MIRA
INFORM REPORT
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Report Date : |
16.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
MANH QUANG MECHANICS COMPANY LIMITED |
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Registered Office : |
Kim Giang Str, Thanh Liet Commune, Thanh Tri Dist, Hanoi City |
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Country : |
Vietnam |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
072012 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of Spare Parts for Motorbike and Vehicles, Consignment of Goods, Agent for Buy and Sale |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT IDENTIFICATION & LEGAL FORM
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English registered name
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MANH QUANG MECHANICS COMPANY LIMITED
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Vietnamese
registered name |
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CONG TY TNHH CO KHI MANH QUANG |
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Abbreviate registered name |
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MANH QUANG CO., LTD |
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Founded |
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1999 |
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Type of Business |
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Limited Liability Company |
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Business Registration No. |
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072012 |
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Issued on |
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June 21st
1999 |
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Issued by |
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Hanoi Department
of Planning and Investment |
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Registered Capital |
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29,245,773,541
VND |
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Tax code |
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0100917544 |
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Total Employees |
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150 Person |
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ADDRESS
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Head Office and
Factory |
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Address |
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Kim Giang Str, Thanh Liet Commune, Thanh Tri Dist, Hanoi City |
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Country |
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Vietnam |
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Tel |
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(84-4) 688 3376 |
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Fax |
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(84-4) 688 3378 |
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Email |
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Showroom
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Address |
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No. 199 - 201 Hue Str, Hai Ba Trung Dist,
Hanoi City |
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Country |
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Vietnam |
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Tel |
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(84-4) 976 2050 |
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Fax |
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(84-4) 978 2035 |
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Note: This
showroom of the subject is also its registered address and private house address
of subject’s director. |
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Ho Chi Minh City
Branch |
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Address |
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No. 724 Nguyen Chi Thanh Str, Ward 4, Dist 11, Hochiminh City |
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Country |
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Vietnam |
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Business Registration No. |
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4112007162 |
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Issued on |
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March 07th,
2002 |
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Issued by |
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Hochiminh
Department of Planning and Investment |
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Tax code No. |
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0100917544-001 |
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Tel |
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(84-8) 855 3444 |
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Fax |
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(84-8) 955 9562 |
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Total Employees |
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7 Person |
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DIRECTORS
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1.
NAME |
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Mr.
NGUYEN KIM LOAN |
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Position |
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Director |
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Contact Address |
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Kim Giang Str, Thanh Liet Commune, Thanh
Tri Dist, Hanoi City |
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Nationality |
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Vietnamese |
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2.
NAME |
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Mr.
NGUYEN MANH QUANG |
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Position |
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Director Assistant |
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Contact Address |
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Kim Giang Str, Thanh Liet Commune, Thanh
Tri Dist, Hanoi City |
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Nationality |
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Vietnamese |
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Note:
Mr. NGUYEN MANH QUANG is son of Mr. NGUYEN KIM LOAN |
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BUSINESS NATURE AND ACTIVITIES
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The
subject registered in the following lines of business: |
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-
Manufacture of spare parts for motorbike and vehicles -
Consignment of goods, agent for buy and sale |
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IMPORT & EXPORT ACTIVITIES
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IMPORT: The subject imports
from China, Taiwan, Japan, Korea and Singapore |
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EXPORT: N/A |
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BANKERS
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BANK
FOR FOREIGN TRADE OF VIETNAM |
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Address |
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No. 198 Tran Quang Khai Str, Hoan Kiem
Dist, Hanoi City |
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Country |
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Vietnam |
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Tel |
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(84-4) 9343137 |
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Fax |
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(84-4) 8269067 |
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USD Account number |
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0011370277479 |
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VND Account number |
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0011000277463 |
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SHAREHOLDERS
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1. Name
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Mr. NGUYEN KIM
LOAN |
Position
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Director |
Contact Address
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Kim Giang Str, Thanh Liet Commune, Thanh
Tri Dist, Hanoi City |
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Nationality |
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Vietnamese |
Share
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70% |
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Value |
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20,472,041,479 VND |
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2. Name
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Ms.
TRAN THI MINH HUONG |
Position
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Shareholder |
Contact Address
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No. 201 Hue Str, Hai Ba Trung Dist, Hanoi
City |
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Nationality |
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Vietnamese |
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Share |
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30% |
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Value |
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8,773,732,062 VND |
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FINANCIAL DATA
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BALANCE
SHEET |
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Unit: VND
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Balance sheet
date |
31/12/2005 |
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Number of weeks |
52 |
ASSETS
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A –CURRENT
ASSETS |
26,654,698,466 |
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I. Cash and cash equivalents |
521,801,795 |
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1.Cash |
521,801,795 |
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2.Cash equivalents |
0 |
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II. Short-term investments |
0 |
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III. Accounts receivable |
2,982,812,227 |
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1. Receivable from customers |
2,117,754,653 |
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2. Prepayments to suppliers |
0 |
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3. Inter-company receivable |
0 |
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4. Receivable according to the progress of construction |
0 |
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5. Other receivable |
865,057,574 |
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6. Provisions for bad debts |
0 |
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IV. Inventories |
22,524,054,903 |
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1. Inventories |
22,524,054,903 |
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2. Provisions for devaluation of inventories |
0 |
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V. Other Current Assets |
626,029,541 |
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1. Short-term prepaid expenses |
0 |
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2. VAT to be deducted |
626,029,541 |
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3. Taxes and other accounts receivable from the State |
0 |
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4. Other current assets |
0 |
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B. LONG-TERM ASSETS |
25,467,979,524 |
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I. Long term account receivable |
0 |
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II. Fixed assets |
7,339,996,059 |
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1. Tangible assets |
7,339,996,059 |
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Historical costs |
12,232,816,746 |
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Accumulated
depreciation |
-4,892,820,687 |
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2. Financial leasehold assets |
0 |
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3. Intangible assets |
0 |
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4. Construction-in-progress |
0 |
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III. Investment property |
0 |
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IV. Long-term investments |
0 |
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VI. Other long-term assets |
18,127,983,465 |
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1. Long-term prepaid expenses |
0 |
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2. Deferred income tax assets |
0 |
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3. Other long-term assets |
18,127,983,465 |
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TOTAL ASSETS |
52,122,677,990 |
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LIABILITIES |
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A- LIABILITIES |
22,912,303,978 |
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I. Current liabilities |
22,912,303,978 |
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1. Short-term debts and loans |
12,030,244,555 |
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2. Payable to suppliers |
9,471,494,808 |
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3. Advances from customers |
0 |
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4. Taxes and other obligations to the State Budget |
0 |
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5. Payable to employees |
0 |
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6. Accrued expenses |
0 |
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7. Inter-company payable |
0 |
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8. Payable according to the progress of construction contracts |
0 |
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9. Other payable |
1,410,564,615 |
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10. Provisions for short-term accounts payable |
0 |
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II. Long-Term Liabilities |
0 |
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B- OWNER'S EQUITY |
29,210,374,012 |
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I. Owner's equity |
29,210,374,012 |
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1. Capital |
29,245,773,541 |
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2. Share premiums |
0 |
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3. Other sources of capital |
0 |
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4. Treasury stocks |
0 |
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5. Differences on asset revaluation |
0 |
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6. Foreign exchange differences |
0 |
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7. Business promotion fund |
0 |
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8. Financial reserved fund |
0 |
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9. Other funds |
0 |
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10.Retained earnings |
-35,399,529 |
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11. Construction investment fund |
0 |
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II. Other sources and funds |
0 |
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TOTAL LIABILITIES AND OWNER'S EQUITY |
52,122,677,990 |
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PROFIT & LOSE STATEMENT
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Description |
FY 2005 |
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Revenue |
15,001,264,856 |
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Deductions Items |
0 |
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Net Revenue |
15,001,264,856 |
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Costs of goods sold |
13,069,364,705 |
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Gross profit |
1,931,900,151 |
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Financial income |
0 |
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Financial expenses |
35,981,475 |
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In which: Loan interest expenses |
0 |
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Selling expenses |
0 |
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Administrative overheads |
1,618,283,340 |
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Net operating profit |
277,635,336 |
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Other income |
4,361,850 |
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Other expenses |
47,929,705 |
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Other profit /(loss) |
(43,567,855) |
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Total accounting
profit before tax |
234,067,481 |
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Current corporate income tax |
65,538,894 |
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Deferred corporate income tax |
0 |
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Profit after tax |
168,528,587 |
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FINANCIAL FACTORS
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Description |
FY 05 |
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Current liquidity ratio |
1.16 |
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Quick Liquidity ratio |
0.18 |
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Inventory circle |
0.58 |
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Average receive period |
72.58 |
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Utilizing Asset Performance |
0.29 |
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Liability/ Total Asset (%) |
43.96 |
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Liability/ Owner's equity (%) |
78.44 |
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Income before tax/ Total asset (%) ROA |
0.45 |
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Income before tax/ Owner's equity (%) ROE |
0.80 |
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Gross Profit / Total revenue (%) GPM |
12.88 |
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Income before tax/ Total revenue (%) NPM |
1.56 |
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HIGHLIGHT
OF 2006 |
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Unit Mill VND |
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Description |
FY 06
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Total
revenue |
15,546 |
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Deductions Items |
1,424 |
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- Discount |
0 |
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- Devaluation |
0 |
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- Return of sold goods |
1,424 |
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- Turnover tax, Luxury tax & Export tax |
0 |
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1. Net revenue |
14,112 |
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2. Cost of goods sold and operation expense |
13,958 |
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3. Net income from business activities |
164 |
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Income from financial activities |
55 |
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Expenditure from financial activities |
55 |
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4. Net income
from financial operation |
0 |
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5. Irregular Profit |
(27) |
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6. Total pre-tax
profit |
137 |
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7. Income tax |
38 |
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8. After tax
profit |
99 |
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PAYMENT HISTORY AND EXPERIENCES
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Trade Morality |
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Average |
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Liquidity |
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Average |
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Payments |
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Average |
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Financial Situation |
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Average |
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Development trend |
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Average |
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Litigation Data |
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No reported |
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Bankruptcy |
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No reported |
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Payment Method |
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TT, L/C |
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Sale Method |
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Supplying for clients and manufactures |
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INTERPRETATION ON THE SCORES
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The
subject is limited liability company. It was originally a private enterprise which
established in 1983. In the initial time of operation, the subject
specialized in processing mechanical products. In 1999, the subject was
established with name as Manh Quang
Mechanics Company Limited and it manufactured spare parts for
motorbike. The current position in the industry of the subject is above
average. The
premises of the subject are large. The subject has factory located in Kim
Giang Str, Thanh Tri Dist, Hanoi City. The factory located on an area of
13,571 square meters. At present, the subject is manufacturing sprocket and
gear, chain, race steering …etc. The products of the subject accounts for a
high market share because of the quality of products and suitable price. Its
products can replace for many brands of motorbike in Vietnamese market.
Beside distribution directly to the market, the subject also supplies for
motorbike manufacturers located in Vietnam. Turnover
of the subject is average. Its profit is normal. The subject is considered as
a medium company in manufacture sprocket and gear in Vietnam. The management
capacity of the subject is average. The staffs of the subject are grade
normal. The future prosperity of the subject seems bright. In
general, the operational and financial bases of the subject are regarded
above average. The business of the subject is stable and stays at normal
scale in the industry. It has capacity to meet the small financial
commitments, no caution needed for the small business transactions. |
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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%)