|
Report Date : |
02.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SA CHI COMPANY LIMITED |
|
|
|
|
Registered Office : |
Area 3 Hai Hoa Ward, Mong Cai City, Quang Ninh Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
2005 |
|
|
|
|
Com. Reg. No.: |
5700537166 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
The subject specializes in trust import and export. It acts as import-export agent, intermediary. It often imports and exports goods on behalf and demand of other companies. |
|
|
|
|
No. of Employees : |
Nearly 40 |
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 in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep 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 has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.
Source
: CIA
SUBJECT IDENTIFICATION & LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
SA CHI COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH SA CHI |
|
Short name |
|
SCI CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2005 |
|
Business Registration No. |
|
5700537166 |
|
Date of Registration |
|
08 Apr 2010 |
|
Place of Registration |
|
Quang Ninh Planning and Investment Department
|
|
Chartered capital |
|
VND 8,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
5700537166 |
|
Total Employees |
|
Nearly 40 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former chartered capital:
4,300,000,000 VND Changed to: 8,000,000,000 VND |
08
Apr 2010 |
|
2 |
Subject has got former Business
Registration No: 2202000870 dated 25 March 2005 Changed to: 5700537166 |
08
Apr 2010 |
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Area 3 Hai Hoa Ward, Mong Cai City, Quang
Ninh Province, Vietnam |
|
Telephone |
|
(84-33) 3778765 |
|
Fax |
|
(84-33) 3778898 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 26-27, Tran Van Kieu street, Ward 10 ,
5 District, Ho Chi Minh City, Vietnam |
|
Note: Branch tax code and business registration
number: 5700537166-001. This branch was opened in 2010. |
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
TRAN VAN SON |
|
Position |
|
Director |
|
Date of Birth |
|
20 Jan 1972 |
|
ID Number/Passport |
|
022706503 |
|
ID Issue Date |
|
09 Jul 1996 |
|
ID Issue Place |
|
Ho Chi Minh police |
|
Resident |
|
44B Ham Tu, 1 Ward, 5
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
LE THUY QUYNH |
|
Position |
|
Deputy Director |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject specializes in trust import and export. It acts as import-export agent,
intermediary. It often imports and exports goods on behalf and demand of
other companies. |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Agricultural products, seafood |
|
·
Market |
|
China |
|
|
||
|
IMPORT: |
||
|
·
Market |
|
Most of countries |
|
Note: Types of goods and import
markets are dependent on demand and order of customers. |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM MONG CAI BRANCH |
||
|
Address |
|
No.2 Van Don, Mong Cai City, Quang Ninh Province, Vietnam |
|
Telephone |
|
(84-33) 3882193 |
|
Fax |
|
(84-33) 3881676 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
TRAN VAN SON |
|
Position |
|
Director |
|
Date of Birth |
|
20 Jan 1972 |
|
ID Number/Passport |
|
022706503 |
|
Issued on |
|
09 Jul 1996 |
|
Issued Place |
|
Ho Chi Minh police |
|
Resident |
|
44B Ham Tu, 1 Ward, District 5, Ho Chi
Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 4,400,000,000 |
|
Percentage |
|
55% |
|
|
||
|
2.
NAME |
|
Ms.
DAO THI KHANH |
|
ID Number/Passport |
|
100519745 |
|
Resident |
|
Group 3 Hai Hoa Ward, Mong Cai City, Quang
Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 3,000,000,000 |
|
Percentage |
|
37.5% |
|
|
||
|
3.
NAME |
|
Mr.
TRAN TRUNG THUY |
|
ID Number/Passport |
|
022756594 |
|
Resident |
|
44B Ham Tu, 1 Ward, District 5, Ho Chi
Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 400,000,000 |
|
Percentage |
|
5% |
|
|
||
|
4.
NAME |
|
Mr.
DO DUY CHUNG |
|
ID Number/Passport |
|
100774793 |
|
Resident |
|
Group 2 Trung Vuong Ward, Uong Bi
District, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 200,000,000 |
|
Percentage |
|
2.5% |
|
|
||
FINANCIAL DATA
|
||
|
Note: The financial information of FY 2010 is not available. |
||
|
BALANCE
SHEET |
||
Unit: One
VND
|
||
|
Balance sheet
date |
31/12/2011 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
20,118,000,000 |
60,343,000,000 |
|
I. Cash and cash
equivalents |
1,488,000,000 |
1,169,000,000 |
|
1. Cash |
1,488,000,000 |
1,169,000,000 |
|
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 |
17,895,000,000 |
15,951,000,000 |
|
1. Receivable from customers |
8,655,000,000 |
8,881,000,000 |
|
2. Prepayments to suppliers |
9,240,000,000 |
7,070,000,000 |
|
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 |
0 |
0 |
|
IV. Inventories |
484,000,000 |
40,476,000,000 |
|
1. Inventories |
484,000,000 |
40,476,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
251,000,000 |
2,747,000,000 |
|
1. Short-term prepaid expenses |
251,000,000 |
471,000,000 |
|
2. VAT to be deducted |
0 |
2,276,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM ASSETS
|
7,485,000,000 |
7,788,000,000 |
|
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
|
7,446,000,000 |
7,725,000,000 |
|
1. Tangible assets |
6,796,000,000 |
7,075,000,000 |
|
- Historical costs |
10,799,000,000 |
8,696,000,000 |
|
- Accumulated depreciation |
-4,003,000,000 |
-1,621,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
650,000,000 |
650,000,000 |
|
- Initial costs |
650,000,000 |
650,000,000 |
|
- 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 |
39,000,000 |
63,000,000 |
|
1. Long-term prepaid expenses |
39,000,000 |
63,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
27,603,000,000 |
68,131,000,000 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
16,658,000,000 |
62,644,000,000 |
|
I. Current
liabilities |
16,558,000,000 |
60,844,000,000 |
|
1. Short-term debts and loans |
8,492,000,000 |
9,152,000,000 |
|
2. Payable to suppliers |
202,000,000 |
659,000,000 |
|
3. Advances from customers |
7,421,000,000 |
782,000,000 |
|
4. Taxes and other obligations to the State Budget |
144,000,000 |
51,000,000 |
|
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 |
299,000,000 |
50,200,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
|
|
II. Long-Term
Liabilities |
100,000,000 |
1,800,000,000 |
|
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 |
100,000,000 |
1,800,000,000 |
|
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 |
10,945,000,000 |
5,487,000,000 |
|
I. OWNER’S
EQUITY |
10,945,000,000 |
5,487,000,000 |
|
1. Capital |
8,000,000,000 |
4,300,000,000 |
|
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 |
2,945,000,000 |
1,187,000,000 |
|
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 |
27,603,000,000 |
68,131,000,000 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2009 |
|
1. Total Sales |
260,368,000,000 |
114,873,000,000 |
|
2. Deduction item |
0 |
0 |
|
3. Net revenue |
260,368,000,000 |
114,873,000,000 |
|
4. Costs of goods sold |
248,333,000,000 |
105,221,000,000 |
|
5. Gross profit |
12,035,000,000 |
9,652,000,000 |
|
6. Financial income |
2,046,000,000 |
4,000,000 |
|
7. Financial expenses |
1,993,000,000 |
715,000,000 |
|
- In which: Loan interest expenses |
0 |
0 |
|
8. Selling expenses |
9,678,000,000 |
7,725,000,000 |
|
9. Administrative overheads |
975,000,000 |
595,000,000 |
|
10. Net operating profit |
1,435,000,000 |
621,000,000 |
|
11. Other income |
1,138,000,000 |
0 |
|
12. Other expenses |
1,183,000,000 |
0 |
|
13. Other profit /(loss) |
-45,000,000 |
0 |
|
14. Total accounting profit before tax |
1,390,000,000 |
621,000,000 |
|
15. Current corporate income tax |
243,000,000 |
109,000,000 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
|
|
|
18. Profit after tax |
1,147,000,000 |
512,000,000 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.22 |
0.99 |
1.21 |
|
Quick liquidity ratio |
1.19 |
0.33 |
0.72 |
|
Inventory circle |
513.08 |
2.60 |
12.25 |
|
Average receive period |
25.09 |
50.68 |
51.49 |
|
Utilizing asset performance |
9.43 |
1.69 |
2.30 |
|
Liability by total assets |
60.35 |
91.95 |
59.32 |
|
Liability by owner's equity |
152.20 |
1,141.68 |
229.17 |
|
Ebit / Total assets (ROA) |
5.04 |
0.91 |
8.16 |
|
Ebit / Owner's equity (ROE) |
12.70 |
11.32 |
24.08 |
|
Ebit / Total revenue (NPM) |
0.53 |
0.54 |
6.61 |
|
Gross profit / Total revenue (GPM) |
4.62 |
8.40 |
16.82 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
The subject mainly pays in term of T/T |
|
Sale Methods |
|
To contracts |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
SA CHI COMPANY LIMITED was found in 2005 under the
Business Registration No. 2202000870 dated 25 March 2005 by Quang Ninh
Planning and Investment Department. The latest Business Registration No.
5700537166 was updated on 08 April 2010 for the Tax code coincidence.
Registered capital is VND 8 billion and the labor force is nearly 40 persons.
Head office is locates at Area 3, Hai Hoa ward,
Mong Cai city, Quang Ninh province. The subject opened another branch at Tran
Van Kieu Street, Ho Chi Minh city in 2010. Since establishment, it operates
as a trust import and export agent. The subject does not import goods for
trade or distribution, but on behalf of other companies on demand. Therefore,
products imported and imported markets are various. The subject also takes
over trust export, in which it acts as supplier's representative. It often
exports agriculture products, seafood to China. As the subject only imports
on behalf of other companies, payments for imported goods are made through
other companies. Financially, the subject’s business result
witnessed a fairly growth in FY2011 against previous years. In illustration,
total revenues recorded at VND 260 billion, doubled in compared to 2009.
Profit after tax also saw a 124% growth. However, Total assets decreased
much. This decrease mainly sourced from inventory. In FY2011, the debt rate
was considerably improved in compared with two years earlier; signaling a
fairly safe capital structure. Profitability ratios were normal. In general, the subject is a small company operating as import-export agent. It is only reliable for small commitments. |
------------ APPENDIX ----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
5.53 |
7.70 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.69 |
7.52 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
ECONOMIC INDICATORS
|
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population
(Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic
Products (USD billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita
(USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (%
Change in Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget
Deficit compared with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
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.