|
Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
THANHLOI TRADE - IMPORT EXPORT JOINT STOCK
COMPANY |
|
|
|
|
Registered Office : |
Po Dua Hamlet Mai Pha Commune, Lang Son City, Lang Son Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
2002 |
|
|
|
|
Com. Reg. No.: |
4900219641 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
The subject focuses on trading agricultural products, seafood and trading petrol. |
|
|
|
|
No. of Employees : |
20 |
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) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Registered English Name |
|
THANHLOI TRADE - IMPORT EXPORT JOINT STOCK COMPANY |
|
Registered Vietnamese Name |
|
CONG TY CP THUONG MAI XUAT NHAP KHAU THANH LOI |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2002 |
|
Business Registration No. |
|
4900219641 |
|
Date of Registration |
|
18 Nov 2011 |
|
Place of Registration |
|
Lang Son Department of Planning and Investment |
|
Chartered capital |
|
VND 4,200,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
4900219641 |
|
Total Employees |
|
20 |
|
Notes: The exact
name of the subject is above. |
||
|
Head Office |
||
|
Address |
|
Po Dua Hamlet Mai Pha Commune, Lang Son City, Lang Son Province,
Vietnam |
|
Telephone |
|
(84-25) 3717154 |
|
Fax |
|
(84-25) 3717154/ 3873594 |
|
1. NAME |
|
Ms. TRIEU THI NA |
|
Position |
|
Director |
|
Date of Birth |
|
18 Jun 1979 |
|
ID Number/Passport |
|
081037657 |
|
ID Issue Date |
|
18 Oct 2001 |
|
ID Issue Place |
|
Lang Son Police Department |
|
Resident |
|
No. 145 Ba Trieu Street, Dong Kinh Ward, Lang Son
City, Lang Son Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
The subject focuses on trading agricultural products, seafood and
trading petrol. |
|
IMPORT: |
||
|
Types of products |
|
Agricultural products |
|
Market |
|
India, Pakistan, Hong Kong |
|
|
||
|
EXPORT: |
||
|
Market |
|
China |
|
1. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE LANG
SON BRANCH |
||
|
Address |
|
No.51 Le Loi str, Lang Son City, Lang Son Province, Vietnam |
|
Telephone |
|
(84-25) 3876689 |
|
|
||
|
2. BANK FOR DEVELOPMENT AND INVESTMENT OF VIETNAM LANG SON BRANCH |
||
|
Address |
|
No.1 Hoang Van Thu Street,Chi Lang Ward, Lang Son City, Lang Son Province,
Vietnam |
|
Telephone |
|
(84-25) 3812063 |
|
1. NAME |
|
Ms. TRIEU THI NA |
|
Position |
|
Director |
|
Date of Birth |
|
18 Jun 1979 |
|
ID Number/Passport |
|
081037657 |
|
Issued on |
|
18 Oct 2001 |
|
Issued Place |
|
Lang Son Police Department |
|
Resident |
|
No. 145 Ba Trieu Street, Dong Kinh Ward, Lang Son City, Lang Son
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
280 |
|
Value of shares |
|
VND 1,400,000,000 |
|
Percentage |
|
33.33% |
|
|
||
|
2. NAME |
|
Ms. TRUONG THI TIEN |
|
ID Number/Passport |
|
080880249 |
|
Resident |
|
No. 441 Ba Trieu Street, Dong Kinh Ward, Lang Son City, Lang Son
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
280 |
|
Value of shares |
|
VND 1,400,000,000 |
|
Percentage |
|
33.33% |
|
|
||
|
3. NAME |
|
Ms. HUA THI NHUNG |
|
ID Number/Passport |
|
080782804 |
|
Resident |
|
No. 442 Ba Trieu Street, Dong Kinh Ward, Lang Son City, Lang Son
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
280 |
|
Value of shares |
|
VND 1,400,000,000 |
|
Percentage |
|
33.33% |
|
BALANCE SHEET |
||
|
Unit: One VND |
||
|
Balance sheet date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT ASSETS |
2,888,152,224 |
1,518,746,175 |
|
I. Cash and cash equivalents |
380,999,500 |
123,230,769 |
|
1. Cash |
380,999,500 |
123,230,769 |
|
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 |
2,327,053,773 |
1,204,107,713 |
|
1. Receivable from customers |
1,399,045,822 |
1,195,846,855 |
|
2. Prepayments to suppliers |
919,747,093 |
0 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
8,260,858 |
8,260,858 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
129,163,715 |
165,592,075 |
|
1. Inventories |
129,163,715 |
165,592,075 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
50,935,236 |
25,815,618 |
|
1. Short-term prepaid expenses |
0 |
25,815,618 |
|
2. VAT to be deducted |
29,971,041 |
0 |
|
3. Taxes and other accounts receivable from the State |
20,964,195 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM ASSETS |
979,853,307 |
434,792,142 |
|
I. Long term accounts 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 |
979,853,307 |
434,792,142 |
|
1. Tangible assets |
979,853,307 |
434,792,142 |
|
- Historical costs |
1,473,552,415 |
880,875,142 |
|
- Accumulated depreciation |
-493,699,108 |
-446,083,000 |
|
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 |
0 |
|
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 |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
3,868,005,531 |
1,953,538,317 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
2,610,570,206 |
726,707,648 |
|
I. Current liabilities |
2,610,570,206 |
726,707,648 |
|
1. Short-term debts and loans |
2,600,000,000 |
300,000,000 |
|
2. Payable to suppliers |
|
412,157,844 |
|
3. Advances from customers |
7,841 |
0 |
|
4. Taxes and other obligations to the State Budget |
10,562,365 |
14,549,804 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term Liabilities |
0 |
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 |
0 |
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 |
1,257,435,325 |
1,226,830,669 |
|
I. OWNER’S EQUITY |
1,257,435,325 |
1,226,830,669 |
|
1. Capital |
1,105,431,113 |
1,105,431,113 |
|
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 |
121,399,556 |
|
10. Retained earnings |
152,004,212 |
0 |
|
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 |
3,868,005,531 |
1,953,538,317 |
|
|
||
|
PROFIT &
LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
19,783,498,021 |
14,545,432,711 |
|
2. Deduction item |
0 |
0 |
|
3. Net revenue |
19,783,498,021 |
14,545,432,711 |
|
4. Costs of goods sold |
18,909,516,776 |
13,594,548,439 |
|
5. Gross profit |
873,981,245 |
950,884,272 |
|
6. Financial income |
0 |
0 |
|
7. Financial expenses |
0 |
0 |
|
- In which: Loan interest expenses |
0 |
0 |
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
835,664,682 |
891,862,685 |
|
10. Net operating profit |
38,316,563 |
59,021,587 |
|
11. Other income |
2,489,645 |
3,333,089 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
2,489,645 |
3,333,089 |
|
14. Total accounting profit before tax |
40,806,208 |
62,354,676 |
|
15. Current corporate income tax |
10,201,552 |
15,588,669 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
30,604,656 |
46,766,007 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010
|
FY2009
|
Average
Industry |
|
Current liquidity ratio |
1.11 |
2.09 |
1.29 |
|
Quick liquidity ratio |
1.06 |
1.86 |
0.90 |
|
Inventory circle |
128.31 |
82.10 |
16.60 |
|
Average receive period |
42.93 |
30.22 |
61.82 |
|
Utilizing asset performance |
5.11 |
7.45 |
2.31 |
|
Liability by total assets |
67.49 |
37.20 |
66.08 |
|
Liability by owner's equity |
207.61 |
59.23 |
252.07 |
|
Ebit / Total assets (ROA) |
1.06 |
3.19 |
6.85 |
|
Ebit / Owner's equity (ROE) |
3.25 |
5.08 |
25.35 |
|
Ebit / Total revenue (NPM) |
0.21 |
0.43 |
4.35 |
|
Gross profit / Total revenue (GPM) |
4.42 |
6.54 |
8.03 |
|
Note: The Average Industry was calculated by
VietnamCredit based on our own statistical data |
|||
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
N/A |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TTR |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
N/A |
|
The subject was founded in 2002 in Lang Son Province as a Joint
Stock Company. Its head office is located at Po Dua Hamlet, Mai Pha Commune, Lang
Son City, Lang Son Province. It specializes in trading agricultural products,
seafood and trading petrol. The subject supplies products both in retailing
and wholesaling. It also exports products to foreign country with main market
of China. The subject is ranked as small size company in the industry. Its
financial situation is considered average. At the end of 2010, the company’s
total assets were VND 3.9 billion; nearly two times higher than previous
year. According to the balance sheet, current assets took high rate in
company’s total assets, especially account receivable. In 2010, accounts
receivable were VND 2.3 billion; increased 91.7% in comparison with 2009. It
affected to the company’s average receive period, lengthened from 30.22 days
in 2009 to 42.93 days in 2010. However, the company’s average receive period
is still smaller than average industry. According to the financial ratio
table, the company’s operational ratio is fairly good. Based on the profit and loss statement, the company’s total sales in
2010 reached to 19.8 billion; increased VND 5.3 billion compared to 2009.
However, profit after tax had opposite change; went down from VND 46 million
in 2009 to VND 30 million in 2010. It is due to the higher cost of goods sold
in 2010. The company’s profitability is considered low. According to Ms.
Hoang Thuy Nga – the company’s chief accountant, the subject’s turnover in
the first nine month of 2011 were about VND 60 billion. We have tried our
best to update the financial data in 2011 but it is still not available in
our sources. We also tried to update information from the subject but it is
not provided. In general, the subject can meet small financial commitments. |
|
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) |
|
|
2011 |
2010 |
||||
|
Agriculture, Forestry and Fishing |
4.00 |
2.78 |
8,749 |
23,896.3 |
81,559 |
|
Industry and Construction |
5.53 |
7.70 |
85,115 |
10,630 |
2,751,975 |
|
Trade and Services |
6.69 |
7.52 |
154,978 |
14,522 |
4,939,069 |
|
|
2011 |
2010 |
2009 |
|
Population (Million
person) |
87.84 |
86.93 |
86.02 |
|
Gross Domestic Products
(USD billion) |
119 |
102.2 |
91 |
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|
GDP Per Capita
(USD/person/year) |
1,300 |
1,160 |
1,080 |
|
Inflation (% Change in
Composite CPI) |
18.58 |
11.75 |
6.88 |
|
State Budget Deficit
compared with GDP (%) |
4.9 |
5.8 |
6.9 |
|
Billion USD |
2011 |
2010 |
2009 |
|
Exports |
96.3 |
72.2 |
57.1 |
|
Imports |
105.8 |
84.8 |
69.9 |
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
Source: General Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.15 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.