|
Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
KHAM THIEN COMPANY LIMITED |
|
|
|
|
Registered Office : |
3E3, 30-4 Hostel, Dien Bien Phu Street, Ward 25, Binh Thanh District,
Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
25.10.1999 |
|
|
|
|
Com. Reg. No.: |
072805 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Trading of foodstuff for cattle,
agricultural aquatic products. |
|
|
|
|
No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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, 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 |
|
English Name |
|
KHAM THIEN COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH KHAM THIEN |
|
Trade name |
|
KHAM THIEN
COMPANY LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1999 |
|
Establishment Decision |
|
2458/GP |
|
Date of Issuance |
|
21 Oct 1999 |
|
Place of Issuance |
|
People' Commitee of Hochiminh City |
|
Business Registration No. |
|
072805 |
|
Date of Registration |
|
25 Oct 1999 |
|
Place of Registration |
|
Business Registration Office - Planning and Investment Department of
Ho Chi Minh City |
|
Chartered capital |
|
VND 1,000,000,000 |
|
Tax code |
|
0301836239 |
|
Total Employees |
|
15 |
|
Head Office |
||
|
Address |
|
3E3,30-4 Hostel, Dien Bien Phu Street, Ward 25, Binh Thanh District,
Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3512 5387 - 3899 0049 |
|
Fax |
|
(84-8) 3510 6643 |
|
Email |
|
|
|
1. NAME |
|
Mr. NGUYEN NGOC
KHOI |
|
Position |
|
Director |
|
Date of Birth |
|
1966 |
|
Resident |
|
No. 12 Gia Tu A Street, Kham Thien market, Dong Da District, Hanoi
City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Mr. NGUYEN NGOC
KHANG |
|
Position |
|
Deputy Director |
|
Date of Birth |
|
1958 |
|
Nationality |
|
Vietnamese |
|
|
||
|
3. NAME |
|
Ms. LE THI KIM
OANH |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
010997203 |
|
Date of Birth |
|
1961 |
|
Resident |
|
No. 12 Gia Tu A Street, Kham Thien market, Dong Da District, Hanoi
City, Vietnam |
|
Current Resident |
|
3E3,30-4 Hostel, Dien Bien Phu Street, Ward 25, Binh Thanh District,
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
The subject is specializing in trading foodstuff
for cattle, agricultural aquatic products |
|
IMPORT: |
||
|
Types of products |
|
goods |
|
Market |
|
India, China, Australia |
|
Mode of payment |
|
T/T, L/C and D/P |
|
|
||
|
EXPORT: |
||
|
Types of products |
|
foodstuff for cattle |
|
Market |
|
Taiwan |
|
1. JOINT STOCK
COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM BINH THANH BRANCH |
||
|
Address |
|
No. 169 Dien Bien Phu str, Ward 15, Binh Thanh District, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 3840 7927 |
|
Fax |
|
(84-8) 3840 7923 |
|
|
||
|
2. SAIGON THUONG
TIN COMMERCIAL JOINT STOCK BANK BINH THANH BRANCH |
||
|
Address |
|
No.10-12 Le Quang Dinh Str, Ward 14, Binh Thanh District, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 35512700 |
|
Fax |
|
(84-8) 35512699 |
|
|
||
|
3. ASIA
COMMERCIAL JOINT STOCK BANK BINH THANH BRANCH |
||
|
Address |
|
No.71 Dien Bien Phu Str, Ward 15, Binh Thanh District, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 3518 0787 |
|
Fax |
|
(84-8) 3518 0788 |
|
|
||
|
4. VIETNAM BANK
FOR AGRICULTURE AND RURAL DEVELOPMENT BINH THANH BRANCH |
||
|
Address |
|
No. 347-351 Dien Bien Phu Street, Ward 15, Binh Thanh District, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 3511 3143 |
|
Fax |
|
(84-8) 3511 7364 |
|
1. NAME |
|
Mr. NGUYEN NGOC
KHOI |
|
Position |
|
Director |
|
Date of Birth |
|
1966 |
|
Resident |
|
No. 12 Gia Tu A Street, Kham Thien market, Dong Da District, Hanoi
City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Percentage |
|
40% |
|
|
||
|
2. NAME |
|
Ms. LE THI KIM
OANH |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
010997203 |
|
Date of Birth |
|
1961 |
|
Resident |
|
No. 12 Gia Tu A Street, Kham Thien market, Dong Da District, Hanoi
City, Vietnam |
|
Current Resident |
|
3E3,30-4 Hostel, Dien Bien Phu Street, Ward 25, Binh Thanh District,
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Percentage |
|
60% |
|
BALANCE SHEET |
||
|
Unit:
One VND |
||
|
Balance sheet
date |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
42,244,552,903 |
47,322,473,573 |
|
I. Cash and cash
equivalents |
9,359,399,283 |
580,444,572 |
|
1. Cash |
9,359,399,283 |
580,444,572 |
|
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 |
15,307,806,294 |
20,057,418,705 |
|
1. Receivable from customers |
13,795,643,094 |
19,612,058,705 |
|
2. Prepayments to suppliers |
1,512,163,200 |
445,360,000 |
|
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 |
|
IV. Inventories |
11,837,114,712 |
18,591,397,527 |
|
1. Inventories |
11,837,114,712 |
18,591,397,527 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
5,740,232,614 |
8,093,212,769 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
0 |
1,236,275,250 |
|
3. Taxes and other accounts receivable from the State |
0 |
190,844,944 |
|
4. Other current assets |
5,740,232,614 |
6,666,092,575 |
|
B. LONG-TERM
ASSETS |
791,510,466 |
937,207,266 |
|
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
|
791,510,466 |
937,207,266 |
|
1. Tangible assets |
791,510,466 |
937,207,266 |
|
- Historical costs |
1,324,186,920 |
1,561,689,700 |
|
- Accumulated depreciation |
-532,676,454 |
-624,482,434 |
|
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 |
0 |
0 |
|
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 |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
|
|
|
1. Goodwill |
|
|
|
TOTAL ASSETS |
43,036,063,369 |
48,259,680,839 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
15,975,089,566 |
34,807,070,111 |
|
I. Current
liabilities |
9,977,089,566 |
25,016,930,111 |
|
1. Short-term debts and loans |
2,681,212,970 |
0 |
|
2. Payable to suppliers |
6,511,390,849 |
23,871,593,118 |
|
3. Advances from customers |
0 |
133,308,660 |
|
4. Taxes and other obligations to the State Budget |
-231,285,459 |
1,436,480 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
1,015,771,206 |
1,010,591,853 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
|
|
|
II. Long-Term
Liabilities |
5,998,000,000 |
9,790,140,000 |
|
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 |
5,998,000,000 |
9,790,140,000 |
|
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 |
|
|
|
9. Science and technology development fund |
|
|
|
B- OWNER’S
EQUITY |
27,060,973,803 |
13,452,610,728 |
|
I. OWNER’S
EQUITY |
27,060,973,803 |
13,452,610,728 |
|
1. Capital |
25,000,000,000 |
12,000,000,000 |
|
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 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
1,145,448,543 |
853,004,958 |
|
10. Retained earnings |
915,525,260 |
599,605,770 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
|
|
|
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 |
|
MINORITY’S
INTEREST |
0 |
|
|
TOTAL LIABILITIES
AND OWNER’S EQUITY |
43,036,063,369 |
48,259,680,839 |
|
|
||
|
PROFIT & LOSS STATEMENT |
||
|
|
||
|
Description |
FY2009
|
FY2008
|
|
1. Total Sales |
182,317,307,607 |
291,399,761,640 |
|
2. Deduction item |
86,923,200 |
267,175,105,191 |
|
3. Net revenue |
182,230,384,407 |
24,224,656,449 |
|
4. Costs of goods sold |
163,931,782,484 |
0 |
|
5. Gross profit |
18,298,601,923 |
24,224,656,449 |
|
6. Financial income |
289,163,684 |
114,479,791 |
|
7. Financial expenses |
2,925,995,224 |
4,752,120,314 |
|
- In which: Loan interest expenses |
1,237,532,392 |
1,154,368,891 |
|
8. Selling expenses |
12,226,871,664 |
0 |
|
9. Administrative overheads |
2,522,490,434 |
19,356,142,596 |
|
10. Net operating profit |
912,408,285 |
230,873,330 |
|
11. Other income |
215,655,686 |
578,146,085 |
|
12. Other expenses |
18,336,387 |
0 |
|
13. Other profit /(loss) |
197,319,299 |
578,146,085 |
|
14. Total accounting profit before tax |
1,109,727,584 |
809,019,415 |
|
15. Current corporate income tax |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
|
|
|
18. Profit after tax |
1,109,727,584 |
809,019,415 |
|
|
||
|
FINANCIAL RATIOS |
||
|
|
||
|
Description |
FY2009 |
FY2008 |
|
Current liquidity ratio |
4.23 |
1.89 |
|
Quick liquidity ratio |
3.05 |
1.15 |
|
Inventory circle |
13.85 |
- |
|
Average receive period |
30.66 |
302.21 |
|
Utilizing asset performance |
4.23 |
0.50 |
|
Liability by total assets |
37.12 |
72.12 |
|
Liability by owner's equity |
59.03 |
258.74 |
|
Ebit / Total assets (ROA) |
5.45 |
4.07 |
|
Ebit / Owner's equity (ROE) |
8.67 |
14.59 |
|
Ebit / Total revenue (NPM) |
1.29 |
0.67 |
|
Gross profit / Total revenue (GPM) |
10.04 |
8.31 |
|
Note: The Average Industry
was calculated by VietnamCredit based on our own statistical data |
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Average |
|
Development trend |
|
Even |
|
Litigation data |
|
No |
|
Bankruptcy |
|
No |
|
Payment Methods |
|
T/T, L/C and D/P |
|
Sale Methods |
|
Retailer and Wholesaler |
The subject - KHAM THIEN COMPANY LIMITED
was established since 1999 under business registration No. 072805 with
chartered capital of VND 1 billion. Until
now, the subject has never adjusted its license. Head office is located at “3E3, 30-4 Hostel,
Dien Bien Phu Street, Ward 25, Binh Thanh District, Ho Chi Minh City, Vietnam”.
Total workforce is about 15 employees.
The subject is specializing in trading
foodstuff for cattle, agricultural and aquatic products… The subject imports
products from India and China and Australia. Being established since 1999, the
subject has long development history in this field. The subject has traditional
customers in Hochiminh City and neighboring provinces in Vietnam.
Management capacity of the subject is fairly
good. Currently, the subject’s market share is medium. The position of the
subject in the industry is average. Mr. Nguyen Ngoc Khoi – director of the
subject has experience in this field for long time. In general, the subject has
capacity to meet small-normal transactions.
Following is debt
status of the subject in the latest days:
|
HQ Code |
Acount Number |
Registered Day |
Debt Status |
VAT Debt (Unit: VND) |
|
C02I02 |
70970 |
28/05/2013 |
Overdue |
90,766,966 |
|
C02I02 |
59519 |
07/05/2013 |
- |
56,778,128 |
|
C02I02 |
68422 |
23/05/2013 |
- |
59,359,800 |
|
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.61.54 |
|
|
1 |
Rs.94.37 |
|
Euro |
1 |
Rs.81.57 |
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.