MIRA INFORM REPORT

 

 

Report Date :

12.07.2013

 

IDENTIFICATION DETAILS

 

Name :

THANH TUNG JOINT STOCK COMPANY 

 

 

Registered Office :

No. 4/32 Che Huong Street, Dong Hai 1 Ward, Hai An District, Hai Phong City

 

 

Country :

Vietnam

 

 

Date of Incorporation :

17.03.2005

 

 

Com. Reg. No.:

0203001338

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Import - export services, temporary import for re-export, trustee, delivery, tallying and customs declaration.
Transport and transport services.

 

 

No. of Employees :

15

 

 

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 – 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 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

 

English Name

 

THANH TUNG JOINT STOCK COMPANY

Vietnamese Name

 

CONG TY CO PHAN THANH TUNG

Type of Business

 

Joint stock company

Year Established

 

2005

Business Registration No.

 

0203001338

Date of Registration

 

17 Mar 2005

Place of Registration

 

Planning and Investment Department of Hai Phong City

Chartered capital

 

VND 2,000,000,000

Status

 

Unlisted

Tax code

 

0200613331

Total Employees

 

15

Size

 

Small

 

 

 

Company ADDRESSES

 

Head Office

Address

 

No. 4/32 Che Huong Street, Dong Hai 1 Ward, Hai An District, Hai Phong City, Vietnam

Telephone

 

(84-31) 3769688

Fax

 

(84-31) 3769698

 

 

 

DIRECTORS

 

NAME

 

Mr. LA QUANG THANH

Position

 

Director

Date of Birth

 

21 Jan 1974

ID Number/Passport

 

100659833

ID Issue Date

 

01 Aug 1994

ID Issue Place

 

Police Department of Quang Ninh Province

Resident

 

Group 5 Zone 7A, Bai Chay, Ha Long City, Quang Ninh Province, Vietnam

Nationality

 

Vietnamese

Tel/Mobile phone

 

(84) 979 090 989

 

 

 

BUSINESS NATURE AND ACTIVITIES

 

The subject registered some business lines but its main operations are:
- Import - export services, temporary import for re-export, trustee, delivery, tallying and customs declaration.
- Transport and transport services.

 

 

 

IMPORT & EXPORT ACTIVITIES

 

IMPORT:

·         Market

 

India, Myanmar, Hongkong...

·         Mode of payment

 

T/T, L/C

 

EXPORT:

·         Market

 

China

·         Mode of payment

 

T/T, L/C

 

 

 

BANKERS

 

VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HONG BANG BRANCH

Address

 

No.72 Dien Bien Phu, Hong Bang District, Hai Phong City, Vietnam

Telephone

 

(84-31) 3521172

Fax

 

(84-31) 3521174

 

 

 

SHAREHOLDERS
 

1. NAME

 

Mr. LA QUANG THANH

Position

 

Director

Date of Birth

 

21 Jan 1974

ID Number/Passport

 

100659833

Issued on

 

01 Aug 1994

Issued Place

 

Police Department of Quang Ninh Province

Resident

 

Group 5 Zone 7A, Bai Chay, Ha Long City, Quang Ninh Province, Vietnam

Mobile phone

 

(84) 979 090 989

Nationality

 

Vietnamese

Number of Shares

 

1,020

Value of shares

 

VND 1,020,000,000

Percentage

 

51%

 

2. NAME

 

Mr. HA MANH TUNG

ID Number/Passport

 

100612189

Resident

 

No. 59, CT3 D7 Dong Quoc Binh, Ngo Quyen District, Hai Phong City, Vietnam

Nationality

 

Vietnamese

Number of Shares

 

780

Value of shares

 

VND 780,000,000

Percentage

 

39%

 

3. NAME

 

Mr. HA DUC THANH

ID Number/Passport

 

030808423

Resident

 

Thuy Duong, Thuy Nguyen District, Hai Phong City, Vietnam

Nationality

 

Vietnamese

Number of Shares

 

200

Value of shares

 

VND 200,000,000

Percentage

 

10%

 

 

FINANCIAL DATA

 

Despite trying best, the financial data is not reachable.

 

 

 

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

 

Trade Morality

 

Normal

Liquidity

 

N/A

Payment status

 

N/A

Financial Situation

 

Below Average

Development trend

 

Developing

Litigation data

 

No Record

Bankruptcy

 

No Record

Payment Methods

 

T/T, L/C

Sale Methods

 

To contracts

Public opinion

 

Normal

 

 

 

INTERPRETATION ON THE SCORES

 

Founded in 2005, THANH TUNG JOINT STOCK COMPANY has operated under business registration No.0203001338, granted by Planning and Investment Department of Hai Phong City. Its chartered capital is now VND 2 billion.

Head office of the subject is located at No.4/32, Che Huong Street, Dong Hai 1 Ward, Hai An District, Hai Phong City, Vietnam. The labor force is about 15 peoples including seasonal employees.

In legal, the subject has registered many business lines. In fact, it focuses on import - export services, temporary import for re-export. According to Ms. Nguyen Thi Huyen – Chief accountant of the company, it imports dry agricultural products, drugs from India, Myanmar, Hong Kong and then exports them to China. She also added that all products imported are following orders of its partners in China.

It is pity that we could not collect the latest financial statements of the subject. Regarding our investigation, business activities of the company are not busy now.

In general, the subject is considered a small company whose position is not remarkable in the industry. The prospect in the future seems not very bright. To be safe, please caution for transactions with the subject.

 

 

 

 

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.59.64

UK Pound

1

Rs.90.14

Euro

1

Rs.77.99

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.