MIRA INFORM
REPORT
|
Report Date : |
27.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
LE HAO COMPANY LIMITED |
|
|
|
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Registered Office : |
No. 46 Quoc Tu Giam Str. - Van Mieu ward - Dong Da District - Ha Noi
City - Vietnam |
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|
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Country : |
Vietnam |
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|
|
Financials (as on) : |
31.12.2009 |
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Year of Establishment : |
2000 |
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|
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Com. Reg. No.: |
0102001049 |
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Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
manufacturing and trading
medicinal herbs, agricultural products such as Cinnamon, Star Aniseeds,
Longanae Arillus, etc. |
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 |
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|
|
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Payment
Behaviour : |
No Complaints |
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|
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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 |
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Restricted |
C2 |
|
Off-credit |
D |
SUBJECT IDENTIFICATION & LEGAL FORM
|
English Name |
|
LE HAO COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH LE HAO |
|
Short name |
|
LE HAO CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2000 |
|
Business Registration No. |
|
0102001049 |
|
Date of Registration |
|
31 Aug 2000 |
|
Latest revised on |
|
23 Aug 2005 |
|
Place of Registration |
|
Hanoi Planning and Investment Department |
|
Current registered capital |
|
4,000,000,000 VND |
|
Status |
|
Unlisted |
|
Tax code |
|
0101054925 |
|
Total Employees |
|
65 |
company ADDRESSES
|
Head Office |
||
|
Addres |
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No. 73 Team 13 - Group 2 Lac Long Quan Str
- Nhat Tan ward - Tay Ho District - Ha Noi City - Vietnam |
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Telephone |
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(84-4) 3719 0219 |
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Fax |
|
(84-4) 3719 0478 |
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Email |
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Note |
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The exactly head office address is as above, |
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Registration
Address |
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|
Address |
|
No. 46 Quoc Tu Giam Str. - Van Mieu ward -
Dong Da District - Ha Noi City - Vietnam |
|
|
||
|
Factory Address |
||
|
Address |
|
Phung Town - Dan Phuong District - Ha Noi
City - Vietnam |
|
Telephone |
|
(84-4) 3388 5591 |
|
Fax |
|
(84-4) 3388 5591 |
|
|
||
|
Factory Address |
||
|
Address |
|
Que Ha Commune - Van Yen District - Yen
Bai Province - Vietnam |
DIRECTORS
|
1.
NAME |
|
Ms.
NGUYEN THI LOAN |
|
Position |
|
Director |
|
Date of Birth |
|
18 Sep 1957 |
|
ID Number/Passport |
|
012378072 |
|
ID Issue Date |
|
14 Aug 2000 |
|
ID Issue Place |
|
Hanoi Department of
Police |
|
Resident |
|
No. 46 Quoc Tu Giam Str.
- Van Mieu ward - Dong Da District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN TIEN LONG |
|
Position |
|
Vice Director |
|
Resident |
|
Ha Noi City - Vietnam
|
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
The subject specializes in manufacturing and trading
medicinal herbs, agricultural products such as Cinnamon, Star Aniseeds,
Longanae Arillus, etc..
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Material |
|
·
Market |
|
India, China |
|
·
Ratio |
|
N/A |
|
·
Mode of payment |
|
L/C, T/T, D/P |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Herbs, spice and agricultural products |
|
·
Market |
|
Japan, USA, Korea and India |
|
·
Ratio |
|
N/A |
|
·
Mode of payment |
|
TT, L/C... |
BANKERS
|
1.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK HA NOI BRANCH |
||
|
Address |
|
No.65 Ngo Thi Nham - Hai Ba Trung District - Ha Noi City - Vietnam |
|
Telephone |
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(84-4) 39436007 |
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Fax |
|
(84-4) 39432988 |
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|
||
|
2.
VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK |
||
|
Address |
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64-68 Ly Thuong Kiet - Hoan Kiem District - Ha Noi City - Vietnam |
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Telephone |
|
(84-4) 3942 6919 |
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Fax |
|
(84-4) 3 942 6929 |
SHAREHOLDERS
|
1.
NAME |
|
Ms.
NGUYEN THI LOAN |
|
Position |
|
Director |
|
Date of Birth |
|
18 Sep 1957 |
|
ID Number/Passport |
|
012378072 |
|
Issued on |
|
14 Aug 2000 |
|
Issued Place |
|
Hanoi Department of Police |
|
Resident |
|
No. 46 Quoc Tu Giam Str. - Van Mieu ward -
Dong Da District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
2,000,000,000 VND |
|
Percentage |
|
50% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN TIEN LONG |
|
Position |
|
Vice Director |
|
Resident |
|
Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
1,000,000,000 VND |
|
Percentage |
|
25% |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN THI NGUYEN |
|
Current Resident |
|
Ha Noi City - Vietnam |
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Nationality |
|
Vietnamese |
|
Value of shares |
|
1,000,000,000 VND |
|
Percentage |
|
25% |
FINANCIAL DATA
|
Although we have tried best, the subject’s financial statements have
not yet available in our database. |
|
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2009 |
|
Number of weeks |
52 |
|
ASSETS |
|
|
A – CURRENT
ASSETS |
13,833,000,000
|
|
I. Cash and cash
equivalents |
1,885,000,000
|
|
1. Cash |
1,885,000,000 |
|
2. Cash equivalents |
0 |
|
II. Short-term
investments |
0 |
|
1. Short-term investments |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
4,751,000,000
|
|
1. Receivable from customers |
4,671,000,000 |
|
2. Prepayments to suppliers |
0 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
80,000,000 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
7,197,000,000
|
|
1. Inventories |
7,197,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
0 |
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
0 |
|
B. LONG-TERM
ASSETS |
2,716,000,000
|
|
I. Long term
account receivable |
0 |
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1. Long term account receivable from customers |
0 |
|
2. Working capital in affiliates |
0 |
|
3. Long-term inter-company receivable |
0 |
|
4. Other long-term receivable |
0 |
|
5. Provisions for bad debts from customers |
0 |
|
II. Fixed assets
|
2,716,000,000
|
|
1. Tangible assets |
2,716,000,000 |
|
- Historical costs |
3,350,000,000 |
|
- Accumulated depreciation |
-634,000,000 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
0 |
|
- Initial costs |
0 |
|
- Accumulated amortization |
0 |
|
4. Construction-in-progress |
0 |
|
III. Investment property
|
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term
investments |
0 |
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
0 |
|
1. Long-term prepaid expenses |
0 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
TOTAL ASSETS |
16,549,000,000
|
|
LIABILITIES |
|
|
A- LIABILITIES |
12,549,000,000
|
|
I. Current
liabilities |
12,549,000,000
|
|
1. Short-term debts and loans |
8,250,000,000 |
|
2. Payable to suppliers |
4,299,000,000 |
|
3. Advances from customers |
0 |
|
4. Taxes and other obligations to the State Budget |
0 |
|
5. Payable to employees |
0 |
|
6. Accrued expenses |
0 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
0 |
|
10. Provisions for short-term accounts payable |
0 |
|
II. Long-Term
Liabilities |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
3. Other long-term payable |
0 |
|
4. Long-term debts and loans |
0 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
B- OWNER’S
EQUITY |
4,000,000,000
|
|
I. OWNER’S
EQUITY |
4,000,000,000
|
|
1. Capital |
4,000,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
0 |
|
11. Construction investment fund |
0 |
|
II. Other
sources and funds |
0 |
|
1. Bonus and welfare funds |
0 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S INTEREST
|
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
16,549,000,000
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2009 |
|
1. Total Sale |
70,159,000,000
|
|
2. Deduction item |
0 |
|
3. Net sale |
70,159,000,000
|
|
4. Costs of goods sold |
61,366,000,000 |
|
5. Gross profit |
8,793,000,000
|
|
6. Financial income |
159,000,000 |
|
7. Financial expenses |
1,010,000,000 |
|
- In which: Loan interest expenses |
0 |
|
8. Selling expenses |
2,045,000,000 |
|
9. Administrative overheads |
2,314,000,000 |
|
10. Net operating profit |
3,583,000,000
|
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
3,583,000,000
|
|
15. Current corporate income tax |
896,000,000 |
|
16. Deferred corporate income tax |
0 |
|
18. Profit after tax |
2,687,000,000
|
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
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|
|
||
|
Description |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.10 |
1.30 |
|
Quick liquidity ratio |
0.53 |
0.68 |
|
Inventory circle |
8.53 |
6.60 |
|
Average receive period |
24.72 |
47.55 |
|
Utilizing asset performance |
4.24 |
1.63 |
|
Liability by total asset |
75.83 |
60.84 |
|
Liability by owner equity |
313.73 |
157.24 |
|
Ebit / Total asset (ROA) |
21.65 |
9.87 |
|
Ebit / Owner's equity (ROE) |
89.58 |
29.99 |
|
Ebit / Total sale (NPM) |
5.11 |
6.43 |
|
Gross profit / Total sale (GPM) |
12.53 |
15.71 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through its banks by L/C, T/T, D/P |
|
Sale Methods |
|
To contracts |
|
CREDIT INQUIRY: 125,000 USD against DA in terms. Caution is needed. |
INTERPRETATION ON THE SCORES
|
LE HAO
COMPANY LIMITED was founded in 2000 as a limited liability company and
granted business registration No. 0102001049 dated on 31 Aug 2000 with current registered capital of
4,000,000,000 VND. The subject’s head office is located at No. 73 Team
13 - Group 2 Lac Long Quan Str. - Nhat Tan ward - Tay Ho District - Ha Noi
City – Vietnam. Le Hao
Co., Ltd registers in trading production materials, recycle agricultural and
forest products, equipments and spare parts… The subject is a potent & dynamic
growing company working on producing and exporting Vietnamese agricultural
products such as medicinal herbs, spices, fresh fruits and vegetables. Its
warehouse and factory located about 20kms far from Hanoi with 6000 m2
including two stocks, machine for processing and more than 40 workers.
Besides that the subject has another plant at Que Ha Commune, Van Yen Dist,
Yen Bai Province. The subject’s main products as follows: -
Spices: Cinnamon, star aniseeds, black pepper, etc -
Medicinal herb: Longanae Arillus, Lotus seeds, Amomi Semen, etc -
Other agricultural products: Pickled baby cucumber, pickled figs, pickled
chilli in vinegar, etc The
subject aims at providing products and services worldwide. The subject
exports about 80% to 90% to foreign countries such as USA, Japan, India, and
Korea. According
to Mr. Tien, business manager, in 2010 the subject’s total sale reached to
VND 136 billion. In
general, subject can meet small financial commitments. Caution is needed for
medium and big transactions with the subject. |
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.44.29 |
|
UK Pound |
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.17 |
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.