MIRA INFORM REPORT
|
Report Date : |
18.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
THANH LONG TRADING INVESTMENT AND CONSULTANT
JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No 37 - 67 Lane - Duc Giang street Duc Giang ward - Long Bien District
- Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Establishment : |
2006 |
|
|
|
|
Com. Reg. No.: |
010301429 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
trading and processing
agricultural products, cattle-feed as well as trading real estate |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Vietnam |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
|
||
|
English Name |
|
THANH LONG TRADING INVESTMENT AND
CONSULTANT JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN TU VAN VA DAU TU THUONG
MAI THANH LONG |
|
Short name |
|
THANH LONG TIC., JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
010301429 |
|
Date of Registration |
|
11 Oct 2006 |
|
Place of Registration |
|
Hanoi Department of Planning and
Development |
|
Current registered capital |
|
15,000,000,000 VND |
|
Status |
|
Unlisted |
|
Tax code |
|
0102081819 |
|
Total Employees |
|
50 |
Historical Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Address: C11, 61/16
lane, Lac Trung street, Vinh Tuy ward, Hai Ba Trung dist, Hanoi City Changed
to: No. 16C, 61/16 Lane, Lac Trung Street, Vinh Tuy Ward, Hai ba Trung
District, Hanoi City |
compANY ADDRESSES
|
Registration
Address |
||
|
Address |
|
No 37 - 67 Lane - Duc Giang street Duc
Giang ward - Long Bien District - Ha Noi City - Vietnam |
|
|
||
|
Factory Address |
||
|
Address |
|
Lat Son Industrial Zone - Kim Bang District
- Ha Nam Province - Vietnam |
|
|
||
|
Transaction
office in Ha Noi |
||
|
Address |
|
No. 16C - 61/16 Lane - Lac Trung street
Vinh Tuy ward - Hai Ba Trung District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 36364945 |
|
Fax |
|
(84-4) 36364944 |
DIRECTORS
|
1.
NAME |
|
Mr.
PHAN HUY HOANG |
|
Position |
|
Chairman and Director |
|
Date of Birth |
|
21 Aug 1974 |
|
ID Number/Passport |
|
011951033 |
|
ID Issue Date |
|
20 Feb 2003 |
|
ID Issue Place |
|
Police Station of
Hanoi City |
|
Resident |
|
No 9C, 61 lane, Lac
Trung street Vinh Tuy Ward - Hai Ba Trung District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
The subject registers and operates in the
following business activities: |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Market |
|
India, Thai Land |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
China, Asian countries |
BANKERS
|
1.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT DUC GIANG TRANSACTION |
||
|
Address |
|
No.80 Ngo Gia Tu Street - Long Bien District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 38776612 |
|
Fax |
|
(84-4) 38776612 |
|
|
||
|
2.
MILITARY COMMERCIAL JOINT STOCK BANK LY NAM DE BRANCH |
||
|
Address |
|
No.14C Ly Nam De - Hoan Kiem District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 3733 1668 |
|
Fax |
|
(84-4) 3747 1497 |
SHAREHOLDERS
Following
are subject’s foundation shareholders:
|
||
|
1.
NAME |
|
Mr.
PHAN HUY HOANG |
|
Resident |
|
No 9C, 61 lane, Lac Trung street Vinh Tuy
ward - Hai Ba Trung District - Ha Noi City - Vietnam |
|
Number of Shares |
|
4,080 |
|
Value of shares |
|
4,080,000,000 VND |
|
Percentage |
|
27.2% |
|
|
||
|
2.
NAME |
|
Mr.
VAN DINH TIEN |
|
ID Number/Passport |
|
171780780 |
|
Resident |
|
Van Ngoc group Thanh Khai commune - Thanh
Chuong District - Nghe An Province - Vietnam |
|
Number of Shares |
|
1,360 |
|
Value of shares |
|
1,360,000,000 VND |
|
Percentage |
|
9.07% |
|
|
||
|
3.
NAME |
|
Mr.
PHAN HUY NGOC |
|
ID Number/Passport |
|
010451862 |
|
Resident |
|
No 9C, 61 lane, Lac Trung street Vinh Tuy
ward - Hai Ba Trung District - Ha Noi City - Vietnam |
|
Number of Shares |
|
1,360 |
|
Value of shares |
|
1,360,000,000 VND |
|
Percentage |
|
9.07% |
FINANCIAL DATA
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/12/2009 |
31/12/2008 |
31/12/2007 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
47,570,000,000 |
17,761,736,354 |
16,402,086,548 |
|
I. Cash and cash
equivalents |
3,092,000,000 |
567,033,381 |
230,661,372 |
|
1. Cash |
3,092,000,000 |
567,033,381 |
230,661,372 |
|
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 |
8,072,000,000 |
5,347,901,565 |
8,222,195,464 |
|
1. Receivable from customers |
7,572,000,000 |
5,182,587,565 |
7,687,436,964 |
|
2. Prepayments to suppliers |
500,000,000 |
96,996,000 |
447,700,600 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
0 |
68,318,000 |
87,057,900 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
27,576,000,000 |
9,040,539,500 |
5,994,179,969 |
|
1. Inventories |
27,576,000,000 |
6,372,027,500 |
5,994,179,969 |
|
2. Provisions for devaluation of inventories |
0 |
2,668,512,000 |
0 |
|
V. Other Current
Assets |
8,830,000,000 |
2,806,261,908 |
1,955,049,743 |
|
1. Short-term prepaid expenses |
0 |
105,202,500 |
0 |
|
2. VAT to be deducted |
1,120,000,000 |
108,434,408 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
2,592,625,000 |
0 |
|
4. Other current assets |
7,710,000,000 |
|
1,955,049,743 |
|
B. LONG-TERM ASSETS
|
9,504,000,000 |
1,727,652,604 |
1,443,115,490 |
|
I. Long term
account receivable |
0 |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
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
|
2,304,000,000 |
1,727,652,604 |
1,443,115,490 |
|
1. Tangible assets |
2,304,000,000 |
1,727,652,604 |
1,443,115,490 |
|
- Historical costs |
2,650,000,000 |
1,861,029,646 |
1,500,723,646 |
|
- Accumulated depreciation |
-346,000,000 |
-133,377,042 |
-57,608,156 |
|
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 |
7,200,000,000 |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
7,200,000,000 |
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 |
|
VI. Goodwill |
|
|
|
|
1. Goodwill |
|
0 |
0 |
|
TOTAL ASSETS |
57,074,000,000 |
19,489,388,958 |
17,845,202,038 |
|
LIABILITIES |
|||
|
A- LIABILITIES |
36,756,000,000 |
6,998,290,930 |
8,663,699,620 |
|
I. Current
liabilities |
36,756,000,000 |
6,998,290,930 |
8,663,699,620 |
|
1. Short-term debts and loans |
20,708,000,000 |
3,900,000,000 |
8,122,848,275 |
|
2. Payable to suppliers |
13,939,000,000 |
2,363,643,925 |
405,993,135 |
|
3. Advances from customers |
0 |
344,049,840 |
0 |
|
4. Taxes and other obligations to the State Budget |
609,000,000 |
370,523,165 |
134,858,210 |
|
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 |
1,500,000,000 |
20,074,000 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
0 |
0 |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
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 |
20,318,000,000 |
12,491,098,028 |
9,181,502,418 |
|
I. OWNER’S
EQUITY |
20,318,000,000 |
12,491,098,028 |
9,181,502,418 |
|
1. Capital |
15,000,000,000 |
8,000,000,000 |
5,500,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
0 |
1,000,000,000 |
1,500,000,000 |
|
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 |
5,318,000,000 |
3,491,098,028 |
2,181,502,418 |
|
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 |
|
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
57,074,000,000 |
19,489,388,958 |
17,845,202,038 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2009 |
FY2008 |
FY2007 |
|
1. Total Sale |
188,509,000,000 |
111,137,976,292 |
113,378,457,014 |
|
2. Deduction item |
68,000,000 |
5,245,550 |
|
|
3. Net SALE |
188,441,000,000 |
111,132,730,742 |
113,378,457,014 |
|
4. Costs of goods sold |
177,665,000,000 |
102,664,535,661 |
105,380,099,678 |
|
5. Gross profit |
10,776,000,000 |
8,468,195,081 |
7,998,357,336 |
|
6. Financial income |
89,000,000 |
95,484,516 |
0 |
|
7. Financial expenses |
2,560,000,000 |
1,700,126,875 |
509,128,942 |
|
- In which: Loan interest expenses |
1,441,000,000 |
1,684,528,365 |
497,742,142 |
|
8. Selling expenses |
5,635,000,000 |
4,274,017,920 |
2,971,228,514 |
|
9. Administrative overheads |
1,597,000,000 |
718,594,175 |
1,486,359,736 |
|
10. Net operating profit |
1,073,000,000 |
1,870,940,627 |
3,031,640,144 |
|
11. Other income |
1,402,000,000 |
106,228,346 |
60,525,795 |
|
12. Other expenses |
36,000,000 |
158,286,182 |
62,301,470 |
|
13. Other profit /(loss) |
1,366,000,000 |
-52,057,836 |
-1,775,675 |
|
14. Total accounting profit before tax |
2,439,000,000 |
1,818,882,791 |
3,029,864,469 |
|
15. Current corporate income tax |
609,000,000 |
509,287,181 |
848,362,051 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
1,830,000,000 |
1,309,595,610 |
2,181,502,418 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2009 |
FY2008 |
FY2007 |
Average Industry |
|
Current liquidity ratio |
1.29 |
2.54 |
1.89 |
1.47 |
|
Quick liquidity ratio |
0.54 |
1.25 |
1.20 |
0.70 |
|
Inventory circle |
9.70 |
13.66 |
17.58 |
8.31 |
|
Average receive period |
15.64 |
17.56 |
26.47 |
28.57 |
|
Utilizing asset performance |
3.30 |
5.70 |
6.35 |
2.64 |
|
Liability by total asset |
64.40 |
35.91 |
48.55 |
58.07 |
|
Liability by owner equity |
180.90 |
56.03 |
94.36 |
182.19 |
|
Ebit / Total asset (ROA) |
6.80 |
17.98 |
19.77 |
10.02 |
|
Ebit / Owner's equity (ROE) |
19.10 |
28.05 |
38.42 |
25.93 |
|
Ebit / Total SALE (NPM) |
2.06 |
3.15 |
3.11 |
3.82 |
|
Gross profit / Total SALE (GPM) |
5.72 |
7.62 |
7.05 |
8.54 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
||||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, T/T |
|
Sale Methods |
|
Retailer and Wholesaler |
|
CREDIT INQUIRY: USD 10,000,000 |
|
This credit inquiry is too big for the
subject. Caution needed! |
INTERPRETATION ON THE SCORES
|
The subject was established in
2006 under the business registration No. 010301429, granted by Planning and Investment
Department of Hanoi City and tax code No. 0102081819. The current registered
capital of the subject is VND 15 billion with three shareholders, including
Mr. Phan Huy Hoang – Director, Mr. Phan Huy Ngoc and Mr. Van Dinh Tien. The subject is specialized in
trading and processing agricultural products, cattle-feed as well as trading
real estate. The subject imports from India, Thai Land and exports to China,
Asian countries which have high demand on agricultural products. Besides the head office located
at No. 16C – Lane 61/16 Lac Trung Street, Vinh Tuy Ward, Hai Ba Trung
District, Hanoi City, the subject also a factory in Hanam Province. Total
employees of the subject now are about 50 people. The premises of the subject
are fair and the business operation seems to be busy. We supplied the subject’s
financial data in three years, 2007 to 2009. In 2009, all most of items in
balance sheets increased as compared with the previous years. In which the
total assets was up from VND 19.4 billion in 2008 to VND 57 billion. The
current assets hold 83% and the rest is the long-term ones. However besides
that, the subject also increased the liabilities. If in 2008, the liabilities
of the subject were VND 6.9 billion, this number was up to VND 36.7 billion
in 2009, mainly came from the short-term debts and loans, an increase of 430%
compared with 2008. The liabilities of the subject in 2009 increased but the
current assets still can cover it so the liquidity ratios were acceptable.
However the quick liquidity ratio was 0.54, it was lower than the industry
average because of the high inventories in 2009, which account for about 57%
in current assets. Turnover in 2009 of the subject
reached VND 188.5 billion but due to the high expenses so the profit was low.
The profitability ratios were low compared with previous years and average
industry. The subject is ranked as small
medium company in the industry. The business activities of the subject are
developing. No caution need with small transactions. With the credit inquiry
of USD 10,000,000 as you given; it is too big for the subject. You should
caution. |
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.45.37 |
|
UK Pound |
1 |
Rs.74.56 |
|
Euro |
1 |
Rs.65.34 |
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 |
|
---- |
NB |
New Business |
---- |
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.