|
Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
|
Correct Name : |
TAN HUNG THAI CO., LTD |
|
|
|
|
Registered Office : |
Lot H1 Street No. 1 - Le Minh Xuan Industrial Zone, Binh Chanh
District, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.03.2003 |
|
|
|
|
Com. Reg. No.: |
4102014478 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesaler of chemicals (except toxicant
chemical) |
|
|
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
vietnam - 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 |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
TAN HUNG THAI CO., LTD |
|
Vietnamese Name |
|
CONG TY TNHH TAN HUNG THAI |
|
Trade name |
|
TAN HUNG THAI CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2003 |
|
Business Registration No. |
|
4102014478 |
|
Date of Registration |
|
17 Mar 2003 |
|
Date
of latest adjustment (3rd) |
|
08 Dec
2004 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of Hochiminh City |
|
Chartered capital |
|
VND 8,200,000,000 |
|
Tax code |
|
0302887282 |
|
Total Employees |
|
100 |
Historical
Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH THUONG MAI TAN HUNG THAI Changed to: CONG TY TNHH TAN HUNG THAI |
|
2 |
Subject has got former Chartered capital:
VND 2,500,000,000 Changed to: VND 8,200,000,000 |
CompaNY ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Lot H1 Street No. 1 - Le Minh Xuan
Industrial Zone, Binh Chanh District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3766 2174 - 3766 2173 |
|
Fax |
|
(84-8) 3766 2175 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
284 Hai Thuong Lan Ong Street - Ward 14,
District 5, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3855 9358 - 3950 9014 |
|
Fax |
|
(84-8) 3853 8606 |
|
Note: This address is also private house of
subject’s director |
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LE HUNG THAI |
|
Position |
|
Chairman |
|
Date of Birth |
|
03 Jun 1970 |
|
ID Number/Passport |
|
022557128 |
|
ID Issue Date |
|
12 Oct 1996 |
|
ID Issue Place |
|
Police Station of
Hochiminh City |
|
Resident |
|
284 Hai Thuong Lan
Ong Street, Ward 14, District 5, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 903 733 138 |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Mr.
TRAN MINH TAM |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
021652400 |
|
ID Issue Place |
|
Police Station of
Hochiminh City |
|
Resident |
|
395A Nguyen Duy
Street, Ward 9, District 8, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI MY LE |
|
Position |
|
Chief Accountant |
|
Resident |
|
Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 903 626 472 |
|
Qualification |
|
Accounting |
|
|
||
|
4.
NAME |
|
Ms.
PHAN HONG HANH |
|
Position |
|
Deputy Director |
|
Resident |
|
Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
5.
NAME |
|
Mr.
MAI DUC HAO |
|
Position |
|
Human Resource Manager |
|
Resident |
|
Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Subject registered in: |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Chemicals |
|
·
Market |
|
U.K, USA, Germany, Japan, Thailand, China, Indonesia, Malaysia,
Singapore |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
N/A |
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIETIN BANK HO CHI MINH CITY BRANCH NO. 1 |
||
|
Address |
|
No. 93 – 95 Ham Nghi Street, Nguyen Thai Binh Ward, District 1, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 3821 5388 |
|
Fax |
|
(84-8) 3829 0696 |
|
|
||
|
2.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM VINH LOC BRANCH |
||
|
Address |
|
Road No. 7 Vinh Loc Industrial Zone, Binh Hung Hoa Ward, Binh Tan
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3765 2469 |
|
Fax |
|
(84-8) 3765 1329 |
|
|
||
|
3.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK BINH TAY BRANCH |
||
|
Address |
|
129A Minh Phung Str, Ward 9, District 6, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3969 8264 |
|
Fax |
|
(84-8) 3969 8267 |
|
VND Account |
|
22611 0000 411 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LE HUNG THAI |
|
Position |
|
Chairman |
|
Date of Birth |
|
03 Jun 1970 |
|
ID Number/Passport |
|
022557128 |
|
Issued on |
|
12 Oct 1996 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
284 Hai Thuong Lan Ong Street, Ward 14,
District 5, Ho Chi Minh City, Vietnam |
|
Mobile phone |
|
+84 903 733 138 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 6,500,000,000 |
|
Percentage |
|
79.27% |
|
|
||
|
2.
NAME |
|
Mr.
TRAN MINH TAM |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
021652400 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
395A Nguyen Duy Street, Ward 9, District
8, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,700,000,000 |
|
Percentage |
|
20.73% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
82,167,474,601 |
73,143,000,000 |
56,504,000,000 |
|
I. Cash and cash
equivalents |
11,490,200,235 |
3,035,000,000 |
1,956,000,000 |
|
1. Cash |
11,490,200,235 |
3,035,000,000 |
1,956,000,000 |
|
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 |
33,228,403,115 |
31,300,000,000 |
20,685,000,000 |
|
1. Receivable from customers |
30,158,203,623 |
28,712,000,000 |
18,231,000,000 |
|
2. Prepayments to suppliers |
1,297,142,151 |
99,000,000 |
1,192,000,000 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
1,773,057,341 |
2,489,000,000 |
1,262,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
37,183,932,381 |
35,743,000,000 |
27,366,000,000 |
|
1. Inventories |
37,183,932,381 |
35,743,000,000 |
27,366,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
264,938,870 |
3,065,000,000 |
6,497,000,000 |
|
1. Short-term prepaid expenses |
264,938,870 |
202,000,000 |
75,000,000 |
|
2. VAT to be deducted |
0 |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
54,000,000 |
|
4. Other current assets |
0 |
2,863,000,000 |
6,368,000,000 |
|
B. LONG-TERM
ASSETS |
8,653,913,860 |
6,318,000,000 |
4,864,000,000 |
|
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
|
6,598,924,701 |
4,201,000,000 |
2,684,000,000 |
|
1. Tangible assets |
4,184,475,726 |
4,201,000,000 |
2,684,000,000 |
|
- Historical costs |
8,759,662,644 |
8,223,000,000 |
5,830,000,000 |
|
- Accumulated depreciation |
-4,575,186,918 |
-4,022,000,000 |
-3,146,000,000 |
|
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 |
2,414,448,975 |
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 |
2,054,989,159 |
2,117,000,000 |
2,180,000,000 |
|
1. Long-term prepaid expenses |
2,054,989,159 |
2,117,000,000 |
2,180,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
90,821,388,461 |
79,461,000,000 |
61,368,000,000 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
78,263,113,557 |
68,697,000,000 |
49,916,000,000 |
|
I. Current
liabilities |
11,263,113,557 |
13,697,000,000 |
17,916,000,000 |
|
1. Short-term debts and loans |
185,500,000 |
4,965,000,000 |
1,199,000,000 |
|
2. Payable to suppliers |
6,680,481,382 |
5,455,000,000 |
14,379,000,000 |
|
3. Advances from customers |
196,250,800 |
105,000,000 |
0 |
|
4. Taxes and other obligations to the State Budget |
3,762,592,662 |
3,162,000,000 |
2,338,000,000 |
|
5. Payable to employees |
384,739,962 |
0 |
0 |
|
6. Accrued expenses |
0 |
10,000,000 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
53,548,751 |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
67,000,000,000 |
55,000,000,000 |
32,000,000,000 |
|
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 |
67,000,000,000 |
55,000,000,000 |
32,000,000,000 |
|
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 |
|
8. Unearned Sale |
0 |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
12,558,274,904 |
10,764,000,000 |
11,452,000,000 |
|
I. OWNER’S
EQUITY |
12,558,274,904 |
10,764,000,000 |
11,097,000,000 |
|
1. Capital |
8,200,000,000 |
8,200,000,000 |
8,200,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
326,813,187 |
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 |
193,000,000 |
0 |
|
10. Retained earnings |
4,031,461,717 |
2,371,000,000 |
2,897,000,000 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
355,000,000 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
355,000,000 |
|
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 |
90,821,388,461 |
79,461,000,000 |
61,368,000,000 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
321,390,986,630 |
242,392,000,000 |
188,796,000,000 |
|
2. Deduction item |
51,000,000 |
326,000,000 |
3,000,000 |
|
3. Net sale |
321,339,986,630 |
242,066,000,000 |
188,793,000,000 |
|
4. Costs of goods sold |
287,856,813,260 |
215,452,000,000 |
169,620,000,000 |
|
5. Gross profit |
33,483,173,370 |
26,614,000,000 |
19,173,000,000 |
|
6. Financial income |
258,486,023 |
219,000,000 |
40,000,000 |
|
7. Financial expenses |
13,514,677,447 |
13,330,000,000 |
8,593,000,000 |
|
- In which: Loan interest expenses |
11,423,232,532 |
7,936,000,000 |
|
|
8. Selling expenses |
11,753,900,477 |
8,783,000,000 |
6,119,000,000 |
|
9. Administrative overheads |
4,226,360,715 |
1,763,000,000 |
1,071,000,000 |
|
10. Net operating profit |
4,246,720,754 |
2,957,000,000 |
3,430,000,000 |
|
11. Other income |
570,469,426 |
255,000,000 |
12,000,000 |
|
12. Other expenses |
1,247,765 |
111,000,000 |
72,000,000 |
|
13. Other profit /(loss) |
569,221,661 |
144,000,000 |
-60,000,000 |
|
14. Total accounting profit before tax |
4,815,942,415 |
3,101,000,000 |
3,370,000,000 |
|
15. Current corporate income tax |
0 |
731,000,000 |
474,000,000 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
4,815,942,415 |
2,370,000,000 |
2,896,000,000 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
7.30 |
5.34 |
3.15 |
1.88 |
|
Quick liquidity ratio |
3.99 |
2.73 |
1.63 |
0.96 |
|
Inventory circle |
7.74 |
6.03 |
6.20 |
15.21 |
|
Average receive period |
37.74 |
47.20 |
39.99 |
49.96 |
|
Utilizing asset performance |
3.54 |
3.05 |
3.08 |
2.95 |
|
Liability by total assets |
86.17 |
86.45 |
81.34 |
66.83 |
|
Liability by owner's equity |
623.20 |
638.21 |
435.87 |
256.69 |
|
Ebit / Total assets (ROA) |
17.88 |
13.89 |
5.49 |
12.92 |
|
Ebit / Owner's equity (ROE) |
129.31 |
102.54 |
29.43 |
41.70 |
|
Ebit / Total sale (NPM) |
5.05 |
4.55 |
1.79 |
5.07 |
|
Gross profit / Total sale (GPM) |
10.42 |
10.98 |
10.16 |
11.84 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
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|
|
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PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
High |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
By cash or through the bank, L/C, T/T |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
INTERPRETATION ON THE SCORES
|
|
|
|
TAN HUNG THAI CO., LTD was
originally founded in 2003 with capital of VND 2.5 billion. After that, subject had increased chartered capital to VND 8.2
billion. With 45 employees in 2010, at the present, it is operating with staff of 100 people. The subject is
specializing in trading and processing chemicals for fields such as industry, aquiculture, agriculture and
food. The main products are Caustic
Soda, Sodium Hydrosulfite, Sodium Metabisulfite, Sodium Sulfite, Sodium
Sulfate, Trilon BX and BD, Sodium Benzoate, Sorbitol, Potassium Sorbate, Acid
Sorbic, Acid Citric, Acid Acetic, Acid Nitric, Acid Oxalic, Acid Phosphoric…
The subject imports products from U.K, USA, Germany, Japan, Thailand, China,
Indonesia, Malaysia, and Singapore… and provides to domestic market only. At present, it is close
partner with famous large corporations or companies in the world such as:
BASF Aktiengesellschaft, Mitsubishi Corporation, Tosoh Corporation, Daicel Chemical
Industries Ltd., Formosa Plastics Corporation, AGC Chemicals (Thailand) Co.,
Ltd., Worldbest Biochemical (Thailand) Co., Ltd., Emerald Performance
Materials Kalama Chemicals, Esterchem Sdn. Bhd, Dow Corning Europe, P.T
Sorini Corporation TBK… In addition, its
products are used in raw materials and production auxiliary materials,
pharmacy, pesticide, dye, leather production, combustion-supporting
additives, and feedstuffs additives. The subject successfully sells its
products to more than 20 provinces and cities such as Tien Giang, Vinh Long,
Kien Giang, Can Tho and Northeast of Vietnam. According to the financial statement in 2011,
total assets increases year after year while 90% of total assets was current
assets. Its liquidity ratio was so good. Although, its liability by owner's
equity was high but about 85% of total liability was long-term liabilities.
So, its solvency was fair good in short term. Its sale increased 33% and
profit after tax increased 55% comparision with 2010. Both ROA and ROE were
better than average industry. In general, although subject is a medium company in the
industry, its operation is fair effective and stable. Future prospect of
subject seems bright. In our opinion, subject has enough
capacity to meet the normal financial commitment. |
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture, Forestry
and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population (Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic Products (USD
billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita
(USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (% Change in
Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
|
SERVICE TRADE
PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
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.