|
Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
GOLDEN EAGLE COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 29 Hoang Hoa Tham Str, ward 6, Binh Thanh District, Ho Chi Minh City, |
|
|
|
|
Country : |
Viet Nam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1998 |
|
|
|
|
Com. Reg. No.: |
0301479611 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading in building materials, interior decoration materials, machineries, agricultural products, seafood, ink, chemicals, food favors & industrial fragrance, plastics & resin, means of transport |
|
|
|
|
No. of Employees : |
35 |
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
|
||
|
|
||
|
English Name |
|
GOLDEN EAGLE COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH KIM BANG |
|
Trade name |
|
GOLDEN EAGLE CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1998 |
|
Business Registration No. |
|
0301479611 |
|
Date of Registration (10th
Adjustment) |
|
07 Jun 2011 |
|
Place of Registration |
|
Business Registration Office- Planning and
Investment Department of Hochiminh City |
|
Current registered capital |
|
VND 5,000,000,000 |
|
Tax code |
|
0301479611 |
|
Total Employees |
|
35 |
|
Note: Originally,
the subject business registration number was 040363 which was issued on 23
Sep 1998. Recently, the subject business registration and tax code have been
merged |
||
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 29 Hoang Hoa Tham Str, ward 6, Binh
Thanh District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38434127 / 35512279 / 35512278 /
35512276 / 35512275 / 35512274 |
|
Fax |
|
(84-8) 38410653 / 35512280 |
|
Email |
|
|
|
Website |
|
|
|
Note: Formerly, the subject head office located
at No. 90 A 11 Ly Thuong Kiet Str, Ward 14, Dist. 10, Ho Chi Minh City |
||
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Ms.
PHAN THI THANH HANG |
|
Position |
|
Director |
|
Date of Birth |
|
16 Oct 1973 |
|
I.D No |
|
022862244 |
|
Issued on |
|
02 Jul 2003 |
|
Issued by |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. 29 Hoang Hoa Tham
Str, ward 6, Binh Thanh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Email |
|
Vicky@hcm.vnn.vn
|
|
|
||
|
2.
NAME |
|
Ms.
LE THI TAM |
|
Position |
|
Deputy Director |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
LE HIEU TOAI |
|
Position |
|
Technical Sales Rep |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
84-8-3843-4127 |
|
Email |
|
Toai.Le@e-goldeneagle.com
|
|
|
||
|
4.
NAME |
|
Mr.
NGUYEN HUU KHOA |
|
Position |
|
Sales Manager |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 908780289 |
|
Email |
|
khoa.nguyen@e-goldeneagle.com
|
|
|
||
|
5.
NAME |
|
Ms.
PHAN THI TRUC LINH |
|
Position |
|
HR Manager |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
6.
NAME |
|
Mr.
DONG NGUYEN VU |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject registered in the following lines of
business: |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
The subject imports goods from India, Singapore, Germany and France |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
The subject exports goods to EU, Singapore |
|
|
||
BANKERS
|
||
|
|
||
|
1.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No. 266-268 Nam Ky Khoi Nghia Street, Ward 8, 3rd District,
Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 39320420 /39320643 |
|
Fax |
|
(84-8) 39322488 |
|
SWIFT Code |
|
SGTTVNVX |
|
|
||
|
2
JOINT STOCK COMMERCIAL BANK FOR FOREIGN AND TRADE |
||
|
Address |
|
01 Truong son highway, An Binh Commune, Di An District, Binh Duong
Province |
|
Telephone |
|
(84-8) 37241627/ (84-650) 3792158 |
|
Fax |
|
(84-8) 37241498/ (84-650)
3792387 |
|
|
||
|
3.
STANDARD CHARTERED BANK HO CHI MINH CITY BRANCH |
||
|
Address |
|
Saigon Trade
Center, 1st Floor, 37 Ton Duc Thang Street, District 1, Ho
Chi Minh City |
|
Telephone |
|
(84 8) 3911
0000 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Ms.
PHAN THI THANH HANG |
|
Position |
|
Director |
|
Date of Birth |
|
16 Oct 1973 |
|
I.D No |
|
022862244 |
|
Issued on |
|
02 Jul 2003 |
|
Issued by |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. 29 Hoang Hoa Tham Str, ward 6, Binh
Thanh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Email |
|
Vicky@hcm.vnn.vn |
|
Value of shares |
|
VND 4,500,000,000 |
|
Percentage |
|
90% |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI TRANG |
|
ID Number/Passport |
|
022261288 |
|
Resident |
|
No. 29 Hoang Hoa Tham Str, ward 6, Binh
Thanh District, Ho Chi Minh City, Vietnam |
|
Value of shares |
|
VND 500,000,000 |
|
Percentage |
|
10% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One Million VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
34,049 |
25,910 |
|
I. Cash and cash
equivalents |
6,746 |
5,123 |
|
1. Cash |
6,746 |
5,123 |
|
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 |
13,774 |
11,297 |
|
1. Receivable from customers |
13,758 |
11,610 |
|
2. Prepayments to suppliers |
0 |
58 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
16 |
40 |
|
6. Provisions for bad debts |
0 |
-411 |
|
IV. Inventories |
12,850 |
9,284 |
|
1. Inventories |
12,850 |
9,885 |
|
2. Provisions for devaluation of inventories |
0 |
-601 |
|
V. Other Current
Assets |
679 |
206 |
|
1. Short-term prepaid expenses |
1 |
56 |
|
2. VAT to be deducted |
195 |
150 |
|
3. Taxes and other accounts receivable from the State |
483 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM
ASSETS |
2,021 |
2,539 |
|
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
|
2,021 |
2,539 |
|
1. Tangible assets |
2,021 |
2,539 |
|
- Historical costs |
3,570 |
3,548 |
|
- Accumulated depreciation |
-1,549 |
-1,009 |
|
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 |
|
TOTAL ASSETS |
36,070 |
28,449 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
29,569 |
20,787 |
|
I. Current
liabilities |
29,550 |
20,768 |
|
1. Short-term debts and loans |
12,324 |
9,000 |
|
2. Payable to suppliers |
13,063 |
10,906 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
89 |
623 |
|
5. Payable to employees |
214 |
239 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
3,650 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
210 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
19 |
19 |
|
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 |
19 |
19 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
6,501 |
7,662 |
|
I. OWNER’S
EQUITY |
6,501 |
7,662 |
|
1. Capital |
5,000 |
5,000 |
|
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 |
1,501 |
2,662 |
|
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 |
|
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
36,070 |
28,449 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
77,979 |
82,102 |
|
2. Deduction item |
1,095 |
24 |
|
3. Net revenue |
76,884 |
82,078 |
|
4. Costs of goods sold |
66,647 |
70,136 |
|
5. Gross profit |
10,237 |
11,942 |
|
6. Financial income |
358 |
239 |
|
7. Financial expenses |
1,944 |
1,923 |
|
- In which: Loan interest expenses |
1,206 |
1,402 |
|
8. Selling expenses |
4,441 |
3,738 |
|
9. Administrative overheads |
2,436 |
3,569 |
|
10. Net operating profit |
1,774 |
2,951 |
|
11. Other income |
283 |
287 |
|
12. Other expenses |
6 |
12 |
|
13. Other profit /(loss) |
277 |
275 |
|
14. Total accounting profit before tax |
2,051 |
3,226 |
|
15. Current corporate income tax |
501 |
565 |
|
16. Deferred corporate income tax |
0 |
0 |
|
18. Profit after tax |
1,550 |
2,661 |
|
|
|||
FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
|
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.15 |
1.25 |
2.19 |
|
Quick liquidity ratio |
0.72 |
0.80 |
1.41 |
|
Inventory circle |
6.02 |
7.55 |
4.67 |
|
Average receive period |
65.39 |
50.24 |
79.16 |
|
Utilizing asset performance |
2.13 |
2.89 |
1.91 |
|
Liability by total assets |
81.98 |
73.07 |
56.82 |
|
Liability by owner's equity |
454.84 |
271.30 |
486.78 |
|
Ebit / Total assets (ROA) |
9.03 |
16.27 |
10.47 |
|
Ebit / Owner's equity (ROE) |
50.10 |
60.40 |
34.50 |
|
Ebit / Total revenue (NPM) |
4.18 |
5.64 |
6.80 |
|
Gross profit / Total revenue (GPM) |
13.13 |
14.55 |
20.29 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No record |
|
Bankruptcy |
|
No record |
|
Payment Methods |
|
Direct payment or through its corresponding bank. Foreign remittance
by letter of credit (L/C) |
|
Sale Methods |
|
Wholesales |
|
Public opinion |
|
Normal |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject-Golden Eagle Co., Ltd was established in 1998. The subject’s scope of activities including
import, export, distribution, agency and logistic services. DUPONT Herberts Laminating Adhesive and Wire
Enamels BECHEM Lubricants for drawing lubricants, metal working
fluid and special greases Lexmark Passion for printing ideas Creative Singapore Food flavours & fragrances Bakels Materials for food industries Cotto Sanitary Wares that emanates luxury &
beauty Queins &Co for wire cables machinery Lohmann for non wovens for filtration Dansk System Electronik for enamelled wires
testing equipment The
subject also exports a large range of agro products such as tapioca chip,
tapioca residue pellets, native tapioca starch, native tapioca powder,
modified starch, acetylated starch, cationic starch, cationic oxidized
starch, , phosphated starch, acid converted starch, octenyl succiated
mono-ester, acetylated distarch phosphate, acetylated distarch adipate,
oxidized starch and oxidized starch acetylated and gum rosin,...
in a few recent years, the subject
also exports handicraft goods. The
subject entrusted exports many kinds of frozen seafood in Vietnam including
pangasius fillet, black tiger shrimp, white shrimp, octopus, cuttlefish,
squid, lobster, art-shell meat, tuna, snapper fish, etc. The subject’s frozen
seafood processed under management certifications of HACCP, ISO 9001-2000,
and EU approved. The
subject also export in furniture and handicraft products Management
capacity of the subject is fair good. The subject has experienced management
team and well trained technical staffs Note:
The subject has close relation with Kim Bang Pte Ltd (Singapore). Kim Bang
Pte Ltd was founded in September 2006, is part of Jian Huang Group of
Companies, and deals mainly with sales, leases, procurement, import and
export and servicing of construction equipment and machinery. The range
includes generator, air compressor, welding machine, mobile light tower,
scissor lift, boom lift and other lifting machinery. Competition
capacity of the subject is above average. Businesses of the subject are more
and more developed. |
------------ APPENDIX ----------
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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.