|
Report Date : |
05.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
TUAN MINH LIMITED COMPANY |
|
|
|
|
Registered Office : |
Chi Ma border gate Yen Khoai Commune, Loc Binh District, Lang Son
Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
18.10.2005 |
|
|
|
|
Com. Reg. No.: |
4900236502 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
trader of agricultural products. |
|
|
|
|
No. of Employees : |
36 |
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 : |
Unknown |
|
|
|
|
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 |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
TUAN MINH LIMITED COMPANY |
|
Vietnamese Name |
|
CONG TY TNHH TUAN MINH |
|
Short name |
|
TUAN MINH CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2005 |
|
Business Registration No. |
|
4900236502 |
|
Date of Registration |
|
18 Oct 2005 |
|
Place of Registration |
|
Department of Planning and Investment of
Lang Son Province |
|
Chartered capital |
|
VND 12,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
4900236502 |
|
Total Employees |
|
36 |
|
Note: The exact name is as above |
||
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Address: No 177,
Phieng Quan Street, Loc Binh Ward, Lang Son City Changed to: Chi Ma border gate, Yen khoai
Commune, Loc Binh District, Lang Son Province, Vietnam |
N/A |
|
|
||
company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Chi Ma border gate Yen Khoai Commune, Loc
Binh District, Lang Son Province, Vietnam |
|
Telephone |
|
(84-25) 3845688 |
|
Fax |
|
(84-25) 3845425 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
TRAN MINH TUAN |
|
Position |
|
Director |
|
Date of Birth |
|
01 Jan 1982 |
|
ID Number/Passport |
|
080999068 |
|
ID Issue Date |
|
25 Apr 2005 |
|
ID Issue Place |
|
Police Station of
Lang Son Province |
|
Resident |
|
No. 117 Phieng Quan,
Loc Binh Town, Loc Binh District, Lang Son Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
HOANG THI PHUONG |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject specializes in trading agricultural products |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
Southeast Asia, Africa, Iran, India |
|
·
Ratio |
|
70% |
|
·
Mode of payment |
|
L/C |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
China |
|
·
Ratio |
|
100% |
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK LANG SON BRANCH |
||
|
Address |
|
No.54 Tran Dang Ninh, Hoang Van Thu ward, Lang Son City, Lang Son
Province, Vietnam |
|
Telephone |
|
(84-25) 3713968 |
|
Fax |
|
(84-25) 3713966 |
|
|
||
|
2.
BANK FOR DEVELOPMENT AND INVESTMENT OF VIETNAM LANG SON BRANCH |
||
|
Address |
|
No.1 Hoang Van Thu Street, Chi Lang Ward, Lang Son City, Lang Son
Province, Vietnam |
|
Telephone |
|
(84-25) 3812063 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
TRAN MINH TUAN |
|
Position |
|
Director |
|
Date of Birth |
|
01 Jan 1982 |
|
ID Number/Passport |
|
080999068 |
|
Issued on |
|
25 Apr 2005 |
|
Issued Place |
|
Police Station of Lang Son Province |
|
Resident |
|
No. 117 Phieng Quan, Loc Binh Town, Loc
Binh District, Lang Son Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 7,200,000,000 |
|
Percentage |
|
60% |
|
|
||
|
2.
NAME |
|
Ms.
LUU THI THANH HIEN |
|
ID Number/Passport |
|
081054646 |
|
Resident |
|
No. 117 Phieng Quan Loc Binh Town, Loc
Binh District, Lang Son Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 4,800,000,000 |
|
Percentage |
|
40% |
|
|
||
FINANCIAL HIGHLIGHT
|
||
|
Despite of the
best effort, the latest financial data is not available |
||
|
BALANCE
SHEET |
||
Unit: Million VND
|
||
|
Balance sheet
date |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A. Current Asset
|
39,170 |
27,952 |
|
Receivables |
13,489 |
2,202 |
|
Inventory |
22,899 |
24,228 |
|
Cash and other current assets |
2,782 |
1,522 |
|
B. Long term
Asset |
772 |
300 |
|
1. Long term
account receivable |
47 |
0 |
|
2. Fixed assets |
725 |
300 |
|
Tangible fixed assets |
196 |
300 |
|
+ Original cost |
291 |
397 |
|
+ Accumulated depreciation value |
-95 |
-97 |
|
Financial leasehold assets |
0 |
0 |
|
Intangible fixed assets |
0 |
0 |
|
Construction in progress and other long term asset |
0 |
0 |
|
TOTAL ASSETS |
39,942 |
28,252 |
|
|
||
|
LIABILITIES |
||
|
Payable loans |
27,845 |
23,184 |
|
Owner’s Equity |
12,097 |
5,068 |
|
TOTAL LIABILITY
AND EQUITY |
39,942 |
28,252 |
|
|
||
|
PROFIT & LOSS STATEMENT |
||
|
|
||
|
1. Total Sales |
35,416 |
43,594 |
|
2. Deduction item |
|
0 |
|
3. Net revenue |
35,416 |
43,594 |
|
4. Costs of goods sold |
32,347 |
- |
|
5. Gross profit |
3,069 |
- |
|
6. Financial income |
744 |
198 |
|
7. Financial expenses |
1,327 |
234 |
|
8. Selling expenses and Administrative overheads |
2,458 |
- |
|
9. Net operating profit |
28 |
115 |
|
10. Other income |
1 |
35 |
|
11. Other expenses |
1 |
105 |
|
12. Other profit /(loss) |
0 |
-70 |
|
13. Total accounting profit before tax |
28 |
45 |
|
14. Current corporate income tax |
5 |
- |
|
15. Deferred corporate income tax |
0 |
- |
|
16. Interest from subsidiaries/related companies |
0 |
- |
|
17. Profit after tax |
23 |
- |
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
N/A |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Normal |
INTERPRETATION ON THE SCORES
|
|
|
|
|
|
Tuan
Minh Co., Ltd was founded in 2005 as a limited liability company. Currently,
the subject is operating under the business registration No. 4900236502 (same
as tax code), granted by Department of Planning and Investment of Lang Son
Province with the chartered capital of VND 12 billion. Currently,
the subject specializes in trading agricultural products. According to Mr.
Duong, Exim Department, its products are mainly imported from Southeast Asia,
Africa, Iran and India with the ratio of 70% and the rest is supplied by
domestic market. Mr. Duong also said that 100% its products are exported to
China market. Premises and facilities are normal. All transactions of the
subject are taken in Chi Ma border gate, Yen khoai Commune, Loc Binh
District, Lang Son Province, Vietnam with total employees of 36 people.
Management capacity is acceptable. The subject is being controlled by Mr.
Tran Minh Tuan. Despite
of the best effort, the latest financial data is not available. According to
the above financial statement, its business result is normal. The subject
reached VND 39,416 million of total sales in 2009 and decreased by 18.8%
compared with year 2008. Profit after tax was low with the value of VND 23
million. In
short, the subject is operating in small scale. Its business operation is
normal. At current, 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 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.03 |
|
UK Pound |
1 |
Rs.104.32 |
|
Euro |
1 |
Rs.88.24 |
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.