MIRA INFORM REPORT
|
Report Date : |
05.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
TUNG HO INDUSTRY COMPANY LIMITED |
|
|
|
|
Registered Office : |
B25/II, 2A Str, Vinh Loc Industrial Zone - Binh Chanh District
- Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1998 |
|
|
|
|
Legal Form : |
Foreign Invested Company |
|
|
|
|
Line of Business : |
production of components used in household machinery appliances and
industry, types of household electric fans |
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 : |
Unknown |
|
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
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 |
|
TUNG HO INDUSTRY COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TRACH NHIEM HUU HAN CONG NGHIEP
DONG HOA |
|
Trade name |
|
TUNG HO INDUSTRY CO., LTD |
|
Type of Business |
|
Foreign invested company |
|
Year Established |
|
1998 |
|
Investment Certificate No |
|
412043000260 |
|
Date of investment |
|
21 Jul 2008 |
|
Place of investment |
|
HCMC Export Processing And Industrial
Zones Authority |
|
Registered Investment Capital |
|
2,500,000 USD |
|
Chartered capital |
|
1,000,000 USD |
|
Investment Duration |
|
49 |
|
Tax code |
|
0301459848 |
|
Total Employees |
|
225 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Investment
Certificate No: 08/GP-KCN-HCM issued on 25 May 1998 Changed to: 08/GPDC1-KCN-HCM |
09
Aug 1999 |
|
2 |
Subject has got former Investment
Certificate No: No.08/GPDC1 -KCN-HCM Changed to: No.08/GPDC2 -KCN-HCM |
07 Jun
2004 |
|
3 |
Subject has got former Investment
Certificate No: No.08/GPDC2 -KCN-HCM Changed to: 412043000260 |
21
Jul 2008 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
B25/II, 2A Str, Vinh Loc Industrial Zone -
Binh Chanh District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
84-8 37650388/ 3765 4005 |
|
Fax |
|
84-8 37650305 |
DIRECTORS
|
1
. NAME |
|
Mr.
YU CHIN WAN |
|
Position |
|
Director |
|
Date of Birth |
|
1950 |
|
ID Number/Passport |
|
135077507 |
|
Resident |
|
3f11 - No.37 - Lane
370 Long Chiang Road - 108 Lin - Hing Jen Li - Chung San Chu - Taipei -
Taiwan |
|
Current resident |
|
NO 33 Ngo Quang Huy Street - Thao Dien
Ward - District 2- Ho Chi Minh City -
Vietnam |
|
Nationality |
|
Taiwan |
|
|
||
|
2
. NAME |
|
Mr.
TRAN VAN NHIEM |
|
Position |
|
Deputy Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
3
. NAME |
|
Ms.
NGUYEN TIEN CHI LAN |
|
Position |
|
Chief of accountant |
|
Date of Birth |
|
1969 |
|
Nationality |
|
Vietnamese |
|
|
||
|
4
. NAME |
|
Ms.
CHU THI CAM TU |
|
Position |
|
Deputy Director |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
The subject
is registered in business: production of components used in household
machinery appliances and industry, types of household electric fans |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Materials and Equipment |
|
·
Market |
|
Thailand and Taiwan |
|
·
Ratio |
|
80-90 Percent |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Products |
|
·
Market |
|
Thailand, Singapore, Indonesia |
|
·
Ratio |
|
100% |
BANKERS
|
1.
NAM A COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No.97 Bis Ham Nghi - Nguyen Thai Binh ward -District 1- Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 38299408 |
|
Fax |
|
(84-8) 38222706 |
|
|
||
|
2.
SAI GON BANK TAN DINH BRANCH |
||
|
Address |
|
No.117 - Tran Quang Khai Street -District 1- Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 38484891 |
|
Fax |
|
(84-8) 38484890 |
|
|
||
|
3.
VIETNAM TIN NGHIA COMMERCIAL JOINT STOCK BANK THONG NHAT BRANCH |
||
|
Address |
|
No.453 - Ly Thuong Kiet Street, Ward 8 - Tan
Binh District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3971 3275 /3971 1186 |
|
Fax |
|
(84-8) 3971 1182 |
|
|
||
|
4.
TAIPEI FUBON COMMERCIAL BANK CO., LTD |
||
|
Address |
|
05th Floor - 194 Golden Buiding No. 473 Dien Bien Phu Street
- Binh Thanh District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8)3933 1090 |
SHAREHOLDERS
|
NAME |
|
Mr.
YU CHIN WAN |
|
Position |
|
Director |
|
Date of Birth |
|
10 Apr 1950 |
|
ID Number/Passport |
|
135077507 |
|
Issued on |
|
25 Aug 2005 |
|
Resident |
|
3f11 - No.37 - Lane 370 Long Chiang Road -
108 Lin - Hing Jen Li - Chung San Chu - - Taipei - Taiwan |
|
Current Resident |
|
No 33 Ngo Quang Huy Street - Thao Dien Ward
- 2 District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Taiwan |
|
Percentage |
|
100% |
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 |
66,490,221,592 |
127,594,361,683 |
51,635,869,373 |
|
|
I. Cash and cash
equivalents |
4,711,190,726 |
6,812,442,052 |
1,075,775,759 |
|
|
1. Cash |
4,711,190,726 |
6,812,442,052 |
1,075,775,759 |
|
|
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 |
9,365,891,963 |
90,780,637,360 |
19,563,935,925 |
|
|
1. Receivable from customers |
4,104,949,598 |
2,382,368,336 |
10,985,314,781 |
|
|
2. Prepayments to suppliers |
5,260,942,365 |
4,665,890,947 |
0 |
|
|
3. Inter-company receivable |
0 |
|
0 |
|
|
4. Receivable according to the progress of construction |
0 |
|
0 |
|
|
5. Other receivable |
0 |
83,732,378,077 |
8,578,621,144 |
|
|
6. Provisions for bad debts |
0 |
|
0 |
|
|
IV. Inventories |
46,963,668,430 |
27,745,211,545 |
28,821,770,806 |
|
|
1. Inventories |
48,451,506,038 |
27,745,211,545 |
28,821,770,806 |
|
|
2. Provisions for devaluation of inventories |
-1,487,837,608 |
|
0 |
|
|
V. Other Current
Assets |
5,449,470,473 |
2,256,070,726 |
2,174,386,883 |
|
|
1. Short-term prepaid expenses |
6,825,000 |
|
0 |
|
|
2. VAT to be deducted |
818,642,982 |
2,003,459,199 |
345,685,759 |
|
|
3. Taxes and other accounts receivable from the State |
273,248,347 |
252,611,527 |
1,556,635,143 |
|
|
4. Other current assets |
4,350,754,144 |
|
272,065,981 |
|
|
B. LONG-TERM
ASSETS |
6,864,057,579 |
27,966,219,561 |
7,628,442,127 |
|
|
I. Long term
account receivable |
0 |
21,878,123,661 |
0 |
|
|
1. Long term account receivable from customers |
0 |
0 |
0 |
|
|
2. Working capital in affiliates |
|
0 |
0 |
|
|
3. Long-term inter-company receivable |
0 |
0 |
0 |
|
|
4. Other long-term receivable |
0 |
21,878,123,661 |
0 |
|
|
5. Provisions for bad debts from customers |
0 |
|
0 |
|
|
II. Fixed assets
|
4,985,043,190 |
4,159,633,764 |
5,551,636,750 |
|
|
1. Tangible assets |
4,985,043,190 |
4,159,633,764 |
5,551,636,750 |
|
|
- Historical costs |
19,960,956,233 |
17,863,293,054 |
17,265,979,144 |
|
|
- Accumulated depreciation |
-14,975,913,043 |
-13,703,659,290 |
-11,714,342,394 |
|
|
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 |
1,879,014,389 |
1,928,462,136 |
2,076,805,377 |
|
|
1. Long-term prepaid expenses |
1,879,014,389 |
1,928,462,136 |
2,076,805,377 |
|
|
2. Deferred income tax assets |
0 |
|
0 |
|
|
3. Other long-term assets |
0 |
|
0 |
|
|
TOTAL ASSETS |
73,354,279,171 |
155,560,581,244 |
59,264,311,500 |
|
|
|
||||
|
LIABILITIES |
||||
|
A- LIABILITIES |
76,026,080,667 |
150,721,872,546 |
39,180,135,515 |
|
|
I. Current
liabilities |
75,626,480,667 |
150,107,683,434 |
39,180,135,515 |
|
|
1. Short-term debts and loans |
31,797,707,968 |
18,485,312,817 |
18,576,531,291 |
|
|
2. Payable to suppliers |
40,950,064,730 |
37,691,738,142 |
4,966,121,087 |
|
|
3. Advances from customers |
2,778,283,251 |
2,325,275,400 |
0 |
|
|
4. Taxes and other obligations to the State Budget |
0 |
400,000 |
1,007,500 |
|
|
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 |
100,424,718 |
91,604,957,075 |
15,636,475,637 |
|
|
10. Provisions for short-term accounts payable |
0 |
|
0 |
|
|
II. Long-Term
Liabilities |
399,600,000 |
614,189,112 |
0 |
|
|
1. Long-term accounts payable to suppliers |
0 |
|
0 |
|
|
2. Long-term inter-company payable |
0 |
|
0 |
|
|
3. Other long-term payable |
0 |
12,217,600 |
0 |
|
|
4. Long-term debts and loans |
399,600,000 |
600,000,000 |
0 |
|
|
5. Deferred income tax payable |
0 |
|
0 |
|
|
6. Provisions for unemployment allowances |
0 |
1,971,512 |
0 |
|
|
7. Provisions for long-term accounts payable |
0 |
|
0 |
|
|
B- OWNER’S
EQUITY |
-2,671,801,496 |
4,838,708,698 |
20,084,175,985 |
|
|
I. OWNER’S
EQUITY |
-2,671,801,496 |
4,838,708,698 |
20,084,175,985 |
|
|
1. Capital |
18,423,864,948 |
18,423,864,948 |
13,900,259,069 |
|
|
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 |
-376,258,219 |
|
0 |
|
|
7. Business promotion fund |
0 |
|
0 |
|
|
8. Financial reserved fund |
0 |
|
0 |
|
|
9. Other funds |
0 |
|
0 |
|
|
10. Retained earnings |
-20,719,408,225 |
-13,585,156,250 |
6,183,916,916 |
|
|
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 |
73,354,279,171 |
155,560,581,244 |
59,264,311,500 |
|
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
FY2008 |
|
1. Total Sale |
258,391,973,313 |
175,897,012,646 |
157,967,011,114 |
|
2. Deduction item |
0 |
0 |
0 |
|
3. Net revenue |
258,391,973,313 |
175,897,012,646 |
157,967,011,114 |
|
4. Costs of goods sold |
248,780,539,642 |
163,633,592,697 |
148,579,601,141 |
|
5. Gross profit |
9,611,433,671 |
12,263,419,949 |
9,387,409,973 |
|
6. Financial income |
2,554,531,225 |
2,716,704,425 |
1,732,285,649 |
|
7. Financial expenses |
8,503,311,745 |
7,773,102,208 |
3,779,550,334 |
|
- In which: Loan interest expenses |
0 |
1,557,723,444 |
0 |
|
8. Selling expenses |
3,474,442,111 |
1,509,142,481 |
1,326,710,009 |
|
9. Administrative overheads |
2,276,161,297 |
2,187,951,790 |
2,703,117,859 |
|
10. Net operating profit |
-2,087,950,257 |
3,509,927,895 |
3,310,317,420 |
|
11. Other income |
3,627,572,460 |
3,043,154,008 |
615,030,800 |
|
12. Other expenses |
95,854,281 |
960,816 |
0 |
|
13. Other profit /(loss) |
3,531,718,179 |
3,042,193,192 |
615,030,800 |
|
14. Total accounting profit before tax |
1,443,767,922 |
6,552,121,087 |
3,925,348,220 |
|
15. Current corporate income tax |
0 |
3,071,285 |
490,668,528 |
|
16. Deferred corporate income tax |
0 |
|
0 |
|
17 Profit after tax |
1,443,767,922 |
6,549,049,802 |
3,434,679,692 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
0.88 |
0.85 |
1.32 |
1.30 |
|
Quick liquidity ratio |
0.26 |
0.67 |
0.58 |
0.63 |
|
Inventory circle |
6.66 |
5.90 |
5.16 |
4.73 |
|
Average receive period |
13.23 |
188.38 |
45.20 |
64.38 |
|
Utilizing asset performance |
3.52 |
1.13 |
2.67 |
1.67 |
|
Liability by total asset |
103.64 |
96.89 |
66.11 |
59.37 |
|
Liability by owner equity |
-2,845.50 |
3,114.92 |
195.08 |
176.51 |
|
Ebit / Total asset (ROA) |
1.97 |
5.21 |
6.62 |
8.91 |
|
Ebit / Owner's equity (ROE) |
-54.04 |
167.60 |
19.54 |
24.06 |
|
Ebit / Total revenue (NPM) |
0.56 |
4.61 |
2.48 |
4.99 |
|
Gross profit / Total revenue (GPM) |
3.72 |
6.97 |
5.94 |
12.82 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
||||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Low / Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
Negative |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through the bank, D/A |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Excellent |
|
CREDIT INQUIRY: N/A |
INTERPRETATION ON THE SCORES
|
Tung Ho
Industry Co., Ltd was established from 1998 under the original Investment
Certificate No.08/GP-KCN-HCM. Since July 2008, the subject Investment
Certificate has been changed ton No.412043000260. Its Registered Capital is
1,000,000 USD. The subject is run by Mr. Yu Chin Wan - He is also the sole
owner of the subject with. Tung
Ho specialized in production of components used in household machinery
appliances and industry, types of household electric fans. The subject rents
a total 5,000 sqm area, its duration is about 50 years . Its factory was
built and installed equipment from June 1998 to May 1999. Its production has
performed since May 1999. Subject's
production capacity is about 20,100,000 units/ year. The subject mainly imports
materials and equipment from Taiwan and Thailand and the subject exports all
its products to Thailand, Singapore and Indonesia. The
subject is operating at medium scale with 240 employees. The management
capacity of the subject is acceptable. According to Ms. Chi Lan - chief
accountant, the subject has planned of increase capital to 2,000,000 USD. According
to financial data of the subject, its business operation is average,
liquidity is quite low and the liability ratio of the Subject is too high.
The subject's turnover in 2010 increased 46.8% compared with 2009. Its profit
after-tax decline. In addition, total asset in 2010 decreased 52.8% compared
with 2009. In general, the financial
situation had unfavorable trend in 2010. Caution needed for medium & big
business transactions with 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.44.59 |
|
UK Pound |
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.66.04 |
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.