|
Report Date : |
08.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SON TUNG TRADING AND PRODUCTION JOINT STOCK
COMPANY |
|
|
|
|
Formerly Known as: |
SON TUNG LTD |
|
|
|
|
Registered Office : |
Group 1, Quarter 1, Hai Hoa Ward, Mong Cai City, Quang Ninh Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishments: |
2003 |
|
|
|
|
Com. Reg. No.: |
5700450589 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
trading in frozen products |
|
|
|
|
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 : |
Usually 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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
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
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
SON TUNG TRADING AND PRODUCTION JOINT
STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN SAN XUAT VA THUONG MAI SON
TUNG |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2003 |
|
Business Registration No. |
|
5700450589 |
|
Date of Registration |
|
28 Jan 2011 |
|
Place of Registration |
|
Quang Ninh Department of Planning and
Investment |
|
Chartered capital |
|
VND 21,600,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
5700450589 |
|
Total Employees |
|
50 |
|
Size |
|
Small |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered English
Name: SON TUNG LTD Changed to: SON TUNG TRADING AND PRODUCTION JOINT STOCK
COMPANY |
22
Mar 2013 |
|
2 |
Subject has got former Registered Vietnamese
Name: CONG TY TNHH SON TUNG Changed to: CONG TY CO PHAN SAN XUAT VA
THUONG MAI SON TUNG |
22
Mar 2012 |
|
3 |
Subject has got former Chartered capital:
18,600,000,000 VND Changed to: 21,600,000,000 VND |
22
Mar 2012 |
|
4 |
Subject has got former Board Of Director:
NGUYEN DUC CHINH - Former Director Changed to: NGUYEN DUC HUNG - Current
Director |
22
Mar 2012 |
|
5 |
Subject has got former Address: No. 1 Ka
Long Ward - Mong Cai District - Quang Ninh Province - Vietnam Changed to: Group 1 - Quater 1 - Hai Hoa
Ward - - Mong Cai District - Quang Ninh Province - Vietnam |
2010
|
company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Group 1, Quarter 1, Hai Hoa Ward, Mong Cai
City, Quang Ninh Province, Vietnam |
|
Telephone |
|
(84-33) 3882259/ 3778797 |
|
Fax |
|
(84-33) 3881505 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN DUC CHINH |
|
Position |
|
Chairman |
|
Date of Birth |
|
07 Sep 1965 |
|
ID Number/Passport |
|
100525509 |
|
ID Issue Date |
|
26 Feb 1999 |
|
ID Issue Place |
|
Police Of Quang Ninh
Province |
|
Resident |
|
Group 3 - Quater 1 -
Ka Long Ward, Mong Cai City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 979018818 |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN DUC HUNG |
|
Position |
|
Director |
|
Date of Birth |
|
26 Sep 1988 |
|
ID Number/Passport |
|
101001301 |
|
ID Issue Date |
|
31 Oct 2005 |
|
ID Issue Place |
|
Quang Ninh Police
Station |
|
Resident |
|
Area 1, Troi Town ,
Hoanh Bo District, Quang Ninh Province, Vietnam |
|
Current resident |
|
Group 1, Ka Long Ward , Mong Cai City,
Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Note: Mr. Nguyen Duc Hung has replaced Mr. Nguyen Duc
Chinh to become director of the subject since March 2012. |
||
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN DUC BAY |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
100675374 |
|
Resident |
|
Group 2 - Quater 3 - Ka
Long Ward , Mong Cai City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Ms.
TRAN THI HUYEN |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-33) 24262966 / (84) 987 835 168 |
|
Email |
|
tranthihuyen912@gmail.com |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject specializes in trading in frozen products |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Frozen products |
|
·
Market |
|
India |
|
·
Mode of payment |
|
TTR |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
China |
|
·
Mode of payment |
|
TTR |
|
|
||
BANKERS
|
||
|
|
||
|
1.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM MONG CAI BRANCH |
||
|
Address |
|
Hung Vuong str, Mong Cai City, Quang Ninh Province, Vietnam |
|
Telephone |
|
(84-33) 3881121 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE MONG CAI BRANCH |
||
|
Address |
|
No.01 Huu Nghi str, Mong Cai City, Quang Ninh Province, Vietnam |
|
Telephone |
|
(84-33) 3881553 |
|
|
||
|
3.
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK MONG CAI BRANCH |
||
|
Address |
|
No. 7 Hung Vuong Tran Phu Ward, Mong Cai City, Quang Ninh Province,
Vietnam |
|
Telephone |
|
(84-33) 3777088 |
|
Fax |
|
(84-33) 3777077 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN DUC CHINH |
|
Position |
|
Chairman |
|
Date of Birth |
|
07 Sep 1965 |
|
ID Number/Passport |
|
100525509 |
|
Issued on |
|
26 Feb 1999 |
|
Issued Place |
|
Police Of Quang Ninh Province |
|
Resident |
|
Group 3 - Quater 1 - Ka Long Ward , Mong
Cai City, Quang Ninh Province, Vietnam |
|
Mobile phone |
|
(84) 979018818 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 16,800,000,000 |
|
Percentage |
|
77.78% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN DUC BAY |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
100675374 |
|
Resident |
|
Group 2 - Quarter 3 - Ka Long Ward , Mong
Cai City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,800,000,000 |
|
Percentage |
|
8.33% |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN DUC HUNG |
|
Position |
|
Director |
|
Date of Birth |
|
26 Sep 1988 |
|
ID Number/Passport |
|
101001301 |
|
Issued on |
|
31 Oct 2005 |
|
Issued Place |
|
Quang Ninh Police Station |
|
Resident |
|
Area 1, Troi Town , Hoanh Bo District,
Quang Ninh Province, Vietnam |
|
Current Resident |
|
Group 1, Ka Long Ward , Mong Cai City,
Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 3,000,000,000 |
|
Percentage |
|
13.89% |
|
|
||
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 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
3,840,011,159 |
1,763,393,542 |
3,634,506,914 |
|
I. Cash and cash
equivalents |
2,857,010,767 |
1,172,413,783 |
2,444,669,016 |
|
1. Cash |
|
1,172,413,783 |
2,444,669,016 |
|
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 |
983,000,392 |
580,770,258 |
1,006,217,794 |
|
1. Receivable from customers |
983,000,392 |
580,770,258 |
1,006,217,794 |
|
2. Prepayments to suppliers |
|
0 |
0 |
|
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 |
|
0 |
0 |
|
1. Inventories |
|
0 |
0 |
|
2. Provisions for devaluation of inventories |
|
0 |
0 |
|
V. Other Current
Assets |
|
10,209,501 |
183,620,104 |
|
1. Short-term prepaid expenses |
|
0 |
0 |
|
2. VAT to be deducted |
|
10,209,501 |
9,401,109 |
|
3. Taxes and other accounts receivable from the State |
|
0 |
0 |
|
4. Other current assets |
|
0 |
174,218,995 |
|
B. LONG-TERM
ASSETS |
12,241,139,043 |
7,889,926,717 |
6,160,478,645 |
|
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
|
10,155,073,558 |
7,880,660,051 |
6,160,478,645 |
|
1. Tangible assets |
8,808,195,946 |
7,509,382,759 |
2,592,131,228 |
|
- Historical costs |
11,675,749,281 |
9,622,931,934 |
4,203,596,689 |
|
- Accumulated depreciation |
-2,867,553,335 |
-2,113,549,175 |
-1,611,465,461 |
|
2. Financial leasehold assets |
|
0 |
0 |
|
- Historical costs |
|
0 |
0 |
|
- Accumulated depreciation |
|
0 |
0 |
|
3. Intangible assets |
|
0 |
0 |
|
- Initial costs |
|
0 |
0 |
|
- Accumulated amortization |
|
0 |
0 |
|
4. Construction-in-progress |
1,346,877,612 |
371,277,292 |
3,568,347,417 |
|
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 |
2,086,065,485 |
9,266,666 |
0 |
|
1. Long-term prepaid expenses |
|
0 |
0 |
|
2. Deferred income tax assets |
|
0 |
0 |
|
3. Other long-term assets |
2,086,065,485 |
9,266,666 |
0 |
|
VI. Goodwill |
|
0 |
0 |
|
1. Goodwill |
|
0 |
0 |
|
TOTAL ASSETS |
16,081,150,202 |
9,653,320,259 |
9,794,985,559 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
197,674,335 |
52,360,185 |
208,569,577 |
|
I. Current
liabilities |
197,674,335 |
52,360,185 |
208,569,577 |
|
1. Short-term debts and loans |
|
0 |
0 |
|
2. Payable to suppliers |
101,325,250 |
0 |
178,315,500 |
|
3. Advances from customers |
|
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
99,185,012 |
52,360,185 |
29,457,238 |
|
5. Payable to employees |
|
0 |
0 |
|
6. Accrued expenses |
|
0 |
796,839 |
|
7. Inter-company payable |
|
0 |
0 |
|
8. Payable according to the progress of construction contracts |
|
0 |
0 |
|
9. Other payable |
-2,835,927 |
0 |
0 |
|
10. Provisions for short-term accounts payable |
|
0 |
0 |
|
11. Bonus and welfare funds |
|
|
|
|
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 |
|
|
|
|
9. Science and technology development fund |
|
|
|
|
B- OWNER’S
EQUITY |
15,883,475,867 |
9,600,960,074 |
9,586,415,982 |
|
I. OWNER’S
EQUITY |
15,883,475,867 |
9,600,960,074 |
9,586,415,982 |
|
1. Capital |
15,442,402,211 |
9,442,402,211 |
9,442,402,211 |
|
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 |
441,073,656 |
158,557,863 |
144,013,771 |
|
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 |
16,081,150,202 |
9,653,320,259 |
9,794,985,559 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
118,036,384,119 |
117,830,339,619 |
10,805,277,961 |
|
2. Deduction item |
|
0 |
0 |
|
3. Net revenue |
118,036,384,119 |
117,830,339,619 |
10,805,277,961 |
|
4. Costs of goods sold |
112,432,083,838 |
115,364,877,902 |
9,488,587,615 |
|
5. Gross profit |
5,604,300,281 |
2,465,461,717 |
1,316,690,346 |
|
6. Financial income |
7,876,038 |
52,569,565 |
4,360,649 |
|
7. Financial expenses |
5,668,998 |
8,502,814 |
7,834,224 |
|
- In which: Loan interest expenses |
|
0 |
0 |
|
8. Selling expenses |
|
0 |
0 |
|
9. Administrative overheads |
5,018,408,753 |
2,302,307,842 |
1,124,730,602 |
|
10. Net operating profit |
588,098,568 |
207,220,626 |
188,486,169 |
|
11. Other income |
0 |
5,257,570 |
237,142,857 |
|
12. Other expenses |
360 |
1,067,712 |
291,129,364 |
|
13. Other profit /(loss) |
-360 |
4,189,858 |
-53,986,507 |
|
14. Total accounting profit before tax |
588,098,208 |
211,410,484 |
134,499,662 |
|
15. Current corporate income tax |
147,024,552 |
52,852,621 |
33,624,916 |
|
16. Deferred corporate income tax |
|
0 |
0 |
|
17. Interest from subsidiaries/related companies |
|
0 |
0 |
|
18. Profit after tax |
441,073,656 |
158,557,863 |
100,874,746 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
19.43 |
33.68 |
17.43 |
1.29 |
|
Quick liquidity ratio |
19.43 |
33.68 |
17.43 |
0.90 |
|
Inventory circle |
- |
- |
73.94 |
16.60 |
|
Average receive period |
3.04 |
1.80 |
33.99 |
61.82 |
|
Utilizing asset performance |
7.34 |
12.21 |
1.10 |
2.31 |
|
Liability by total assets |
1.23 |
0.54 |
2.13 |
66.08 |
|
Liability by owner's equity |
1.24 |
0.55 |
2.18 |
252.07 |
|
Ebit / Total assets (ROA) |
3.66 |
2.19 |
1.37 |
6.85 |
|
Ebit / Owner's equity (ROE) |
3.70 |
2.20 |
1.40 |
25.35 |
|
Ebit / Total revenue (NPM) |
0.50 |
0.18 |
1.24 |
4.35 |
|
Gross profit / Total revenue (GPM) |
4.75 |
2.09 |
12.19 |
8.03 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TTR |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
|
|
|
Founded
in 2003, the subject was known as SON TUNG LTD. In Mar 2012, the subject changed type of
business and name into SON TUNG TRADING AND PRODUCTION JOINT STOCK COMPANY.
At that time, it also raised chartered capital up to VND 21.6 billion. Head office of the subject is located
at Group 1 - Quarter 1 - Hai Hoa Ward - Mong Cai District - Quang Ninh
Province. It specializes in trading
in frozen products. In detail, the subject imports frozen products from India
and then the products are distributed in domestic and exported to China. Regarding
financial statements provided by the subject, its financial situation seems
fair. The total assets in 2011 increased 67% over 2010 while the total sales
increased slightly. The liquidity capacity is high. The liabilities by total
assets and by owner’s equity are very low. Its capital structure is
considered safe for creditors. In general, the subject is a
small company that has been developing step by step. With current position,
it is reliable to meet small transactions. |
|
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.54.74 |
|
UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.71.27 |
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.