MIRA INFORM REPORT

 

 

Report Date :

04.03.2013

 

IDENTIFICATION DETAILS

 

Name :

TAN DUC THANH COMPANY LIMITED

 

 

Registered Office :

No. 125 Nguyen Binh Khiem Str - Ka Long Ward, Mong Cai City, Quang Ninh Province

 

 

Country :

Vietnam

 

 

Date of Incorporation :

05.02.2010

 

 

Com. Reg. No.:

5701369676

 

 

Legal Form :

One member liability limited company

 

 

Line of Business :

The subject is specialized in temporary import and re-exports activities.

 

 

No. of Employees :

6

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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 in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep 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 has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.

Source : CIA

 

SUBJECT IDENTIFICATION & LEGAL FORM

 

English Name

 

TAN DUC THANH COMPANY LIMITED

Vietnamese Name

 

CONG TY TNHH MOT THANH VIEN TAN DUC THANH

Short name

 

TAN DUC THANH CO., LTD

Type of Business

 

One member liability limited company

Year Established

 

2010

Business Registration No.

 

5701369676

Date of Registration

 

05 Feb 2010

Place of Registration

 

Quang Ninh Department of Planning and Investment

Chartered capital

 

VND 4,800,000,000

Status

 

Unlisted

Tax code

 

5701369676

Total Employees

 

6

Size

 

Small

Note:  The correct name of the subject is as above.

 

ADDRESSES

 

Head Office

Address

 

No. 125 Nguyen Binh Khiem Str - Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam

Telephone

 

(84-33) 3 778 535

Fax

 

(84-33) 3 884 222

Email

 

ducthanh125@gmail.com

 

 

DIRECTORS

 

1. NAME

 

Mr. NGUYEN VAN THANH

Position

 

Director

ID Number/Passport

 

100848878

ID Issue Place

 

Public Security of Quang Ninh Province

Resident

 

No. 125 Nguyen Binh Khiem Str - Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam

Nationality

 

Vietnamese

 

 

BUSINESS NATURE AND ACTIVITIES

 

The subject is specialized in temporary import and re-exports activities.

 

 

IMPORT & EXPORT ACTIVITIES

 

IMPORT:

·         Market

 

India, Italy, U.S.A, Srilanka, Malaysia, Indonesia, Thailand, etc

 

EXPORT:

·         Market

 

China

 

 

BANKERS

 

1. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT MONG CAI BRANCH

Address

 

No.24 Chu Van An Street, Hoa Lac Ward, Mong Cai City, Quang Ninh Province, Vietnam

Telephone

 

(84-33) 3777 177

Fax

 

(84-33) 3777 175

 

 

SHAREHOLDERS
 

1. NAME

 

Mr. NGUYEN VAN THANH

Position

 

Director

ID Number/Passport

 

100848878

Issued Place

 

Public Security of Quang Ninh Province

Resident

 

No. 125 Nguyen Binh Khiem Str - Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam

Nationality

 

Vietnamese

Value of shares

 

VND 4,800,000,000

Percentage

 

100%

 

 

FINANCIAL DATA

 

N/A

 

 

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

 

Trade Morality

 

Normal

Liquidity

 

N/A

Payment status

 

N/A

Financial Situation

 

Below Average

Development trend

 

Stable

Litigation data

 

No Record

Bankruptcy

 

No Record

Payment Methods

 

Through its banks

Sale Methods

 

To contracts

Public opinion

 

Normal

 

 

 

INTERPRETATION ON THE SCORES

 

The subject company is One member liability limited company. It was established in Feb 2010 under the business code No. 5701369676, granted by Planning and Investment Department of Quang Ninh Province with the chartered capital of VND 4.8 billion. Mr. NGUYEN VAN THANH is director and also is owner of company. 

The subject is specialized in temporary import and re-exports activities. Its goods are mainly imported from India, Italy, U.S.A, Srilanka, Malaysia, Indonesia, Thailand. After that, they are exported to China.

The head office of the subject is located in No. 125 Nguyen Binh Khiem Str - Ka Long Ward - Mong Cai District - Quang Ninh Province – Vietnam which is also the resident of its director - Mr. NGUYEN VAN THANH. Its facilities and management ability are normal. Now, the subject has 6 employees. Besides the head office, according to reveal of Mr. Thanh, it also hire some people working in Hai Phong Port and Mong Cai border gate.

 As s new company, its financial data is not available in our sources. Interviewing the accountant of the subject, he said that in 2011, the subject gained about VND 18 billion. However, he did not reveal any specific number. So, it is difficult to commend about its financial status but in our opinion, the financial ability of the subject is considered at slight.

In overview, the subject is a small company. Its operation and business activities seem not busy. The subject should try to stable and develop its business. Currently, it only has ability to meet small financial commitments.

 

 

------------ APPENDIX ----------

INDUSTRY DATA

 

Industry code

Growth speed by price compared with 1994 (%)

Total enterprises 2010

Total employees 2011

(Thous.pers.)

Annual average capital of enterprises 2010

(billion dongs)

2011

2010

Agriculture, Forestry and Fishing

4.00

2.78

8,887

24,362.9

95,227

Industry and Construction

5.53

7.70

95,217

10,718.9

3,641,376

Trade and Services

6.69

7.52

187,195

15,270.2

6,957,082

 

ECONOMIC INDICATORS

 

 

2011 

2010 

2009 

Population (Million person)

87.84

86.93

86.02

Gross Domestic Products (USD billion)

119

102.2

91

GDP Growth (%)

5.89

6.78

5.32

GDP Per Capita (USD/person/year)

1,300

1,160

1,080

Inflation (% Change in Composite CPI)

18.58

11.75

6.88

State Budget Deficit compared with GDP (%)

4.9

5.8

6.9

 

SERVICE TRADE PERFORMANCE

 

Billion USD 

2011 

2010 

2009 

Exports

96.3

72.2

57.1

Imports

105.8

84.8

69.9

Trade Balance

-9.5

-12.6

-12.8

Source: General Statistics Office

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.48

UK Pound

1

Rs.82.72

Euro

1

Rs.71.27

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.