MIRA INFORM REPORT
|
Report Date : |
01.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
KHANH VINH SALT COMPANY LIMITED |
|
|
|
|
Registered Office : |
Cau Trung Hamlet, Quang Hung Commune, An Lao District, Hai Phong City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2004 |
|
|
|
|
Com. Reg. No.: |
0200581746 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading Industrial Salt |
|
|
|
|
No. of Employees
: |
60 Persons |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
|
KHANH VINH SALT COMPANY LIMITED |
|
Registered Vietnamese Name |
|
CONG TY TRACH NHIEM HUU HAN MUOI KHANH
VINH |
|
Registered Short name |
|
KHANH VINH SALT CO.,LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2004 |
|
Business Registration No. |
|
0200581746 |
|
Date of Registration |
|
2009 |
|
Place of Registration |
|
Planning and investment department of Hai
Phong City |
|
Current registered capital |
|
VND 9,900,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0200581746 |
|
Total Employees |
|
About 60 persons (both staffs and workers) |
|
Size |
|
Small |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered capital:
VND 5,000,000,000 Changed to: VND 9,900,000,000 |
18
Dec 2010 |
|
2 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH MUOI KHANH VINH Changed to: CONG TY TRACH NHIEM HUU HAN
MUOI KHANH VINH |
18
Dec 2010 |
|
3 |
Subject has got former Business
Registration No: 0202001845 Changed to: 0200581746 |
2009
|
company ADDRESSES
|
Head Office |
||
|
Address |
|
Cau Trung Hamlet, Quang Hung Commune, An
Lao District, Hai Phong City, Vietnam |
|
Note:
The subject registers its head office in here but all its business
transactions are performed at No. 28/292 Lach Tray Street - Le Chan District
- Hai Phong City. |
||
|
|
||
|
Transaction
office in Hai Phong |
||
|
Address |
|
No. 28/292 Lach Tray Street, Le Chan
District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3748899/ 3740616 |
|
Fax |
|
(84-31) 3729814 |
|
Email |
|
|
DIRECTORS
|
1.
NAME |
|
Ms.
NGUYEN THI PHUONG |
|
Position |
|
Director |
|
Date of Birth |
|
13 Nov 1949 |
|
ID Number/Passport |
|
030966411 |
|
ID Issue Date |
|
10 Sep 2001 |
|
ID Issue Place |
|
Police station of Hai
Phong City |
|
Resident |
|
Tieu Bang Group, Bang
La Ward, Do Son District, Hai Phong City, Vietnam |
|
Current resident |
|
Hao Khe Cluster, Du Hang Kenh Ward, Le
Chan District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN VAN CUONG |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
030670847 |
|
Resident |
|
No. 44/12 Ngo Quyen,
May Chai Ward, Ngo Quyen District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 912 607767 |
BUSINESS NATURE AND ACTIVITIES
|
The
subject is specialized in trading industrial salt |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Industrial salt |
|
·
Market |
|
India, Pakistan, Bangladesh, etc |
|
|
||
|
EXPORT: Currently, the subject
does not export |
||
BANKERS
|
1.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HAI PHONG BRANCH |
||
|
Address |
|
283 Lach Tray Str, Ngo Quyen District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3728 975 |
|
Fax |
|
(84-31) 3728 113 |
SHAREHOLDERS
|
1.
NAME |
|
Ms.
NGUYEN THI PHUONG |
|
Position |
|
Director |
|
Date of Birth |
|
13 Nov 1949 |
|
ID Number/Passport |
|
030966411 |
|
Issued on |
|
10 Sep 2001 |
|
Issued Place |
|
Police station of Hai Phong City |
|
Resident |
|
Tieu Bang Group, Bang La Ward, Do Son
District, Hai Phong City, Vietnam |
|
Current Resident |
|
Hao Khe Cluster, Du Hang Kenh Ward, Le
Chan District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 5,000,000,000 |
|
Percentage |
|
50.51% |
|
|
||
|
2.
NAME |
|
Mr.
PHAM BA CAM |
|
ID Number/Passport |
|
030642904 |
|
Resident |
|
Housing Group 13, Quarter 1 Du Hang Kenh
Ward, Le Chan District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
10.1% |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN VAN CUONG |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
030670847 |
|
Resident |
|
No. 44/12 Ngo Quyen, May Chai Ward, Ngo
Quyen District, Hai Phong City, Vietnam |
|
Mobile phone |
|
+84 912 607767 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,900,000,000 |
|
Percentage |
|
19.19% |
|
|
||
|
4.
NAME |
|
Ms.
BUI THI TAM |
|
ID Number/Passport |
|
030825269 |
|
Resident |
|
No. 20 Nguyen Binh, Kenh Duong Ward, Le
Chan District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
10.1% |
|
|
||
|
5.
NAME |
|
Ms.
HOANG THI HAU THAO |
|
ID Number/Passport |
|
030995381 |
|
Resident |
|
No. 127, Group 15, Hang Kenh 1 Block, Du Hang
Kenh Ward, Le Chan District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
10.1% |
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 |
24,546,009,547 |
12,072,863,651 |
16,185,767,650 |
|
I. Cash and cash
equivalents |
2,406,405,067 |
319,168,771 |
639,939,236 |
|
1. Cash |
2,406,405,067 |
319,168,771 |
639,939,236 |
|
2. Cash equivalents |
|
|
|
|
II. Short-term
investments |
|
|
|
|
1. Short-term investments |
|
|
|
|
2. Provisions for devaluation of short-term investments |
|
|
|
|
III. Accounts
receivable |
10,887,833,551 |
9,851,842,957 |
14,147,316,920 |
|
1. Receivable from customers |
10,887,833,551 |
9,644,842,957 |
14,147,316,920 |
|
2. Prepayments to suppliers |
|
|
|
|
3. Inter-company receivable |
|
|
|
|
4. Receivable according to the progress of construction |
|
|
|
|
5. Other receivable |
|
207,000,000 |
|
|
6. Provisions for bad debts |
|
|
|
|
IV. Inventories |
11,223,121,429 |
1,594,187,423 |
1,369,956,494 |
|
1. Inventories |
11,223,121,429 |
1,594,187,423 |
1,369,956,494 |
|
2. Provisions for devaluation of inventories |
|
|
|
|
V. Other Current
Assets |
28,649,500 |
307,664,500 |
28,555,000 |
|
1. Short-term prepaid expenses |
|
|
|
|
2. VAT to be deducted |
|
|
|
|
3. Taxes and other accounts receivable from the State |
|
|
|
|
4. Other current assets |
28,649,500 |
307,664,500 |
28,555,000 |
|
B. LONG-TERM
ASSETS |
8,440,499,670 |
8,959,419,245 |
4,601,250,622 |
|
I. Long term
account receivable |
|
|
|
|
1. Long term account receivable from customers |
|
|
|
|
2. Working capital in affiliates |
|
|
|
|
3. Long-term inter-company receivable |
|
|
|
|
4. Other long-term receivable |
|
|
|
|
5. Provisions for bad debts from customers |
|
|
|
|
II. Fixed assets
|
6,340,499,670 |
6,859,419,245 |
4,601,250,622 |
|
1. Tangible assets |
4,379,104,070 |
4,898,023,645 |
3,201,250,622 |
|
- Historical costs |
7,997,191,725 |
7,584,344,309 |
5,196,092,309 |
|
- Accumulated depreciation |
-3,618,087,655 |
-2,686,320,664 |
-1,994,841,687 |
|
2. Financial leasehold assets |
|
|
|
|
- Historical costs |
|
|
|
|
- Accumulated depreciation |
|
|
|
|
3. Intangible assets |
|
|
|
|
- Initial costs |
|
|
|
|
- Accumulated amortization |
|
|
|
|
4. Construction-in-progress |
1,961,395,600 |
1,961,395,600 |
1,400,000,000 |
|
III. Investment
property |
|
|
|
|
Historical costs |
|
|
|
|
Accumulated depreciation |
|
|
|
|
IV. Long-term
investments |
2,100,000,000 |
2,100,000,000 |
|
|
1. Investments in affiliates |
|
|
|
|
2. Investments in business concerns and joint ventures |
|
|
|
|
3. Other long-term investments |
2,100,000,000 |
2,100,000,000 |
|
|
4. Provisions for devaluation of long-term investments |
|
|
|
|
V. Other
long-term assets |
|
|
|
|
1. Long-term prepaid expenses |
|
|
|
|
2. Deferred income tax assets |
|
|
|
|
3. Other long-term assets |
|
|
|
|
VI. Goodwill |
|
|
|
|
1. Goodwill |
|
|
|
|
TOTAL ASSETS |
32,986,509,217 |
21,032,282,896 |
20,787,018,272 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
21,045,112,037 |
14,453,467,249 |
15,263,008,686 |
|
I. Current
liabilities |
20,925,112,037 |
14,453,467,249 |
15,263,008,686 |
|
1. Short-term debts and loans |
18,664,875,202 |
8,654,599,348 |
13,787,294,892 |
|
2. Payable to suppliers |
1,817,613,130 |
5,769,279,351 |
1,425,151,717 |
|
3. Advances from customers |
|
|
|
|
4. Taxes and other obligations to the State Budget |
435,273,705 |
23,797,140 |
49,272,077 |
|
5. Payable to employees |
|
|
|
|
6. Accrued expenses |
|
|
|
|
7. Inter-company payable |
7,350,000 |
|
|
|
8. Payable according to the progress of construction contracts |
|
|
|
|
9. Other payable |
|
5,791,410 |
1,290,000 |
|
10. Provisions for short-term accounts payable |
|
|
|
|
II. Long-Term
Liabilities |
120,000,000 |
|
|
|
1. Long-term accounts payable to suppliers |
|
|
|
|
2. Long-term inter-company payable |
120,000,000 |
|
|
|
3. Other long-term payable |
|
|
|
|
4. Long-term debts and loans |
|
|
|
|
5. Deferred income tax payable |
|
|
|
|
6. Provisions for unemployment allowances |
|
|
|
|
7. Provisions for long-term accounts payable |
|
|
|
|
B- OWNER’S
EQUITY |
11,941,397,180 |
6,578,815,647 |
5,524,009,586 |
|
I. OWNER’S
EQUITY |
11,865,897,180 |
6,578,815,647 |
5,524,009,586 |
|
1. Capital |
5,000,000,000 |
5,000,000,000 |
5,000,000,000 |
|
2. Share premiums |
|
|
|
|
3. Other sources of capital |
|
|
|
|
4. Treasury stocks |
|
|
|
|
5. Differences on asset revaluation |
|
|
|
|
6. Foreign exchange differences |
|
|
|
|
7. Business promotion fund |
|
|
|
|
8. Financial reserved fund |
|
|
|
|
9. Other funds |
2,204,157,514 |
121,962,733 |
6,247,945 |
|
10. Retained earnings |
4,661,739,666 |
1,456,852,914 |
517,761,641 |
|
11. Construction investment fund |
|
|
|
|
II. Other
sources and funds |
75,500,000 |
|
|
|
1. Bonus and welfare funds |
75,500,000 |
|
|
|
2. Sources of expenditure |
|
|
|
|
3. Fund to form fixed assets |
|
|
|
|
MINORITY’S
INTEREST |
|
|
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
32,986,509,217 |
21,032,282,896 |
20,787,018,272 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
FY2008 |
|
1. Total Sale |
108,530,749,810 |
108,704,480,749 |
111,240,969,131 |
|
2. Deduction item |
|
|
|
|
3. Net sale |
108,530,749,810 |
108,704,480,749 |
111,240,969,131 |
|
4. Costs of goods sold |
87,369,400,420 |
92,683,757,435 |
94,901,785,816 |
|
5. Gross profit |
21,161,349,390 |
16,020,723,314 |
16,339,183,315 |
|
6. Financial income |
27,496,287 |
17,971,289 |
64,030,466 |
|
7. Financial expenses |
1,796,455,459 |
1,924,196,175 |
3,016,704,937 |
|
- In which: Loan interest expenses |
|
1,924,196,175 |
3,016,704,937 |
|
8. Selling expenses |
13,266,737,335 |
|
|
|
9. Administrative overheads |
|
12,657,645,514 |
12,941,019,457 |
|
10. Net operating profit |
6,125,652,883 |
1,456,852,914 |
445,489,387 |
|
11. Other income |
90,000,000 |
|
|
|
12. Other expenses |
|
|
|
|
13. Other profit /(loss) |
90,000,000 |
|
|
|
14. Total accounting profit before tax |
6,215,652,883 |
1,456,852,914 |
445,489,387 |
|
15. Current corporate income tax |
1,553,913,222 |
254,949,260 |
115,381,755 |
|
16. Deferred corporate income tax |
|
|
|
|
17. Interest from subsidiaries/related companies |
|
|
|
|
18. Profit after tax |
4,661,739,661 |
1,201,903,654 |
330,107,632 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
1.17 |
0.84 |
1.06 |
1.94 |
|
Quick liquidity ratio |
0.64 |
0.73 |
0.97 |
0.98 |
|
Inventory circle |
13.63 |
62.54 |
69.27 |
9.29 |
|
Average receive period |
36.62 |
33.08 |
46.42 |
54.01 |
|
Utilizing asset performance |
3.29 |
5.17 |
5.35 |
2.21 |
|
Liability by total asset |
63.80 |
68.72 |
73.43 |
58.72 |
|
Liability by owner equity |
176.24 |
219.70 |
276.30 |
256.76 |
|
Ebit / Total asset (ROA) |
18.84 |
16.08 |
16.66 |
7.90 |
|
Ebit / Owner's equity (ROE) |
52.05 |
51.39 |
62.68 |
25.68 |
|
Ebit / Total sale (NPM) |
5.73 |
3.11 |
3.11 |
4.18 |
|
Gross profit / Total sale (GPM) |
19.50 |
14.74 |
14.69 |
15.30 |
|
Note: The Average Industry
was calculated by Vietnam Credit based on our owned statistical data |
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Even |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, Through its bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
CREDIT INQUIRY: 125,000 USD Against da
in terms Acceptable |
INTERPRETATION ON THE SCORES
|
Established
in 2004 as a limited liability company, the subject was granted the business
registration No. 0202001845 by Hai Phong Department of Planning and
Investment with registered capital of VND 5 billion. In 2009, the subject's
business registration was adjusted into No. 0200581746 for coincidence with
the tax code according to the new Vietnam business law. At the end of 2010,
it increased its capital to VND 9,900 million. The
subject registers its head office at Cau Trung Hamlet - Quang Hung Commune -
An Lao District - Hai Phong City but all its business transactions are
performed at No. 28/292 Lach Tray Street - Le Chan District - Hai Phong City.
There are about 60 persons (both staff and worker) working for the subject
now. The
subject now focuses on trading industrial salt which is imported from foreign
country with main markets are India, Pakistan, Bangladesh, etc. It does not
have export activity. Its industrial salt products are supplied mainly for
factories that manufacture industrial products in Vietnam. Besides, it also
purchases salt from domestic and sells to customers under both two form of
retail and wholesale. Financially,
based on the above financial statement, we can see that: In
2008, the subject's turnover reached over VND 111 billion, increased strongly
compared with previous years but in 2009 and 2010 this number reduced. Also,
according to Mr. Nguyen Van Cuong_the subject's chief accountant, sale in
2011 is estimated to be lower than that in 2010, main cause of decrease in
recent years is that salt price in local lessened. However, turnover of the
subject still is considered as fairly high in comparison with other small
scale companies in the field. Besides, it profit also was relative and rose
year by year. This proves that the subject’s costs management capacity is
good. In
2010, the subject's ROA, ROE and profit ratios were much better than the
average industry. This shows that, although the subject had to face with
difficulties in market, its business operations still are effective.
Moreover, operation ratios also were higher than the average industry,
reveals that the subject's property management ability is fairly good.
Nevertheless, its liquidity seems limited and its capital structure also is
not very safe. This is reflected in liquidity indexes and debt rate of the
subject. Liquidity ratios were poor due to the high current liabilities, and
the high liabilities also was cause that leaded to a not good debt rate,
although in 2010 this rate was improved compared with previous years. This is
not good signs for creditors. At the
end of 2010, the subject increased its capital from VND 5 billion to VND
9,900 million. Like this, its self-financing ability can be improved
continuously. In
general, the subject is ranked as a small scale company. Its business
activity is fairly effective. Now, it has capacity to meet small
transactions. Caution is needed for medium and big ones with the subject. |
APPENDIXES
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed by price
compared with 1994 (%) |
Total
enterprises 2009 |
Total employees
2010 (Thous.pers.) |
Annual average
capital of enterprises 2009 (billion dongs) |
||
|
2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.78 |
1.82 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
7.70 |
5.52 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
7.52 |
6.63 |
154,978 |
14,522 |
4,939,069 |
|
|
|
||||||
|
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 |
72.2 |
57.1 |
62.7 |
|||
|
Imports |
84.8 |
69.9 |
80.7 |
|||
|
Trade Balance |
-12.6 |
-12.8 |
-18 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.17 |
|
UK Pound |
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.69.47 |
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.