|
Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
NGOC TUNG MANUFACTURING TRADING SERVICE JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 21-22-23, Block E, Road No. 12, Le Minh Xuan Industrial Park, Tan Nhut Commune, Binh Chanh District, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1997 |
|
|
|
|
Com. Reg. No.: |
0301415086 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trading in fertilizers, insecticides, agro-aqua machine, agricultural products, food and foodstuff, Foodstuff industry. |
|
|
|
|
No. of Employees : |
290 |
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 : |
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 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
|
||
|
Registration English Name |
|
NGOC TUNG MANUFACTURING TRADING SERVICE
JOINT STOCK COMPANY |
|
Registration Vietnamese Name |
|
CONG TY CO PHAN SAN XUAT THUONG MAI DICH
VU NGOC TUNG |
|
Registration Short name |
|
NGOCTUNG JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1997 |
|
Business Registration No. |
|
0301415086 |
|
Date of The latest (15th)
Adjustment |
|
23 Nov 2012 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of Hochiminh City |
|
Chartered capital |
|
VND 230,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0301415086 |
|
Total Employees |
|
290 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
||
|
1 |
Subject has got former Registered English
Name: NGOC TUNG MANUFACTURING TRADING AND SERVICES LIABILITY LIMITED COMPANY Changed to: NGOC TUNG MANUFACTURING
TRADING SERVICE JOINT STOCK COMPANY |
05
Nov 2007 |
||
|
2 |
Subject has got former Registered Vietnamese
Name: CONG TY TNHH SAN XUAT THUONG MAI DICH VU NGOC TUNG Changed to: CONG TY CO PHAN SAN XUAT
THUONG MAI DICH VU NGOC TUNG |
05
Nov 2007 |
||
|
3 |
Subject has got former Trade Name: NGOC
TUNG MANUFACTURING TRADING COMPANY LIMITED Changed to: NGOC TUNG MANUFACTURING
TRADING SERVICE JOINT STOCK COMPANY |
05
Nov 2007 |
||
|
4 |
Subject has got former Abbreviated Name:
NGOC TUNG CO., LTD Changed to: NGOCTUNG JSC |
05
Nov 2007 |
||
|
5 |
Subject has got former Business Registration
No: 052616 which was issued on September 04th, 1997 Changed to: 4103008343 |
05
Nov 2007 |
||
|
6 |
Subject has got former Type of Business:
Limited Liability Company Changed to: Joint Stock Company |
05
Nov 2007 |
||
|
7 |
Subject has got former Business
Registration No: 4103008343 issued on 5th Nov 2007 Changed to: 0301415086 |
N/A |
||
|
8 |
Subject has got former Chartered capital:
VND 200,000,000,000 Changed to: VND 230,000,000,000 |
23
Nov 2012 |
||
|
|
||||
ADDRESSES
|
||||
|
|
||||
|
Head Office |
||||
|
Address |
|
No. 21-22-23, Block E, Road No. 12, Le
Minh Xuan Industrial Park, Tan Nhut Commune, Binh Chanh District, Ho Chi Minh
City, Vietnam |
||
|
Telephone |
|
(84-8) 3766 0814, 3766 0815, 7366 0816 |
||
|
Fax |
|
(84-8) 3766 0674 |
||
|
Email |
|
|||
|
Website |
|
|||
|
Occupied Area |
|
10,000 sqm |
||
|
Land-use Right |
|
Leased |
||
|
|
||||
|
Transaction
office in Ho Chi Minh |
||||
|
Address |
|
No. 955 Tran Xuan Soan Str, Tan Hung Ward,
District 7, Ho Chi Minh City, Vietnam |
||
|
Telephone |
|
(84-8) 3775 4034 / 3775 4039 |
||
|
Fax |
|
(84-8) 3775 4032 |
||
|
|
||||
|
Representative
office in Binh Phuoc |
||||
|
Address |
|
No. 76 National Road 14, Quarter 1, Tan
Dong Ward, Dong Xoai City, Binh Phuoc Province, Vietnam |
||
|
Telephone |
|
(84-651) 3880826 |
||
|
|
||||
|
Representative office
in Ha Noi |
||||
|
Address |
|
802, House CT2, Vimeco Department , Cau
Giay District, Ha Noi City, Vietnam |
||
|
|
||||
|
Representative
office in Quang Nam |
||||
|
Address |
|
Block 4 Vinh Dien Townlet, Dien Ban
District, Quang Nam Province, Vietnam |
||
|
Telephone |
|
(84-510) 3867 879 - 913 492 070 |
||
|
Fax |
|
(84-510) 3867 879 |
||
|
|
||||
|
Ngoc Tung Hotel |
||||
|
Address |
|
No. 361 Tran Xuan Soan street, Tan Kieng
ward, 7th District, Ho Chi Minh City, Vietnam |
||
|
Telephone |
|
84-8 38728802 |
||
|
Fax |
|
84-8 38723045 |
||
|
|
||||
|
Branch in Dak
Lak |
||||
|
Address |
|
No. 396 Nguyen Thi Dinh Str, Khanh Xuan
ward, Buon Ma Thuot City, Dak Lak Province, Vietnam |
||
|
Telephone |
|
(84-50) 3867 151 |
||
|
Fax |
|
(84-50) 3867 151 |
||
|
|
||||
|
Warehouse |
||||
|
Address |
|
Lot E5-E6-E15 Road No.6, Le Minh Xuan IP,
Tan Nhut Commune , Binh Chanh District, Ho Chi Minh City, Vietnam |
||
|
|
||||
RELATED COMPANIES
|
||
|
|
||
|
NGOCTUNG
PESTICIDE JOINT STOCK COMPANY |
||
|
Business Registration |
|
1101187395 |
|
Tax code |
|
1101187395 |
|
Address |
|
Lot C2-C3 Nhut Chanh Industrial Park, Ben Luc District, Long An
Province, Vietnam |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LA HOANG DUC |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
28 Mar 1963 |
|
ID Number/Passport |
|
024526400 |
|
ID Issue Date |
|
27 Mar 2006 |
|
ID Issue Place |
|
Police Station of
Hochiminh City |
|
Resident |
|
No. 6, Road No. 34
Binh Phu Residential Area , Ward 10, District 6, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Email |
|
|
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Ms.
BUI THI SAU |
|
Position |
|
Member of BOM |
|
Date of Birth |
|
18 Nov 1961 |
|
ID Number/Passport |
|
350215480 |
|
ID Issue Date |
|
27 Mar 2000 |
|
ID Issue Place |
|
Police station of An
Giang Province |
|
Resident |
|
No. 1/4 Nguyen Thai
Hoc Street, My Binh Ward, Long Xuyen City, An Giang Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
LA HOANG HUE NGOC |
|
Position |
|
Deputy chairman |
|
Date of Birth |
|
15 May 1982 |
|
ID Number/Passport |
|
024797558 |
|
ID Issue Date |
|
02 Aug 2007 |
|
ID Issue Place |
|
Police Station of
Hochiminh City |
|
Resident |
|
No. 6, Road No. 34
Binh Phu Residential Area, Ward 10, District
6, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Mr.
TRUONG CONG DUC |
|
Position |
|
Deputy General Director - Member of BOM |
|
Date of Birth |
|
11 Feb 1955 |
|
ID Number/Passport |
|
023740673 |
|
ID Issue Date |
|
28 Jun 1999 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh City |
|
Resident |
|
98/111/63 Cach Mang
Thang Tam Street, Ward 5, Tan Binh District, Ho Chi Minh City, Vietnam |
|
Current resident |
|
No. 96 Song Hanh Str - Ward 10 , 6
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Email |
|
|
|
|
||
|
5.
NAME |
|
Mr.
TRAN THANH BINH |
|
Position |
|
Deputy General Director |
|
ID Number/Passport |
|
022783897 |
|
ID Issue Date |
|
10 Jul 2006 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh city |
|
Resident |
|
No. 92B/17/12A Ton
That Thuyet street, ward 15, 4 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
6.
NAME |
|
Ms.
LIEN THUY THANH |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
025590041 |
|
ID Issue Date |
|
01 Mar 2012 |
|
ID Issue Place |
|
Police Stationof Ho
Chi Minh city |
|
Resident |
|
92B/17/12A Ton That Thuyet
street, ward 15, District 4, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
7.
NAME |
|
Mr.
DANG HUY CUONG |
|
Position |
|
Assistant General Director |
|
Nationality |
|
Vietnamese |
|
Email |
|
|
|
|
||
|
8.
NAME |
|
Mr.
HO VAN HAO |
|
Position |
|
Chief of Supervisory Board |
|
ID Number/Passport |
|
021021263 |
|
ID Issue Date |
|
12 Dec 2003 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh city |
|
Resident |
|
60C Pham Phu Thu
street, ward 11, Tan Binh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
9.
NAME |
|
Mr.
CHUNG VAN LOC |
|
Position |
|
Member of Board of Controllers |
|
ID Number/Passport |
|
021164316 |
|
ID Issue Date |
|
24 May 2007 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh city |
|
Resident |
|
No. 42/24/12, Road 5,
Binh Hung Hoa A ward, Binh Tan District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject registered in the following
activities: |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
materials and good sources |
|
·
Market |
|
India, China, Netherlands, Australia, USA, France, Germany, Argentina
and Malaysia. |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
N/A |
|
·
Market |
|
N/A |
|
|
||
BANKERS
|
||
|
|
||
|
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.
ASIA COMMERCIAL JOINT STOCK BANK PHU LAM BRANCH |
||
|
Address |
|
No.391A Kinh Duong Vuong, District 6, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3751 6100 |
|
Fax |
|
(84-8) 3877 6590 |
|
|
||
|
3.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM HOCHIMINH CITY BRANCH |
||
|
Address |
|
No. 134 Nguyen Cong Tru Street, District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3823 0125 /3829 7384 |
|
Fax |
|
(84-8) 3829 8862 |
|
|
||
|
4.
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 |
|
|
||
|
5.
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 – 3821 0089 |
|
Fax |
|
(84-8) 3829 0696 |
|
|
||
|
6.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HOCHIMINH CITY BRANCH |
||
|
Address |
|
No. 50 Ben Chuong Duong Street, District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3822 2752 – 3829 5434 |
|
Fax |
|
(84-8) 3829 4063 |
|
|
||
|
7.
DONG A COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No. 56-58 Nguyen Cong Tru, Nguyen Thai Binh Ward, District 1, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 3821 5005 |
|
Fax |
|
(84-8) 3821 5006 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LA HOANG DUC |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
28 Mar 1963 |
|
ID Number/Passport |
|
024526400 |
|
Issued on |
|
27 Mar 2006 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
No. 6, Road No. 34, Binh Phu Residential Area,
Ward 10, District 6, Ho Chi Minh City, Vietnam |
|
Email |
|
|
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
10,000,000 |
|
Value of shares |
|
VND 100,000,000,000 |
|
|
||
|
2.
NAME |
|
Ms.
LA HOANG HUE NGOC |
|
Position |
|
Deputy chairman |
|
Date of Birth |
|
15 May 1982 |
|
ID Number/Passport |
|
024797558 |
|
Issued on |
|
02 Aug 2007 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
No. 6, Road No. 34 Binh Phu Residential
Area , Ward 10, 6 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
6,000,000 |
|
Value of shares |
|
VND 60,000,000,000 |
|
|
||
|
3.
NAME |
|
Ms.
BUI THI SAU |
|
Position |
|
Member of BOM |
|
Date of Birth |
|
18 Nov 1961 |
|
ID Number/Passport |
|
350215480 |
|
Issued on |
|
27 Mar 2000 |
|
Issued Place |
|
Police station of An Giang Province |
|
Resident |
|
No. 1/4 Nguyen Thai Hoc Street, My Binh Ward,
Long Xuyen City, An Giang Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
3,900,000 |
|
Value of shares |
|
VND 39,000,000,000 |
|
|
||
|
4.
NAME |
|
Mr.
TRUONG CONG DUC |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
11 Feb 1955 |
|
ID Number/Passport |
|
023740673 |
|
Issued on |
|
28 Jun 1999 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
98/111/63 Cach Mang Thang Tam Street, Ward
5, Tan Binh District, Ho Chi Minh City, Vietnam |
|
Current Resident |
|
No. 96 Song Hanh Str, Ward 10 , District
6, Ho Chi Minh City, Vietnam |
|
Email |
|
|
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
100,000 |
|
Value of shares |
|
VND 1,000,000,000 |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: One
VND
|
|||
|
Balance sheet
date |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
52 |
|
Audit status |
Audited |
Audited |
Audited |
ASSETS
|
|||
|
A – CURRENT
ASSETS |
437,833,932,048 |
350,449,801,702 |
259,039,128,029 |
|
I. Cash and cash
equivalents |
277,088,041 |
3,581,838,319 |
2,153,223,144 |
|
1. Cash |
277,088,041 |
3,581,838,319 |
2,153,223,144 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
|
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts receivable
|
143,517,519,737 |
155,572,164,175 |
135,956,999,302 |
|
1. Receivable from customers |
126,469,121,884 |
153,560,729,313 |
129,280,142,371 |
|
2. Prepayments to suppliers |
4,658,279,620 |
1,287,420,472 |
6,908,892,862 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
12,390,118,233 |
724,014,390 |
231,504,899 |
|
6. Provisions for bad debts |
0 |
0 |
-463,540,830 |
|
IV. Inventories |
287,033,419,263 |
182,628,828,290 |
119,541,732,231 |
|
1. Inventories |
287,033,419,263 |
182,628,828,290 |
119,541,732,231 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
7,005,905,007 |
8,666,970,918 |
1,387,173,352 |
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
4,304,256,753 |
7,624,006,981 |
504,027,811 |
|
3. Taxes and other accounts receivable from the State |
1,707,957 |
0 |
0 |
|
4. Other current assets |
2,699,940,297 |
1,042,963,937 |
883,145,541 |
|
B. LONG-TERM
ASSETS |
158,956,383,848 |
160,980,706,304 |
110,610,362,043 |
|
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
|
83,591,231,508 |
82,250,647,937 |
59,962,655,559 |
|
1. Tangible assets |
48,671,894,964 |
20,075,962,186 |
21,111,209,694 |
|
- Historical costs |
70,204,311,102 |
39,835,318,949 |
38,014,141,027 |
|
- Accumulated depreciation |
-21,532,416,138 |
-19,759,356,763 |
-16,902,931,333 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
15,669,336,544 |
5,213,724,901 |
5,289,078,013 |
|
- Initial costs |
17,087,694,679 |
6,556,729,924 |
6,556,729,924 |
|
- Accumulated amortization |
-1,418,358,135 |
-1,343,005,023 |
-1,267,651,911 |
|
4. Construction-in-progress |
19,250,000,000 |
56,960,960,850 |
33,562,367,852 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
73,635,276,796 |
78,730,058,367 |
50,647,706,484 |
|
1. Investments in affiliates |
79,000,000,000 |
79,000,000,000 |
50,647,706,484 |
|
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 |
-5,364,723,204 |
-269,941,633 |
0 |
|
V. Other
long-term assets |
1,729,875,544 |
0 |
0 |
|
1. Long-term prepaid expenses |
1,729,875,544 |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
|
0 |
|
|
1. Goodwill |
|
0 |
|
|
TOTAL ASSETS |
596,790,315,896 |
511,430,508,006 |
369,649,490,072 |
|
|
|||
LIABILITIES
|
|||
|
A- LIABILITIES |
318,039,707,233 |
244,179,090,666 |
122,959,872,760 |
|
I. Current
liabilities |
318,039,707,233 |
244,149,173,883 |
122,873,957,424 |
|
1. Short-term debts and loans |
224,142,719,720 |
135,800,868,736 |
65,475,314,720 |
|
2. Payable to suppliers |
68,672,111,108 |
89,146,601,550 |
43,476,107,228 |
|
3. Advances from customers |
146,803,068 |
258,493,239 |
302,620,995 |
|
4. Taxes and other obligations to the State Budget |
23,186,115,452 |
18,023,180,882 |
12,579,054,229 |
|
5. Payable to employees |
1,629,242,485 |
900,097,000 |
784,638,500 |
|
6. Accrued expenses |
19,736,364 |
111,386,970 |
110,977,185 |
|
7. Inter-company payable |
0 |
|
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
242,979,036 |
-91,454,494 |
145,244,567 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
0 |
|
|
II. Long-Term
Liabilities |
0 |
29,916,783 |
85,915,336 |
|
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 |
0 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
29,916,783 |
85,915,336 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
|
|
9. Science and technology development fund |
0 |
0 |
|
|
B- OWNER’S
EQUITY |
278,750,608,663 |
267,251,417,340 |
246,689,617,312 |
|
I. OWNER’S
EQUITY |
278,750,608,663 |
267,251,417,340 |
246,689,617,312 |
|
1. Capital |
230,000,000,000 |
200,000,000,000 |
200,000,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
0 |
84,447,053 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
5,890,511,943 |
4,255,657,891 |
2,158,144,868 |
|
9. Other funds |
0 |
0 |
|
|
10. Retained earnings |
42,860,096,720 |
62,911,312,396 |
44,531,472,444 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
|
|
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 |
0 |
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
596,790,315,896 |
511,430,508,006 |
369,649,490,072 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
637,607,034,250 |
602,893,582,952 |
459,811,340,582 |
|
2. Deduction item |
1,420,211,170 |
268,468,364 |
29,176,800 |
|
3. Net revenue |
636,186,823,080 |
602,625,114,588 |
459,782,163,782 |
|
4. Costs of goods sold |
524,734,080,985 |
497,412,732,938 |
351,303,779,982 |
|
5. Gross profit |
111,452,742,095 |
105,212,381,650 |
108,478,383,800 |
|
6. Financial income |
727,286,602 |
337,197,188 |
4,998,527,570 |
|
7. Financial expenses |
20,572,185,072 |
18,163,356,219 |
17,089,904,255 |
|
- In which: Loan interest expenses |
14,015,903,223 |
8,759,382,968 |
8,043,359,199 |
|
8. Selling expenses |
41,049,865,351 |
28,094,619,870 |
23,397,432,807 |
|
9. Administrative overheads |
19,249,777,227 |
14,402,018,473 |
13,265,958,496 |
|
10. Net operating profit |
31,308,201,047 |
44,889,584,276 |
59,723,615,812 |
|
11. Other income |
1,499,071,856 |
1,238,972,750 |
121,185,067 |
|
12. Other expenses |
5,824,540,039 |
5,636,993,342 |
3,224,551,592 |
|
13. Other profit /(loss) |
-4,325,468,183 |
-4,398,020,592 |
-3,103,366,525 |
|
14. Total accounting profit before tax |
26,982,732,864 |
40,491,563,684 |
56,620,249,287 |
|
15. Current corporate income tax |
5,529,211,513 |
7,794,482,648 |
14,669,988,830 |
|
16. Deferred corporate income tax |
0 |
|
0 |
|
17. Interest from subsidiaries/related companies |
|
|
|
|
18. Profit after tax |
21,453,521,351 |
32,697,081,036 |
41,950,260,457 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.38 |
1.44 |
2.11 |
1.39 |
|
Quick liquidity ratio |
0.47 |
0.69 |
1.14 |
0.61 |
|
Inventory circle |
1.83 |
2.72 |
2.94 |
4.21 |
|
Average receive period |
82.34 |
94.23 |
107.93 |
65.72 |
|
Utilizing asset performance |
1.07 |
1.18 |
1.24 |
1.59 |
|
Liability by total assets |
53.29 |
47.74 |
33.26 |
65.93 |
|
Liability by owner's equity |
114.09 |
91.37 |
49.84 |
257.57 |
|
Ebit / Total assets (ROA) |
6.87 |
9.63 |
17.49 |
12.52 |
|
Ebit / Owner's equity (ROE) |
14.71 |
18.43 |
26.21 |
50.33 |
|
Ebit / Total revenue (NPM) |
6.43 |
8.17 |
14.06 |
9.31 |
|
Gross profit / Total revenue (GPM) |
17.48 |
17.45 |
23.59 |
15.36 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
|
|
||
|
CASH
FLOW STATEMENT |
||
|
(Direct method) |
||
|
Items |
FY2012 |
FY2011 |
|
I. Cash flows
from operating activities |
||
|
1.Cash received from customers |
678,789,436,116 |
605,985,406,498 |
|
2. Cash paid to suppliers |
-507,957,639,953 |
-430,868,596,049 |
|
3. Cash paid to employees |
-18,540,365,308 |
-17,077,982,786 |
|
4. Interest paid |
-14,015,903,223 |
-8,759,382,968 |
|
5. Income taxes paid |
-3,431,328,943 |
-3,916,600,328 |
|
6. Other operating cash receipts |
25,916,877,873 |
19,824,327,402 |
|
7. Other operating payments |
-76,814,892,373 |
-34,061,499,115 |
|
Net cash flows from operating activities |
83,946,184,189 |
131,125,672,654 |
|
II. Cash flows
from investing activities |
||
|
1. Purchases and construction of fixed assets and other long-term
assets |
-1,057,149,755 |
-16,766,791,025 |
|
2. Gains from disposals and liquidation of fixed assets and other
long-term assets |
1,090,909,091 |
1,150,743,624 |
|
3. Loans given and purchases of debt instruments of other entities |
0 |
|
|
4. Recovery of loans given and disposals of debt instruments of other
entities |
0 |
|
|
5. Investments into other entities |
0 |
-28,352,293,516 |
|
6. Withdrawals of investments in other entities |
0 |
|
|
7. Receipts of loan interests, dividends and profit shared |
0 |
|
|
Net cash flows from investing activities |
33,759,336 |
-43,968,340,917 |
|
III. Cash flows
from financing activities |
||
|
1. Gains from stock issuance and capital contributions from
shareholders |
30,000,000,000 |
|
|
2. Repayment for capital contributions and re-purchases of stocks
already issues |
0 |
|
|
3. Short-term and long-term loans received |
407,216,834,262 |
131,435,971,517 |
|
4. Loan principal amounts repaid |
-484,301,528,065 |
-206,443,624,704 |
|
5. Payments for financial leasehold assets |
|
|
|
6. Dividends and profit already paid to the owners |
-40,200,000,000 |
-10,720,883,375 |
|
Net cash flows from financing activities |
-87,284,693,803 |
-85,728,536,562 |
|
Net cash flows during the year |
-3,304,750,278 |
1,428,795,175 |
|
Beginning cash and cash equivalents |
3,581,838,319 |
2,153,223,144 |
|
Effects of fluctuations in foreign exchange rates |
|
|
|
Ending cash and cash equivalents |
277,088,041 |
3,582,018,319 |
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank. L/C or T/T |
|
Sale Methods |
|
Other |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
Subject
was formerly known as “Ngoc Tung Manufacturing Trading Service Co., Ltd”
which was established in September 1997. The subject has been changed to
Joint Stock Company since November 5th 2007 with trade name Ngoc
Tung Manufacturing Trading Service Joint Stock Company. It increased
chartered capital up to VND 230 billion in Nov 2012. Subject’s
head office/ factory is at Block E 21-22-23 Road No. 12, Le Minh Xuan
Industrial Park, Binh Chanh District, Ho Chi Minh City, Vietnam. Its
transaction office is at No. 955 Tran Xuan Soan Str, Tan
Hung Ward, District 7, Ho Chi Minh City, Vietnam. . The
subject is specialized in producing and trading in pesticides. Its materials
are imported from India, China, Netherlands, Australia, USA, France, Germany,
Argentina and Malaysia. The subject has created a wide distribution network
with about 500 the branches and representative offices in many provinces of
Vietnam but its strategy market has been Mekong Delta Area. It continues to
expand business activities and improve the ability to meet customer
requirements. The subject has established a subsidiary (NGOCTUNG PESTICIDE
JOINT STOCK COMPANY) to manufacture NPK fertilizer. The
management capacity of the subject is good. Its business operations are
regular. All products of Ngoc Tung are produced under the control of the
quality management system. Thus, their quality is stable and effective. Being
chosen as the “Vietnam high quality products” since 2005, Ngoc Tung is one of
the top pesticide manufactures in Vietnam. According to the financial data, turnover of
the subject increased year after year. However in 2012, profit after tax was
lower than data in 2011 because some expenses increased. Current
liquidity ratio was 1.38.
It finds that the subject had VND 1.38 of current assets to guarantee VND 1 of debts. This ratio was lower
than data in 2011 and industry average ratio but it was at acceptable level.
In term of size, Ngoc Tung is in the mid-size segment among the industry. In
term of capital structure, company enjoys a safe structure although the
subject has increased short-term debt & loan in order to fund the
production activities. Like others operating in the same file, the company
has difficulties in collecting due payment (the subject has granted credit for
most of its customers) in this period because of client’s shortage cash. Its
business risks are fluctuation of material price has negative impacts on
company’s operation because a large scale of the subject input materials are imported;
the company prestige might be harm by materials imported from China because
China-made fake product evil. Prospect of the subject company is that the
pesticide market capacity remains to be large (according to expert estimates,
Vietnam pesticide market capacity of about 120 million -1.5 billion dollars /
year, China's pesticide chemicals in Vietnam market share of 30% -40%). The
subject has prospect for expanding because demand for plant protection drugs
in Vietnam market is at high level and keep increasing. Competition in this
field is fiercer because there are many foreign agricultural chemical
suppliers are granted certificates to do business and import directly to
Vietnam. |
------------ 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.61.82 |
|
|
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
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.