|
Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
THANHLOI TRADE - IMPORT EXPORT JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
Po Dua Hamlet, Mai Pha Commune, Lang Son City, Lang Son Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financial as on: |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
18.11.2011 |
|
|
|
|
Com. Reg. No.: |
4900219641 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Trading agricultural products, seafood and trading petrol. |
|
|
|
|
No. of Employees : |
25 |
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 |
|
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 (31.03.2012) |
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 |
|
English Name |
|
THANHLOI TRADE - IMPORT EXPORT JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CP THUONG MAI XUAT NHAP KHAU THANH LOI |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2002 |
|
Business Registration No. |
|
4900219641 |
|
Date of Registration |
|
18 Nov 2011 |
|
Place of Registration |
|
Lang Son Department of Planning and Investment |
|
Chartered capital |
|
VND 4,200,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
4900219641 |
|
Total Employees |
|
25 |
|
Head Office |
||
|
Address |
|
Po Dua Hamlet, Mai Pha Commune, Lang Son City, Lang Son Province,
Vietnam |
|
Telephone |
|
(84-25) 3717154 |
|
Fax |
|
(84-25) 3717154/ 3873594 |
|
1. NAME |
|
Ms. TRIEU THI NA |
|
Position |
|
Director |
|
Date of Birth |
|
18 Jun 1979 |
|
ID Number/Passport |
|
081037657 |
|
ID Issue Date |
|
18 Oct 2001 |
|
ID Issue Place |
|
Lang Son Police Department |
|
Resident |
|
No. 145 Ba Trieu Street, Dong Kinh Ward, Lang Son
City, Lang Son Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Ms. HOANG THUY NGA |
|
Position |
|
Chief Accountant |
|
Resident |
|
No. 101, Block 1, Cao Loc Town, Cao Loc District, Lang Son Province,
Vietnam |
|
Mobile phone |
|
+84 983723888 |
|
Nationality |
|
Vietnamese |
The subject focuses on trading agricultural products, seafood and
trading petrol.
|
IMPORT: |
||
|
Types of products |
|
Agricultural products |
|
Market |
|
India, Pakistan, Hong Kong |
|
|
||
|
EXPORT: |
||
|
Market |
|
China |
|
1. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE LANG
SON BRANCH |
||
|
Address |
|
No.51 Le Loi str, Lang Son City, Lang Son Province, Vietnam |
|
Telephone |
|
(84-25) 3876689 |
|
|
||
|
2. BANK FOR DEVELOPMENT AND INVESTMENT OF VIETNAM LANG SON BRANCH |
||
|
Address |
|
No.1 Hoang Van Thu Street,Chi Lang Ward, Lang Son City, Lang Son Province,
Vietnam |
|
Telephone |
|
(84-25) 3812063 |
|
1. NAME |
|
Ms. TRIEU THI NA |
|
Position |
|
Director |
|
Date of Birth |
|
18 Jun 1979 |
|
ID Number/Passport |
|
081037657 |
|
Issued on |
|
18 Oct 2001 |
|
Issued Place |
|
Lang Son Police Department |
|
Resident |
|
No. 145 Ba Trieu Street, Dong Kinh Ward, Lang Son City, Lang Son
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
280 |
|
Value of shares |
|
VND 1,400,000,000 |
|
Percentage |
|
33.33% |
|
|
||
|
2. NAME |
|
Ms. TRUONG THI TIEN |
|
ID Number/Passport |
|
080880249 |
|
Resident |
|
No. 441 Ba Trieu Street, Dong Kinh Ward, Lang Son City, Lang Son
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
280 |
|
Value of shares |
|
VND 1,400,000,000 |
|
Percentage |
|
33.33% |
|
|
||
|
3. NAME |
|
Ms. HUA THI NHUNG |
|
ID Number/Passport |
|
080782804 |
|
Resident |
|
No. 442 Ba Trieu Street, Dong Kinh Ward, Lang Son City, Lang Son
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
280 |
|
Value of shares |
|
VND 1,400,000,000 |
|
Percentage |
|
33.33% |
|
BALANCE SHEET |
|||
|
Unit: One VND |
|||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
52 |
|
Audit status |
Unknown |
Unknown |
Unknown |
|
ASSETS |
|||
|
A – CURRENT ASSETS |
123,724,000,000 |
2,888,152,224 |
1,518,746,175 |
|
I. Cash and cash equivalents |
939,000,000 |
380,999,500 |
123,230,769 |
|
1. Cash |
939,000,000 |
380,999,500 |
123,230,769 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts receivable |
121,580,000,000 |
2,327,053,773 |
1,204,107,713 |
|
1. Receivable from customers |
120,884,000,000 |
1,399,045,822 |
1,195,846,855 |
|
2. Prepayments to suppliers |
688,000,000 |
919,747,093 |
0 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
8,000,000 |
8,260,858 |
8,260,858 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
1,007,000,000 |
129,163,715 |
165,592,075 |
|
1. Inventories |
1,007,000,000 |
129,163,715 |
165,592,075 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current Assets |
198,000,000 |
50,935,236 |
25,815,618 |
|
1. Short-term prepaid expenses |
0 |
0 |
25,815,618 |
|
2. VAT to be deducted |
191,000,000 |
29,971,041 |
0 |
|
3. Taxes and other accounts receivable from the State |
7,000,000 |
20,964,195 |
0 |
|
4. Other current assets |
0 |
0 |
0 |
|
B. LONG-TERM ASSETS |
2,713,000,000 |
979,853,307 |
434,792,142 |
|
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 |
2,713,000,000 |
979,853,307 |
434,792,142 |
|
1. Tangible assets |
2,713,000,000 |
979,853,307 |
434,792,142 |
|
- Historical costs |
3,353,000,000 |
1,473,552,415 |
880,875,142 |
|
- Accumulated depreciation |
-640,000,000 |
-493,699,108 |
-446,083,000 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
0 |
|
- Initial costs |
0 |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
0 |
|
III. Investment property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
0 |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
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 |
0 |
0 |
0 |
|
V. Other long-term assets |
0 |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
126,437,000,000 |
3,868,005,531 |
1,953,538,317 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
122,022,000,000 |
2,610,570,206 |
726,707,648 |
|
I. Current liabilities |
122,022,000,000 |
2,610,570,206 |
726,707,648 |
|
1. Short-term debts and loans |
3,270,000,000 |
2,600,000,000 |
300,000,000 |
|
2. Payable to suppliers |
118,538,000,000 |
0 |
412,157,844 |
|
3. Advances from customers |
123,000,000 |
7,841 |
0 |
|
4. Taxes and other obligations to the State Budget |
91,000,000 |
10,562,365 |
14,549,804 |
|
5. Payable to employees |
0 |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
0 |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
0 |
0 |
|
II. Long-Term Liabilities |
0 |
0 |
0 |
|
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 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
0 |
|
B- OWNER’S EQUITY |
4,415,000,000 |
1,257,435,325 |
1,226,830,669 |
|
I. OWNER’S EQUITY |
4,415,000,000 |
1,257,435,325 |
1,226,830,669 |
|
1. Capital |
4,105,000,000 |
1,105,431,113 |
1,105,431,113 |
|
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 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
121,399,556 |
|
10. Retained earnings |
310,000,000 |
152,004,212 |
0 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S INTEREST |
0 |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
126,437,000,000 |
3,868,005,531 |
1,953,538,317 |
PROFIT & LOSS
STATEMENT
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
199,084,000,000 |
19,783,498,021 |
14,545,432,711 |
|
2. Deduction item |
0 |
0 |
0 |
|
3. Net revenue |
199,084,000,000 |
19,783,498,021 |
14,545,432,711 |
|
4. Costs of goods sold |
194,172,000,000 |
18,909,516,776 |
13,594,548,439 |
|
5. Gross profit |
4,912,000,000 |
873,981,245 |
950,884,272 |
|
6. Financial income |
4,000,000 |
0 |
0 |
|
7. Financial expenses |
22,000,000 |
0 |
0 |
|
- In which: Loan interest expenses |
0 |
0 |
0 |
|
8. Selling expenses |
0 |
0 |
0 |
|
9. Administrative overheads |
4,683,000,000 |
835,664,682 |
891,862,685 |
|
10. Net operating profit |
211,000,000 |
38,316,563 |
59,021,587 |
|
11. Other income |
0 |
2,489,645 |
3,333,089 |
|
12. Other expenses |
0 |
0 |
0 |
|
13. Other profit /(loss) |
0 |
2,489,645 |
3,333,089 |
|
14. Total accounting profit before tax |
211,000,000 |
40,806,208 |
62,354,676 |
|
15. Current corporate income tax |
53,000,000 |
10,201,552 |
15,588,669 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
158,000,000 |
30,604,656 |
46,766,007 |
FINANCIAL RATIOS AND
AVERAGE INDUSTRY RATIOS
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.01 |
1.11 |
2.09 |
1.29 |
|
Quick liquidity ratio |
1.01 |
1.06 |
1.86 |
0.90 |
|
Inventory circle |
192.82 |
128.31 |
82.10 |
16.60 |
|
Average receive period |
222.90 |
42.93 |
30.22 |
61.82 |
|
Utilizing asset performance |
1.57 |
5.11 |
7.45 |
2.31 |
|
Liability by total assets |
96.51 |
67.49 |
37.20 |
66.08 |
|
Liability by owner's equity |
2,763.81 |
207.61 |
59.23 |
252.07 |
|
Ebit / Total assets (ROA) |
0.17 |
1.06 |
3.19 |
6.85 |
|
Ebit / Owner's equity (ROE) |
4.78 |
3.25 |
5.08 |
25.35 |
|
Ebit / Total revenue (NPM) |
0.11 |
0.21 |
0.43 |
4.35 |
|
Gross profit / Total revenue (GPM) |
2.47 |
4.42 |
6.54 |
8.03 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
||||
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
N/A |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TTR |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
The subject - THANHLOI TRADE - IMPORT EXPORT JOINT STOCK COMPANY was
founded in 2002 in Lang Son Province as a Joint Stock Company. Its head
office is located at Po Dua Hamlet, Mai Pha Commune, Lang Son City, Lang Son
Province. It specializes in trading agricultural products, seafood and trading
petrol. The subject supplies products in both retailing and wholesaling. It
also exports products to foreign country with main market of China.
The subject is ranked as small size company in the industry. Its
financial situation is considered average. It is noticeable that subject’s
financial statement of 2011 was collected from the banker source that is
different from the source of tax authorities as year 2009 and 2010, then the
figures are different; however it still showed the good growth of the subject
in 2011.
The Balance Sheet of FY 2011 showed that the company’s total assets were
VND 126.4 billion; nearly 32 times higher than previous year. The current
assets took high rate in company’s total assets, especially account receivable.
On its profit and loss statement, the company’s total sales in 2011 rocketed up
to VND 199.08 billion. According to Ms. Hoang Thuy Nga – the company’s chief
accountant, the actual subject’s turnover in the first nine month of 2011 were
over VND 60 billion, However the subject often attains much revenue by late
months of a year.
In general, the subject can meet small financial commitments.
|
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.52.97 |
|
|
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.