MIRA INFORM REPORT
|
Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SONG TOAN CHEMICAL COMPANY LIMITED |
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|
|
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Registered Office : |
91 Go Cong Street, Ward 13 - 5 District - Ho Chi Minh City |
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Country : |
Vietnam |
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|
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|
Financials (as on) : |
31.12.2010 |
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|
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Year of Establishment : |
2005 |
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|
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Com. Reg. No.: |
0303640295 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Trading in chemical, aromatic spices, cosmetic chemistry, aquatic- agriculture and forestry goods, foodstuff, handicrafts goods, garment goods, machine and equipments for industry, agriculture, freeze electricity, household electricity, iron and steel, color metal, electronics spare parts, computers, office devices |
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 : |
Unknown |
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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 |
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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
Current legal status
|
||
|
English Name |
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SONG TOAN CHEMICAL COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH HOA CHAT SONG TOAN |
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Trade name |
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SONG TOAN CHEMICAL CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2005 |
|
Business Registration No. |
|
0303640295 |
|
Date of Registration |
|
02 Nov 2009 |
|
Current registered capital |
|
600,000,000 VND |
|
Tax code |
|
0303640295 |
|
Total Employees |
|
15 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered Vietnamese
Name: CONG TY TNHH THUONG MAI DICH VU SAN XUAT SONG TOAN Changed to: CONG TY TNHH HOA CHAT SONG
TOAN |
N/A |
|
2 |
Subject has got former Business
Registration No: 4102027499 issued on 14 Jan 2005 Changed to: 0303640295 |
02
Nov 2009 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
91 Go Cong Street, Ward 13 - 5 District -
Ho Chi Minh City - Vietnam |
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Telephone |
|
(84-8) 3855 4310 |
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Fax |
|
(84-8) 3855 4304 |
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Email |
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|
|
|
||
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Factory Address |
||
|
Address |
|
136 Group 9, Ben Do 1 Hamlet, Tan Phu
Trung - Cu Chi District - Ho Chi Minh City - Vietnam |
DIRECTORS
|
1.
NAME |
|
Mr.
NGUYEN DUY TOAN |
|
Position |
|
Director – Legal Representative |
|
Date of Birth |
|
30 Jan 1979 |
|
ID Number/Passport |
|
023197892 |
|
Resident |
|
255 Hai Thuong Lang
Ong Street, Ward 13 - 5 District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN TRONG CUONG |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
020090953 |
|
Resident |
|
221B-3 Tran Huy Lieu
Street, Ward 8 - Phu Nhuan District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
BUSINESS NATURE AND ACTIVITIES
|
The
subject registers and operates in the following business activities: ·
Trading
in chemical, aromatic spices, cosmetic chemistry, aquatic- agriculture and
forestry goods, foodstuff, handicrafts goods, garment goods, machine and
equipments for industry, agriculture, freeze electricity, household
electricity, iron and steel, color metal, electronics spare parts, computers,
office devices ·
Maritime
forwarding service and renting in store ·
Business
in goods transportation by auto and waterborne ·
Trade
agency service ·
Producing
in chemical, aromatic spices, aquatic-agriculture and forestry goods,
garments, handicrafts, foodstuff, cosmetic chemistry ·
Manufacturing
in cosmetic ·
Packaging
services ·
Manufacturing
fertilizer, nitrogen |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
chemical |
|
·
Market |
|
mainly from Germany, China and India |
|
|
||
|
EXPORT: |
||
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·
Types of products |
|
N/A |
BANKERS
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM DISTRICT NO.5 BRANCH
|
||
|
Address |
|
2D-2E Ly Thuong Kiet - 5 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3957 0727 |
|
Fax |
|
(84-8) 3957 0726 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE NO.5 BRANCH |
||
|
Address |
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No.218 Tran Hung Dao B - 5 District - Ho Chi Minh City - Vietnam |
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Telephone |
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(84-8) 3855 2613 |
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Fax |
|
(84-8) 3855 2613 |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
NGUYEN DUY TOAN |
|
Position |
|
Director – Legal Representative |
|
Date of Birth |
|
30 Jan 1979 |
|
ID Number/Passport |
|
023197892 |
|
Resident |
|
255 Hai Thuong Lang Ong Street, Ward 13 -
5 District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
400,000,000 VND |
|
Percentage |
|
66.67% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN TRONG CUONG |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
020090953 |
|
Resident |
|
221B-3 Tran Huy Lieu Street, Ward 8 - Phu
Nhuan District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
200,000,000 VND |
|
Percentage |
|
33.33% |
FINANCIAL DATA
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
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|
A – CURRENT
ASSETS |
28,784,819,611 |
3,502,000,000 |
|
I. Cash and cash
equivalents |
326,421,789 |
194,000,000 |
|
1. Cash |
326,421,789 |
194,000,000 |
|
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 |
23,209,506,405 |
1,188,000,000 |
|
1. Receivable from customers |
13,085,071,734 |
1,096,000,000 |
|
2. Prepayments to suppliers |
10,120,713,671 |
92,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
3,721,000 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
5,052,208,307 |
2,086,000,000 |
|
1. Inventories |
5,052,208,307 |
2,086,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
196,683,110 |
34,000,000 |
|
1. Short-term prepaid expenses |
27,086,975 |
8,000,000 |
|
2. VAT to be deducted |
169,267,210 |
26,000,000 |
|
3. Taxes and other accounts receivable from the State |
328,925 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM
ASSETS |
537,722,432 |
707,000,000 |
|
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
|
537,695,800 |
696,000,000 |
|
1. Tangible assets |
537,695,800 |
696,000,000 |
|
- Historical costs |
904,033,123 |
904,000,000 |
|
- Accumulated depreciation |
-366,337,323 |
-208,000,000 |
|
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 |
26,632 |
11,000,000 |
|
1. Long-term prepaid expenses |
26,632 |
11,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
29,322,542,043 |
4,209,000,000 |
|
|
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|
LIABILITIES |
||
|
A- LIABILITIES |
28,860,111,094 |
3,694,000,000 |
|
I. Current
liabilities |
28,675,110,294 |
3,417,000,000 |
|
1. Short-term debts and loans |
0 |
0 |
|
2. Payable to suppliers |
16,144,452,415 |
3,356,000,000 |
|
3. Advances from customers |
12,112,498,700 |
36,000,000 |
|
4. Taxes and other obligations to the State Budget |
150,172,179 |
0 |
|
5. Payable to employees |
217,912,500 |
9,000,000 |
|
6. Accrued expenses |
9,300,000 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
40,774,500 |
16,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
185,000,800 |
277,000,000 |
|
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 |
185,000,800 |
277,000,000 |
|
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 |
462,430,949 |
515,000,000 |
|
I. OWNER’S
EQUITY |
462,430,949 |
515,000,000 |
|
1. Capital |
600,000,000 |
600,000,000 |
|
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 |
-137,569,051 |
-85,000,000 |
|
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 |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
29,322,542,043 |
4,209,000,000 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sale |
16,988,443,781 |
16,291,000,000 |
|
2. Deduction item |
0 |
0 |
|
3. Net sale |
16,988,443,781 |
16,291,000,000 |
|
4. Costs of goods sold |
15,993,342,777 |
15,678,000,000 |
|
5. Gross profit |
995,101,004 |
613,000,000 |
|
6. Financial income |
5,985,656 |
4,000,000 |
|
7. Financial expenses |
37,528,393 |
55,000,000 |
|
- In which: Loan interest expenses |
33,315,393 |
42,000,000 |
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
957,718,421 |
578,000,000 |
|
10. Net operating profit |
5,839,846 |
-16,000,000 |
|
11. Other income |
0 |
0 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
0 |
0 |
|
14. Total accounting profit before tax |
5,839,846 |
-16,000,000 |
|
15. Current corporate income tax |
1,459,962 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
4,379,884 |
-16,000,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.00 |
1.02 |
1.45 |
|
Quick liquidity ratio |
0.83 |
0.41 |
0.87 |
|
Inventory circle |
3.17 |
7.52 |
7.48 |
|
Average receive period |
498.66 |
26.62 |
64.15 |
|
Utilizing asset performance |
0.58 |
3.87 |
2.38 |
|
Liability by total asset |
98.42 |
87.76 |
69.14 |
|
Liability by owner equity |
6,240.96 |
717.28 |
281.46 |
|
Ebit / Total asset (ROA) |
0.13 |
0.62 |
10.33 |
|
Ebit / Owner's equity (ROE) |
8.47 |
5.05 |
35.61 |
|
Ebit / Total sale (NPM) |
0.23 |
0.16 |
4.71 |
|
Gross profit / Total sale (GPM)
|
5.86 |
3.76 |
15.43 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Normal |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Average |
|
Development trend |
|
Even |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
N/A |
|
CREDIT INQUIRY: 20,000 USD Against DA in terms |
|
Accept! |
INTERPRETATION ON THE SCORES
|
SONG TOAN is a liability limited company which was
established in 2005 under business registration No. 4102027499
and registered capital is VND 600 million. The subject has changed its
business registration to No. 0303640295 (the same with the tax code)
according to the new law of Vietnam government. The subject specializes in trading industrial
chemical. It imports chemicals mainly from Germany, China and India,
after that it packages and distributes to domestic. Products of the subject are used in manufacturing industry and water
treatment industry. Main market of the subject are in Hochiminh city and
western provinces. The subject’s market share is normal. In
overview, the subject is operating at a small scale with about 15 staffs. The
position in the industry of the subject is not remarkable. Financial
situation of the subject is normal. However, the registered capital of the
subject is still humble, so the subject only 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 |
||||||
|
|
||||||
|
|
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.44.90 |
|
UK Pound |
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
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.