MIRA
INFORM REPORT
|
Report Date : |
26.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
TIN THINH COMPANY LIMITED |
|
|
|
|
Registered Office : |
Lot F1 Suoi Dau Industrial Zone - Cam Lam District - Khanh
Hoa Province |
|
|
|
|
Country : |
Viet Nam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
23.07.2002 |
|
|
|
|
Com. Reg. No.: |
4200493871 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Collecting And Processing Tuna Fish For Export |
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 |
|
Maximum Credit Limit : |
1,400,000 USD |
|
|
|
|
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) |
|
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
|
||
|
|
||
|
English Name |
|
TIN THINH COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH TIN THINH |
|
Trade name |
|
TIN THINH CO.,LTD |
|
Short name |
|
TITHICO |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2002 |
|
Business Registration No. |
|
4200493871 |
|
Date of Registration |
|
23 Jul 2002 |
|
Place of Registration |
|
Khanh Hoa Department of Planning and Investment |
|
Current registered capital |
|
33,600,000,000 VND |
|
Tax code |
|
4200493871 |
|
Total Employees |
|
450 |
|
Size |
|
Medium |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head
Office |
||
|
Address |
|
Lot F1 Suoi Dau Industrial Zone - Cam Lam District - Khanh
Hoa Province - Vietnam |
|
Telephone |
|
(84-58) 3744161/ 3744152/ 3744153 |
|
Fax |
|
(84-58) 3744165 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1 . NAME |
|
Ms. TRUONG THI XA |
|
Position |
|
Chairwoman |
|
Date of Birth |
|
03 Nov 1950 |
|
ID Number/Passport |
|
220098037 |
|
Resident |
|
No 30B 23/10 Str, Phuong Son ward -
Nha Trang City - Khanh Hoa Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2 . NAME |
|
Ms. NGUYEN THI MY NHI |
|
Position |
|
Director |
|
ID Number/Passport |
|
225036553 |
|
Resident |
|
KB124 Cu Lao Thuong Vinh Tho ward -
Nha Trang City - Khanh Hoa Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3 . NAME |
|
Mr. NGUYEN XUAN HOANG |
|
Position |
|
Chief Accountant |
|
Resident |
|
- - Khanh Hoa Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject is specializing in collecting and processing
tuna fish for export. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT:
|
||
|
Types of products |
|
fishes |
|
Market |
|
India, Philippines |
|
|
||
|
EXPORT:
|
||
|
Types of products |
|
products |
|
Market |
|
USA, Japan and EU countries. |
|
Ratio |
|
96% |
|
Mode of payment |
|
LC and TT |
|
|
||
BANKERS
|
||
|
|
||
|
1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF
VIETNAM NHA TRANG BRANCH |
||
|
Address |
|
No 17 Quang Trung - Nha Trang City - Khanh Hoa Province -
Vietnam |
|
Telephone |
|
(84-58) 3821483 / 3829178 |
|
Fax |
|
(84-58) 3815114 / 3823806 |
|
|
||
|
2. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK
NHA TRANG BRANCH |
||
|
Address |
|
No.38 Thong Nhat str - Nha Trang City - Khanh Hoa Province
- Vietnam |
|
Telephone |
|
(84-58) 3818 177 |
|
Fax |
|
(84-58) 3818 166 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1 . NAME |
|
Ms. TRUONG THI XA |
|
Position |
|
Chairman |
|
Date of Birth |
|
03 Nov 1950 |
|
ID Number/Passport |
|
220098037 |
|
Issued on |
|
29 Nov 2000 |
|
Issued Place |
|
Khanh Hoa Police Station |
|
Resident |
|
No 30B 23/10 Str, Phuong Son ward - Nha Trang City - Khanh
Hoa Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
28,000,000,000 VND |
|
Percentage |
|
83.33% |
|
|
||
|
2 . NAME |
|
Ms. NGUYEN THI MY NHI |
|
Position |
|
Director |
|
ID Number/Passport |
|
225036553 |
|
Resident |
|
KB124 Cu Lao Thuong Vinh Tho ward - Nha Trang City - Khanh
Hoa Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
3,000,000,000 VND |
|
Percentage |
|
8.93% |
|
|
||
|
3 . NAME |
|
Ms. NGUYEN VIET LINH |
|
ID Number/Passport |
|
220772076 |
|
Resident |
|
Xuan Loc 1 village Vinh Ngoc commune - Nha Trang City -
Khanh Hoa Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
2,600,000,000 VND |
|
Percentage |
|
7.44% |
|
|
||
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 |
155,005,263,845
|
92,074,000,000
|
57,816,000,000
|
|
I. Cash and cash equivalents |
|
1,312,000,000
|
363,000,000
|
|
1. Cash |
5,331,553,209
|
1,312,000,000
|
363,000,000
|
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts receivable |
76,663,469,095
|
27,523,000,000
|
24,772,000,000
|
|
1. Receivable from customers |
68,407,651,685
|
25,327,000,000
|
20,374,000,000
|
|
2. Prepayments to suppliers |
8,255,817,410
|
2,584,000,000
|
3,926,000,000
|
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
0 |
0 |
472,000,000
|
|
6. Provisions for bad debts |
0 |
-388,000,000
|
0 |
|
IV. Inventories |
72,574,490,330
|
62,267,000,000
|
29,951,000,000
|
|
1. Inventories |
72,574,490,330
|
62,267,000,000
|
29,951,000,000
|
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current Assets |
435,751,211
|
972,000,000
|
2,730,000,000
|
|
1. Short-term prepaid expenses |
435,751,211
|
312,000,000
|
805,000,000
|
|
2. VAT to be deducted |
0 |
360,000,000
|
835,000,000
|
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
130,000,000
|
|
4. Other current assets |
0 |
300,000,000
|
960,000,000
|
|
B. LONG-TERM ASSETS |
47,580,389,804
|
59,521,000,000
|
53,519,000,000
|
|
I. Long term account receivable |
0 |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets |
47,206,832,572
|
47,197,000,000
|
41,123,000,000
|
|
1. Tangible assets |
47,206,832,572
|
45,831,000,000
|
40,832,000,000
|
|
- Historical costs |
57,399,228,176
|
52,423,000,000
|
44,591,000,000
|
|
- Accumulated depreciation |
-10,192,395,604
|
-6,592,000,000
|
-3,759,000,000
|
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
0 |
|
- Initial costs |
0 |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
0 |
|
4. Construction-in-progress |
0 |
1,366,000,000
|
291,000,000
|
|
III. Investment property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
0 |
11,829,000,000
|
11,960,000,000
|
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
0 |
11,829,000,000
|
11,960,000,000
|
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term assets |
373,557,232
|
495,000,000
|
436,000,000
|
|
1. Long-term prepaid expenses |
373,557,232
|
495,000,000
|
436,000,000
|
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
202,585,653,649
|
151,595,000,000
|
111,335,000,000
|
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
151,989,925,355
|
107,996,000,000
|
75,946,000,000
|
|
I. Current liabilities |
142,453,612,956
|
89,310,000,000
|
65,920,000,000
|
|
1. Short-term debts and loans |
115,023,242,642
|
79,740,000,000
|
48,186,000,000
|
|
2. Payable to suppliers |
24,736,859,795
|
7,941,000,000
|
12,820,000,000
|
|
3. Advances from customers |
1,893,596,815
|
1,427,000,000
|
1,455,000,000
|
|
4. Taxes and other obligations to the State Budget |
388,780,081
|
202,000,000
|
9,000,000
|
|
5. Payable to employees |
|
0 |
0 |
|
6. Accrued expenses |
29,773,200
|
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction
contracts |
0 |
0 |
0 |
|
9. Other payable |
381,360,423
|
0 |
3,450,000,000
|
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term Liabilities |
9,536,312,399
|
18,686,000,000
|
10,026,000,000
|
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
0 |
3,450,000,000
|
0 |
|
4. Long-term debts and loans |
9,536,312,399
|
15,236,000,000
|
10,026,000,000
|
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S EQUITY |
50,595,728,294
|
43,599,000,000
|
35,389,000,000
|
|
I. OWNER’S EQUITY |
50,595,728,294
|
43,599,000,000
|
35,409,000,000
|
|
1. Capital |
33,600,000,000
|
33,000,000,000
|
30,000,000,000
|
|
2. Share premiums |
0 |
0 |
1,434,000,000
|
|
3. Other sources of capital |
0 |
0 |
1,084,000,000
|
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
-281,087,160
|
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
17,276,815,454
|
5,190,000,000
|
2,891,000,000
|
|
11. Construction investment fund |
0 |
5,409,000,000
|
0 |
|
II. Other sources and funds |
0 |
0 |
-20,000,000
|
|
1. Bonus and welfare funds |
0 |
0 |
-20,000,000
|
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S INTEREST |
0 |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
202,585,653,649
|
151,595,000,000
|
111,335,000,000
|
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
FY2008 |
|
1. Total Sale |
575,706,573,421
|
337,372,000,000
|
336,160,000,000
|
|
2. Deduction item |
12,826,591,762
|
2,810,000,000
|
10,672,000,000
|
|
3. Net revenue |
562,879,981,659
|
334,562,000,000
|
325,488,000,000
|
|
4. Costs of goods sold |
516,317,153,605
|
305,097,000,000
|
301,275,000,000
|
|
5. Gross profit |
46,562,828,054
|
29,465,000,000
|
24,213,000,000
|
|
6. Financial income |
10,418,469,065
|
1,432,000,000
|
1,440,000,000
|
|
7. Financial expenses |
16,897,333,419
|
6,295,000,000
|
4,586,000,000
|
|
- In which: Loan interest expenses |
6,070,500,280
|
3,538,000,000
|
4,586,000,000
|
|
8. Selling expenses |
30,673,441,601
|
17,637,000,000
|
0 |
|
9. Administrative overheads |
3,299,240,950
|
3,548,000,000
|
18,096,000,000
|
|
10. Net operating profit |
6,111,281,149
|
3,417,000,000
|
2,971,000,000
|
|
11. Other income |
651,484,505
|
2,946,000,000
|
1,334,000,000
|
|
12. Other expenses |
73,789,554
|
971,000,000
|
1,347,000,000
|
|
13. Other profit /(loss) |
557,694,951
|
1,975,000,000
|
-13,000,000
|
|
14. Total accounting profit before tax |
6,668,976,100
|
5,392,000,000
|
2,958,000,000
|
|
15. Current corporate income tax |
11,496,341
|
202,000,000
|
66,000,000
|
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
6,677,479,759
|
5,190,000,000
|
2,892,000,000
|
|
|
||||
|
FINANCIAL
RATIOS AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
1.09
|
1.03
|
0.88
|
1.45
|
|
Quick liquidity ratio |
0.58
|
0.33
|
0.42
|
0.93
|
|
Inventory circle |
7.11
|
6.62
|
10.06
|
7.42
|
|
Average receive period |
49.71
|
30.03
|
27.78
|
68.87
|
|
Utilizing asset performance |
2.78
|
2.21
|
2.92
|
1.66
|
|
Liability by total asset |
75.03
|
71.24
|
68.21
|
63.62
|
|
Liability by owner equity |
300.40
|
247.70
|
214.60
|
289.65
|
|
Ebit / Total asset (ROA) |
6.29
|
5.89
|
6.78
|
8.16
|
|
Ebit / Owner's equity (ROE) |
25.18
|
20.48
|
21.32
|
27.66
|
|
Ebit / Total revenue (NPM) |
2.21
|
2.65
|
2.24
|
5.74
|
|
Gross profit / Total revenue (GPM) |
8.09
|
8.73
|
7.20
|
11.21
|
|
Note: The Average Industry was
calculated by Vietnam Credit based on our owned statistical data |
||||
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium/High |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
LC and TT |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Good |
|
|
|
Credit Inquiry : Maximum Credit Limit We assess the subject is capable for credit amounts below
1,400,000 USD. |
INTERPRETATION ON THE SCORES
|
|
|
|
TIN THINH COMPANY LIMITED was established in 2002 as a
limited liability company. The subject is operating following business number
4200493871 (same the tax code), issued by Khanh Hoa Department of Planning
and Investment. Now subject’s chartered capital is 33,600,000,000 VND. The subject is specializing in collecting and processing
tuna fish for export. It often imports fishes from India and Philippines.
Then the subject processes mainly for export. Its products are exported to USA,
Japan and EU Countries. According Mr. Nguyen Xuan Hoang, chief accountant of
the subject, exporting occupy about 96% in total revenue and the rest for
consuming domestic. Head office and factory of the subject are located at Lot
F1 Suoi Dau Industrial Zone - Cam Lam District - Khanh Hoa Province. Premise
and facilities are fair. Now the subject has about 450 people, includes
staffs and employees. Management capacity is above average. Chairwoman of the
subject is Ms. TRUONG THI XA, the biggest shareholder. On the hand of finance, subject’s situation is fairly
good. The subject has increased its total asset and revenue in recent years.
In 2009 the subject reached VND 151,595,000,000 of total asset, increased of
36.16% its value in previous year. Next to 2010 this number climbed to VND
202,585,653,649, by 133.64% in 2009. The subject nearly remain its total sale
in 2009 comparing with 2008 and be VND 337,372,000,000, but in 2010 it
increased to VND 575,706,573,421, by 1.7 times value in 2009. Profit after tax
also goes up through years. Liquidity ratios are normal. Activity ratios are
fair. In short, the subject is a medium company in industry and
its position is above average. Future prospect is bright. The subject has
capacity to meet small and normal financial commitments. |
APPENDIXES 1
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 |
||||||
|
|
||||||
|
|
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 |
71.6 |
56.6 |
62.9 |
|||
|
Imports |
84 |
68.8 |
76.6 |
|||
|
Trade Balance |
-12.4 |
-12.2 |
-14.6 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.73.24 |
|
Euro |
1 |
Rs.62.68 |
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.