MIRA
INFORM REPORT
|
Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KHAM THIEN COMPANY LIMITED |
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Registered Office : |
3E3, Hostel 30-4, Dien Bien Phu Str, Binh Thanh Dist, 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 : |
25.10.1999 |
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Com. Reg. No.: |
072805 |
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Legal Form : |
Liability Company Limited |
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Line of Business : |
The subject is specializing trading foodstuff for cattle, agricultural aquatic products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 : |
No Complaints |
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Litigation : |
Clear |
SUBJECT IDENTIFICATION & LEGAL FORM
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English Name
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KHAM THIEN COMPANY LIMITED
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Vietnamese name |
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CONG TY TNHH
KHAM THIEN |
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Trade Name |
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KHAM THIEN CO., LTD |
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Type of Business |
|
Liability
Company Limited |
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Founded |
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1999 |
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Business Registration No. |
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072805 |
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Date of Issuance |
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October 25th,
1999 |
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Place of Issuance |
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Hochiminh
Planning and Investment Department |
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Registered Capital |
|
1,000,000,000 VND |
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Tax Code |
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0301836239 |
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Total Employees |
|
Over 10 Employees |
ADDRESS
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Head Office
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Address |
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3E3, Hostel 30-4, Dien Bien Phu Str, Binh
Thanh Dist, Hochiminh City |
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Country |
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Vietnam |
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Tel |
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(84-8) 8990049 |
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Fax |
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(84-8) 5106643 |
DIRECTORS
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1.
NAME |
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Mr.
NGUYEN NGOC KHOI |
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Position |
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Director |
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Year of Birth |
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1966 |
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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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2.
NAME |
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Mr.
NGUYEN NGOC KHANG |
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Position |
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Deputy Director |
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Year of Birth |
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1958 |
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Nationality |
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Vietnamese |
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3.
NAME |
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Mrs.
LE THI KIM OANH |
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Position |
|
Chief of Accountant |
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Year of Birth |
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1961 |
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Nationality |
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Vietnamese |
BUSINESS NATURE AND ACTIVITIES
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The subject is specializing trading foodstuff for cattle,
agricultural aquatic products |
IMPORT & EXPORT ACTIVITIES
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IMPORT: The subject
mainly imports goods from India and China. |
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EXPORT: N/A |
BANKERS
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ASIA
COMMECIAL BANK - ACB |
SHAREHOLDERS
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2.
NAME |
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Mr.
NGUYEN NGOC KHOI |
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Position |
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Director |
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Year of Birth |
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1958 |
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Nationality |
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Vietnamese |
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Share |
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40% |
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3.
NAME |
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Mrs.
LE THI KIM OANH |
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Position |
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Chief of Accountant |
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Year of Birth |
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1961 |
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Nationality |
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Vietnamese |
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Share |
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60% |
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 |
31/12/2005 |
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ASSETS
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A
- |
CURRENT ASSETS |
33,776 |
10,627 |
7,876 |
|
I. |
Cash and cash
equivalents |
1,091 |
1,287 |
319 |
|
1. |
Cash |
1,091 |
1,287 |
319 |
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2. |
Cash equivalents |
0 |
0 |
0 |
|
II. |
Short-term
investments |
0 |
0 |
0 |
|
1. |
Short-term investments |
0 |
0 |
0 |
|
2. |
Provisions for short-term investment of short- term investments in
securities |
0 |
0 |
0 |
|
III. |
Accounts
receivable |
27,471 |
6,821 |
4,021 |
|
1. |
Receivable from customers |
20,167 |
6,006 |
3,873 |
|
2. |
Repayments to suppliers |
5,707 |
0 |
20 |
|
3. |
Value-added tax deducted |
0 |
0 |
24 |
|
4. |
Inter- company receivable |
0 |
0 |
0 |
|
5. |
Receivable according to the process of construction contracts |
1,652 |
815 |
103 |
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6. |
Other receivable |
-55 |
0 |
0 |
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IV. |
Inventories |
5,035 |
2,508 |
3,438 |
|
1. |
Inventories |
5,035 |
2,508 |
3,438 |
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2. |
Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. |
Other current
assets |
179 |
11 |
98 |
|
1. |
Short-term repaid expenses |
0 |
0 |
0 |
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2. |
Taxes receivable |
0 |
0 |
0 |
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3. |
Other current assets |
0 |
0 |
98 |
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4. |
Pending assets |
179 |
11 |
0 |
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B
- |
LONG TERM ASSETS |
348 |
490 |
578 |
|
I. |
Long term
accounts receivable |
0 |
0 |
0 |
|
1. |
Long term accounts receivable from customers |
0 |
0 |
0 |
|
2. |
Long term inter- company receivable |
0 |
0 |
0 |
|
3. |
Other long term receivable |
0 |
0 |
0 |
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4. |
Provisions for bad debts |
0 |
0 |
0 |
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|
|
|
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II. |
Fixed assets |
348 |
490 |
578 |
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1. |
Tangible assets |
348 |
490 |
578 |
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Original costs |
836 |
798 |
798 |
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Accumulated depreciation |
-488 |
-308 |
-220 |
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2. |
Financial leasehold assets |
0 |
0 |
0 |
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Original costs |
0 |
0 |
0 |
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Accumulated depreciation |
0 |
0 |
0 |
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3. |
In-tangible assets |
0 |
0 |
0 |
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Original costs |
0 |
0 |
0 |
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Accumulated depreciation |
0 |
0 |
0 |
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4. |
Construction in progress |
0 |
0 |
0 |
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III. |
Investment
property |
0 |
0 |
0 |
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History costs |
0 |
0 |
0 |
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Accumulated depreciation |
0 |
0 |
0 |
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IV. |
Long term
investments |
0 |
0 |
0 |
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1. |
Investments in affiliates |
0 |
0 |
0 |
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2. |
Investments in business concerns and joint ventures |
0 |
0 |
0 |
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3. |
Other long term investments |
0 |
0 |
0 |
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4. |
Provisions for devaluation of
investments in securities |
0 |
0 |
0 |
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V. |
Other long term
assets |
0 |
0 |
0 |
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1. |
Long term repaid expenses |
0 |
0 |
0 |
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2. |
Deferred income tax |
0 |
0 |
0 |
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3. |
Other long term assets |
0 |
0 |
0 |
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TOTAL ASSETS |
34,124 |
11,117 |
8,454 |
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LIABILITIES
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A
- |
LIABILITIES |
25,271 |
8,834 |
8,099 |
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I. |
Short term
liabilities |
21,263 |
7,014 |
6,229 |
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1. |
Short term debts and loans |
0 |
0 |
0 |
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2. |
Payable to suppliers |
20,150 |
7,113 |
5,589 |
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3. |
Advances from customers |
744 |
0 |
637 |
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4. |
Taxes and other obligations to the State Budget |
294 |
-100 |
0 |
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5. |
Payable to employees |
75 |
0 |
3 |
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6. |
Accrued expenses |
0 |
0 |
0 |
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7. |
Inter- company payable |
0 |
0 |
0 |
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8. |
Payable according to the progress of construction contracts |
0 |
0 |
0 |
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9. |
Other payables |
0 |
1 |
0 |
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10. |
Provisions for short – term account payable |
0 |
0 |
0 |
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II. |
Long term
liabilities |
4,008 |
1,820 |
1,870 |
|
1. |
Long term account payable to suppliers |
0 |
0 |
0 |
|
2. |
Long term inter- company payable |
0 |
0 |
0 |
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3. |
Other long term payable |
0 |
0 |
0 |
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4. |
Long term debts and loans |
4,008 |
1,820 |
1,870 |
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5. |
Deferred income tax |
0 |
0 |
0 |
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6. |
Allowances |
0 |
0 |
0 |
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7. |
Accounts Payable |
0 |
0 |
0 |
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B - |
OWNER’S
EQUITY |
8,853 |
2,283 |
355 |
|
I. |
Owner’s
equity |
8,853 |
2,283 |
355 |
|
1. |
Capital |
8,000 |
2,500 |
1,019 |
|
2. |
Share premiums |
19 |
19 |
0 |
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3. |
Treasury stocks |
0 |
0 |
0 |
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4. |
Differences on asset re-valuation |
0 |
0 |
0 |
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5. |
Foreign exchange differences |
0 |
0 |
0 |
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6. |
Business promotion fund |
0 |
0 |
0 |
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7. |
Financial reserved fund |
0 |
0 |
245 |
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8. |
Other funds |
0 |
0 |
0 |
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9. |
Retained earnings |
245 |
245 |
0 |
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10. |
Retained earnings |
589 |
-481 |
-909 |
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11. |
Construction Investment Fund |
0 |
0 |
0 |
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II. |
Other
sources and funds |
0 |
0 |
0 |
|
1. |
Bonus and welfare funds |
0 |
0 |
0 |
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2. |
Sources of expenditure |
0 |
0 |
0 |
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3. |
Funds to form fixed assets |
0 |
0 |
0 |
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TOTAL
LIABLITIES AND OWNER’S EQUITY |
34,124 |
11,117 |
8,454 |
PROFIT & LOSE ACCOUNT (INCOME
STATEMENT)
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Description |
F/Y 2007
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F/Y 2006
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F/Y 2005
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1. |
Sales |
181,894 |
45,909 |
N/A
|
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2. |
Deductions |
0 |
0 |
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3. |
Net sales |
181,894 |
45,909 |
|
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4. |
Costs of goods sold |
167,936 |
40,327 |
|
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5. |
Gross profit |
13,958 |
5,582 |
|
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6. |
Financial income |
128 |
15 |
|
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7. |
Financial expenses |
732 |
279 |
|
|
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- In which: Loan interest expenses |
0 |
221 |
|
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8. |
Selling expenses |
0 |
0 |
|
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9. |
Administrative overheads |
12,409 |
4,893 |
|
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10. |
Net operating
profit |
945 |
425 |
|
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11. |
Other income |
358 |
2 |
|
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12. |
Other expenses |
0 |
0 |
|
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13. |
Other profits |
358 |
2 |
|
|
14. |
Profit (loss)
before tax |
1,303 |
427 |
|
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15. |
Income tax |
0 |
0 |
|
|
16. |
Profit (loss)
after tax |
1,303 |
427 |
|
FINANCIAL FACTORS
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Description |
FY 2007 |
FY 2006 |
FY 2005 |
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Current Liquidity Ratio |
1.59 |
1.52 |
1.26 |
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Quick Liquidity Ratio |
1.35 |
1.16 |
0.71 |
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Inventory Circle |
44.53 |
13.56 |
N/A |
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Average Receive Period |
59.71 |
61.74 |
- |
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Utilizing Asset Performance |
4.92 |
3.63 |
- |
||
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Liability / Total Asset (%) |
74.06 |
79.46 |
95.80 |
||
|
Liability / Owner's Equity (%) |
285.45 |
386.95 |
2,281.41 |
||
|
Income Before Tax / Total Asset (%) ROA |
3.82 |
5.83 |
N/A |
||
|
Income Before Tax / Owner's Equity (%) ROE |
14.72 |
28.38 |
- |
||
|
Income Before Tax / Total Revenue (%) NPM |
0.72 |
1.41 |
- |
||
|
Gross Profit / Total Revenue (%) GPM |
7.67 |
12.16 |
N/A |
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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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Relative |
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Payment status |
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Above average |
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Financial Situation |
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Above 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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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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INTERPRETATION ON THE SCORES
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Kham Thien
Company Limited was established since 1999, the mainly trading products of
the subject are foodstuff for cattle, agricultural and aquatic products… The
subject imports products from India and China and internal distributing. Being established since
1999, the subject has long development history in this field, according the
reported financial data, business operation of the subject seems fairly good,
especially in 2007 total revenue is increased fourfold in comparison with in
2006. Payment capacity of the subject is fairly good. In
recent years, this business field is fairly development in Vietnam, all most
the enterprises trades thriving. Vietnam economic is not stable, raising
inflation however it only seems strongly influence manufacturers. |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.78 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.90 |
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%)