|
Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
VEN TOAN TRADING - SERVICE - PRODUCTION COMPANY LIMITED |
|
|
|
|
Registered Office : |
Room 5, No. 631 Nguyen Trai Street - Ward 11, District 5, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
2003 |
|
|
|
|
Com. Reg. No.: |
0303082001 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
The subject is specializing in trading in silicon, surfactant, chelate micro-nutrient, rubber additive, cellulose fiber, metal color. |
|
|
|
|
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 : |
Slow but correct |
|
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
|
||
|
Translation English Name |
|
VEN TOAN TRADING - SERVICE - PRODUCTION
COMPANY LIMITED |
|
Registered Vietnamese Name |
|
CONG TY TNHH THUONG MAI - DICH VU - SAN
XUAT VEN TOAN |
|
Trade name |
|
VEN TOAN CO., LTD |
|
Registered Short name |
|
VENTO CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2003 |
|
Business Registration No. |
|
0303082001 |
|
Date of the latest adjustment (4th) |
|
03 Nov 2009 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of Hochiminh City |
|
Chartered capital |
|
VND 4,900,000,000 |
|
Tax code |
|
0303082001 |
|
Total Employees |
|
15 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No: 4102017624 issued on 08 Sep 2003 Changed to: 0303082001 |
03
Nov 2009 |
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Room 5, No. 631 Nguyen Trai Street - Ward
11, District 5, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3859 3774 |
|
Fax |
|
(84-8) 3855 9222 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Warehouse |
||
|
Address |
|
No. 99/6 Quarter 3, Tan Thoi Hiep Ward,
District 12, Ho Chi Minh City, Vietnam |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LE NGOC RANG |
|
Position |
|
Director |
|
Date of Birth |
|
15 May 1954 |
|
ID Number/Passport |
|
025058558 |
|
ID Issue Date |
|
20 Dec 2008 |
|
ID Issue Place |
|
Police Station of
Hochiminh City |
|
Resident |
|
5C2 Hamlet 5 Xuan
Thoi Son Commune, Hoc Mon District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Mr.
HUYNH VAN CONG DU |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
023420117 |
|
ID Issue Place |
|
Police Station of
Hochiminh City |
|
Resident |
|
No. 399/43/21A Nguyen
Dinh Chieu Street - Ward 5, District 3, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
3.
NAME |
|
Ms.
LE PHAM NGOC DU |
|
Position |
|
Chief Accountant |
|
Resident |
|
Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Accounting |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject is specializing in trading in silicon, surfactant, chelate
micro-nutrient, rubber additive, cellulose fiber, metal color… |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Chemicals, additive |
|
·
Market |
|
USA, Netherland, Germany, Singapore, China… |
|
|
||
|
EXPORT: |
||
|
Note: N/A |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HOC MON BRANCH |
||
|
Address |
|
No.12 Ly Thuong Kiet Street, Hoc Mon Town, Hoc Mon District, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 3710 1279 |
|
SWIFT Code |
|
VBAAVNVX |
|
|
||
|
2.
ASIA COMMERCIAL BANK |
||
|
Address |
|
No. 442 Nguyen Thi Minh Khai Street, Ward 5, District 3, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 3929 0999 |
|
Fax |
|
(84-8) 3839 9885 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LE NGOC RANG |
|
Position |
|
Director |
|
Date of Birth |
|
15 May 1954 |
|
ID Number/Passport |
|
025058558 |
|
Issued on |
|
20 Dec 2008 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
5C2 Hamlet 5 Xuan Thoi Son Commune, Hoc
Mon District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,940,000,000 |
|
Percentage |
|
60% |
|
|
||
|
2.
NAME |
|
Mr.
HUYNH VAN CONG DU |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
023420117 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
No. 399/43/21A Nguyen Dinh Chieu Street -
Ward 5, District 3, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,960,000,000 |
|
Percentage |
|
40% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One
VND
|
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
8,494,000,000 |
9,219,000,000 |
|
I. Cash and cash
equivalents |
1,385,000,000 |
2,966,000,000 |
|
1. Cash |
1,385,000,000 |
2,966,000,000 |
|
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 |
1,969,000,000 |
3,941,000,000 |
|
1. Receivable from customers |
939,000,000 |
2,117,000,000 |
|
2. Prepayments to suppliers |
30,000,000 |
524,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
1,000,000,000 |
1,300,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
4,978,000,000 |
2,253,000,000 |
|
1. Inventories |
4,978,000,000 |
2,253,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
162,000,000 |
59,000,000 |
|
1. Short-term prepaid expenses |
1,000,000 |
59,000,000 |
|
2. VAT to be deducted |
161,000,000 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM
ASSETS |
2,794,000,000 |
2,472,000,000 |
|
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
|
2,791,000,000 |
2,469,000,000 |
|
1. Tangible assets |
389,000,000 |
85,000,000 |
|
- Historical costs |
791,000,000 |
626,000,000 |
|
- Accumulated depreciation |
-402,000,000 |
-541,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
2,375,000,000 |
2,374,000,000 |
|
- Initial costs |
2,375,000,000 |
2,374,000,000 |
|
- Accumulated amortization |
0 |
0 |
|
4. Construction-in-progress |
27,000,000 |
10,000,000 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other long-term
assets |
3,000,000 |
3,000,000 |
|
1. Long-term prepaid expenses |
3,000,000 |
3,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
11,288,000,000 |
11,691,000,000 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
888,000,000 |
2,913,000,000 |
|
I. Current
liabilities |
881,000,000 |
2,907,000,000 |
|
1. Short-term debts and loans |
458,000,000 |
2,569,000,000 |
|
2. Payable to suppliers |
4,000,000 |
86,000,000 |
|
3. Advances from customers |
80,000,000 |
3,000,000 |
|
4. Taxes and other obligations to the State Budget |
281,000,000 |
247,000,000 |
|
5. Payable to employees |
48,000,000 |
0 |
|
6. Accrued expenses |
10,000,000 |
2,000,000 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
7,000,000 |
6,000,000 |
|
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 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
7,000,000 |
6,000,000 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
|
B- OWNER’S
EQUITY |
10,400,000,000 |
8,778,000,000 |
|
I. OWNER’S
EQUITY |
10,400,000,000 |
8,778,000,000 |
|
1. Capital |
4,900,000,000 |
4,900,000,000 |
|
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 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
5,500,000,000 |
3,878,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
11,288,000,000 |
11,691,000,000 |
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2011 |
|
1. Total Sales |
15,074,000,000 |
|
2. Deduction item |
0 |
|
3. Net revenue |
15,074,000,000 |
|
4. Costs of goods sold |
11,102,000,000 |
|
5. Gross profit |
3,972,000,000 |
|
6. Financial income |
42,000,000 |
|
7. Financial expenses |
508,000,000 |
|
- In which: Loan interest expenses |
140,000,000 |
|
8. Selling expenses |
660,000,000 |
|
9. Administrative overheads |
898,000,000 |
|
10. Net operating profit |
1,948,000,000 |
|
11. Other income |
18,000,000 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
18,000,000 |
|
14. Total accounting profit before tax |
1,966,000,000 |
|
15. Current corporate income tax |
344,000,000 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
1,622,000,000 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
9.64 |
3.17 |
1.88 |
|
Quick liquidity ratio |
3.99 |
2.40 |
0.96 |
|
Inventory circle |
3.07 |
- |
15.21 |
|
Average receive period |
47.68 |
- |
49.96 |
|
Utilizing asset performance |
1.34 |
- |
2.95 |
|
Liability by total assets |
7.87 |
24.92 |
66.83 |
|
Liability by owner's equity |
8.54 |
33.19 |
256.69 |
|
Ebit / Total assets (ROA) |
18.66 |
- |
12.92 |
|
Ebit / Owner's equity (ROE) |
20.25 |
- |
41.70 |
|
Ebit / Total revenue (NPM) |
13.97 |
- |
5.07 |
|
Gross profit / Total revenue (GPM) |
26.35 |
- |
11.84 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Prompt |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Depending to orders |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
VENTO CO., LTD was established in the beginning of 2003. The subject is supplying the
specialty chemical, additives to industrial manufacturers include the foreign
investors in Vietnam and the local manufacturers. The premises and facility of the subject is small, head offices of the subject
are hired at small office at Cho Lon Business Center of Hochiminh City.
Besides, subject also has a warehouse in District 12, Hochiminh City. By above financial data, the subject’s turnover was not high but
profitability was acceptatble. Liquidity ratio was very high indicated that
payment of subject was stable.
Liability ratio of subject was also good compared to average industry.
So, its self-financing capacity of subject was high. In general, the subject is a small company. The subject has operated in
this field about 10 years. The subject’s director - Mr. Le Ngoc Rang have
good relation some familiar customers are at Hochiminh City. The position in
industry of the subject is humble. The Subject only has capacity to meet the
small business transactions. |
------------ 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.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
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.