|
Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ME KONG COMMODITIES JSC |
|
|
|
|
Registered Office : |
Floor 20th, Room 2003, Centec Tower No. 72-74 Nguyen Thi Minh Khai
Street, Ward 6, District 3, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Establishment: |
2007 |
|
|
|
|
Com. Reg. No.: |
0305208651 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
trader and distributor
of animal foodstuff including soya oil-cake, coconut oil-cake, peanut oil-cake,
corn-cob, wheat, bran, soya bean meal, fish meal, meat and bone meal, squid
liver powder |
|
|
|
|
No. of Employees : |
10 |
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 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 |
|
ME KONG COMMODITIES JSC |
|
Vietnamese Name |
|
CONG TY CO PHAN NGUYEN LIEU ME KONG |
|
Trade name |
|
MEKONUTRI |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2007 |
|
Business Registration No. |
|
0305208651 |
|
Date of the latest adjustment (4th) |
|
19 Jul 2012 |
|
Place of Registration |
|
Business Registration Office - Planning and
Investment Department of Ho Chi Minh City |
|
Chartered capital |
|
VND 2,000,000,000 |
|
Tax code |
|
0305208651 |
|
Total Employees |
|
10 |
Historical
Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Business
Registration No: 4103007906 issued on 25 Sep 2007 Changed to: 0305208651 |
|
|
||
Company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Floor 20th, Room 2003, Centec Tower No. 72-74
Nguyen Thi Minh Khai Street, Ward 6, District 3, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3520 6638 - 3520 6649 |
|
Fax |
|
(84-8) 3521 0568 |
|
Website |
|
www.mekonutri.com (This site is under construction |
|
|
||
SUBSIDIARIES AND RELATED COMPANIES
|
||
|
|
||
|
RELATED COMPANY
- QUANG DUNG COMPANY LIMITED |
||
|
Business Registration |
|
0301629955 |
|
Date of Registration |
|
04 Aug 2011 |
|
Place of Registration |
|
Business Registration Office - Planning and Investment Department of
Ho Chi Minh City |
|
Chartered capital |
|
VND 65,000,000,000 |
|
Tax code |
|
0301629955 |
|
Address |
|
Floor 20th, Centec Building, No. 72-74 Nguyen Thi Minh Khai Str, Ward
6, 3 District, Ho Chi Minh City, Vietnam |
|
Tel |
|
(84-8) 3520 6638 |
|
Fax |
|
(84-8) 3823 3318 |
|
Website |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGO HOAI PHONG |
|
Position |
|
Chairman cum Director |
|
Date of Birth |
|
15 May 1976 |
|
ID Number/Passport |
|
025099979 |
|
ID Issue Date |
|
27 Feb 2009 |
|
ID Issue Place |
|
Police Station of Ho Chi
Minh City |
|
Resident |
|
2.1 Lot B, Quarter 1,
Luong Dinh Cua Street, An Phu Ward, District 2, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Email |
|
|
|
Qualification |
|
Management |
|
|
|
|
|
1.
NAME |
|
Ms.
DIEM THUY |
|
Position |
|
Accountant |
|
Resident |
|
Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject specialized in trading and
distributing animal foodstuff. Its products are soya oil-cake, coconut
oil-cake, peanut oil-cake, corn-cob, wheat, bran, soya bean meal, fish meal,
meat and bone meal, squid liver powder... |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Material |
|
·
Market |
|
Argentina, India... |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Cambodia |
|
|
||
BANKERS
|
||
|
|
||
|
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 |
|
Fax |
|
(84-8) 3932 2488 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Ms.
DIEP HUU LINH LAN |
|
Date of Birth |
|
13 Jan 1979 |
|
ID Number/Passport |
|
023165139 |
|
Issued on |
|
16 Jan 2006 |
|
Issued Place |
|
Police station of Ho Chi Minh City |
|
Resident |
|
218I, Nguyen Thi Minh Khai Street, Ward 6,
District 3, Ho Chi Minh City, Vietnam |
|
Current Resident |
|
48/16B Ho Bieu Chanh Str, Ward 11, Phu
Nhuan District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
40,000 |
|
Value of shares |
|
VND 400,000,000 |
|
Percentage |
|
20% |
|
|
||
|
2.
NAME |
|
Mr.
LY ANH DUNG |
|
Date of Birth |
|
05 Aug 1966 |
|
ID Number/Passport |
|
021753404 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. 284/7 Nguyen Trong Tuyen Str, Ward 10,
Phu Nhuan District, Ho Chi Minh City, Vietnam |
|
Email |
|
|
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
100,000 |
|
Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
50% |
|
|
||
|
3.
NAME |
|
Mr.
NGO HOAI PHONG |
|
Position |
|
Chairman cum Director |
|
Date of Birth |
|
15 May 1976 |
|
ID Number/Passport |
|
025099979 |
|
Issued on |
|
27 Feb 2009 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
2.1 Lot B, Quarter 1, Luong Dinh Cua
Street, An Phu Ward, District 2, Ho Chi Minh City, Vietnam |
|
Email |
|
|
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
60,000 |
|
Value of shares |
|
VND 600,000,000 |
|
Percentage |
|
30% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One
VND
|
||
|
Balance sheet
date |
31/12/2012 |
31/12/2011 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
31,576,000,000 |
15,964,000,000 |
|
I. Cash and cash
equivalents |
6,709,000,000 |
6,017,000,000 |
|
1. Cash |
6,709,000,000 |
6,017,000,000 |
|
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 |
24,498,000,000 |
7,685,000,000 |
|
1. Receivable from customers |
15,555,000,000 |
7,073,000,000 |
|
2. Prepayments to suppliers |
9,131,000,000 |
612,000,000 |
|
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 |
-188,000,000 |
0 |
|
IV. Inventories |
338,000,000 |
2,038,000,000 |
|
1. Inventories |
338,000,000 |
2,038,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
31,000,000 |
224,000,000 |
|
1. Short-term prepaid expenses |
5,000,000 |
9,000,000 |
|
2. VAT to be deducted |
26,000,000 |
215,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM
ASSETS |
1,557,000,000 |
767,000,000 |
|
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
|
1,428,000,000 |
767,000,000 |
|
1. Tangible assets |
1,428,000,000 |
767,000,000 |
|
- Historical costs |
1,929,000,000 |
1,034,000,000 |
|
- Accumulated depreciation |
-501,000,000 |
-267,000,000 |
|
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 |
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 |
129,000,000 |
0 |
|
1. Long-term prepaid expenses |
129,000,000 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
33,133,000,000 |
16,731,000,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
22,793,000,000 |
13,222,000,000 |
|
I. Current
liabilities |
22,793,000,000 |
13,222,000,000 |
|
1. Short-term debts and loans |
0 |
0 |
|
2. Payable to suppliers |
6,455,000,000 |
6,756,000,000 |
|
3. Advances from customers |
2,138,000,000 |
6,168,000,000 |
|
4. Taxes and other obligations to the State Budget |
801,000,000 |
299,000,000 |
|
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 |
13,400,000,000 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
-1,000,000 |
-1,000,000 |
|
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 Sale |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
|
B- OWNER’S
EQUITY |
10,340,000,000 |
3,509,000,000 |
|
I. OWNER’S
EQUITY |
10,340,000,000 |
3,509,000,000 |
|
1. Capital |
2,000,000,000 |
2,000,000,000 |
|
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 |
0 |
0 |
|
10. Retained earnings |
8,340,000,000 |
1,509,000,000 |
|
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 |
33,133,000,000 |
16,731,000,000 |
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2012 |
|
1. Total Sales |
342,993,000,000 |
|
2. Deduction item |
1,000,000 |
|
3. Net sale |
342,992,000,000 |
|
4. Costs of goods sold |
326,591,000,000 |
|
5. Gross profit |
16,401,000,000 |
|
6. Financial income |
49,000,000 |
|
7. Financial expenses |
0 |
|
- In which: Loan interest expenses |
0 |
|
8. Selling expenses |
6,992,000,000 |
|
9. Administrative overheads |
1,344,000,000 |
|
10. Net operating profit |
8,114,000,000 |
|
11. Other income |
466,000,000 |
|
12. Other expenses |
246,000,000 |
|
13. Other profit /(loss) |
220,000,000 |
|
14. Total accounting profit before tax |
8,334,000,000 |
|
15. Current corporate income tax |
1,503,000,000 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
6,831,000,000 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
Average Industry |
|
Current liquidity ratio |
1.39 |
1.21 |
1.20 |
|
Quick liquidity ratio |
1.37 |
1.05 |
0.65 |
|
Inventory circle |
274.91 |
- |
11.15 |
|
Average receive period |
26.07 |
- |
49.22 |
|
Utilizing asset performance |
10.35 |
- |
2.60 |
|
Liability by total assets |
68.79 |
79.03 |
72.10 |
|
Liability by owner's equity |
220.44 |
376.80 |
396.96 |
|
Ebit / Total assets (ROA) |
25.15 |
- |
8.25 |
|
Ebit / Owner's equity (ROE) |
80.60 |
- |
42.15 |
|
Ebit / Total sale (NPM) |
2.43 |
- |
4.23 |
|
Gross profit / Total sale (GPM) |
4.78 |
- |
7.33 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Normal |
INTERPRETATION ON THE SCORES
|
|
|
|
ME KONG COMMODITIES JSC was established in 2007. Currently, the subject has been operating under
the business registration No. 0305208651 with the chartered capital VND 2
billion. Its head office is registered at Floor 20th, Room 2003,
Centec Tower, No. 72-74 Nguyen Thi Minh Khai Street, Ward 6, District 3, Ho
Chi Minh City, Vietnam. The subject is considered subsidiary of
Quang Dung Company Limited. Its shareholders Mr.Ly Anh Dung and Ms. Diep Huu
Linh Lan are also directors of Quang Dung Company Limited. Premises and
facilities of subject are normal. Its head office located at same place of
Quang Dung Company Limited. Total labor force of subject is 10 people. The subject is specialized in trading and distributing animal
foodstuff. It products are soya oil-cake, coconut oil-cake, peanut oil-cake,
corn-cob, wheat, bran, soya bean meal, fish meal, meat and bone meal, squid
liver powder... It imports materials from Argentina, India… but not much.
Products of subject are exported to Cambodia. Main operation market is
subject is in domestic. According to above financial data, the
subject’s financial situation was above average. Its turnover and profit were fairly good although sale and profit were
lower in comparison with Quang Dung Company Limited. Liquidity ratio and
liability ratio were better than average industry. In general, the subject
has capacity to meet small and normal financial commitments. |
|
|
|
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.65.42 |
|
UK Pound |
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.32 |
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.