MIRA INFORM REPORT

 

 

Report Date :

22.03.2013

 

IDENTIFICATION DETAILS

 

Name :

BANYAN INDOCHINE CORPORATION

 

 

Registered Office :

Floor 4th, Saigon Center Building, No.65 Le Loi Street, Ben Nghe Ward, District 1, Ho Chi Minh City

 

 

Country :

Vietnam

 

 

Date of Incorporation :

01.06.2012

 

 

Com. Reg. No.:

0311815534

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

The subject is specializing in importing and trading fashion clothes and bags.

 

 

No. of Employees :

4

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

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

(31.03.2011)

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

 

Registered English Name

 

BANYAN INDOCHINE CORPORATION

Registered Vietnamese Name

 

CONG TY CO PHAN CAY DA DONG DUONG

Registered Short name

 

BANYAN INDOCHINE CORP

Type of Business

 

Joint stock company

Year Established

 

2012

Business Registration No.

 

0311815534

Date of Registration

 

01 Jun 2012

Date of latest adjustment (1st)

 

04 July 2012

Place of Registration

 

Business registration office - Planning and Investment Department of Hochiminh City

Chartered capital

 

VND 20,000,000,000

Tax code

 

0311815534

Total Employees

 

4

 

ADDRESSES

 

Registration Address

Address

 

Floor 4th, Saigon Center Building, No.65 Le Loi Street, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam

Note: The given address is not full. The correct address is as above.

 

Transaction office in Ho Chi Minh

ax

 

(84-8) 3914 7291

Note: This location is also operation head office of Banyan Commercial Co., ltd - another company of the subject's owners.

 

 

 

 

RELATED COMPANIES

 

BANYAN COMMERCIAL CO., LTD

Vietnamese Name

 

CONG TY TNHH THUONG MAI CAY DA

Short name

 

BANYAN CO., LTD

Year Established

 

2005

Business Registration

 

0304104459

Place of Registration

 

Business registration office - Planning and Investment Department of Hochiminh City

Tax code

 

0304104459

Address

 

Floor 7th, Yoco Building, No. 41 Nguyen Thi Minh Khai Street, Ben Nghe Ward, 1 District, Ho Chi Minh City, Vietnam

Director

 

Mr. LE QUANG BAO LONG

Telephone

 

(84-8) 3914 7290 - 3914 0827

Fax

 

(84-8) 3914 7291

 

 

DIRECTORS

 

1. NAME

 

Mr. LE QUANG BAO LONG

Position

 

Chairman – Legal representative

Date of Birth

 

15 Aug 1971

ID Number/Passport

 

201045238

ID Issue Date

 

10 Oct 1997

ID Issue Place

 

Police station of Danang City

Resident

 

No.128 Phu My Hung Quarter, Tan Phong Ward, District 7, Ho Chi Minh City, Vietnam

Nationality

 

Vietnamese

Qualification

 

Managing

 

2. NAME

 

Mr. LE QUANG THI

Position

 

Sales & Marketing Executive

ID Number/Passport

 

201190856

Resident

 

Group 25, An Khe Ward, Thanh Khe District, Da Nang City, Vietnam

Nationality

 

Vietnamese

Qualification

 

Managing

 

3. NAME

 

Ms. LE THI BAO TRAM

Position

 

Chief of Sales Department

ID Number/Passport

 

200913576

Resident

 

Group 18, Thanh Khe Dong Ward, Thanh Khe District, Da Nang City, Vietnam

Nationality

 

Vietnamese

Qualification

 

Bachelor

 

4. NAME

 

Ms. MAI THI TRUYEN

Position

 

Chief Accountant

Current resident

 

Ho Chi Minh City, Vietnam

Nationality

 

Vietnamese

Tel/Mobile phone

 

+84 905 165 997

Qualification

 

Bachelor

 

 

BUSINESS NATURE AND ACTIVITIES

 

The subject is specializing in importing and trading fashion clothes and bags.

Its registered items:

Wholesale of other household products.
Sale of motor vehicle parts and accessories
Wholesale on a fee or contract basis
Wholesale of agricultural raw materials (except wood, bamboo) and live animals
Wholesale of food
Wholesale of textiles, clothing, footwear
Wholesale of other machinery and equipment n.e.c
Wholesle of construction materials, installation supplies
Wholesale of waste and scrap and other products n.e.c
Retail sale of clothing, footwear and leather articles in specialized stores
Other retail sale of new goods in specialized stores
Retail sale via stalls and market of textiles, clothing, footwear
Retail sale via stalls and market of other goods
Freight transport by road
Inland freight water transport
Other transportation support activities

 

 

IMPORT & EXPORT ACTIVITIES

 

IMPORT:

·         Types of products

 

Fashion clothes and bags

·         Market

 

Hong Kong and USA

 

EXPORT: N/A

 

 

BANKERS

 

1. MEGA INTERNATIONAL COMMERCIAL BANK CO., LTD - HO CHI MINH BRANCH

Address

 

No.5B Ton Duc Thang Street, District 1, Ho Chi Minh City, Vietnam

Telephone

 

(84-8) 3822 5697

Fax

 

(84-8) 3822 5698

 

2. ANZ BANK HOCHIMINH CITY BRANCH

Address

 

No. 11 Me Linh Square, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam

Telephone

 

(84-8) 3829 9319

Fax

 

(84-8) 3829 9316

 

 

SHAREHOLDERS
 

1. NAME

 

Mr. LE QUANG BAO LONG

Position

 

Chairman

Date of Birth

 

15 Aug 1971

ID Number/Passport

 

201045238

Issued on

 

10 Oct 1997

Issued Place

 

Police station of Danang City

Resident

 

No.128 Phu My Hung Quarter, Tan Phong Ward, District 7, Ho Chi Minh City, Vietnam

Nationality

 

Vietnamese

Value of shares

 

VND 18,000,000,000

Percentage

 

90%

 

2. NAME

 

Mr. LE THI BAO TRAM

Position

 

Chief of Sales Department

ID Number/Passport

 

200913576

Resident

 

Group 18, Thanh Khe Dong Ward, Thanh Khe District, Da Nang City, Vietnam

Nationality

 

Vietnamese

Value of shares

 

VND 1,000,000,000

Percentage

 

5%

 

3. NAME

 

Mr. LE QUANG THI

Position

 

Sales & Marketing Executive

ID Number/Passport

 

201190856

Resident

 

Group 25, An Khe Ward, Thanh Khe District, Da Nang City, Vietnam

Nationality

 

Vietnamese

Value of shares

 

VND 1,000,000,000

Percentage

 

5%

 

 

FINANCIAL DATA

 

Not available!

 

 

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

 

Trade Morality

 

Normal

Liquidity

 

N/A

Payment status

 

N/A

Financial Situation

 

Average

Development trend

 

N/A

Litigation data

 

No Recorded

Bankruptcy

 

No Recorded

Payment Methods

 

through by bank

Sale Methods

 

Wholesaler

Public opinion

 

Normal

 

 

 

INTERPRETATION ON THE SCORES

 

The subject - BANYAN INDOCHINE CORP was established in June 2012 under business registration no. 0311815534 (the same with tax code) with chartered capital VND 20 billion.

The subject is specializing in wholesale of other household products. Currently, the subject is specializing in importing and trading fashion clothes, bags. The subject imports goods from Hong Kong and USA. Its products aren’t exported.

Its registration address is locating at Floor 4th, Saigon Center Building - No.65 Le Loi Street - Ben Nghe Ward – District 1- Hochiminh City. However, all transactions of the subject is taking placed at Floor 7th, Yoco Building – No. 41 Nguyen Thi Minh Khai Street - Ben Nghe Ward – District 1 – Hochiminh City. This location is also operation head office of BANYAN COMMERCIAL CO., LTD (Banyan Co., Ltd) – another company of the subject’s owners. On legal document, the subject and Banyan Commercial Co., ltd is independent operating. However, currently they have same management board, transaction office and business activities.

By visited to subject’s transaction office, business situation of the subject is now busy. We have direct interview to Ms. Mai – Accountant Department of the subject, although the subject is a new established company but the subject’s owners has good relationship and experiences in industry. In additional, the subject was supported human resources and customers and from Banyan Co., ltd - was established in 2005 and currently this company has more 20 branches and stores on the whole of country.

In overview, premises and facilities of the subject are standard. Its future is also brightly. In our opinion, the subject has capacity to meet the small transactions. Caution needed with medium and big transactions to subject company.

 

 

----------- 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.54.28

UK Pound

1

Rs.82.06

Euro

1

Rs.70.23

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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