|
Report Date : |
25.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
NGANHUONG CHEMICAL CO.,LTD |
|
|
|
|
Registered Office : |
No. 133K, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Com. Reg. No.: |
1800385992 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacturing veterinary drug, manufacturing
animal feeds, processing seafood; trades in chemical for food preservation
and waste water treatment, etc |
|
|
|
|
No. of Employees : |
21 |
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 : |
Slow but correct |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Viet Nam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
VIET NAM - ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that in the last 30
years has had to recover from the ravages of war, the loss of financial support
from the old Soviet Bloc, and the rigidities of a centrally-planned economy.
While Vietnam's economy remains dominated by state-owned enterprises, which
still produce about 40% of GDP, Vietnamese authorities have reaffirmed their
commitment to economic liberalization and international integration. They have
moved to implement the structural reforms needed to modernize the economy and
to produce more competitive export-driven industries. Vietnam joined the World
Trade Organization in January 2007 following more than a decade-long
negotiation process. Vietnam became an official negotiating partner in the
developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's
share of economic output has continued to shrink from about 25% in 2000 to
about 22% in 2011, while industry's share increased from 36% to 40% in the same
period. Deep poverty has declined significantly, and Vietnam is working to
create jobs to meet the challenge of a labor force that is growing by more than
one million people every year. The global recession has hurt Vietnam's
export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum
average achieved during the last decade. In 2011, exports increased by more
than 33%, year-on-year, and the trade deficit, while reduced from 2010,
remained high, prompting the government to maintain administrative trade
measures to limit the trade deficit. Vietnam's managed currency, the dong,
continues to face downward pressure due to a persistent trade imbalance. Since
2008, the government devalued it in excess of 20% through a series of small
devaluations. Foreign donors pledged nearly $8 billion in new development
assistance for 2011. However, the government's strong growth-oriented economic
policies have caused it to struggle to control one of the region's highest inflation
rates, which reached as high as 23% in August 2011 and averaged 18% for the
year. In February 2011, Vietnam shifted its focus away from economic growth to
stabilizing its economy and tightened fiscal and monetary policies. In early
2012 Vietnam unveiled a broad "three pillar" economic reform program,
proposing the restructuring of public investment, state-owned enterprises and
the banking sector. Vietnam's economy continues to face challenges from low
foreign exchange reserves, an undercapitalized banking sector, and high
borrowing costs. The near-bankruptcy and subsequent default of the
state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings
downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing
difficulties.
|
Source
: CIA |
|
Registered English Name |
|
NGANHUONG CHEMICAL CO.,LTD |
|
Registered Vietnamese Name |
|
CONG TY TNHH XUAT NHAP KHAU NGAN HUONG |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2000 |
|
Business Registration No. |
|
1800385992 |
|
Date of Registration |
|
17 Aug 2010 |
|
Place of Registration |
|
Can Tho Department of Planning and
Investment |
|
Chartered capital |
|
VND 2,500,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
1800385992 |
|
Total Employees |
|
21 |
|
Size |
|
Small |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 133K, Tran Hung Dao Street, An Phu
Ward, Ninh Kieu District, Can Tho City, Vietnam |
|
Telephone |
|
(84-710) 3830252/ 3834666/ 3833789 |
|
Fax |
|
(84-710) 3833574 |
|
Email |
|
|
|
Website |
|
|
|
Note: The
exact address of the subject is above (No. 133K not No. 133, An Phu Ward not
Tan Phu Ward) |
||
|
|
||
|
Shop |
||
|
Address |
|
No. 135F, Tran Hung Dao Street, Hung Loi
Ward, Ninh Kieu District, Can Tho City, Vietnam |
|
. |
||
|
Warehouse |
||
|
Address |
|
No. 57A, Road 3/2, Hung Loi Ward, Ninh
Kieu District, Can Tho City, Vietnam |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN VAN TRUONG |
|
Position |
|
Director |
|
Date of Birth |
|
01 Sep 1965 |
|
ID Number/Passport |
|
361075039 |
|
ID Issue Date |
|
04 Apr 2001 |
|
ID Issue Place |
|
Can Tho Police
Department |
|
Resident |
|
No. 133K Tran Hung
Dao, An Phu Ward, Ninh Kieu District, Can Tho City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
TRAN THI THANH BINH |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
361687517 |
|
Resident |
|
No. 133K, Tran Hung
Dao, An Phu Ward, Ninh Kieu District, Can Tho City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject trades in materials for manufacturing veterinary drug, manufacturing
animal feeds, processing seafood; trades in chemical for food preservation
and waste water treatment, etc |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT:
|
||
|
·
Types of products |
|
Material, chemical |
|
·
Market |
|
China (main), India, Japan, Thailand, Indonesia, France,
Korea, Germany, Brazil |
|
|
||
|
EXPORT:
Currently, the subject does not export |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
MARITIME COMMERCIAL JOINT STOCK CAN THO BRANCH |
||
|
Address |
|
No. 40 Phan Dinh Phung Str, Ninh Kieu District, Can Tho City, Vietnam |
|
Telephone |
|
(84-710) 3824 792 |
|
Fax |
|
(84-710) 3820 279 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN VAN TRUONG |
|
Position |
|
Director |
|
Date of Birth |
|
01 Sep 1965 |
|
ID Number/Passport |
|
361075039 |
|
Issued on |
|
04 Apr 2001 |
|
Issued Place |
|
Can Tho Police Department |
|
Resident |
|
No. 133K Tran Hung Dao, An Phu Ward, Ninh
Kieu District, Can Tho City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,200,000,000 |
|
Percentage |
|
88% |
|
|
||
|
2.
NAME |
|
Ms.
TRAN THI THANH BINH |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
361687517 |
|
Resident |
|
No. 133K, Tran Hung Dao, An Phu Ward, Ninh
Kieu District, Can Tho City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 300,000,000 |
|
Percentage |
|
12% |
|
|
||
FINANCIAL HIGHLIGHT
|
|
|
|
|
|
BALANCE SHEET |
|
Unit: Million VND
|
|
|
Balance
sheet date |
31/12/2009
|
|
Number of weeks |
52 |
ASSETS
|
|
|
A.
Current Asset |
24,921
|
|
Receivables |
5,529
|
|
Inventory |
19,392
|
|
Cash and other current assets |
0 |
|
B.
Long term Asset |
417 |
|
1.
Long term account receivable |
0 |
|
2.
Fixed assets |
417 |
|
Tangible fixed assets |
417 |
|
+ Original cost |
757 |
|
+ Accumulated depreciation value |
-340 |
|
Financial leasehold assets |
0 |
|
Intangible fixed assets |
0 |
|
Construction in progress and other long term asset |
0 |
|
TOTAL
ASSETS |
25,338
|
|
|
|
LIABILITIES
|
|
|
Payable loans |
21,010 |
|
Owner’s Equity |
4,328 |
|
TOTAL
LIABILITY AND EQUITY |
25,338
|
|
|
|
PROFIT & LOSS
STATEMENT
|
|
|
|
|
|
1. Total Sales |
62,340
|
|
2. Deduction item |
0 |
|
3. Net revenue |
62,340
|
|
4. Costs of goods sold |
61,122 |
|
5. Gross profit |
1,218
|
|
6. Financial income |
0 |
|
7. Financial expenses |
0 |
|
8. Selling expenses and Administrative overheads |
949 |
|
9. Net operating profit |
269 |
|
10. Other income |
0 |
|
11. Other expenses |
0 |
|
12. Other profit /(loss) |
0 |
|
13. Total accounting profit before tax |
269 |
|
14. Current corporate income tax |
67 |
|
15. Deferred corporate income tax |
0 |
|
16. Interest from subsidiaries/related companies |
0 |
|
17. Profit after tax |
202 |
|
|
|
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
N/A |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
D/P, L/C |
|
Sale Methods |
|
Retailer and Wholesaler |
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject was established in 2000 as a limited liability company. Currently, It
runs under the business registration No. 1800385992 with chartered capital of
VND 2.5 billion. The
subject trades in materials for manufacturing veterinary drug, manufacturing
animal feeds, processing seafood; trades in chemical for food preservation
and waste water treatment, etc. It's head office is located at No. 133K Tran
Hung Dao Street - An Phu Ward - Ninh Kieu District - Can Tho City. It has
also one shop (near the head office) and one warehouse at No. 57A - Road 3/2
- Hung Loi Ward - Ninh Kieu District - Can Tho City. There are 21 staffs
working for the subject now. The
subject's products consist of L- LYSINE MONOHYDROCHLORIDE, CALCIUM
HYPOCHLORITE, EMAL - 10N, MECELLOSE, CALCIUM HYPOCHLORITE, CITRIC ACID,
AMPICILINE TRIHYDRATE, SODIUM BENZOATE, etc. They are imported from many
different countries such China (main), India, Japan, Thailand, Indonesia,
France, Korea, Germany, Brazil, etc. Financially,
in 2009, the subject's business result was acceptable. However, its capital
structure was risk because its total assets were financed mainly by
liabilities. We
have tried best to collect the latest financial data of the subject but
unreachable, so we do not have comment about it. In
general, subject is operating normally on small scale. Its management
capacity of subject seems normal. Business activities of subject now are
quite busy. At present, it is able to meet small commitments. |
|
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.53.29 |
|
|
1 |
Rs.86.43 |
|
Euro |
1 |
Rs.68.95 |
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.