MIRA INFORM REPORT
|
Report Date : |
21.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
HA THANH GENERAL TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 124/22/16/2 Au Co Str. - Tu Lien ward, Tay Ho District, Ha Noi City |
|
|
|
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Country : |
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|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
22.11.2005 |
|
|
|
|
Com. Reg. No.: |
0102023277 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Buying and selling agricultural products |
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|
|
|
No. of Employees
: |
13 |
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 : |
Small Company |
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|
|
|
Payment
Behaviour : |
No Complaints |
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|
|
|
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) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Registered English Name |
|
HA THANH GENERAL TRADING COMPANY LIMITED |
|
Registered Vietnamese Name |
|
CONG TY THHH KINH DOANH THUONG MAI TONG
HOP HA THANH |
|
Registered Trade name |
|
HA THANH GENERAL TRADING COMPANY LIMITED |
|
Short name |
|
HATHA GT CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2005 |
|
Business Registration No. |
|
0102023277 |
|
Date of Registration |
|
22 Nov 2005 |
|
Adjusted on the second time |
|
12 January 2007 |
|
Place of Registration |
|
|
|
Current registered capital |
|
VND 2,700,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0101830913 |
|
Total Employees |
|
13 |
|
Size |
|
Small |
|
Head Office |
||
|
Address |
|
No. 6 - Alley 11 Lane 44 To Ngoc Van Str.,
Tay Ho District, Ha |
|
Telephone |
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(84-4) 3719 6172 |
|
Fax |
|
(84-4) 3719 4202 |
|
|
||
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Registration
Address |
||
|
Address |
|
No. 124/22/16/2 Au Co Str. - Tu Lien ward,
Tay Ho District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3719 4202 |
|
1.
NAME |
|
Ms.
NGUYEN HONG PHUONG |
|
Position |
|
Director |
|
Date of Birth |
|
01 Jul 1974 |
|
ID Number/Passport |
|
011792972 |
|
ID Issue Date |
|
15 May 1993 |
|
|
|
Hanoi Police Station |
|
Resident |
|
Group 1 - Cum 1 Tu
Lien Ward, Tay Ho District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
++84 904 282516 |
|
The subject focuses on the following lines of
business: |
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IMPORT: |
||
|
·
Types of products |
|
Agricultural products such as grapefruit, lemon, pecan, pear and
apple, etc |
|
·
Market |
|
China |
|
·
Ratio |
|
N/A |
|
·
Mode of payment |
|
T/T |
|
|
||
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EXPORT: |
||
|
·
Types of products |
|
The subject does not export. |
|
1.
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK HOANG QUOC VIET BRANCH |
||
|
Address |
|
1st Floor - No. 98 Hoang Quoc Viet Str, Cau Giay District, Ha Noi
City, Vietnam |
|
Telephone |
|
(84-4) 6267 0269 |
|
Fax |
|
(84-4) 6267 0265 |
|
|
||
|
2.
BANK FOR DEVELOPMENT AND INVESTMENT OF VIETNAM |
||
|
Address |
|
No.53, Quang Trung Road Nguyen Du Ward, Ba Dinh District, Ha Noi City,
Vietnam |
|
Telephone |
|
(84-4) 3943 4105 |
|
Fax |
|
(84-4) 3943 2144 |
|
1.
NAME |
|
Ms.
NGUYEN HONG PHUONG |
|
Position |
|
Director |
|
Date of Birth |
|
01 Jul 1974 |
|
ID Number/Passport |
|
011792972 |
|
Issued on |
|
15 May 1993 |
|
Issued Place |
|
Hanoi Police Station |
|
Resident |
|
Group 1 - Cum 1 Tu Lien Ward, Tay Ho
District, Ha Noi City, Vietnam |
|
Mobile phone |
|
++84 904 282516 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 810,000,000 |
|
Percentage |
|
30% |
|
|
||
|
2.
NAME |
|
Mr.
PHUNG MANH HA |
|
ID Number/Passport |
|
011921153 |
|
Resident |
|
Group 1 - Cum 1 Tu Lien Ward, Tay Ho
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,080,000,000 |
|
Percentage |
|
40% |
|
|
||
|
3.
NAME |
|
Mr.
PHUNG VAN THANH |
|
ID Number/Passport |
|
012323564 |
|
Resident |
|
Room 503 - Central Board of External Group
Ngoc Khanh ward, Ba Dinh District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 810,000,000 |
|
Percentage |
|
30% |
|
The following financial data is supplied by subject company: |
|||
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
30/6/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
26 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
98,674,538,317 |
76,711,236,707 |
55,913,149,669 |
|
I. Cash and cash
equivalents |
9,923,125,069 |
15,315,939,786 |
4,038,460,390 |
|
1. Cash |
9,923,125,069 |
15,315,939,786 |
4,038,460,390 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
69,398,909,905 |
57,106,337,886 |
49,359,608,339 |
|
1. Receivable from customers |
69,398,909,905 |
57,106,337,886 |
49,359,608,339 |
|
2. Prepayments to suppliers |
0 |
0 |
0 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
0 |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
19,352,503,343 |
4,224,231,249 |
2,458,777,493 |
|
1. Inventories |
19,352,503,343 |
4,224,231,249 |
2,458,777,493 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
0 |
64,727,786 |
56,303,447 |
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
0 |
64,727,786 |
35,625,974 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
20,677,473 |
|
4. Other current assets |
0 |
0 |
0 |
|
B. LONG-TERM
ASSETS |
4,048,775,657 |
4,506,124,169 |
2,120,988,019 |
|
I. Long term
accounts receivable |
0 |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets
|
3,844,134,572 |
4,285,058,780 |
1,905,169,981 |
|
1. Tangible assets |
3,844,134,572 |
4,285,058,780 |
1,905,169,981 |
|
- Historical costs |
5,112,744,661 |
5,112,744,661 |
2,496,351,070 |
|
- Accumulated depreciation |
-1,268,610,089 |
-827,685,881 |
-591,181,089 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
0 |
|
- Initial costs |
0 |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
0 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
204,641,085 |
221,065,389 |
215,818,038 |
|
1. Long-term prepaid expenses |
0 |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
204,641,085 |
221,065,389 |
215,818,038 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
102,723,313,974 |
81,217,360,876 |
58,034,137,688 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
93,514,144,041 |
73,003,809,286 |
50,979,765,338 |
|
I. Current
liabilities |
93,514,144,041 |
73,003,809,286 |
50,979,765,338 |
|
1. Short-term debts and loans |
15,869,460,000 |
22,124,210,000 |
22,238,160,000 |
|
2. Payable to suppliers |
75,349,062,346 |
49,266,654,717 |
25,699,386,510 |
|
3. Advances from customers |
0 |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
2,295,621,695 |
1,612,944,569 |
3,042,218,828 |
|
5. Payable to employees |
0 |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
0 |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
0 |
0 |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
9,209,169,933 |
8,213,551,590 |
7,054,372,350 |
|
I. OWNER’S
EQUITY |
9,209,169,933 |
8,213,551,590 |
7,054,372,350 |
|
1. Capital |
2,700,000,000 |
2,700,000,000 |
2,700,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
6,509,169,933 |
5,513,551,590 |
4,354,372,350 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
102,723,313,974 |
81,217,360,876 |
58,034,137,688 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
The first 6 months of 2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
49,816,358,569 |
130,586,332,292 |
231,200,256,421 |
|
2. Deduction item |
0 |
0 |
0 |
|
3. Net revenue |
49,816,358,569 |
130,586,332,292 |
231,200,256,421 |
|
4. Costs of goods sold |
46,428,046,531 |
117,462,024,527 |
221,117,972,155 |
|
5. Gross profit |
3,388,312,038 |
13,124,307,765 |
10,082,284,266 |
|
6. Financial income |
1,468,215 |
595,386,462 |
754,269 |
|
7. Financial expenses |
291,773,038 |
8,624,985,795 |
1,535,886,808 |
|
- In which: Loan interest expenses |
291,773,038 |
|
|
|
8. Selling expenses |
0 |
0 |
0 |
|
9. Administrative overheads |
2,102,388,872 |
3,421,462,835 |
6,518,640,076 |
|
10. Net operating profit |
995,618,343 |
1,673,245,597 |
2,028,511,651 |
|
11. Other income |
0 |
550,000,000 |
0 |
|
12. Other expenses |
0 |
677,673,275 |
0 |
|
13. Other profit /(loss) |
0 |
-127,673,275 |
0 |
|
14. Total accounting profit before tax |
995,618,343 |
1,545,572,322 |
2,028,511,651 |
|
15. Current corporate income tax |
248,904,585 |
386,393,080 |
354,989,539 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
746,713,758 |
1,159,179,242 |
1,673,522,112 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
The
first 6 months of 2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.06 |
1.05 |
1.10 |
1.29 |
|
Quick liquidity ratio |
0.85 |
0.99 |
1.05 |
0.90 |
|
Inventory circle |
2.40 |
35.15 |
92.83 |
16.60 |
|
Average receive period |
508.48 |
159.62 |
77.92 |
61.82 |
|
Utilizing asset performance |
0.49 |
1.61 |
3.98 |
2.31 |
|
Liability by total assets |
91.04 |
89.89 |
87.84 |
66.08 |
|
Liability by owner's equity |
1,015.45 |
888.82 |
722.67 |
252.07 |
|
Ebit / Total assets (ROA) |
1.25 |
1.90 |
3.50 |
6.85 |
|
Ebit / Owner's equity (ROE) |
13.98 |
18.82 |
28.76 |
25.35 |
|
Ebit / Total revenue (NPM) |
2.58 |
1.18 |
0.88 |
4.35 |
|
Gross profit / Total revenue (GPM) |
6.80 |
10.05 |
4.36 |
8.03 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Negative |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Normal |
|
CREDIT INQUIRY: 125,000 USD against DA in terms. |
|
This credit inquiry is reliable for the subject. |
|
HATHA
GT CO., LTD was founded in 2005. With current registered capital of VND
2,700,000,000 under the manager of Ms. Nguyen Hong Phuong. Currently, the
subject specializes in import and trading agricultural products. The
registered address of subject is located at No. 124/22/16/2 Au Co Street, Tu
Lien Ward, Tay Ho Dist, Hanoi City. In here, there is another company with
name as "Ha Anh International trading Company Limited" operated by
Mr. Phung Manh Ha – Ms. Phuong's husband. However, the current head office of
subject is located at No. 6, Alley 11 Lane 44, To Ngoc Van Str., Tay Ho
District, Ha Noi City and this is Ms. Phuong’s houses. The
products of subject are mainly imported from China to distribute in many
wholesale markets all over the country. However, the main output market is
based in Hanoi City. Financially,
the subject’s financial situation is on average. In 2010, total assets
reached VND 81,217 million, in which the current assets was VND 76.7 billion,
it still covered the current liabilities in 2010 so the current liquidity
ratio was acceptable. The financial leverage ratios (including the liability
by total assets and liability by owner’s equity) had uptrend. The liabilities
in 2010 reached VND 73 billion, increased VND 23 billion in comparison with
the previous year. It mainly came from the payable to suppliers. About
income statement, the turnover in 2010 was reduced near 100 billion in
compared with 2009 and the profit after tax reached VND 1.1 billion. The
profitability ratios were humble in comparison with the industry average. According
to the financial data of the second quarter of the year 2011, the inventories
increased relatively fast, from VND 4.2 billion in 2010 to VND 19.3 billion,
equivalent 359% and the receivable from customers also increased from VND
57.1 billion in 2010 to VND 69.3 billion. So the current assets also up about
28.62% in compared with 2010. Besides that, the liabilities raised about
28.09%. However, it did not make to effect of the liquidity but the financial
leverage ratios were relatively high against the previous year. Especially,
the liability by owner’s equity ratio was increased from 888.82% in 2010 to
1,015.45% in the year 2011. The
total sales of the company in second quarter of the company reached VND 49.8
billion and the after tax profit was VND 746.7 million. The profitability
ratios were still humble in comparison with previous year and industry
average. In
short, the company is small scale in the industry and the business activities
of the company are stable. |
|
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.54.87 |
|
UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.69.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.