MIRA INFORM REPORT
|
Report Date : |
30.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
DEVYT TRADING AND LOGISTICS COMPANY
LIMITED |
|
|
|
|
Registered Office : |
Floor T No. 5, Dao Duy Anh Street, Phuong Lien Ward, Dong Da District,
Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
28.09.2009 |
|
|
|
|
Com. Reg. No.: |
0104191408 |
|
|
|
|
Legal Form : |
One Member Liability Limited Company |
|
|
|
|
Line of Business : |
Import and trading
materials and goods |
|
|
|
|
No. of Employees
: |
70 Persons |
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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
|
English Name |
|
DEVYT TRADING AND LOGISTICS COMPANY
LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH THUONG MAI VA KHO VAN DEVYT |
|
Short name |
|
DEVYT TRADING CO., LTD |
|
Type of Business |
|
One member liability limited company |
|
Year Established |
|
2009 |
|
Business Registration No. |
|
0104191408 |
|
Date of Registration |
|
28 Sep 2009 |
|
Place of Registration |
|
Hanoi Department of Planning and
Investment |
|
Current registered capital |
|
35,000,000,000 VND |
|
Status |
|
Unlisted |
|
Tax code |
|
0104191408 |
|
Total Employees |
|
70 |
|
Size |
|
Medium |
company ADDRESSES
|
Head Office |
||
|
Address |
|
Floor T No. 5, Dao Duy Anh Street, Phuong
Lien Ward, Dong Da District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 62750171 |
|
Fax |
|
(84-4) 35771536 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Hai Phong Branch
|
||
|
Address |
|
No. 388, Le Thanh Tong Street, May Chai Ward, Ngo Quyen District, Hai
Phong City. |
|
Telephone |
|
(84-31) 3700065 |
DIRECTORS
|
1.
NAME |
|
Mr.
CHU VAN HOA |
|
Position |
|
President |
|
Date of Birth |
|
20 Oct 1977 |
|
ID Number/Passport |
|
011870259 |
|
ID Issue Date |
|
23 Jun 2004 |
|
ID Issue Place |
|
Hanoi Department of
Public Security |
|
Resident |
|
No. 21/145/19 Nguyen
Van Cu Street, Ngoc Lam Ward, Long Bien District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI VIET THU |
|
Position |
|
Director |
|
Current resident |
|
No. 5 Dao Duy Anh Street, Dong Da
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Email |
|
|
|
|
||
|
3.
NAME |
|
Mr.
TRAN BAO HUNG |
|
Position |
|
Vice Director |
|
Current resident |
|
No. 5 Dao Duy Anh Street, Dong Da
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
- Import materials for other companies in Devyt
system. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Industrial materials |
|
·
Market |
|
USA, China, Asia countries |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Stationeries, paper, agriculture products |
|
·
Market |
|
Euro, Asia Countries |
BANKERS
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM |
||
|
Address |
|
No. 198 Tran Quang Khai Street, Hoan Kiem District, Ha Noi City,
Vietnam |
|
Telephone |
|
(84-4) 3934 3137 / (84-4) 3814 8919 |
|
Fax |
|
(84-4) 3826 9067 / (84-4) 3825 1322 |
|
|
||
|
2.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM HAI PHONG BRANCH |
||
|
Address |
|
No 11 Hoang Dieu, Hong Bang District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3842658 / 3841115 |
|
Fax |
|
(84-31) 3841117 |
SHAREHOLDERS
|
1.
NAME |
|
DEVELOPMENT
ECONOMIC JOINT STOCK COMPANY FOR VIETNAMESE YOUNG TALENTS |
|
Business Registration |
|
0103000182 |
|
Date of Registration |
|
17 Sep 2009 |
|
Place of Registration |
|
Department of Planning and Investment of Hanoi City |
|
Registered Capital |
|
150,000,000,000 VND |
|
Tax code |
|
0101097735 |
|
Address |
|
T Floor - No. 5 Building Dao Duy Anh -
Phuong Lien Ward, Dong Da District, Ha Noi City, Vietnam |
|
Tel |
|
84-4-62750170 / 35771536 / 35771642 |
|
Fax |
|
84-4-35771641 |
|
Value of shares |
|
35,000,000,000 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 |
43,918,421,403 |
7,394,200 |
|
I. Cash and cash
equivalents |
1,859,524,537 |
7,394,200 |
|
1. Cash |
1,859,524,537 |
7,394,200 |
|
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 |
17,249,743,816 |
0 |
|
1. Receivable from customers |
14,643,743,816 |
0 |
|
2. Prepayments to suppliers |
2,606,000,000 |
0 |
|
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 |
23,228,995,546 |
0 |
|
1. Inventories |
23,228,995,546 |
0 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
1,580,157,504 |
0 |
|
1. Short-term prepaid expenses |
169,226,928 |
0 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
1,410,930,576 |
0 |
|
B. LONG-TERM
ASSETS |
29,696,480,411 |
0 |
|
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
|
16,196,524,694 |
0 |
|
1. Tangible assets |
16,196,524,694 |
0 |
|
- Historical costs |
18,825,959,746 |
0 |
|
- Accumulated depreciation |
-2,629,435,052 |
0 |
|
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 |
13,281,525,729 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
13,281,525,729 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other
long-term assets |
218,429,988 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
218,429,988 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
73,614,901,814 |
7,394,200 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
38,042,210,990 |
550 |
|
I. Current
liabilities |
37,608,876,990 |
550 |
|
1. Short-term debts and loans |
31,359,994,318 |
0 |
|
2. Payable to suppliers |
0 |
0 |
|
3. Advances from customers |
5,133,285,451 |
0 |
|
4. Taxes and other obligations to the State Budget |
0 |
0 |
|
5. Payable to employees |
421,912,567 |
550 |
|
6. Accrued expenses |
363,560,601 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
330,124,053 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
433,334,000 |
0 |
|
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 |
433,334,000 |
0 |
|
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 |
35,572,690,824 |
7,393,650 |
|
I. OWNER’S
EQUITY |
35,572,690,824 |
7,393,650 |
|
1. Capital |
34,485,587,130 |
7,392,000 |
|
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 |
1,087,103,694 |
1,650 |
|
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 |
73,614,901,814 |
7,394,200 |
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sale |
209,375,225,070 |
0 |
|
2. Deduction item |
|
0 |
|
3. Net sale |
209,375,225,070 |
0 |
|
4. Costs of goods sold |
179,290,930,754 |
0 |
|
5. Gross profit |
30,084,294,316 |
0 |
|
6. Financial income |
990,164,072 |
2,200 |
|
7. Financial expenses |
596,054,788 |
0 |
|
- In which: Loan interest expenses |
595,938,892 |
0 |
|
8. Selling expenses |
25,232,873,728 |
0 |
|
9. Administrative overheads |
3,795,996,480 |
0 |
|
10. Net operating profit |
1,449,533,392 |
2,200 |
|
11. Other income |
0 |
0 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
0 |
0 |
|
14. Total accounting profit before tax |
1,449,533,392 |
2,200 |
|
15. Current corporate income tax |
362,383,348 |
550 |
|
16. Deferred corporate income tax |
|
0 |
|
17. Interest from subsidiaries/related companies |
|
0 |
|
18. Profit after tax |
1,087,150,044 |
1,650 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.17 |
1.94 |
|
Quick liquidity ratio |
0.55 |
0.98 |
|
Inventory circle |
7.72 |
9.29 |
|
Average receive period |
30.07 |
54.01 |
|
Utilizing asset performance |
2.84 |
2.21 |
|
Liability by total asset |
51.68 |
58.72 |
|
Liability by owner equity |
106.94 |
256.76 |
|
Ebit / Total asset (ROA) |
2.78 |
7.90 |
|
Ebit / Owner's equity (ROE) |
5.75 |
25.68 |
|
Ebit / Total sale (NPM) |
0.98 |
4.18 |
|
Gross profit / Total sale (GPM) |
14.37 |
15.30 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT, LC |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Normal |
|
CREDIT INQUIRY: 125,000 USD Against D/A in terms |
|
Little caution needed. |
INTERPRETATION ON THE SCORES
|
The
subject is a liability limited company. It was established in September 2009
with capital of VND 35 billion. The subject is wholly owned by DEVYT., JSC
which operates in investment, manufacture and trading. The
head office of the subject is located at Floor T No. 5, Dao Duy
Anh Street, Phuong Lien Ward, Dong Da District, Ha Noi City, Vietnam. This
address is also the head office of its parent company - DEVYT., JSC. Business
activities of the subject specialize in import and trading materials for
industry. It has import material for stationery, paper production and
distribute for other members of DEVYT., JSC. The subject also collecting and
exporting agriculture products to foreign market. Besides that, the subject
involve into logistics activities with customer clearance services,
transportation and warehouse … Financially,
the subject official operation in 2009 so the financial data in this year
seem poor. In 2010, with the supporting and inherit prestige from parent
company, the subject has gains good result. In 2010, sale of the subject was
VND 209.3 billion and VND 1.4 billion of profit before tax. In the
expense structure, the expense for selling in 2010 occupied large amount with
85% which equivalent to VND 25.2 billion. The administration expense occupied
13% which equivalent to VND 3.7 billion. With high amount of selling expense
but low number of network and employees, the subject may hide some tactical
to lowering tax expense. In
general, the operation of the subject is stable and developing, it has
support from parent company in doing business so the growth speed seems fast.
It has capacity to meet the normal amount of payment commitment. |
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.51.93 |
|
UK Pound |
1 |
Rs.80.62 |
|
Euro |
1 |
Rs.69.37 |
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.