|
Report Date : |
23.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
DEVYT TRADING AND LOGISTICS COMPANY LIMITED |
|
|
|
|
Registered Office : |
Floor T No. 5, Dao Duy Anh Street, Phuong Lien Ward, Dong Da District, Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
28.09.2009 |
|
|
|
|
Com. Reg. No.: |
0104191408 |
|
|
|
|
Legal Form : |
One Member Liability Limited Company |
|
|
|
|
Line of Business : |
Import and trading materials and goods for stationery and paper industry |
|
|
|
|
No. of Employees : |
50 |
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 |
|
DEVYT TRADING AND LOGISTICS COMPANY
LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH THUONG MAI VA KHO VAN DEVYT |
|
Short name |
|
DEVYT TRADING CO., LTD |
|
Type of Business |
|
One member liability limited company |
|
Year Established |
|
2009 |
|
Business Registration No. |
|
0104191408 |
|
Date of Registration |
|
28 Sep 2009 |
|
Place of Registration |
|
Hanoi Department of Planning and
Investment |
|
Chartered capital |
|
VND 35,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0104191408 |
|
Total Employees |
|
50 |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Floor T No. 5, Dao Duy Anh Street, Phuong
Lien Ward, Dong Da District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 62750171 |
|
Fax |
|
(84-4) 35771536 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Hai
Phong |
||
|
Address |
|
No. 388 Le Thanh Tong Str., Ngo Quyen
District, Hai Phong City, Vietnam |
|
|
||
|
Branch in Quang
Ninh |
||
|
Address |
|
Ninh Duong IP, Ninh Duong Ward, Mong Cai
City, Quang Ninh Province, Vietnam |
|
Telephone |
|
(84-33) 3886462 |
|
Fax |
|
(84-33) 3887678 |
|
|
||
|
Branch in Lang
Son |
||
|
Address |
|
Dong Dang Town, Lang Son Province, Vietnam
|
|
|
||
SUBSIDIARIES AND RELATED
COMPANIES
|
||
|
|
||
|
PARENT COMPANY -
DEVELOPMENT ECONOMIC JOINT STOCK COMPANY FOR VIETNAMESE YOUNG TALENTS |
||
|
Business Registration |
|
0103000182 |
|
Date of Registration |
|
17 Sep 2009 |
|
Place of Registration |
|
Department of Planning and Investment of Hanoi City |
|
Chartered capital |
|
VND 150,000,000,000 |
|
Tax code |
|
0101097735 |
|
Address |
|
T Floor - No. 5 Building Dao Duy Anh - Phuong Lien Ward, Dong Da
District, Ha Noi City, Vietnam |
|
Tel |
|
84-4-62750170 / 35771536 / 35771642 |
|
Fax |
|
84-4-35771641 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
CHU VAN HOA |
|
Position |
|
President |
|
Date of Birth |
|
20 Oct 1977 |
|
ID Number/Passport |
|
011870259 |
|
ID Issue Date |
|
23 Jun 2004 |
|
ID Issue Place |
|
Hanoi Department of
Public Security |
|
Resident |
|
No. 21/145/19 Nguyen
Van Cu Street, Ngoc Lam Ward, Long Bien District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
PHAM QUYNH HUONG |
|
Position |
|
Director |
|
ID Number/Passport |
|
011931952 |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
TRAN BAO HUNG |
|
Position |
|
Vice Director |
|
Current resident |
|
No. 5 Dao Duy Anh Street, Dong Da
District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Mr.
DUONG VAN NGUYEN |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Email |
|
duongnguyen@devyt.com |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
- Import materials for other companies in Devyt
system. |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Industrial materials |
|
·
Market |
|
USA, China, Asia countries |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Stationeries, paper, agriculture products |
|
·
Market |
|
Eu, Asia Countries |
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM |
||
|
Address |
|
No. 198 Tran Quang Khai Street, Hoan Kiem District, Ha Noi City,
Vietnam |
|
Telephone |
|
(84-4) 3934 3137 / (84-4) 3814 8919 |
|
Fax |
|
(84-4) 3826 9067 / (84-4) 3825 1322 |
|
|
||
|
2.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM HAI PHONG BRANCH |
||
|
Address |
|
No 11 Hoang Dieu, Hong Bang District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3842658 / 3841115 |
|
Fax |
|
(84-31) 3841117 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
NAME |
|
DEVELOPMENT
ECONOMIC JOINT STOCK COMPANY FOR VIETNAMESE YOUNG TALENTS |
|
Business Registration |
|
0103000182 |
|
Date of Registration |
|
17 Sep 2009 |
|
Place of Registration |
|
Department of Planning and Investment of Hanoi City |
|
Chartered Capital |
|
VND 150,000,000,000 |
|
Tax code |
|
0101097735 |
|
Address |
|
T Floor - No. 5 Building Dao Duy Anh -
Phuong Lien Ward, Dong Da District, Ha Noi City, Vietnam |
|
Tel |
|
84-4-62750170 / 35771536 / 35771642 |
|
Fax |
|
84-4-35771641 |
|
Value of shares |
|
VND 35,000,000,000 |
|
Percentage |
|
100% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: Million VND
|
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
|
Audit status |
Unaudited |
- |
ASSETS
|
||
|
A – CURRENT
ASSETS |
69,559 |
43,918 |
|
I. Cash and cash
equivalents |
8,618 |
1,860 |
|
1. Cash |
8,618 |
1,860 |
|
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 |
53,129 |
17,250 |
|
1. Receivable from customers |
34,380 |
14,644 |
|
2. Prepayments to suppliers |
18,729 |
2,606 |
|
3. Inter-company receivable |
20 |
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 |
4,095 |
23,229 |
|
1. Inventories |
4,095 |
23,229 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
3,717 |
1,580 |
|
1. Short-term prepaid expenses |
31 |
169 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
3,686 |
1,411 |
|
B. LONG-TERM
ASSETS |
29,399 |
29,696 |
|
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
|
28,599 |
16,197 |
|
1. Tangible assets |
14,305 |
16,197 |
|
- Historical costs |
20,003 |
18,826 |
|
- Accumulated depreciation |
-5,698 |
-2,629 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
14,076 |
0 |
|
- Initial costs |
14,076 |
0 |
|
- Accumulated amortization |
0 |
0 |
|
4. Construction-in-progress |
218 |
0 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
0 |
13,282 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
13,282 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other
long-term assets |
800 |
218 |
|
1. Long-term prepaid expenses |
800 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
218 |
|
VI. Goodwill |
|
0 |
|
1. Goodwill |
|
0 |
|
TOTAL ASSETS |
98,958 |
73,615 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
56,891 |
38,042 |
|
I. Current
liabilities |
56,631 |
37,609 |
|
1. Short-term debts and loans |
85,624 |
31,360 |
|
2. Payable to suppliers |
18,957 |
0 |
|
3. Advances from customers |
19,085 |
5,133 |
|
4. Taxes and other obligations to the State Budget |
2,716 |
0 |
|
5. Payable to employees |
390 |
422 |
|
6. Accrued expenses |
2,497 |
364 |
|
7. Inter-company payable |
-73,200 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
562 |
330 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
260 |
433 |
|
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 |
260 |
433 |
|
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 |
42,067 |
35,573 |
|
I. OWNER’S
EQUITY |
42,025 |
35,573 |
|
1. Capital |
35,000 |
34,486 |
|
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 |
812 |
0 |
|
7. Business promotion fund |
109 |
0 |
|
8. Financial reserved fund |
54 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
6,050 |
1,087 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
|
|
|
II. Other
sources and funds |
42 |
0 |
|
1. Bonus and welfare funds |
42 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S
INTEREST |
|
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
98,958 |
73,615 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
1,493,046 |
209,375 |
|
2. Deduction item |
0 |
|
|
3. Net revenue |
1,493,046 |
209,375 |
|
4. Costs of goods sold |
1,453,021 |
179,291 |
|
5. Gross profit |
40,025 |
30,084 |
|
6. Financial income |
1,703 |
990 |
|
7. Financial expenses |
8,484 |
596 |
|
- In which: Loan interest expenses |
8,210 |
596 |
|
8. Selling expenses |
23,587 |
25,233 |
|
9. Administrative overheads |
3,897 |
3,796 |
|
10. Net operating profit |
5,760 |
1,450 |
|
11. Other income |
116 |
0 |
|
12. Other expenses |
107 |
0 |
|
13. Other profit /(loss) |
9 |
0 |
|
14. Total accounting profit before tax |
5,769 |
1,450 |
|
15. Current corporate income tax |
1,519 |
362 |
|
16. Deferred corporate income tax |
0 |
|
|
17. Interest from subsidiaries/related companies |
|
|
|
18. Profit after tax |
4,250 |
1,087 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.23 |
1.17 |
1.17 |
|
Quick liquidity ratio |
1.16 |
0.55 |
1.07 |
|
Inventory circle |
354.83 |
7.72 |
29.08 |
|
Average receive period |
12.99 |
30.07 |
90.85 |
|
Utilizing asset performance |
15.09 |
2.84 |
0.88 |
|
Liability by total assets |
57.49 |
51.68 |
69.93 |
|
Liability by owner's equity |
135.24 |
106.94 |
272.29 |
|
Ebit / Total assets (ROA) |
14.13 |
2.78 |
5.62 |
|
Ebit / Owner's equity (ROE) |
33.23 |
5.75 |
30.19 |
|
Ebit / Total revenue (NPM) |
0.94 |
0.98 |
8.85 |
|
Gross profit / Total revenue (GPM) |
2.68 |
14.37 |
13.34 |
|
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 |
|
Above Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT, LC |
|
Sale Methods |
|
To contracts |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
DEVYT TRADING CO., LTD is a one member limited liability company wholly
belongs to DEVYT., JSC. The subject was established in September 2009 with
capital of VND 35 billion. It was detached from DEVYT., JSC, which was
established in 2001. Subject’s parent company is a diversified businesses
entity including stationery trading for export, logistics, restaurant
services, education, and real estate. The
head office of the subject is located at Floor T No. 5, Dao Duy Anh Street,
Phuong Lien Ward, Dong Da District, Ha Noi City, Vietnam. This address is
also the head office of its parent company - DEVYT., JSC. Besides, it has 3
branches in northern Vietnam, which are located near big ports and border
gate. Its president, Mr. CHU VAN HOA is also director of BAI BANG PAPER JOINT
STOCK COMPANY, an affiliate of VIETNAM PAPER CORPORATION. The
subject mainly engages in import-export and logistics activities. Depending
on each contract, it transports various kinds of cargo for other members of
DEVYT and outside domestic and foreign clients. It owns some container
trucks and
barges; most of means of
transport are leased for its services. Financially,
the subject was established in late 2009; therefore, financial data for the
year 2009 was poor. Started with no sales in 2009, business result and scale
expanded rapidly in the next two years. It gained 209,375,225,070 VND total
sales in 2010, and sales rocketed in 2011 by 613%. Profit after tax also
increased by fourfold in 2011. ROA, ROE were also high and increased sharply
relative to the previous year. However, GPM declined significantly in 2011
because COGS took up 97% total sales instead of 85% as previous year, leaving
humble NPM. Liquidity ratios and liability ratios were fair. According to a
staff in accounting department, in 2012 it operates stably, its business
results were similar to 2011. In
conclusion, the subject has been in operation for a short time. Thanks for
support of parent company; the subject has a sound foundation to develop.
Caution is needed for the medium-big deals. |
------------ 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.59.41 |
|
|
1 |
Rs.90.74 |
|
Euro |
1 |
Rs.78.11 |
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.