MIRA INFORM REPORT

 

 

Report Date :

28.11.2013

 

IDENTIFICATION DETAILS

 

Name :

TILA LOGISTICS CO LTD

 

 

Registered Office :

22Fl D21.04 Riverside Bldg 188 Nguyen Luong Bang St Tan Phu Ward, District 7, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

17.10.2013

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Subject provides professional services, including:

·         Air transportation

·         Logistics

·         Transportation

 

 

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 :

Slow but 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 – 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 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

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

 

Organization Name

:

TILA LOGISTICS CO LTD

Address

:

22Fl D21.04 Riverside Bldg 188 Nguyen Luong Bang St Tan Phu Ward, District 7, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-54171676

Facsimile

:

[+84] 8-54171673

Email

:

tila-logistics@tila.com.vn

Website

:

http://www.tila.com.vn

Primary Business Activity

:

Service

Key Industry

:

Transportation

 

Key Facts

 

Registered Legal Address

:

22Fl D21.04 Riverside Bldg 188 Nguyen Luong Bang St Tan Phu Ward, District 7, Ho Chi Minh

Operational Address

:

22Fl D21.04 Riverside Bldg 188 Nguyen Luong Bang St Tan Phu Ward, District 7, Ho Chi Minh

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0301893822

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

17 Oct, 2013

Employees

:

20

Capital

:

US$ 71,055

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

TILA LOGISTICS CO LTD

Primary Business Activity

:

Service

Primary Industry

:

Transportation

Office Contact Details

Operating Address

:

22Fl D21.04 Riverside Bldg 188 Nguyen Luong Bang St Tan Phu Ward, District 7, Ho Chi Minh

Tel

:

[+84] 8-54171676

 

:

[+84] 8-54171675

 

:

[+84] 8-54171674

Fax

:

[+84] 8-54171673

Email

:

tila-logistics@tila.com.vn

Website Details

Website

:

http://www.tila.com.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

DIRECTORS/MANAGEMENT

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Khuu Ngan Binh

Vietnamese

Vice Director

-

2

Ms. Nguyen Thi Thien Huong

Vietnamese

Vice Director

-

3

Ms. Pham Thuy Lan

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI01952283

Name

:

Mr. Khuu Ngan Binh

 

Date of Birth

:

1975

 

 

Management Details - 2

Personal Unique Identifier

:

MI01952284

Name

:

Ms. Nguyen Thi Thien Huong

 

Date of Birth

:

1967

 

 

Management Details - 3

Personal Unique Identifier

:

MI01952285

Name

:

Ms. Pham Thuy Lan

 

Date of Birth

:

1967

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI01952279

Name

:

Mr. Truong Minh Quang Nguyen

Date of Birth

:

1966

Nationality

:

Vietnamese

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the TILA LOGISTICS CO LTD's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

1,500,000,002

Paid-up Capital

:

1,500,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Truong Minh Quang Nguyen

Vietnam

n/a

1,300,050,000

86.67

2

Mr. Khuu Ngan Binh

Vietnam

n/a

199,950,000

13.33

Total

n/a

1,500,000,000

100.00

 

 

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

Na

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual  

775,115

534,274

7,388

2011 Annual  

1,024,580

616,131

9,650

2012 Annual  

1,256,395

619,410

5,522

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

 

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

 

Year

Sales

Assets

Net Income

2005 Annual

1,052,632

316,867

-6,024

 

 

FINANCIAL STATEMENT - DETAILED

 

 

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Current Assets

6,454,000,000

7,765,000,000

8,776,000,000

Non Current Assets

3,959,000,000

5,069,000,000

4,123,000,000

Non Current Liabilities

1,188,000,000

160,000,000

113,000,000

Share Capital

1,500,000,000

1,500,000,000

1,500,000,000

Total Reserves

-

-

-

Other long term assets 

Total Assets

10,413,000,000

12,834,000,000

12,899,000,000

Total Liabilities

8,548,000,000

10,779,000,000

10,733,000,000

Current Liabilities

7,360,000,000

10,619,000,000

10,620,000,000

Long term liabilities 

Shareholders Funds

1,865,000,000

2,055,000,000

2,166,000,000

 

Current assets & short term investments

6,454,000,000

7,765,000,000

8,776,000,000

Cash & cash equivalents

3,999,000,000

3,361,000,000

5,224,000,000

Cash

3,999,000,000

-

5,224,000,000

Cash equivalents

-

3,361,000,000

-

Accounts receivable

1,996,000,000

3,618,000,000

3,061,000,000

Accounts receivable trade

1,160,000,000

2,948,000,000

2,172,000,000

Trade prepayment

432,000,000

259,000,000

198,000,000

Others receivables

404,000,000

411,000,000

691,000,000

Inventories

115,000,000

643,000,000

172,000,000

i.Other short term asset

344,000,000

143,000,000

319,000,000

VAT deductible

9,000,000

-

8,000,000

ii.Other short term asset

335,000,000

143,000,000

311,000,000

Long term assets

3,959,000,000

5,069,000,000

4,123,000,000

Fixed assets

3,959,000,000

5,069,000,000

4,123,000,000

Tangible fixed assets

3,959,000,000

5,069,000,000

4,123,000,000

Cost

8,244,000,000

9,876,000,000

9,923,000,000

Accumulated depreciation

4,285,000,000

4,807,000,000

5,800,000,000

Total assets

10,413,000,000

12,834,000,000

12,899,000,000

Liabilities

8,548,000,000

10,779,000,000

10,733,000,000

Current liabilities

7,360,000,000

10,619,000,000

10,620,000,000

Short term borrowings

5,927,000,000

7,600,000,000

7,971,000,000

Accounts payables-trade

938,000,000

1,926,000,000

1,688,000,000

Advances from customers

90,000,000

723,000,000

194,000,000

Taxes and payable to state budget

177,000,000

106,000,000

198,000,000

Payable to employees

60,000,000

76,000,000

71,000,000

Accrued expenses payable

16,000,000

7,000,000

287,000,000

Other payables

152,000,000

181,000,000

211,000,000

Long term liabilities

1,188,000,000

160,000,000

113,000,000

Long term other payables

-

-

113,000,000

Long term borrowings

1,188,000,000

160,000,000

-

Owner's equity

1,865,000,000

2,055,000,000

2,166,000,000

Business capital

1,500,000,000

1,500,000,000

1,500,000,000

Retained earnings

365,000,000

555,000,000

666,000,000

Total resources

10,413,000,000

12,834,000,000

12,899,000,000

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

15,107,000,000

21,342,000,000

26,164,000,000

Profit (Loss) Before Tax

192,000,000

268,000,000

115,000,000

Profit After Tax attributable to Shareholders

144,000,000

201,000,000

115,000,000

 

Gross sales

15,107,000,000

21,342,000,000

26,164,000,000

Net income

15,107,000,000

21,342,000,000

26,164,000,000

Cost of goods sold

12,097,000,000

16,843,000,000

22,408,000,000

Gross margin

3,010,000,000

4,499,000,000

3,756,000,000

Income from financial activities

11,000,000

9,000,000

16,000,000

Expenses from financial activities

927,000,000

1,593,000,000

1,378,000,000

In which: Interest expenses

892,000,000

1,536,000,000

1,353,000,000

General & administration expenses

1,902,000,000

2,730,000,000

2,279,000,000

Net income from operating activities

192,000,000

185,000,000

115,000,000

Extraordinary income

-

609,000,000

145,000,000

Extraordinary expenses

-

526,000,000

145,000,000

Extraordinary gains

-

83,000,000

-

Net profit before tax

192,000,000

268,000,000

115,000,000

Income tax

48,000,000

67,000,000

-

Net profit after tax

144,000,000

201,000,000

115,000,000

 

 

Financial Ratios

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

41.27

22.59

Profitability 

Profit Margin (%)

0.95

0.94

0.44

Return on Equity (%)

7.72

9.78

5.31

Return on Assets (%)

1.38

1.57

0.89

Leverage 

Total Debt Equity (Times)

4.58

5.25

4.96

Current Debt Equity (Times)

3.95

5.17

4.90

Long Term Debt to Equity

0.64

0.08

0.05

Total Asset To Total Equity

5.58

6.25

5.96

Asset Management 

Total Assets Turnover (Times)

1.45

1.66

2.03

Fixed Assets Turnover (Times)

3.82

4.21

6.35

Liquidity 

Current Ratio

0.88

0.73

0.83

 

 

Based on the corporate laws of Vietnam, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Air transportation

Service

Domestic transportation

Service

Logistics

Service

Rail transportation

Service

Sea transportation

Service

 

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Air Transport, Nonscheduled

4522

Service

Air Transportation, Scheduled

4512

Service

Arrange Trans Freight/Cargo

4731

Service

Railroad Transportation

4000

Service

Transportation Services

4700

Service

Transportation Svcs, NEC

4789

Service

Transportation by Air

4500

Service

Water Freight Transport, NEC

4449

Service

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Air transportation, scheduled

9847

Service

Deep sea domestic freight transportation of freight

9842

Service

Freight transportation arrangement, nvocc, customs brokerage

9852

Service

 

 

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Products / Materials / Services Description

Ranking

Activity

Transport, international

Primary

Service

Transportation

Primary

Service

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of TILA LOGISTICS CO LTD is Specialized professional services, including:

Air transportation

Logistics

Transportation


Key services include :

Air transportation

Domestic transportation

Logistics

Rail transportation

Sea transportation

Transport, international

Transportation

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

SAIGON BANK FOR INDUSTRY & TRADE (SAIGON INCOMBANK)

Global Identifier

:

32406443

Branch

:

District 1,Ho Chi Minh

Branch Address

:

BINH DUONG

SWIFT Code

:

SBITVNVX

 

Bank Name

:

SAIGON BANK FOR INDUSTRY & TRADE (SAIGON INCOMBANK)

Global Identifier

:

32406443

Branch

:

District 1,Ho Chi Minh

Branch Address

:

2C Pho Duc Chinh St Nguyen Thai Binh Ward District 1 Ho Chi Minh (Head Office)

SWIFT Code

:

SBITVNVX

 

Bank Name

:

SAIGON THUONG TIN COMMERCIAL BANK (SACOMBANK)

Global Identifier

:

P0024801

Branch

:

District 3,Ho Chi Minh

Branch Address

:

Thai Binh

SWIFT Code

:

SGTTVNVX

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

TILA LOGISTICS CO LTD - DONG DA, HANOI

Branch Address

:

6H Ngo Hang Chao St Cat Linh Ward, Dong Da, Hanoi

Branch Tel

:

84-4-37162160

Branch Fax

:

84-4-37162159

 

 

 

COMPETITORS

 

 

 

The following is a representative list of local competitors:

 

Competitors

VIETNAM SEA & RIVER TRANSPORTATION CORP

 

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

TILA LOGISTICS CO LTD - DISTRICT 7, HO CHI MINH

Address

:

22Fl D21.04 Riverside Bldg 188 Nguyen Luong Bang St Tan Phu Ward, District 7, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

 

 

PREVIOUS CONTACT DETAILS

 

 

 

Company Address

:

17 Dong Da St, Tan Binh Dist, Hochiminh City

Date of Relocation

:

Dec, 2007

 

Phone Number

:

84-8-8486518

 

Company Address

:

4/4 Tan Vien Rd Ward 2, Tan Binh, Ho Chi Minh

Phone Number

:

84-8-8486747

Fax Number

:

84-8-8489193

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

30 Dec, 1999

073877

 

 

 

 

 

 

 

NOTES & COMMENTS

 

Na

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.36

UK Pound

1

Rs.101.11

Euro

1

Rs.84.68

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.