MIRA INFORM REPORT
|
Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
LSC LOGISTICS AND SERVICES COMPANY
LIMITED |
|
|
|
|
Registered Office : |
No. 288J1 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2000 |
|
|
|
|
Com. Reg. No.: |
4102001298 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Providing forwarding and logistics services |
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 |
|
Payment
Behaviour : |
Usually Correct |
|
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) |
|
|
b2 |
b2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUBJECT
IDENTIFICATION & LEGAL FORM
|
Translated English Name |
|
LSC LOGISTICS AND SERVICES COMPANY LIMITED
|
|
Vietnamese Name |
|
CONG TY TNHH GIAO NHAN VA THUONG MAI LSC |
|
Trade name |
|
LSC GROUP CORPORATION LTD |
|
Short name |
|
LSC CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2000 |
|
Business Registration No. |
|
4102001298 |
|
Date of Registration |
|
07 Jun 2000 |
|
Place of Registration |
|
Business registration office of Hochiminh
city |
|
Current registered capital |
|
450,000,000 VND |
|
Tax code |
|
0302030674 |
|
Total Employees |
|
45 |
company
ADDRESSES
|
Head Office |
||
|
Address |
|
No. 288J1 |
|
Telephone |
|
(84-8) 3846 9305 / 3848 0642 / 3848 2206 |
|
Fax |
|
(84-8) 3848 4419 |
|
Email |
|
|
DIRECTORS
|
1
. NAME |
|
Mr.
NGUYEN THUY CHUNG (HERRY CHUNG) |
|
Position |
|
Director |
|
Date of Birth |
|
21 Dec 1970 |
|
ID Number/Passport |
|
022308955 |
|
Resident |
|
No. 50/2 Truong Son
Str, Ward 2 - Tan Binh District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2
. NAME |
|
Ms.
DO THI MINH CHAU |
|
Position |
|
Vice Director |
|
Date of Birth |
|
1974 |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
|
|
||
|
3
. NAME |
|
Mr.
NGUYEN GIANG HUONG |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
022309279 |
|
Resident |
|
No. 128/14 Tran Quoc Thao
Str, Ward 7 - 3 District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS
NATURE AND ACTIVITIES
|
The subject registered in the
following lines of business: |
IMPORT &
EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
chemicals, cosmetics, dyer stuffs and consumer products |
|
·
Market |
|
|
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
mosquito-net and blanket products |
|
·
Market |
|
|
BANKERS
|
1.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
|
|
Telephone |
|
(84-8) 39320420 /39320643 |
|
Fax |
|
(84-8) 39322488 |
|
Foreign Currency Account |
|
06-0005926133 |
|
VND Account |
|
06-0005973727 |
|
SWIFT Code |
|
SGTTVNVX |
|
|
||
|
2.
ASIA COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
|
|
Telephone |
|
(84-8) 3833 4085/3839 5179/3929 0999 |
|
Fax |
|
(84-8) 3835 9156/ 3839 9885 |
|
SWIFT Code |
|
ASCBVNVX |
SHAREHOLDERS
|
1
. NAME |
|
Mr.
NGUYEN THUY CHUNG (HERRY CHUNG) |
|
Position |
|
Director |
|
Date of Birth |
|
21 Dec 1970 |
|
ID Number/Passport |
|
022308955 |
|
Issued on |
|
26 Apr 2005 |
|
Issued Place |
|
Police station of Hochiminh city |
|
Resident |
|
No. 50/2 Truong Son Str, Ward 2 - Tan Binh
District - |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
150,000,000 VND |
|
Percentage |
|
33.333% |
|
|
||
|
2
. NAME |
|
Mr.
NGUYEN GIANG HUONG |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
022309279 |
|
Resident |
|
No. 128/14 Tran Quoc Thao Str, Ward 7 - 3
District - |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
150,000,000 VND |
|
Percentage |
|
33.333% |
|
|
||
|
3
. NAME |
|
Mr.
TRAN THI DANH |
|
ID Number/Passport |
|
022714026 |
|
Resident |
|
No. 55B Tran Nhat Duat Str, Tan Dinh Ward
- 1 District - |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
150,000,000 VND |
|
Percentage |
|
33.333% |
FINANCIAL
DATA
|
BALANCE
SHEET |
|||
Unit: One
VND
|
|||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
1,472,110,030 |
502,761,063 |
888,200,528 |
|
I. Cash and cash
equivalents |
1,277,744,939 |
349,658,942 |
195,992,432 |
|
1. Cash |
1,277,744,939 |
349,658,942 |
195,992,432 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
104,456,550 |
94,817,041 |
26,543,324 |
|
1. Receivable from customers |
104,456,550 |
94,817,041 |
26,543,324 |
|
2. Prepayments to suppliers |
0 |
0 |
0 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
0 |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
59,005,228 |
58,285,080 |
626,830,384 |
|
1. Inventories |
59,005,228 |
58,285,080 |
626,830,384 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
30,903,313 |
0 |
38,834,388 |
|
1. Short-term prepaid expenses |
0 |
0 |
38,834,388 |
|
2. VAT to be deducted |
24,653,814 |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
6,249,499 |
0 |
0 |
|
4. Other current assets |
0 |
0 |
0 |
|
B. LONG-TERM
ASSETS |
844,502,000 |
900,502,000 |
423,610,000 |
|
I. Long term
account receivable |
844,502,000 |
0 |
0 |
|
1. Long term account receivable from customers |
844,502,000 |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets
|
0 |
900,502,000 |
423,610,000 |
|
1. Tangible assets |
0 |
900,502,000 |
423,610,000 |
|
- Historical costs |
0 |
847,394,000 |
393,065,000 |
|
- Accumulated depreciation |
0 |
53,108,000 |
30,545,000 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
0 |
|
- Initial costs |
0 |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
0 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term
assets |
0 |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
TOTAL ASSETS |
2,316,612,030 |
1,403,263,063 |
1,311,810,528 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
1,711,125,000 |
483,230,084 |
500,054,881 |
|
I. Current
liabilities |
1,711,125,000 |
183,230,084 |
500,054,881 |
|
1. Short-term debts and loans |
1,711,125,000 |
0 |
0 |
|
2. Payable to suppliers |
0 |
124,028,200 |
0 |
|
3. Advances from customers |
0 |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
0 |
59,201,884 |
54,881 |
|
5. Payable to employees |
0 |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
0 |
0 |
500,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
0 |
300,000,000 |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
300,000,000 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
605,487,030 |
920,032,979 |
811,755,647 |
|
I. OWNER’S
EQUITY |
605,487,030 |
920,032,979 |
811,755,647 |
|
1. Capital |
750,000,000 |
750,000,000 |
750,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
-144,512,970 |
170,032,979 |
61,755,647 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
2,316,612,030 |
1,403,263,063 |
1,311,810,528 |
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
FY2008 |
|
1. Total |
27,039,941,952 |
12,585,628,254 |
8,492,887,812 |
|
2. Deduction item |
0 |
0 |
0 |
|
3. Net sale |
27,039,941,952 |
12,585,628,254 |
8,492,887,812 |
|
4. Costs of goods sold |
26,123,402,476 |
11,667,863,634 |
7,810,314,628 |
|
5. Gross profit |
916,539,476 |
917,764,620 |
682,573,184 |
|
6. Financial income |
0 |
0 |
0 |
|
7. Financial expenses |
404,338,630 |
137,942,515 |
22,307,134 |
|
- In which: Loan interest expenses |
3,000,000 |
90,000,000 |
0 |
|
8. Selling expenses |
0 |
558,497,919 |
666,642,041 |
|
9. Administrative overheads |
640,363,371 |
221,324,186 |
-6,375,991 |
|
10. Net operating profit |
-128,162,525 |
11,443,194 |
7,119,430 |
|
11. Other income |
5,424,731 |
0 |
0 |
|
12. Other expenses |
0 |
0 |
0 |
|
13. Other profit /(loss) |
5,424,731 |
11,443,194 |
7,119,430 |
|
14. Total accounting profit before tax |
-122,737,794 |
232,767,380 |
743,439 |
|
15. Current corporate income tax |
0 |
58,191,845 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
18. Profit after tax |
-122,767,794 |
174,575,535 |
743,439 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
0.86 |
2.74 |
1.78 |
1.11 |
|
Quick liquidity ratio |
0.83 |
2.43 |
0.52 |
0.88 |
|
Inventory circle |
442.73 |
34.06 |
12.46 |
19.54 |
|
Average receive period |
1.41 |
2.75 |
1.14 |
42.77 |
|
Utilizing asset performance |
11.67 |
8.97 |
6.47 |
1.28 |
|
Liability by total asset |
73.86 |
34.44 |
38.12 |
66.39 |
|
Liability by owner equity |
282.60 |
52.52 |
61.60 |
249.44 |
|
Ebit / Total asset (ROA) |
-5.17 |
23.00 |
0.06 |
7.97 |
|
Ebit / Owner's equity (ROE) |
-19.78 |
35.08 |
0.09 |
26.91 |
|
Ebit / Total sale (NPM) |
-0.44 |
2.56 |
0.01 |
8.33 |
|
Gross profit / Total sale (GPM)
|
3.39 |
7.29 |
8.04 |
12.70 |
|
Note: The Average Industry was calculated by |
||||
PAYMENT
HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
|
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Uptrend |
|
Litigation data |
|
No |
|
Bankruptcy |
|
No |
|
Payment Methods |
|
Direct payment or through its corresponding bank. Foreign remittance
by letter of credit (L/C) |
|
|
|
Other |
|
Public opinion |
|
N/A |
|
CREDIT INQUIRY: 125,000 USD |
|
Only acceptable if close term. |
INTERPRETATION
ON THE SCORES
|
LSC
CO., LTD was established on June 07th, 2000 with the registered
capital VND 450,000,000 under the Business Registration No. 4102001298 issued
by Department of Planning and Investment of Ho Chi Minh city. In inland introduction,
the subject’s manager uses the name of LSC Co., Ltd. In introduction with
foreign partners, it uses the name of LSC GROUP CORPORATION LTD or LSC GROUP.
The
subject specializes in providing international and domestic express mail
services. The subject is an agent of P&T Express JSC. Besides services,
the subject also has trading activities. According to subject’s manager, it
has imported chemicals, cosmetics, and consumer products from EU ( The
chief accountant, Ms. Nguyen Giang Huong said that subject’s activities
mainly related to importing chemical for distributing domestic rather than
forwarding services. This year, the turnover is relative than the year before
but the fluctuation is the remarkable factor influencing sharply to their
profit. In 2010, the subject’ business was affected by the devaluation of
local currency. Management capacity and position of the subject in this
industry are average. Competition capacity of the subject is normal. The
subject has express mail service agents in Ha Noi, In
overview, the subject’s premises and facilities are normal. It is operating
normally. The B credit estimate on this subject reflects that this company is
fair enough to adapt with all small business transaction. |
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 |
|
|
|
||||||
|
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 |
|||
|
|
||||||
|
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.44.48 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.42 |
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.