MIRA INFORM REPORT
|
Report Date : |
09.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
KIM VU FABRICS & FASHION CO., LTD |
|
|
|
|
Registered Office : |
94-96 Le Tuan Mau Str, Ward 13, District 6, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
26.02.2004 |
|
|
|
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Com. Reg. No.: |
0303210119 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
trading and processing linen, garment, pottery, porcelain, glass |
|
|
|
|
No. of Employees
: |
100 |
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 30th, 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 |
SUBJECT IDENTIFICATION &
LEGAL FORM
Current legal status
|
||
|
Registration English Name |
|
KIM VU FABRICS & FASHION CO., LTD |
|
Registration Vietnamese Name |
|
CONG TY TNHH VAI SOI & THOI TRANG KIM
VU |
|
Registration short name |
|
CONG TY TNHH KIM VU |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2004 |
|
Business Registration No. |
|
0303210119 |
|
Date of 01st Registration |
|
26 Feb 2004 |
|
Date of latest (04th )
adjustment |
|
12 Oct 2011 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of Ho Chi Minh City |
|
Current registered capital |
|
VND 7,000,000,000 |
|
Tax code |
|
0303210119 |
|
Total Employees |
|
100 |
|
Note: The given name (KIM VU FASHION &
FABRICS PVT LTD) is not correct. |
||
Historical
Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Business
Registration No: 4102020364 Changed to: 0303210119 |
|
2 |
Subject has got former Vietnamese name:
CONG TY TNHH VAI SOI THOI TRANG KIM VU Changed to: CONG TY TNHH VAI SOI &
THOI TRANG KIM VU |
company ADDRESSES
|
Head Office |
||
|
Address |
|
94-96 Le Tuan Mau Str, Ward 13, District 6,
Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3875 6409 / 3751 8798 |
|
Fax |
|
(84-8) 3751 8812 / 3855 8517 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
58 Duong Tu Giang, Dong Khanh Market, Ward
14, District 5, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3952 4250 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
156 Vo Van Tan, District 3, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 6290 6408 |
|
Fax |
|
(84-8) 6290 6409 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
23-25 Road No.10, Ward 13 , District 6, Ho
Chi Minh City, Vietnam |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
27-29 Dai Rada Phu Lam Housing Compound,
Road No.10, Ward 13 , 6th District, Ho Chi Minh City, Vietnam |
|
|
||
|
Warehouse |
||
|
Address |
|
Floor 1-2-3, No.58 Duong Tu Giang, Ward 14
, District 5, Ho Chi Minh City, Vietnam |
|
|
||
|
Warehouse |
||
|
Address |
|
22-24 Dai Rada Phu Lam Housing Compound,
Road No.9, Ward 13 , District 6, Ho Chi Minh City, Vietnam |
DIRECTORS
|
1.
NAME |
|
Mr.
TRAN THANH QUY |
|
Position |
|
Director |
|
Date of Birth |
|
26 Nov 1950 |
|
ID Number/Passport |
|
024725786 |
|
ID Issue Date |
|
12 Dec 2007 |
|
ID Issue Place |
|
Police station of
Hochiminh city |
|
Resident |
|
94-96 Le Tuan Mau Str,
Ward 13, District 6, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
TRAN HOANG PHU XUAN |
|
Position |
|
Deputy Director |
|
Nationality |
|
Vietnamese |
|
Registered Resident |
|
No. 442 Cach Mang Str, Hoa Lu Ward, Peiku
City, Gia Lai Province |
|
Nationality |
|
Vietnamese |
|
Hand Phone |
|
84-903 310 629 |
|
Email |
|
|
BUSINESS NATURE AND ACTIVITIES
The subject is specializing trading and processing linen, garment, pottery, porcelain, glass
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
materials |
|
·
Market |
|
Japan, India, Korea, Indonesia and Taiwan |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
N/A |
BANKERS
|
1.
VIET NAM INDUSTRIAL AND COMMERCIAL BANK NO.2 BRANCH |
||
|
Address |
|
No.222 - 224 Phan Dinh Phung, Phu Nhuan District, Ho Chi Minh City, Vietnam
|
|
Telephone |
|
08. 39952269 |
|
|
||
|
2.
ASIA COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
444 Nguyen Thi Minh Khai, District 3, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38328988 |
|
Fax |
|
(84-8) 38328987 |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
TRAN THANH QUY |
|
Position |
|
Director |
|
Date of Birth |
|
26 Nov 1950 |
|
ID Number/Passport |
|
024725786 |
|
Issued on |
|
12 Dec 2007 |
|
Issued Place |
|
Police station of Hochiminh city |
|
Resident |
|
94-96 Le Tuan Mau Str, Ward 13 , District
6, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 3,500,000,000 |
|
Percentage |
|
50% |
|
|
||
|
2.
NAME |
|
Ms.
TRAN HOANG KIM THU |
|
ID Number/Passport |
|
230570809 |
|
Resident |
|
94-96 Le Tuan Mau Str, Ward 13 , District
6, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,100,000,000 |
|
Percentage |
|
30% |
|
|
||
|
3.
NAME |
|
Ms.
NGO THI VAN |
|
ID Number/Passport |
|
024229417 |
|
Resident |
|
94-96 Le Tuan Mau Str, Ward 13 , District
6, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,400,000,000 |
|
Percentage |
|
20% |
FINANCIAL DATA
|
FINANCIAL
HIGHLIGHT |
|
|
Unit: Million VND
|
|
|
|
Balance sheet
date |
31/12/2009 |
|
|
Number of weeks |
52 |
|
|
ASSETS |
||
|
A. Current Asset
|
17,703 |
|
|
Receivables |
2,093 |
|
|
Inventory |
12,025 |
|
|
Cash and other current assets |
3,585 |
|
|
B. Long term
Asset |
477 |
|
|
1. Long term
account receivable |
0 |
|
|
2. Fixed assets |
477 |
|
|
Tangible fixed assets |
477 |
|
|
+ Original cost |
703 |
|
|
+ Accumulated depreciation value |
-226 |
|
|
Financial leasehold assets |
0 |
|
|
Intangible fixed assets |
0 |
|
|
Construction in progress and other long term asset |
0 |
|
|
TOTAL ASSETS |
18,180 |
|
|
|
||
|
LIABILITIES |
||
|
Payable loans |
11,180 |
|
|
Owner’s Equity |
7,000 |
|
|
TOTAL LIABILITY
AND EQUITY |
18,180 |
|
|
|
||
|
PROFIT & LOSS STATEMENT |
||
|
|
||
|
1. Total Sales |
35,955 |
|
|
2. Deduction item |
440 |
|
|
3. Net revenue |
35,515 |
|
|
4. Costs of goods sold |
32,646 |
|
|
5. Gross profit |
2,869 |
|
|
6. Financial income |
2 |
|
|
7. Financial expenses |
890 |
|
|
8. Selling expenses and Administrative overheads |
1,902 |
|
|
9. Net operating profit |
79 |
|
|
10. Other income |
0 |
|
|
11. Other expenses |
0 |
|
|
12. Other profit /(loss) |
0 |
|
|
13. Total accounting profit before tax |
79 |
|
|
14. Current corporate income tax |
0 |
|
|
15. Deferred corporate income tax |
0 |
|
|
16. Interest from subsidiaries/related companies |
0 |
|
|
17. Profit after tax |
79 |
|
|
BALANCE
SHEET |
|||
Unit: Million VND
|
|||
|
Balance sheet
date |
31/12/2008 |
31/12/2007 |
31/12/2006 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
17,746 |
17,267 |
8,260 |
|
I. Cash and cash
equivalents |
616 |
1,809 |
1,399 |
|
1. Cash |
616 |
1,809 |
1,399 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
157 |
1,836 |
1,138 |
|
1. Receivable from customers |
157 |
1,355 |
1,039 |
|
2. Prepayments to suppliers |
0 |
383 |
36 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
0 |
98 |
63 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
16,845 |
13,097 |
5,603 |
|
1. Inventories |
12,345 |
13,097 |
5,603 |
|
2. Provisions for devaluation of inventories |
4,500 |
0 |
0 |
|
V. Other Current
Assets |
128 |
525 |
120 |
|
1. Short-term prepaid expenses |
0 |
108 |
108 |
|
2. VAT to be deducted |
128 |
417 |
12 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
0 |
0 |
0 |
|
B. LONG-TERM
ASSETS |
18 |
52 |
73 |
|
I. Long term
accounts receivable |
0 |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets
|
18 |
52 |
73 |
|
1. Tangible assets |
18 |
52 |
73 |
|
- Historical costs |
170 |
169 |
150 |
|
- Accumulated depreciation |
-152 |
-117 |
-77 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
0 |
|
- Initial costs |
0 |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
0 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
0 |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
TOTAL ASSETS |
17,764 |
17,319 |
8,333 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
16,733 |
16,310 |
7,429 |
|
I. Current
liabilities |
16,733 |
9,910 |
7,429 |
|
1. Short-term debts and loans |
7,932 |
4,650 |
4,750 |
|
2. Payable to suppliers |
4,299 |
2,224 |
292 |
|
3. Advances from customers |
0 |
1,389 |
237 |
|
4. Taxes and other obligations to the State Budget |
0 |
128 |
243 |
|
5. Payable to employees |
0 |
0 |
388 |
|
6. Accrued expenses |
0 |
19 |
19 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
4,502 |
1,500 |
1,500 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
0 |
6,400 |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
0 |
|
4. Long-term debts and loans |
0 |
6,400 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
1,031 |
1,009 |
904 |
|
I. OWNER’S
EQUITY |
1,031 |
1,009 |
904 |
|
1. Capital |
800 |
800 |
800 |
|
2. Share premiums |
0 |
|
|
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
231 |
209 |
104 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
- |
- |
- |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
17,764 |
17,319 |
8,333 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2008 |
FY2007 |
FY2006 |
|
1. Total Sales |
24,727 |
14,392 |
15,975 |
|
2. Deduction item |
14 |
26 |
631 |
|
3. Net revenue |
24,713 |
14,366 |
15,344 |
|
4. Costs of goods sold |
21,738 |
12,592 |
12,885 |
|
5. Gross profit |
2,975 |
1,774 |
2,459 |
|
6. Financial income |
41 |
36 |
5 |
|
7. Financial expenses |
1,208 |
381 |
369 |
|
- In which: Loan interest expenses |
977 |
152 |
- |
|
8. Selling expenses |
908 |
604 |
961 |
|
9. Administrative overheads |
849 |
703 |
1,035 |
|
10. Net operating profit |
51 |
122 |
99 |
|
11. Other income |
0 |
0 |
0 |
|
12. Other expenses |
0 |
0 |
26 |
|
13. Other profit /(loss) |
0 |
0 |
-26 |
|
14. Total accounting profit before tax |
51 |
122 |
73 |
|
15. Current corporate income tax |
0 |
18 |
16 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
18. Profit after tax |
51 |
104 |
57 |
|
FINANCIAL RATIOS
|
|||
|
|
|||
|
Description |
FY2008 |
FY2007 |
FY2006 |
|
Current liquidity ratio |
1.06 |
1.74 |
1.11 |
|
Quick liquidity ratio |
0.05 |
0.42 |
0.36 |
|
Inventory circle |
1.29 |
1.35 |
2.30 |
|
Average receive period |
2.32 |
46.65 |
27.07 |
|
Utilizing asset performance |
1.39 |
0.83 |
1.84 |
|
Liability by total assets |
94.20 |
94.17 |
89.15 |
|
Liability by owner's equity |
1,622.99 |
1,616.45 |
821.79 |
|
Ebit / Total assets (ROA) |
0.29 |
1.58 |
0.88 |
|
Ebit / Owner's equity (ROE) |
4.95 |
27.16 |
8.08 |
|
Ebit / Total revenue (NPM) |
0.21 |
1.90 |
0.46 |
|
Gross profit / Total revenue (GPM) |
12.03 |
12.33 |
15.39 |
|
Note: The Average
Industry was calculated by VietnamCredit based on our own statistical data |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No |
|
Bankruptcy |
|
No |
|
Payment Methods |
|
Direct payment or through its corresponding bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Average |
INTERPRETATION ON THE SCORES
|
KIM VU
FABRICS & FASHION CO., LTD was established in 2004. The subject is
operating under the Business Registration No. 0303210119 and the registration capital is
VND7,000,000,000. Its head office is at No.94-96 Le Tuan Mau Str- Ward
13- District 6- Ho Chi Minh City, Vietnam. The
subject is specializing in trading in fabrics, wide range of uniforms
including man’s and ladies suiting, shirts, work – wears, school uniforms, medical
uniforms, hotel uniforms, cardigans, jackets, T-shirts, ties... AZONY is
brand name of subject. In addition, the subject is also manufacturing and
trading linen, pottery, porcelain, glass. The subject imports material from
India, Korea, Indonesia, Japan… The subject’s products are mainly distributed
in domestic market. The
premises and facilities of the subject are average. The management capability
of the subject is normal. The position in industry of the subject is small in
comparison with other companies. Currently, the subject is operating
normally. Its business activities are fairly busy. In
general, the subject has capacity to meet small transactions. |
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.52.78 |
|
UK Pound |
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.67.46 |
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.