MIRA
INFORM REPORT
|
Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THANH NHON CORPORATION |
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Registered Office : |
No. 313B-315, Nam Ky Khoi Nghia Str, Dist 3, Hochiminh City |
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Country : |
Vietnam |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
07.06.2007 |
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Com. Reg. No.: |
4103006938 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trading,
Consignment Agent and Exporting: Materials for Manufacturing Animal Feeds,
Veterinary Medicine, Veterinary Vaccine and Stud Animal; Equipment for
Breeding and Veterinary; Fertilizers; Chemicals, Pesticides, Agro-Aquatic
Machines; Consumer Products: Animal Feeds, Veterinary Medicine, General
Goods. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
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|
Note: The given name
“THANH NHON CORP”. There are many companies &
many changes relates to “THANH NHON CORP” & “NO VA CORP”. Currently,
there are 04 companies at given address (315 Nam Ky Khoi Nghia, District 3,
Hochiminh City). They are THANH NHON CORP (CONG TY CO PHAN THANH NHON); NO VA
CORP (CONG TY CO PHAN DAU TU NOVA); NO VA HOME TRADING JOINT STOCK COMPANY
(CONG TY KINH DOANH NHA NO VA); THANH NHON REAL ESTATE JOINT STOCK COMPANY
(CONG TY CO PHAN DIA OC THANH NHON). Actually, they are established basing on the original company is
“THANH NHON TRADING COMPANY”(CONG TY TNHH THUONG MAI THANH NHON) and they are
mainly owned by one person- Mr. BUI
THANH NHON, we were known that MR. BUI THANH NHON plans to build up his
companies to be a Public Group. “NOVA
CORP” will be specializing in
Real Estate, Civil & Industry Construction and “THANH NHON CORP” is specializing in veterinary trading. According to the registration document,
“THANH NHON CORP” (CONG TY CO PHAN THANH NHON) is new company, which was
established since June 2007 and “NOVA CORP” changed its type of business from
liability limited company to corporation (joint-stock) and changed its name from No Va
Investment Trading Co., ltd (Original
name is Thanh Nhon Trading Co., ltd) to No Va Investment Corporation on
October 10th, 2007 (NOVA GROUP). |
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Regarding to the given name of client, we prepare
credit report on THANH NHON CORP: |
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English Name
|
|
THANH
NHON CORPORATION |
|
Vietnamese name |
|
CONG TY CO PHAN THANH
NHON |
|
Abbreviate Name |
|
THANH NHO CORP |
|
Type
of business |
|
Joint
Stock Company |
|
Business
Registration |
|
No.4103006938 |
|
Issued
on |
|
June
07th, 2007 |
|
Registered
Capital |
|
15,000,000,000
VND |
|
Tax
Code |
|
0305054306 |
|
Total
Employees |
|
64
staffs |
|
Qualification |
|
Qualified |
|
|
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Following is legal identification of NO VA CORP
for reference |
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Current English
Name
|
|
NO
VA INVESTMENT CORPORATION |
|
Current Vietnamese name |
|
CONG TY CO PHAN DAU TU NO
VA |
|
Abbreviate Name |
|
NO VA CORP |
Former English name
|
|
NO VA INVESTMENT TRADING COMPANY LIMITED |
|
Former Vietnamese name |
|
CONG
TY TNHH THUONG MAI VA DAU TU NO VA |
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Original English name |
|
THANH
NHON TRADING COMPANY LIMITED |
|
Original Vietnamese name |
|
CONG TY TNHH THUONG MAI THANH NHON |
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Founded |
|
1992 |
|
Type
of business |
|
Joint
Stock Company |
|
Current
Business Registration |
|
No.
4103008074 |
|
Issued
on |
|
October
10th, 2007 |
|
Old
Business Registration |
|
No.
054350 |
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Issued
on |
|
September
18th, 1992 |
|
Registered
Capital |
|
600,000,000,000
VND |
|
Tax
Code |
|
0301444753 |
|
Shareholder |
|
|
|
|
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Following is legal identification of NO VA HOMES
TRADING JOINT STOCK COMPANY for reference |
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New English
Name
|
|
NO
VA HOMES TRADING JOINT STOCK COMPANY |
|
New Vietnamese name |
|
CONG TY CO PHAN KINH
DOANH NHA NOVA |
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Abbreviate Name |
|
NO VA HOMES |
Former English name
|
|
NO VA REAL ESTATE JOINT STOCK COMPANY |
|
Former Vietnamese name |
|
CONG
TY CO PHAN DIA OC NO VA |
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Founded |
|
2006 |
|
Type
of business |
|
Joint
Stock Company |
|
Business
Registration |
|
No.4103005410 |
|
Issued
on |
|
October
17th, 2006 |
|
Registered
Capital |
|
30,000,000,000
VND |
|
Tax
Code |
|
0304638933 |
|
Shareholder |
|
|
|
|
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Following is legal identification of THANH NHON
REAL ESTATE JOINT STOCK COMPANY for reference: |
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English Name
|
|
THANH
NHON REAL ESTATE JOINT STOCK COMPANY |
|
Current Vietnamese name |
|
CONG TY CO PHAN DIA OC
THANH NHON |
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Abbreviate Name |
|
THANH NHON LAND |
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Type
of business |
|
Joint
Stock Company |
|
Current
Business Registration |
|
No.
4103003055 |
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Issued
on |
|
January
17th, 2005 |
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Registered
Capital |
|
50,000,000,000
VND |
|
Tax
Code |
|
0303645127 |
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Shareholder |
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1.
NO VA CORP (Representative Mr. Bui Thanh Nhon, holding shares: 70.000%) 2.
Mr. BUI CAO NHAT QUAN (holding shares: 20%) 3.
Mr. BUI PHAN PHU LOC (holding shares: 10%) |
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ADDRESS
|
Head Office |
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|
Address |
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No. 313B-315, Nam Ky Khoi Nghia Str, Dist 3, Hochiminh City |
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Country |
|
Vietnam |
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Tel |
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(84-8) 848 3181 / 8465324 / 8438539 / 8469893 / 8469892 / 8482001 |
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Fax |
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(84-8) 848 3956 |
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Website |
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Warehouse |
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Address |
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No. 41A, Group 3, Phuoc Long A Ward, Dist 9, Hochiminh City |
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Country |
|
Vietnam |
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Tel |
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(84-8) 8964346 |
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Business Registration |
|
No. 02000683CN41 |
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Branch Director |
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Mr. BUI THANH PHU |
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Resident |
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No. 305/31/1B Le Van Sy Str, Ward 1, Tan Binh Dist, Hochiminh City, Viet Nam. |
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DIRECTORS
|
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1. NAME |
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Mr. BUI THANH NHON |
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Position |
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Chairman |
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Qualification |
|
Management |
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Date of birth |
|
February 03rd 1958 |
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I.D.No. |
|
020203049 |
|
Resident |
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No. 313B, Nam Ky Khoi Nghia Str, Ward 7, Dist3, Hochiminh City |
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Nationality |
|
Vietnamese |
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Cell phone |
|
++84 903 902 772 |
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2. NAME |
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Mr. TRAN DAO PHUOC
MINH |
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Position |
|
Managing Director |
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Qualification |
|
Management |
|
Resident |
|
Hochiminh City-Vietnam |
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Nationality |
|
Vietnamese |
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3. NAME |
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Ms. LE CAM HONG |
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Position |
|
Supply Director |
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Qualification |
|
Bachelor |
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Resident |
|
Hochiminh City-Vietnam |
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Nationality |
|
Vietnamese |
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BUSINESS NATURE AND ACTIVITIES
|
|
|
THANH NHON CORP is
now just specializing in trading, consignment agent and exporting:
materials for manufacturing animal feeds, veterinary medicine, veterinary
vaccine and stud animal; equipment for breeding and veterinary; fertilizers;
chemicals, pesticides, agro-aquatic machines; consumer products: animal
feeds, veterinary medicine, general goods. |
|
Subject registered as following activities: Trading, consignment agent and exporting: materials for manufacturing animal feeds, veterinary medicine, veterinary vaccine and stud animal; equipment for breeding and veterinary; fertilizers; chemicals, pesticides, agro-aquatic machines; consumer products: animal feeds, veterinary medicine, general goods.Manufacturing packages by plastic, glass and paper Trading in all kinds of veterinary medicine Civil & Industrial construction Trading in real-estate (constructing building for lease and house for sale) To form project investment. Project management. To tender consultant. Industry construction. Trading construction material. Interior decorate. |
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IMPORT & EXPORT ACTIVITIES
|
IMPORT: The subject imports finished veterinary products and raw materials from USA, France, New Zealand, Korea, Holland, Ireland, Singapore, Germany, China and Australia. |
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EXPORT: N/A |
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BANKERS
|
|
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1. VIETNAM BANK FOR FOREIGN TRADE – VIETCOMBANK BRANCH IN HOCHIMINH CITY |
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|
Address |
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No. 29, Ben Chuong Duong Str, Dist 1, Hochiminh City |
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Tel |
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(84-8) 8251317 |
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Fax |
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(84-8) 8297228 |
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Telex |
|
811231/5 VCB – VT |
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2. ASIA COMMERCIAL BANK (ACB) |
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|
Address |
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No. 442, Nguyen Thi Minh Khai Str, Dist 3, Hochiminh City |
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Tel |
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(84-8) 839 5179 |
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Fax |
|
(84-8) 839 9885 |
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Telex |
|
813158 ACB VT |
|
Swift |
|
ASCBVNVX |
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SHAREHOLDERS |
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Following are current shareholders of THANH NHON CORP. |
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1. NAME |
|
Mr. BUI THANH NHON |
|
Position |
|
Chairman |
|
Qualification |
|
Management |
|
Date of birth |
|
February 03rd 1958 |
|
I.D.No. |
|
020203049 |
|
Resident |
|
No. 313B, Nam Ky Khoi Nghia Str, Ward 7, Dist3, Hochiminh City |
|
Nationality |
|
Vietnamese |
|
Shares |
|
98.667 % |
|
Value |
|
14,800,000,000 VND |
|
|
|
|
|
2. NAME |
|
Mr. BUI CAO NHAT
QUAN |
|
I.D.No. |
|
023660386 |
|
Resident |
|
No. 315, Nam Ky Khoi Nghia Str, Ward 7, Dist3, Hochiminh City |
|
Nationality |
|
Vietnamese |
|
Shares |
|
0.667% |
|
Value |
|
100,000,000 VND |
|
|
|
|
|
3. NAME |
|
Mr. TRAN DAO PHUOC MINH |
|
I.D.No. |
|
023205996 |
|
Resident |
|
No. 211/42 Hoang Van Thu Street, Ward 8, Phu Nhuan District, Hochiminh City |
|
Nationality |
|
Vietnamese |
|
Shares |
|
0.667% |
|
Value |
|
100,000,000 VND |
|
|
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PAYMENT HISTORY AND EXPERIENCES
|
|
||
|
Trade Morality |
|
Average |
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Liquidity |
|
Normal |
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Payment status |
|
Normal |
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Financial Situation |
|
Fair Good |
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Litigation Data |
|
No recorded |
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Bankruptcy |
|
No recorded |
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Public opinion |
|
Fair Good |
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Payment Methods |
|
Direct payment or through its corresponding bank. Foreign remittance by letter of credit (L/C), by telegraphic transfer (T/T). |
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Sale methods |
|
Directly to clients or through its clients |
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|
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FINANCIAL DATA
|
Subject is new
established company, its financial statement is not available. Following are
financial statements of Thanh Nhon Trading Co.,ltd before re-organization
(changed names, changed from Company Limited Company to Joint Stock Company),
we give you for reference.: |
BALANCE SHEET
|
Unit: Million VND |
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|
Balance sheet date |
31/12/2006 |
|
|
Number of weeks |
52 |
|
|
ASSETS |
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|
A - |
CURRENT ASSETS |
82,534 |
|
I. |
Cash and cash equivalents |
3,279 |
|
1. |
Cash |
3,279 |
|
2. |
Cash equivalents |
0 |
|
II. |
Short-term investments |
0 |
|
1. |
Short-term
investments |
0 |
|
2. |
Provisions for
short-term investment of short- term investments in securities |
0 |
|
III. |
Accounts receivable |
31,886 |
|
1. |
Receivable from
customers |
18,948 |
|
2. |
Repayments to
suppliers |
4,379 |
|
3. |
Inter- company
receivable |
0 |
|
4. |
Receivable
according to the process of construction contracts |
0 |
|
5. |
Other receivable |
8,559 |
|
6. |
Provisions for
credit risk |
0 |
|
IV. |
Inventories |
39,092 |
|
1. |
Inventories |
39,264 |
|
2. |
Provisions for
devaluation of inventories |
-172 |
|
V. |
Other current assets |
8,277 |
|
1. |
Short-term repaid
expenses |
6,716 |
|
2. |
Taxes receivable |
1,538 |
|
3. |
Other current
assets |
23 |
|
B - |
LONG TERM ASSETS |
246,102 |
|
I. |
Long term accounts receivable |
0 |
|
1. |
Long term
accounts receivable from customers |
0 |
|
2. |
Long term inter-
company receivable |
0 |
|
3. |
Other long term
receivable |
0 |
|
4. |
Provisions for
bad debts |
0 |
|
II. |
Fixed assets |
119,256 |
|
1. |
Tangible assets |
82,971 |
|
|
Historical costs |
96,249 |
|
|
Accumulated
depreciation |
13,278 |
|
2. |
Financial
leasehold assets |
0 |
|
|
Historical costs |
0 |
|
|
Accumulated
depreciation |
0 |
|
3. |
In-tangible
assets |
30,112 |
|
|
Historical costs |
30,112 |
|
|
Accumulated
depreciation |
0 |
|
4. |
Construction in
progress |
6,173 |
|
III. |
Investment property |
0 |
|
|
History costs |
0 |
|
|
Accumulated
depreciation |
0 |
|
IV. |
Long term investments |
121,771 |
|
1. |
Investments in
affiliates |
0 |
|
2. |
Investments in
business concerns and joint ventures |
9,012 |
|
3. |
Other long term
investments |
112,759 |
|
4. |
Provisions for
devaluation of investments in
securities |
0 |
|
V. |
Other long term assets |
5,075 |
|
1. |
Long term repaid
expenses |
5,068 |
|
2. |
Deferred income
tax |
0 |
|
3. |
Other long term
assets |
7 |
|
|
TOTAL ASSETS |
328,636 |
|
LIABILITIES |
||
|
A - |
LIABILITIES |
221,968 |
|
I. |
Short term liabilities |
126,465 |
|
1. |
Short term debts
and loans |
95,128 |
|
2. |
Payable to
suppliers |
7,544 |
|
3. |
Advances from
customers |
173 |
|
4. |
Taxes and other
obligations to the State Budget |
1,104 |
|
5. |
Payable to
employees |
7 |
|
6. |
Accrued expenses |
0 |
|
7. |
Inter- company
payable |
0 |
|
8. |
Payable according
to the progress of construction contracts |
0 |
|
9. |
Other payables |
22,509 |
|
II. |
Long term liabilities |
95,503 |
|
1. |
Long term account
payable to suppliers |
0 |
|
2. |
Long term inter-
company payable |
0 |
|
3. |
Other long term payable |
122 |
|
4. |
Long term debts
and loans |
95,354 |
|
5. |
Deferred income
tax |
27 |
|
B - |
OWNER’S EQUITY |
106,668 |
|
I. |
Owner’s equity |
106,314 |
|
1. |
Capital |
95,325 |
|
2. |
Share premiums |
0 |
|
3. |
Treasury stocks |
0 |
|
4. |
Differences on
asset re-valuation |
0 |
|
5. |
Foreign exchange
differences |
0 |
|
6. |
Business
promotion fund |
0 |
|
7. |
Financial
reserved fund |
0 |
|
8. |
Other funds |
577 |
|
9. |
Retained earnings |
10,412 |
|
II. |
Other sources and funds |
354 |
|
1. |
Bonus and welfare
funds |
354 |
|
2. |
Sources of
expenditure |
0 |
|
3. |
Funds to form
fixed assets |
0 |
|
|
TOTAL LIABLITIES AND OWNER’S EQUITY |
328,636 |
|
|
||
PROFIT & LOSE ACCOUNT (INCOME
STATEMENT)
|
|
||
|
|
|
F/Y 2006 |
|
1. |
Sales |
264,013 |
|
2. |
Deductions |
3,501 |
|
3. |
Net sales |
260,512 |
|
4. |
Costs of goods sold |
218,628 |
|
5. |
Gross profit |
41,884 |
|
6. |
Financial income |
7,066 |
|
7. |
Financial
expenses |
11,632 |
|
|
- In which : Loan
interest expenses |
8,497 |
|
8. |
Selling expenses |
16,635 |
|
9. |
Administrative
overheads |
4,004 |
|
10. |
Net operating profit |
16,679 |
|
11. |
Other income |
71 |
|
12. |
Other expenses |
104 |
|
13. |
Other profits |
-33 |
|
14. |
Profit (loss) before tax |
16,646 |
|
15. |
Income tax |
2,739 |
|
16. |
Profit (loss) after tax |
13,907 |
|
|
||
|
FINANCIAL FACTORS |
||
|
|
||
|
Description |
FY
2006 |
|
|
Current Liquidity
Ratio |
0.65 |
|
|
Quick Liquidity
Ratio |
0.34 |
|
|
Inventory Circle |
5.59 |
|
|
Average Receive
Period |
44.68 |
|
|
Utilizing Asset
Performance |
0.79 |
|
|
Liability / Total
Asset (%) |
67.54 |
|
|
Liability /
Owner's Equity (%) |
208.09 |
|
|
Income Before Tax
/ Total Asset (%) ROA |
5.07 |
|
|
Income Before Tax
/ Owner's Equity (%) ROE |
15.61 |
|
|
Income Before Tax
/ Total Revenue (%) NPM |
6.30 |
|
|
Gross Profit /
Total Revenue (%) GPM |
15.86 |
|
|
|
||
|
|
||
INTERPRETATION ON THE SCORES
|
There are many companies & many changes relates to “THANH NHON CORP” & “NO VA CORP”. Currently, there are 04 companies at given address (315 Nam Ky Khoi Nghia, District 3, Hochiminh City). They are THANH NHON CORP (CONG TY CO PHAN THANH NHON); NO VA CORP (CONG TY CO PHAN DAU TU NOVA); NO VA HOME TRADING JOINT STOCK COMPANY (CONG TY KINH DOANH NHA NO VA); THANH NHON REAL ESTATE JOINT STOCK COMPANY (CONG TY CO PHAN DIA OC THANH NHON. Actually, they are established basing on the original company-“THANH NHON TRADING COMPANY”(CONG TY TNHH THUONG MAI THANH NHON) and they are mainly owned by one person- Mr. BUI THANH NHON, we were known that MR. BUI THANH NHON plans to build up his companies to be a Public Group. “THANH NHON CORP” is specializing in veterinary trading and “NOVA CORP” will be specializing in Real Estate, Civil & Industry Construction. Thanh Thanh Nhon Trading Co., Ltd is a Limited Liability Company established in 1992. The subject has rapidly grown and become a leading importer and distributor in Vietnam of a wide range of veterinary and animal nutrition products, feed additives and raw materials supplying to veterinary and animal feed industry, chemicals for various industries, pet food. The subject is an importer and distributor in Vietnam of a wide range of veterinary and animal nutrition products, feed additives and raw materials supplying for veterinary and animal feed factories. Recently, the subject has expanded its business into chemicals, food and pet food industries. At present, the subject represents as exclusive distributor for many world famous veterinary manufacturers from Holland, Ireland, France, Germany, Australia, New Zealand, Korea, USA.... The subject is the representative of Royal Canil (France) in Vietnam for all of their pet food brands. The company imports products of Holland Dairy Pact (H-D-P), Sogeval, Hoogwegt, Meggle Gmhb, Franklin Pharmaceuticals, Franlink Product International B.V, Fuzhou Antibiotic Group, Phibro Animal Health, Protilact, Han Poong Industry Co., Ltd, Diversified, Nutri-Agri Technologies Inc, and Distributor Processing Inc. The subject’s premises and facilities are standard. Its management capability is fairly good. The subject is expanding its market share with distribution network consisting of more than 100 sales agents across the country and its products are popular in Southern provinces. Currently, this field of business can create remarkable profits of the subject. The subject’s revenue & profit are also increased. Its current position in the economy is fairly good and the future seems better. The company has capacity to meet financial commitments. The subject owners have a group of companies operating in many fields such as veterinary, medical instrument, real estate…. There are some of their companies in this group: N & M J.S.C, Gau Vang (Golden Bear) manufacture, Bio-Pharmachemie, Anova feed meal, Mekong Delta factory, Saigonvet Joint Stock Company, Thanh Nhon Real Estate Joint Stock Company, Nova Joint Stock company, … |
|
The company has
ADEQUATE capacity to meet financial commitments |
|
|
|
|
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%)