes 18 members. Subject’s production volume accounts for 48%
of Vinataba’s total production volume and 27.18% of total industry volume.
Every year, subject exports about 27% products to Asia, Africa, Middle
East and Europe as well. Subject have co-operated with British
American Tobacco and Philip Morris to manufacture under processing contracts
in Vietnam such brands as State Express 555, Dunhill International, Marlboro
and other international brands for domestic consuming and export as well. The market share of the subject is good,
though the competition in local market is difficult by the flowing of
imported cigarette, but it has establish its own segment in inland and oversea
market and it plans to be develop more in the future by carry out searching
and marketing to satisfy the customers’ need; all production line are
following the ISO 9001:2000 with high training employees in company. Its
financial situation is good. Turnover & profit capability is remarkable.
Subject’s position is high in industry. |
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The company has ADEQUATE capacity to meet financial commitments. |
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RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)