MIRA INFORM REPORT
|
Report Date : |
29.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
ICH CONG COMMERCIAL - SERVICE JOINT STOCK
COMPANY |
|
|
|
|
Registered Office : |
8A/4B1 Thai Van Lung Str, Ben Nghe Ward , District 1, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
24.01.2007 |
|
|
|
|
Com. Reg. No.: |
4103005975 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
trading types of fruits |
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|
|
|
No. of Employees
: |
25 |
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
|
Registration English Name |
|
ICH CONG
COMMERCIAL - SERVICE JOINT STOCK COMPANY |
|
Registration Vietnamese Name
|
|
CONG TY CO PHAN THUONG MAI - DICH VU ICH
CONG |
|
Registration Short name |
|
ICC SERVICE JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2007 |
|
Business Registration No. |
|
4103005975 |
|
Date of 01st Registration |
|
24 Jan 2007 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of Ho Chi Minh City |
|
Current registered capital |
|
VND 9,000,000,000 |
|
Tax code |
|
0304828451 |
|
Total Employees |
|
25 |
Note:
The name “ ICH CONG COMMERCIAL JOINT VENTURE CO ICC” is not registered in Vietnam. Following your given information, we find out “ICH CONG COMMERCIAL - SERVICE JOINT STOCK COMPANY”
company ADDRESSES
|
Head Office |
||
|
Address |
|
8A/4B1 Thai Van Lung Str, Ben Nghe Ward ,
District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3823 8692 |
|
Fax |
|
(84-8) 3824 4885 |
|
Note: The address “No.44-45-46 Hoang Sa Str, Da
Kao Ward , District 1, Ho Chi Minh City, Vietnam” is for receiving subject's document. |
||
DIRECTORS
|
1.
NAME |
|
Mr.
NGUYEN THANH LONG |
|
Position |
|
Director |
|
Date of Birth |
|
26 May 1959 |
|
ID Number/Passport |
|
023284857 |
|
ID Issue Date |
|
26 Sep 2006 |
|
ID Issue Place |
|
Police station of
Hochiminh city |
|
Resident |
|
15A/1 Le Thanh Ton Str,
Ben Nghe Ward , District 1, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
HUYNH NHAT MINH CHAU |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
++84- 909 565 437 |
BUSINESS NATURE AND ACTIVITIES
The subject is specialized in trading types of fruits.
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Apple, grape, kiwi, cherry… |
|
·
Market |
|
USA, Australia, South Africa, New Zealand... |
|
|
||
|
EXPORT: |
||
|
Note: Currently, the subject does not export |
||
BANKERS
|
1.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT- LE LOI TRANSACTION |
||
|
Address |
|
No.109, Nguyen Hue Street, Ben Nghe Ward, District 1, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 38277187 |
|
Fax |
|
(84-8) 38277186 |
|
|
||
|
2.
VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK SAI GON BRANCH |
||
|
Address |
|
No.28-30 Huynh Thuc Khang Street, Ben Nghe Ward, District 1, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 39143152 - 39143669 |
|
Fax |
|
(84-8) 39143150 |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
NGUYEN DUY THANG |
|
ID Number/Passport |
|
020027827 |
|
Resident |
|
321/4 Huynh Van Banh Str, Ward 11 , Phu
Nhuan District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,000,000,000 |
|
Percentage |
|
22.22% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN THANH HOANG |
|
ID Number/Passport |
|
022979026 |
|
Resident |
|
128/17B Hai Ba Trung Str, Da Kao Ward ,
District 1, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,000,000,000 |
|
Percentage |
|
22.22% |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN THANH LONG |
|
Position |
|
Director |
|
Date of Birth |
|
26 May 1959 |
|
ID Number/Passport |
|
023284857 |
|
Issued on |
|
26 Sep 2006 |
|
Issued Place |
|
Police station of Hochiminh city |
|
Resident |
|
15A/1 Le Thanh Ton Str, Ben Nghe Ward ,
District 1, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 3,000,000,000 |
|
Percentage |
|
33.33% |
|
|
||
|
4.
NAME |
|
Ms.
TRAN THI THAO |
|
ID Number/Passport |
|
025566540 |
|
Resident |
|
230 Lot 9 Thanh Da Housing Compound, Ward
27 , Binh Thanh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,000,000,000 |
|
Percentage |
|
22.22% |
FINANCIAL DATA
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2009 |
|
Number of weeks |
52 |
|
ASSETS |
|
|
A – CURRENT
ASSETS |
60,186,205,987 |
|
I. Cash and cash
equivalents |
443,621,506 |
|
1. Cash |
443,621,506 |
|
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 |
22,079,818,049 |
|
1. Receivable from customers |
5,945,134,450 |
|
2. Prepayments to suppliers |
10,090,562,434 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
6,044,121,165 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
37,449,191,084 |
|
1. Inventories |
37,449,191,084 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
213,575,348 |
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
0 |
|
3. Taxes and other accounts receivable from the State |
213,575,348 |
|
4. Other current assets |
0 |
|
B. LONG-TERM
ASSETS |
0 |
|
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
|
0 |
|
1. Tangible assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
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 |
60,186,205,987 |
|
|
|
|
LIABILITIES |
|
|
A- LIABILITIES |
50,966,760,591 |
|
I. Current
liabilities |
35,093,700,188 |
|
1. Short-term debts and loans |
0 |
|
2. Payable to suppliers |
20,494,970,660 |
|
3. Advances from customers |
13,715,358,575 |
|
4. Taxes and other obligations to the State Budget |
883,370,953 |
|
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 |
15,873,060,403 |
|
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 |
15,873,060,403 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
B- OWNER’S
EQUITY |
9,219,445,396 |
|
I. OWNER’S
EQUITY |
9,219,445,396 |
|
1. Capital |
9,000,000,000 |
|
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 |
219,445,396 |
|
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 |
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
60,186,205,987 |
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2009 |
|
1. Total Sales |
69,429,978,000 |
|
2. Deduction item |
0 |
|
3. Net sale |
69,429,978,000 |
|
4. Costs of goods sold |
66,256,114,111 |
|
5. Gross profit |
3,173,863,889 |
|
6. Financial income |
24,135,412 |
|
7. Financial expenses |
572,135,913 |
|
- In which: Loan interest expenses |
|
|
8. Selling expenses |
0 |
|
9. Administrative overheads |
2,333,269,527 |
|
10. Net operating profit |
292,593,861 |
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
292,593,861 |
|
15. Current corporate income tax |
73,148,465 |
|
16. Deferred corporate income tax |
0 |
|
18. Profit after tax |
219,445,396 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.72 |
1.94 |
|
Quick liquidity ratio |
0.65 |
0.98 |
|
Inventory circle |
1.77 |
9.29 |
|
Average receive period |
116.08 |
54.01 |
|
Utilizing asset performance |
1.15 |
2.21 |
|
Liability by total assets |
84.68 |
58.72 |
|
Liability by owner's equity |
552.82 |
256.76 |
|
Ebit / Total assets (ROA) |
0.49 |
7.90 |
|
Ebit / Owner's equity (ROE) |
3.17 |
25.68 |
|
Ebit / Total sale (NPM) |
0.42 |
4.18 |
|
Gross profit / Total sale (GPM) |
4.57 |
15.30 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank (T/T) |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Normal |
|
CREDIT INQUIRY: US$ 530,000, 30-90 days |
|
Caution needed! |
INTERPRETATION ON THE SCORES
|
ICH
CONG COMMERCIAL - SERVICE JOINT STOCK COMPANY was established in 2007 under
the Business Registration No. 4103005975. Its head office is
at No.8A/4B1 Thai Van Lung Str- Ben Nghe Ward - District 1- Ho Chi Minh City-
Vietnam. The subject is specialized in
importing and trading apple, grape, kiwi, cherry… It imports products from
USA, Australia, South Africa, New Zealand...
Main operation market of subject is in domestic, especially in Ho Chi
Minh city. The subject’s premises and
facilities are normal. It has a cold warehouse. Director of subject has
experienced in this field for long time and created good relationship with
suppliers. Currently, the subject’s business activities are fairly busy. According to subject’s chief
accountant, its turnover 2011 is same as 2010. The subject is operating
normally. Its financial situation is average. The subject has capacity to
meet normal financial commitments. |
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.53.21 |
|
UK Pound |
1 |
Rs.83.32 |
|
Euro |
1 |
Rs.69.51 |
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.