MIRA
INFORM REPORT
|
Report Date : |
17.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
BRIGHT STAR TRADING AND IMPORT EXPORT JOINT STOCK CORPORATION |
|
|
|
|
Registered Office : |
No. 8 Phan Dinh Giot Str, Ka Long ward, Mong Cai City,
Quang Ninh Province, Vietnam |
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Country : |
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|
|
|
Financials (as on) : |
22.06.2011 |
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|
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Date of Incorporation : |
2008 |
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Com. Reg. No.: |
5700904200 |
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|
|
Legal Form : |
Joint stock company |
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|
|
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Line of Business : |
Imports many kinds of foods |
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|
|
|
No. of Employees : |
12 |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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
|
||
|
|
||
Current
legal status
|
||
|
English Name |
|
BRIGHT STAR TRADING AND
IMPORT EXPORT JOINT STOCK CORPORATION |
|
Vietnamese Name |
|
CONG TY CO PHAN THUONG MAI
VA XUAT NHAP KHAU SAO SANG |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2008 |
|
Business Registration No. |
|
5700904200 |
|
Date of Registration |
|
22 Jun 2011 |
|
Place of Registration |
|
Quang Ninh Department of
Planning and Investment |
|
Chartered capital |
|
VND 3,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
5700904200 |
|
Total Employees |
|
12 |
|
Size |
|
Small |
|
Note: The correct name of the subject is as above. |
||
Historical Identification
& Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Total
Employees: 25 persons Changed to: 12 persons |
2012 |
|
2 |
Subject has got former Board
Of Director: Ms. TRAN THI DUNG Changed to: Mr. TRAN VAN DUNG |
22 Jun 2011 |
|
3 |
Subject has got former Shareholders:
Mr. BUI XUAN CUONG Changed to: Mr. TRAN VAN
DUNG |
22 Jun 2011 |
|
4 |
Subject has got former
Business Registration No: 2203001524 issued on 25 Jul 2008 Changed to:
5700904200 |
22 Jun 2011 |
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ADDRESSES
|
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|
||
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Head
Office |
||
|
Address |
|
No. 8 Phan Dinh Giot Str, Ka
Long ward, Mong Cai City, Quang Ninh Province, Vietnam |
|
Telephone |
|
(84-33) 3508655 |
|
Fax |
|
(84-33) 3887863 |
|
Email |
|
|
|
Note: The correct address of the subject is as
above. The given email address is not correct. |
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DIRECTORS
|
||
|
|
||
|
1. NAME |
|
Mr. TRAN VAN DUNG |
|
Position |
|
Chairman cum Director |
|
Date of Birth |
|
05 Feb 1977 |
|
ID Number/Passport |
|
101199118
|
|
ID Issue Date |
|
08 Jun
2010 |
|
ID Issue Place |
|
Public
Securities of Quang Ninh Province |
|
Current resident |
|
No. 8 Phan Dinh Giot Str, Ka
Long Ward, Mong Cai City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Note: Ms. Tran Thi Dung was former director of the
subject. |
||
|
|
||
|
2. NAME |
|
Ms. NGUYEN THI VAN ANH |
|
Position |
|
Vice Director |
|
ID Number/Passport |
|
030970651
|
|
Resident |
|
No.
10/32 Nguyen Huu Le Str, Gia Vien Ward, Ngo Quyen District, Hai Phong City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3. NAME |
|
Mr. BUI XUAN CUONG |
|
Position |
|
Vice Director |
|
ID Number/Passport |
|
100916634
|
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject temporarily imports and then re-exports. It often happens at
several days (or a short time). The subject plays role as a mandate. The
subject imports many kinds of foods, machines then re-exports to other
markets. Besides, the subject also supplies customs services. |
|
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IMPORT & EXPORT ACTIVITIES
|
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|
|
||
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IMPORT:
|
||
|
·
Types of products |
|
Many kinds of products (machines, frozen food, wine,
beer, etc) |
|
·
Market |
|
China, Chile, Brazil, India, EU, Thailand, Singapore,
India, etc |
|
·
Ratio |
|
100% |
|
·
Mode of payment |
|
L/C, TTR |
|
|
||
|
EXPORT:
|
||
|
·
Market |
|
China |
|
·
Ratio |
|
100% |
|
·
Mode of payment |
|
L/C, TTR |
|
|
||
BANKERS
|
||
|
|
||
|
1. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT MONG
CAI BRANCH |
||
|
Address |
|
No.24 Chu Van An Street, Hoa Lac Ward, Mong Cai City,
Quang Ninh Province, Vietnam |
|
Telephone |
|
(84-33) 3777 177 |
|
Fax |
|
(84-33) 3777 175 |
|
Note: Eximbank is the one that the subject used to have
transaction in the past. |
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|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1. NAME |
|
Ms. TRAN THI DUNG |
|
Date of Birth |
|
28 Apr 1982 |
|
ID Number/Passport |
|
142012063 |
|
Issued on |
|
31 Aug 2001 |
|
Issued Place |
|
Hai Duong Public Security
Department |
|
Resident |
|
Minh Tan Town, Kinh Mon
District, Hai Duong Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
180,000 |
|
Value of shares |
|
VND 1,800,000,000 |
|
Percentage |
|
60% |
|
|
||
|
2. NAME |
|
Mr. TRAN VAN DUNG |
|
Position |
|
Chairman cum Director |
|
Date of Birth |
|
05 Feb 1977 |
|
ID Number/Passport |
|
101199118 |
|
Issued on |
|
08 Jun 2010 |
|
Issued Place |
|
Public Securities of Quang
Ninh Province |
|
Current Resident |
|
No. 8 Phan Dinh Giot Str, Ka
Long Ward, Mong Cai City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
60,000 |
|
Value of shares |
|
VND 600,000,000 |
|
Percentage |
|
20% |
|
|
||
|
3. NAME |
|
Ms. NGUYEN THI VAN ANH |
|
Position |
|
Vice Director |
|
ID Number/Passport |
|
030970651 |
|
Resident |
|
No. 10/32 Nguyen Huu Le Str,
Gia Vien Ward, Ngo Quyen District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
60,000 |
|
Value of shares |
|
VND 600,000,000 |
|
Percentage |
|
20% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE SHEET |
||
Unit: One VND
|
||
|
Balance
sheet date |
31/12/2011
|
31/12/2010
|
|
Number of weeks |
52
|
52
|
ASSETS
|
||
|
A –
CURRENT ASSETS |
4,671,262,493
|
4,145,143,676
|
|
I.
Cash and cash equivalents |
335,816,256
|
1,801,679,254
|
|
1. Cash |
335,816,256 |
1,801,679,254 |
|
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 |
4,217,446,237
|
2,225,464,422
|
|
1. Receivable from customers |
4,205,005,041 |
2,213,023,226 |
|
2. Prepayments to suppliers |
0 |
0 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
12,441,196 |
12,441,196 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV.
Inventories |
0 |
0 |
|
1. Inventories |
0 |
0 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V.
Other Current Assets |
118,000,000
|
118,000,000
|
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
118,000,000 |
118,000,000 |
|
B.
LONG-TERM ASSETS |
3,152,730
|
3,152,730
|
|
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 |
0 |
0 |
|
1. Tangible assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
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 |
3,152,730
|
3,152,730
|
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
3,152,730 |
3,152,730 |
|
VI.
Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL
ASSETS |
4,674,415,223
|
4,148,296,406
|
|
|
||
LIABILITIES
|
||
|
A-
LIABILITIES |
3,034,398,188
|
2,537,468,480
|
|
I.
Current liabilities |
3,029,301,020
|
2,532,371,312
|
|
1. Short-term debts and loans |
0 |
0 |
|
2. Payable to suppliers |
2,528,912,000 |
2,528,912,000 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
51,703 |
2,442,912 |
|
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 |
500,337,317 |
1,016,400 |
|
10. Provisions for short-term accounts payable |
0 |
|
|
II.
Long-Term Liabilities |
5,097,168
|
5,097,168
|
|
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 |
5,097,168 |
5,097,168 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B-
OWNER’S EQUITY |
1,640,017,035
|
1,610,827,926
|
|
I.
OWNER’S EQUITY |
1,640,017,035
|
1,610,827,926
|
|
1. Capital |
1,550,000,000 |
1,550,000,000 |
|
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 |
90,017,035 |
60,827,926 |
|
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 |
4,674,415,223
|
4,148,296,406
|
|
|
||
|
PROFIT & LOSS STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
91,637,021,530
|
77,718,628,790
|
|
2. Deduction item |
0 |
0 |
|
3. Net revenue |
91,637,021,530
|
77,718,628,790
|
|
4. Costs of goods sold |
87,974,341,872 |
75,594,868,430 |
|
5. Gross profit |
3,662,679,658
|
2,123,760,360
|
|
6. Financial income |
175,012 |
311,968 |
|
7. Financial expenses |
0 |
0 |
|
- In which: Loan interest expenses |
0 |
0 |
|
8. Selling expenses |
|
|
|
9. Administrative overheads |
3,623,935,858 |
2,085,494,679 |
|
10. Net operating profit |
38,918,812
|
38,577,649
|
|
11. Other income |
0 |
0 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
0 |
0 |
|
14. Total accounting profit before tax |
38,918,812
|
38,577,649
|
|
15. Current corporate income tax |
9,729,703 |
9,644,412 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
29,189,109
|
28,933,237
|
|
|
|||
|
FINANCIAL
RATIOS AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011
|
FY2010
|
Average
Industry |
|
Current liquidity ratio |
1.54 |
1.64 |
1.21 |
|
Quick liquidity ratio |
1.54 |
1.64 |
0.72 |
|
Inventory circle |
0 |
0 |
12.25 |
|
Average receive period |
16.80 |
10.45 |
51.49 |
|
Utilizing asset performance |
19.60 |
18.74 |
2.30 |
|
Liability by total assets |
64.92 |
61.17 |
59.32 |
|
Liability by owner's equity |
185.02 |
157.53 |
229.17 |
|
Ebit / Total assets (ROA) |
0.83 |
0.93 |
8.16 |
|
Ebit / Owner's equity (ROE) |
2.37 |
2.39 |
24.08 |
|
Ebit / Total revenue (NPM) |
0.04 |
0.05 |
6.61 |
|
Gross profit / Total revenue (GPM) |
4.00 |
2.73 |
16.82 |
|
Note: The Average Industry was calculated by VietnamCredit based
on our own statistical data |
|||
|
|
|||
|
CASH FLOW STATEMENT |
||
|
(Direct method) |
||
|
Items |
FY2011 |
FY2010 |
|
I.
Cash flows from operating activities |
||
|
1.Cash received from customers |
1,678,262,375 |
2,179,275,827 |
|
2. Cash paid to suppliers |
-2,982,026,661 |
-1,992,781,911 |
|
3. Cash paid to employees |
-147,097,800 |
-143,136,000 |
|
4. Interest paid |
0 |
0 |
|
5. Income taxes paid |
-12,120,912 |
-13,384,219 |
|
6. Other operating cash receipts |
0 |
0 |
|
7. Other operating payments |
-2,880,000 |
0 |
|
Net cash flows from operating activities |
-1,465,862,998 |
29,973,697 |
|
II.
Cash flows from investing activities |
||
|
1. Purchases and construction of fixed assets and other
long-term assets |
|
|
|
2. Gains from disposals and liquidation of fixed assets
and other long-term assets |
|
|
|
3. Loans given and purchases of debt instruments of
other entities |
|
|
|
4. Recovery of loans given and disposals of debt
instruments of other entities |
|
|
|
5. Investments into other entities |
|
|
|
6. Withdrawals of investments in other entities |
|
|
|
7. Receipts of loan interests, dividends and profit
shared |
|
|
|
Net cash flows from investing activities |
|
|
|
III.
Cash flows from financing activities |
||
|
1. Gains from stock issuance and capital contributions
from shareholders |
|
|
|
2. Repayment for capital contributions and re-purchases
of stocks already issues |
|
|
|
3. Short-term and long-term loans received |
|
|
|
4. Loan principal amounts repaid |
|
|
|
5. Payments for financial leasehold assets |
|
|
|
6. Dividends and profit already paid to the owners |
|
|
|
Net cash flows from financing activities |
|
|
|
Net cash flows during the year |
-1,465,862,998 |
29,973,697 |
|
Beginning cash and cash equivalents |
1,801,679,254 |
1,771,705,557 |
|
Effects of fluctuations in foreign exchange rates |
|
|
|
Ending cash and cash equivalents |
335,816,256 |
1,801,679,254 |
|
|
|
|||
|
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 |
|
L/C, TTR |
|
|
Sale Methods |
|
Wholesaler |
|
|
Public opinion |
|
Normal |
|
INTERPRETATION ON THE SCORES
|
|
|
|
As a joint stock company, the subject was founded
in July 2008 with chartered capital of VND 3,000,000,000. It is a young company with short history.
The subject now has labor force of about 12 people. The subject operates in the field of general
import and export. It temporarily imports many kinds of machines, frozen food
(beef, frozen meat, etc) and beverage (beer, wine) at Hai Phong port or Quang
Ninh port then after that it re-exports these products to China. Mr. Tran Van
Dung has been the subject's director since June 2011 to replace Ms. Tran Thi
Dung. However, Ms. Tran Thi Dung is still working in accounting department
for the subject. It is said that subject only plays role as a mandate
importer and exporter. Currently, the subject has import relation with many
countries such as Brazil, Chile, India, EU, China.... Besides, the subject
also supplies customs services for other companies. Regarding to the financial statement, the value of
total assets reached VND 4.6 billion in 2011 and VND 4.1 billion in 2010. The
total sales were fairly high with VND 91.6 billion in 2011, which made an
increase of 17.9% in comparison with the previous year. However, the costs of
goods sold were really high, up to 96% and 97% of net revenue in 2011 and
2010 respectively. Together with administrative overheads, it pushed the
profitability of the subject down to only VND 29.1 million in 2011 and VND
28.9 million in 2010. Looking at the charts below, we see that the liquidity
ratios were higher than the industry average. The liability by total assets
was acceptable with 64.92% and 61.17% in two years. In the current
liabilities, the payable to suppliers was the biggest item. It was good for
the subject.
The subject is considered as a small scale
company. It does not have strategy to expand. It only focuses on its current
field of business and it said that for the first operating year, it had
profit. This field of business is potential and future prospect of subject
seems relative. It is reliable for small financial commitments with the
subject but caution is needed for big ones. |
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) |
||
|
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 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
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 |
|||
|
|
||||||
|
SERVICE
TRADE PERFORMANCE |
||||||
|
|
||||||
|
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.54.92 |
|
|
1 |
Rs.85.47 |
|
Euro |
1 |
Rs.67.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.