MIRA INFORM REPORT

 

 

Report Date :

22.11.2014

 

IDENTIFICATION DETAILS

 

Name :

TUNG LAM CO LTD (1)

 

 

Registered Office :

58 Ngoc Ha St Doi Can Ward, Ba Dinh, Hanoi

 

 

Country :

Vietnam

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

07.04.2011

 

 

Legal Form :

Private Company With Limited Liability

 

 

Line of Business :

Manufacturer of Agricultural Products.

 

 

No of Employees :

20

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Vietnam

B1

A2

 

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 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 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 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, 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 relatively stable in 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 has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

 

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

TUNG LAM CO LTD (1)

Address

:

58 Ngoc Ha St Doi Can Ward, Ba Dinh, Hanoi

Country

:

Vietnam

Phone (S)

:

[+84] 4-38232789

Facsimile

:

[+84] 4-38434890

Email

:

ho-bmddept@tunglam.com.vn

Website

:

http://www.tunglam.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Agricultural Products

 

 

Key Facts

Registered Legal Address

:

58 Ngoc Ha St Doi Can Ward, Ba Dinh, Hanoi

Operational Address

:

58 Ngoc Ha St Doi Can Ward, Ba Dinh, Hanoi

Issuing Authority

:

Dept. of Planning & Investment - Hanoi

License Number

:

0100281925

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

:

7 Apr, 2011

Employees

:

20

Capital

:

US$ 23,868,171

Note

:

(1) Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

 

 

DIRECTORS/MANAGEMENT

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Vu Kien Chinh

Vietnamese

Managing Director

-

2

Ms. Nguyen Thi Thu Huyen

Vietnamese

Managing Director

-

3

Ms. Hoang Hai Trang

Vietnamese

Chief Accountant

-

4

Ms. Tran Thi Tuyet

Vietnamese

Managing Director

-

Management Details - 1

Personal Unique Identifier

:

MI02226780

Name

:

Mr. Vu Kien Chinh

 

Date of Birth

:

1959

 

Management Details - 2

Personal Unique Identifier

:

MI03104455

Name

:

Ms. Nguyen Thi Thu Huyen

 

Date of Birth

:

1964

DManagement Details - 3

Personal Unique Identifier

:

MI03104466

Name

:

Ms. Hoang Hai Trang

 

Date of Birth

:

1979

Management Details - 4

Personal Unique Identifier

:

MI03104457

Name

:

Ms. Tran Thi Tuyet

 

Date of Birth

:

1966

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI02226780

Name

:

Mr. Vu Kien Chinh

Date of Birth

:

1959

2

 

 

Personal Unique Identifier

:

MI03104455

Name

:

Ms. Nguyen Thi Thu Huyen

Date of Birth

:

1964

3

 

 

Personal Unique Identifier

:

MI03104457

Name

:

Ms. Tran Thi Tuyet

Date of Birth

:

1966

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing TUNG LAM 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

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 500,000,000,000

Date

Authorized Capital - History

3 Apr, 1994

100,000,000,000

7 Apr, 2011

500,000,000,000

 

 

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. Vu Kien Chinh

Vietnam

n/a

n/a

54.80

2

Ms. Nguyen Thi Thu Huyen

Vietnam

n/a

n/a

45.20

Total

n/a

n/a

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

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

 

International Trade - Statistics  (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2011

n/a

24,813,682

24,813,682

2012

n/a

39,879,066

39,879,066

2013

n/a

28,279,019

28,279,019

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

50%

International Sales (Export)

50%

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

 

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2010

n/a

24,846,819

24,846,819

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/A

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

49,627,364

78,239,654

1,391,023

2012 Annual  

79,758,133

87,936,130

1,498,512

2013 Annual  

56,558,038

93,279,856

47,610

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual

49,693,638

79,091,893

779,425

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

678,625,000,000

845,389,000,000

848,032,000,000

Non Current Assets(*)

951,107,000,000

985,851,000,000

1,119,062,000,000

Non Current Liabilities(*)

643,797,000,000

550,220,000,000

730,546,000,000

Share Capital(*)

500,000,000,000

500,000,000,000

500,000,000,000

Other long term assets 

Total Assets(*)

1,629,732,000,000

1,831,240,000,000

1,967,094,000,000

Total Liabilities(*)

1,100,757,000,000

1,300,035,000,000

1,473,599,000,000

Current Liabilities(*)

456,960,000,000

749,815,000,000

743,053,000,000

Long term liabilities 

Shareholders Funds(*)

528,975,000,000

531,205,000,000

493,495,000,000

 

Current assets & short term investments

678,625,000,000

845,389,000,000

848,032,000,000

Cash & cash equivalents

6,025,000,000

27,602,000,000

24,550,000,000

Cash

6,025,000,000

27,602,000,000

24,550,000,000

Accounts receivable

124,901,000,000

131,731,000,000

178,406,000,000

Accounts receivable trade

66,910,000,000

84,301,000,000

140,151,000,000

Trade prepayment

51,525,000,000

-

-

Others receivables

6,466,000,000

47,430,000,000

38,255,000,000

I. Inventories

525,855,000,000

547,204,000,000

519,285,000,000

II. Inventories

525,855,000,000

547,204,000,000

519,285,000,000

I. Other short term asset

21,844,000,000

138,852,000,000

125,791,000,000

VAT deductible

17,104,000,000

130,965,000,000

106,021,000,000

II. Other short term asset

4,740,000,000

7,887,000,000

19,771,000,000

Long term assets

951,107,000,000

985,851,000,000

1,119,062,000,000

Fixed assets

951,107,000,000

985,851,000,000

1,119,062,000,000

Tangible fixed assets

880,267,000,000

840,516,000,000

864,712,000,000

Cost

945,691,000,000

945,692,000,000

1,000,762,000,000

Accumulated depreciation

65,424,000,000

105,176,000,000

136,051,000,000

Construction in progress

70,840,000,000

145,335,000,000

254,351,000,000

Total assets

1,629,732,000,000

1,831,240,000,000

1,967,094,000,000

Liabilities

1,100,757,000,000

1,300,035,000,000

1,473,600,000,000

Current liabilities

456,960,000,000

749,815,000,000

743,053,000,000

Short term borrowings

450,276,000,000

717,012,000,000

721,423,000,000

Accounts payables-trade

6,684,000,000

8,233,000,000

10,057,000,000

Advances from customers

-

24,570,000,000

11,573,000,000

Long term liabilities

643,797,000,000

550,220,000,000

730,547,000,000

Accounts long term payables-trade

643,797,000,000

-

-

Long term borrowings

-

550,220,000,000

730,547,000,000

I. Owner's equity

528,975,000,000

531,205,000,000

493,495,000,000

II. Owner's equity

528,975,000,000

531,205,000,000

493,495,000,000

Business capital

500,000,000,000

500,000,000,000

500,000,000,000

Retained earnings

28,975,000,000

31,205,000,000

(6,505,000,000)

Total resources

1,629,732,000,000

1,831,240,000,000

1,967,094,000,000

Note: (*)

Financial Highlights

 

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

1,033,738,000,000

1,660,936,000,000

1,192,701,000,000

Profit (Loss) Before Tax(*)

38,633,000,000

41,607,000,000

1,339,000,000

Profit After Tax attributable to Shareholders(*)

28,975,000,000

31,206,000,000

1,004,000,000

 

Gross sales

1,033,738,000,000

1,660,936,000,000

1,192,701,000,000

Less deductions

-

-

(1,797,000,000)

Net income

1,033,738,000,000

1,660,936,000,000

1,194,498,000,000

Cost of goods sold

839,058,000,000

1,328,264,000,000

1,049,566,000,000

Gross margin

194,680,000,000

332,672,000,000

144,932,000,000

Income from financial activities

153,000,000

216,000,000

1,260,000,000

Expenses from financial activities

82,192,000,000

148,967,000,000

94,516,000,000

In which: Interest expenses

82,192,000,000

148,967,000,000

85,862,000,000

General & administration expenses

74,008,000,000

142,314,000,000

50,336,000,000

Net income from operating activities

38,633,000,000

41,607,000,000

1,339,000,000

Net profit before tax

38,633,000,000

41,607,000,000

1,339,000,000

Income tax

9,658,000,000

10,401,000,000

335,000,000

Net profit after tax

28,975,000,000

31,206,000,000

1,004,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

6.73

60.67

(28.19)

Profitability 

Profit Margin (%)

2.80

1.88

0.08

Return on Equity (%)

5.48

5.87

0.20

Return on Assets (%)

1.78

1.70

0.05

Leverage 

Total Debt Equity (Times)

2.08

2.45

2.99

Current Debt Equity (Times)

0.86

1.41

1.51

Long Term Debt to Equity

1.22

1.04

1.48

Total Asset To Total Equity

3.08

3.45

3.99

Asset Management 

Total Assets Turnover (Times)

0.63

0.91

0.61

Fixed Assets Turnover (Times)

1.09

1.68

1.07

Liquidity 

Current Ratio

1.49

1.13

1.14

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 basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000048 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

TUNG LAM CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Agricultural Products

Office Contact Details

Operating Address

:

58 Ngoc Ha St Doi Can Ward, Ba Dinh, Hanoi

Tel

:

[+84] 4-38232789

Fax

:

[+84] 4-38434890

Email

:

ho-bmddept@tunglam.com.vn
headoffice@tunglam.com.vn

Website Details

Website

:

http://www.tunglam.com.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

Primary Products

Products / Materials / Services Description

Activity

Agricultural products

Manufacturing, Exporting

Bags

Manufacturing, Exporting

Cassava

Manufacturing, Exporting

Chemicals

Manufacturing, Exporting

Diesel

Manufacturing, Exporting

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Agricultural Production-Crops

0100

Manufacturing, Exporting

Chemical preparations, nspf

2899

Manufacturing, Exporting

Chemicals and Allied Products

2800

Manufacturing, Exporting

Chemicals/Allied Prdts, NEC

5169

Manufacturing, Exporting

Farm Supplies

5191

Manufacturing, Exporting

Fertilizers, Mixing Only

2875

Manufacturing, Exporting

Food and Kindred Products

2000

Manufacturing, Exporting

Food products, dried and dehydrated

2034

Manufacturing, Exporting

Medicinals and botanicals

2833

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Cassava (manioc), prepared or preserved

2008996500

Manufacturing, Exporting

Cassava arrowroot etc fresh or dry: sago pith

0714

Manufacturing, Exporting

Chemical products and preparations of the chemical or allied industries

3824909050

Manufacturing, Exporting

Coffee, tea, mate & spices

0900

Manufacturing, Exporting

Corn (maize)

1005

Manufacturing, Exporting

Fertilizers

3100

Manufacturing, Exporting

Food preparations

2106

Manufacturing, Exporting

Miscellaneous chemical products

3800

Manufacturing, Exporting

Seeds, anise, badian, fennel, coriander, cumin etc

0909

Manufacturing, Exporting

Tea

0902

Manufacturing, Exporting

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Ethanol

Primary

Manufacturing, Exporting

Farm supplies

Primary

Manufacturing, Exporting

Maize

Primary

Manufacturing, Exporting

Micro-bio, organic fertilizers

Primary

Manufacturing, Exporting

Shoes

Primary

Manufacturing, Exporting

Star aniseeds

Primary

Manufacturing, Exporting

Tea

Primary

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of TUNG LAM CO LTD is Manufacturing - Finished products.

Key products include :

Agricultural products

Bags

Cassava

Chemicals

Diesel

Ethanol

Farm supplies

Maize

Micro-bio, organic fertilizers

Shoes

Star aniseeds

Tea

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, TUNG LAM CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

 

BANK DETAILS

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

32400479

Branch

:

Hoan Kiem,Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM - THANG LONG

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

MILITARY COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0387295

Branch

:

Dong Da,Hanoi

Branch Address

:

MILITARY COMMERCIAL JOINT STOCK BANK, THANG LONG

SWIFT Code

:

MSCBVNVX

 

Bank Name

:

VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408999

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

70-72 Ba Trieu St Hang Bai Ward Hoan Kiem Dist Hanoi (Head Office)

SWIFT Code

:

VTCBVNVX

 

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

TUNG LAM CO LTD - BINH TAN DIST, HO CHI MINH

Branch Address

:

47 Highway 1A Ward 26, Binh Tan Dist, Ho Chi Minh

License Status

:

License exists - Normal.

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

North America

Medium

Exporting

China

Medium

Exporting

Japan

Medium

Exporting

Pakistan

Medium

Exporting

Taiwan

Medium

Exporting

USA

Medium

Exporting

 

 

COMPETITORS

The following is a representative list of local competitors:

Business Entity Name

Global Identifier

HOA PHAT TRADING & FURNITURE PRODUCING CO LTD

P0386408

XUAN HOA CO

P1171434

 

 

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name

:

TUNG LAM CO LTD - BA DINH, HANOI

Primary Use

:

Office & Administration facilities

Type of Location

:

Residential

Address

:

58 Ngoc Ha St Doi Can Ward, Ba Dinh, Hanoi

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

3 Apr, 1994

040714

 

 

 

 

NOTES & COMMENTS

 

N/A

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.97.01

Euro

1

Rs.77.62

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

 

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.