MIRA INFORM REPORT
|
Report Date : |
17.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
BICH THI SERVICES AND TRADING JOINT STOCK
COMPANY |
|
|
|
|
Registered Office : |
No. 5 Alley 583 Kim Nguu Street Vinh Tuy
Ward, Hai Ba Trung District, Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2009 |
|
|
|
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Com. Reg. No.: |
0104254150 |
|
|
|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
Trading Agriculture Products |
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|
|
|
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 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Vietnam |
b2 |
b2 |
|
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
|
||
|
English Name |
|
BICH THI SERVICES AND TRADING JOINT STOCK
COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN THUONG MAI VA DICH VU BICH
THI |
|
Short name |
|
BICH THI., JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2009 |
|
Business Registration No. |
|
0104254150 |
|
Date of Registration |
|
25 Jul 2011 |
|
Place of Registration |
|
Planning and Investment Department of Ha
Noi City |
|
Current registered capital |
|
VND 18,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0104254150 |
|
Total Employees |
|
20 |
Note: The given name
is not full. The correct one is as above (Joint Stock Company).
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No: 0103042089 Changed to: 0104254150 |
25
Jul 2011 |
COMPANY ADDRESSES
|
Head Office |
||
|
Address |
|
No. 5 Alley 583 Kim Nguu Street Vinh Tuy Ward,
Hai Ba Trung District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 36369243 |
|
Fax |
|
(84-4) 36369130 |
|
Email |
|
|
|
Website |
|
|
DIRECTORS
|
1.
NAME |
|
Mr.
TRINH DUY HUNG |
|
Position |
|
Chairman |
|
Date of Birth |
|
02 Dec 1976 |
|
ID Number/Passport |
|
B1729479 |
|
Resident |
|
No. 4 , A4 Van Dien Battery
Factory Dormitory , Thanh Tri District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
++84 914 342 919 |
|
|
||
|
2.
NAME |
|
Mr.
BUI VAN DUYEN |
|
Position |
|
Director |
|
ID Number/Passport |
|
080990019 |
|
Resident |
|
Tan My Commune, Van
Lang District, Lang Son Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
++84 988 882 848 |
BUSINESS NATURE AND ACTIVITIES
|
-
Trading agriculture products -
Providing transport
services |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
agriculture products |
|
·
Market |
|
Korea, Laos, EU |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
agriculture products |
|
·
Market |
|
EU, Southeast Asia |
BANKERS
|
1.
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK BA TRIEU BRANCH |
||
|
Address |
|
348 Pho Hue, Hai Ba Trung District, Ha Noi City, Vietnam |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
TRINH DUY HUNG |
|
Position |
|
Chairman |
|
Date of Birth |
|
02 Dec 1976 |
|
ID Number/Passport |
|
B1729479 |
|
Resident |
|
No. 4 , A4 Van Dien Battery Factory
Dormitory , Thanh Tri District, Ha Noi City, Vietnam |
|
Mobile phone |
|
++84 914 342 919 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
81,000 |
|
Value of shares |
|
VND 8,100,000,000 |
|
Percentage |
|
45% |
|
|
||
|
2.
NAME |
|
Mr.
BUI VAN DUYEN |
|
Position |
|
Director |
|
ID Number/Passport |
|
080990019 |
|
Resident |
|
Tan My Commune , Van Lang District, Lang
Son Province, Vietnam |
|
Mobile phone |
|
++84 988 882 848 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
63,000 |
|
Value of shares |
|
VND 6,300,000,000 |
|
Percentage |
|
35% |
|
|
||
|
3.
NAME |
|
Mr.
BUI VAN XUAN |
|
ID Number/Passport |
|
013221942 |
|
Resident |
|
No. 5 Alley 583 Kim Nguu Str Vinh Tuy
Ward, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
18,000 |
|
Value of shares |
|
VND 1,800,000,000 |
|
Percentage |
|
10% |
|
|
||
|
4.
NAME |
|
Mr.
BUI VAN SANG |
|
ID Number/Passport |
|
013065047 |
|
Resident |
|
No. 5 Alley 583 Kim Nguu Str Vinh Tuy
Ward, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
18,000 |
|
Value of shares |
|
VND 1,800,000,000 |
|
Percentage |
|
10% |
FINANCIAL DATA
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2010 |
|
Number of weeks |
52 |
|
ASSETS |
|
|
A – CURRENT
ASSETS |
4,249,000,000 |
|
I. Cash and cash
equivalents |
207,000,000 |
|
1. Cash |
207,000,000 |
|
2. Cash equivalents |
0 |
|
II. Short-term
investments |
0 |
|
1. Short-term investments |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
1,807,000,000 |
|
1. Receivable from customers |
1,786,000,000 |
|
2. Prepayments to suppliers |
9,000,000 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
12,000,000 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
2,009,000,000 |
|
1. Inventories |
2,009,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
226,000,000 |
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
226,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
0 |
|
B. LONG-TERM
ASSETS |
1,886,000,000 |
|
I. Long term
accounts 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
|
1,886,000,000 |
|
1. Tangible assets |
1,886,000,000 |
|
- Historical costs |
2,202,000,000 |
|
- Accumulated depreciation |
-316,000,000 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
0 |
|
- Initial costs |
0 |
|
- Accumulated amortization |
0 |
|
4. Construction-in-progress |
0 |
|
III. Investment property
|
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term
investments |
0 |
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
0 |
|
1. Long-term prepaid expenses |
0 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
VI. Goodwill |
|
|
1. Goodwill |
|
|
TOTAL ASSETS |
6,135,000,000 |
|
|
|
|
LIABILITIES |
|
|
A- LIABILITIES |
44,000,000 |
|
I. Current
liabilities |
44,000,000 |
|
1. Short-term debts and loans |
0 |
|
2. Payable to suppliers |
0 |
|
3. Advances from customers |
0 |
|
4. Taxes and other obligations to the State Budget |
0 |
|
5. Payable to employees |
0 |
|
6. Accrued expenses |
44,000,000 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
0 |
|
10. Provisions for short-term accounts payable |
0 |
|
II. Long-Term
Liabilities |
0 |
|
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 |
0 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
B- OWNER’S
EQUITY |
6,091,000,000 |
|
I. OWNER’S
EQUITY |
6,091,000,000 |
|
1. Capital |
4,900,000,000 |
|
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 |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
1,191,000,000 |
|
11. Construction investment fund |
0 |
|
II. Other
sources and funds |
0 |
|
1. Bonus and welfare funds |
0 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
6,135,000,000 |
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2010 |
|
1. Total Sales |
49,469,000,000 |
|
2. Deduction item |
0 |
|
3. Net sale |
49,469,000,000 |
|
4. Costs of goods sold |
47,058,000,000 |
|
5. Gross profit |
2,411,000,000 |
|
6. Financial income |
0 |
|
7. Financial expenses |
0 |
|
- In which: Loan interest expenses |
0 |
|
8. Selling expenses |
0 |
|
9. Administrative overheads |
544,000,000 |
|
10. Net operating profit |
1,867,000,000 |
|
11. Other income |
1,000,000 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
1,000,000 |
|
14. Total accounting profit before tax |
1,868,000,000 |
|
15. Current corporate income tax |
523,000,000 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
|
|
18. Profit after tax |
1,345,000,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2010 |
Average Industry |
|
Current liquidity ratio |
96.57 |
1.22 |
|
Quick liquidity ratio |
50.91 |
0.66 |
|
Inventory circle |
23.42 |
9.77 |
|
Average receive period |
13.33 |
24.65 |
|
Utilizing asset performance |
8.06 |
2.22 |
|
Liability by total assets |
0.72 |
38.74 |
|
Liability by owner's equity |
0.72 |
95.28 |
|
Ebit / Total assets (ROA) |
30.45 |
9.15 |
|
Ebit / Owner's equity (ROE) |
30.67 |
23.00 |
|
Ebit / Total sale (NPM) |
3.78 |
4.44 |
|
Gross profit / Total sale (GPM) |
4.87 |
9.38 |
|
Note: The
Average Industry was calculated by Vietnam Credit based on our own statistical
data |
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
LC,TT |
|
Sale Methods |
|
To contracts |
|
CREDIT INQUIRY: USD 125,000 Against D/A in terms A little caution |
INTERPRETATION ON THE SCORES
|
BICH THI
SERVICES AND TRADING JOINT STOCK COMPANY is a joint stock company, which was
established in Nov 2009. The subject is now operating under business
registration number 0104254150 (same with tax code) and the registered
capital of VND 18 billion. Head office of the subject is located at No. 5
Alley 583 Kim Nguu Street Vinh Tuy Ward, Hai Ba Trung District, Ha Noi City,
Vietnam. BICH
THI., JSC specializes in trading agriculture products as pepper, lingzhi, corn,
lotus seeds, dried cassava, cucumber, ect. It products are imported from many
countries, and then exported again to foreign market. There
are 20 people working for the subject under normal condition of equipment and
facility. Mr. TRINH DUY HUNG is the chairman and Mr. BUI VAN DUYEN is the
director of the subject, management capacity is at average level. According
to the financial data, the sale of the subject in 2010 was rather optimistic;
however, profit was limited. The reason is that it had costs of goods sold
amount rather high. Almost financial ratios of subject are fair and better
than average industry. It showed the general business operation activities of
it are fair in compare with its scale. Currently,
there are many companies in this field having similar size with the subject;
therefore, it has to face with challenges and competitions to develop firmly.
However, after more than 2 years operates in the industry, the subject has
been stable and enlarged its product line to get more profit. In
conclusion, BICH THI., JSC is a small-sized company. It is capable to meet
small commitments; but for medium and large transactions caution is needed. |
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.51.65 |
|
UK Pound |
1 |
Rs.79.09 |
|
Euro |
1 |
Rs.65.32 |
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.