MIRA INFORM
REPORT
|
Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
HA THANH GENERAL TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 6 - Alley 11
Lane 44 - To Ngoc Van Str. - Tay Ho District - Ha |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
22.11.2005 |
|
|
|
|
Com. Reg. No.: |
0102023277 |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
Buying and
Selling Agricultural Products |
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 : |
Slow |
|
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
|
English Name |
|
HA THANH GENERAL TRADING COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY THHH KINH DOANH THUONG MAI TONG HOP HA THANH |
|
Short name |
|
HATHA
GT CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2005 |
|
Business Registration No. |
|
0102023277 |
|
Date of Registration |
|
22 Nov 2005 |
|
Place of Registration |
|
|
|
Current registered capital |
|
2,700,000,000 VND |
|
Status |
|
Unlisted |
|
Tax code |
|
0101830913 |
|
Total Employees |
|
13 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 6 - Alley 11 Lane 44 - To Ngoc Van Str. - Tay Ho District - Ha |
|
Telephone |
|
(84-4) 3719 6172 |
|
Fax |
|
(84-4) 3719 4202 |
|
|
||
|
Registration
Address |
||
|
Address |
|
No. 124/22/16/2 Au Co Str. -
Tu Lien ward - Tay Ho District - Ha |
|
Telephone |
|
(84-4) 3719 4202 |
DIRECTORS
|
1 . NAME |
|
Ms. NGUYEN HONG PHUONG |
|
Position |
|
Director |
|
Date of Birth |
|
01 Jul 1974 |
|
ID Number/Passport |
|
011792972 |
|
Resident |
|
Group 1 - Cum 1 Tu Lien Ward - Tay Ho District -
Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
++84 904 282516 |
BUSINESS NATURE AND ACTIVITIES
|
The subject focuses on the
following lines of business: -
Buying
and selling agricultural products -
Buying and selling industrial and agricultural
equipments |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types
of products |
|
Agricultural products such as grapefruit, lemon, pecan, pear and apple
etc |
|
·
Market |
|
|
|
·
Ratio |
|
N/A |
|
·
Mode
of payment |
|
T/T |
|
EXPORT: N/a |
||
BANKERS
|
1. |
||
|
Address |
|
1st Floor -
No. 98 Hoang Quoc Viet Str - Cau Giay District - Ha |
|
Telephone |
|
(84-4) 6267
0269 |
|
Fax |
|
(84-4) 6267
0265 |
|
|
||
|
2. BANK FOR DEVELOPMENT AND
INVESTMENT OF |
||
|
Address |
|
No.53, |
|
Telephone |
|
(84-4) 3943
4105 |
|
Fax |
|
(84-4) 3943
2144 |
SHAREHOLDERS
|
1 . NAME |
|
Ms. NGUYEN HONG PHUONG |
|
Position |
|
Director |
|
Date of Birth |
|
01 Jul 1974 |
|
ID Number/Passport |
|
011792972 |
|
Issued on |
|
15 May 1993 |
|
Issued Place |
|
|
|
Resident |
|
Group 1 – Cum 1 Tu Lien Ward – Tay Ho District – Ha |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
810,000,000 VND |
|
Percentage |
|
30% |
|
|
||
|
2 . NAME |
|
Mr. PHUNG MANH HA |
|
ID Number/Passport |
|
011921153 |
|
Resident |
|
Group 1 – Cum 1 Tu Lien Ward – Tay Ho District – Ha |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
1,080,000,000 VND |
|
Percentage |
|
40% |
|
|
||
|
3 . NAME |
|
Mr. PHUNG VAN THANH |
|
ID Number/Passport |
|
012323564 |
|
Resident |
|
Room 503 – Central Board of External Group Ngoc Khanh ward – Ba Dinh
District – Ha Noi City – |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
810,000,000 VND |
|
Percentage |
|
30% |
FINANCIAL DATA
|
BALANCE SHEET |
|||
I: One VND
|
|||
|
Balance sheet date |
31/12/2009 |
31/12/2008 |
31/12/2007 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT ASSETS |
84,302,441,552 |
17,713,000,000 |
8,445,000,000 |
|
I. Cash and cash equivalents |
8,355,529,970 |
5,396,000,000 |
462,000,000 |
|
1. Cash |
8,355,529,970 |
5,396,000,000 |
462,000,000 |
|
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 |
73,930,322,025 |
9,833,000,000 |
4,834,000,000 |
|
1. Receivable
from customers |
73,930,322,025 |
7,400,000,000 |
4,834,000,000 |
|
2. Prepayments
to suppliers |
0 |
0 |
0 |
|
3.
Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
0 |
|
5. Other
receivable |
0 |
2,433,000,000 |
0 |
|
6. Provisions
for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
2,016,307,078 |
2,305,000,000 |
3,149,000,000 |
|
1. Inventories
|
2,016,307,078 |
2,305,000,000 |
3,149,000,000 |
|
2. Provisions
for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current Assets |
282,479 |
179,000,000 |
0 |
|
1. Short-term
prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be
deducted |
282,479 |
30,000,000 |
0 |
|
3. Taxes and
other accounts receivable from the State |
0 |
149,000,000 |
0 |
|
4. Other
current assets |
0 |
0 |
0 |
|
B. LONG-TERM ASSETS |
1,880,796,168 |
1,784,000,000 |
1,787,000,000 |
|
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 |
1,838,238,913 |
1,574,000,000 |
1,752,000,000 |
|
1. Tangible
assets |
1,838,238,913 |
1,574,000,000 |
1,752,000,000 |
|
- Historical
costs |
2,496,351,070 |
1,909,000,000 |
1,887,000,000 |
|
- Accumulated
depreciation |
-658,112,157 |
-335,000,000 |
-135,000,000 |
|
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 |
0 |
0 |
|
III. Investment property |
0 |
0 |
0 |
|
Historical
costs |
0 |
0 |
0 |
|
Accumulated
depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
42,557,255 |
0 |
0 |
|
1. Investments
in affiliates |
0 |
0 |
0 |
|
2. Investments
in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other
long-term investments |
42,557,255 |
0 |
0 |
|
4. Provisions
for devaluation of long-term investments |
0 |
0 |
0 |
|
VI. Other long-term assets |
0 |
210,000,000 |
35,000,000 |
|
1. Long-term
prepaid expenses |
0 |
0 |
0 |
|
2. Deferred
income tax assets |
0 |
0 |
0 |
|
3. Other
long-term assets |
0 |
210,000,000 |
35,000,000 |
|
TOTAL ASSETS |
86,183,237,720 |
19,497,000,000 |
10,232,000,000 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
87,053,005,750 |
14,117,000,000 |
8,430,000,000 |
|
I. Current liabilities |
87,053,005,750 |
14,117,000,000 |
8,430,000,000 |
|
1. Short-term
debts and loans |
0 |
10,868,000,000 |
0 |
|
2. Payable to
suppliers |
80,090,016,693 |
2,022,000,000 |
5,309,000,000 |
|
3. Advances
from customers |
0 |
0 |
0 |
|
4. Taxes and
other obligations to the State Budget |
6,962,989,057 |
1,227,000,000 |
3,121,000,000 |
|
5. Payable to
employees |
0 |
0 |
0 |
|
6. Accrued
expenses |
0 |
0 |
0 |
|
7.
Inter-company payable |
0 |
0 |
0 |
|
8. Payable
according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other
payable |
0 |
0 |
0 |
|
10. Provisions
for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term Liabilities |
0 |
0 |
0 |
|
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 |
0 |
0 |
|
4. Long-term
debts and loans |
0 |
0 |
0 |
|
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 |
-869,768,030 |
5,380,000,000 |
1,802,000,000 |
|
I. OWNER’S EQUITY |
-869,768,030 |
5,380,000,000 |
1,802,000,000 |
|
1. Capital |
2,700,000,000 |
2,700,000,000 |
1,250,000,000 |
|
2. Share
premiums |
0 |
0 |
0 |
|
3. Other
sources of capital |
0 |
0 |
0 |
|
4. Treasury
stocks |
0 |
0 |
0 |
|
5. Differences
on asset revaluation |
0 |
0 |
0 |
|
6. Foreign
exchange differences |
0 |
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
|
-3,569,768,030 |
2,680,000,000 |
552,000,000 |
|
11.
Construction investment fund |
0 |
0 |
0 |
|
II. Other sources and funds |
0 |
0 |
0 |
|
1. Bonus and
welfare funds |
0 |
0 |
0 |
|
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 |
86,183,237,720 |
19,497,000,000 |
10,232,000,000 |
|
PROFIT & LOSS
STATEMENT |
|||
|
|
|||
|
Description |
FY2009
|
FY2008
|
FY2007
|
|
1. Total |
232,307,259,476 |
147,708,000,000 |
- |
|
2. Deduction
item |
0 |
0 |
- |
|
3. Net sale
|
232,307,259,476 |
147,708,000,000 |
- |
|
4. Costs of
goods sold |
212,461,542,687 |
141,038,000,000 |
- |
|
5. Gross
profit |
19,845,716,789 |
6,670,000,000 |
- |
|
6. Financial
income |
2,067,150 |
5,000,000 |
- |
|
7. Financial
expenses |
6,479,419,907 |
219,000,000 |
- |
|
- In which:
Loan interest expenses |
0 |
219,000,000 |
- |
|
8. Selling
expenses |
0 |
0 |
- |
|
9.
Administrative overheads |
12,628,958,067 |
6,815,000,000 |
- |
|
10. Net
operating profit |
739,405,965 |
-359,000,000 |
- |
|
11. Other
income |
0 |
2,595,000,000 |
- |
|
12. Other
expenses |
0 |
0 |
- |
|
13. Other
profit /(loss) |
0 |
2,595,000,000 |
- |
|
14. Total
accounting profit before tax |
739,405,965 |
2,236,000,000 |
- |
|
15. Current
corporate income tax |
129,409,204 |
0 |
- |
|
16. Deferred
corporate income tax |
0 |
0 |
- |
|
17. Profit
after tax |
609,996,761 |
2,236,000,000 |
- |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
||||
|
|
||||
|
Description |
FY2009 |
FY2008 |
FY2007 |
Average Industry |
|
Current
liquidity ratio |
0.97 |
1.25 |
1.00 |
1.66 |
|
Quick
liquidity ratio |
0.95 |
1.09 |
0.63 |
0.86 |
|
Inventory
circle |
98.33 |
51.72 |
- |
10.26 |
|
Average
receive period |
116.16 |
24.30 |
- |
49.31 |
|
Utilizing
asset performance |
2.70 |
7.58 |
- |
2.82 |
|
Liability by
total asset |
101.01 |
72.41 |
82.39 |
63.75 |
|
Liability by
owner equity |
-10,008.76 |
262.40 |
467.81 |
250.11 |
|
Ebit / Total
asset (ROA) |
0.86 |
12.59 |
- |
8.88 |
|
Ebit / Owner’s
equity (ROE) |
-85.01 |
45.63 |
- |
24.57 |
|
Ebit / Total
sale (NPM) |
0.32 |
1.66 |
- |
4.07 |
|
Gross profit /
Total sale (GPM) |
8.54 |
4.52 |
- |
12.58 |
|
Note: The Average Industry was calculated by |
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Poor |
|
Financial
Situation |
|
Average |
|
Development
trend |
|
Even |
|
Litigation
data |
|
No |
|
Bankruptcy |
|
No |
|
Payment
Methods |
|
T/T |
|
|
|
Wholesaler |
|
CREDIT
INQUIRY: 125,000
USD Against da in term |
|
Cautions needed with this credit inquiry. |
INTERPRETATION ON THE SCORES
|
HA THANH GENERAL TRADING COMPANY LIMITED was founded in
2005. With current registered capital of 2,700,000,000 VND under the manager
of Ms. Nguyen Hong Phuong. Current, the subject specializes in import and trading
agricultural products. The registered address of subject is located at The subject focuses on buying and selling agricultural
products (such as grapefruit, lemon, pecan, pear and apple etc). The products
of subject imports mainly from The financial situation of the subject seems average. In
2009, the sale of the subject is relative high, reached 232,307,259,476 VND
increase 57.27 percent in compared with 2008. However, after tax profit low
in compared with 2008. ROE and ROA ratios are rather low in 2009. Therefore,
it has capacity to meet small 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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
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.