MIRA INFORM REPORT
|
Report Date : |
26.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
CONG TY TNHH MINH KHANH |
|
|
|
|
Registered Office : |
46/9B Dien Bien Phu Street - Ward 12 - Binh Thanh District - Ho Chi
Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2000 |
|
|
|
|
Com. Reg. No.: |
0301994771 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
trading car tire of car and lorry |
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
|
||
|
Registered English Name |
|
CONG
TY TNHH MINH KHANH |
|
Registered Vietnamese Name |
|
CONG TY TNHH THUONG MAI MINH KHANH |
|
Registered Short name |
|
MINH KHANH CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2000 |
|
Business Registration No. |
|
0301994771 |
|
Date of Registration (05th adjustment) |
|
15 Nov 2010 |
|
Place of Registration |
|
Business Registration Office of Hochiminh
City |
|
Current registered capital |
|
20,000,000,000 VND |
|
Tax code |
|
0301994771 |
|
Total Employees |
|
20 |
|
Note |
|
The given name (Minh Khanh Trading Company
Limited) is not correct. |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
6,000,000,000 VND Changed to: 20,000,000,000 VND |
15
Nov 2010 |
|
2 |
Subject has got former Business
registration No.4102000986 issued on 9 May 2000 Changed to: 0301994771 |
15
Nov 2010 |
company ADDRESSES
|
Transaction Head
Office |
||
|
Address |
|
47/10 Dien Bien Phu Street - Ward 22 -
Binh Thanh District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 6294 4198 |
|
Fax |
|
(84-8) 6294 5059 |
|
|
||
|
Registration
Address |
||
|
Address |
|
46/9B Dien Bien Phu Street - Ward 12 -
Binh Thanh District - Ho Chi Minh City - Vietnam |
|
|
||
|
Showroom |
||
|
Address |
|
630 Dien Bien Phu Street - Ward 22 - Binh
Thanh District - Ho Chi Minh City - Vietnam |
|
|
||
RELATED COMPANIES
|
TYRES WORLD
JOINT STOCK COMPANY - RELATED COMPANY |
||
|
Business Registration |
|
4103013760 |
|
Tax code |
|
0309130371 |
|
Current registered capital |
|
1,000,000,000 VND |
|
Address |
|
79/15 Dien Bien Phu Street - Ward 22 - Binh Thanh District - Ho Chi
Minh City - Vietnam |
|
Tel |
|
(84-8) 3899 0662 |
|
Fax |
|
(84-8) 3899 0662 |
|
Legal representative |
|
Mr. NGUYEN DUC
LOC |
DIRECTORS
|
1.
NAME |
|
Mr.
CHU DUONG |
|
Position |
|
Director |
|
Date of Birth |
|
24 Aug 1969 |
|
ID Number/Passport |
|
022672485 |
|
Resident |
|
14G Đang Van Ngu
Street - Ward 10 - Phu Nhuan District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 903 904 648 |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Mr.
TRINH KIM NHAT MINH |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
022741117 |
|
Resident |
|
4-5GH - Ngo Tat To, Ward
22 - Binh Thanh District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
3.
NAME |
|
Ms.
PHAM THI TRANG |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
BUSINESS NATURE AND ACTIVITIES
The subject is specializing in trading car tire of
car and lorry.
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
product |
|
·
Market |
|
Singapore, Japan, Thailand, China. |
|
·
Mode of payment |
|
T/T |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
N/A |
BANKERS
|
1.
MARITIME COMMERICAL STOCK BANK THI NGHE BRANCH |
||
|
Address |
|
No.141 Xo Viet Nghe Tinh- Binh Thanh District - Ho Chi Minh City -
Vietnam |
|
Telephone |
|
(083) 35144 801 |
|
Fax |
|
(08) 35144 798 |
|
|
||
|
2.
MILITARY COMMERCIAL JOINT STOCK BANK-TRUONG CHINH BRANCH |
||
|
Address |
|
39/6 - 2 Area - Tan Thoi Ward - District 12 - Ho Chi Minh City -
Vietnam |
|
Telephone |
|
(84-8) 3883 2734 |
|
Fax |
|
(84-8) 3883 2740 |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
CHU DUONG |
|
Position |
|
Director |
|
Date of Birth |
|
24 Aug 1969 |
|
ID Number/Passport |
|
022672485 |
|
Resident |
|
14G Đang Van Ngu Street - Ward 10 -
Phu Nhuan District - Ho Chi Minh City - Vietnam |
|
Mobile phone |
|
+84 903 904 648 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
13,666,000,000 VND |
|
Percentage |
|
68.33% |
|
|
||
|
2.
NAME |
|
Mr.
TRINH KIM NHAT MINH |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
022741117 |
|
Resident |
|
4-5GH - Ngo Tat To, Ward 22 - Binh Thanh District
- Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
6,000,000,000 VND |
|
Percentage |
|
30% |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN DUC LOC |
|
ID Number/Passport |
|
023381685 |
|
Resident |
|
79/15 Dien Bien Phu Str – Ward 22 - Binh
Thanh District - Ho Chi Minh City - Vietnam |
|
Mobile phone |
|
++84 908 184 157 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
334,000,000 VND |
|
Percentage |
|
1.67% |
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 |
103,494,822,412 |
54,894,262,361 |
36,757,000,000 |
|
I. Cash and cash
equivalents |
4,676,127,793 |
1,634,065,110 |
1,599,000,000 |
|
1. Cash |
4,676,127,793 |
1,634,065,110 |
1,599,000,000 |
|
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 |
44,941,287,398 |
16,655,880,034 |
12,987,000,000 |
|
1. Receivable from customers |
44,773,467,358 |
16,655,880,034 |
12,987,000,000 |
|
2. Prepayments to suppliers |
167,820,040 |
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 |
51,598,245,395 |
34,611,542,455 |
19,850,000,000 |
|
1. Inventories |
51,598,245,395 |
34,611,542,455 |
19,850,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
2,279,161,826 |
1,992,774,762 |
2,321,000,000 |
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
2,234,621,730 |
0 |
1,921,000,000 |
|
3. Taxes and other accounts receivable from the State |
44,540,096 |
1,752,774,762 |
0 |
|
4. Other current assets |
0 |
240,000,000 |
400,000,000 |
|
B. LONG-TERM
ASSETS |
2,627,090,061 |
994,408,705 |
349,000,000 |
|
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
|
398,567,191 |
513,505,035 |
316,000,000 |
|
1. Tangible assets |
398,567,191 |
513,505,035 |
316,000,000 |
|
- Historical costs |
643,089,219 |
643,089,219 |
371,000,000 |
|
- Accumulated depreciation |
-244,522,028 |
-129,584,184 |
-55,000,000 |
|
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 |
2,228,522,870 |
480,903,670 |
33,000,000 |
|
1. Long-term prepaid expenses |
1,743,231,192 |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
485,291,678 |
480,903,670 |
33,000,000 |
|
TOTAL ASSETS |
106,121,912,473 |
55,888,671,066 |
37,106,000,000 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
88,773,509,917 |
52,711,012,249 |
31,052,000,000 |
|
I. Current
liabilities |
74,984,507,917 |
38,922,010,249 |
31,052,000,000 |
|
1. Short-term debts and loans |
37,150,490,541 |
31,924,161,079 |
25,775,000,000 |
|
2. Payable to suppliers |
11,740,002,764 |
3,620,195,403 |
3,222,000,000 |
|
3. Advances from customers |
22,207,311,925 |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
2,092,171,461 |
1,583,122,541 |
1,249,000,000 |
|
5. Payable to employees |
0 |
0 |
-30,000,000 |
|
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 |
1,794,531,226 |
1,794,531,226 |
836,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
13,789,002,000 |
13,789,002,000 |
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 |
13,789,002,000 |
13,789,002,000 |
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 |
17,348,402,556 |
3,177,658,817 |
6,054,000,000 |
|
I. OWNER’S
EQUITY |
17,348,402,556 |
3,177,658,817 |
6,054,000,000 |
|
1. Capital |
20,000,000,000 |
6,000,000,000 |
6,000,000,000 |
|
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 |
-3,056,205,276 |
-3,056,205,276 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
404,607,832 |
233,864,093 |
54,000,000 |
|
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 |
106,121,912,473 |
55,888,671,066 |
37,106,000,000 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
FY2008 |
|
1. Total Sale |
190,526,735,228 |
137,904,763,285 |
94,626,000,000 |
|
2. Deduction item |
1,416,000,000 |
0 |
0 |
|
3. Net sale |
189,110,735,228 |
137,904,763,285 |
94,626,000,000 |
|
4. Costs of goods sold |
178,332,517,280 |
131,860,579,029 |
89,032,000,000 |
|
5. Gross profit |
10,778,217,948 |
6,044,184,256 |
5,594,000,000 |
|
6. Financial income |
62,940,424 |
0 |
0 |
|
7. Financial expenses |
6,426,322,284 |
2,790,159,337 |
0 |
|
- In which: Loan interest expenses |
|
2,790,159,337 |
0 |
|
8. Selling expenses |
2,823,315,990 |
2,881,271,593 |
917,000,000 |
|
9. Administrative overheads |
1,363,861,779 |
233,223,971 |
231,000,000 |
|
10. Net operating profit |
227,658,319 |
139,529,355 |
4,446,000,000 |
|
11. Other income |
0 |
42,585,187 |
26,000,000 |
|
12. Other expenses |
0 |
0 |
3,127,000,000 |
|
13. Other profit /(loss) |
0 |
42,585,187 |
-3,101,000,000 |
|
14. Total accounting profit before tax |
227,658,319 |
182,114,542 |
1,345,000,000 |
|
15. Current corporate income tax |
56,914,580 |
45,528,635 |
377,000,000 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
|
18. Profit after tax |
170,743,739 |
136,585,907 |
968,000,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
1.38 |
1.41 |
1.18 |
1.94 |
|
Quick liquidity ratio |
0.69 |
0.52 |
0.54 |
0.98 |
|
Inventory circle |
4.14 |
3.81 |
4.49 |
9.29 |
|
Average receive period |
86.74 |
44.08 |
50.09 |
54.01 |
|
Utilizing asset performance |
1.78 |
2.47 |
2.55 |
2.21 |
|
Liability by total asset |
83.65 |
94.31 |
83.68 |
58.72 |
|
Liability by owner equity |
511.71 |
1,658.80 |
512.92 |
256.76 |
|
Ebit / Total asset (ROA) |
0.21 |
5.32 |
3.62 |
7.90 |
|
Ebit / Owner's equity (ROE) |
1.31 |
93.54 |
22.22 |
25.68 |
|
Ebit / Total sale (NPM) |
0.12 |
2.16 |
1.42 |
4.18 |
|
Gross profit / Total sale (GPM) |
5.66 |
4.38 |
5.91 |
15.30 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, T/T |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
|
CREDIT INQUIRY: 10,000,000
against DA in terms |
|
Caution needed! |
INTERPRETATION ON THE SCORES
|
The subject
– MINH KHANH CO., LTD was established in 2000 under Business Registration
No.4102000986. It was reissued new business registration No.
0301994771 in 2010. The
subject registers address at No.46/9B Dien Bien Phu Street -
Ward 12 - Binh Thanh District - Ho Chi Minh City – Vietnam. However, all
business activities of subject are at No.47/10 Dien Bien Phu Street - Ward 22
- Binh Thanh District - Ho Chi Minh City – Vietnam. The
subject is specializing in trading tire of car and lorry. It imports goods from
Singapore, China, Japan and Thailand. Currently, the subject is distributor
of YoKo – Singapore. Besides, it is trading product of Doublecoin, Casumina.
Main operation market of subject is in Hochiminh City and neighbour
provinces. The
subject has operated in this field for a long time and created good
relationship with customers. Besides subject, its owners have another company
named TYRE WORLD JOINT STOCK COMPANY – established in June 2009 under
Business Registration No. 4103013760 and registered capital VND 1 billion. According
to financial statement, the subject’s sale and profit are good. The business
situation of subject is busy now. Its financial situation is average. The
subject has capacity to normal financial commitments. |
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.46.13 |
|
UK Pound |
1 |
Rs.75.52 |
|
Euro |
1 |
Rs.66.53 |
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.