MIRA INFORM REPORT
|
Report Date : |
14.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
KHAI NHAT COMPANY LTD |
|
|
|
|
Registered Office : |
B186, Quarter 3, Dong Hung Thuan Ward,
District 12, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
30.09.2002 |
|
|
|
|
Com. Reg. No.: |
4102011882 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing software |
|
|
|
|
No. of Employees
: |
4 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
|
Registered English Name |
|
KHAI NHAT COMPANY LTD |
|
Registered Vietnamese Name |
|
CONG TY TNHH THUONG MAI DICH VU KHAI NHAT |
|
Trade name |
|
KHAI NHAT COMPANY LTD |
|
Registered Short name |
|
CONG TY TNHH THUONG MAI DICH VU KHAI NHAT |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2002 |
|
Business Registration No. |
|
4102011882 |
|
Date of Registration |
|
30 Sep 2002 |
|
Place of Registration |
|
Business Registration Office- Planning and
Investment Department of Ho Chi Minh city |
|
Current registered capital |
|
VND 1,000,000,000 |
|
Tax code |
|
0302743202 |
|
Total Employees |
|
4 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
B186, Quarter 3, Dong Hung Thuan Ward,
District 12, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 5436 5657 |
|
Fax |
|
(84-8) 5436 5658 |
|
Email |
|
|
|
Website |
|
|
DIRECTORS
|
1.
NAME |
|
Mr.
DINH VAN AN |
|
Position |
|
Director |
|
Date of Birth |
|
23 Jun 1965 |
|
ID Number/Passport |
|
023680847 |
|
ID Issue Date |
|
24 Nov 1998 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh City |
|
Resident |
|
No. 54/10 BAch Dang
Street- Ward 2, Binh Thanh District, Ho Chi Minh City, Vietnam |
|
Current resident |
|
14/13/21 Than Nhan Trung Street- Ward 13,
Tan Binh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
PHAN THI THU THUY |
|
Position |
|
Deputy Director |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
LAM VIEN |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
The
subject is specializing in trading foodstuff, appliances, chemicals for
shrimp Ø Manufacturing
software Ø Manufacturing
and selling aquaculture material Ø Manufacturing
additive for animal feed Ø Trading in
seed Ø Aquaculture
consulting Ø Trading in
aquaculture product Ø Packaging
aquaculture material Ø Manufacturing
and trading in aqua feed Ø Trading aqua
veterinary and chemical Ø Trading in
computer, spare parts and steel. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Goods |
|
·
Market |
|
USA, China, India, Indonesia... |
|
|
||
|
EXPORT: N/A |
||
BANKERS
|
1.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No. 275 Nam Ky Khoi Nghia Str, Ward 8, District 3, Ho Chi Minh City,
Vietnam |
|
|
||
|
2.
VIET NAM BANK OF AGRICULTURE AND RURAL DEVELOPMENT |
||
|
Address |
|
No. 2022 Highway 22 Khu Pho 2, Tan Thoi Hiep Ward, District 12, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 3717 7643 - 3717 7878 |
|
Fax |
|
(84-8) 3717 7633 |
|
|
||
|
3.
COMMONWEALTH BANK HO CHI MINH CITY BRANCH |
||
|
Address |
|
Han Nam Office, No. 65 Nguyen Du Street , District 1, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 3824 1525 |
|
Fax |
|
(84-8) 3824 2703 |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
NGUYEN VAN THANH |
|
ID Number/Passport |
|
021468910 |
|
Resident |
|
B186- Group 3 Dong Hung Thuan Ward,
District 12, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 500,000,000 |
|
Percentage |
|
50% |
|
|
||
|
2.
NAME |
|
Mr.
DINH VAN AN |
|
Position |
|
Director |
|
Date of Birth |
|
23 Jun 1965 |
|
ID Number/Passport |
|
023680847 |
|
Issued on |
|
24 Nov 1998 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. 54/10 BAch Dang Street- Ward 2, Binh
Thanh District, Ho Chi Minh City, Vietnam |
|
Current Resident |
|
14/13/21 Than Nhan Trung Street- Ward 13,
Tan Binh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 500,000,000 |
|
Percentage |
|
50% |
FINANCIAL DATA
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
23,091,329,603 |
22,404,736,559 |
|
I. Cash and cash
equivalents |
1,203,370,199 |
9,182,866,466 |
|
1. Cash |
1,203,370,199 |
9,182,866,466 |
|
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 |
3,799,378,955 |
4,111,009,126 |
|
1. Receivable from customers |
2,196,989,231 |
1,860,942,470 |
|
2. Prepayments to suppliers |
975,000,000 |
2,232,835,560 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
627,389,724 |
17,231,096 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
17,829,185,101 |
9,017,698,162 |
|
1. Inventories |
17,829,185,101 |
9,017,698,162 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
259,395,348 |
93,162,805 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
259,395,348 |
93,162,805 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM
ASSETS |
891,930,469 |
556,131,869 |
|
I. Long term
accounts 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
|
491,116,449 |
155,317,849 |
|
1. Tangible assets |
491,116,449 |
155,317,849 |
|
- Historical costs |
621,714,835 |
205,210,290 |
|
- Accumulated depreciation |
-130,598,386 |
-49,892,441 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
|
- Initial costs |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
|
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 |
400,814,020 |
400,814,020 |
|
1. Long-term prepaid expenses |
400,814,020 |
400,814,020 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
23,983,260,072 |
22,960,868,428 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
22,456,821,525 |
21,623,267,219 |
|
I. Current
liabilities |
1,456,821,525 |
6,223,267,219 |
|
1. Short-term debts and loans |
644,190,200 |
6,000,000,000 |
|
2. Payable to suppliers |
476,767,263 |
136,667,511 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
199,584,830 |
53,108,948 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
136,279,232 |
33,490,760 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
21,000,000,000 |
15,400,000,000 |
|
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 |
21,000,000,000 |
15,400,000,000 |
|
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 |
1,526,438,547 |
1,337,601,209 |
|
I. OWNER’S
EQUITY |
1,526,438,547 |
1,337,601,209 |
|
1. Capital |
1,000,000,000 |
1,000,000,000 |
|
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 |
526,438,547 |
337,601,209 |
|
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 |
23,983,260,072 |
22,960,868,428 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
38,140,111,056 |
27,833,514,876 |
|
2. Deduction item |
78,346,507 |
0 |
|
3. Net sales |
38,061,764,549 |
27,833,514,876 |
|
4. Costs of goods sold |
36,348,258,521 |
26,533,011,041 |
|
5. Gross profit |
1,713,506,028 |
1,300,503,835 |
|
6. Financial income |
15,997,559 |
18,368,527 |
|
7. Financial expenses |
1,121,637,464 |
953,192,733 |
|
- In which: Loan interest expenses |
42,316,369 |
4,421,100 |
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
605,661,961 |
487,773,053 |
|
10. Net operating profit |
2,204,162 |
-122,093,424 |
|
11. Other income |
256,507,529 |
24,437,895 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
256,507,529 |
24,437,895 |
|
14. Total accounting profit before tax |
258,711,691 |
-97,655,529 |
|
15. Current corporate income tax |
69,874,352 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
188,837,339 |
-97,655,529 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
15.85 |
3.60 |
1.94 |
|
Quick liquidity ratio |
3.61 |
2.15 |
0.98 |
|
Inventory circle |
2.71 |
2.94 |
9.29 |
|
Average receive period |
36.43 |
53.91 |
54.01 |
|
Utilizing asset performance |
1.59 |
1.21 |
2.21 |
|
Liability by total assets |
93.64 |
94.17 |
58.72 |
|
Liability by owner's equity |
1,471.19 |
1,616.57 |
256.76 |
|
Ebit / Total assets (ROA) |
1.26 |
-0.41 |
7.90 |
|
Ebit / Owner's equity (ROE) |
19.72 |
-6.97 |
25.68 |
|
Ebit / Total sales (NPM) |
0.79 |
-0.34 |
4.18 |
|
Gross profit / Total sales (GPM) |
4.49 |
4.67 |
15.30 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium/High |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
By cash or through the bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
|
CREDIT INQUIRY: 125,000 USD TP DA |
|
Caution needed! |
INTERPRETATION ON THE SCORES
|
The
subject- KHAI NHAT CO., LTD is a limited liability company, which was
established in 2002 under business registration No. 4102011882. Its registered
capital is VND 1 billion. Head
office of the subject is located at B186, Quarter 3, Dong
Hung Thuan Ward, District 12, Ho Chi Minh City. It focuses on trading aquaculture, including equipment, feed, chemical and
medicine and related material for shrimp and fish. It usually imports from USA,
China, India, Indonesia... The
subject’s owners have trade in aquaculture medicine for more than 20 years.
Although the subject is a small enterprise but its market share is stable. At present, it only focuses on
domestic market, particularly in the Central, the South East and the South
West of Vietnam. The subject’s market
share is concentrated on the Center, Mekong Delta Area, Ho Chi Minh City and
neighbor provinces. The subject is the exclusive distributor of Artemia
(Century, Crystal, and Petrel brand) of OSI company, Enzyme product of Aqion.
Besides trading materials, the
subject has shrimp hatcheries in Long Hai- Ba Ria Vung Tau province and one
grow out farm in Long Thanh, Dong Nai province. Its farm and hatchery have
been applied modern technology. According to our collected
financial data, turnovers of the subject had grown up each year. Liquidity
ratios indicated that payment capability of the subject was positive.
However, liability ratios were fairly high, this made increasing latent risk
when having disadvantage changes. Generally, the subject is a
small enterprise which has ordinary operations. It has normal prospect of
future development. |
APPENDIX
|
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.53.40 |
|
UK Pound |
1 |
Rs.83.32 |
|
Euro |
1 |
Rs.70.44 |
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.