MIRA
INFORM REPORT
|
Report Date : |
13.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
3S CORPORATION |
|
|
|
|
Registered Office : |
No. 30B Lot BT1, Road 19th, Binh Hung Commune, Binh Chanh District, Hochiminh city |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
2003 |
|
|
|
|
Com. Reg. No.: |
4103001825 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trading in Electrical Instrument |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
|
||
English Name
|
|
3S CORPORATION
|
|
Registered Vietnamese Name |
|
CONG TY CO PHAN SAN XUAT THUONG MAI KY THUAT XAY DUNG DIEN 3S |
|
Registered trade Name |
|
3S CORPORATION |
|
Type of Business |
|
Joint stock company |
|
Founded |
|
2003 |
|
Business Registration |
|
No. 4103001825 |
|
Issuance on |
|
September 18th 2003 |
|
Issuance by |
|
Planning and Investment department of Hochiminh City |
|
Registered Capital |
|
3,000,000,000 VND |
|
Tax code |
|
0303062968 |
|
Employees |
|
35 |
|
|
||
ADDRESSES
|
|
||
|
Registered Head
Office |
||
|
Address |
|
No. 30B Lot BT1, Road 19th, Binh Hung Commune, Binh Chanh
District, Hochiminh city |
|
Country |
|
Vietnam |
|
|
||
|
Transaction office/ Warehouse |
||
|
Address |
|
No. S19-20, Road 12th, Binh Hung, Binh Hung Commune, Binh
Chanh district, Hochiminh City |
|
Country |
|
Vietnam |
|
Tel |
|
(84-8) 7584407 / 4306990 / 7584408 / 7584409 |
|
Fax |
|
(84-8) 7584410 |
|
Email |
|
|
|
Website |
|
|
|
Note 1: this is also the location of Hoang Chau Co., Ltd Note 2: the given lines (84-8 9629182, 9629181, 9629141, 9629152) were
the former contact lines of the subject |
||
|
|
||
DIRECTORS
|
|
||
|
1. NAME |
|
Mr. NGUYEN TIEN QUAT |
|
Position |
|
Director |
|
Date of birth |
|
May 13th 1963 |
|
I.D. No |
|
020770475 |
|
Resident |
|
No. 1174 Ba Thang Hai Street, Ward 8, dist 11, Hochiminh City |
|
Nationality |
|
Vietnamese |
|
|
|
|
|
2. NAME |
|
Mr. LE VIET VU |
|
Position |
|
Chief of Lightning Protection Department |
|
Resident |
|
Hochiminh City |
|
Nationality |
|
Vietnamese |
|
|
|
|
|
3. NAME |
|
Mr. PHAN LONG HUNG |
|
Position |
|
Sales executive |
|
Resident |
|
Hochiminh City |
|
Nationality |
|
Vietnamese |
|
Cell phone |
|
+84 903.78.48.18 |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
The subject registers and operates in the following business
activities: Trading in
electrical instrument Constructing and
installing electrical transformer terminal Trading and
installing in lightning protection systems, fire alarm systems, security
system Industrial and
civil constructing Agent for goods
consignment Goods
transportation by land Leasing offices |
|
|
IMPORT & EXPORT ACTIVITIES
|
|
|
IMPORT: The subject imports goods from Germany, Singapore, Turkey, Korea,
Malaysia and Thailand |
|
EXPORT: N/A |
|
|
BANKERS
|
|
||
|
1.
VIETNAM BANK FOR FOREIGN TRADE ( VIETCOMBANK) |
||
|
Address |
|
No.29 Ben Chuong Duong Street, Hochiminh
City |
|
Country |
|
Vietnam |
|
Tel |
|
(84-8) 8251317 |
|
Fax |
|
(84-8) 8297228 |
|
Telex |
|
811234/5 VVB-VT |
|
Swift |
|
BFTVVBVX 007 |
|
|
||
SHAREHOLDER(S)
|
|
||
The subject is a joint stock Company. Following
are some main registered shareholders:
|
||
|
1. NAME |
|
Mr. NGUYEN TIEN QUAT |
|
Date of birth |
|
May 13th 1963 |
|
I.D. No |
|
020770475 |
|
Resident |
|
No. 1174 Ba Thang Hai Street, Ward 8, district 11, Hochiminh City |
|
Nationality |
|
Vietnamese |
|
Share |
|
10% |
|
Value |
|
300,000,000 VND |
|
|
||
|
2. NAME |
|
Mr. NGUYEN HOANG VINH |
|
Resident |
|
No. 2/25 To Hien Thanh Street, Ward 15, district 10, Hochiminh City |
|
I.D. No |
|
028460267 |
|
Nationality |
|
Vietnamese |
|
Share |
|
20% |
|
Value |
|
600,000,000 VND |
|
|
||
|
3. NAME |
|
Mr. NGUYEN TIEN DUNG |
|
I.D. No |
|
021632409 |
|
Resident |
|
No. 1174 Ba Thang Hai Street, Ward 8, district 11, Hochiminh City |
|
Nationality |
|
Vietnamese |
|
Share |
|
10% |
|
Value |
|
300,000,000 VND |
|
|
||
|
4. NAME |
|
Ms. VU THI BICH DUNG |
|
Resident |
|
No. 105/12 Le Van Tho Street, Ward 11, Go Vap District, Hochiminh City |
|
I.D No |
|
022871629 |
|
Nationality |
|
Vietnamese |
|
Share |
|
10% |
|
Value |
|
300,000,000 VND |
|
|
||
FINANCIAL DATA
|
|
|
|
BALANCE
SHEET |
|
Unit:
1,000,000 VND
|
|
|
Balance sheet
date |
31/12/2006 |
|
Number of weeks |
52 |
ASSETS
|
|
|
A – CURRENT ASSETS
|
3,749 |
|
I. Cash and cash equivalents |
392 |
|
1.Cash |
392 |
|
2.Cash equivalents |
0 |
|
II. Short-term investments |
0 |
|
1. Short-term investments |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts receivable |
420 |
|
1. Receivable from customers |
277 |
|
2. Prepayments to suppliers |
0 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
143 |
|
6. Provisions for bad debts |
0 |
|
|
|
|
IV. Inventories |
2,689 |
|
1. Inventories |
2,689 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current Assets |
248 |
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
248 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
B. LONG-TERM ASSETS |
1,555 |
|
I. Long term account receivable |
0 |
|
1. Long term account receivable from customers |
0 |
|
2. Working capital in affiliates |
0 |
|
3. Long-term inter-company receivable |
0 |
|
4. Other long-term receivable |
0 |
|
II. Fixed assets |
1,555 |
|
1. Tangible assets |
1,555 |
|
Historical costs |
1,912 |
|
Accumulated
depreciation |
357 |
|
2. Financial leasehold assets |
0 |
|
Historical costs |
0 |
|
Accumulated
depreciation |
0 |
|
3. Intangible assets |
0 |
|
Initial costs |
0 |
|
Accumulated
amortization |
0 |
|
4. Construction-in-progress |
0 |
|
III. Investment property |
0 |
|
Historical costs |
0 |
|
Accumulated
depreciation |
0 |
|
IV. Long-term investments |
0 |
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
|
|
|
V. Other long-term assets |
0 |
|
1. Long-term prepaid expenses |
0 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
TOTAL ASSETS |
5,304 |
|
LIABILITIES |
|
|
A- LIABILITIES |
3,814 |
|
I. Current liabilities |
2,614 |
|
1. Short-term debts and loans |
920 |
|
2. Payable to suppliers |
1,704 |
|
3. Advances from customers |
0 |
|
4. Taxes and other obligations to the State Budget |
-10 |
|
5. Payable to employees |
0 |
|
6. Accrued expenses |
0 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
0 |
|
II. Long-Term Liabilities |
1,200 |
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
3. Other long-term payable |
0 |
|
4. Long-term debts and loans |
1,200 |
|
5. Deferred income tax payable |
0 |
|
B- OWNER'S EQUITY |
1,490 |
|
I. Owner's equity |
1,490 |
|
1. Capital |
1,500 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
0 |
|
8. Financial reserved fund |
0 |
|
9. Retained earnings |
-10 |
|
II. Other sources and funds |
0 |
|
1. Bonus and welfare funds |
0 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
TOTAL LIABILITIES AND OWNER'S EQUITY |
5,304 |
|
|
|
|
PROFIT
& LOSE STATEMENT |
|
|
|
|
|
Description |
FY 2006 |
|
Revenue |
5,877 |
|
Deductions Items |
0 |
|
Net Revenue |
5,877 |
|
Costs of goods sold |
4,523 |
|
Gross profit |
1,354 |
|
Financial income |
6 |
|
Financial expenses |
4 |
|
In which: Loan interest expenses |
0 |
|
Selling expenses |
30 |
|
Administrative overheads |
1,294 |
|
Net operating profit |
32 |
|
Other income |
0 |
|
Other expenses |
0 |
|
Other profit /(loss) |
0 |
|
Total accounting profit before tax |
32 |
|
Current corporate income tax |
9 |
|
Profit after tax |
23 |
|
|
|
FINANCIAL FACTORS
|
|
|
|
Description |
2006 |
|
Current liquidity ratio |
1.43 |
|
Quick Liquidity ratio |
0.41 |
|
Inventory circle |
1.68 |
|
Average receive period |
26.08 |
|
Utilizing Asset Performance |
1.11 |
|
Liability/ Total Asset (%) |
71.91 |
|
Liability/ Owner's equity (%) |
255.97 |
|
Income before tax/ Total asset (%) ROA |
0.60 |
|
Income before tax/ Owner's equity (%) ROE |
2.15 |
|
Income before tax/ Total revenue (%) NPM |
0.54 |
|
Gross Profit / Total revenue (%) GPM |
23.04 |
|
|
|
PAYMENT HISTORY AND EXPERIENCES
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Normal |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Average |
|
Litigation data |
|
No Recorded |
|
Bankruptcy |
|
No Recorded |
|
Payment Methods |
|
By cash or through the bank |
|
Sale Methods |
|
Directly to clients and through its agents |
|
|
||
INTERPRETATION ON THE SCORES
|
3S Corporation is a joint stock company which was established in 2003.
This company is specialized in designing, installing, trading and providing
services in products of Lightning Protection, Exothermic Welding, Groundings,
Surge Protection, Cable Accessories & Connectors, Industrial Lightings,
Conduit & Fittings THOMAS & BETTS, HELITA,
HEX, Yamuna Gases & Chemical,
Bimed, Connectwell, MKS, E&I , DPI , SYSTEM 3 CO,
Havells,… Premises and facilities of the subject are fairly standard. The
subject director, Mr. Nguyen Tien Quat Started trading in this field since
1990’s. Market share of the subject is normal. Competition capacity of the
subject is normal as well. Businesses of the subject are busy. Besides the
subject, Mr. Nguyen Tien Quat also runs Hoang Chau Co., Ltd which is
operating in the same field. Size and market share of Hoang Chau Co., Ltd is
bigger than those of the subject. The Subject has capacity to meet all the
small business transactions. |
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%)