MIRA
INFORM REPORT
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Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
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Name : |
C.S.M TRADING COMPANY LIMITED |
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Registered Office : |
No. 242/105 Nguyen Thien Thuat Street - Ward 3 - District 3 - Ho Chi Minh City |
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Country : |
Vietnam |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
2003 |
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Com. Reg. No.: |
0302981849 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading in chemicals, flavors |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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) |
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Viet Nam |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUBJECT IDENTIFICATION &
LEGAL FORM
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Current legal status
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English Name |
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C.S.M TRADING COMPANY LIMITED |
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Vietnamese Name |
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CONG TY TNHH THUONG MAI C.S.M |
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Trade name |
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C.S.M TRADING CO., LTD |
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Short name |
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C.S.M |
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Type of Business |
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Limited liability company |
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Year Established |
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2003 |
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Business Registration No. |
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0302981849 |
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Date of Registration |
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27 Jul 2010 |
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Place of Registration |
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Business Registration Office of Ho Chi
Minh City |
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Current registered capital |
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1,500,000,000 VND |
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Tax code |
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0302981849 |
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Total Employees |
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10 |
Historical Identification & Legal form
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List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration
No: 4102016680 issued on 10 Jul 2003 Changed to: 0302981849 |
27
Jul 2010 |
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2 |
Subject has got former Registered capital:
300,000,000 VND Changed to: 1,500,000,000 VND |
N/A |
ADDRESSES
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Head Office |
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Address |
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No. 242/105 Nguyen Thien Thuat Street -
Ward 3 - District 3 - Ho Chi Minh City - Vietnam |
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Telephone |
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(84-8) 3929 0320 |
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Fax |
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(84-8) 3929 0321 - 3833 6346 |
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Email |
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Warehouse |
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Address |
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40 Tran Quang Co Street - Phu Thanh Ward -
Tan Phu District - Ho Chi Minh City - Vietnam |
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DIRECTORS
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1
. NAME |
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Mr.
LE QUOC CHINH |
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Position |
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Director |
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Date of Birth |
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23 Jan 1968 |
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ID Number/Passport |
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022392797 |
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Resident |
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2P Nhi Thien Duong -
Ward 5 - District 8 - Ho Chi Minh City - Vietnam |
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Tel/Mobil phone |
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+84 913 745 991 |
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2
. NAME |
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Mr.
NGUYEN THANH SON |
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Position |
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Deputy Director |
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ID Number/Passport |
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021970044 |
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Resident |
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90 Nguyen Bieu Street
- Ward 1 - District 5 - Ho Chi Minh City - Vietnam |
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Nationality |
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Vietnamese |
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3
. NAME |
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Ms.
DO THI THANH THUY |
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Position |
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Chief Accountant |
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Resident |
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Ho Chi Minh City - Vietnam |
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Nationality |
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Vietnamese |
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Cell phone |
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+84 977 054 518 |
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BUSINESS NATURE AND ACTIVITIES
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The subject registers and operates
in the following lines of business: •
Trading chemical for leather industry |
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IMPORT & EXPORT ACTIVITIES
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IMPORT: |
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·
Types of products |
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Products |
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·
Market |
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Germany, Taiwan, Thailand, Malaysia, Korea, India and China |
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·
Mode of payment |
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L/C, T/T |
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EXPORT: |
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·
Types of products |
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N/A |
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BANKERS
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1.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE (VIETIN BANK)
NO.3 BRANCH |
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Address |
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No.461 Nguyen Dinh Chieu – District 3 - Ho Chi Minh City - Vietnam |
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Telephone |
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(84-8) 3839 8371 |
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SWIFT Code |
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ICBVVNVX906 |
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2.
ACB COMMERCIAL JOINT STOCK BANK |
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Address |
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No. 444 Nguyen Thi Minh Khai Street - Ward 5 - District 5 - Ho Chi
Minh City - Vietnam |
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Telephone |
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(84-8) 3832 8988 |
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Fax |
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(84-8) 3832 8987 |
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SHAREHOLDERS
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1.
NAME |
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Mr.
LE QUOC CHINH |
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Position |
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Director |
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Date of Birth |
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23 Jan 1968 |
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ID Number/Passport |
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022392797 |
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Issued on |
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15 Oct 1994 |
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Resident |
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2P Nhi Thien Duong Plaza - Ward 5 –
District 8 - Ho Chi Minh City - Vietnam |
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Value of shares |
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625,000,000 VND |
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Percentage |
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41.67% |
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2.
NAME |
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Mr.
VU CONG THUONG |
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Resident |
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No.279/16D/14 Lac Long Quan Street - Ward 5
- District 11 - Ho Chi Minh City - Vietnam |
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Value of shares |
|
250,000,000 VND |
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Percentage |
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16.67% |
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3.
NAME |
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Mr.
NGUYEN THANH SON |
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Resident |
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No.90 Nguyen Bieu Street - Ward 1 -
District 5 - Ho Chi Minh City - Vietnam |
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Value of shares |
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625,000,000 VND |
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Percentage |
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41.67% |
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FINANCIAL HIGHLIGHT
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We tried our best to collect the financial
data in recent years but not available |
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BALANCE
SHEET |
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Unit: One VND
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Balance sheet
date |
31/12/2007 |
31/12/2006 |
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Number of weeks |
52 |
52 |
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ASSETS
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A. Current Asset
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4,301 |
2,481 |
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Receivables |
0 |
53 |
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Inventory |
3,860 |
1,958 |
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Cash and other current assets |
441 |
470 |
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B. Long term
Asset |
0 |
0 |
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1. Long term account receivable |
0 |
0 |
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2. Fixed assets |
0 |
0 |
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Tangible fixed assets |
0 |
0 |
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+ Original cost |
0 |
0 |
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+ Accumulated depreciation value |
0 |
0 |
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Financial leasehold assets |
0 |
0 |
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Intangible fixed assets |
0 |
0 |
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Construction in progress and other long term asset |
0 |
0 |
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TOTAL ASSETS |
4,301 |
2,481 |
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LIABILITIES
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Payable loans |
4,003 |
2,172 |
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Owner’s Equity |
298 |
309 |
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TOTAL LIABILITY
AND EQUITY |
4,301 |
2,481 |
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PROFIT & LOSS
STATEMENT
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Total revenue |
9,052
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6,630
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Deductions Items |
0 |
0 |
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1. Net revenue |
9,052
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6,630
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2. Cost of goods sold and operation expense |
8,974 |
6,625 |
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3. Net income
from business activities |
78
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5 |
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Income from financial activities |
23 |
6 |
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Expenditure from financial activities |
55 |
6 |
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4. Net income from financial operation |
-32 |
0 |
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Irregular income |
0 |
0 |
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Irregular expenditure |
0 |
0 |
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5. Irregular Profit |
0 |
0 |
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6. Total pre-tax
profit |
46
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5 |
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PAYMENT HISTORY & PERFORMANCE EXPERIENCES
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Trade Morality |
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Normal |
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Liquidity |
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N/A |
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Payment status |
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N/A |
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Financial Situation |
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Normal |
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Development trend |
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Stable |
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Litigation data |
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No Record |
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Bankruptcy |
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No Record |
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Payment Methods |
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Direct payment or through its corresponding bank. Foreign remittance
by L/C, TT |
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Sale Methods |
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Retailer and Wholesaler |
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Public opinion |
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Normal |
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INTERPRETATION ON THE SCORES
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C.S.M TRADING COMPANY LIMITED was
established in 2003 under business registration No. 4102016680 with
registered capital 300,000,000 VND. At present, it is operating under the Business
Registration No. 0302981849 with registered capital of VND1,500,000,000.
Since July 14th 2011, the subject has adding “trading chemical for
leather industry” in its registration activities. Head office is located at No.
242/105 Nguyen Thien Thuat Street - Ward 3 - District 3 - Ho Chi Minh City.
It is specializing in trading chemicals for paper (additives and coating
lubricants to the paper coating industry; defoamers and dispersants to the
pulping industry; defoamers, felt conditioners, cleaners and niche wet
strength resins to the papermaking industry; and deinking chemicals to the
recycling segment) and textile industries and flavors. It imports products
from Germany, Taiwan, Thailand, Malaysia, Korea, India and China and then
only distributes in domestic market. The subject is an authorized distributor
for products of Henkel and Pulcra. We
have a short interview with Mr. Le Quoc Chinh – director of the subject and
receiving friendly attitude from him. However, he was keen on marketing his goods,
refused disclose information, which related financial because of confidential
reasons. Managers of the subject have experience in Vietnam chemical market
supply for years. Prospects
of the subject company are that the Vietnamese chemical industry is still in
its infancy stage, where it only produces a limited variety of basic
chemicals, chemicals for industrial use do not meet domestic demand while
demand (especially chemical for textile and pulping industry) are increasing
rapidly. The
subject is facing hard with competition from many domestic and foreign
distributors. A large scale of the subject goods are high standard chemicals,
which imported from EU so selling price of the subject is higher than price
of goods imported from Asian countries (especially products made in China). In
overview, the subject is a small company with about 10 employees. As
expected, the subject would employ more positions in 2012. Currently, the
subject only has capability to meet small transaction. |
------------ APPENDIXES ----------
INDUSTRY DATA
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Industry code |
Growth speed (%) |
Total employees
2009 (Thousand) |
Total
enterprises |
Annual average
capital of enterprises |
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Predict 2010 |
2009 |
|||||
|
Agriculture, Forestry
and Fishing |
2.8 |
3.0 |
24,788.5 |
2,399 |
50,530 |
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Trade and
Services |
7.5 |
11 |
10,517.9 |
79,181 |
1,754,973 |
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Construction |
7 |
11.3 |
2,692.8 |
17,783 |
248,268 |
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Manufacturing |
12 |
7.6 |
7,591.2 |
30,786 |
967,068 |
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ECONOMIC INDICATORS
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2009 |
2008 |
2007 |
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Population (Million person) |
87 |
86.1 |
85.1 |
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Gross Domestic Products (US$
billion) |
91 |
84.9 |
71.2 |
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GDP Growth (%) |
5.32 |
6.2 |
8.5 |
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GDP Per Capita (US$) |
1,080 |
1,040 |
814 |
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Inflation (% Change in
Composite CPI) |
6.88 |
24.4 |
8.3 |
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SERVICE TRADE PERFORMANCE
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Billion USD |
2009 |
2008 |
2007 |
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Exports |
56.6 |
62.9 |
48.6 |
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Imports |
68.8 |
76.6 |
58.9 |
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Trade Balance |
-12.2 |
-14.6 |
-10.3 |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.12 |
|
|
1 |
Rs.72.05 |
|
Euro |
1 |
Rs.63.33 |
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.