%20COMPANY%20LIMITED%20%20-%20%20133982%2023-Feb-2011_files/image002.jpg){kind=small}
MIRA INFORM
REPORT
|
Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
PERSTIMA ( |
|
|
|
|
Registered Office : |
No. 15 – Road Number 6 |
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
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|
|
|
Date of Incorporation : |
02.01.2008 |
|
|
|
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Com. Reg. No.: |
463043000112 |
|
|
|
|
Legal Form : |
Foreign Invested Company |
|
|
|
|
Line of Business : |
Manufacturing Tinplate |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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
|
||
|
English Name |
|
PERSTIMA ( |
|
Vietnamese Name |
|
CONG TY TNHH PERSTIMA ( |
|
Trade name |
|
PERSTIMA ( |
|
Type of Business |
|
Foreign invested company |
|
Year Established |
|
2002 |
|
Business Registration No. |
|
463043000112 |
|
Date of Registration |
|
02 Jan 2008 |
|
Place of Registration |
|
Board of Management of Binh Duong
Industrial Zone |
|
Registered Investment Capital |
|
40,000,000 USD |
|
Chartered capital |
|
8,000,000 USD |
|
Investment Duration |
|
44 |
|
Status |
|
Unlisted |
|
Tax code |
|
3700444535 |
|
Total Employees |
|
200 |
Historical Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject
has got former Business Registration No: 062/GP-KCN-VS Changed
to: 463043000112 |
|
2 |
Subject
has got former Registered Investment Capital: USD 24,000,000 Changed
to: USD 40,000,000 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 15 – Road Number 6 |
|
Telephone |
|
(84-650) 3784 090 – 3784 091 – 3784 092 –
3784 093 |
|
Fax |
|
(84-650) 3782 798 |
|
Email |
|
|
|
Website |
|
|
DIRECTORS
|
1
. NAME |
|
Mr.
MAKOTO KAWANAKA |
|
Position |
|
General Director |
|
Nationality |
|
Japanese |
|
|
||
|
2
. NAME |
|
Mr.
AKARI |
|
Position |
|
Sales Manager |
|
|
||
|
3
. NAME |
|
Ms.
VO NGOC VU HA |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
The subject is specializing in manufacturing tinplate. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
Types of products |
|
Machinery, materials |
|
Market |
|
|
|
|
||
|
EXPORT: |
||
|
Types of products |
|
Products |
|
Market |
|
|
BANKERS
|
1.
HONGKONG SHANGHAI BANK CORPORATION (HSBC) – HO CHI MINH BRANCH |
||
|
Address |
|
6 Floor, |
|
Telephone |
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(84-8) 3829 2288 |
|
Fax |
|
(84-8) 3829 2288 |
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|
||
|
2.
MAYBANK |
||
|
Address |
|
Room 1105A, |
|
Telephone |
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(84-8) 3821 5915 |
|
Fax |
|
(84-8) 3821 5916 |
SHAREHOLDERS
|
1
. NAME |
|
PERUSAHAAN
SADUR TIMAH |
|
Business Registration |
|
49971-D |
|
Date of Registration |
|
16 Aug 1979 |
|
Place of Registration |
|
|
|
Address |
|
Suite 17.4B-17.5, Level 17, Menara Weld - 76
Jalan Raja Chulan - 50200 - Kuala Lumpur - Malaysia |
|
Tel |
|
+60-3-2070 2793 |
|
Fax |
|
+60-3-2032 4552 |
|
Percentage |
|
100% |
FINANCIAL DATA
|
BALANCE
SHEET |
||
I: One VND
|
||
|
Balance sheet
date |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
509,158,000,000 |
570,002,000,000 |
|
I. Cash and cash
equivalents |
22,929,000,000 |
114,068,000,000 |
|
1. Cash |
4,829,000,000 |
29,168,000,000 |
|
2. Cash equivalents |
18,100,000,000 |
84,900,000,000 |
|
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 |
161,938,000,000 |
136,585,000,000 |
|
1. Receivable from customers |
159,314,000,000 |
135,505,000,000 |
|
2. Prepayments to suppliers |
1,758,000,000 |
702,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
866,000,000 |
378,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
305,379,000,000 |
294,161,000,000 |
|
1. Inventories |
305,602,000,000 |
296,696,000,000 |
|
2. Provisions for devaluation of inventories |
-223,000,000 |
-2,535,000,000 |
|
V. Other Current
Assets |
18,912,000,000 |
25,188,000,000 |
|
1. Short-term prepaid expenses |
3,896,000,000 |
1,298,000,000 |
|
2. VAT to be deducted |
7,012,000,000 |
14,565,000,000 |
|
3. Taxes and other accounts receivable from the State |
8,004,000,000 |
9,325,000,000 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM
ASSETS |
329,095,000,000 |
366,908,000,000 |
|
I. Long term
account 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
|
304,429,000,000 |
339,779,000,000 |
|
1. Tangible assets |
304,360,000,000 |
339,728,000,000 |
|
- Historical costs |
493,116,000,000 |
489,096,000,000 |
|
- Accumulated depreciation |
-188,756,000,000 |
-149,368,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
69,000,000 |
51,000,000 |
|
- Initial costs |
1,408,000,000 |
1,339,000,000 |
|
- Accumulated amortization |
-1,339,000,000 |
-1,288,000,000 |
|
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 |
|
VI. Other
long-term assets |
24,666,000,000 |
27,129,000,000 |
|
1. Long-term prepaid expenses |
24,021,000,000 |
24,775,000,000 |
|
2. Deferred income tax assets |
507,000,000 |
2,216,000,000 |
|
3. Other long-term assets |
138,000,000 |
138,000,000 |
|
TOTAL ASSETS |
838,253,000,000 |
936,910,000,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
333,590,000,000 |
550,955,000,000 |
|
I. Current
liabilities |
256,202,000,000 |
374,513,000,000 |
|
1. Short-term debts and loans |
133,461,000,000 |
238,300,000,000 |
|
2. Payable to suppliers |
91,313,000,000 |
119,110,000,000 |
|
3. Advances from customers |
14,032,000,000 |
5,899,000,000 |
|
4. Taxes and other obligations to the State Budget |
9,404,000,000 |
1,980,000,000 |
|
5. Payable to employees |
756,000,000 |
824,000,000 |
|
6. Accrued expenses |
7,124,000,000 |
8,326,000,000 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
112,000,000 |
74,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
77,388,000,000 |
176,442,000,000 |
|
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 |
76,769,000,000 |
175,886,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
619,000,000 |
556,000,000 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
504,663,000,000 |
385,955,000,000 |
|
I. OWNER’S
EQUITY |
504,663,000,000 |
385,955,000,000 |
|
1. Capital |
123,196,000,000 |
123,196,000,000 |
|
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 |
381,467,000,000 |
262,759,000,000 |
|
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 |
838,253,000,000 |
936,910,000,000 |
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2009 |
FY2008 |
|
1. Total |
1,363,970,000,000
|
1,595,180,000,000
|
|
2. Deduction item |
3,314,000,000 |
3,547,000,000 |
|
3. Net |
1,360,656,000,000
|
1,591,633,000,000
|
|
4. Costs of goods sold |
1,167,062,000,000 |
1,528,056,000,000 |
|
5. Gross profit |
193,594,000,000 |
63,577,000,000 |
|
6. Financial income |
13,495,000,000 |
19,217,000,000 |
|
7. Financial expenses |
43,271,000,000 |
74,088,000,000 |
|
- In which: Loan interest expenses |
0 |
0 |
|
8. Selling expenses |
5,899,000,000 |
9,006,000,000 |
|
9. Administrative overheads |
18,324,000,000 |
18,664,000,000 |
|
10. Net operating profit |
139,595,000,000 |
-18,964,000,000 |
|
11. Other income |
1,449,000,000 |
16,510,000,000 |
|
12. Other expenses |
2,182,000,000 |
768,000,000 |
|
13. Other profit /(loss) |
-733,000,000 |
15,742,000,000 |
|
14. Total accounting profit before tax |
138,862,000,000 |
-3,222,000,000 |
|
15. Current corporate income tax |
18,445,000,000 |
1,046,000,000 |
|
16. Deferred corporate income tax |
-1,709,000,000 |
1,390,000,000 |
|
17. Profit after tax |
118,708,000,000 |
-2,878,000,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
Description |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
1.99 |
1.52 |
1.72 |
|
Quick liquidity ratio |
0.80 |
0.74 |
1.01 |
|
Inventory circle |
3.82 |
6.18 |
6.75 |
|
Average receive period |
43.44 |
31.32 |
67.18 |
|
Utilizing asset performance |
1.62 |
1.70 |
1.75 |
|
Liability by total asset |
39.80 |
58.81 |
56.43 |
|
Liability by owner equity |
66.10 |
142.75 |
231.20 |
|
Ebit / Total asset (ROA) |
16.57 |
-0.34 |
9.35 |
|
Ebit / Owner's equity (ROE) |
27.52 |
-0.83 |
20.56 |
|
Ebit / Total |
10.18 |
-0.20 |
3.99 |
|
Gross profit / Total Sale (GPM) |
14.19 |
3.99 |
15.29 |
|
Note: The Average Industry was calculated by |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Uptrend |
|
Litigation data |
|
No |
|
Bankruptcy |
|
No |
|
Payment Methods |
|
L/C, T/T |
|
|
|
Retailer and Wholesaler |
|
Public opinion |
|
N/A |
INTERPRETATION ON THE SCORES
|
PERSTIMA
(VIETNAM) CO., LTD was established in June 2002. The subject is a 100% foreign investment
company, which is subsidiary of PERSTIMA ( The
subject is located in Vietnam Singapore IP - There
were some changes in the management board of subject. Mr. Makoto Kawanaka has
become the general director replacing Mr. Hiroshi Sumino since 2009. Mr.
Akari was also promoted to be the sales manager to replace the former one. Based
on the financial data, the subject achieved the total Sale of VND
1,363,970,000,000 in 2009 and VND 1,595,180,000,000 in 2008. Although total sales in 2009 decreased 14%
compared with 2008, but profit after tax in 2009 increased far more than in
2008. In 2008, subject’s
business operation was rather affected by the fluctuation in the market and
economic downturn in 2008, so profit loss of VND 2,878,000,000. In 2009, subject had overcome many difficulties
with the new changes and achieved good business. Profit in this year reached the highest ever. In
general, the subject is busy now with more than 200 employees. The subject
has taken many advantages and strong support from its parents. The prospect
of subject seems bright. The subject is capable to meet all the small-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 |
||||||
|
|
||||||
|
|
2009 |
2008 |
2007 |
|||
|
Population (Million person) |
87 |
86.1 |
85.1 |
|||
|
Gross Domestic Products (US$
billion) |
91 |
84.9 |
71.2 |
|||
|
GDP Growth (%) |
5.32 |
6.2 |
8.5 |
|||
|
GDP Per Capita (US$) |
1,080 |
1,040 |
814 |
|||
|
Inflation (% Change in
Composite CPI) |
6.88 |
24.4 |
8.3 |
|||
|
|
||||||
|
SERVICE TRADE
PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2009 |
2008 |
2007 |
|||
|
Exports |
56.6 |
62.9 |
48.6 |
|||
|
Imports |
68.8 |
76.6 |
58.9 |
|||
|
Trade Balance |
-12.2 |
-14.6 |
-10.3 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
|
|
1 |
Rs.73.07 |
|
Euro |
1 |
Rs.61.41 |
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 |
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.