MIRA
INFORM REPORT
|
Report Date : |
03.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
VINALINES LOGISTICS - VIET NAM JOINT STOCK
COMPANY |
|
|
|
|
Registered Office : |
Room 405 - 4th Floor - Ocean Park Building - No. 1 Dao Duy
Anh Street - Phuong Mai Ward - Dong Da District - Ha Noi City - |
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Country : |
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|
|
|
Financials (as on) : |
31.12.2009 |
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|
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Year of Establishment : |
2007 |
|
|
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Com. Reg. No.: |
0102345275 |
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|
|
Legal Form : |
Joint stock company |
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|
|
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Line of Business : |
Load and Unload Goods Services |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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
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||
Current legal status
|
||
|
English Name |
|
VINALINES LOGISTICS - VIET NAM JOINT STOCK
COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN VINALINES LOGISTICS – VIET
|
|
Short name |
|
VINALINES LOGISTICS .,JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2007 |
|
Business Registration No. |
|
0102345275 |
|
Date of Registration |
|
13 Jul 2010 |
|
Place of Registration |
|
Hanoi City Department of Planning and
Investment |
|
Current registered capital |
|
142,121,300,000 VND |
|
Status |
|
Unlisted |
|
Tax code |
|
0102345275 |
|
Total Employees |
|
About 200 persons |
Historical Identification &
Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered English
Name: Vinalines Logistics Joint Stock Company Changed to: Vinalines Logistics
- Vietnam Joint Stock Company |
N/a |
|
2 |
Subject has got former Business
Registration No: 0103018983 (issued 10 Aug 2007) Changed to: 0102345275 |
13
Jul 2010 |
|
3 |
Subject has got former Registered capital:
VND 158 billion Changed to: VND 142,121,300,000 |
11
Aug 2011 |
ADDRESSES
|
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Head
Office |
||
|
Address |
|
Room 405 - 4th Floor - Ocean Park
Building - No. 1 Dao Duy Anh Street - Phuong Mai Ward - Dong Da District - Ha
Noi City - Vietnam |
|
Telephone |
|
(84-4) 3577 2036 |
|
Fax |
|
(84-4) 3577 2035 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Representative
office in Quang Ninh |
||
|
Address |
|
|
|
Telephone |
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(84-33) 3778868 |
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Fax |
|
(84-33) 3778868 |
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Branch
in Hai Phong |
||
|
Address |
|
|
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Telephone |
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(84-31) 3796559 |
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Fax |
|
(84-31) 3796557 |
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Email |
|
|
|
Tax code |
|
0102345275-001 |
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Branch
in Quang Ninh |
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|
Address |
|
Vosa Warehouse - |
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Telephone |
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(84-33) 351 5998 |
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Fax |
|
(84-33) 351 5989 |
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Email |
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Tax code |
|
0102345275-002 |
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Branch
in Ho Chi Minh |
||
|
Address |
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|
|
Telephone |
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(84-8) 62616606 |
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Fax |
|
(84-8) 62616607 |
|
Email |
|
|
|
Tax code |
|
0102345275-003 |
|
|
||
DIRECTORS
|
||
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1.
NAME |
|
Mr.
LE TRIEU THANH |
|
Position |
|
Chairman |
|
Current resident |
|
Ha |
|
Contact Address |
|
4th Floor Ocean Park Building, No. 1 Dao
Duy Anh Street, Phuong Mai Ward - Dong Da District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
MAI LE LOI |
|
Position |
|
General Director |
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Date of Birth |
|
01 May 1973 |
|
ID Number/Passport |
|
012928629 |
|
ID Issue Date |
|
12 Jan 2007 |
|
|
|
Hanoi Department of Public
Security |
|
Resident |
|
Room 1704 -18T1 Trung
Hoa Nhan Chinh Area - Thanh Xuan District - Ha Noi City - Vietnam |
|
Current resident |
|
Room 411 - CT6 Song Da urban zone Me Tri
commune - Tu Liem District - Ha Noi City - |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
|
-
Logistic services -
Load and unload goods services -
Storage goods services -
Receiving and delivering import -
export goods -
Customs brokerage service -
Shipping agent -
Transportation services -
Container services -
Ocean shipping brokerage -
Transportation facilities for lease -
Trading in import - export goods -
Investment and trading real estate |
IMPORT & EXPORT ACTIVITIES
|
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IMPORT:
|
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·
Types of products |
|
Equipment, Goods |
|
·
Market |
|
|
|
·
Ratio |
|
N/A |
|
·
Mode of payment |
|
T/T |
|
EXPORT:
N/A |
||
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|
||
BANKERS
|
||
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|
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1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF |
||
|
Address |
|
|
|
Telephone |
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(84-4) 3934 3137 / (84-4) 3814 8919 |
|
Fax |
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(84-4) 3826 9067 / (84-4) 3825 1322 |
|
|
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2. MARITIME COMMERCIAL JOINT STOCK |
||
|
Address |
|
No.7-8-9 Floor, |
SHAREHOLDERS
|
||
|
|
||
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1. NAME |
|
|
|
Business Registration |
|
0100104595 |
|
Date of Registration |
|
07 Jul 2010 |
|
Place of Registration |
|
Hanoi Department of Planning and Investment |
|
Registered Capital |
|
8,087,000,000,000 VND |
|
Tax code |
|
0100104595 |
|
Address |
|
16th – 18th Floor, |
|
Tel |
|
(84-4) 3577 0825 |
|
Fax |
|
(84-4) 3577 0850 |
|
Number of shares |
|
8,061,620 |
|
Value of shares |
|
80,616,200,000 VND |
|
Percentage |
|
56% |
|
|
||
|
2. NAME |
|
OTHER SHAREHOLDERS |
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Number of shares |
|
6,150,510 |
|
Value of shares |
|
61,505,100,000 VND |
|
Percentage |
|
44% |
FINANCIAL DATA
|
|
|
|
|
|
BALANCE SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2009 |
|
Number of weeks |
52 |
|
ASSETS |
|
|
A – CURRENT
ASSETS |
111,715,482,246
|
|
I. Cash and cash
equivalents |
375,581,779
|
|
1. Cash |
375,581,779 |
|
2. Cash equivalents |
0 |
|
II. Short-term
investments |
81,258,874,246
|
|
1. Short-term investments |
81,258,874,246 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
19,044,699,036
|
|
1. Receivable from customers |
13,572,120,795 |
|
2. Prepayments to suppliers |
93,600,000 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
5,378,978,241 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
0 |
|
1. Inventories |
0 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
11,036,327,185
|
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
1,874,581,148 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
9,161,746,037 |
|
B. LONG-TERM
ASSETS |
65,661,763,888
|
|
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
|
64,712,718,478
|
|
1. Tangible assets |
15,197,122,856 |
|
- Historical costs |
17,441,854,335 |
|
- Accumulated depreciation |
-2,244,731,479 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
5,649,923,600 |
|
- Initial costs |
5,649,923,600 |
|
- Accumulated amortization |
0 |
|
4. Construction-in-progress |
43,865,672,022 |
|
III. Investment
property |
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term
investments |
500,000,000
|
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
500,000,000 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
449,045,410
|
|
1. Long-term prepaid expenses |
449,045,410 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
TOTAL ASSETS |
177,377,246,134
|
|
LIABILITIES |
|
|
A- LIABILITIES |
25,201,316,180
|
|
I. Current
liabilities |
11,085,307,518
|
|
1. Short-term debts and loans |
825,546,177 |
|
2. Payable to suppliers |
7,648,931,813 |
|
3. Advances from customers |
108,498,153 |
|
4. Taxes and other obligations to the State Budget |
1,518,826,726 |
|
5. Payable to employees |
549,591,031 |
|
6. Accrued expenses |
0 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
433,913,618 |
|
10. Provisions for short-term accounts payable |
0 |
|
II. Long-Term
Liabilities |
14,116,008,662
|
|
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 |
14,084,404,000 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
31,604,662 |
|
7. Provisions for long-term accounts payable |
0 |
|
B- OWNER’S
EQUITY |
152,175,929,954
|
|
I. OWNER’S
EQUITY |
152,553,257,854
|
|
1. Capital |
142,121,300,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
2,410,807,934 |
|
8. Financial reserved fund |
498,484,019 |
|
9. Other funds |
198,000,000 |
|
10. Retained earnings |
7,324,665,901 |
|
11. Construction investment fund |
0 |
|
II. Other
sources and funds |
-377,327,900
|
|
1. Bonus and welfare funds |
-377,327,900 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
177,377,246,134
|
PROFIT & LOSS STATEMENT
|
|
|
Description |
FY2009 |
|
1. Total |
1,011,471,241,633
|
|
2. Deduction item |
0 |
|
3. Net revenue |
1,011,471,241,633
|
|
4. Costs of goods sold |
1,010,050,676,486 |
|
5. Gross profit |
1,420,565,147
|
|
6. Financial income |
10,015,654,547 |
|
7. Financial expenses |
49,882,972 |
|
- In which: Loan interest expenses |
49,882,972 |
|
8. Selling expenses |
0 |
|
9. Administrative overheads |
3,625,281,445 |
|
10. Net operating profit |
7,761,055,277
|
|
11. Other income |
1,147,461,412 |
|
12. Other expenses |
3,344,908 |
|
13. Other profit /(loss) |
1,144,116,504
|
|
14. Total accounting profit before tax |
8,905,171,781
|
|
15. Current corporate income tax |
1,514,505,880 |
|
16. Deferred corporate income tax |
0 |
|
18. Profit after tax |
7,390,665,901
|
|
|
||||
FINANCIAL RATIOS AND AVERAGE
INDUSTRY RATIOS
|
||||
|
Description |
FY2009
|
Average
Industry |
||
|
Current liquidity ratio |
10.08 |
1.11 |
||
|
Quick liquidity ratio |
10.08 |
0.88 |
||
|
Inventory circle |
- |
19.54 |
||
|
Average receive period |
6.87 |
42.77 |
||
|
Utilizing asset performance |
5.70 |
1.28 |
||
|
Liability by total asset |
14.21 |
66.39 |
||
|
Liability by owner equity |
16.56 |
249.44 |
||
|
Ebit / Total asset (ROA) |
5.05 |
7.97 |
||
|
Ebit / Owner's equity (ROE) |
5.88 |
26.91 |
||
|
Ebit / Total revenue (NPM) |
0.89 |
8.33 |
||
|
Gross profit / Total revenue (GPM) |
0.14 |
12.70 |
||
|
Note: The Average Industry was calculated by |
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PAYMENT HISTORY & PERFORMANCE EXPERIENCES |
||||
|
|
||||
|
Trade Morality |
|
Fair |
||
|
Liquidity |
|
Very High |
||
|
Payment status |
|
Average |
||
|
Financial Situation |
|
Above Average |
||
|
Development trend |
|
Even |
||
|
Litigation data |
|
No record |
||
|
Bankruptcy |
|
No record |
||
|
Payment Methods |
|
T/T, L/C |
||
|
|
|
N/a |
||
|
Public opinion |
|
Good |
||
INTERPRETATION ON THE SCORES
|
|
Being
a subsidiary member of Vietnam National Shipping Lines – Vinalines, the
subject was established in August 2007 as a joint stock company. The
Vinalines now holds the main shares of the subject. The Vinalines is the largest
state owned company in shipping industry in In
August 2011, the subject reduced its registered capital from VND 158 billion
by VND 142,121,300,000 because some shareholders have
withdrawn their shares. This even does not affect to subject’s operation.
Besides, the subject also expands business operation to investment and
trading in real estate The
current position in the industry of the subject is considered good. The head
office of the subject is located at Unit 405, 4th Floor, The
business activities of the subject are supplying logistics service like land
transportation, sea transportation, railway and airline transportation
services. Besides that, the subject also has investment activities. It is
planning to invest logistics centers in economic area of Regarding
to above financial data, we can see that its liquidity ratios are very high
due to high current assets and low liabilities. Moreover, its inventory is
zero. The current assets account about 63% of total assets, which mainly
comes from short-term investments and account receivables. Contrarily, the
liabilities hold 14.21 in total assets. The ratios of liability by owner
equity are only 16.56. These indicate a safe financial status for creditors. Income
statement showed that: the subject had high revenue. But the subject had many
expenses to do business. As the result, the profit from operating in year
2009 seems humble. This was a cause that made ROA, ROE, and NPM low in year
2009. According
to the public information of the subject, its revenue is VND
1,594,738,770,937 in 2010, total accounting profit before tax is VND
9,130,110,170 and goals revenue of about VND 1,000 billion in
2011, profit before tax is about VND
10 billion. The
future prosperity of the subject is considered bright. The subject is large
size company in the industry. It operation was busy in last time and has good
conditions to develop in coming time. |
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.