|
Report Date : |
18.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
LANG SON FOREST PRODUCTS JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
Km 3, Block 5, Hop Thanh Commune, Cao Loc District, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2008 |
|
|
|
|
Com. Reg. No.: |
4900288395 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
The subject specializes in processing and trading wood |
|
|
|
|
No. of Employees : |
60 |
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 : |
Small Company |
|
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 |
|
English Name |
|
LANG SON FOREST PRODUCTS JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN LAM SAN LANG SON |
|
Short name |
|
LAFOSCO |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2008 |
|
Business Registration No. |
|
4900288395 |
|
Date of Registration |
|
21 Nov 2011 |
|
Place of Registration |
|
Planning and Investment Department of Lang Son Province |
|
Chartered capital |
|
VND 15,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
4900288395 |
|
Total Employees |
|
60 |
|
Size |
|
Small |
|
Note: The correct name of the subject is above. |
||
|
Head Office |
||
|
Address |
|
Km 3, Block 5, Hop Thanh Commune, Cao Loc District, Lang Son Province,
Vietnam |
|
Telephone |
|
(84-25) 3879818 |
|
Fax |
|
(84-25) 3879818 |
|
1. NAME |
|
Mr. PHAM NGOC SON |
|
Position |
|
Chairman |
|
Date of Birth |
|
12 Apr 1965 |
|
ID Number/Passport |
|
082019237 |
|
ID Issue Date |
|
04 Apr 2006 |
|
ID Issue Place |
|
Police Station in Lang Son Province |
|
Resident |
|
No.12, National Road 1A, Dong Kinh Ward, Lang Son
City, Lang Son Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 913 069 158 |
|
|
||
|
2. NAME |
|
Mr. NGUYEN XUAN TUAN |
|
Position |
|
Director |
|
ID Number/Passport |
|
080979473 |
|
Resident |
|
No.3, Alley 12, Ngo Quyen Street, Vinh Trai Ward,
Lang Son City, Lang Son Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3. NAME |
|
Ms. NGUYEN THI TU |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 964 410 111 |
|
Email |
|
nguyenthitu1981@gmail.com |
|
|
||
|
4. NAME |
|
Mr. NGUYEN VAN HIEU |
|
Position |
|
Import - Export Department |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 983 344 860 |
|
Email |
|
nguyen.van.hieu.vn@gmail.com |
The subject specializes in processing and trading wood
|
IMPORT: |
||
|
Note: Currently, the subject does not import |
||
|
|
||
|
EXPORT: |
||
|
Types of products |
|
Wood |
|
Market |
|
India, Singapore |
|
Mode of payment |
|
L/C, cash |
|
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE LANG SON
BRANCH |
||
|
Address |
|
No.51 Le Loi str., Lang Son City, Lang Son Province, Vietnam |
|
Telephone |
|
(84-25) 3876689 |
|
1. NAME |
|
Mr. PHAM NGOC SON |
|
Position |
|
Chairman |
|
Date of Birth |
|
12 Apr 1965 |
|
ID Number/Passport |
|
082019237 |
|
Issued on |
|
04 Apr 2006 |
|
Issued Place |
|
Police Station in Lang Son Province |
|
Resident |
|
No.12, National Road 1A, Dong Kinh Ward , Lang Son City, Lang Son
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 913 069 158 |
|
Value of shares |
|
VND 7,200,000,000 |
|
Percentage |
|
48% |
|
|
||
|
2. NAME |
|
Mr. HOANG MINH VU |
|
ID Number/Passport |
|
060802097 |
|
Resident |
|
No.253, Le Loi Street, Vinh Trai Ward , Lang Son City, Lang Son
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 6,150,000,000 |
|
Percentage |
|
41% |
|
|
||
|
3. NAME |
|
Mr. NGUYEN XUAN TUAN |
|
Position |
|
Director |
|
ID Number/Passport |
|
080979473 |
|
Resident |
|
No.3, Alley 12, Ngo Quyen Street, Vinh Trai Ward , Lang Son City, Lang
Son Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,650,000,000 |
|
Percentage |
|
11% |
|
BALANCE SHEET |
||
|
Unit: One VND |
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT ASSETS |
9,561,000,000 |
9,207,000,000 |
|
I. Cash and cash equivalents |
785,000,000 |
1,701,000,000 |
|
1. Cash |
785,000,000 |
1,701,000,000 |
|
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 |
523,000,000 |
379,000,000 |
|
1. Receivable from customers |
523,000,000 |
0 |
|
2. Prepayments to suppliers |
0 |
379,000,000 |
|
3. Inter-company receivable |
0 |
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 |
8,253,000,000 |
7,127,000,000 |
|
1. Inventories |
8,253,000,000 |
7,127,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
0 |
0 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM ASSETS |
7,266,000,000 |
7,266,000,000 |
|
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 |
7,266,000,000 |
7,266,000,000 |
|
1. Tangible assets |
766,000,000 |
766,000,000 |
|
- Historical costs |
766,000,000 |
766,000,000 |
|
- Accumulated depreciation |
0 |
0 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
6,500,000,000 |
6,500,000,000 |
|
- Initial costs |
6,500,000,000 |
6,500,000,000 |
|
- Accumulated amortization |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
|
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 |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
16,827,000,000 |
16,473,000,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
1,766,000,000 |
1,417,000,000 |
|
I. Current liabilities |
1,766,000,000 |
1,417,000,000 |
|
1. Short-term debts and loans |
200,000,000 |
400,000,000 |
|
2. Payable to suppliers |
1,446,000,000 |
0 |
|
3. Advances from customers |
0 |
906,000,000 |
|
4. Taxes and other obligations to the State Budget |
120,000,000 |
21,000,000 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
90,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term Liabilities |
0 |
0 |
|
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 |
0 |
0 |
|
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 |
15,061,000,000 |
15,056,000,000 |
|
I. OWNER’S EQUITY |
15,061,000,000 |
15,056,000,000 |
|
1. Capital |
15,000,000,000 |
15,000,000,000 |
|
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 |
61,000,000 |
56,000,000 |
|
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 |
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 |
16,827,000,000 |
16,473,000,000 |
|
Description |
FY2011 |
|
1. Total Sales |
14,281,000,000 |
|
2. Deduction item |
0 |
|
3. Net revenue |
14,281,000,000 |
|
4. Costs of goods sold |
13,379,000,000 |
|
5. Gross profit |
902,000,000 |
|
6. Financial income |
4,000,000 |
|
7. Financial expenses |
50,000,000 |
|
- In which: Loan interest expenses |
0 |
|
8. Selling expenses |
442,000,000 |
|
9. Administrative overheads |
408,000,000 |
|
10. Net operating profit |
6,000,000 |
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
6,000,000 |
|
15. Current corporate income tax |
1,000,000 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
|
|
18. Profit after tax |
5,000,000 |
|
Description |
FY2011 |
Average Industry |
|
Current liquidity ratio |
5.41 |
1.36 |
|
Quick liquidity ratio |
0.74 |
0.70 |
|
Inventory circle |
1.74 |
12.84 |
|
Average receive period |
13.37 |
78.77 |
|
Utilizing asset performance |
0.85 |
1.05 |
|
Liability by total assets |
10.50 |
63.01 |
|
Liability by owner's equity |
11.73 |
257.66 |
|
Ebit / Total assets (ROA) |
0.04 |
9.45 |
|
Ebit / Owner's equity (ROE) |
0.04 |
31.44 |
|
Ebit / Total revenue (NPM) |
0.04 |
10.94 |
|
Gross profit / Total revenue (GPM) |
6.32 |
16.15 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Normal |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
LC, cash |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Normal |
LANG SON FOREST
PRODUCTS JOINT STOCK COMPANY (LAFOSCO) was established in 2008. Currently, the
subject has operated under business registration No.4900288395 (the same as the
tax code) granted by Planning and Investment Department of Lang
Son Province. Its chartered capital is now VND 15 billion.
Head office of the company is located at Km 3, Block 5, Hop Thanh
Commune, Cao Loc District, Lang Son Province. LAFOSCO focuses on processing and
trading wood. Its wood is mainly exported to India, Singapore.
Based on financial data above, the financial situation of the subject is
considered normal. Total assets in 2011 increased slightly in comparison with
last year. It achieved total sales of VND 14,281 million and profit after tax
of VND 5 million in 2011. The liquidity is medium and the liabilities by total
assets and by owner’s equity are in safety bound. The minus point for the
subject is the inventories are high and the profitability is humble.
According to Ms. Nguyen Thi Tu – Chief accountant of the subject,
business result of LAFOSCO has been not good in recent years.
In short, the subject is a small company whose position is not
remarkable in the business field. It needs to try more to develop in the
future. Caution needed for medium – large ones with the subject.
|
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.57.73 |
|
|
1 |
Rs.90.61 |
|
Euro |
1 |
Rs.76.96 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.