|
Report Date : |
26.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
TIN NGHIA CORPORATION |
|
|
|
|
Formerly Known As : |
TIN NGHIA COMPANY LIMITED |
|
|
|
|
Registered Office : |
96 Ha Huy Giap, Quyet Thang Ward, Bien Hoa City, Dong Nai Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishments: |
1989 |
|
|
|
|
Com. Reg. No.: |
3600283394 |
|
|
|
|
Legal Form : |
Parent-subsidiary company model |
|
|
|
|
Line of Business : |
subject operates in following fields: · Industrial estates. · Real estates. · Warehousing, transport and logistics. · Petrol, oil, lubricant and gas distribution and trading. · Agro- product processing, merchandising and export. · Minerals exploitation, construction material manufacturing. · Tourism, entertainment and health care. · Financial investment. |
|
|
|
|
No. of Employees : |
1820 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
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
|
||
|
|
||
Current legal status
|
||
|
Registration English Name |
|
TIN NGHIA CORPORATION |
|
Registration Vietnamese Name
|
|
TONG CONG TY TIN NGHIA CONG TY TNHH |
|
Registration Short name |
|
TIMEX CORP |
|
Type of Business |
|
Parent-subsidiary company model |
|
Year Established |
|
1989 |
|
Business Registration No. |
|
3600283394 |
|
Date of latest adjustment (13th)
|
|
20 Sep 2012 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of Dong Nai Province |
|
Chartered capital |
|
VND 2,332,000,000,000 |
|
Tax code |
|
3600283394 |
|
Total Employees |
|
1,820 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered
Vietnamese Name: TONG CONG TY TIN NGHIA Changed to: TONG CONG TY TIN NGHIA CONG TY
TNHH |
16
Jul 2012 |
|
2 |
Subject has got former Chartered capital:
VND 1,107 Billion Changed to: VND 2,332 Billion |
16
Jul 2012 |
|
3 |
Subject has got former Chartered capital:
500 Billion VND Changed to: 1,107 Billion VND |
30
Jul 2010 |
|
4 |
Subject has got former Business
Registration No: 4704000007 on 03 Nov 2004 Changed to: 3600283394 |
30
Jul 2010 |
|
5 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH MOT THANH VIEN TONG CONG TY TIN NGHIA Changed to: TONG CONG TY TIN NGHIA |
30
Jul 2010 |
|
6 |
Subject has got former Abbreviated Name:
TIMEXCO Changed to: TIMEX CORP |
30
Jul 2010 |
|
7 |
Subject has got former Registered English
Name: TIN NGHIA COMPANY LIMITED Changed to: TIN NGHIA CORPORATION |
07
Sep 2009 |
|
8 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH MOT THANH VIEN TIN NGHIA Changed to: CONG TY TNHH MOT THANH VIEN
TONG CONG TY TIN NGHIA |
07
Sep 2009 |
|
|
||
Company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
96 Ha Huy Giap, Quyet Thang Ward, Bien Hoa
City, Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 3824369 |
|
Fax |
|
(84-61) 3829467 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
|
||
SUBSIDIARIES
|
||
|
|
||
|
1. ICD BIEN HOA
- TIN NGHIA LOGISTICS JOINT STOCK COMPANY |
||
|
Business Registration |
|
3601047417 |
|
Place of Registration |
|
Business registration office - Planning and Investment Department of
Dong Nai province |
|
Chartered capital |
|
VND 158,000,000,000 |
|
Tax code |
|
3601047417 |
|
Address |
|
km 1 + 900 National Highway No. 51, Long Binh Tan Ward, Bien Hoa City,
Dong Nai Province, Vietnam |
|
Tel |
|
(84-61) 3831 576/ 3835 418 |
|
Fax |
|
(84-61) 3831 566 / 3835 491 |
|
Website |
|
|
|
|
||
|
2. TIN NGHIA
AGRO PRODUCT TRADING CO., LTD |
||
|
Business Registration |
|
4704000755 |
|
Date of Registration |
|
10 Feb 2009 |
|
Place of Registration |
|
Business registration office - Planning and Investment Department of
Dong Nai province |
|
Chartered capital |
|
VND 12,000,000,000 |
|
Tax code |
|
3601431888 |
|
Address |
|
Quarter 8 Long Binh Ward, Bien Hoa City, Dong Nai Province, Vietnam |
|
Tel |
|
(8-61) 882 4017 |
|
Fax |
|
(8-61) 882 4013 |
|
|
||
|
3. TIN NGHIA
PETROL JOINT - STOCK COMPANY |
||
|
Business Registration |
|
3601038204 |
|
Date of Registration |
|
29 Aug 2011 |
|
Place of Registration |
|
Business registration office - Planning and Investment Department of Dong
Nai province |
|
Chartered capital |
|
VND 213,437,600,000 |
|
Tax code |
|
3601038204 |
|
Address |
|
No. 95A, Cach Mang Thang Tam Street, Quyet Thang Ward, Bien Hoa City,
Dong Nai Province, Vietnam |
|
Tel |
|
(84-61) 3842434 / 3840057 / 3843646 |
|
Fax |
|
(84-61) 3941024 |
|
Website |
|
|
|
|
||
|
4. TIN NGHIA
INDUSTRIAL PARK DEVELOPMENT JOINT STOCK COMPANY |
||
|
Business Registration |
|
3600964611 |
|
Date of Registration |
|
08 Jan 2008 |
|
Place of Registration |
|
Business registration office - Planning and Investment Department of
Dong Nai province |
|
Chartered capital |
|
VND 173,354,300,000 |
|
Tax code |
|
3600964611 |
|
Address |
|
Tam Phuoc Industrial Park Road No. 6, Bien Hoa City, Dong Nai
Province, Vietnam |
|
Tel |
|
(84-61) 3512478 |
|
Fax |
|
(84-61) 3512.479 |
|
Website |
|
|
|
|
||
|
5. TIN NGHIA
CONSTRUCTION MATERIALS COMPANY LIMITED |
||
|
Business Registration |
|
3601046621 |
|
Date of Registration |
|
18 Sep 2008 |
|
Place of Registration |
|
Business registration office - Planning and Investment Department of
Dong Nai province |
|
Chartered capital |
|
VND 168,000,000,000 |
|
Tax code |
|
3601046621 |
|
Address |
|
Quarter 8 Long Binh Ward, Bien Hoa City, Dong Nai Province, Vietnam |
|
Tel |
|
(84-61) 3983450 |
|
Fax |
|
(84-61) 3983728 |
|
Website |
|
|
|
|
||
|
6. NHON TRACH
INVESTMENT JOINT - STOCK COMPANY |
||
|
Business Registration |
|
4703000158 |
|
Date of Registration |
|
14 Sep 2004 |
|
Place of Registration |
|
Business registration office - Planning and Investment Department of
Dong Nai province |
|
Chartered capital |
|
VND 660,000,000,000 |
|
Tax code |
|
3600694267 |
|
Address |
|
Road 7 Khu đô thị Đông Sŕi Gňn, Long Tan Commune, Nhon
Trach District, Dong Nai Province, Vietnam |
|
Tel |
|
(84-61) 3561462 |
|
Fax |
|
(84-61) 3561461 |
|
Website |
|
|
|
|
||
|
7. THONG NHAT
JOINT - STOCK COMPANY |
||
|
Business Registration |
|
4703000095 |
|
Date of Registration |
|
24 Feb 2004 |
|
Place of Registration |
|
Business registration office - Planning and Investment Department of
Dong Nai province |
|
Chartered capital |
|
VND 82,000,000,000 |
|
Tax code |
|
3600667859 |
|
Address |
|
Road 2A Bau Xeo Industrial Park, Trang Bom District, Dong Nai
Province, Vietnam |
|
Tel |
|
(84-61) 3924377 |
|
Fax |
|
(84-61) 3924692 |
|
Website |
|
|
|
|
||
|
8. NHON TRACH 3
INDUSTRIAL PARK COMPANY LIMITED |
||
|
Address |
|
Nhon Trach 3 Industrial Park , Nhon Trach District, Dong Nai Province,
Vietnam |
|
Tel |
|
(84-61) 3560124 / 3549657 |
|
Fax |
|
(84-61) 3549544 |
|
Website |
|
|
|
|
||
|
9. ONG KEO
INDUSTRIAL PARK COMPANY LIMITED |
||
|
Address |
|
Ong Keo Industrial Park , Nhon Trach District, Dong Nai Province,
Vietnam |
|
Tel |
|
(84-61) 3215468 |
|
Website |
|
|
|
|
||
|
10. TAN PHU
URBAN AND INDUSTRIAL PARK INVESTMENT COMPANY LIMITED |
||
|
Address |
|
Tan Phu Industrial Park , Tan Phu District, Dong Nai Province, Vietnam
|
|
Tel |
|
(84-61) 3822486 |
|
Fax |
|
(84-61) 3823747 |
|
Website |
|
|
|
|
||
|
11. PHU TIN
HOUSING CONSTRUCTION AND TRADING JOINT -STOCK COMPANY. |
||
|
Address |
|
Tam Phuoc Industrial Park , Long Thanh District, Dong Nai Province,
Vietnam |
|
Tel |
|
(84-61) 3513331 |
|
Fax |
|
(84-61) 3513331 |
|
|
||
|
12. TIN NGHIA
PROJECT MANAGEMENT COMPANY,. LTD |
||
|
Address |
|
98 Ha Huy Giap Street, Quyet Thang Ward , Bien Hoa City, Dong Nai
Province, Vietnam |
|
Tel |
|
(84-61) 8820301 / 8820302 |
|
Fax |
|
(84-61) 8820303 |
|
|
||
|
13. TIN NGHIA -
A CHAU JOINT-STOCK COMPANY |
||
|
Address |
|
A2/377A Bui Huu Nghia Street, Tan Van Ward , Bien Hoa City, Dong Nai
Province, Vietnam |
|
Tel |
|
(84-61) 8851 689 |
|
Fax |
|
(84-61) 8851 690 |
|
Website |
|
|
|
|
||
|
14. DONG NAI
CONTAINER TERMINAL JOINT-STOCK COMPANY (ICD DONG NAI) |
||
|
Address |
|
Km13, Highway 51, Tam Phuoc Ward , Long Thanh District, Dong Nai
Province, Vietnam |
|
Tel |
|
(84-61) 3511700 |
|
Fax |
|
(84-61) 3511704 |
|
|
||
|
15. TIN NGHIA
TOURISM AND SERVICE COMPANY LIMITED |
||
|
Address |
|
98 Ha Duy Giap St., (N.R 1), Quyet Thang ward , Bien Hoa City, Dong
Nai Province, Vietnam |
|
Tel |
|
(84-61) 3816727 |
|
Fax |
|
(84-61) 3947855 |
|
Website |
|
|
|
|
||
|
16. DONG THUAN
TOURISM JOINT-STOCK COMPANY (BAU TRUC RESORT) |
||
|
Address |
|
Yen Ninh Street, Van Hai Ward , Phan Rang-Thap Cham City, Ninh Thuan
Province, Vietnam |
|
Tel |
|
(84-68) 3874 047 / 3874 223 |
|
Fax |
|
(84-068) 3874 431 |
|
Website |
|
|
|
|
||
|
17. TIN KHAI
JOINT -STOCK COMPANY. |
||
|
Address |
|
Thanh Phu Ward , Vinh Cuu District, Dong Nai Province, Vietnam |
|
Tel |
|
(84-61) 2618800 / 3966043 |
|
Fax |
|
(84-61) 3966042 |
|
|
||
|
18. TIN NGHIA
LAOS JOINT - STOCK COMPANY |
||
|
Address |
|
Luong Ward, Pakse District , Champasec , Laos |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
QUACH VAN DUC |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
15 Jan 1959 |
|
ID Number/Passport |
|
270014541 |
|
ID Issue Date |
|
05 May 2003 |
|
ID Issue Place |
|
Police Station Dong
Nai province |
|
Resident |
|
83/3 - Group 3 Tan
Hoa Ward, Bien Hoa City, Dong Nai Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
CAO NGOC DUC |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN THANH BINH |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Mr.
QUACH TIEN THINH |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
5.
NAME |
|
Ms.
NGUYEN THI BACH HUONG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
6.
NAME |
|
Mr.
NGUYEN VAN SOAI |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
7.
NAME |
|
Mr.
LE HUU TINH |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
8.
NAME |
|
Mr.
TRAN NGHIA SY |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject operates in following fields: |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
Italy, France, Japan... |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Coffee |
|
·
Market |
|
EU… |
|
|
||
BANKERS
|
||
|
|
||
|
1.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM DONG NAI BRANCH |
||
|
Address |
|
No. 7 Bui Van Hoa , Bien Hoa City, Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 3842729 |
|
|
||
|
2.
DAI A COMMERCIAL JOINT_STOCK BANK |
||
|
Address |
|
No. 56 - 58, Cach Mang Thang Tam Str, Quyet Thang Ward, Bien Hoa City,
Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 384 6831 - 3941066 |
|
Fax |
|
(84-61) 3842926 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
DONG
NAI PROVINCIAL COMMITTEE OF THE PARTY |
|
Address |
|
No. 90 Ha Huy Giap Street Quyet Thang Ward,
Bien Hoa City, Dong Nai Province, Vietnam |
|
Tel |
|
(84-61) 3822477 |
|
Fax |
|
(84-61) 3822494 |
|
Percentage |
|
100% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
52 |
|
Consolidated situation |
Consolidated |
Unconsolidated |
Consolidated |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
2,407,558,000,000
|
1,483,564,807,183
|
2,245,077,000,000
|
|
I. Cash and cash
equivalents |
285,563,000,000 |
101,603,667,375 |
913,595,000,000 |
|
1. Cash |
206,472,000,000 |
101,603,667,375 |
265,187,000,000 |
|
2. Cash equivalents |
79,091,000,000 |
0 |
648,408,000,000 |
|
II. Short-term
investments |
127,698,000,000 |
231,742,187,550 |
25,922,000,000 |
|
1. Short-term investments |
128,859,000,000 |
232,468,534,568 |
34,645,000,000 |
|
2. Provisions for devaluation of short-term investments |
-1,161,000,000 |
-726,347,018 |
-8,723,000,000 |
|
III. Accounts
receivable |
1,169,579,000,000
|
913,642,364,891 |
724,905,000,000 |
|
1. Receivable from customers |
278,619,000,000 |
79,995,295,262 |
137,570,000,000 |
|
2. Prepayments to suppliers |
307,124,000,000 |
226,360,738,709 |
20,438,000,000 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
5,710,000,000 |
|
5. Other receivable |
587,558,000,000 |
607,745,603,474 |
565,268,000,000 |
|
6. Provisions for bad debts |
-3,722,000,000 |
-459,272,554 |
-4,081,000,000 |
|
IV. Inventories |
643,245,000,000 |
178,304,298,641 |
515,183,000,000 |
|
1. Inventories |
645,449,000,000 |
181,486,328,141 |
528,991,000,000 |
|
2. Provisions for devaluation of inventories |
-2,204,000,000 |
-3,182,029,500 |
-13,808,000,000 |
|
V. Other Current
Assets |
181,473,000,000 |
58,272,288,726 |
65,472,000,000 |
|
1. Short-term prepaid expenses |
2,959,000,000 |
3,151,762,027 |
13,736,000,000 |
|
2. VAT to be deducted |
41,758,000,000 |
15,200,942,812 |
12,417,000,000 |
|
3. Taxes and other accounts receivable from the State |
24,479,000,000 |
21,570,285,999 |
25,236,000,000 |
|
4. Other current assets |
112,277,000,000 |
18,349,297,888 |
14,083,000,000 |
|
B. LONG-TERM
ASSETS |
4,924,139,000,000
|
3,508,558,641,066
|
3,127,257,000,000
|
|
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
|
3,101,953,000,000
|
833,393,665,139 |
1,392,285,000,000
|
|
1. Tangible assets |
492,856,000,000 |
67,321,215,199 |
276,154,000,000 |
|
- Historical costs |
727,410,000,000 |
93,435,260,483 |
437,707,000,000 |
|
- Accumulated depreciation |
-234,554,000,000 |
-26,114,045,284 |
-161,553,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
20,987,000,000 |
4,905,555,955 |
10,684,000,000 |
|
- Initial costs |
28,947,000,000 |
8,228,545,464 |
17,635,000,000 |
|
- Accumulated amortization |
-7,960,000,000 |
-3,322,989,509 |
-6,951,000,000 |
|
4. Construction-in-progress |
2,588,110,000,000 |
761,166,893,985 |
1,105,447,000,000 |
|
III. Investment
property |
342,331,000,000 |
58,366,168,601 |
407,797,000,000 |
|
Historical costs |
502,911,000,000 |
91,398,296,927 |
500,829,000,000 |
|
Accumulated depreciation |
-160,580,000,000 |
-33,032,128,326 |
-93,032,000,000 |
|
IV. Long-term
investments |
1,059,090,000,000
|
2,547,271,554,390
|
948,670,000,000 |
|
1. Investments in affiliates |
0 |
1,886,213,231,652 |
356,875,000,000 |
|
2. Investments in business concerns and joint ventures |
60,155,000,000 |
84,528,075,069 |
81,679,000,000 |
|
3. Other long-term investments |
999,088,000,000 |
615,716,189,017 |
511,122,000,000 |
|
4. Provisions for devaluation of long-term investments |
-153,000,000 |
-39,185,941,348 |
-1,006,000,000 |
|
V. Other
long-term assets |
420,765,000,000 |
69,527,252,936 |
378,505,000,000 |
|
1. Long-term prepaid expenses |
399,443,000,000 |
46,254,924,824 |
336,245,000,000 |
|
2. Deferred income tax assets |
4,787,000,000 |
22,974,208,512 |
29,656,000,000 |
|
3. Other long-term assets |
16,535,000,000 |
298,119,600 |
12,604,000,000 |
|
VI. Goodwill |
0 |
|
|
|
1. Goodwill |
0 |
|
|
|
TOTAL ASSETS |
7,331,697,000,000
|
4,992,123,448,249
|
5,372,334,000,000
|
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
5,574,842,000,000
|
4,092,661,086,507
|
3,924,157,000,000
|
|
I. Current
liabilities |
2,123,799,000,000
|
1,644,081,037,717
|
1,613,687,000,000
|
|
1. Short-term debts and loans |
1,347,430,000,000 |
963,132,342,726 |
1,102,193,000,000 |
|
2. Payable to suppliers |
175,018,000,000 |
40,634,833,382 |
107,233,000,000 |
|
3. Advances from customers |
203,745,000,000 |
383,809,962,290 |
123,189,000,000 |
|
4. Taxes and other obligations to the State Budget |
64,833,000,000 |
20,534,456,844 |
27,824,000,000 |
|
5. Payable to employees |
8,058,000,000 |
2,179,465,855 |
9,115,000,000 |
|
6. Accrued expenses |
178,479,000,000 |
41,549,439,306 |
117,478,000,000 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
146,061,000,000 |
192,240,537,314 |
123,567,000,000 |
|
10. Provisions for short-term accounts payable |
175,000,000 |
0 |
3,088,000,000 |
|
11. Bonus and welfare funds |
0 |
|
|
|
II. Long-Term
Liabilities |
3,451,043,000,000
|
2,448,580,048,790
|
2,310,470,000,000
|
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
325,245,000,000 |
92,721,259,132 |
85,568,000,000 |
|
4. Long-term debts and loans |
3,057,361,000,000 |
2,186,891,381,201 |
2,114,954,000,000 |
|
5. Deferred income tax payable |
63,563,000,000 |
97,259,568,419 |
105,442,000,000 |
|
6. Provisions for unemployment allowances |
4,874,000,000 |
1,239,921,001 |
4,506,000,000 |
|
7. Provisions for long-term accounts payable |
0 |
70,467,919,037 |
0 |
|
8. Unearned Revenue |
0 |
|
|
|
9. Science and technology development fund |
0 |
|
|
|
B- OWNER’S
EQUITY |
877,857,000,000 |
899,462,361,742 |
1,448,177,000,000
|
|
I. OWNER’S
EQUITY |
862,828,000,000 |
889,617,282,694 |
1,431,094,000,000
|
|
1. Capital |
227,759,000,000 |
228,176,759,972 |
228,177,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
434,372,000,000 |
561,758,709,914 |
1,102,140,000,000 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
36,032,000,000 |
8,158,048,887 |
5,148,000,000 |
|
7. Business promotion fund |
43,077,000,000 |
26,617,739,289 |
33,090,000,000 |
|
8. Financial reserved fund |
32,810,000,000 |
24,506,091,533 |
32,842,000,000 |
|
9. Other funds |
927,000,000 |
0 |
781,000,000 |
|
10. Retained earnings |
87,851,000,000 |
40,399,933,099 |
28,916,000,000 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
|
|
|
II. Other
sources and funds |
15,029,000,000 |
9,845,079,048 |
17,083,000,000 |
|
1. Bonus and welfare funds (Elder form) |
15,029,000,000 |
9,845,079,048 |
17,083,000,000 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
878,998,000,000 |
|
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
7,331,697,000,000
|
4,992,123,448,249
|
5,372,334,000,000
|
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
9,186,976,000,000
|
1,061,128,113,840
|
2,482,132,000,000
|
|
2. Deduction item |
344,000,000 |
0 |
9,000,000 |
|
3. Net revenue |
9,186,632,000,000
|
1,061,128,113,840
|
2,482,123,000,000
|
|
4. Costs of goods sold |
8,870,371,000,000 |
1,013,697,706,271 |
2,326,474,000,000 |
|
5. Gross profit |
316,261,000,000 |
47,430,407,569 |
155,649,000,000 |
|
6. Financial income |
361,905,000,000 |
114,184,534,811 |
65,399,000,000 |
|
7. Financial expenses |
320,726,000,000 |
209,166,608,680 |
139,265,000,000 |
|
- In which: Loan interest expenses |
243,201,000,000 |
187,086,730,413 |
85,512,000,000 |
|
8. Selling expenses |
97,395,000,000 |
11,642,461,585 |
53,611,000,000 |
|
9. Administrative overheads |
139,939,000,000 |
41,285,112,916 |
119,168,000,000 |
|
10. Net operating profit |
120,106,000,000 |
-100,479,240,801
|
-90,996,000,000 |
|
11. Other income |
71,011,000,000 |
222,609,915,900 |
366,666,000,000 |
|
12. Other expenses |
17,879,000,000 |
57,557,887,405 |
24,530,000,000 |
|
13. Other profit /(loss) |
53,132,000,000 |
165,052,028,495 |
342,136,000,000 |
|
14. Total accounting profit before tax |
173,238,000,000 |
64,572,787,694 |
251,140,000,000 |
|
15. Current corporate income tax |
39,004,000,000 |
18,942,163,305 |
21,293,000,000 |
|
16. Deferred corporate income tax |
11,074,000,000 |
-2,021,944,959 |
42,106,000,000 |
|
17. Interest from subsidiaries/related companies |
0 |
|
|
|
18. Profit after tax |
123,160,000,000 |
47,652,569,348 |
187,741,000,000 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.13 |
0.90 |
1.39 |
2.20 |
|
Quick liquidity ratio |
0.83 |
0.79 |
1.07 |
0.92 |
|
Inventory circle |
13.79 |
5.69 |
5.04 |
0.44 |
|
Average receive period |
46.47 |
314.27 |
106.60 |
334.70 |
|
Utilizing asset performance |
1.25 |
0.21 |
0.46 |
0.13 |
|
Liability by total assets |
76.04 |
81.98 |
73.04 |
58.98 |
|
Liability by owner's equity |
635.05 |
455.01 |
270.97 |
161.15 |
|
Ebit / Total assets (ROA) |
5.68 |
5.04 |
6.27 |
5.92 |
|
Ebit / Owner's equity (ROE) |
47.44 |
27.98 |
23.25 |
16.03 |
|
Ebit / Total revenue (NPM) |
4.53 |
23.72 |
13.56 |
17.15 |
|
Gross profit / Total revenue (GPM) |
3.44 |
4.47 |
6.27 |
28.43 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through its bank, L/C, T/T |
|
Sale Methods |
|
Other |
INTERPRETATION ON THE SCORES
|
|
|
|
The
company was established in 1989 as state owned company. Currently, it has
operated according to parent-subsidiary company model with name TIN NGHIA
CORPORATION under the business registration No.3600283394 (the same as tax
code), granted by Business Registration Office - Planning and
Investment Department of Dong Nai Province. Its current chartered capital is VND 2,332 billion. The
head office of the company is located at No. 96 Ha Huy Giap Street – Quyet
Thang Ward – Bien Hoa City – Dong Nai Province. Premises and facilities of
subject are fair. TIN NGHIA GROUP has 18 subsidiaries and 15 related
companies (holding less than 50% shares). Subject’s
business activities are very diversified, including industrial estates, real
estates, warehousing, transport and logistics, petrol, oil, lubricant and gas
distribution and trading, agro-product processing, merchandising and export,
minerals exploitation, construction material manufacturing, etc. In the past,
the subject also specialized in trading and exporting granite but it
transferred this activity to subsidiaries. Now, it focuses on trading coffee. The
subject has applied standard BVQI – ISO 9001:2000, HACCP CODE: 2003... in
business. Besides, it was awarded many noticeable achievements such as
III-Class Labour Order, Golden lotus cup of 2007 awarded by Vietnam Chamber
of Commerce and Industry, etc. Based
on subject’s financial data, its turnover was big in recent years because
subject changed its main product. Its liquidity ratios were average. ROA and
ROE of subject were fairly good. According to subject’s accountant, its
turnover 2012 was same as 2011. The subject is operating normally. In
general, the company is ranked as a large scale business. It is also
supported much from government. It has capacity to meet normal financial
commitments. |
|
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.58.94 |
|
UK Pound |
1 |
Rs.90.48 |
|
Euro |
1 |
Rs.77.87 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.