|
Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
VIET THANH AGRO-CHEMISTRY JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
Room 504 - No 18 Phap Van - Tu Hiep New Urban Area, Hoang
Mai District, Ha |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2006 |
|
|
|
|
Com. Reg. No.: |
0102008985 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Import, trade of chemical (excluding the one restricted by the State), plant protection medicines. |
|
|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
|
MIRAs Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
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
|
||
|
Registered English Name |
|
VIET THANH AGRO-CHEMISTRY JOINT STOCK
COMPANY |
|
Registered Vietnamese Name |
|
CONG TY CO PHAN NONG DUOC VIET THANH |
|
Registered Short name |
|
VITHAC., JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
0102008985 |
|
Date of Registration |
|
15 Oct 2010 |
|
Place of Registration |
|
Planning and investment department of
Hanoi City |
|
Chartered capital |
|
VND 2,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0102008985 |
|
Total Employees |
|
20 |
|
Size |
|
Small |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No: 0103013370 Changed to: 0102008985 |
15
Oct 2010 |
|
2 |
Subject has got former Chartered capital:
VND 1,155,000,000 Changed to: VND 2,000,000,000 |
15
Oct 2010 |
|
3 |
Subject has got former Shareholders: Mr.
PHAM DUC KIEN holds 115,500,000 VND, Mr. TRUONG CONG LOC holds 808,500,000
VND Mr. DINH DAC TANG holds 115,500,000 VND Mr. DUONG VAN QUANG holds
115,500,000 VND Changed to: Mr. TRUONG CONG LOC holds
1,555,600,000 VND Mr. DUONG VAN QUANG holds 222,200,000 VND and Mr. PHAM DUC
KIEN holds 222,200,000 VND |
15
Oct 2010 |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Room 504 - No 18 Phap Van - Tu Hiep New
Urban Area, Hoang Mai District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 22181586/ ++84 982 464 468 |
|
Fax |
|
(84-4) 36448999 |
|
Email |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
TRUONG CONG LOC |
|
Position |
|
General Director |
|
Date of Birth |
|
01 Jul 1969 |
|
ID Number/Passport |
|
082018987 |
|
ID Issue Date |
|
06 Jul 2004 |
|
ID Issue Place |
|
Police station of
Lang Son Province |
|
Resident |
|
No. 15/5 Nguyen Du
Street Dong Kinh Ward, Lang Son City, Lang Son Province, Vietnam |
|
Current resident |
|
Room 504, No. 18 New Urban Phap Van, Tu Hiep,
Hoang Mai District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
PHAM DUC KIEN |
|
Position |
|
Vice General Director |
|
ID Number/Passport |
|
164109569 |
|
ID Issue Place |
|
Police Station of Ninh
Binh Province |
|
Resident |
|
Hamlet 4 Dong Cuong,
Khanh Cuong Commune, Ninh Binh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject registers in the
following lines: |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
China, India, Malaysia |
|
·
Ratio |
|
Large |
|
·
Mode of payment |
|
T/T |
|
|
||
|
EXPORT: |
||
|
Note: Currently, the subject does not export. |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM |
||
|
Address |
|
No. 198 Tran Quang Khai Street, Hoan Kiem District, Ha Noi City,
Vietnam |
|
Telephone |
|
(84-4) 3934 3137 / 3814 8919 |
|
Fax |
|
(84-4) 3826 9067 / 3825 1322 |
|
|
||
|
2.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT |
||
|
Address |
|
No.2 Lang Ha Street, Ba Dinh District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 37722771 |
|
Fax |
|
(84-4) 37722379 |
|
|
||
|
3.
HANOI BUILDING COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
B7 Building, Giang Vo Ward, Ba Dinh District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 38460135 |
|
Fax |
|
(84-4) 3823569 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
PHAM DUC KIEN |
|
Position |
|
Vice General Director |
|
ID Number/Passport |
|
164109569 |
|
Issued Place |
|
Police Station of Ninh Binh Province |
|
Resident |
|
Hamlet 4 Dong Cuong, Khanh Cuong
Commune, Ninh Binh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
2,222 |
|
Value of shares |
|
VND 222,200,000 |
|
Percentage |
|
11.11% |
|
|
||
|
2.
NAME |
|
Mr.
TRUONG CONG LOC |
|
Position |
|
General Director |
|
Date of Birth |
|
01 Jul 1969 |
|
ID Number/Passport |
|
082018987 |
|
Issued on |
|
06 Jul 2004 |
|
Issued Place |
|
Police station of Lang Son Province |
|
Resident |
|
No. 15/5 Nguyen Du Street Dong Kinh Ward,
Lang Son City, Lang Son Province, Vietnam |
|
Current Resident |
|
Room 504, No. 18 New Urban Phap Van, Tu Hiep,
Hoang Mai District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
15,556 |
|
Value of shares |
|
VND 1,555,600,000 |
|
Percentage |
|
77.78% |
|
|
||
|
3.
NAME |
|
Mr.
DUONG VAN QUANG |
|
ID Number/Passport |
|
111354814 |
|
Issued Place |
|
Police Station of Hanoi City |
|
Resident |
|
Group 9 Phung Thuong Commune, Phuc Tho
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
2,222 |
|
Value of shares |
|
VND 222,200,000 |
|
Percentage |
|
11.11% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A CURRENT ASSETS
|
5,971,000,000 |
4,424,000,000 |
|
I. Cash and cash
equivalents |
27,000,000 |
218,000,000 |
|
1. Cash |
27,000,000 |
218,000,000 |
|
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 |
2,361,000,000 |
2,078,000,000 |
|
1. Receivable from customers |
2,226,000,000 |
1,852,000,000 |
|
2. Prepayments to suppliers |
135,000,000 |
226,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
3,196,000,000 |
1,921,000,000 |
|
1. Inventories |
3,196,000,000 |
1,921,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
387,000,000 |
207,000,000 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
358,000,000 |
197,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
29,000,000 |
10,000,000 |
|
B. LONG-TERM
ASSETS |
3,092,000,000 |
1,971,000,000 |
|
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
|
2,953,000,000 |
1,915,000,000 |
|
1. Tangible assets |
2,173,000,000 |
1,280,000,000 |
|
- Historical costs |
2,961,000,000 |
1,699,000,000 |
|
- Accumulated depreciation |
-788,000,000 |
-419,000,000 |
|
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 |
780,000,000 |
635,000,000 |
|
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 |
139,000,000 |
56,000,000 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
139,000,000 |
56,000,000 |
|
VI. Goodwill |
|
0 |
|
1. Goodwill |
|
0 |
|
TOTAL ASSETS |
9,063,000,000 |
6,395,000,000 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
3,686,000,000 |
1,961,000,000 |
|
I. Current
liabilities |
3,686,000,000 |
1,961,000,000 |
|
1. Short-term debts and loans |
3,027,000,000 |
1,539,000,000 |
|
2. Payable to suppliers |
563,000,000 |
316,000,000 |
|
3. Advances from customers |
0 |
3,000,000 |
|
4. Taxes and other obligations to the State Budget |
20,000,000 |
15,000,000 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
76,000,000 |
88,000,000 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
0 |
|
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- OWNERS
EQUITY |
5,377,000,000 |
4,434,000,000 |
|
I. OWNERS
EQUITY |
5,377,000,000 |
4,434,000,000 |
|
1. Capital |
4,575,000,000 |
3,257,000,000 |
|
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 |
802,000,000 |
1,177,000,000 |
|
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 |
|
MINORITYS
INTEREST |
|
0 |
|
TOTAL
LIABILITIES AND OWNERS EQUITY |
9,063,000,000 |
6,395,000,000 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
17,381,000,000 |
12,247,000,000 |
|
2. Deduction item |
4,120,000,000 |
2,970,000,000 |
|
3. Net revenue |
13,261,000,000 |
9,277,000,000 |
|
4. Costs of goods sold |
9,935,000,000 |
6,749,000,000 |
|
5. Gross profit |
3,326,000,000 |
2,528,000,000 |
|
6. Financial income |
4,000,000 |
9,000,000 |
|
7. Financial expenses |
304,000,000 |
181,000,000 |
|
- In which: Loan interest expenses |
0 |
122,000,000 |
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
1,553,000,000 |
1,216,000,000 |
|
10. Net operating profit |
1,473,000,000 |
1,140,000,000 |
|
11. Other income |
7,000,000 |
284,000,000 |
|
12. Other expenses |
0 |
230,000,000 |
|
13. Other profit /(loss) |
7,000,000 |
54,000,000 |
|
14. Total accounting profit before tax |
1,480,000,000 |
1,194,000,000 |
|
15. Current corporate income tax |
22,000,000 |
17,000,000 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
|
0 |
|
18. Profit after tax |
1,458,000,000 |
1,177,000,000 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.62 |
2.26 |
1.56 |
|
Quick liquidity ratio |
0.75 |
1.28 |
0.82 |
|
Inventory circle |
3.11 |
3.51 |
7.71 |
|
Average receive period |
64.98 |
81.76 |
57.49 |
|
Utilizing asset performance |
1.46 |
1.45 |
2.53 |
|
Liability by total assets |
40.67 |
30.66 |
59.02 |
|
Liability by owner's equity |
68.55 |
44.23 |
219.47 |
|
Ebit / Total assets (ROA) |
16.33 |
20.58 |
13.30 |
|
Ebit / Owner's equity (ROE) |
27.52 |
29.68 |
35.73 |
|
Ebit / Total revenue (NPM) |
8.52 |
10.75 |
7.62 |
|
Gross profit / Total revenue (GPM) |
19.14 |
20.64 |
16.22 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Cash and through banks |
|
Sale Methods |
|
Retailer and Wholesaler |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
VIET THANH
AGRO-CHEMISTRY JOINT STOCK COMPANY is a private company. It was established
by Mr. Truong Cong Loc and other shareholders in the year 2006 under the
business registration No. 0103013370. In 2010, this number was adjusted to
the same tax code 0102008985. The
subject is specialized in trading plant protection medicines, fertilizers and
chemical in agricultural. The head office is located in Hoang Mai District.
All most of products are imported from China, India and Malaysia. There are
about 20 people working for the subject in fair condition. Its management
capacity is average. Its position in the industry is fair. Financially,
according to Ms. Hien, a staff of Administrative Department reveals that, in
October 2010, the subject increased chartered capital from VND 1,155 million
to VND 2 billion. Total assets of the company increased from VND 6.3 billion
to 9.0 billion in 2010, in which the current assets rose about VND 1.5
billion and the long-term assets rose about VND 1 billion compared with 2009.
The liabilities of the company in the year 2010 also increased strongly, from
VND 1,961 million in 2009 to VND 3,686 million. All most of current
liabilities, the subject have not got long-term liabilities. Although the
liabilities rose strongly in the year 2010, it didnt affect to the liquidity
and the financial leverage ratios. The capital frame is safely for creditors
and investors. Turnover
of the company in 2010 reached VND 17,381 million rose 41.92% and the profit
after tax rose 23.87% against 2009. The growth rate of profit in the year
2010 was lower than 2009, it made the profitability ratios reduced relative
but it was acceptable. The remain financial ratios in 2010 were relative good
in compared with the industry average. In
conclusion, the subject is still a small company but it also has experience
in the field. Its financial capacity is above average. The subject can meet
small and normal financial commitments. |
----------- 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.54.88 |
|
|
1 |
Rs.86.84 |
|
Euro |
1 |
Rs.70.21 |
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 SCs 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.