|
Report Date : |
24.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
TIEN DAI PHAT MANUFACTURING TRADING SERVICE COMPANY LIMITED |
|
|
|
|
Registered Office : |
Bau Bang Hamlet - Lai Uyen Commune, Ben Cat District, Binh
Duong Province |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
03.02.2009 |
|
|
|
|
Com. Reg. No.: |
3701390642 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacturing animal feed, aqua
feed |
|
|
|
|
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 – 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
|
||
|
|
||
|
Translation English Name |
|
TIEN DAI PHAT MANUFACTURING
TRADING SERVICE COMPANY LIMITED |
|
Registered Vietnamese Name |
|
CONG TY TNHH SAN XUAT THUONG
MAI DICH VU TIEN DAI PHAT |
|
Trade name |
|
-
TIEN DAI PHAT CO., LTD -
TIEN DAI PHAT TRADING - SERVICE CO.,
LTD -
TIEN DAI PHAT PRODUCTION, TRADING AND
SERVICES CO., LTD |
|
Short name |
|
TIDAPHA CO., |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2009 |
|
Business Registration No. |
|
3701390642 |
|
Date of Registration |
|
03 Feb 2009 |
|
Place of Registration |
|
Business Registration Office
of Binh Duong Province |
|
Current registered capital |
|
VND 10,500,000,000 |
|
Tax code |
|
3701390642 |
|
Total Employees |
|
100 |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head
Office |
||
|
Address |
|
Bau Bang Hamlet - Lai Uyen
Commune, Ben Cat District, Binh Duong Province, Vietnam |
|
Telephone |
|
(84-650) 355 1526 - 355 1528 |
|
Fax |
|
(84-650) 355 1527 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch
in Binh Duong |
||
|
Address |
|
Hamlet 1 - Tru Van Tho
Commune, Ben Cat District, Binh Duong Province, Vietnam |
|
Telephone |
|
(84-650) 221 7494 |
|
Fax |
|
(84-650) 355 1527 |
|
|
||
SUBSIDIARIES AND RELATED
COMPANIES
|
||
|
|
||
|
RELATED COMPANY |
||
|
TIEN
PHAT MANUFACTURING AND TRADING COMPANY LIMITED |
||
|
Vietnamese Name |
|
CONG
TY TNHH SAN XUAT VA THUONG MAI TIEN PHAT |
|
Trade name |
|
TIEN
PHAT COMPANY LTD |
|
Short name |
|
TIPHA.CO |
|
Business Registration |
|
3700569220 |
|
Date of Registration |
|
01 Mar 2010 |
|
Place of Registration |
|
Planning and Investment Department of Binh Duong Province |
|
Registered Capital |
|
VND 30,000,000,000 |
|
Tax code |
|
3700569220 |
|
Address |
|
No. 494 Binh Duong Boulevard, Nguyen Trai Quarter, Lai
Thieu Ward , Thuan An Town, Binh Duong Province, Vietnam |
|
Tel |
|
(84-650) 3755 383 - 3761 413 |
|
Fax |
|
(84-650) 3761 412 |
|
Director – legal representative |
|
Ms.
NGUYEN THI KIM SANG |
|
|
||
DIRECTORS
|
||
|
|
||
|
1. NAME |
|
Mr. LUONG QUANG MY |
|
Position |
|
Director – Legal
Representative |
|
Date of Birth |
|
23 Mar 1971 |
|
ID Number/Passport |
|
280464446
|
|
ID Issue Date |
|
23 Jun
1998 |
|
ID Issue Place |
|
Police
Station Of Binh Duong Province |
|
Resident |
|
No.494
Binh Duong Boulevard, Nguyen Trai Quater, Lai Thieu Ward Lai Thieu Town,
Thuan An Town, Binh Duong Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
2. NAME |
|
Ms. NGUYEN THI KIM SANG |
|
Position |
|
Deputy Director |
|
Date of Birth |
|
24 Mar 1971 |
|
ID Number/Passport |
|
280464631
|
|
ID Issue Date |
|
02 Oct
2001 |
|
ID Issue Place |
|
Police
Station of Binh Duong Province |
|
Resident |
|
No.494,
Nguyen Trai Quater, Lai Thieu Ward, Thuan An Town, Binh Duong Province,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 913 950 990 |
|
Qualification |
|
Management |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject registers and operates in: |
|
|
|
IMPORT & EXPORT ACTIVITIES |
|
|
|
IMPORT:N/A |
|
|
|
EXPORT:
N/A |
|
|
||
BANKERS
|
||
|
|
||
|
BANK FOR INVESTMENT AND DVELOPMENT OF VIETNAM BRANCH IN BINH
DUONG |
||
|
Address |
|
No. 37 Yersin Street, Phu Cuong Ward, Thu Dau Mot City,
Binh Duong Province, Vietnam |
|
Telephone |
|
(84-650) 3827 785 / 3821 307 |
|
Fax |
|
(84-650) 3825 216 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1. NAME |
|
Mr. LUONG QUANG MY |
|
Position |
|
Director – Legal
Representative |
|
Date of Birth |
|
23 Mar 1971 |
|
ID Number/Passport |
|
280464446 |
|
Issued on |
|
23 Jun 1998 |
|
Issued Place |
|
Police Station Of Binh Duong
Province |
|
Resident |
|
No.494 Binh Duong Boulevard,
Nguyen Trai Quater, Lai Thieu Ward Lai Thieu Town, Thuan An Town, Binh Duong
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 3,650,000,000 |
|
Percentage |
|
34.76% |
|
|
||
|
2. NAME |
|
Ms. NGUYEN THI KIM SANG |
|
Position |
|
Deputy Director |
|
Date of Birth |
|
24 Mar 1971 |
|
ID Number/Passport |
|
280464631 |
|
Issued on |
|
02 Oct 2001 |
|
Issued Place |
|
Police Station of Binh Duong
Province |
|
Resident |
|
No.494, Nguyen Trai Quater,
Lai Thieu Ward , Thuan An Town, Binh Duong Province, Vietnam |
|
Mobile phone |
|
+84 913 950 990 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 6,850,000,000 |
|
Percentage |
|
65.24% |
|
|
||
FINANCIAL DATA
|
|
|
|
|
|
BALANCE SHEET |
|
Unit: One VND
|
|
|
Balance
sheet date |
31/12/2011
|
|
Number of weeks |
52 |
ASSETS
|
|
|
A –
CURRENT ASSETS |
61,406,000,000
|
|
I.
Cash and cash equivalents |
3,642,000,000
|
|
1. Cash |
3,642,000,000 |
|
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 |
4,426,000,000
|
|
1. Receivable from customers |
745,000,000 |
|
2. Prepayments to suppliers |
3,681,000,000 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
0 |
|
6. Provisions for bad debts |
0 |
|
IV.
Inventories |
49,796,000,000
|
|
1. Inventories |
49,796,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
|
V.
Other Current Assets |
3,542,000,000
|
|
1. Short-term prepaid expenses |
1,893,000,000 |
|
2. VAT to be deducted |
1,649,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
0 |
|
B.
LONG-TERM ASSETS |
38,101,000,000
|
|
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 |
36,097,000,000
|
|
1. Tangible assets |
29,679,000,000 |
|
- Historical costs |
31,745,000,000 |
|
- Accumulated depreciation |
-2,066,000,000 |
|
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 |
6,418,000,000 |
|
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 |
2,004,000,000
|
|
1. Long-term prepaid expenses |
2,004,000,000 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
VI.
Goodwill |
0 |
|
1. Goodwill |
0 |
|
TOTAL
ASSETS |
99,507,000,000
|
|
|
|
LIABILITIES
|
|
|
A-
LIABILITIES |
15,243,000,000
|
|
I. Current
liabilities |
15,243,000,000
|
|
1. Short-term debts and loans |
1,358,000,000 |
|
2. Payable to suppliers |
7,305,000,000 |
|
3. Advances from customers |
6,277,000,000 |
|
4. Taxes and other obligations to the State Budget |
303,000,000 |
|
5. Payable to employees |
0 |
|
6. Accrued expenses |
0 |
|
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 |
84,264,000,000
|
|
I.
OWNER’S EQUITY |
84,264,000,000
|
|
1. Capital |
81,900,000,000 |
|
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 |
2,364,000,000 |
|
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 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
99,507,000,000
|
|
|
|
|
PROFIT & LOSS STATEMENT |
|
|
|
|
|
Description |
FY2011 |
|
1. Total Sales |
123,168,000,000
|
|
2. Deduction item |
0 |
|
3. Net revenue |
123,168,000,000
|
|
4. Costs of goods sold |
118,108,000,000 |
|
5. Gross profit |
5,060,000,000
|
|
6. Financial income |
2,000,000 |
|
7. Financial expenses |
8,000,000 |
|
- In which: Loan interest expenses |
- |
|
8. Selling expenses |
1,329,000,000 |
|
9. Administrative overheads |
1,311,000,000 |
|
10. Net operating profit |
2,414,000,000
|
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
2,414,000,000
|
|
15. Current corporate income tax |
49,000,000 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
2,365,000,000
|
|
|
||
|
FINANCIAL
RATIOS AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2011
|
Average
Industry |
|
Current liquidity ratio |
4.03 |
1.21 |
|
Quick liquidity ratio |
0.76 |
0.41 |
|
Inventory circle |
2.37 |
4.09 |
|
Average receive period |
13.12 |
35.22 |
|
Utilizing asset performance |
1.24 |
1.99 |
|
Liability by total assets |
15.32 |
64.75 |
|
Liability by owner's equity |
18.09 |
199.02 |
|
Ebit / Total assets (ROA) |
2.43 |
12.59 |
|
Ebit / Owner's equity (ROE) |
2.86 |
36.14 |
|
Ebit / Total revenue (NPM) |
1.96 |
6.48 |
|
Gross profit / Total revenue (GPM) |
4.11 |
12.11 |
|
Note: The Average Industry was calculated by VietnamCredit
based on our own statistical data |
||
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium/ high |
|
Payment status |
|
Above average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through the bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
INTERPRETATION ON THE SCORES
|
|
|
|
The subject – TIDAPHA CO was established in 2009.
The subject is specializing in manufacturing animal feed, aqua feed,
manufacturing and processing materials, additives using in feed processing. Formerly, the
subject imported corn and soya from Malaysia. However, currently, the subject
no longer imports. All its products are only consumed in domestic market. Besides the subject, Mr. My (director of the subject)
and Ms. Sang (deputy director of the subject) are also running another
company with name TIEN PHAT MANUFACTURING AND TRADING COMPANY LIMITED which
operates in the same field with subject. This company has larger scale than
the subject does. According to our
collected financial data, turnover of the subject in 2011 got over VND 123.6
billion. The liability ratios was low, this indicated the subject has
operated depend on the finance of its owner capital and it made reduce latent
risk in the subject. And the liquidity ratios also indicated payment
capability of the subject was stable. The subject is a
young company in industry and operating with small scale. However, after over
3 operating years, it collected many bright results. In our opinion, the subject
has capacity to meet small-normal transactions. |
|
|
|
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.55.76 |
|
|
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.67.43 |
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.