MIRA
INFORM REPORT
|
Report Date : |
03.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
T&T CHEMICAL COMPANY LIMITED |
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Registered Office : |
No. 150 Quan Thanh Str., Quan Thanh ward, Ba Dinh District, Ha Noi
City |
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Country : |
Vietnam |
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Financials (as on) : |
31.12.2008 |
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Date of Incorporation : |
14.12.2005 |
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Com. Reg. No.: |
0101841030 |
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Legal Form : |
Limited liability company |
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Line of Business : |
The subject specializes in trading material, chemicals for paint,
plastic, ceramics, construction industries. |
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No. of Employees : |
9 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
Current legal status |
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|
English Name |
|
T&T CHEMICAL COMPANY LIMITED |
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Vietnamese Name |
|
CONG TY TNHH HOA CHAT T&T |
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Short name |
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TT CHEM CO., LTD |
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Type of Business |
|
Limited liability company |
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Year Established |
|
2005 |
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Business Registration No. |
|
0101841030 |
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First Date of Registration |
|
14 Dec 2005 |
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Place of Registration |
|
Hanoi city Department of Planning and Investment |
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Chartered capital |
|
VND 500,000,000 |
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Status |
|
Unlisted |
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Tax code |
|
0101841030 |
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Total Employees |
|
9 |
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Size |
|
Small |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration No: 0102023515 Changed to: 0101841030 |
2012 |
ADDRESSES
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Head Office |
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|
Address |
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No. 150 Quan Thanh Str., Quan Thanh ward, Ba Dinh District, Ha Noi City,
Vietnam |
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Telephone |
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(84-4) 3716 3151 |
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Fax |
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(84-4) 3716 4364 |
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Email |
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|
Website |
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DIRECTORS
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1. NAME |
|
Mr. NGUYEN QUOC TUAN |
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Position |
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Director |
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Date of Birth |
|
30 Sep 1971 |
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ID Number/Passport |
|
011617017 |
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ID Issue Date |
|
26 Aug 1998 |
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ID Issue Place |
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Hanoi city Police Office |
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Resident |
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No. 150 Quan Thanh Str., Quan Thanh Ward, Ba Dinh
District, Ha Noi City, Vietnam |
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Nationality |
|
Vietnamese |
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Tel/Mobile phone |
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+84 903217772 |
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2. NAME |
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Ms. LE THI TUYET MAI |
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Position |
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Deputy Director |
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ID Number/Passport |
|
011957035 |
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Resident |
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No. 150 Quan Thanh Str, Quan Thanh Ward, Ba Dinh District,
Ha Noi City, Vietnam |
BUSINESS NATURE AND ACTIVITIES
The subject specializes in trading material, chemicals for paint,
plastic, ceramics, construction industries.
IMPORT & EXPORT ACTIVITIES
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IMPORT: |
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Types of products |
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Chemicals |
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Market |
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Singapore, China, Thailand, Japan, Korea, India, Indonesia |
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Ratio |
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50% |
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Mode of payment |
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TTR |
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EXPORT: |
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Note: Currently, the subject does not export |
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BANKERS
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1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM |
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Address |
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No. 198 Tran Quang Khai Street, Hoan Kiem District, Ha Noi City,
Vietnam |
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Telephone |
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(84-4) 3934 3137 / (84-4) 3814 8919 |
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Fax |
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(84-4) 3826 9067 / (84-4) 3825 1322 |
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2. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM TAY HO BRANCH |
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Address |
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No.278 Thuy Khe, Tay Ho District, Ha Noi City, Vietnam |
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Telephone |
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(84-4) 37285255 |
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3. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT TAY HO BRANCH |
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Address |
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No. 296 Nghi Tam Street, Tay Ho District, Ha Noi City, Vietnam |
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Telephone |
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(84-4) 3719 4143 |
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Fax |
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(84-4) 3719 4607 |
SHAREHOLDERS
|
1. NAME |
|
Mr. NGUYEN QUOC TUAN |
|
Position |
|
Director |
|
Date of Birth |
|
30 Sep 1971 |
|
ID Number/Passport |
|
011617017 |
|
Issued on |
|
26 Aug 1998 |
|
Issued Place |
|
Hanoi city Police Office |
|
Resident |
|
No. 150 Quan Thanh Str., Quan Thanh ward, Ba Dinh District, Ha Noi
City, Vietnam |
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Mobile phone |
|
+84 903217772 |
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Nationality |
|
Vietnamese |
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Value of shares |
|
VND 350,000,000 |
|
Percentage |
|
70% |
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||
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2. NAME |
|
Ms. LE THI TUYET MAI |
|
Position |
|
Deputy Director |
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ID Number/Passport |
|
011957035 |
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Resident |
|
No. 150 Quan Thanh Str, Quan Thanh ward, Ba Dinh District, Ha Noi
City, Vietnam |
|
Value of shares |
|
VND 150,000,000 |
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Percentage |
|
30% |
FINANCIAL HIGHLIGHT
|
With the best
effort, the latest financial data is not available |
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BALANCE SHEET |
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Unit: One VND |
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Balance sheet
date |
31/12/2008 |
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Number of weeks |
52 |
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ASSETS |
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A. Current Asset |
4,295,000,000 |
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Receivables |
1,420,000,000 |
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Inventory |
1,261,000,000 |
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Cash and other current assets |
1,614,000,000 |
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B. Long term Asset |
339,000,000 |
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1. Long term account receivable |
0 |
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2. Fixed assets |
283,000,000 |
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Tangible fixed assets |
283,000,000 |
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+ Original cost |
417,000,000 |
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+ Accumulated depreciation value |
134,000,000 |
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Financial leasehold assets |
- |
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Intangible fixed assets |
- |
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Construction in progress and other long term asset |
- |
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TOTAL ASSETS |
4,634,000,000 |
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LIABILITIES |
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Payable loans |
3,930,000,000 |
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Owner’s Equity |
704,000,000 |
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TOTAL LIABILITY AND EQUITY |
4,634,000,000 |
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PROFIT & LOSS STATEMENT |
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Total revenue |
15,568,000,000 |
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Deductions Items |
- |
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1. Net revenue |
15,568,000,000 |
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2. Cost of goods sold and operation expense |
14,969,000,000 |
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3. Net income from business activities |
599,000,000 |
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Income from financial activities |
21,000,000 |
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Expenditure from financial activities |
578,000,000 |
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4. Net income from financial operation |
-446,000,000 |
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Irregular income |
2,000,000 |
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Irregular expenditure |
58,000,000 |
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5. Irregular Profit |
-56,000,000 |
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6. Total pre-tax profit |
97,000,000 |
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
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Trade Morality |
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Normal |
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Liquidity |
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N/A |
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Payment status |
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N/A |
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Financial Situation |
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Below Average |
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Development trend |
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Stable |
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Litigation data |
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No Record |
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Bankruptcy |
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No Record |
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Payment Methods |
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L/C, T/T |
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Sale Methods |
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Retailer and Wholesaler |
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Public opinion |
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Good |
INTERPRETATION ON THE SCORES
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Founded in 2005 by Mr. Nguyen Quoc Tuan and his wife, Mrs. Le Thi Tuyet Mai, the subject
is currently operating under the business registration No. 0101841030 (same
as the tax code), granted by Hanoi Department of Planning and Investment with
the chartered capital of VND 500 million. Despite operating for nearly 8
years, the business scale remains humble with total employees of 9 people.
The subject’s office is quite small locating in an alley of No. 150 Quan
Thanh Str., Quan Thanh ward, Ba Dinh Dist., Hanoi City The subject is
operating in the field of trading chemicals for some industries as paint,
printing, garments, rubber, plastic, ceramics and so on. 50% its products are
imported from Singapore, Thailand, Japan, China, India and Indonesia. It is
now agent and partner for suppliers in the world and region as: DIC (Japan),
Sun Chemical (USA), Mitsubishi Rayon, Siam Cement Group Chemicals, NIC,
Nippon Paper Chemical (Japan)... The market share of subject is small. The main
distribution market of the subject company is Northern provinces in
Vietnam. Currently, the chemicals trading industry has recently
experienced a fast growth rate. So there are many companies operating in the
same industry in Vietnam. The competition in this field is fairly hard. The
position of the subject in the industry is still small and prospect seem
normal. Mr. Tuan, director of the subject company, refused to provide in-depth information about the company. So the latest financial data is not available. Based
on the above financial data in 2008, we can see that the subject company used
mainly its payable and loans for its business operation. Liabilities occupied
84.8% of total assets. Its self financing was not good and safe for creditor.
On its income statement, the subject had high in total revenue in 2008 with
the value of VND 15,568 million. However, its net income from business
activities was only VND 599 million because the cost of goods sold and
operation expense were high which accounted for 96.15% in total revenue.
Total pre-tax profit in 2008 was low and only by VND 97 million. In general, the
subject’s scale is small. Subject’s position and prestige in the industry are
considered low. At present, it can meet small financial commitments. |
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INDUSTRY DATA |
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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 |
|
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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 |
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ECONOMIC INDICATORS |
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2012 |
2011 |
2010 |
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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 |
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|
State Budget Deficit
compared with GDP (%) |
4.8 |
4.9 |
5.8 |
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SERVICE TRADE PERFORMANCE |
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Billion USD |
2012 |
2011 |
2010 |
|||
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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.59.41 |
|
|
1 |
Rs.90.38 |
|
Euro |
1 |
Rs.77.61 |
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.