|
Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
THANH HUNG COMPANY LIMITED |
|
|
|
|
Registered Office : |
Lot G04-A Duc Hoa I - Hanh Phuc Industrial Zone, Duc Hoa District, Long An Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
1998 |
|
|
|
|
Com. Reg. No.: |
1100745093 |
|
|
|
|
Legal Form : |
LIMITED LIABILITY COMPANY |
|
|
|
|
Line of Business : |
The subject is specialized in manufacturing, processing and trading plant pesticide, fertilizer, seed. |
|
|
|
|
No. of Employees : |
60 |
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 (31.03.2011) |
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 has
been transitioning from the rigidities of a centrally-planned economy since 1986.
Vietnamese authorities have reaffirmed their commitment to economic
modernization in recent years. Vietnam joined the World Trade Organization in
January 2007, which has promoted more competitive, export-driven industries.
Vietnam became an official negotiating partner in the Trans-Pacific Partnership
trade agreement in 2010. Agriculture's share of economic output has continued
to shrink from about 25% in 2000 to less than 22% in 2012, while industry's
share increased from 36% to nearly 41% in the same period. State-owned
enterprises account for roughly 40% of GDP. 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
hurt Vietnam's export-oriented economy, with GDP in 2012 growing at 5%, the
slowest rate of growth since 1999. In 2012, however, exports increased by more
than 18%, year-on-year; several administrative actions brought the trade
deficit back into balance. Between 2008 and 2011, Vietnam's managed currency,
the dong, was devalued in excess of 20%, but its value remained stable in 2012.
Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign
donors have pledged $6.5 billion in new development assistance for 2013. Hanoi
has oscillated between promoting growth and emphasizing macroeconomic stability
in recent years. In February 2011, the Government shifted policy away from
policies aimed at achieving a high rate of economic growth, which had stoked
inflation, to those aimed at stabilizing the economy, through tighter monetary
and fiscal control. Although Vietnam unveiled a broad, "three pillar"
economic reform program in early 2012, proposing the restructuring of public
investment, state-owned enterprises, and the banking sector, little perceptible
progress had been made by early 2013. Vietnam's economy continues to face
challenges from an undercapitalized banking sector. Non-performing loans weigh
heavily on banks and businesses. In September 2012, the official bad debt ratio
climbed to 8.8%, though some independent analysts believe it could be higher
than 15%.
Source
: CIA
SUBJECT IDENTIFICATION &
LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
THANH HUNG COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH THANH HUNG |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1998 |
|
Business Registration No. |
|
1100745093 |
|
Date of Registration |
|
09 Mar 2009 |
|
Place of Registration |
|
Business Registration Office - Planning
And Investment Department of Long An Province |
|
Chartered capital |
|
VND 10,000,000,000 |
|
Tax code |
|
1100745093 |
|
Total Employees |
|
60 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No: 5102000228 Changed to 5002000926 dated on 26 Sep 2006
Changed to: 1100745093 |
09
Mar 2009 |
|
2 |
Subject has got former Registered English
Name: THANH HUNG TRADING & SERVICE COMPANY LIMITED Changed to: THANH HUNG COMPANY LIMITED |
26
Sep 2006 |
|
3 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH THUONG MAI & DICH VU THANH HUNG Changed to: CONG TY TNHH THANH HUNG |
26
Sep 2006 |
|
4 |
Subject has got former Tax code No:
1400491604 Changed to: 1100745093 |
- |
|
5 |
Subject has got former Chartered capital:
VND 4,000,000,000 Changed to: VND 10,000,000,000 |
- |
|
6 |
Subject has got former Address: No 234A,
Anh Thanh Hamlet, Binh Thanh Ward, Lap Vo District, Dong Thap Province,
Vietnam Changed to: Lot G04-A, Duc Hoa I Hanh Phuc
Industrial Zone, Duc Hoa District, Long An Province, Vietnam |
- |
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Lot G04-A Duc Hoa I - Hanh Phuc Industrial
Zone, Duc Hoa District, Long An Province, Vietnam |
|
Telephone |
|
(84-72) 3779 343 |
|
Fax |
|
(84-72) 3779 353 |
|
|
||
|
Transaction
office in An Giang |
||
|
Address |
|
No. 96/6C Tran Hung Dao Street, My Phuoc
Ward, Long Xuyen City, An Giang Province, Vietnam |
|
Telephone |
|
(84-76) 3843 656 |
|
Fax |
|
(84-76) 3845 400 |
|
Note: This address is also the private
house of Mrs. LE THI TUYET, a shareholder of the subject. |
||
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LE THIEN NHON |
|
Position |
|
Director
- Legal representative |
|
Date of Birth |
|
17 Aug 1974 |
|
ID Number/Passport |
|
340755404 |
|
Resident |
|
No. 234A - An Thanh
Hamlet Binh Thanh Ward, Lap Vo District, Dong Thap Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
Tel/Mobile phone |
|
+84 913 877 169 |
|
|
||
|
2.
NAME |
|
Mr.
TRAN HUY DAT |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 919 751 379 |
|
Qualification |
|
Bachelor |
|
Email |
|
|
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject is specialized in manufacturing, processing and trading plant
pesticide, fertilizer, seed... |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
China and India |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
The subject does not export. |
|
|
||
BANKERS
|
||
|
|
||
|
1.
ASIA COMMERCIAL BANK AN GIANG BRANCH |
||
|
Address |
|
No.95 Nguyen Trai, Long Xuyen City, An Giang Province, Vietnam |
|
Telephone |
|
(84-76) 384 4531 |
|
Fax |
|
(84-76) 384 4530 |
|
|
||
|
2.
SAI GON COMMERCIAL JOINT STOCK BANK TAN BINH BRANCH |
||
|
Address |
|
No.341 Cong Hoa Street, Tan Binh District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3810 8986 |
|
Fax |
|
(84-8) 3810 8993 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LE THIEN NHON |
|
Position |
|
Director |
|
Date of Birth |
|
17 Aug 1974 |
|
ID Number/Passport |
|
340755404 |
|
Resident |
|
No. 234A - An Thanh Hamlet Binh Thanh
Ward, Lap Vo District, Dong Thap Province, Vietnam |
|
Mobile phone |
|
+84 913 877 169 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 8,000,000,000 |
|
Percentage |
|
80% |
|
|
||
|
2.
NAME |
|
Mrs.
LE THI TUYET |
|
Resident |
|
No. 96/6C Tran Hung Dao Street, Long Xuyen
City, An Giang Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,000,000,000 |
|
Percentage |
|
20% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
119,481,000,000 |
91,120,000,000 |
|
I. Cash and cash
equivalents |
403,000,000 |
4,496,000,000 |
|
1. Cash |
403,000,000 |
4,496,000,000 |
|
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 |
36,708,000,000 |
40,064,000,000 |
|
1. Receivable from customers |
22,003,000,000 |
39,983,000,000 |
|
2. Prepayments to suppliers |
275,000,000 |
81,000,000 |
|
3. Inter-company receivable |
13,620,000,000 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
810,000,000 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
78,781,000,000 |
44,479,000,000 |
|
1. Inventories |
78,781,000,000 |
44,479,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
3,589,000,000 |
2,081,000,000 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
3,534,000,000 |
2,027,000,000 |
|
3. Taxes and other accounts receivable from the State |
14,000,000 |
47,000,000 |
|
4. Other current assets |
41,000,000 |
7,000,000 |
|
B. LONG-TERM
ASSETS |
11,645,000,000 |
12,695,000,000 |
|
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
|
8,433,000,000 |
9,151,000,000 |
|
1. Tangible assets |
8,425,000,000 |
9,143,000,000 |
|
- Historical costs |
10,769,000,000 |
10,720,000,000 |
|
- Accumulated depreciation |
-2,344,000,000 |
-1,577,000,000 |
|
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 |
8,000,000 |
8,000,000 |
|
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 |
3,212,000,000 |
3,544,000,000 |
|
1. Long-term prepaid expenses |
3,212,000,000 |
3,544,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
131,126,000,000 |
103,815,000,000 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
108,173,000,000 |
81,537,000,000 |
|
I. Current
liabilities |
108,173,000,000 |
81,537,000,000 |
|
1. Short-term debts and loans |
12,705,000,000 |
17,911,000,000 |
|
2. Payable to suppliers |
94,429,000,000 |
62,765,000,000 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
1,035,000,000 |
851,000,000 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
4,000,000 |
10,000,000 |
|
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 |
|
11. Bonus and welfare funds |
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 |
|
8. Unearned Revenue |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
|
B- OWNER’S
EQUITY |
22,953,000,000 |
22,278,000,000 |
|
I. OWNER’S
EQUITY |
22,953,000,000 |
22,278,000,000 |
|
1. Capital |
10,000,000,000 |
10,000,000,000 |
|
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 |
-312,000,000 |
3,585,000,000 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
13,265,000,000 |
8,693,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
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 |
131,126,000,000 |
103,815,000,000 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
180,369,000,000 |
151,411,000,000 |
|
2. Deduction item |
32,000,000 |
379,000,000 |
|
3. Net revenue |
180,337,000,000 |
151,032,000,000 |
|
4. Costs of goods sold |
145,084,000,000 |
137,578,000,000 |
|
5. Gross profit |
35,253,000,000 |
13,454,000,000 |
|
6. Financial income |
553,000,000 |
82,000,000 |
|
7. Financial expenses |
5,832,000,000 |
3,242,000,000 |
|
- In which: Loan interest expenses |
2,479,000,000 |
0 |
|
8. Selling expenses |
2,697,000,000 |
1,499,000,000 |
|
9. Administrative overheads |
2,069,000,000 |
1,431,000,000 |
|
10. Net operating profit |
25,208,000,000 |
7,364,000,000 |
|
11. Other income |
0 |
0 |
|
12. Other expenses |
361,000,000 |
30,000,000 |
|
13. Other profit /(loss) |
-361,000,000 |
-30,000,000 |
|
14. Total accounting profit before tax |
24,847,000,000 |
7,334,000,000 |
|
15. Current corporate income tax |
275,000,000 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
24,572,000,000 |
7,334,000,000 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.10 |
1.12 |
1.42 |
|
Quick liquidity ratio |
0.38 |
0.57 |
0.78 |
|
Inventory circle |
1.84 |
3.09 |
5.13 |
|
Average receive period |
74.30 |
96.82 |
72.48 |
|
Utilizing asset performance |
1.38 |
1.45 |
1.61 |
|
Liability by total assets |
82.50 |
78.54 |
65.76 |
|
Liability by owner's equity |
471.28 |
366.00 |
269.57 |
|
Ebit / Total assets (ROA) |
20.84 |
7.06 |
11.97 |
|
Ebit / Owner's equity (ROE) |
119.05 |
32.92 |
36.02 |
|
Ebit / Total revenue (NPM) |
15.15 |
4.84 |
7.56 |
|
Gross profit / Total revenue (GPM) |
19.54 |
8.89 |
14.67 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Low |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Recorded |
|
Bankruptcy |
|
No Recorded |
|
Payment Methods |
|
T/T, L/C |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
The subject was established in 1998 under name THANH HUNG TRADING & SERVICE COMPANY LIMITED. In 2006, the subject has changed into THANH HUNG COMPANY LIMITED.
At present, the subject is operating under business registration no.
1100745093 (the same with tax code) The subject is specializing in manufacturing and trading pesticides,
herbicides, fertilizer. Besides domestic, the subject imports goods and
materials from China and India. Its main customers are locating at Western
provinces. Premises and facilities of the subject are normal. The registration
address (Production Factory) is locating at Duc Hoa I - Hanh Phuc Industrial
Zone in Long An province. Currently, all transactions of the subject are
locating at no. 96/6C Tran Hung Dao Street - My Phuoc Ward, Long Xuyen City, An Giang
Province, Vietnam. This location is
also private house of Ms. Le Thi Tuyet – a shareholder of the subject. She is
elder sister of Mr. Le Thien Nhon. Operation in long times in industry, its
market share is stable. As reported financial data, its annual revenue and profit were
increased regularly. Especially, its profit in 2011 was increased high
compared to 2010. Its financial data in 2012 is not available. However,
according to Mr. Tran Huy Dat – chief accountant, its revenue in 2012 was VND
120 billion and the profit was decreased compared to 2011. In overview, the position in industry of the subject is medium. Its
financial capacity is normal. At present, the subject has capacity to meet
small transactions. |
------------ APPENDIX ----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
GDP 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.54.30 |
|
|
1 |
Rs.82.88 |
|
Euro |
1 |
Rs.70.80 |
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.