MIRA INFORM REPORT
|
Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
CONG THANH ENVIROMENT - TECHNOLOGY COMPANY
LIMITED |
|
|
|
|
Registered Office : |
No. 1A/9 Bach Dang Street, Ward 2, Tan Binh District, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
23.06.1998 |
|
|
|
|
Com. Reg. No.: |
0301478086 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
subject is specializing in designing construction systems and processing
environment and trading products of TACONIC-SOUTH (KOREA). |
|
|
|
|
No. of Employees
: |
About 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
|
||
|
Registered English Name |
|
CONG THANH ENVIROMENT - TECHNOLOGY COMPANY
LIMITED |
|
Registered Vietnamese Name |
|
CONG TY TNHH MOI TRUONG CONG NGHE CONG
THANH |
|
Registered Short name |
|
ENVITECH CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1998 |
|
Establishment Decision |
|
1308 |
|
Date of Issuance |
|
23 Jun 1998 |
|
Place of Issuance |
|
People Committee of Hochiminh City |
|
Business Registration No. |
|
0301478086 |
|
Date of Registration |
|
24 Nov 2011 |
|
Place of Registration |
|
Planning and Investment Department of Hochiminh
City |
|
Current registered capital |
|
VND 60,000,000,000 |
|
Tax code |
|
0301478086 |
|
Total Employees |
|
About 100 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No: 046341 was issued on July, 16th 1998 Changed to: 0301478086 |
24
Nov 2011 |
|
2 |
Subject has got former Registered capital:
VND 30,000,000,000 Changed to: VND 60,000,000,000 |
24
Nov 2011 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 1A/9 Bach Dang Street, Ward 2, Tan
Binh District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 6293 6056 |
|
Fax |
|
(84-8) 6293 6051 |
|
|
||
|
Transaction
office in Ho Chi Minh |
||
|
Address |
|
No. 261F Nguyen Van Troi Street, Ward 10,
Phu Nhuan District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3844 0811 |
|
Fax |
|
(84-8) 3842 0213 |
|
|
||
|
Branch in Can
Tho |
||
|
Address |
|
3 Tran Van Hoai Street, Xuan Khanh Ward, Ninh
Kieu District, Can Tho City, Vietnam |
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
342 Ba Trieu Street, Le Dai Hanh Ward, Hai
Ba Trung District, Ha Noi City, Vietnam |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
41/2B, Hamlet 5, Dong Thanh Commune , Hoc
Mon District, Ho Chi Minh City, Vietnam |
|
|
||
|
Warehouse: |
||
|
Address |
|
B53-B54, Base 26 Truong Minh Giand Street,
Ward 17, Go Vap District, Ho Chi Minh City, Vietnam |
DIRECTORS
|
1.
NAME |
|
Mr.
NGUYEN DUY CUONG |
|
Position |
|
Director |
|
Date of Birth |
|
15 Sep 1965 |
|
ID Number/Passport |
|
225036086 |
|
ID Issue Date |
|
01 Apr 1999 |
|
ID Issue Place |
|
Police Station Of
Khanh Hoa Province |
|
Resident |
|
No. 131 Hong Bang
Street, Tan Lap Ward, Nha Trang City, Khanh Hoa Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
HO HUU NHAN |
|
Position |
|
Deputy Director |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
TRAN THU THUY |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
The subject is specializing in designing
construction systems and processing environment and trading products of
TACONIC-SOUTH (KOREA) such as TEFLON tape, mesh fabric and under thermal
insulation fabric, and providing other products as water pumps, pressure in
mud, system osmotic contrast, van system automatic, local pipe distribution
and gas, paper filtered beer, beer machine filter, several filters, filter
dust and wind filter, filter core, network filter, to filter martial, seeds
ion exchange resin, polymer, chemical for the boiler. |
|
The
subject registers in: |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Market |
|
Australia, EU, Korea, Italia, Japan, China and Singapore, USA... |
|
|
||
|
EXPORT: Currently, the subject
does not export |
||
BANKERS
|
1.
DONG A COMMERCIAL JOINT STOCK BANK PHU NHUAN BRANCH |
||
|
Address |
|
No.139, Nguyen Van Troi Street, Ward 12, Phu Nhuan District, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 3997 3638 |
|
Fax |
|
(84-8) 3997 3639 |
|
|
||
|
2.
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HO CHI MINH BRANCH |
||
|
Address |
|
No. 29 Ben Chuong Duong Str-Nguyen Thai Binh Ward, District 1, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 3825 1317 |
|
Fax |
|
(84-8) 3829 7228 |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
NGUYEN DUY CUONG |
|
Position |
|
Director |
|
Date of Birth |
|
15 Sep 1965 |
|
ID Number/Passport |
|
225036086 |
|
Issued on |
|
01 Apr 1999 |
|
Issued Place |
|
Police Station Of Khanh Hoa Province |
|
Resident |
|
No. 131 Hong Bang Street, Tan Lap Ward,
Nha Trang City, Khanh Hoa Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 59,400,000,000 |
|
Percentage |
|
99% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN DUY LUC |
|
Resident |
|
No. 131 Hong Bang Street, Tan Lap Ward,
Nha Trang City, Khanh Hoa Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 600,000,000 |
|
Percentage |
|
1% |
FINANCIAL DATA
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
130,884,988,844 |
103,608,000,000 |
|
I. Cash and cash
equivalents |
6,253,064,579 |
2,322,000,000 |
|
1. Cash |
6,253,064,579 |
2,322,000,000 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term
investments |
16,320,000,000 |
16,320,000,000 |
|
1. Short-term investments |
16,320,000,000 |
16,320,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts
receivable |
26,760,403,331 |
18,737,000,000 |
|
1. Receivable from customers |
15,707,298,740 |
16,673,000,000 |
|
2. Prepayments to suppliers |
11,052,174,125 |
1,928,000,000 |
|
3. Inter-company receivable |
0 |
136,000,000 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
930,466 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
78,802,971,437 |
65,286,000,000 |
|
1. Inventories |
78,802,971,437 |
65,286,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
2,748,549,497 |
943,000,000 |
|
1. Short-term prepaid expenses |
1,434,136,621 |
943,000,000 |
|
2. VAT to be deducted |
1,314,412,876 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM
ASSETS |
3,321,656,787 |
1,899,000,000 |
|
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
|
3,321,656,787 |
1,899,000,000 |
|
1. Tangible assets |
3,321,656,787 |
1,899,000,000 |
|
- Historical costs |
6,851,478,830 |
4,939,000,000 |
|
- Accumulated depreciation |
-3,529,822,043 |
-3,040,000,000 |
|
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 |
134,206,645,631 |
105,507,000,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
72,254,383,197 |
74,542,000,000 |
|
I. Current
liabilities |
72,254,383,197 |
74,542,000,000 |
|
1. Short-term debts and loans |
56,807,000,000 |
54,749,000,000 |
|
2. Payable to suppliers |
0 |
6,894,000,000 |
|
3. Advances from customers |
14,480,959,288 |
8,510,000,000 |
|
4. Taxes and other obligations to the State Budget |
529,523,909 |
757,000,000 |
|
5. Payable to employees |
0 |
22,000,000 |
|
6. Accrued expenses |
0 |
3,610,000,000 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
436,900,000 |
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 |
61,952,262,434 |
30,965,000,000 |
|
I. OWNER’S
EQUITY |
61,952,262,434 |
30,965,000,000 |
|
1. Capital |
60,000,000,000 |
30,000,000,000 |
|
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 |
1,952,262,434 |
965,000,000 |
|
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 |
134,206,645,631 |
105,507,000,000 |
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
84,510,208,778 |
89,486,000,000 |
|
2. Deduction item |
0 |
30,000,000 |
|
3. Net sale |
84,510,208,778 |
89,456,000,000 |
|
4. Costs of goods sold |
73,785,253,803 |
76,636,000,000 |
|
5. Gross profit |
10,724,954,975 |
12,820,000,000 |
|
6. Financial income |
64,295,053 |
63,000,000 |
|
7. Financial expenses |
1,521,896,667 |
4,864,000,000 |
|
- In which: Loan interest expenses |
314,752,849 |
- |
|
8. Selling expenses |
2,862,454,384 |
2,278,000,000 |
|
9. Administrative overheads |
5,120,445,417 |
4,782,000,000 |
|
10. Net operating profit |
1,284,453,560 |
959,000,000 |
|
11. Other income |
27,723,298 |
110,000,000 |
|
12. Other expenses |
11,767,634 |
23,000,000 |
|
13. Other profit /(loss) |
15,955,664 |
87,000,000 |
|
14. Total accounting profit before tax |
1,300,409,224 |
1,046,000,000 |
|
15. Current corporate income tax |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
1,300,409,224 |
1,046,000,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.81 |
1.39 |
1.36 |
|
Quick liquidity ratio |
0.72 |
0.51 |
0.76 |
|
Inventory circle |
1.02 |
1.17 |
6.01 |
|
Average receive period |
115.58 |
76.45 |
43.23 |
|
Utilizing asset performance |
0.63 |
0.85 |
2.83 |
|
Liability by total assets |
53.84 |
70.65 |
72.10 |
|
Liability by owner's equity |
116.63 |
240.73 |
358.01 |
|
Ebit / Total assets (ROA) |
1.20 |
0.99 |
5.20 |
|
Ebit / Owner's equity (ROE) |
2.61 |
3.38 |
21.05 |
|
Ebit / Total sale (NPM) |
1.91 |
1.17 |
2.35 |
|
Gross profit / Total sale (GPM) |
12.69 |
14.33 |
9.26 |
|
Note: The Average
Industry was calculated by VietnamCredit based on our own statistical data |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Cash, L/C, Transfer of Money |
|
Sale Methods |
|
Retailer |
|
CREDIT INQUIRY: USD 125,000 |
INTERPRETATION
ON THE SCORES
|
CONG THANH ENVIROMENT -
TECHNOLOGY COMPANY LIMITED is a
limited liability company which was found since 1998 under business
registration No. 046341. At present, the subject is operating
under business registration No. 0301478086 with registered capital VND 60
billion. Head office of the subject is
located at No. 1A/9 Bach Dang Street, Ward 2, Tan Binh District, Ho Chi Minh
City. Besides, it also has branches
in Ha Noi City, Can Tho City and Hoc Mon District. The
subject is specializing in design of construction systems and processing
environment and trading products of TACONIC-SOUTH (KOREA) such as TEFLON
tape, mesh fabric and under thermal insulation fabric, and providing other
products as water pumps, pressure in mud, system osmotic contrast, van system
automatic… It imports machines, equipment from USA, China, Italia, Japan… and
then consumes domestic market and export processing zone According to our collected financial data, because
of the influence of the recession, turnover of 2010 compared with 2009
decreased from over VND 89 billion to over VND 84 billion. However, liquidity
ratios were improved indicated that payment capability was stable. Moreover,
liability ratios decreased showed that latent risk in the subject also
decreased. |
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.52.23 |
|
UK Pound |
1 |
Rs.80.84 |
|
Euro |
1 |
Rs.66.79 |
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.