MIRA INFORM REPORT
|
Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MDF VRG - QUANG TRI WOOD JOINT STOCK
COMPANY |
|
|
|
|
Registered Office : |
South of Dong Ha
Industrial Zone, Dong Luong Ward - Dong Ha City - Quang Tri Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2005 |
|
|
|
|
Com. Reg. No.: |
3200228141 |
|
|
|
|
Legal Form : |
Joint Stock
Company |
|
|
|
|
Line of Business : |
Manufacturing and trading
blank, MDF wood, okal, veneer, etc. |
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 : |
Good |
|
|
|
|
Payment
Behaviour : |
Usually Correct |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
Current legal status
|
||
|
English Name |
|
MDF VRG - QUANG TRI WOOD JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN GO MDF VRG - QUANG TRI |
|
Trade name |
|
MDF
VRG QT |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2005 |
|
Business Registration No. |
|
3200228141 |
|
Date of Registration |
|
29 Jun 2010 |
|
Place of Registration |
|
Quang Tri Department of Planning and Investment |
|
Current registered capital |
|
VND 344,460,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
3200228141 |
|
Total Employees |
|
200 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration No: 3003000054 Changed to: 3200228141 |
29 Jun 2010 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
South of Dong Ha Industrial Zone, Dong Luong Ward - Dong Ha City -
Quang Tri Province - Vietnam |
|
Telephone |
|
(84-533) 3 566978/ 3 560639/ 3 568387 |
|
Fax |
|
(84-53) 3560482 |
|
Email |
|
|
|
Website |
|
|
DIRECTORS
|
1. NAME |
|
Mr. CAO THANH NAM |
|
Position |
|
General Director |
|
Date of Birth |
|
10 Dec 1965 |
|
ID Number/Passport |
|
197310003 |
|
ID Issue Date |
|
20 Mar 2010 |
|
ID Issue Place |
|
Quang Tri |
|
Resident |
|
Street 1 Dong Luong Ward - Dong Ha City - Quang
Tri Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 912 488 469 |
|
Qualification |
|
Engineer |
|
|
||
|
2. NAME |
|
Mr. NGUYEN VAN CONG |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
08 Feb 1964 |
|
Resident |
|
Ward 5 - Dong Ha City - Quang Tri Province -
Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 982 592 234 |
|
Qualification |
|
Bachelor of Economics |
|
|
||
|
3. NAME |
|
Mr. NGUYEN MANH CUONG |
|
Position |
|
Chief Accountant |
|
Date of Birth |
|
25 Apr 1974 |
|
Resident |
|
Duong Luong Ward - Dong Ha City - Quang Tri
Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 905 852 725 |
|
Qualification |
|
Bachelor of Economics |
BUSINESS NATURE AND ACTIVITIES
|
The
subject specializes in: |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Market |
|
The
USA, EU |
|
|
||
|
EXPORT: |
||
|
·
Product |
|
MDF |
|
·
Market |
|
India,
China |
BANKERS
|
1. SAIGON THUONG TIN
COMMERCIAL JOINT STOCK BANK QUANG TRI BRANCH |
||
|
Address |
|
No.43 Tran
Hung Dao - Dong Ha City - Quang Tri Province - Vietnam |
|
Telephone |
|
(84-53)
3555889 |
|
Fax |
|
(84-53)
3555890 |
|
|
||
|
2. BANK FOR INVESTMENT AND
DEVELOPMENT OF VIETNAM QUANG TRI BRANCH |
||
|
Address |
|
No.24 Hung
Vuong - Dong Ha City - Quang Tri Province - Vietnam |
|
Telephone |
|
(84-53)
3850841 |
|
|
||
|
3. VIET NAM BANK FOR
AGRICULTURE AND RURAL DEVELOPMENT DONG HA BRANCH |
||
|
Address |
|
No.225 Hung
Vuong Street-Dong Le 1326 Ward - Dong Ha City - Quang Tri Province - Vietnam |
|
|
||
|
4. VIETCOMBANK QUANG TRI
BRANCH |
||
|
Note |
|
The subject
has account at this bank but not ussual |
SHAREHOLDERS
|
1. NAME |
|
VIETNAM RUBBER GROUP |
|
Business
Registration |
|
4106000341 |
|
Tax code |
|
0301266564 |
|
Address |
|
No. 236 Nam Ky Khoi Nghia Street - 3 District - Ho Chi Minh City -
Vietnam |
|
Tel |
|
(84-8) 932 7857 |
|
Fax |
|
(84-8) 932 7341 |
|
Number of
shares |
|
26,105,850 |
|
Value of
shares |
|
VND 261,058,500,000 |
|
Percentage |
|
75.79% |
|
|
||
|
2. NAME |
|
TAN BIEN RUBBER COMPANY |
|
Business
Registration |
|
110738 |
|
Address |
|
Tan Hiep Village - Tan Chau District - Tay Ninh Province - Vietnam |
|
Tel |
|
(84-66) 3 875191 |
|
Fax |
|
(84-66) 3 875307 |
|
Number of
shares |
|
3,367,155 |
|
Value of
shares |
|
33,671,550,000 VND |
|
Percentage |
|
9.78% |
|
|
||
|
3. NAME |
|
QUANG TRI RUBBER COMPANY |
|
Business
Registration |
|
106594 |
|
Address |
|
No.129D Highway 9 - Dong Ha City - Quang Tri Province - Vietnam |
|
Tel |
|
(84-53) 3 852 363/ 3 854 803/ 3 852 481 |
|
Fax |
|
(84-53) 3 853816 |
|
Number of
shares |
|
3,555,500 |
|
Value of
shares |
|
35,555,000,000 VND |
|
Percentage |
|
10.32% |
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 |
100,159,075,554 |
60,707,959,279 |
64,608,986,515 |
|
I. Cash and cash equivalents |
59,703,167,693 |
9,885,773,420 |
2,353,835,208 |
|
1. Cash |
10,705,131,026 |
9,885,773,420 |
2,353,835,208 |
|
2. Cash
equivalents |
48,998,036,667 |
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 |
23,288,025,348 |
24,684,577,370 |
19,121,003,961 |
|
1. Receivable
from customers |
5,772,281,822 |
15,545,327,994 |
8,728,920,018 |
|
2. Prepayments
to suppliers |
15,880,000,941 |
9,177,186,649 |
8,660,536,516 |
|
3.
Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
0 |
|
5. Other
receivable |
3,049,480,346 |
1,937,003,100 |
2,317,045,655 |
|
6. Provisions
for bad debts |
-1,413,737,761 |
-1,974,940,373 |
-585,498,228 |
|
IV. Inventories |
16,961,963,633 |
25,961,739,964 |
42,200,391,826 |
|
1. Inventories
|
16,961,963,633 |
25,961,739,964 |
42,200,391,826 |
|
2. Provisions
for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current Assets |
205,918,880 |
175,868,525 |
933,755,520 |
|
1. Short-term
prepaid expenses |
0 |
0 |
704,437,106 |
|
2. VAT to be
deducted |
0 |
0 |
0 |
|
3. Taxes and
other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other
current assets |
205,918,880 |
175,868,525 |
229,318,414 |
|
B. LONG-TERM ASSETS |
336,927,482,690 |
390,075,106,543 |
413,251,153,205 |
|
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 |
331,608,678,141 |
385,901,800,137 |
404,697,490,724 |
|
1. Tangible
assets |
328,084,816,888 |
384,925,698,030 |
404,218,327,309 |
|
- Historical
costs |
453,423,579,858 |
450,459,223,037 |
444,853,585,865 |
|
- Accumulated
depreciation |
-125,338,762,970 |
-65,533,525,007 |
-40,635,258,556 |
|
2. Financial
leasehold assets |
0 |
0 |
0 |
|
- Historical
costs |
0 |
0 |
0 |
|
- Accumulated
depreciation |
0 |
0 |
0 |
|
3. Intangible
assets |
187,536,263 |
201,350,237 |
211,164,335 |
|
- Initial
costs |
224,198,000 |
224,198,000 |
224,198,000 |
|
- Accumulated
amortization |
-36,661,737 |
-22,847,763 |
-13,033,665 |
|
4.
Construction-in-progress |
3,336,324,990 |
774,751,870 |
267,999,080 |
|
III. Investment property |
0 |
0 |
0 |
|
Historical
costs |
0 |
0 |
0 |
|
Accumulated
depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
0 |
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 |
0 |
0 |
0 |
|
4. Provisions
for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term assets |
5,318,804,549 |
4,173,306,406 |
8,553,662,481 |
|
1. Long-term
prepaid expenses |
5,318,804,549 |
4,173,306,406 |
8,553,662,481 |
|
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 |
437,086,558,244 |
450,783,065,822 |
477,860,139,720 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
75,329,226,445 |
108,503,025,326 |
14,900,237,309 |
|
I. Current liabilities |
38,714,552,086 |
46,972,685,197 |
61,335,067,137 |
|
1. Short-term
debts and loans |
24,000,000,000 |
30,294,389,030 |
43,504,448,053 |
|
2. Payable to
suppliers |
5,187,174,120 |
9,470,987,310 |
6,189,978,655 |
|
3. Advances
from customers |
4,729,283,773 |
4,189,236 |
251,136,722 |
|
4. Taxes and
other obligations to the State Budget |
999,143,983 |
89,274,129 |
8,610,504 |
|
5. Payable to
employees |
1,921,261,795 |
1,574,925,596 |
681,212,331 |
|
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 |
1,877,688,415 |
5,538,919,896 |
10,699,680,872 |
|
10. Provisions
for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term Liabilities |
36,614,674,359 |
61,530,340,129 |
88,565,170,172 |
|
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 |
36,537,434,600 |
61,484,671,100 |
88,537,434,600 |
|
5. Deferred
income tax payable |
0 |
0 |
0 |
|
6. Provisions
for unemployment allowances |
77,239,759 |
45,669,029 |
27,735,572 |
|
7. Provisions
for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S EQUITY |
361,757,331,799 |
342,280,040,496 |
327,959,902,411 |
|
I. OWNER’S EQUITY |
361,905,846,173 |
342,204,024,562 |
327,959,902,411 |
|
1. Capital |
344,459,970,000 |
344,459,970,000 |
344,459,970,000 |
|
2. Share
premiums |
11,999,994,000 |
11,999,994,000 |
11,999,994,000 |
|
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 |
-576,390,596 |
6,188,666 |
0 |
|
7. Business
promotion fund |
152,377,356 |
152,377,356 |
0 |
|
8. Financial
reserved fund |
152,377,356 |
152,377,356 |
0 |
|
9. Other funds
|
0 |
0 |
0 |
|
10. Retained
earnings |
5,717,518,057 |
-14,566,882,816 |
-28,500,061,589 |
|
11.
Construction investment fund |
0 |
0 |
0 |
|
II. Other sources and funds |
-148,514,374 |
76,015,934 |
0 |
|
1. Bonus and
welfare funds |
-148,514,374 |
76,015,934 |
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 |
437,086,558,244 |
450,783,065,822 |
477,860,139,720 |
|
PROFIT & LOSS
STATEMENT |
|||
|
|
|||
|
Description |
FY2010
|
FY2009
|
FY2008
|
|
1. Total
Sale |
262,315,628,196 |
221,723,126,721 |
143,968,344,268 |
|
2. Deduction
item |
122,724,141 |
536,874,955 |
252,977,344 |
|
3. Net sale
|
262,192,904,055 |
221,186,251,766 |
143,715,366,924 |
|
4. Costs of
goods sold |
197,249,395,692 |
171,023,911,390 |
117,715,049,040 |
|
5. Gross
profit |
64,943,508,363 |
50,162,340,376 |
26,000,317,884 |
|
6. Financial
income |
2,369,787,349 |
54,153,495 |
155,935,844 |
|
7. Financial
expenses |
4,177,428,891 |
6,819,846,661 |
9,214,929,046 |
|
- In which:
Loan interest expenses |
4,061,520,541 |
6,797,963,921 |
9,213,749,075 |
|
8. Selling expenses
|
26,863,009,295 |
21,610,412,965 |
10,654,326,385 |
|
9.
Administrative overheads |
4,544,309,376 |
4,632,788,771 |
3,278,819,415 |
|
10. Net
operating profit |
31,728,548,150 |
17,153,445,474 |
3,008,178,882 |
|
11. Other
income |
381,534,500 |
1,594,002,087 |
269,608,934 |
|
12. Other
expenses |
482,792,814 |
1,766,721,659 |
230,240,687 |
|
13. Other
profit /(loss) |
-101,258,314 |
-172,719,572 |
39,368,247 |
|
14. Total
accounting profit before tax |
31,627,289,836 |
16,980,725,902 |
3,047,547,129 |
|
15. Current
corporate income tax |
805,411,880 |
0 |
0 |
|
16. Deferred
corporate income tax |
0 |
0 |
0 |
|
17. Interest
from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit
after tax |
30,821,877,956 |
16,980,725,902 |
3,047,547,129 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current
liquidity ratio |
2.59 |
1.29 |
1.05 |
1.58 |
|
Quick
liquidity ratio |
2.15 |
0.74 |
0.37 |
0.78 |
|
Inventory
circle |
9.19 |
5.02 |
2.79 |
3.85 |
|
Average
receive period |
32.42 |
40.73 |
48.56 |
76.97 |
|
Utilizing asset
performance |
0.60 |
0.49 |
0.30 |
1.10 |
|
Liability by
total asset |
17.23 |
24.07 |
3.12 |
58.76 |
|
Liability by
owner equity |
20.82 |
31.70 |
4.54 |
229.63 |
|
Ebit / Total
asset (ROA) |
8.17 |
5.28 |
2.57 |
6.36 |
|
Ebit / Owner's
equity (ROE) |
9.87 |
6.95 |
3.74 |
16.40 |
|
Ebit / Total sale
(NPM) |
13.61 |
10.72 |
8.52 |
6.75 |
|
Gross profit /
Total sale (GPM) |
24.76 |
22.62 |
18.06 |
15.07 |
|
Note: The Average Industry was calculated by
Vietnam Credit based on our owned statistical data |
||||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium/High |
|
Payment status |
|
Above Average |
|
Financial
Situation |
|
Above Average |
|
Development
trend |
|
Positive |
|
Litigation
data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment
Methods |
|
TT |
|
Sale Methods |
|
To contracts |
|
Public opinion
|
|
Good |
INTERPRETATION ON THE SCORES
|
MDF
VRG - QUANG TRI WOOD JOINT STOCK COMPANY (MDF VRG QT) was established in 2005
as a State owed company with initial Business Registration No. 3003000054
granted by Quang Tri Department of Planning and Investment. In June 2010 the
Business Registration was changed to No.3200228141, same with the Tax Code.
Its current registration capital is VND 344.460 billion; in which Vietnam
Rubber Group, an economic group, holds 75.79% total shares, Tan Bien Rubber
Limited Liability Company holds 9.78% total shares, and Quang Tri Rubber
Company holds 10.32% total shares. Headquarters of MDF VRG QT is in South of
Dong Ha Industrial Zone, Dong Luong Ward, Quang Tri Province. Raw
material for main production is wood forest (pine, acacia, eucalyptus, tram
(cajuput)...). Raw materials are supplied by organizations and the individual
consists of Quang Binh Province, Quang Tri Province and Thua Thien Hue. The
factory needs more than 120.000 tons of raw material and 20.000 tons of
firewood /year. The subject’s products are exported to India, the Middle
East. |
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 |
||||||
|
|
||||||
|
|
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.44.38 |
|
UK Pound |
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.16 |
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.