MIRA
INFORM REPORT
|
Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
TERMITE CONTROL AND FUMIGATION COMPANY |
|
|
|
|
Formerly Known As : |
2/29 Ham Nghi, Ben Nghe Ward - 1 District - |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
27.11.1998 |
|
|
|
|
Com. Reg. No.: |
063376 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Importing-exporting products and equipments
specializing in termite extermination, fumigation |
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 – March 31st, 2010
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
|
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 |
|
TERMITE CONTROL AND FUMIGATION COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN TRU MOI – KHU TRUNG |
|
Trade name |
|
TERMITE CONTROL AND FUMIGATION CO. - T.C.F.C |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1998 |
|
Establishment Decision |
|
76/1998/QD-BCN |
|
Date of Issuance |
|
27 Nov 1998 |
|
Place of Issuance |
|
Industrial Department of |
|
Business Registration No. |
|
063376 |
|
Date of Registration |
|
27 Mar 1999 |
|
Place of Registration |
|
Planning and Investment Department of |
|
Current registered capital |
|
4,500,000,000 VND |
|
Tax code |
|
0301669450 |
|
Total Employees |
|
180 |
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
2/29 Ham Nghi, Ben Nghe Ward - 1 District
- |
|
Telephone |
|
(84-8) 3821 0245 – 3821 4171 – 3822 3926 |
|
Fax |
|
(84-8) 3821 2011 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
No. 105 Alley Way 2, Vuong Thua Vu Str,
Khuong Trung Ward - Thanh Xuan District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 3565 5768 |
|
Fax |
|
(84-4) 3565 5767 |
|
|
||
|
Branch in Hai
Phong |
||
|
Address |
|
No. 1/455 Thuong Doan Hamlet, Dong Hai
Village - An Lao District - Hai Phong City - Vietnam |
|
Telephone |
|
(84-31) 3629 674 |
|
Fax |
|
(84-31) 3629 612 |
|
Notes: Business
Registration:0203010071 |
||
|
|
||
|
Branch in Khanh
Hoa |
||
|
Address |
|
No. 42 Le Thanh Phuong Str - |
|
Telephone |
|
(84-58) 3812 718 |
|
Fax |
|
(84-58) 3812 714 |
|
Notes: Business
Registration:3708000002 |
||
|
|
||
|
Branch in Can
Tho |
||
|
Address |
|
No.13 Tan Trao Str, Tan An - - Can Tho
City - |
|
Telephone |
|
(84-71) 3820 332 |
|
Fax |
|
(84-71) 3827 663 |
|
Notes: Business
Registration:309581 |
||
|
Branch
in Binh Duong |
||
|
Address |
|
B2-B3 Lot, Road N5 - |
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
PHAN VAN KHINH |
|
Position |
|
Director |
|
Date of Birth |
|
01 Jan 1955 |
|
ID Number |
|
020368416 |
|
Issued Date |
|
22 August 1988 |
|
Issued Place |
|
Police Station
of |
|
Resident |
|
No. 48/15/2B Ho Bieu
Chanh Str - Phu Nhuan District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
LE THI TAM HAO |
|
Position |
|
Deputy Director |
|
Resident |
|
No. 238/15 Nguyen Tri
Phuong Str - 10 District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 903 783 504 |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN QUANG CHI |
|
Position |
|
Ha Noi Branch- Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 903 455 161 |
|
|
||
|
4.
NAME |
|
Mr.
CHAU VU NGOC MAI |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject registers and operates in the
following business activities: |
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
The subject imports materials and equipments from |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
N/A |
BANKERS
|
||
|
|
||
|
1. VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No. 7 Le Thi Hong Gam Street Nguyen Thai Binh Ward - 1
District - |
|
Telephone |
|
(84-8) 3821 0055 |
|
Fax |
|
(84-8) 3829 6063 |
|
SWIFT Code |
|
EBVIVNVX |
|
|
||
|
2. JOINT STOCK BANK FOR FOREIGN TRADE OF |
||
|
Address |
|
No. 29 Ben Chuong Duong Str-Nguyen Thai Binh Ward - 1
District - |
|
Telephone |
|
(84-8) 3825 1317 |
|
Fax |
|
(84-8) 3829 7228 |
|
SWIFT Code |
|
BFTVVBVX 007 |
|
|
||
|
3. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE |
||
|
Address |
|
No.79 Ham Nghi Str, Nguyen Thai Binh Ward - 1 District - |
|
Telephone |
|
(84-8) 3829 0715 |
|
Fax |
|
(84-8) 3829 5342 |
SHAREHOLDERS
|
||
|
|
||
The
Subject is a Joint Stock Company. It is one of the first Joint Stock
Companies which was equitized from State Owned
|
||
|
1. NAME |
|
Mr. DO TRI |
|
Date of Birth |
|
1969 |
|
Position |
|
Shareholder |
|
Resident |
|
Quarter 1, Group 8, Tan Phu District, |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Ms. LE THI TAM HAO |
|
Position |
|
Deputy Director - Shareholder |
|
Resident |
|
No. 238/15 Nguyen Tri Phuong
Str - 10 District - |
|
Mobile phone |
|
+84 903 783 504 |
|
Nationality |
|
Vietnamese |
|
|
||
|
3. NAME |
|
Mr. LU VINH TRAN |
|
Position |
|
Shareholder |
|
Resident |
|
42 Cach Mang Thang Tam, Tan An District, Long An Province |
|
Nationality |
|
Vietnamese |
|
|
||
|
4. NAME |
|
Mr. NGUYEN MANH TUYEN |
|
Date of Birth |
|
1942 |
|
Position |
|
Shareholder, Representative
for State |
|
Resident |
|
48 Ton That Tung, District 1, |
|
Nationality |
|
Vietnamese |
|
|
||
|
5. NAME |
|
Ms. NGUYEN THI QUANG DIEU |
|
Date of Birth |
|
1943 |
|
Position |
|
Shareholder |
|
Resident |
|
285/2 Nguyen Trong Tuyen, Phu Nhuan District, |
|
Nationality |
|
Vietnamese |
|
|
||
|
6. NAME |
|
Mr. PHAN VAN KHINH |
|
Position |
|
Director - Shareholder |
|
Date of Birth |
|
01 Jan 1955 |
|
ID
Number |
|
020368416 |
|
Issued
Date |
|
22
August 1988 |
|
Issued
Place |
|
Police
Station of |
|
Resident |
|
No. 48/15/2B Ho Bieu Chanh Str
- Phu Nhuan District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
7. NAME |
|
Mr. VO VAN DUC |
|
Date of Birth |
|
1949 |
|
Position |
|
Shareholder |
|
Resident |
|
72D Binh Thoi, District 11, |
|
Nationality |
|
Vietnamese |
FINANCIAL DATA
|
||
|
BALANCE SHEET |
||
Unit: One VND
|
||
|
Balance
sheet date |
31/12/2009
|
31/12/2008
|
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A –
CURRENT ASSETS |
10,832,299,311
|
10,466,956,134
|
|
I.
Cash and cash equivalents |
2,364,684,673
|
1,793,762,390
|
|
1. Cash |
2,364,684,673 |
1,793,762,390 |
|
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 |
4,006,385,814
|
3,739,885,553
|
|
1. Receivable from customers |
3,438,846,881 |
3,442,733,394 |
|
2. Prepayments to suppliers |
314,850,000 |
326,208,898 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
252,688,933 |
86,090,400 |
|
6. Provisions for bad debts |
0 |
-115,147,139 |
|
IV.
Inventories |
4,361,101,182
|
4,861,188,191
|
|
1. Inventories |
4,361,101,182 |
4,861,188,191 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other
Current Assets |
100,127,642
|
72,120,000
|
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
2,970,000 |
|
4. Other current assets |
100,127,642 |
69,150,000 |
|
B.
LONG-TERM ASSETS |
7,574,030,047
|
6,162,161,358
|
|
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 |
4,715,386,547
|
4,868,161,358
|
|
1. Tangible assets |
4,024,987,399 |
4,177,762,210 |
|
- Historical costs |
8,679,079,082 |
8,273,862,830 |
|
- Accumulated depreciation |
-4,654,091,683 |
-4,096,100,620 |
|
2. Financial leasehold assets |
0 |
690,399,148 |
|
- Historical costs |
0 |
741,698,898 |
|
- Accumulated depreciation |
0 |
-51,299,750 |
|
3. Intangible assets |
690,399,148 |
0 |
|
- Initial costs |
741,698,898 |
0 |
|
- Accumulated amortization |
-51,299,750 |
0 |
|
4. Construction-in-progress |
0 |
0 |
|
III.
Investment property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV.
Long-term investments |
2,844,750,000
|
1,294,000,000
|
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
2,750,750,000 |
1,200,000,000 |
|
3. Other long-term investments |
94,000,000 |
94,000,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V.
Other long-term assets |
13,893,500
|
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
13,893,500 |
0 |
|
VI.
Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL
ASSETS |
18,406,329,358
|
16,629,117,492
|
|
|
||
|
LIABILITIES |
||
|
A-
LIABILITIES |
11,311,132,208
|
11,016,663,628
|
|
I.
Current liabilities |
10,014,720,907
|
9,385,116,107
|
|
1. Short-term debts and loans |
3,064,964,978 |
2,588,415,136 |
|
2. Payable to suppliers |
3,019,371,871 |
4,037,841,105 |
|
3. Advances from customers |
124,084,645 |
92,081,541 |
|
4. Taxes and other obligations to the State Budget |
846,115,846 |
731,936,401 |
|
5. Payable to employees |
2,403,461,265 |
1,423,160,334 |
|
6. Accrued expenses |
0 |
12,309,041 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction
contracts |
0 |
0 |
|
9. Other payable |
556,722,302 |
499,372,549 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II.
Long-Term Liabilities |
1,296,411,301
|
1,631,547,521
|
|
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 |
1,221,186,000 |
1,500,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
75,225,301 |
131,547,521 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B-
OWNER’S EQUITY |
7,095,197,150
|
5,612,453,864
|
|
I.
OWNER’S EQUITY |
6,752,913,520
|
5,517,498,777
|
|
1. Capital |
4,001,300,000 |
3,250,600,000 |
|
2. Share premiums |
56,713,362 |
56,713,362 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
-609,000,000 |
-609,000,000 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
-31,490,135 |
0 |
|
7. Business promotion fund |
1,115,211,577 |
860,013,753 |
|
8. Financial reserved fund |
536,532,687 |
463,619,023 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
1,683,646,029 |
1,495,552,639 |
|
11. Construction investment fund |
0 |
0 |
|
II.
Other sources and funds |
342,283,630
|
94,955,087
|
|
1. Bonus and welfare funds |
342,283,630 |
94,955,087 |
|
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 |
18,406,329,358
|
16,629,117,492
|
PROFIT & LOSS STATEMENT
|
||
|
Description |
FY2009 |
FY2008 |
|
1. Total |
49,723,226,133
|
45,459,452,655
|
|
2. Deduction item |
351,338,917 |
218,134,818 |
|
3. Net revenue |
49,371,887,216
|
45,241,317,837
|
|
4. Costs of goods sold |
36,924,317,368 |
33,873,527,263 |
|
5. Gross profit |
12,447,569,848
|
11,367,790,574
|
|
6. Financial income |
45,667,039 |
125,821,730 |
|
7. Financial expenses |
1,044,990,792 |
860,774,669 |
|
- In which: Loan interest expenses |
357,398,119 |
534,736,334 |
|
8. Selling expenses |
3,012,527,800 |
2,797,889,639 |
|
9. Administrative overheads |
6,329,065,926 |
5,588,361,896 |
|
10. Net operating profit |
2,106,652,369
|
2,246,586,100
|
|
11. Other income |
134,532,911 |
3,000,537 |
|
12. Other expenses |
895,851 |
192,636 |
|
13. Other profit /(loss) |
133,637,060
|
2,807,901
|
|
14. Total accounting profit before tax |
2,240,289,429
|
2,249,394,001
|
|
15. Current corporate income tax |
619,908,916 |
753,841,362 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
1,620,380,513
|
1,495,552,639
|
FINANCIAL RATIOS AND AVERAGE
INDUSTRY RATIOS
|
|||
|
Description |
FY2009
|
FY2008
|
Average
Industry |
|
Current liquidity ratio |
1.08 |
1.12 |
1.66 |
|
Quick liquidity ratio |
0.65 |
0.60 |
0.86 |
|
Inventory circle |
8.47 |
6.97 |
10.26 |
|
Average receive period |
29.62 |
30.17 |
49.31 |
|
Utilizing asset performance |
2.68 |
2.72 |
2.82 |
|
Liability by total asset |
61.45 |
66.25 |
63.75 |
|
Liability by owner equity |
159.42 |
196.29 |
250.11 |
|
Ebit / Total asset (ROA) |
14.11 |
16.74 |
8.88 |
|
Ebit / Owner's equity (ROE) |
36.61 |
49.61 |
24.57 |
|
Ebit / Total revenue (NPM) |
5.22 |
6.12 |
4.07 |
|
Gross profit / Total revenue (GPM) |
25.03 |
25.01 |
12.58 |
|
Note: The Average Industry was calculated by |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank. |
|
|
|
Other |
|
Public opinion |
|
Average |
INTERPRETATION ON THE SCORES
|
|
THE
TERMITE CONTROL AND FUMIGATION COMPANY
operated as a joint stock company since 1999. However, its precursor was a
state-owned company established and developed as a member of VIPESCO (VIETNAM
PESTICIDE JOINT STOCK COMPANY) under the name of Termite Company which
performance was entered VIPESCO’s account for a long time (VIPESCO was
founded in 1976). In 1998, the Subject was established officially with 30%
beginning capital was come from VIPESCO (approximates 551,500,000 VND at that
time) as State contribution part. The rest was sold for labour staff of the
Subject, VIPESCO and some other objects. |
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.45.89 |
|
|
1 |
Rs.74.31 |
|
Euro |
1 |
Rs.65.40 |
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.