MIRA INFORM REPORT
|
Report Date : |
25.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
MISA INTERNATIONAL COMPANY LIMITED |
|
|
|
|
Registered Office : |
Floor 4, R.402, Thien Son Building, No. 5 Nguyen Gia Thieu Street,
Ward 6, District 3, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2008 |
|
|
|
|
Com. Reg. No.: |
0305462859 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Trading in animal feed, raw materials agricultural, products from
meat, seafood, products from milk. |
|
|
|
|
No. of Employees : |
20 |
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
|
English Name |
|
MISA INTERNATIONAL COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH THUONG MAI QUOC TE MI SA |
|
Trade name |
|
MI SA INTERNATIONAL TRADING CO., LTD |
|
Short name |
|
MISA INTERNATIONAL CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2008 |
|
Business Registration No. |
|
0305462859 |
|
Date of latest adjustment (6th) |
|
14 Sep 2012 |
|
Place of Registration |
|
Business registration office - Planning and Investment Department of
Hochiminh City |
|
Chartered capital |
|
VND 4,900,000,000 |
|
Tax code |
|
0305462859 |
|
Total Employees |
|
20 |
ADDRESSES
|
Head Office |
||
|
Address |
|
Floor 4, R.402, Thien Son Building, No. 5 Nguyen Gia Thieu Street,
Ward 6, District 3, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3930 9447 - 3930 9446 - 3930 9448 |
|
Fax |
|
(84-8) 3930 9449 |
|
Email |
|
|
DIRECTORS
|
1. NAME |
|
Mr. NGUYEN VAN DUNG |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
023288067 |
|
Current resident |
|
No.436A/20 Street 3/2, Ward 12, District 10, Ho Chi Minh City, Vietnam
|
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Managing |
|
|
||
|
2. NAME |
|
Mr. DAO CONG TRUONG |
|
Position |
|
Director – legal representative |
|
Date of Birth |
|
21 Sep 1976 |
|
ID Number/Passport |
|
024348704 |
|
ID Issue Date |
|
13 Jan 2005 |
|
Resident |
|
No.71/1B Bui Minh Truc Street, Ward 6, District
8, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Managing |
|
|
||
|
NAME |
|
Ms. LANG MUOI DINH |
|
Position |
|
Former Director |
|
Date of Birth |
|
13 Sep 1972 |
|
ID Number/Passport |
|
022666951 |
|
Resident |
|
127/1 Lanh Binh Thang Street, Ward 12, District
11, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Note: According to Ms. Phan Thi Truc Vui – Imp-Export Department of
the subject, nobody named Ms. Lang Muoi Thi is worked in the subject company
that only Ms. Lang Muoi Dinh is former director. |
||
|
|
||
|
3. NAME |
|
Mr. NGUYEN THI HANG |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
022242480 |
|
Resident |
|
018 Lot J, Nguyen Thien Thuat Apartment Bolock,
Ward 1, District 3, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Managing |
|
|
||
|
4. NAME |
|
Ms. NGUYEN THI NGA |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
BUSINESS NATURE AND ACTIVITIES
The subject registered in trading in animal feed, raw materials
agricultural, products from meat, seafood, products from milk.
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
Market |
|
India, Singapore, China... |
|
|
||
|
EXPORT: N/A |
||
BANKERS
|
1. VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
8th Floor, VinCom Center, No. 72 Le Thanh Ton street, District 1, Ho
Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3821 0055 |
|
Fax |
|
(84-8) 3829 6063 |
|
|
||
|
2. JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HO CHI MINH BRANCH |
||
|
Address |
|
No.10 Vo Van Kiet Street, District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3829 7245 |
|
Fax |
|
(84-8) 3829 7228 |
SHAREHOLDERS
|
Following is current shareholders of the subject. |
||
|
1. NAME |
|
Mr. NGUYEN VAN DUNG |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
023288067 |
|
Current resident |
|
No.436A/20 Street 3/2, Ward 12, District 10, Ho Chi Minh City, Vietnam
|
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Managing |
|
Value of shares |
|
4,655,000,000 VND |
|
Percentage |
|
95% |
|
|
||
|
3. NAME |
|
Mr. NGUYEN THI HANG |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
022242480 |
|
Resident |
|
018 Lot J, Nguyen Thien Thuat Apartment Bolock,
Ward 1, District 3, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Managing |
|
Value of shares |
|
245,000,000 VND |
|
Percentage |
|
5% |
|
|
||
|
Following is former shareholders of the subject. |
||
|
1 . NAME |
|
Ms. LANG MUOI DINH |
|
Position |
|
Former Director |
|
Date of Birth |
|
13 Sep 1972 |
|
ID Number/Passport |
|
022666951 |
|
Resident |
|
127/1 Lanh Binh Thang Street - Ward 12 - District 11 - Ho Chi Minh
City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
24,499,000,000 VND |
|
Percentage |
|
51% |
|
|
||
|
2 . NAME |
|
Mr. NGUYEN VAN HUNG |
|
Position |
|
Former Director |
|
ID Number/Passport |
|
023289911 |
|
Resident |
|
436A/20 Ba Thang Hai Street - Ward 12 - District 10 - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
2,401,000,000 VND |
|
Percentage |
|
49% |
FINANCIAL DATA
|
BALANCE SHEET |
||
|
Unit: One VND |
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
19,616,000,000 |
28,311,000,000 |
|
I. Cash and cash
equivalents |
648,000,000 |
14,646,000,000 |
|
1. Cash |
0 |
0 |
|
2. Cash equivalents |
648,000,000 |
14,646,000,000 |
|
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 |
3,088,000,000 |
7,399,000,000 |
|
1. Receivable from customers |
3,088,000,000 |
7,399,000,000 |
|
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 |
14,979,000,000 |
5,617,000,000 |
|
1. Inventories |
14,979,000,000 |
5,617,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
901,000,000 |
649,000,000 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
877,000,000 |
645,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
24,000,000 |
4,000,000 |
|
B. LONG-TERM
ASSETS |
0 |
0 |
|
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
|
0 |
0 |
|
1. Tangible assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
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 |
0 |
0 |
|
III. Investment
property |
0 |
0 |
|
Historical costs
|
0 |
38,000,000 |
|
Accumulated
depreciation |
0 |
-38,000,000 |
|
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 |
19,616,000,000 |
28,311,000,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
11,403,000,000 |
20,548,000,000 |
|
I. Current
liabilities |
11,403,000,000 |
20,548,000,000 |
|
1. Short-term debts and loans |
4,380,000,000 |
3,390,000,000 |
|
2. Payable to suppliers |
6,176,000,000 |
16,727,000,000 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
482,000,000 |
412,000,000 |
|
5. Payable to employees |
346,000,000 |
0 |
|
6. Accrued expenses |
19,000,000 |
19,000,000 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
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 |
8,213,000,000 |
7,763,000,000 |
|
I. OWNER’S
EQUITY |
8,213,000,000 |
7,763,000,000 |
|
1. Capital |
4,900,000,000 |
4,900,000,000 |
|
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 |
3,313,000,000 |
2,863,000,000 |
|
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 (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 |
19,616,000,000 |
28,311,000,000 |
|
PROFIT &
LOSS STATEMENT |
|
|
Description |
FY2011 |
|
1. Total Sales |
151,062,000,000 |
|
2. Deduction item |
0 |
|
3. Net revenue |
151,062,000,000 |
|
4. Costs of goods sold |
136,261,000,000 |
|
5. Gross profit |
14,801,000,000 |
|
6. Financial income |
52,000,000 |
|
7. Financial expenses |
2,378,000,000 |
|
- In which: Loan interest expenses |
1,595,000,000 |
|
8. Selling expenses |
0 |
|
9. Administrative overheads |
12,060,000,000 |
|
10. Net
operating profit |
415,000,000 |
|
11. Other income |
149,000,000 |
|
12. Other expenses |
0 |
|
13. Other profit
/(loss) |
149,000,000 |
|
14. Total
accounting profit before tax |
564,000,000 |
|
15. Current corporate income tax |
99,000,000 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after
tax |
465,000,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
Description |
FY2011 |
Average Industry |
|
Current liquidity ratio |
1.72 |
1.25 |
|
Quick liquidity ratio |
0.41 |
0.71 |
|
Inventory circle |
13.23 |
20.29 |
|
Average receive period |
7.46 |
61.81 |
|
Utilizing asset performance |
7.70 |
2.53 |
|
Liability by total assets |
58.13 |
69.15 |
|
Liability by owner's equity |
138.84 |
261.12 |
|
Ebit / Total assets (ROA) |
11.01 |
9.66 |
|
Ebit / Owner's equity (ROE) |
26.29 |
41.58 |
|
Ebit / Total revenue (NPM) |
1.43 |
4.49 |
|
Gross profit / Total revenue (GPM) |
9.80 |
9.69 |
|
Note: The Average Industry was calculated by VietnamCredit based on
our own statistical data |
||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Recorded |
|
Bankruptcy |
|
No Recorded |
|
Payment Methods |
|
L/C, TT |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Normal |
INTERPRETATION ON THE SCORES
The subject – MISA
INTERNATIONAL COMPANY LIMITED was established in 2008. Mr. Dao Cong Truong is director
and legal representative of the subject.
The subject is
specializing in trading animal feed, raw materials agricultural, products from
meat, seafood, products from milk. The subject imports products mainly from
India, Singapore, China… Its market share is medium.
Operation about 5
years, the subject has traditional customers and good relationship with some
suppliers in industry. The premises and
facilities of the subject are relative. Its head office is located in Floor 4, R.402,
Thien Son Building, No. 5 Nguyen Gia Thieu Street, Ward 6, District 3, Ho Chi
Minh City. Management capacity of the subject are normal with 20 persons.
Currently, management board and shareholders of the subject has changed.
In overview, the
subject’s position in industry is average. Its financial capacity is fair. Its
liquidity ratios were normal. In our opinion, the subject has capacity to meet
small 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 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.