|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TENOX KYUSYU VIETNAM CO., LTD |
|
|
|
|
Registered Office : |
Tecasin Building, No. 243 - 243B Hoang Van Thu Street, Ward 1, Tan
Binh District, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishments: |
2007 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
design and construction of foundations for civil works |
|
|
|
|
No. of Employees : |
50 |
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
|
||
|
|
||
|
English Name |
|
TENOX KYUSYU VIETNAM CO., LTD |
|
Vietnamese Name |
|
CONG TY TNHH TENOX KYUSYU VIET NAM |
|
Trade name |
|
TENOX KYUSYU CORPORATION |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2007 |
|
Investment Certificate No |
|
411022000172 |
|
Date Of Issuance |
|
24 Dec 2007 |
|
Place of Issuance |
|
People’s Committee of Hochiminh City |
|
Registered Investment Capital |
|
USD 2,200,000 |
|
Chartered capital |
|
USD
200,000 |
|
Tax code |
|
0305422990 |
|
Total Employees |
|
50 |
|
|
||
company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Room 201-3 Area B Waseco Building, No.10
Pho Quang Street, Ward 2, Tan Binh District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3842 1946 |
|
Fax |
|
(84-8) 3842 2197 |
|
|
||
|
Registration
Address |
||
|
Address |
|
Tecasin Building, No. 243 - 243B Hoang Van
Thu Street, Ward 1, Tan Binh District, Ho Chi Minh City, Vietnam |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
YOJI UEYAMA |
|
Position |
|
Director – Legal representative |
|
ID Number/Passport |
|
TF2578326 |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Japanese |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Ms.
HUYNH THI PHUONG NGA |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Managing |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject is specializing in design and construction of foundations for civil
works. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
Japan |
|
|
||
|
EXPORT: N/A |
||
|
|
||
BANKERS
|
||
|
|
||
|
MIZUHO
CORPORATE BANK |
||
|
Address |
|
No 5B Ton Duc Thang Street, Ben Nghe Ward, District 1, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 3822 8638 |
|
Fax |
|
(84-8) 3822 8640 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
NAME |
|
TENOX
KYUSYU CORPORATION |
|
Address |
|
4-1-17,Tenjin,Chuo-ku,Fukuoka-shi, Fukuoka 810-0001 Japan |
|
Percentage |
|
100% |
|
|
||
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 |
47,168,658,272 |
21,000,186,076 |
|
I. Cash and cash
equivalents |
5,303,685,610 |
1,649,627,025 |
|
1. Cash |
5,303,685,610 |
1,649,627,025 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term
investments |
0 |
4,925,000,000 |
|
1. Short-term investments |
0 |
4,925,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts
receivable |
30,826,362,123 |
4,051,221,447 |
|
1. Receivable from customers |
29,415,623,122 |
3,667,503,596 |
|
2. Prepayments to suppliers |
312,269,500 |
2,090,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
1,338,469,501 |
381,627,851 |
|
6. Provisions for bad debts |
-240,000,000 |
0 |
|
IV. Inventories |
8,847,757,446 |
9,248,907,950 |
|
1. Inventories |
8,847,757,446 |
9,248,907,950 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
2,190,853,093 |
1,125,429,654 |
|
1. Short-term prepaid expenses |
1,725,094,286 |
695,666,296 |
|
2. VAT to be deducted |
0 |
104,828,418 |
|
3. Taxes and other accounts receivable from the State |
251,779,940 |
251,779,940 |
|
4. Other current assets |
213,978,867 |
73,155,000 |
|
B. LONG-TERM
ASSETS |
41,769,927,207 |
23,757,597,313 |
|
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
|
30,627,391,866 |
14,219,115,898 |
|
1. Tangible assets |
19,873,191,869 |
12,809,947,660 |
|
- Historical costs |
30,732,237,761 |
17,804,859,850 |
|
- Accumulated depreciation |
-10,859,045,892 |
-4,994,912,190 |
|
2. Financial leasehold assets |
10,754,199,997 |
0 |
|
- Historical costs |
12,652,000,000 |
0 |
|
- Accumulated depreciation |
-1,897,800,003 |
0 |
|
3. Intangible assets |
0 |
1,773,678 |
|
- Initial costs |
31,926,000 |
31,926,000 |
|
- Accumulated amortization |
-31,926,000 |
-30,152,322 |
|
4. Construction-in-progress |
0 |
1,407,394,560 |
|
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 |
11,142,535,341 |
9,538,481,415 |
|
1. Long-term prepaid expenses |
0 |
43,527,250 |
|
2. Deferred income tax assets |
326,788,750 |
326,788,750 |
|
3. Other long-term assets |
10,815,746,591 |
9,168,165,415 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
88,938,585,479 |
44,757,783,389 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
98,604,352,031 |
45,962,669,471 |
|
I. Current
liabilities |
87,540,586,588 |
45,938,793,304 |
|
1. Short-term debts and loans |
24,397,399,302 |
9,022,800,000 |
|
2. Payable to suppliers |
59,960,762,083 |
21,414,823,439 |
|
3. Advances from customers |
100,000,000 |
14,717,004,980 |
|
4. Taxes and other obligations to the State Budget |
1,715,181,067 |
129,432,586 |
|
5. Payable to employees |
115,209,174 |
65,994,599 |
|
6. Accrued expenses |
1,225,317,511 |
588,737,700 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
26,717,451 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
|
|
|
II. Long-Term
Liabilities |
11,063,765,443 |
23,876,167 |
|
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 |
11,039,889,276 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
23,876,167 |
23,876,167 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
8. Unearned Revenue |
|
|
|
9. Science and technology development fund |
|
|
|
B- OWNER’S
EQUITY |
-9,665,766,552 |
-1,204,886,082 |
|
I. OWNER’S
EQUITY |
-9,665,766,552 |
-1,204,886,082 |
|
1. Capital |
3,199,200,000 |
3,199,200,000 |
|
2. Share premiums |
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 |
-12,864,966,552 |
-4,404,086,082 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
|
|
|
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 |
88,938,585,479 |
44,757,783,389 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
119,017,571,233 |
33,430,541,513 |
|
2. Deduction item |
0 |
0 |
|
3. Net revenue |
119,017,571,233 |
33,430,541,513 |
|
4. Costs of goods sold |
111,180,521,101 |
23,814,638,140 |
|
5. Gross profit |
7,837,050,132 |
9,615,903,373 |
|
6. Financial income |
1,022,027,385 |
360,886,926 |
|
7. Financial expenses |
7,477,882,028 |
4,149,589,560 |
|
- In which: Loan interest expenses |
|
|
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
9,842,075,968 |
10,590,650,033 |
|
10. Net operating profit |
-8,460,880,479 |
-4,763,449,294 |
|
11. Other income |
9 |
0 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
9 |
0 |
|
14. Total accounting profit before tax |
-8,460,880,470 |
-4,763,449,294 |
|
15. Current corporate income tax |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
-5,606,563 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
-8,460,880,470 |
-4,757,842,731 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
0.54 |
0.46 |
1.49 |
|
Quick liquidity ratio |
0.44 |
0.26 |
0.76 |
|
Inventory circle |
12.29 |
2.57 |
4.15 |
|
Average receive period |
94.54 |
44.23 |
428.99 |
|
Utilizing asset performance |
1.34 |
0.75 |
0.47 |
|
Liability by total assets |
110.87 |
102.69 |
68.68 |
|
Liability by owner's equity |
-1,020.14 |
-3,814.69 |
399.20 |
|
Ebit / Total assets (ROA) |
-9.51 |
-10.64 |
4.58 |
|
Ebit / Owner's equity (ROE) |
87.53 |
395.34 |
22.45 |
|
Ebit / Total revenue (NPM) |
-7.11 |
-14.25 |
17.51 |
|
Gross profit / Total revenue (GPM) |
6.58 |
28.76 |
19.94 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Recorded |
|
Bankruptcy |
|
No Recorded |
|
Payment Methods |
|
through by bank |
|
Sale Methods |
|
To projects |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
|
|
|
The subject – TENOX KYUSYU CORPORATION was established in 2007 and
started operation in Jan 2008. At present, the subject is operating under
investment certification no. 411022000172 issued by People’s Committee of
Hochiminh City with total investment capital USD 2,200,000 and chartered
capital USD 200,000. Mr. Yoji Ueyama is legal representative of the subject. The subject is specializing in design and construction of soil
foundations for civil works. The subject imports machine to serve
construction projects from Japan. In May 2011, the subject has performed
project in Sao Mai Ben Dinh Port in Vung Tau City at Ba Ria – Vung Tau
province. Currently, its market share is medium. Premises
and facilities of the subject are fairly. Its management capacity is
professional with 50 persons. As reported financial data, its financial
capacity is not good its profit in two years were loss. However, its revenue
in 2011 increased high compared to 2010. Its liquidity ratios were lower than
industry. In
overview, the subject is operating with medium scale. Its position in
industry is average. Its future is also brightly. The subject has capacity
has capacity to meet small and normal transactions. |
|
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.57.74 |
|
UK Pound |
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
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.