MIRA
INFORM REPORT
|
Report Date : |
24.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
THANH NHON CORPORATION |
|
|
|
|
Registered Office : |
315 Nam Ky Khoi Nghia Street - Ward 7 - 3 District - Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2007 |
|
|
|
|
Com. Reg. No.: |
0305054306 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trading of Raw materials for veterinary industry |
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
|
|
||
Current legal status
|
||
|
English Name |
|
THANH NHON CORPORATION |
|
Vietnamese Name |
|
CONG TY CO PHAN THANH NHON |
|
Trade name |
|
THANH NHON CORP |
|
sType of Business |
|
Joint stock company |
|
Year Established |
|
2007 |
|
Business Registration No. |
|
0305054306 |
|
Date of Registration |
|
02 May 2010 |
|
Place of Registration |
|
Planning and Investment Department of
Hochiminh City |
|
Current registered capital |
|
15,000,000,000 VND |
|
Status |
|
Unlisted |
|
Tax code |
|
0305054306 |
|
Total Employees |
|
75 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration
No: 4103006938 (issued in June 07th, 2007) Changed to: 0305054306 |
02
May 2010 |
|
|
ADDRESSES
|
|
||
|
Head Office |
||
|
Address |
|
315 Nam Ky Khoi Nghia Street - Ward 7 - 3
District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3848 3181 - 3846 5324 - 3843 8539 |
|
Fax |
|
(84-8) 3848 3956 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Warehouse |
||
|
Address |
|
41A Do Xuan Hop Phuoc Long B Ward - 9
District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3640 0404 |
|
Fax |
|
(84-8) 3640 0404 |
|
|
||
SUBSIDIARIES AND RELATED COMPANIES
|
|
||
|
1. THANH NHON
REAL ESTATE JOINT STOCK COMPANY |
||
|
Business Registration |
|
4103003055 |
|
Tax code |
|
0303645127 |
|
Address |
|
315 Nam Ky Khoi Nghia Str, Ward 7 - 3 District - Ho Chi Minh City -
Vietnam |
|
Tel |
|
(84-8) 3848 3181 |
|
Fax |
|
(84-8) 3848 3956 |
|
|
||
|
2. NO VA HOMES
TRADING JOINT STOCK COMPANY |
||
|
Business Registration |
|
4103005410 |
|
Tax code |
|
0304638933 |
|
Address |
|
315 Nam Ky Khoi Nghia Str, Ward 7 - 3 District - Ho Chi Minh City -
Vietnam |
|
Tel |
|
(84-8) 3848 3181 |
|
Fax |
|
(84-8) 3848 3956 |
|
|
||
|
3. NO VA LAND
INVESTMENT GROUP CORPORATION (Former NOVA INVESTMENT TRADING CO.,LTD) |
||
|
Business Registration |
|
0301444753 |
|
Date of Registration |
|
22 Oct 2009 |
|
Place of Registration |
|
Planning and Investment Department of Hochiminh City |
|
Registered Capital |
|
1,200,000,000,000 VND |
|
Tax code |
|
0301444753 |
|
Address |
|
No. 313B-315 Nam Ky Khoi Nghia Street, Ward 7 - 3 District - Ho Chi
Minh City - Vietnam |
|
Tel |
|
(84-8) 3848 3181 - 3846 5324 - 3843 8539 - 38469893 |
|
Fax |
|
(84-8) 3848 3956 |
|
Website |
|
|
|
|
||
DIRECTORS
|
|
||
|
1.
NAME |
|
Mr.
BUI THANH NHON |
|
Position |
|
Chairman |
|
Date of Birth |
|
03 Feb 1958 |
|
ID Number/Passport |
|
020203049 |
|
Resident |
|
313B Nam Ky Khoi
Nghia Str, Ward 7 - 3 District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 903 902 772 |
|
|
||
|
2.
NAME |
|
Mr.
TRAN DAO PHUOC MINH |
|
Position |
|
General Director |
|
Resident |
|
211/42 Hoang Van Thu
Street, Ward 8 - Phu Nhuan District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
LE CAM HONG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Ms.
LE THI UYEN ANH |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
|
5.
NAME |
|
Mr.
NGUYEN HIEU LIEM |
|
Position |
|
Legal Representative |
|
Date of Birth |
|
13 Mar 1959 |
|
ID Number/Passport |
|
020203121 |
|
ID Issue Date |
|
16 Jan 2007 |
|
ID Issue Place |
|
Police Station of
Hochiminh city |
|
Resident |
|
6A/11, Nguyen Canh Chan
Nguyen Van Cu Ward - 1 District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
The subject specializes
in trading of following product ranges: |
|
|
IMPORT & EXPORT ACTIVITIES
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
finished veterinary products and raw materials |
|
·
Market |
|
USA, France, New Zealand, Korea, Holland, Ireland, Singapore, Germany,
China and Australia |
|
·
Mode of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
N/A |
|
|
BANKERS
|
|
||
|
JOINT
STOCK BANK FOR FOREIGN TRADE OF VIETNAM HO CHI MINH BRANCH |
||
|
Address |
|
No. 29 Ben Chuong Duong Str-Nguyen Thai Binh Ward - 1 District - Ho
Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3825 1317 |
|
Fax |
|
(84-8) 3829 7228 |
|
|
||
SHAREHOLDERS
|
|
||
|
1.
NAME |
|
A
NO VA CORPORATION |
|
Business Registration |
|
0301447257 |
|
Date of Registration |
|
06 May 2011 |
|
Place of Registration |
|
Planning and Investment Department of Ho Chi Minh City |
|
Registered Capital |
|
200,000,000,000 VND |
|
Tax code |
|
0301447257 |
|
Address |
|
No. 315 Nam Ky Khoi Nghia Street, Ward 7 - 3
District - Ho Chi Minh City - Vietnam |
|
Tel |
|
(84-8) 3997 3672 - 3997 3390 - 3997 3442 |
|
Fax |
|
(84-8) 3997 3791 - 3997 3404 |
|
Value of shares |
|
14,800,000,000 VND |
|
Percentage |
|
98.67% |
|
|
||
|
2.
NAME |
|
Mr.
BUI CAO NHAT QUAN |
|
Date of Birth |
|
07 Sep 1982 |
|
ID Number/Passport |
|
023660386 |
|
Issued on |
|
12 Mar 2004 |
|
Issued Place |
|
Police station of Ho Chi Minh City |
|
Resident |
|
315 Nam Ky Khoi Nghia Str, Ward 7 - 3
District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
100,000,000 VND |
|
Percentage |
|
0.667% |
|
|
||
|
3.
NAME |
|
Mr.
TRAN DAO PHUOC MINH |
|
Position |
|
General Director |
|
Resident |
|
211/42 Hoang Van Thu Street, Ward 8 - Phu
Nhuan District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
100,000,000 VND |
|
Percentage |
|
0.667% |
|
|
||
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 |
156,161,000,000 |
131,456,000,000 |
|
I. Cash and cash
equivalents |
3,792,000,000 |
11,493,000,000 |
|
1. Cash |
3,792,000,000 |
1,493,000,000 |
|
2. Cash equivalents |
0 |
10,000,000,000 |
|
II. Short-term
investments |
987,000,000 |
1,177,000,000 |
|
1. Short-term investments |
987,000,000 |
1,177,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts
receivable |
43,283,000,000 |
39,467,000,000 |
|
1. Receivable from customers |
41,073,000,000 |
32,707,000,000 |
|
2. Prepayments to suppliers |
2,210,000,000 |
6,481,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
0 |
279,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
106,713,000,000 |
78,669,000,000 |
|
1. Inventories |
106,713,000,000 |
78,669,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
1,386,000,000 |
650,000,000 |
|
1. Short-term prepaid expenses |
88,000,000 |
104,000,000 |
|
2. VAT to be deducted |
1,208,000,000 |
308,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
134,000,000 |
|
4. Other current assets |
90,000,000 |
104,000,000 |
|
B. LONG-TERM
ASSETS |
1,753,000,000 |
2,325,000,000 |
|
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
|
1,511,000,000 |
2,072,000,000 |
|
1. Tangible assets |
1,511,000,000 |
2,032,000,000 |
|
- Historical costs |
2,596,000,000 |
2,782,000,000 |
|
- Accumulated depreciation |
-1,085,000,000 |
-750,000,000 |
|
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 |
40,000,000 |
|
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 |
242,000,000 |
253,000,000 |
|
1. Long-term prepaid expenses |
3,000,000 |
54,000,000 |
|
2. Deferred income tax assets |
239,000,000 |
199,000,000 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
157,914,000,000 |
133,781,000,000 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
110,393,000,000 |
108,682,000,000 |
|
I. Current
liabilities |
110,293,000,000 |
108,569,000,000 |
|
1. Short-term debts and loans |
73,938,000,000 |
91,446,000,000 |
|
2. Payable to suppliers |
22,793,000,000 |
9,570,000,000 |
|
3. Advances from customers |
31,000,000 |
10,000,000 |
|
4. Taxes and other obligations to the State Budget |
6,458,000,000 |
6,562,000,000 |
|
5. Payable to employees |
509,000,000 |
88,000,000 |
|
6. Accrued expenses |
1,028,000,000 |
876,000,000 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
5,536,000,000 |
17,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
100,000,000 |
113,000,000 |
|
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 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
100,000,000 |
113,000,000 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
47,521,000,000 |
25,099,000,000 |
|
I. OWNER’S
EQUITY |
47,521,000,000 |
22,852,000,000 |
|
1. Capital |
15,000,000,000 |
15,000,000,000 |
|
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 |
-45,000,000 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
32,521,000,000 |
7,897,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
II. Other sources
and funds |
0 |
2,247,000,000 |
|
1. Bonus and welfare funds |
0 |
2,247,000,000 |
|
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 |
157,914,000,000 |
133,781,000,000 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sale |
466,473,000,000 |
405,842,000,000 |
|
2. Deduction item |
2,341,000,000 |
1,533,000,000 |
|
3. Net revenue |
464,132,000,000 |
404,309,000,000 |
|
4. Costs of goods sold |
391,599,000,000 |
334,015,000,000 |
|
5. Gross profit |
72,533,000,000 |
70,294,000,000 |
|
6. Financial income |
1,809,000,000 |
1,734,000,000 |
|
7. Financial expenses |
10,333,000,000 |
21,899,000,000 |
|
- In which: Loan interest expenses |
8,401,000,000 |
5,177,000,000 |
|
8. Selling expenses |
16,167,000,000 |
9,747,000,000 |
|
9. Administrative overheads |
5,558,000,000 |
2,780,000,000 |
|
10. Net operating profit |
42,284,000,000 |
37,602,000,000 |
|
11. Other income |
719,000,000 |
565,000,000 |
|
12. Other expenses |
74,000,000 |
887,000,000 |
|
13. Other profit /(loss) |
645,000,000 |
-322,000,000 |
|
14. Total accounting profit before tax |
42,929,000,000 |
37,280,000,000 |
|
15. Current corporate income tax |
10,880,000,000 |
6,444,000,000 |
|
16. Deferred corporate income tax |
4,000,000 |
5,000,000 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
32,053,000,000 |
30,841,000,000 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.42 |
1.21 |
1.94 |
|
Quick liquidity ratio |
0.45 |
0.49 |
0.98 |
|
Inventory circle |
4.22 |
4.25 |
9.29 |
|
Average receive period |
34.04 |
35.63 |
54.01 |
|
Utilizing asset performance |
2.94 |
3.02 |
2.21 |
|
Liability by total asset |
69.91 |
81.24 |
58.72 |
|
Liability by owner equity |
232.30 |
433.01 |
256.76 |
|
Ebit / Total asset (ROA) |
32.51 |
31.74 |
7.90 |
|
Ebit / Owner's equity (ROE) |
108.02 |
169.16 |
25.68 |
|
Ebit / Total revenue (NPM) |
11.00 |
10.46 |
4.18 |
|
Gross profit / Total revenue (GPM) |
15.55 |
17.32 |
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 |
|
Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Even |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, T/T |
|
Sale Methods |
|
Retailer and Wholesaler |
INTERPRETATION ON THE SCORES
|
|
|
The
subject - THANH NHON CORPORATION - is a joint stock company which was established
in 2007. The subject has adjusted its business registration eight times, the
last time was on 20 Jan 2011. It is now operating under business registration
No. 0305054306 issued by Planning and Investment
Department of Hochiminh City and registered capital is VND 15 billion. The
subject specializes in trading products for veterinary industry and feed
industry. It distributes raw materials for veterinary industry, animal feed
industry, aqua feed industry. It also distributes finished products for animal
health industry, vaccines, biological products and chemicals for agriculture
and aquaculture and nutritional products, animal feed… Most of products of
the subject are imported from USA, France, New Zealand, Korea,
Holland, Ireland, Singapore, Germany, China and Australia… The
subject’s market share is fair remarkable. It has many sale agents across the
country with many customers, especially farmers in Southern and Western
provinces. The business activities of the subject seems busy now with about 75
staffs. The
subject is located at at No. 315 Nam Ky Khoi Nghia Street - Ward 7 - District
3 - Ho Chi Minh City. This place is also the office of NO VA CORP; NO VA HOME
TRADING JOINT STOCK COMPANY and THANH NHON REAL ESTATE JOINT STOCK COMPANY.
The subject and these companies are also belonged to Mr. Bui Thanh Nhon -
Chairman of the subject. This group was established basing on the original
company -“THANH NHON TRADING COMPANY” (CONG TY TNHH THUONG MAI THANH NHON) -
that was established in 1992. According
to financial reported, the subject’s financial is quite optismistic. Its
business result seems stable in recent years. The subject has strong supports
from its group. It is on the way of development more. It has capacity to meet
normal 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.50.06 |
|
|
1 |
Rs.79.15 |
|
Euro |
1 |
Rs.69.03 |
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.