|
Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
LUU HUYNH VIET COMPANY LIMITED |
|
|
|
|
Registered Office : |
Room 156, 15th Floor, My Phuoc Apartment, No. 280 Bui Huu
Nghia Street, Ward 2, Binh Thanh District, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
2006 |
|
|
|
|
Com. Reg. No.: |
0304455545 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Wholesale of waste and scrap and other
products n.e.c. |
|
|
|
|
No. of Employees : |
14 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
Current legal status
|
||
|
English Name |
|
LUU HUYNH VIET COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH LUU HUYNH VIET |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
0304455545 |
|
Date of The latest (10th)
Adjustment |
|
27 Feb 2013 |
|
Place of Registration |
|
Business Registration Office - Planning and
Investment department of Hochiminh City |
|
Chartered capital |
|
VND 1,800,000,000 |
|
Tax code |
|
0304455545 |
|
Total Employees |
|
14 |
|
Size |
|
Small |
Historical Identification
& Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH KINH QUEN SON Changed to: CONG TY TNHH LUU HUYNH VIET |
|
Head Office |
||
|
Address |
|
Room 156, 15th Floor, My Phuoc
Apartment, No. 280 Bui Huu Nghia Street, Ward 2, Binh Thanh District, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 6258 1086 - 6258 1088 |
|
Fax |
|
(84-8) 6258 1087 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Representative
office in Ho Chi Minh |
||
|
Address |
|
C001 My Phuoc Apartment, No. 280, Bui Huu Nghia
Street, Ward 2, Binh Thanh District, Ho Chi Minh City, Vietnam |
|
1.
NAME |
|
Mr.
NGUYEN HIEU NHAN |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
225015363 |
|
Resident |
|
Room 156, 16th
Floor, Don Nguyen 7, My Phuoc Department, Ward 2, Binh Thanh District, Ho Chi
Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 913 608 527 |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN NGOC THAO TRANG |
|
Position |
|
Director |
|
Date of Birth |
|
01 Dec 1979 |
|
ID Number/Passport |
|
024965760 |
|
ID Issue Date |
|
22 Jul 2008 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh City |
|
Resident |
|
No. 178/9/17 Dong Hung
Thuan 42 Street, Quarter 5, Tan Hung Thuan Ward, District 12, Ho Chi Minh
City, Vietnam |
|
Nationality |
|
Vietnamese |
Wholesale of waste and scrap and other products
n.e.c
Wholesale on a fee or contract basis
Activities auxiliary to finance n.e.c
Wholesale of agricultural raw materials (except wood, bamboo) and live animals
Wholesale of beverages
Management consultancy activities
Manufacture of fertilizer and nitrogen compounds
Wholesale of metals and metal ores
Seed processing for propagation
Manufacture of other chemical products n.e.c
|
IMPORT: |
||
|
·
Types of products |
|
botanical protection |
|
·
Types of market |
|
Hong Kong, Philippines, India, Korea, Singapore, Malaysia |
|
|
||
|
EXPORT: |
||
|
Note: Currently, the subject does not export |
||
|
1.
VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
8th Floor, VinCom Center, No. 72 Le Thanh Ton Street ,
District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3821 0055 - 3821 0056 |
|
Fax |
|
(84-8) 3829 6063 - 3821 6913 |
|
|
||
|
2.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No. 266-268 Nam Ky Khoi Nghia Street, Ward 8, District 3, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 3932 0420, 3932 0643 |
|
Fax |
|
(84-8) 3932 2488, 3932 0424 |
|
|
||
|
3.
ASIA COMMERCIAL BANK BACH DANG TRANSACTION |
||
|
Address |
|
No. 60 Bach Dang Street, Ward 24, Binh Thanh District, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 3511 9160 |
|
Fax |
|
(84-8) 3511 9161 |
|
1.
NAME |
|
Ms.
NGUYEN NGOC THAO TRANG |
|
Position |
|
Director |
|
Date of Birth |
|
01 Dec 1979 |
|
ID Number/Passport |
|
024965760 |
|
Issued on |
|
22 Jul 2008 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. 178/9/17 Dong Hung Thuan 42 Street,
Quarter 5, Tan Hung Thuan Ward, District 12, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 540,000,000 |
|
Percentage |
|
30% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN HIEU NHAN |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
225015363 |
|
Resident |
|
Room 156, 16th Floor, Don
Nguyen 7 My Phuoc Department, Ward 2, Binh Thanh District, Ho Chi Minh City, Vietnam
|
|
Mobile phone |
|
+84 913 608 527 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,260,000,000 |
|
Percentage |
|
70% |
|
BALANCE
SHEET |
|
Unit: One
VND
|
|
|
Balance sheet
date |
31/12/2010 |
|
Number of weeks |
52 |
|
ASSETS |
|
|
A – CURRENT
ASSETS |
2,462,588,709 |
|
I. Cash and cash
equivalents |
915,887,893 |
|
1. Cash |
915,887,893 |
|
2. Cash equivalents |
|
|
II. Short-term
investments |
|
|
1. Short-term investments |
|
|
2. Provisions for devaluation of short-term investments |
|
|
III. Accounts
receivable |
469,483,015 |
|
1. Receivable from customers |
469,483,015 |
|
2. Prepayments to suppliers |
|
|
3. Inter-company receivable |
|
|
4. Receivable according to the progress of construction |
|
|
5. Other receivable |
|
|
6. Provisions for bad debts |
|
|
IV. Inventories |
1,008,528,345 |
|
1. Inventories |
1,008,528,345 |
|
2. Provisions for devaluation of inventories |
|
|
V. Other Current
Assets |
68,689,456 |
|
1. Short-term prepaid expenses |
17,813,027 |
|
2. VAT to be deducted |
47,719,315 |
|
3. Taxes and other accounts receivable from the State |
3,157,114 |
|
4. Other current assets |
|
|
B. LONG-TERM
ASSETS |
317,803,953 |
|
I. Long term
accounts receivable |
0 |
|
1. Long term account receivable from customers |
|
|
2. Working capital in affiliates |
|
|
3. Long-term inter-company receivable |
|
|
4. Other long-term receivable |
|
|
5. Provisions for bad debts from customers |
|
|
II. Fixed assets
|
309,445,123 |
|
1. Tangible assets |
309,445,123 |
|
- Historical costs |
493,473,386 |
|
- Accumulated depreciation |
-184,028,263 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
|
|
- Accumulated depreciation |
|
|
3. Intangible assets |
0 |
|
- Initial costs |
|
|
- Accumulated amortization |
|
|
4. Construction-in-progress |
|
|
III. Investment
property |
|
|
Historical costs |
|
|
Accumulated depreciation |
|
|
IV. Long-term
investments |
0 |
|
1. Investments in affiliates |
|
|
2. Investments in business concerns and joint ventures |
|
|
3. Other long-term investments |
|
|
4. Provisions for devaluation of long-term investments |
|
|
V. Other
long-term assets |
8,358,830 |
|
1. Long-term prepaid expenses |
8,358,830 |
|
2. Deferred income tax assets |
|
|
3. Other long-term assets |
|
|
VI. Goodwill |
|
|
1. Goodwill |
|
|
TOTAL ASSETS |
2,780,392,662 |
|
|
|
LIABILITIES
|
|
|
A- LIABILITIES |
1,074,980,240 |
|
I. Current
liabilities |
1,074,980,240 |
|
1. Short-term debts and loans |
|
|
2. Payable to suppliers |
875,000,240 |
|
3. Advances from customers |
199,980,000 |
|
4. Taxes and other obligations to the State Budget |
|
|
5. Payable to employees |
|
|
6. Accrued expenses |
|
|
7. Inter-company payable |
|
|
8. Payable according to the progress of construction contracts |
|
|
9. Other payable |
|
|
10. Provisions for short-term accounts payable |
|
|
11. Bonus and welfare funds |
|
|
II. Long-Term
Liabilities |
0 |
|
1. Long-term accounts payable to suppliers |
|
|
2. Long-term inter-company payable |
|
|
3. Other long-term payable |
|
|
4. Long-term debts and loans |
|
|
5. Deferred income tax payable |
|
|
6. Provisions for unemployment allowances |
|
|
7. Provisions for long-term accounts payable |
|
|
8. Unearned Revenue |
|
|
9. Science and technology development fund |
|
|
B- OWNER’S
EQUITY |
1,705,412,422 |
|
I. OWNER’S
EQUITY |
1,705,412,422 |
|
1. Capital |
1,800,000,000 |
|
2. Share premiums |
|
|
3. Other sources of capital |
|
|
4. Treasury stocks |
|
|
5. Differences on asset revaluation |
|
|
6. Foreign exchange differences |
|
|
7. Business promotion fund |
|
|
8. Financial reserved fund |
|
|
9. Other funds |
|
|
10. Retained earnings |
-94,587,578 |
|
11. Construction investment fund |
|
|
12. Business arrangement supporting fund |
|
|
II. Other
sources and funds |
0 |
|
1. Bonus and welfare funds (Elder form) |
|
|
2. Sources of expenditure |
|
|
3. Fund to form fixed assets |
|
|
MINORITY’S
INTEREST |
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
2,780,392,662 |
|
PROFIT
& LOSS STATEMENT |
|
|
Description |
FY2010 |
|
1. Total Sales |
5,917,634,730 |
|
2. Deduction item |
0 |
|
3. Net revenue |
5,917,634,730 |
|
4. Costs of goods sold |
5,217,894,919 |
|
5. Gross profit |
699,739,811 |
|
6. Financial income |
2,550,045 |
|
7. Financial expenses |
68,348,596 |
|
- In which: Loan interest expenses |
|
|
8. Selling expenses |
26,133,344 |
|
9. Administrative overheads |
323,544,820 |
|
10. Net operating profit |
284,263,096 |
|
11. Other income |
|
|
12. Other expenses |
2,019 |
|
13. Other profit /(loss) |
-2,019 |
|
14. Total accounting profit before tax |
284,261,077 |
|
15. Current corporate income tax |
71,065,069 |
|
16. Deferred corporate income tax |
|
|
17. Interest from subsidiaries/related companies |
|
|
18. Profit after tax |
213,196,008 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
Description |
FY2010 |
Average Industry |
|
Current liquidity ratio |
2.29 |
1.74 |
|
Quick liquidity ratio |
1.35 |
0.95 |
|
Inventory circle |
5.17 |
5.39 |
|
Average receive period |
28.96 |
100.84 |
|
Utilizing asset performance |
2.13 |
1.64 |
|
Liability by total assets |
38.66 |
60.51 |
|
Liability by owner's equity |
63.03 |
309.92 |
|
Ebit / Total assets (ROA) |
10.22 |
9.59 |
|
Ebit / Owner's equity (ROE) |
16.67 |
28.73 |
|
Ebit / Total revenue (NPM) |
4.80 |
7.66 |
|
Gross profit / Total revenue (GPM) |
11.82 |
22.62 |
|
Note: The Average Industry
was calculated by VietnamCredit based on our own statistical data |
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Above average |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
By cash or through its bank |
|
Sale Methods |
|
Retailer and Wholesaler |
The
subject - LUU HUYNH VIET COMPANY LIMITED was established in 2006. During
operation, the subject has adjusted its license ten times, the latest time was
on 27 Feb 2013. Currently, the subject
is operating under the business
registration No. 0304455545 with chartered capital of VND 1.8 billion.
Head
office of subject is located at “Room 156, 15th Floor,
My Phuoc Apartment, No. 280 Bui Huu Nghia Street, Ward 2, Binh Thanh District,
Ho Chi Minh City, Vietnam”. Addition,
the subject has a transaction office at “C001 My Phuoc Apartment, No.
280, Bui Huu Nghia Street, Ward 2, Binh Thanh District, Ho Chi Minh City,
Vietnam”.
The
subject specializes in trading fertilizer, botanical protection. The subject
imports from Hong Kong, Philippines, India, Korea, Singapore, Malaysia. Subject
is considered the representative office of “King Elong Group” in Vietnam. The
main market of subject is northern and southern provinces.
In general, the subject
is small company in the industry. The subject can meet all small transactions.
|
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 |
|
|
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 |
|
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.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.