MIRA
INFORM REPORT
|
Report Date : |
14.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
TOAN KY TRADING SERVICE COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 16-C22- K300 Cong Hoa Str - Ward 12 - Binh Tan District - Ho Chi Minh City |
|
|
|
|
Country : |
Viet Nam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2006 |
|
|
|
|
Com. Reg. No.: |
0304253563 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of soap and detergents, cleaning and polishing preparations |
|
|
|
|
No. of Employees : |
35 |
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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Viet Nam |
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
|
||
|
Registration English Name |
|
TOAN KY TRADING SERVICE COMPANY LIMITED |
|
Registration Vietnamese Name |
|
CONG TY TNHH THUONG MAI DICH VU TOAN KY |
|
Another
English name |
|
TOAN KY TRADING AND SERVICE CO., LTD |
|
Registration short name |
|
TOAN KY CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
0304253563 |
|
Date of 5th adjustment |
|
19 Oct 2010 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of Hochiminh City |
|
Current registered capital |
|
VND 18,000,000,000 |
|
Tax code |
|
0304253563 |
|
Total Employees |
|
35 |
|
Note:
Recently, the subject has not registered
TOAN KY TRADING AND SERVICE CO., LTD. However, the subject has introduced itself
in English as TOAN KY TRADING AND SERVICE CO., LTD on its
website. |
||
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered capital:
9,800,000,000 VND Changed to: 18,000,000,000 VND |
19
Oct 2010 |
|
2 |
Subject has got former Business Registration
No: 4102037536 which was first issued on 15 Mar 2006 Changed to: 0304253563 |
2009 |
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 16-C22- K300 Cong Hoa Str - Ward 12 -
Binh Tan District - Ho Chi Minh City -
Vietnam |
|
Telephone |
|
(84-8) 3948 5727/28/29 |
|
Fax |
|
(84-8) 3948 5730 |
|
Email |
|
|
|
Website |
|
|
|
ranch in Ho Chi
Minh |
||
|
Address |
|
No. 338/38 Nguyen Van Qua Str - Dong Hung
Thuan Ward - District 12 - Ho Chi Minh
City - Vietnam |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 527 Le Thi Rieng Str - Thoi An Ward
- District 12 - Ho Chi Minh City -
Vietnam |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
VU QUOC KY |
|
Position |
|
Director |
|
Date of Birth |
|
26 Jan 1979 |
|
ID Number/Passport |
|
031236526 |
|
ID Issue Date |
|
12 May 2010 |
|
ID Issue Place |
|
Police Station of Hai
Phong City |
|
Resident |
|
Ha Tay Hamlet - Trung
Ha Commune - Thuy Nguyen District - Hai Phong City - Vietnam |
|
Current resident |
|
No. 20 Giai Phong Str - Ward 4 - Tan Binh
District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
HOANG THI SINH |
|
Position |
|
Sale Manager |
|
ID Number/Passport |
|
135101503 |
|
Resident |
|
Dam Noi Hamlet - Tien
Chau Commune - Me Linh Town - Vinh
Phuc Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN NGOC NGAN |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Manufacture of soap and detergents, cleaning and
polishing preparations |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
USA, Germany, Japan, India, Korea , China and Thailand |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Products |
|
·
Market |
|
Thailand, Cambodia |
|
|
||
BANKERS
|
||
|
|
||
|
1.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK TAN BINH BRANCH |
||
|
Address |
|
No.224 Le Van Sy - Ward 1 - Tan Binh District - Ho Chi Minh City -
Vietnam |
|
Telephone |
|
(84-8) 3990 7202 |
|
Fax |
|
(84-8) 3990 7205 |
|
|
||
|
2.
VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK CONG HOA BRANCH |
||
|
Address |
|
No.276 Cong Hoa Str - Ward 13 - Tan Binh District - Ho Chi Minh City -
Vietnam |
|
Telephone |
|
(84-8) 3812 1617 |
|
Fax |
|
(84-8) 3812 2161 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
VU QUOC KY |
|
Position |
|
Director |
|
Date of Birth |
|
26 Jan 1979 |
|
ID Number/Passport |
|
031236526 |
|
Issued on |
|
12 May 2010 |
|
Issued Place |
|
Police Station of Hai Phong City |
|
Resident |
|
Ha Tay Hamlet - Trung Ha Commune - Thuy
Nguyen District - Hai Phong City - Vietnam |
|
Current Resident |
|
No. 20 Giai Phong Str - Ward 4 - Tan Binh
District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
14,940,000,000 VND |
|
Percentage |
|
83% |
|
|
||
|
2.
NAME |
|
Mr.
VU VAN SY |
|
ID Number/Passport |
|
030782946 |
|
Resident |
|
Ha Tay Hamlet - Trung Ha Commune - Thuy
Nguyen District - Hai Phong City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
3,000,000,000 VND |
|
Percentage |
|
16.7% |
|
|
||
|
3.
NAME |
|
Ms.
VU THI MEN |
|
ID Number/Passport |
|
031149850 |
|
Resident |
|
Ha Tay Hamlet, Trung Ha Commune - Thuy
Nguyen District - Hai Phong City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
60,000,000 VND |
|
Percentage |
|
0.3% |
|
|
||
FINANCIAL DATA
|
|
|
|
|
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2010 |
|
Number of weeks |
52 |
ASSETS
|
|
|
A – CURRENT
ASSETS |
45,446,000,000 |
|
I. Cash and cash
equivalents |
107,000,000 |
|
1. Cash |
107,000,000 |
|
2. Cash equivalents |
0 |
|
II. Short-term
investments |
0 |
|
1. Short-term investments |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
32,264,000,000 |
|
1. Receivable from customers |
24,290,000,000 |
|
2. Prepayments to suppliers |
7,973,000,000 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
1,000,000 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
12,471,000,000 |
|
1. Inventories |
12,471,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
604,000,000 |
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
0 |
|
3. Taxes and other accounts receivable from the State |
604,000,000 |
|
4. Other current assets |
0 |
|
B. LONG-TERM
ASSETS |
543,000,000 |
|
I. Long term
accounts receivable |
0 |
|
1. Long term account receivable from customers |
0 |
|
2. Working capital in affiliates |
0 |
|
3. Long-term inter-company receivable |
0 |
|
4. Other long-term receivable |
0 |
|
5. Provisions for bad debts from customers |
0 |
|
II. Fixed assets
|
543,000,000 |
|
1. Tangible assets |
543,000,000 |
|
- Historical costs |
887,000,000 |
|
- Accumulated depreciation |
-344,000,000 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
0 |
|
- Initial costs |
0 |
|
- Accumulated amortization |
0 |
|
4. Construction-in-progress |
0 |
|
III. Investment
property |
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term
investments |
0 |
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
0 |
|
1. Long-term prepaid expenses |
0 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
TOTAL ASSETS |
45,989,000,000 |
|
|
|
LIABILITIES
|
|
|
A- LIABILITIES |
29,831,000,000 |
|
I. Current
liabilities |
29,829,000,000 |
|
1. Short-term debts and loans |
27,617,000,000 |
|
2. Payable to suppliers |
950,000,000 |
|
3. Advances from customers |
0 |
|
4. Taxes and other obligations to the State Budget |
1,262,000,000 |
|
5. Payable to employees |
0 |
|
6. Accrued expenses |
0 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
0 |
|
10. Provisions for short-term accounts payable |
0 |
|
II. Long-Term
Liabilities |
2,000,000 |
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
3. Other long-term payable |
0 |
|
4. Long-term debts and loans |
0 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
2,000,000 |
|
7. Provisions for long-term accounts payable |
0 |
|
B- OWNER’S
EQUITY |
16,158,000,000 |
|
I. OWNER’S
EQUITY |
16,158,000,000 |
|
1. Capital |
18,000,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
-1,842,000,000 |
|
11. Construction investment fund |
0 |
|
II. Other
sources and funds |
0 |
|
1. Bonus and welfare funds |
0 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
45,989,000,000 |
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2010 |
|
1. Total Sales |
125,054,000,000 |
|
2. Deduction item |
0 |
|
3. Net revenue |
125,054,000,000 |
|
4. Costs of goods sold |
111,509,000,000 |
|
5. Gross profit |
13,545,000,000 |
|
6. Financial income |
37,000,000 |
|
7. Financial expenses |
3,378,000,000 |
|
- In which: Loan interest expenses |
3,378,000,000 |
|
8. Selling expenses |
|
|
9. Administrative overheads |
13,903,000,000 |
|
10. Net operating profit |
-3,699,000,000 |
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
-3,699,000,000 |
|
15. Current corporate income tax |
0 |
|
16. Deferred corporate income tax |
0 |
|
18. Profit after tax |
-3,699,000,000 |
|
|
||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.52 |
1.45 |
|
Quick liquidity ratio |
1.11 |
0.87 |
|
Inventory circle |
8.94 |
7.48 |
|
Average receive period |
94.17 |
64.15 |
|
Utilizing asset performance |
2.72 |
2.38 |
|
Liability by total assets |
64.87 |
69.14 |
|
Liability by owner's equity |
184.62 |
281.46 |
|
Ebit / Total assets (ROA) |
-0.70 |
10.33 |
|
Ebit / Owner's equity (ROE) |
-1.99 |
35.61 |
|
Ebit / Total revenue (NPM) |
-0.26 |
4.71 |
|
Gross profit / Total revenue (GPM) |
10.83 |
15.43 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
Even |
|
Litigation data |
|
No |
|
Bankruptcy |
|
No |
|
Payment Methods |
|
Direct payment or through its corresponding bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
|
|
CREDIT INQUIRY: 125,000 USD, D/A terms |
|
Caution needed! |
INTERPRETATION ON THE SCORES
|
|
|
|
TOAN
KY CO., LTD is a limited liability company which was established in 2006. Currently,
the subject is operating under the Business Registration No.0304253563 and
its registration capital is VND 18 billion. Its
head office is located at “No. 16-C22- K300 Cong Hoa Str -
Ward 12 - Binh Tan District - Ho Chi
Minh City – Vietnam”. The subject is
a small company with about 35 employees. The
subject is specializing in importing and trading materials for food processing:
instant noodles, sauces, confectioneries, beverage, canned foods, sea foods,
milk, pharmaceuticals…Some materials and additives that the subject is
supplying to manufacturers are: sweetening, additives, preservatives, food
colors, flavors and fragrances, milk powder, stabilizers, acids, taste and
flavor enhancing, vegetarian products, pharmaceutical products, cosmetics, soap,
and detergent... The subject imports materials mainly from USA, Germany,
Japan, India, Korea, Thailand, China... The subject exports products to
Thailand and Cambodia. In addition, the subject maintains and develops many relationships with potential customers to achieve operational objectives of the company. The subject has firmed a good position in the industry. In 2010, financial status of the subject was not good. The liquidity of the subject was acceptable. The subject is on progress of overcoming difficult period. |
------------ 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 |
|
|
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.