|
Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
NEW DRAGON GRANITE LIMITED LIABILITY
COMPANY |
|
|
|
|
Registered Office : |
No. 147 Tang Bat Ho Street - Le Loi Ward, Qui Nhon City, Binh Dinh
Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishments: |
2000 |
|
|
|
|
Com. Reg. No.: |
4100355437 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
The subject registers and focuses on
manufacturing and processing granite for construction |
|
|
|
|
No. of Employees : |
200 |
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 : |
Moderate |
|
|
|
|
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
|
||
|
|
||
Current legal status
|
||
|
Registered English Name |
|
NEW DRAGON GRANITE LIMITED LIABILITY
COMPANY |
|
Registered Vietnamese Name |
|
CONG TY TNHH TAN LONG GRANITE |
|
Trade name |
|
TAN LONG GRANITE COMPANY LIMITED |
|
Registered Short name |
|
NEW DRAGON GRANITE CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2000 |
|
Business Registration No. |
|
4100355437 |
|
Date of latest adjustment (7th) |
|
03 Oct 2012 |
|
Place of Registration |
|
Business Registration Office – Planning
And Investment Department of Binh Dinh Province |
|
Chartered capital |
|
VND 45,000,000,000 |
|
Tax code |
|
4100355437 |
|
Total Employees |
|
200 |
|
Size |
|
Medium |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
VND 25,000,000,000 Changed to: VND 45,000,000,000 |
03
Oct 2012 |
|
2 |
Subject has got former Chartered capital:
3502000012 issued on 17 Mar 2000 Changed to: 4100355437 |
03
Oct 2012 |
|
3 |
Subject has got former Chartered capital:
VND 3,000,000,000 Changed to: VND 25,000,000,000 |
- |
|
|
||
CompaNy ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 147 Tang Bat Ho Street - Le Loi Ward,
Qui Nhon City, Binh Dinh Province, Vietnam |
|
Telephone |
|
(84-56) 3821 317 |
|
Fax |
|
(84-56) 3741 449 |
|
Email |
|
|
|
Website |
|
tanlonggranite.com.vn |
|
|
||
|
Factory Address |
||
|
Address |
|
Lot A10, 11, 12 Phu Tai Industrial Zone, Qui
Nhon City, Binh Dinh Province, Vietnam |
|
Telephone |
|
84-56 3741389 |
|
Fax |
|
84-56 3741449 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
02 Quarter 4, Trung My Tay Ward, District
12, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3718 5286 |
|
Fax |
|
(84-8) 3718 5286 |
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
TRAN HOC QUAN |
|
Position |
|
Director |
|
Date of Birth |
|
08 Jul 1971 |
|
ID Number/Passport |
|
211318701 |
|
ID Issue Date |
|
23 May 2006 |
|
ID Issue Place |
|
Police station of Binh Dinh
Province |
|
Resident |
|
No. 147 Tang Bat Ho
Str - Le Loi Ward, Qui Nhon City, Binh Dinh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
DANG THI PHUONG MAI |
|
Position |
|
Vice Director |
|
ID Number/Passport |
|
211354159 |
|
ID Issue Place |
|
Police station of Quy
Nhon City |
|
Current resident |
|
147 Tang Bat Ho Street, Le Loi Ward, Qui
Nhon City, Binh Dinh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject registers and focuses on manufacturing and processing granite for
construction. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
Norway, India, China, Thailand, Brazil |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Taiwan, United State, Malaysia, Singapore, Spain, Italia |
|
|
||
BANKERS
|
||
|
|
||
|
JOINT
STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM PHU TAI BRANCH |
||
|
Address |
|
No 1A Hight Way Tran Quang Dieu Ward, Binh Dinh Province, Vietnam |
|
Telephone |
|
(84-56) 3741 732 |
|
Fax |
|
(84-56) 3741 007 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
TRAN HOC QUAN |
|
Position |
|
Director |
|
Date of Birth |
|
08 Jul 1971 |
|
ID Number/Passport |
|
211318701 |
|
Issued on |
|
23 May 2006 |
|
Issued Place |
|
Police station of Quy Nhon City |
|
Resident |
|
No. 147 Tang Bat Ho Str - Le Loi Ward, Qui
Nhon City, Binh Dinh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 33,750,000,000 |
|
Percentage |
|
75% |
|
|
||
|
2.
NAME |
|
Ms.
DANG THI PHUONG MAI |
|
Position |
|
Vice Director |
|
ID Number/Passport |
|
211354159 |
|
Issued Place |
|
Police station of Quy Nhon City |
|
Current Resident |
|
147 Tang Bat Ho Street, Le Loi Ward, Qui
Nhon City, Binh Dinh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 11,250,000,000 |
|
Percentage |
|
25% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
|
Audit status |
Unaudited |
Unaudited |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
58,676,000,000 |
57,870,000,000 |
|
I. Cash and cash
equivalents |
622,000,000 |
994,000,000 |
|
1. Cash |
622,000,000 |
994,000,000 |
|
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 |
3,660,000,000 |
4,560,000,000 |
|
1. Receivable from customers |
3,716,000,000 |
4,018,000,000 |
|
2. Prepayments to suppliers |
0 |
0 |
|
3. Inter-company receivable |
-107,000,000 |
492,000,000 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
51,000,000 |
50,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
53,965,000,000 |
52,177,000,000 |
|
1. Inventories |
53,965,000,000 |
52,177,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
429,000,000 |
139,000,000 |
|
1. Short-term prepaid expenses |
27,000,000 |
15,000,000 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
402,000,000 |
124,000,000 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM
ASSETS |
41,907,000,000 |
32,271,000,000 |
|
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
|
26,934,000,000 |
29,858,000,000 |
|
1. Tangible assets |
25,531,000,000 |
28,455,000,000 |
|
- Historical costs |
49,065,000,000 |
47,891,000,000 |
|
- Accumulated depreciation |
-23,534,000,000 |
-19,436,000,000 |
|
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 |
1,403,000,000 |
1,403,000,000 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
8,140,000,000 |
0 |
|
1. Investments in affiliates |
8,140,000,000 |
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 |
6,833,000,000 |
2,413,000,000 |
|
1. Long-term prepaid expenses |
6,789,000,000 |
2,401,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
44,000,000 |
12,000,000 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
100,583,000,000 |
90,141,000,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
63,717,000,000 |
61,533,000,000 |
|
I. Current
liabilities |
60,060,000,000 |
55,148,000,000 |
|
1. Short-term debts and loans |
35,620,000,000 |
29,620,000,000 |
|
2. Payable to suppliers |
16,098,000,000 |
19,798,000,000 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
-12,000,000 |
366,000,000 |
|
5. Payable to employees |
356,000,000 |
331,000,000 |
|
6. Accrued expenses |
8,051,000,000 |
0 |
|
7. Inter-company payable |
-60,000,000 |
493,000,000 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
4,523,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
7,000,000 |
17,000,000 |
|
II. Long-Term
Liabilities |
3,657,000,000 |
6,385,000,000 |
|
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 |
3,657,000,000 |
6,385,000,000 |
|
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 Sale |
0 |
|
|
9. Science and technology development fund |
|
|
|
B- OWNER’S
EQUITY |
36,866,000,000 |
28,608,000,000 |
|
I. OWNER’S
EQUITY |
36,866,000,000 |
28,608,000,000 |
|
1. Capital |
36,950,000,000 |
28,850,000,000 |
|
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 |
-151,000,000 |
-151,000,000 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
-177,000,000 |
-334,000,000 |
|
11. Construction investment fund |
244,000,000 |
243,000,000 |
|
12. Business arrangement supporting fund |
0 |
|
|
II. Other
sources and funds |
|
0 |
|
1. Bonus and welfare funds (Elder form) |
|
0 |
|
2. Sources of expenditure |
|
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
100,583,000,000 |
90,141,000,000 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
85,435,000,000 |
51,120,000,000 |
|
2. Deduction item |
0 |
22,000,000 |
|
3. Net sale |
85,435,000,000 |
51,098,000,000 |
|
4. Costs of goods sold |
73,666,000,000 |
43,504,000,000 |
|
5. Gross profit |
11,769,000,000 |
7,594,000,000 |
|
6. Financial income |
7,000,000 |
4,000,000 |
|
7. Financial expenses |
5,426,000,000 |
3,054,000,000 |
|
- In which: Loan interest expenses |
5,426,000,000 |
3,054,000,000 |
|
8. Selling expenses |
2,795,000,000 |
1,848,000,000 |
|
9. Administrative overheads |
3,490,000,000 |
2,175,000,000 |
|
10. Net operating profit |
65,000,000 |
521,000,000 |
|
11. Other income |
347,000,000 |
30,000,000 |
|
12. Other expenses |
205,000,000 |
17,000,000 |
|
13. Other profit /(loss) |
142,000,000 |
13,000,000 |
|
14. Total accounting profit before tax |
207,000,000 |
534,000,000 |
|
15. Current corporate income tax |
52,000,000 |
134,000,000 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
155,000,000 |
400,000,000 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
0.98 |
1.05 |
1.09 |
|
Quick liquidity ratio |
0.08 |
0.10 |
0.73 |
|
Inventory circle |
1.39 |
0.83 |
13.90 |
|
Average receive period |
15.64 |
32.57 |
77.34 |
|
Utilizing asset performance |
0.85 |
0.57 |
1.30 |
|
Liability by total assets |
63.35 |
68.26 |
74.93 |
|
Liability by owner's equity |
172.83 |
215.09 |
361.25 |
|
Ebit / Total assets (ROA) |
5.60 |
3.98 |
4.03 |
|
Ebit / Owner's equity (ROE) |
15.28 |
12.54 |
16.12 |
|
Ebit / Total sale (NPM) |
6.59 |
7.02 |
5.16 |
|
Gross profit / Total sale (GPM) |
13.78 |
14.86 |
9.13 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Low |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Even |
|
Litigation data |
|
No |
|
Bankruptcy |
|
No |
|
Payment Methods |
|
TT, L/C |
|
Sale Methods |
|
Distributor |
|
The subject - NEW
DRAGON GRANITE LIMITED LIABILITY COMPANY was established in 2000
under the business registration No. 3502000012 with its
charted capital of VND 3 billion. The subject has increased capital by VND 25
billion on December 26th, 2008. In 2012, the subject changed the business
registration to No. 4100355437 and increased capital to VND 45 billion. The subject focuses on manufacturing and
processing granite products for construction. The subject imports materials
from India, Brazil, Norway, China and Thailand. Its products are exported to
Taiwan, Malaysia, Singapore, Italy… It distributes its products for resident
in south province. The current position in the industry of the subject is
average. The market share of the subject is average. It has a factory specialized in quarrying stones
for construction and fine arts article making. The factory is located at Phu
Tai Industrial Zone, where 12 kilometer far from west of Quy Nhon Seaport.
The production capacity of the subject is about 50,000 square meters per year.
Besides, the subject has a branch in Hochiminh City. The head office of the
subject is also private house of Mr. TRAN HOC QUAN - Director of the subject,
this address is using for contact with customers and state organization in
charge. The management capacity of the subject is above average. In general, the operation and finance of the
subject regard average. The business of the subject is normal. The subject
needs to build its strategy to promote business more. The market share of the
subject is average. In our opinion, the subject has capacity to meet small –
medium 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.53.95 |
|
UK Pound |
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
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.