MIRA INFORM REPORT
|
Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
DAITHIENHA JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 3 Nguyen Van
Cu Street - Ka Long Ward - Mong Cai District - Quang Ninh Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Establishment : |
2007 |
|
|
|
|
Com. Reg. No.: |
5700646493 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Commercial Services, Import and Export |
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 – 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
|
||
|
Registered English Name |
|
DAITHIENHA JOINT STOCK COMPANY |
|
Registered Vietnamese Name |
|
CONG TY CO PHAN DAI THIEN HA |
|
Registered short name |
|
DAITHIENHA.JSC
|
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2007 |
|
Business Registration No. |
|
5700646493 |
|
Date of Registration |
|
18 Jan 2011 (The sixth change) |
|
Place of Registration |
|
Quang Ninh Department of Planning and Investment |
|
Current registered capital |
|
10,000,000,000 VND |
|
Tax code |
|
5700646493 |
|
Total Employees |
|
30 |
|
Note |
|
The given name (Di Thien Ha
Joint Stock Company) is not correct. The correct name is the one above. |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Address: Km3 Hai Yen - Mong Cai District -
Quang Ninh Province - Viet Nam Changed to: No. 3 Nguyen Van Cu Street - Ka
Long Ward - Mong Cai City - Quang Ninh Province |
18 Jan 2011 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 3 Nguyen Van Cu Street - Ka Long Ward - Mong Cai District - Quang
Ninh Province - Vietnam |
|
Telephone |
|
(84 - 33) 3772772 |
|
Fax |
|
(84 - 33) 3886258 |
|
Email |
|
|
|
Website |
|
|
DIRECTORS
|
1. NAME |
|
Mr. PHAM KHAC KIEN |
|
Position |
|
Chairman and General Director |
|
Date of Birth |
|
01 Nov 1974 |
|
ID Number/Passport |
|
B2554661 |
|
ID Issue Date |
|
23 Sep 2009 |
|
ID Issue Place |
|
Quang Ninh Police |
|
Resident |
|
Group 10 - Block 1 Ka Long Ward - Mong Cai
District - Quang Ninh Province - Vietnam |
|
Tel/Mobil phone |
|
+84 913264016 |
|
Email |
|
|
|
|
||
|
2. NAME |
|
Mr. PHAM KHAC TRUNG |
|
Position |
|
Business Director |
|
ID Number/Passport |
|
100818764 |
|
Resident |
|
Group 10 - Block 1 Ka Long Ward - Mong Cai
District - Quang Ninh Province - Vietnam |
|
Tel/Mobil phone |
|
+84 913252636 |
BUSINESS NATURE AND ACTIVITIES
|
The
subject registered the following business activities: |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types
of products |
|
Cermets, rice
seeds, fertilizer, steel, iron, Maggie oxide... |
|
·
Market
|
|
China, India,
Malaysia, Singapore |
|
·
Mode
of payment |
|
TT, C.A.D, L/C
|
|
|
||
|
EXPORT: |
||
|
·
Types
of products |
|
Plastic beads,
shell crab, sesame seeds... |
|
·
Market
|
|
China,
Singapore |
BANKERS
|
1. JOINT STOCK COMMERCIAL
BANK FOR FOREIGN TRADE OF VIETNAM MONG CAI BRANCH |
||
|
Address |
|
No.2 Van Don -
Mong Cai District - Quang Ninh Province - Vietnam |
|
Telephone |
|
(84-33)
3882193 |
|
Fax |
|
(84-33)
3881676 |
|
|
||
|
2. VIET NAM BANK FOR
AGRICULTURE AND RURAL DEVELOPMENT MONG CAI BRANCH |
||
|
Address |
|
No.24 Chu Van
An Street, Hoa Lac Ward - Mong Cai District - Quang Ninh Province - Vietnam |
|
Telephone |
|
(84-33) 3777
177 |
|
Fax |
|
(84-33) 3777
175 |
SHAREHOLDERS
This is founding
shareholders of the subject.
|
||
|
1. NAME |
|
Mr. PHAM KHAC KIEN |
|
Position |
|
Chairman and General Director |
|
Date of Birth |
|
01 Nov 1974 |
|
ID Number/Passport |
|
B2554661 |
|
Issued on |
|
23 Sep 2009 |
|
Issued Place |
|
Quang Ninh Police |
|
Resident |
|
Group 10 - Block 1 Ka Long Ward - Mong Cai District - Quang Ninh
Province - Vietnam |
|
Email |
|
pham_khac_kien@yahoo.com |
|
Mobile phone |
|
+84 913264016 |
|
Number of Shares |
|
45,000 |
|
Value of shares |
|
4,500,000,000 VND |
|
Percentage |
|
45% |
|
|
||
|
2. NAME |
|
Mr. PHAM KHAC TRUNG |
|
Position |
|
Director Business |
|
ID Number/Passport |
|
100818764 |
|
Resident |
|
Group 10 - Block 1 Ka Long Ward - Mong Cai District - Quang Ninh
Province - Vietnam |
|
Mobile phone |
|
+84 913252636 |
|
Number of Shares |
|
15,000 |
|
Value of shares |
|
1,500,000,000 VND |
|
Percentage |
|
15% |
|
|
||
|
3. NAME |
|
Ms. PHAM THI HONG NGAN |
|
ID Number/Passport |
|
100877598 |
|
Resident |
|
Gruop 10 - Lane 1 Ka Long Ward - Mong Cai District - Quang Ninh
Province - Vietnam |
|
Number of Shares |
|
10,000 |
|
Value of shares |
|
1,000,000,000 VND |
|
Percentage |
|
10% |
FINANCIAL DATA
|
BALANCE SHEET |
||
Unit: One VND
|
||
|
Balance sheet date |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
|
Audited Status |
Unknown |
Unknown |
|
ASSETS |
||
|
A – CURRENT ASSETS |
24,058,000,000 |
16,194,985,456 |
|
I. Cash and cash equivalents |
952,000,000 |
3,478,454,368 |
|
1. Cash |
952,000,000 |
3,478,454,368 |
|
2. Cash
equivalents |
0 |
0 |
|
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 |
16,920,000,000 |
3,063,499,861 |
|
1. Receivable
from customers |
16,920,000,000 |
3,063,499,861 |
|
2. Prepayments
to suppliers |
0 |
0 |
|
3.
Inter-company receivable |
0 |
0 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
|
5. Other receivable
|
0 |
0 |
|
6. Provisions
for bad debts |
0 |
0 |
|
IV. Inventories |
6,149,000,000 |
9,617,576,299 |
|
1. Inventories
|
6,149,000,000 |
9,617,576,299 |
|
2. Provisions
for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
37,000,000 |
35,454,928 |
|
1. Short-term
prepaid expenses |
37,000,000 |
35,454,928 |
|
2. VAT to be
deducted |
0 |
0 |
|
3. Taxes and
other accounts receivable from the State |
0 |
0 |
|
4. Other
current assets |
0 |
0 |
|
B. LONG-TERM ASSETS |
2,558,000,000 |
3,020,592,705 |
|
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 |
2,558,000,000 |
3,020,592,705 |
|
1. Tangible
assets |
2,558,000,000 |
3,020,592,705 |
|
- Historical
costs |
3,479,000,000 |
3,479,091,930 |
|
- Accumulated
depreciation |
-921,000,000 |
-458,499,225 |
|
2. Financial
leasehold assets |
0 |
0 |
|
- Historical
costs |
0 |
0 |
|
- Accumulated
depreciation |
0 |
0 |
|
3. Intangible
assets |
0 |
0 |
|
- Initial
costs |
0 |
0 |
|
- Accumulated
amortization |
0 |
0 |
|
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 |
|
V. Other long-term assets |
0 |
0 |
|
1. Long-term
prepaid expenses |
0 |
0 |
|
2. Deferred
income tax assets |
0 |
0 |
|
3. Other
long-term assets |
0 |
0 |
|
TOTAL ASSETS |
26,616,000,000 |
19,215,578,161 |
|
LIABILITIES |
||
|
A- LIABILITIES |
15,224,000,000 |
8,754,732,034 |
|
I. Current liabilities |
14,931,000,000 |
7,105,874,034 |
|
1. Short-term
debts and loans |
6,700,000,000 |
5,448,058,000 |
|
2. Payable to
suppliers |
8,151,000,000 |
1,336,712,950 |
|
3. Advances
from customers |
0 |
0 |
|
4. Taxes and
other obligations to the State Budget |
80,000,000 |
321,103,084 |
|
5. Payable to
employees |
0 |
0 |
|
6. Accrued
expenses |
0 |
0 |
|
7.
Inter-company payable |
0 |
0 |
|
8. Payable
according to the progress of construction contracts |
0 |
0 |
|
9. Other
payable |
0 |
0 |
|
10. Provisions
for short-term accounts payable |
0 |
0 |
|
II. Long-Term Liabilities |
293,000,000 |
1,648,858,000 |
|
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 |
293,000,000 |
1,648,858,000 |
|
5. Deferred
income tax payable |
0 |
0 |
|
6. Provisions
for unemployment allowances |
0 |
0 |
|
7. Provisions
for long-term accounts payable |
0 |
0 |
|
B- OWNER’S EQUITY |
11,392,000,000 |
10,460,846,127 |
|
I. OWNER’S EQUITY |
11,392,000,000 |
10,460,846,127 |
|
1. Capital |
10,000,000,000 |
10,000,000,000 |
|
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 |
1,392,000,000 |
460,846,127 |
|
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 |
|
|
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
26,616,000,000 |
19,215,578,161 |
PROFIT & LOSS STATEMENT
|
|
||
|
Description |
FY2009
|
FY2008
|
|
1. Total
Sale |
223,151,000,000 |
481,967,082,042 |
|
2. Deduction
item |
0 |
0 |
|
3. Net sale
|
223,151,000,000 |
481,967,082,042 |
|
4. Costs of
goods sold |
219,175,000,000 |
475,576,185,148 |
|
5. Gross
profit |
3,976,000,000 |
6,390,896,894 |
|
6. Financial
income |
0 |
0 |
|
7. Financial
expenses |
525,000,000 |
429,340,854 |
|
- In which:
Loan interest expenses |
0 |
0 |
|
8. Selling
expenses |
881,000,000 |
4,426,683,540 |
|
9.
Administrative overheads |
714,000,000 |
894,808,435 |
|
10. Net
operating profit |
1,856,000,000 |
640,064,065 |
|
11. Other
income |
0 |
0 |
|
12. Other
expenses |
0 |
0 |
|
13. Other
profit /(loss) |
0 |
0 |
|
14. Total
accounting profit before tax |
1,856,000,000 |
640,064,065 |
|
15. Current
corporate income tax |
465,000,000 |
179,217,938 |
|
16. Deferred
corporate income tax |
0 |
0 |
|
18. Profit
after tax |
1,391,000,000 |
460,846,127 |
FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
|
Description |
FY2009 |
FY2008 |
Average Industry |
|
Current
liquidity ratio |
1.61 |
2.28 |
1.94 |
|
Quick
liquidity ratio |
1.20 |
0.93 |
0.98 |
|
Inventory
circle |
27.80 |
49.45 |
9.29 |
|
Average
receive period |
27.68 |
2.32 |
54.01 |
|
Utilizing
asset performance |
8.38 |
25.08 |
2.21 |
|
Liability by
total asset |
57.20 |
45.56 |
58.72 |
|
Liability by
owner equity |
133.64 |
83.69 |
256.76 |
|
Ebit / Total
asset (ROA) |
6.97 |
3.33 |
7.90 |
|
Ebit / Owner's
equity (ROE) |
16.29 |
6.12 |
25.68 |
|
Ebit / Total sale
(NPM) |
0.83 |
0.13 |
4.18 |
|
Gross profit /
Total sale (GPM) |
1.78 |
1.33 |
15.30 |
|
Note: The Average Industry was calculated by Vietnam Credit
based on our owned statistical data |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial
Situation |
|
Above Average |
|
Development
trend |
|
Positive |
|
Litigation
data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment
Methods |
|
TT, L/C, C.A.D
|
|
Sale Methods |
|
Retailer and
Wholesaler |
|
Public opinion
|
|
Well-known |
|
CREDIT
INQUIRY: 125,000 USD against DA in terms |
|
Caution
needed! |
INTERPRETATION ON THE SCORES
|
The company was established in
2007 under the name DAITHIENHA JOINT STOCK COMPANY. The company's tax code is
5700646493. Currently, the subject is operating under the business registration
No. 5700646493. It has registered capital of 10 billion VND with labor force
of 30 employees. Head office is located at No. 03,
Nguyen Van Cu Street, Ka Long Ward, Mong Cai City, Quang Ninh Province, Viet
Nam. In 2009, the subject was awarded “Enterprise Culture - Unesco
Vietnam" by UNESCO Culture Center Vietnam enterprises. In this year, Mr.
Pham Khac Kien – The company’s Chairman and General Director also had award
of “Business Culture”. It registers on commercial
services, transport services, etc. It usually imports cermets, rice seeds,
fertilizer, steel, Maggie oxide, etc from China, India, Malaysia and
Singapore. It also exports plastic beads, shell crab, sesame seeds to foreign
countries such as: China, India and Singapore... Following the interview with
Mr. Toan in Import-Export Department, he said: Currently, the company focuses
on trading ores and the main foreign market of the subject is India. The financial situation of the
subject is above average. In 2009, the company's total asset was 26.6 billion
VND, increased 7.4 billion VND compared to 2008. The main reason is the
increasing of current assets. In 2009, current assets was 24.1 billion VND,
increased 7.9 billion VND compared to 2008. In total asset, current assets
took a high rate. That is reasonable because the subject operates in trading
field. In 2009, the subject’s total sale was 223.2 billion VND, decreased
53.7% compared to 2008. But its profit after tax had changed in opposite
direction. Its profit after tax increased from 460.8 million VND in 2008 to
1.4 billion in 2009. The main reason is the decrease of selling expenses and
administrative overheads. The company managed expense more effectively. In general, this is a small
company in the industry. The management capacity of the subject is above
average. Its future prospect seems bright. It can meet small financial
commitments. Medium and big financial commitments need caution. |
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.44.69 |
|
UK Pound |
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.26 |
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.