MIRA INFORM REPORT
|
Report Date : |
30.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
HUONG SEN SERVICE TRADING COMPANY
LIMITED |
|
|
|
|
Registered Office : |
52/23/1 Huynh Van Nghe, Ward 15 - Tan Binh Dist - Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
15.09.2007 |
|
|
|
|
Com. Reg. No.: |
0305187680 |
|
|
|
|
Legal Form : |
One Member Liability Limited Company |
|
|
|
|
Line of Business : |
trading of cloth |
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 – 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
|
||
|
English Name |
|
HUONG SEN SERVICE TRADING COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH MOT THANH VIEN THUONG MAI DICH VU HUONG SEN |
|
Trade name |
|
HUONG
SEN SERVICE TRADING COMPANY LIMITED |
|
Short name |
|
HUONGSE
CO.,LTD |
|
Type of Business |
|
One member liability limited company |
|
Year Established |
|
2007 |
|
Business Registration No. |
|
0305187680 |
|
Date of Registration |
|
15 Sep 2007 |
|
Place of Registration |
|
Business Registration Office of Hochiminh City |
|
Current registered capital |
|
1,500,000,000 VND |
|
Tax code |
|
0305187680 |
|
Total Employees |
|
20 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered capital: 600,000,000 vnd Changed to: 1,500,000,000 vnd |
04 May 2011 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
52/23/1 Huynh Van Nghe, Ward 15 - Tan Binh Dist - Ho Chi Minh City -
Vietnam |
|
Telephone |
|
(84-8) 38117230/ 54363754 |
|
Fax |
|
(84-8) 62653500 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ho Chi Minh |
||
|
Address |
|
134 Hoang Hoa Tham Str, Ward 12 - Tan Binh Dist - Ho Chi Minh City -
Vietnam |
|
Telephone |
|
(84-8) 3811 7230/ 38117231 |
|
Fax |
|
(84-8) 6297 3280 |
DIRECTORS
|
1. NAME |
|
Mr. LU MAN |
|
Position |
|
Owner & Director |
|
Date of Birth |
|
13 Oct 1975 |
|
ID Number/Passport |
|
0240988420035 |
|
ID Issue Date |
|
06 Jun 2003 |
|
ID Issue Place |
|
Police Station of Hochiminh City |
|
Resident |
|
52/23/1 Huynh Van Nghe, Ward 15 - Tan Binh
District - Ho Chi Minh City - Vietnam |
|
Tel/Mobil phone |
|
84 913898917 |
|
Qualification |
|
Management |
|
|
||
|
2. NAME |
|
Mr. PHAM VAN HOANH |
|
Position |
|
Sales Management |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
84 902941967 |
|
Qualification |
|
Management |
BUSINESS
NATURE AND ACTIVITIES
|
Subject
is specializing in trading of cloth. Subject imports cloth and distributing
in domestic market. |
IMPORT
& EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types
of products |
|
cloth, textile
|
|
·
Market
|
|
China, India |
BANKERS
|
1. ASIA COMMERCIAL JOINT
STOCK BANK |
||
|
Address |
|
No. 29 Ly
Thuong Kiet Str - Ward 7 - Tan Binh Dist - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 6265
3500 |
|
Fax |
|
(84-8) 6265 3501
|
|
Foreign Currency Account |
|
38233254 USD |
|
VND Account |
|
38232979 VND |
SHAREHOLDERS
|
1. NAME |
|
Mr. LU MAN |
|
Position |
|
Owner & Director |
|
Date of Birth |
|
13 Oct 1975 |
|
ID Number/Passport |
|
0240988420035 |
|
Issued on |
|
06 Jun 2003 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
52/23/1 Huynh Van Nghe, Ward 15 - Tan Binh Dist - Ho Chi Minh City -
Vietnam |
|
Mobile phone |
|
84 913898917 |
|
Value of shares |
|
1,500,000,000 VND |
|
Percentage |
|
100% |
FINANCIAL
DATA
|
BALANCE SHEET |
||
Unit: One VND
|
||
|
Balance sheet date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT ASSETS |
3,614,847,436 |
3,464,211,870 |
|
I. Cash and cash equivalents |
792,532,000 |
652,998,000 |
|
1. Cash |
792,532,000 |
652,998,000 |
|
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 |
1,155,320,532 |
1,405,513,605 |
|
1. Receivable
from customers |
789,125,000 |
877,627,605 |
|
2. Prepayments
to suppliers |
366,195,532 |
527,886,000 |
|
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 |
1,421,996,000 |
1,346,938,616 |
|
1. Inventories
|
1,421,996,000 |
1,346,938,616 |
|
2. Provisions
for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
244,998,904 |
58,761,649 |
|
1. Short-term
prepaid expenses |
0 |
0 |
|
2. VAT to be
deducted |
244,998,904 |
58,761,649 |
|
3. Taxes and
other accounts receivable from the State |
0 |
0 |
|
4. Other
current assets |
0 |
0 |
|
B. LONG-TERM ASSETS |
242,160,758 |
15,439,780 |
|
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 |
219,914,883 |
0 |
|
1. Tangible
assets |
219,914,883 |
0 |
|
- Historical
costs |
227,866,182 |
0 |
|
- Accumulated
depreciation |
-7,951,299 |
0 |
|
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 |
|
|
|
2. Investments
in business concerns and joint ventures |
|
|
|
3. Other
long-term investments |
|
|
|
4. Provisions
for devaluation of long-term investments |
|
|
|
V. Other long-term assets |
22,245,875 |
15,439,780 |
|
1. Long-term
prepaid expenses |
22,245,875 |
15,439,780 |
|
2. Deferred
income tax assets |
0 |
0 |
|
3. Other
long-term assets |
0 |
0 |
|
TOTAL ASSETS |
3,857,008,194 |
3,479,651,650 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
1,844,702,767 |
2,088,280,743 |
|
I. Current liabilities |
1,844,702,767 |
2,088,280,743 |
|
1. Short-term
debts and loans |
0 |
0 |
|
2. Payable to
suppliers |
1,386,087,767 |
950,855,680 |
|
3. Advances
from customers |
458,615,000 |
0 |
|
4. Taxes and
other obligations to the State Budget |
|
28,795,970 |
|
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 |
|
1,108,629,093 |
|
10. Provisions
for short-term accounts payable |
|
|
|
II. Long-Term Liabilities |
|
|
|
1. Long-term
accounts payable to suppliers |
|
|
|
2. Long-term
inter-company payable |
|
|
|
3. Other
long-term payable |
|
|
|
4. Long-term
debts and loans |
|
|
|
5. Deferred
income tax payable |
|
|
|
6. Provisions
for unemployment allowances |
|
|
|
7. Provisions
for long-term accounts payable |
|
|
|
B- OWNER’S EQUITY |
2,012,305,427 |
1,391,370,907 |
|
I. OWNER’S EQUITY |
2,012,305,427 |
1,391,370,907 |
|
1. Capital |
500,000,000 |
500,000,000 |
|
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 |
1,512,305,427 |
891,370,907 |
|
11.
Construction investment fund |
|
|
|
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 |
3,857,008,194 |
3,479,651,650 |
|
PROFIT & LOSS
STATEMENT |
||
|
|
||
|
Description |
FY2010
|
FY2009
|
|
1. Total
Sale |
4,739,268,000 |
3,598,157,000 |
|
2. Deduction
item |
0 |
0 |
|
3. Net sale
|
4,739,268,000 |
3,598,157,000 |
|
4. Costs of
goods sold |
3,069,756,000 |
2,582,365,000 |
|
5. Gross
profit |
1,669,512,000 |
1,015,792,000 |
|
6. Financial
income |
0 |
0 |
|
7. Financial
expenses |
0 |
0 |
|
- In which:
Loan interest expenses |
0 |
0 |
|
8. Selling
expenses |
0 |
0 |
|
9.
Administrative overheads |
157,206,573 |
95,625,123 |
|
10. Net
operating profit |
1,512,305,427 |
920,166,877 |
|
11. Other
income |
0 |
0 |
|
12. Other
expenses |
0 |
0 |
|
13. Other
profit /(loss) |
0 |
0 |
|
14. Total
accounting profit before tax |
1,512,305,427 |
920,166,877 |
|
15. Current
corporate income tax |
0 |
28,795,970 |
|
16. Deferred
corporate income tax |
0 |
0 |
|
18. Profit
after tax |
1,512,305,427 |
891,370,907 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current
liquidity ratio |
1.96 |
1.66 |
1.18 |
|
Quick liquidity
ratio |
1.19 |
1.01 |
0.72 |
|
Inventory
circle |
2.22 |
1.92 |
9.18 |
|
Average
receive period |
88.98 |
142.58 |
64.20 |
|
Utilizing
asset performance |
1.23 |
1.03 |
1.50 |
|
Liability by
total asset |
47.83 |
60.01 |
69.79 |
|
Liability by
owner equity |
91.67 |
150.09 |
238.92 |
|
Ebit / Total
asset (ROA) |
39.21 |
26.44 |
6.08 |
|
Ebit / Owner's
equity (ROE) |
75.15 |
66.13 |
21.50 |
|
Ebit / Total sale
(NPM) |
31.91 |
25.57 |
4.89 |
|
Gross profit /
Total sale (GPM) |
35.23 |
28.23 |
12.63 |
|
Note: The Average Industry was calculated by Vietnam Credit
based on our owned statistical data |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium/High |
|
Payment status |
|
Normal |
|
Financial
Situation |
|
Above Average |
|
Development
trend |
|
Stable |
|
Litigation
data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment
Methods |
|
L/C, TTR |
|
Sale Methods |
|
Wholesaler |
|
Public opinion
|
|
Normal |
INTERPRETATION
ON THE SCORES
|
Subject
is operating as a family company. The owner family has been trading in this
industry for long times but it is a young limited company, was established as
limited company since 2007. |
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.45.21 |
|
UK Pound |
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.64.40 |
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.