MIRA INFORM REPORT

 

 

Report No. :

343170

Report Date :

08.10.2015

 

IDENTIFICATION DETAILS

 

Name :

THANH LONG TEXTILE AND DYEING EXPORT CO LTD

 

 

Registered Office :

Nguyen Duc Canh Industrial Zone Lot A1 Tran Hung Dao Ward, Thai Binh, Thai Binh

 

 

Country :

Vietnam

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

23.07.2009

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Subject is manufacturer of textiles & raw material

 

 

No. of Employee :

360

 

 

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 :

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Vietnam

A2

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. Agriculture's share of economic output has shrunk from about 25% in 2000 to 18% in 2014, while industry's share increased from 36% to 38% in the same period. State-owned enterprises now account for only about 40% of GDP.

Vietnamese authorities have reaffirmed their commitment to economic modernization and a more open economy. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam joined the 12-nation Trans-Pacific Partnership free trade agreement negotiations in 2010.

Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value has remained relatively stable since then. 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.

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 to restructure public investment, state-owned enterprises, and the banking sector, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses.

 

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

THANH LONG TEXTILE AND DYEING EXPORT CO LTD (1)

Name in Local Language

:

CÔNG TY TNHH DỆT NHUỘM XUẤT KHẨU THĂNG LONG

Address

:

Nguyen Duc Canh Industrial Zone Lot A1 Tran Hung Dao Ward, Thai Binh, Thai Binh

Country

:

Vietnam

Phone (S)

:

[+84] 36-3641691

Facsimile

:

[+84] 36-3641695

Email

:

thanglongtextile@gmail.com

Website

:

http://www.thalimexco.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Textiles & Raw Material

 

 

KEY FACTS

 

Registered Legal Address

:

Nguyen Duc Canh Industrial Zone Lot A1 Tran Hung Dao Ward, Thai Binh, Thai Binh

Operational Address

:

Nguyen Duc Canh Industrial Zone Lot A1 Tran Hung Dao Ward, Thai Binh, Thai Binh

Trading Name / DBA

:

THANG LONG TEXTILE CO LTD

License Status

:

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Thai Binh

License Number

:

1000213627

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

:

23 Jul, 2009

Employees

:

360

Capital

:

US$ 2,207,933

PREVIOUS BUSINESS LICENSE/S

:

License Date

License No.

1993

55/UB 02/02/1993

30 May, 2002

0802000248

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

 

Key Person

 

Legal Title

:

Managing Director

Name

:

Mr. Tran Van Huong

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Nguyen Thi My

Vietnamese

Chief Accountant

-

 

 

 

Management Details - 1

Personal Unique Identifier

:

MI03830045

Name

:

Ms. Nguyen Thi My

Date of Birth

:

1958

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03829978

Name

:

Mr. Tran Van Huong

Date of Birth

:

1960

 

 

 

NEGATIVE INFORMATION

 

REPUTATION

 

Reference checking for the purpose of establishing THANH LONG TEXTILE AND DYEING EXPORT 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

:

₫ 49,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Tran Van Huong

Vietnam

n/a

n/a

71.43

2

Ms. Tran Thi Nga

Vietnam

n/a

n/a

16.33

3

Ms. Tran Thi Nhan

Vietnam

n/a

n/a

12.24

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

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

20%

International Sales (Export)

80%

 

Annual Purchases Analysis

Percentage

Local Purchases

50%

Imports

50%

 

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

Import

Letter of Credit (At-sight)

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

2,803,215

4,507,060

-48,644

2013 Annual  

5,604,348

6,415,232

32,388

2014 Annual  

8,403,678

7,973,760

460,991

 

Sales Trend – Analysis

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

-

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

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

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Current Assets(*)

32,250,000,000

61,564,000,000

65,737,000,000

Non Current Assets(*)

61,608,000,000

73,721,000,000

102,857,000,000

Non Current Liabilities(*)

30,414,000,000

40,565,000,000

44,018,000,000

Share Capital(*)

30,067,000,000

30,067,000,000

49,000,000,000

Other long term assets 

Total Assets(*)

93,858,000,000

135,285,000,000

168,594,000,000

Total Liabilities(*)

69,083,000,000

103,786,000,000

109,814,000,000

Current Liabilities(*)

38,669,000,000

63,221,000,000

65,796,000,000

Long term liabilities 

Shareholders Funds(*)

24,775,000,000

31,499,000,000

58,780,000,000

 

Current assets & short term investments

32,250,000,000

61,564,000,000

65,737,000,000

Cash & cash equivalents

1,415,000,000

1,028,000,000

1,430,000,000

Cash

1,415,000,000

963,000,000

241,000,000

Cash equivalents

-

65,000,000

1,189,000,000

Accounts receivable

429,000,000

14,796,000,000

7,198,000,000

Accounts receivable trade

429,000,000

14,796,000,000

5,661,000,000

Trade prepayment

-

-

243,000,000

Other receivables

-

-

1,294,000,000

Inventories

26,463,000,000

45,116,000,000

52,648,000,000

i. Other short term asset

3,943,000,000

624,000,000

4,461,000,000

Prepaid expenses

-

-

206,000,000

VAT deductible

387,000,000

324,000,000

309,000,000

ii. Other short term asset

3,556,000,000

300,000,000

3,946,000,000

Long term assets

61,608,000,000

73,721,000,000

102,857,000,000

Fixed assets

58,732,000,000

71,564,000,000

102,857,000,000

Tangible fixed assets

58,732,000,000

71,564,000,000

102,421,000,000

Cost

84,219,000,000

103,463,000,000

140,976,000,000

Accumulated depreciation

25,487,000,000

31,899,000,000

38,555,000,000

Construction in progress

-

-

436,000,000

Long term investments

2,876,000,000

2,157,000,000

-

Other long term investments

2,876,000,000

2,157,000,000

-

Total assets

93,858,000,000

135,285,000,000

168,594,000,000

Liabilities

69,083,000,000

103,786,000,000

109,814,000,000

Current liabilities

38,669,000,000

63,221,000,000

65,796,000,000

Short term borrowings

26,873,000,000

38,984,000,000

45,456,000,000

Accounts payables-trade

3,326,000,000

17,886,000,000

11,111,000,000

Advances from customers

-

-

1,399,000,000

Taxes and payable to state budget

-

305,000,000

2,499,000,000

Payable to employees

1,106,000,000

2,581,000,000

3,554,000,000

Other payables

7,364,000,000

3,465,000,000

1,777,000,000

Long term liabilities

30,414,000,000

40,565,000,000

44,018,000,000

Long term borrowings

30,414,000,000

40,565,000,000

44,018,000,000

Owner's equity

24,775,000,000

31,499,000,000

58,780,000,000

Business capital

30,067,000,000

30,067,000,000

49,000,000,000

Financial reserved funds

324,000,000

409,000,000

20,000,000

Other funds from owner's equity

304,000,000

340,000,000

136,000,000

Retained earnings

(5,920,000,000)

683,000,000

9,624,000,000

Total resources

93,858,000,000

135,285,000,000

168,594,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Turnover(*)

58,376,000,000

118,185,000,000

177,684,000,000

Profit (Loss) Before Tax(*)

(1,013,000,000)

856,000,000

12,496,000,000

Profit After Tax attributable to Shareholders(*)

(1,013,000,000)

683,000,000

9,747,000,000

 

Gross sales

58,376,000,000

118,185,000,000

177,684,000,000

Net income

58,376,000,000

118,185,000,000

177,684,000,000

Cost of goods sold

54,936,000,000

104,687,000,000

155,266,000,000

Gross margin

3,440,000,000

13,498,000,000

22,418,000,000

Income from financial activities

51,000,000

170,000,000

350,000,000

Expenses from financial activities

2,952,000,000

9,326,000,000

5,110,000,000

In which: Interest expenses

2,952,000,000

4,111,000,000

2,452,000,000

Selling expenses

455,000,000

1,682,000,000

1,326,000,000

General & administration expenses

1,097,000,000

1,754,000,000

2,533,000,000

Net income from operating activities

(1,013,000,000)

906,000,000

13,799,000,000

Extraordinary income

-

30,000,000

296,000,000

Extraordinary expenses

-

80,000,000

1,599,000,000

Extraordinary gains

-

(50,000,000)

(1,303,000,000)

Net profit before tax

(1,013,000,000)

856,000,000

12,496,000,000

Income tax

-

173,000,000

2,749,000,000

Net profit after tax

(1,013,000,000)

683,000,000

9,747,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

-

102.45

50.34

Profitability 

Profit Margin (%)

(1.74)

0.58

5.49

Return on Equity (%)

(4.09)

2.17

16.58

Return on Assets (%)

(1.08)

0.50

5.78

Leverage 

Total Debt Equity (Times)

2.79

3.29

1.87

Current Debt Equity (Times)

1.56

2.01

1.12

Long Term Debt to Equity

1.23

1.29

0.75

Total Asset To Total Equity

3.79

4.29

2.87

Asset Management 

Total Assets Turnover (Times)

0.62

0.87

1.05

Fixed Assets Turnover (Times)

0.95

1.60

1.73

Liquidity 

Current Ratio

0.83

0.97

1.00

Based on the corporate laws of Vietnam, legal entities which are a 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

=

0.000045 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

THANH LONG TEXTILE AND DYEING EXPORT CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Textiles & Raw Material

Office Contact Details

Operating Address

:

Nguyen Duc Canh Industrial Zone Lot A1 Tran Hung Dao Ward, Thai Binh, Thai Binh

Tel

:

[+84] 36-3641691

 

:

[+84] 36-3642489

Fax

:

[+84] 36-3641695

Email

:

thanglongtextile@gmail.com

Website Details

Website

:

http://www.thalimexco.com

Status

:

Registered but not operational

Tax / VAT Details

Tax Issuing Authority

:

Ministry of Finance

Local Name Used

:

Gia Trj Gia Tang (Value Added Tax)

Acronym

:

GTGT / VAT

GTGT / VAT Number

:

1000213627

 

Primary Products

Products / Materials / Services Description

Activity

Cotton towels

Manufacturing, Exporting

Cotton yarns

Manufacturing, Exporting

Fiber

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Broad woven fabrics, manmade fibers and silk

2221

Manufacturing, Exporting

Yarn, spun, of cotton, man-made fibers, and silk

2281

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Cotton, inc. yarns & woven fabrics thereof

5200

Manufacturing, Exporting

Silk, inc. yarns & woven fabrics thereof

5000

Manufacturing, Exporting

Yarn of jute & other textile bast fibers

5307

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of THANH LONG TEXTILE AND DYEING EXPORT CO LTD is Manufacturing - Finished products.

Key products include :

Cotton yarns

Fiber

Cotton towels


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, THANH LONG TEXTILE AND DYEING EXPORT CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

BANK DETAILS

 

Bank Name

:

DONG A COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P1007587

Branch

:

Phu Nhuan,Ho Chi Minh

Branch Address

:

DONG A COMMERCIAL JOINT STOCK BANK - THAI BINH, THAI BINH

SWIFT Code

:

EACBVNVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM

Global Identifier

:

32400483

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - THAI BINH, THAI BINH

SWIFT Code

:

BIDVVNVX

 

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

32404058

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE - THAI BINH

SWIFT Code

:

ICBVVNVX

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Middle-East

Medium

Exporting

North America

Medium

Importing

China

Medium

Importing

India

Medium

Importing

Japan

Medium

Importing

Korea, South (Republic of Korea)

Medium

Importing

Pakistan

Medium

Importing

Thailand

Medium

Exporting

Turkey

Medium

Exporting

USA

Medium

Importing

 

OFFICE & FACILITIES

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

Name

:

THANH LONG TEXTILE AND DYEING EXPORT CO LTD - THAI BINH, THAI BINH

Primary Use

:

Office & Administration facilities

Building Size

:

40,000 Square meters

Address

:

Nguyen Duc Canh Industrial Zone Lot A1 Tran Hung Dao Ward, Thai Binh, Thai Binh

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

 

 

NOTES & COMMENTS

 

N/a

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.26

UK Pound

1

Rs.99.53

Euro

1

Rs.73.47

                                               

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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.