|
Report Date : |
25.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
LNT TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 708 Su Van hanh Street Ward 12, 10 District, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2003 |
|
|
|
|
Com. Reg. No.: |
0303143102 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of plastic materials - paper goods appliances, refrigeration goods, electronics, agricultural supplies, fertilizers, chemicals, handicrafts and fine arts. |
|
|
|
|
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Current legal status
|
||
|
Registered English Name |
|
LNT TRADING COMPANY LIMITED |
|
Registered
Vietnamese Name |
|
CONG TY TNHH THUONG MAI LNT |
|
Registered Short name |
|
LNT TRADING CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2003 |
|
Business Registration No. |
|
0303143102 |
|
Date of Registration |
|
25 Nov 2010 |
|
Place of Registration |
|
Business Registration Office of |
|
Chartered capital |
|
VND 1,000,000,000 |
|
Tax code |
|
0303143102 |
|
Total Employees |
|
12 |
|
Size |
|
Small |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No. 4102019017 Issued 26 Nov 2003 Changed to: 0303143102 |
25
Nov 2010 |
|
Head Office |
||
|
Address |
|
No. 708 Su Van hanh Street Ward 12, 10 District,
|
|
Telephone |
|
(84-8) 3863 4938/ 3862 1154 |
|
Fax |
|
(84-8) 3863 4754 |
|
Email |
|
|
|
1.
NAME |
|
Ms.
NGUYEN THI NGOC THU |
|
Position |
|
Vice - Director |
|
Date of Birth |
|
16 Nov 1964 |
|
ID Number/Passport |
|
024145765 |
|
Resident |
|
No. 708 Su Van Hanh
Street Ward 12, 10 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
DUONG THANH LY |
|
Position |
|
CEO |
|
Date of Birth |
|
01 Jun 1962 |
|
ID Number/Passport |
|
023626011 |
|
ID Issue Date |
|
21 Feb 1998 |
|
|
|
Police station of
Hochiminh City |
|
Resident |
|
No. 708 Su Van Hanh Street,
Ward 12, 10 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI NGOC DIEU |
|
Position |
|
Chief Accountant |
|
Resident |
|
Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Email |
|
|
|
The
subject registers in the following line of business: Ø
Trading
of plastic materials - paper goods appliances, refrigeration goods,
electronics, agricultural supplies, fertilizers, chemicals, handicrafts and
fine arts. Ø
Consignment
agent. Ø
Brokerage
business. Ø
Purchase
of office equipment. Ø
Trading
of telecommunications equipment. Ø
Trading
of spare parts and accessories of automobiles and
other motor vehicles. |
|
IMPORT: |
||
|
·
Market |
|
|
|
|
||
|
EXPORT: |
||
|
Note: Currently, the subject does not export |
||
|
1.
ACB ASSETS MANAGEMENT COMPANY LIMITED |
||
|
Address |
|
No. 444 Nguyen Thi Minh Khai Str, Ward 5, 5 District, |
|
Telephone |
|
(84-8) 3832 8988 |
|
Fax |
|
(84-8) 3832 8987 |
|
|
||
|
2.
HSBC BANK ( |
||
|
Address |
|
Floor 06th, The Metropolitan Building 235 Dong Khoi Street, 1
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84 8) 3829 2288 |
|
Fax |
|
(84 8) 3299 0018 |
|
1.
NAME |
|
Ms.
NGUYEN THI NGOC THU |
|
Position |
|
Vice - Director |
|
Date of Birth |
|
16 Nov 1964 |
|
ID Number/Passport |
|
024145765 |
|
Resident |
|
No. 708 Su Van Hanh Street Ward 12, 10
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 900,000,000 |
|
Percentage |
|
90% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN BA TAI |
|
Date of Birth |
|
20 Sep 1976 |
|
ID Number/Passport |
|
024140199 |
|
Resident |
|
No. 22A Bui Huu Nghia Street- Ward 5, 5 District,
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 100,000,000 |
|
Percentage |
|
10% |
|
|
||
|
BALANCE
SHEET |
||
Unit: Million VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
7,977 |
3,204 |
|
I. Cash and cash
equivalents |
1,963 |
534 |
|
1. Cash |
1,963 |
534 |
|
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 |
1,128 |
945 |
|
1. Receivable from customers |
1,050 |
867 |
|
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 |
78 |
78 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
4,537 |
1,671 |
|
1. Inventories |
4,537 |
1,671 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
349 |
54 |
|
1. Short-term prepaid expenses |
174 |
24 |
|
2. VAT to be deducted |
175 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
30 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM
ASSETS |
356 |
429 |
|
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
|
356 |
429 |
|
1. Tangible assets |
356 |
429 |
|
- Historical costs |
577 |
577 |
|
- Accumulated depreciation |
-221 |
-148 |
|
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 |
8,333 |
3,633 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
7,404 |
2,782 |
|
I. Current
liabilities |
7,404 |
2,782 |
|
1. Short-term debts and loans |
6,330 |
2,755 |
|
2. Payable to suppliers |
916 |
0 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
158 |
26 |
|
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 |
0 |
1 |
|
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
|
929 |
851 |
|
I. OWNER’S
EQUITY |
929 |
851 |
|
1. Capital |
1,000 |
1,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
-154 |
-154 |
|
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 |
83 |
5 |
|
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 |
8,333 |
3,633 |
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
18,347 |
7,796 |
|
2. Deduction item |
0 |
0 |
|
3. Net sale |
18,347 |
7,796 |
|
4. Costs of goods sold |
14,623 |
6,551 |
|
5. Gross profit |
3,724 |
1,245 |
|
6. Financial income |
3 |
21 |
|
7. Financial expenses |
790 |
458 |
|
- In which: Loan interest expenses |
789 |
458 |
|
8. Selling expenses |
2,359 |
229 |
|
9. Administrative overheads |
469 |
641 |
|
10. Net operating profit |
109 |
-62 |
|
11. Other income |
0 |
111 |
|
12. Other expenses |
4 |
|
|
13. Other profit /(loss) |
-4 |
111 |
|
14. Total accounting profit before tax |
105 |
49 |
|
15. Current corporate income tax |
27 |
9 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
78 |
40 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.08 |
1.15 |
1.21 |
|
Quick liquidity ratio |
0.46 |
0.55 |
0.72 |
|
Inventory circle |
4.71 |
3.92 |
12.25 |
|
Average receive period |
22.44 |
44.24 |
51.49 |
|
Utilizing asset performance |
2.20 |
2.15 |
2.30 |
|
Liability by total assets |
88.85 |
76.58 |
59.32 |
|
Liability by owner's equity |
796.99 |
326.91 |
229.17 |
|
Ebit / Total assets (ROA) |
10.73 |
13.96 |
8.16 |
|
Ebit / Owner's equity (ROE) |
96.23 |
59.58 |
24.08 |
|
Ebit / Total sale (NPM) |
4.87 |
6.50 |
6.61 |
|
Gross profit / Total sale (GPM) |
20.30 |
15.97 |
16.82 |
|
Note: The Average Industry
was calculated by VietnamCredit based on our own statistical data |
|||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Low |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
by cash or through the bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
CREDIT INQUIRY: 2,500,000 USD |
|
Caution! |
|
LNT is a limited liability company which was
established in 2003. The
subject specializes in trading materials for plastic and paper industry. It
is wholesaler and retailer, and market share is small. Businesses of this company
are not very busy. Currently, the subject does not export. We had
a short visit at subject’s location, its head
office
looks fair comfortable but a little old. Director of subject is enthusiastic. Products
of subject are consumed in domestic market only. According
to the financial reported, profits of the subject has not proportion with current
total sales. One of reasons is the
rise of inflation
rate, it made costs of goods sold also increased and financial
expenses was high. The subject has
the unsafety capital structure, due to liability by owner's equity is
very high compared with average industry. The inventory circle and quick liquidity ratio were low so its short
term payments affect. In our opinion, with over 9 years of operation, the
subject has capacity to meet small transaction only. |
|
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.56.99 |
|
UK Pound |
1 |
Rs.88.97 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.