MIRA INFORM REPORT
|
Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
DUNG LIEM PRODUCING TRADING CORPORATION |
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|
|
|
Registered Office : |
No. 518/32 Xo Viet Nghe Tinh Street, Ward 25 - Binh Thanh District -
Ho Chi Minh City - Vietnam |
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Country : |
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|
Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
10.06.2004 |
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Com. Reg. No.: |
4103002392 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Purchase of agricultural, forestry and sea
products, animal feed, fish feed, machinery and materials for agriculture |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUBJECT IDENTIFICATION & LEGAL FORM
|
English Name |
|
DUNG LIEM PRODUCING TRADING CORPORATION |
|
Vietnamese Name |
|
CONG TY CO PHAN SAN XUAT THUONG MAI DUNG
LIEM |
|
Short name |
|
DUNG LIEM CORP |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2004 |
|
Business Registration No. |
|
4103002392 |
|
Date of Registration |
|
10 Jun 2004 |
|
Place of Registration |
|
Planning and Investment Department of
Hochiminh city |
|
Current registered capital |
|
20,000,000,000 VND |
|
Tax code |
|
0303330487 |
|
Total Employees |
|
20 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 518/32 Xo Viet Nghe Tinh Street, Ward
25 - Binh Thanh District - Ho Chi Minh City - Vietnam |
|
Telephone |
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(84-8) 3511 7831 - 3511 7887 - 3511 7832 |
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Fax |
|
(84-8) 3511 7834 |
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Transaction
office in Ho Chi Minh |
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Address |
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|
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Telephone |
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(84-8) 3775 4997 |
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Branch in Ho Chi
Minh |
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|
Address |
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|
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Telephone |
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(84-8) 3512 3446 |
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Fax |
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(84-8) 3512 3448 |
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||
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Branch in Binh
Duong |
||
|
Address |
|
No. 6/21A Binh Duc Hamlet, Binh Hoa
Commune - Thuan An Town - Binh Duong Province - Vietnam |
DIRECTORS
|
NAME |
|
Mr.
VU LIEM |
|
Position |
|
General Director - Representative person |
|
Date of Birth |
|
19 Jul 1977 |
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ID Number/Passport |
|
023265914 |
|
Resident |
|
No. 51/35 Luong Ngoc
Quyen Street, Ward 5 - Go Vap District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
BUSINESS NATURE AND ACTIVITIES
|
Subject registered and operated in: |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
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·
Market |
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N/A |
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EXPORT: |
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·
Market |
|
N/A |
BANKERS
|
ASIA
COMMERCIAL BANK BINH THANH BRANCH |
||
|
Address |
|
No.71 Dien Bien Phu,No.15 ward - Binh Thanh District - |
|
Telephone |
|
(84-8) 3518 0787 |
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Fax |
|
(84-8) 3518 0788 |
SHAREHOLDERS
|
1
. NAME |
|
Mr.
VU LIEM |
|
Position |
|
General Director - Representative person |
|
Date of Birth |
|
19 Jul 1977 |
|
ID Number/Passport |
|
023265914 |
|
Issued on |
|
17 Aug 1995 |
|
Issued Place |
|
Police Station of |
|
Resident |
|
|
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
18,000,000,000 VND |
|
Percentage |
|
90% |
|
|
||
|
2
. NAME |
|
Mr.
DOAN VAN DUNG |
|
ID Number/Passport |
|
310377822 |
|
Resident |
|
Phu Thanh Hamlet Tan Hoi Commune - Cai Lay
District - |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
1,000,000,000 VND |
|
Percentage |
|
5% |
|
|
||
|
3
. NAME |
|
Mr.
TRAN DONG DUY |
|
ID Number/Passport |
|
334104491 |
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Resident |
|
|
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
1,000,000,000 VND |
|
Percentage |
|
5% |
FINANCIAL DATA
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet date |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
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|
A – CURRENT
ASSETS |
57,491,000,000 |
36,607,000,000 |
|
I. Cash and cash
equivalents |
20,010,000,000 |
10,687,000,000 |
|
1. Cash |
20,010,000,000 |
10,687,000,000 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts
receivable |
25,243,000,000 |
11,136,000,000 |
|
1. Receivable from customers |
22,712,000,000 |
10,994,000,000 |
|
2. Prepayments to suppliers |
2,531,000,000 |
142,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
11,755,000,000 |
14,137,000,000 |
|
1. Inventories |
11,755,000,000 |
14,137,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
483,000,000 |
647,000,000 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
483,000,000 |
647,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM
ASSETS |
16,822,000,000 |
10,920,000,000 |
|
I. Long term
account receivable |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
|
II. Fixed assets
|
16,809,000,000 |
10,904,000,000 |
|
1. Tangible assets |
6,497,000,000 |
5,211,000,000 |
|
- Historical costs |
8,514,000,000 |
6,035,000,000 |
|
- Accumulated depreciation |
-2,017,000,000 |
-824,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
4,817,000,000 |
4,917,000,000 |
|
- Initial costs |
5,000,000,000 |
5,000,000,000 |
|
- Accumulated amortization |
-183,000,000 |
-83,000,000 |
|
4. Construction-in-progress |
5,495,000,000 |
776,000,000 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other long-term
assets |
13,000,000 |
16,000,000 |
|
1. Long-term prepaid expenses |
13,000,000 |
16,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
74,313,000,000 |
47,527,000,000 |
|
|
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|
LIABILITIES |
||
|
A- LIABILITIES |
53,173,000,000 |
40,037,000,000 |
|
I. Current
liabilities |
51,323,000,000 |
37,933,000,000 |
|
1. Short-term debts and loans |
22,550,000,000 |
8,091,000,000 |
|
2. Payable to suppliers |
26,425,000,000 |
28,475,000,000 |
|
3. Advances from customers |
1,808,000,000 |
1,316,000,000 |
|
4. Taxes and other obligations to the State Budget |
516,000,000 |
51,000,000 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
24,000,000 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
1,850,000,000 |
2,104,000,000 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
1,850,000,000 |
2,104,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
21,140,000,000 |
7,490,000,000 |
|
I. OWNER’S
EQUITY |
21,140,000,000 |
7,490,000,000 |
|
1. Capital |
20,000,000,000 |
7,500,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
1,140,000,000 |
-10,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
74,313,000,000 |
47,527,000,000 |
|
|
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|
PROFIT
& LOSS STATEMENT |
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|
|
||
|
Description |
FY2009 |
FY2008 |
|
1. Total |
287,065,000,000 |
185,695,000,000 |
|
2. Deduction item |
0 |
9,000,000 |
|
3. Net sale |
287,065,000,000 |
185,686,000,000 |
|
4. Costs of goods sold |
265,768,000,000 |
171,128,000,000 |
|
5. Gross profit |
21,297,000,000 |
14,558,000,000 |
|
6. Financial income |
36,000,000 |
15,000,000 |
|
7. Financial expenses |
975,000,000 |
948,000,000 |
|
- In which: Loan interest expenses |
975,000,000 |
948,000,000 |
|
8. Selling expenses |
15,509,000,000 |
10,856,000,000 |
|
9. Administrative overheads |
2,663,000,000 |
1,627,000,000 |
|
10. Net operating profit |
2,186,000,000 |
1,142,000,000 |
|
11. Other income |
22,000,000 |
0 |
|
12. Other expenses |
144,000,000 |
578,000,000 |
|
13. Other profit /(loss) |
-122,000,000 |
-578,000,000 |
|
14. Total accounting profit before tax |
2,064,000,000 |
564,000,000 |
|
15. Current corporate income tax |
516,000,000 |
158,000,000 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
1,548,000,000 |
406,000,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
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|
|
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|
Description |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
1.12 |
0.97 |
1.94 |
|
Quick liquidity ratio |
0.89 |
0.59 |
0.98 |
|
Inventory circle |
20.53 |
12.11 |
9.29 |
|
Average receive period |
32.10 |
21.89 |
54.01 |
|
Utilizing asset performance |
3.86 |
3.91 |
2.21 |
|
Liability by total asset |
71.55 |
84.24 |
58.72 |
|
Liability by owner equity |
251.53 |
534.54 |
256.76 |
|
Ebit / Total asset (ROA) |
4.09 |
3.18 |
7.90 |
|
Ebit / Owner's equity (ROE) |
14.38 |
20.19 |
25.68 |
|
Ebit / Total sale (NPM) |
1.06 |
0.81 |
4.18 |
|
Gross profit / Total sale (GPM) |
7.42 |
7.84 |
15.30 |
|
Note: The Average Industry was calculated by |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
|
|
Liquidity |
|
Medium |
|
Payment status |
|
|
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through its corresponding bank. |
|
|
|
Retailer and Wholesaler |
|
Public opinion |
|
|
|
CREDIT INQUIRY: 125,000 USD Against da
in terms. |
|
A little caution needed! |
INTERPRETATION ON THE SCORES
|
DUNG
LIEM CORP is a
joint stock company which was established in 2004. Subject is now operating
under business registration No.4103002392 and registered capital 15 billion
VND. Subject
is specializing in trading agricultural, forestry and sea products, animal
feed, fish feed, machinery and materials for agriculture. Subject
is located at The
premises and facilities of the subject are fair. Business activities of the
subject are busy at present time. The management capabilities is average.
Subject has about 20 persons. Subject’s director is young and he is an active
person. In
general, subject is a small company in its field so its position is normal.
According to financial statement, sale and profit of subject increased well.
Liquidity ratios of subject are acceptable. The BB credit estimate on
this subject reflects that this subject has only capacity to meet with
small-normal business registrations. |
APPENDIXES
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed (%) |
Total employees
2009 (Thousand) |
Total
enterprises |
Annual average
capital of enterprises |
||
|
Predict 2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.8 |
3.0 |
24,788.5 |
2,399 |
50,530 |
|
|
Trade and
Services |
7.5 |
11 |
10,517.9 |
79,181 |
1,754,973 |
|
|
Construction |
7 |
11.3 |
2,692.8 |
17,783 |
248,268 |
|
|
Manufacturing |
12 |
7.6 |
7,591.2 |
30,786 |
967,068 |
|
|
|
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ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2010 |
2009 |
2008 |
|||
|
Population
(Million person) |
86.93 |
86.02 |
86.1 |
|||
|
Gross Domestic
Products (US$ billion) |
102.2 |
91 |
84.9 |
|||
|
GDP Growth (%) |
6.78 |
5.32 |
6.2 |
|||
|
GDP Per Capita
(US$) |
1,160 |
1,080 |
1,040 |
|||
|
Inflation (%
Change in Composite CPI) |
11.75 |
6.88 |
24.4 |
|||
|
|
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SERVICE TRADE
PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2010 |
2009 |
2008 |
|||
|
Exports |
71.6 |
56.6 |
62.9 |
|||
|
Imports |
84 |
68.8 |
76.6 |
|||
|
Trade Balance |
-12.4 |
-12.2 |
-14.6 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.04 |
|
|
1 |
Rs.72.20 |
|
Euro |
1 |
Rs.63.40 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.