MIRA
INFORM REPORT
|
Report Date : |
11.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
TAN TRUONG PHAT TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
Km 17+800, National Road 3 - Phu Lo Commune - Soc Son District - Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
24.07.2009 |
|
|
|
|
Com. Reg. No.: |
0102039977 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Specializing in trading kinds of industrial chemicals |
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 : |
No Complaints |
|
|
|
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Viet Nam |
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
|
||
|
|
||
|
English Name |
|
TAN TRUONG PHAT TRADING COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH THUONG MAI TAN TRUONG PHAT |
|
Short name |
|
TTP TRADING CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2009 |
|
Business Registration No. |
|
0102039977 |
|
Date of Registration |
|
24 Jul 2009 |
|
Place of Registration |
|
Hanoi Department of Planning and
Investment |
|
Current registered capital |
|
VND 3,600,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0104077092 |
|
Total Employees |
|
10 staffs |
|
Size |
|
Small |
|
Note: The exact name of the subject is above. |
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Km 17+800, National Road 3 - Phu Lo
Commune - Soc Son District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 22207938 |
|
Fax |
|
(84-4) 22207936 |
|
|
||
|
DIRECTORS |
||
|
|
||
|
1.
NAME |
|
Mr.
PHAN KIEM DIEM |
|
Position |
|
Director |
|
ID Number/Passport |
|
011034866 |
|
ID Issue Date |
|
03 Apr 2008 |
|
ID Issue Place |
|
Hanoi Police Station |
|
Resident |
|
No 3C Pho Cho Phu Lo
commune - Soc Son District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-4) 3884 3218 |
|
|
||
|
2.
NAME |
|
Ms.
HUONG |
|
Position |
|
Deputy Director |
|
Nationality |
|
Vietnamese |
|
. |
||
BUSINESS NATURE AND ACTIVITIES
|
||
|
|
||
|
The
subject is specializing in trading kinds of industrial chemicals |
||
|
|
||
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Chemicals |
|
·
Market |
|
China and some other companies (mainly China) |
|
|
||
|
EXPORT: Currently, the
subject does not export |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM TRANSACTION NO.2 |
||
|
Address |
|
No.40, Street 2, Phu Lo – Soc Son – Hanoi - Vietnam |
|
Telephone |
|
(84-4) 38841726 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE DONG HA NOI
BRANCH |
||
|
Address |
|
No.284 Ha Huy Tap str, Yen Vien ward - Gia Lam District - Ha Noi City
- Vietnam |
|
Telephone |
|
(84-4) 38783159 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
PHAN KIEM DIEM |
|
Position |
|
Director |
|
ID Number/Passport |
|
011034866 |
|
Issued on |
|
03 Apr 2008 |
|
Issued Place |
|
Hanoi Police Station |
|
Resident |
|
No 3C Pho Cho Phu Lo commune - Soc Son
District - Ha Noi City - Vietnam |
|
Home phone |
|
(84-4) 3884 3218 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 3,240,000,000 |
|
Percentage |
|
90% |
|
|
||
|
2.
NAME |
|
Mr.
LE QUANG VINH |
|
ID Number/Passport |
|
012324536 |
|
Issued Place |
|
Hanoi Police Station |
|
Resident |
|
No 204,Group 2 - Phu Lo commune - Soc Son
District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 360,000,000 |
|
Percentage |
|
10% |
|
|
||
FINANCIAL DATA
|
|
|
|
|
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2010 |
|
Number of weeks |
52 |
ASSETS
|
|
|
A – CURRENT
ASSETS |
65,918,549,050 |
|
I. Cash and cash
equivalents |
441,505,959 |
|
1. Cash |
441,505,959 |
|
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 |
19,949,152,153 |
|
1. Receivable from customers |
1,540,210,206 |
|
2. Prepayments to suppliers |
4,758,941,947 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
13,650,000,000 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
26,846,861,866 |
|
1. Inventories |
26,846,861,866 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
18,681,029,072 |
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
288,595,077 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
18,392,433,995 |
|
B. LONG-TERM
ASSETS |
21,020,877 |
|
I. Long term
account receivable |
0 |
|
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
|
21,020,877 |
|
1. Tangible assets |
21,020,877 |
|
- Historical costs |
29,137,221 |
|
- Accumulated depreciation |
-8,116,344 |
|
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 |
|
VI. Goodwill |
|
|
1. Goodwill |
|
|
TOTAL ASSETS |
65,939,569,927 |
|
|
|
LIABILITIES
|
|
|
A- LIABILITIES |
55,126,594,516 |
|
I. Current
liabilities |
40,126,594,516 |
|
1. Short-term debts and loans |
7,982,700,000 |
|
2. Payable to suppliers |
32,098,205,450 |
|
3. Advances from customers |
0 |
|
4. Taxes and other obligations to the State Budget |
25,689,066 |
|
5. Payable to employees |
20,000,000 |
|
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 |
15,000,000,000 |
|
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 |
15,000,000,000 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
B- OWNER’S
EQUITY |
10,812,975,411 |
|
I. OWNER’S
EQUITY |
10,812,975,411 |
|
1. Capital |
3,600,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
5,000,000,000 |
|
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 |
2,212,975,411 |
|
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 |
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
65,939,569,927 |
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2010 |
|
1. Total Sale |
71,220,698,758 |
|
2. Deduction item |
0 |
|
3. Net revenue |
71,220,698,758 |
|
4. Costs of goods sold |
67,511,113,317 |
|
5. Gross profit |
3,709,585,441 |
|
6. Financial income |
1,934,554,230 |
|
7. Financial expenses |
1,476,378,737 |
|
- In which: Loan interest expenses |
148,085,694 |
|
8. Selling expenses |
0 |
|
9. Administrative overheads |
1,504,262,126 |
|
10. Net operating profit |
2,663,498,808 |
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
2,663,498,808 |
|
15. Current corporate income tax |
665,874,702 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
|
|
18. Profit after tax |
1,997,624,106 |
|
|
||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.64 |
1.45 |
|
Quick liquidity ratio |
0.97 |
0.87 |
|
Inventory circle |
2.51 |
7.48 |
|
Average receive period |
102.24 |
64.15 |
|
Utilizing asset performance |
1.08 |
2.38 |
|
Liability by total asset |
83.60 |
69.14 |
|
Liability by owner equity |
509.82 |
281.46 |
|
Ebit / Total asset (ROA) |
4.26 |
10.33 |
|
Ebit / Owner's equity (ROE) |
26.00 |
35.61 |
|
Ebit / Total revenue (NPM) |
3.95 |
4.71 |
|
Gross profit / Total revenue (GPM) |
5.21 |
15.43 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
||
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
LC |
|
Sale Methods |
|
Wholesaler |
INTERPRETATION ON THE SCORES
|
|
|
|
Established
in 2009 as a limited liability company, the subject was granted the business
registration No. 0102039977 by Hanoi Department of Planning and Investment
with registered capital of VND 3,600 million. Located
at Km 17+800, National Road 3 Phu Lo commune - Soc Son District - Ha Noi City
- Vietnam, the subject is principally engaged in trading kinds of industrial
chemicals. According to Mr. Phan Kiem Diem_the subject's director, the
subject still has not had export activity. The subject imports mainly from
China. Besides, sometimes, it also imports from some other countries and
purchases from companies in same field of Vietnam; then supplies for domestic
market. Mr. Kiem also showed more, currently, for the health reason; he
transferred almost business administration right to Ms. Huong_Deputy
director. Financially,
based on the above financial statement, we can see that, the subject's
business activities in 2010 were satisfactory. Liquidity ratios were better
than the average industry, shows that, the subject's liquidity was fair.
However, its property management capacity seems humble; this is reflected in
operation factors which were worse compared with the average industry.
Besides, the subject's debt rate was high, proves that, its capital structure
not very safe. In
general, the subject is small business. Its business operation now seems very
busy. However, it still is in the first phase of operations and development,
the financial situation is below average. Thus, caution is needed for normal
and big with the subject. |
------------ APPENDIXES ----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2009 |
Total employees
2010 (Thous.pers.) |
Annual average
capital of enterprises 2009 (billion dongs) |
||
|
2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.78 |
1.82 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
7.70 |
5.52 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
7.52 |
6.63 |
154,978 |
14,522 |
4,939,069 |
|
|
|
||||||
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 |
72.2 |
57.1 |
62.7 |
|||
|
Imports |
84.8 |
69.9 |
80.7 |
|||
|
Trade Balance |
-12.6 |
-12.8 |
-18 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.78 |
|
|
1 |
Rs.80.10 |
|
Euro |
1 |
Rs.68.82 |
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.