MIRA INFORM REPORT

 

 

Report No. :

504982

Report Date :

30.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

CUONG THUY FORWARDING INTERNATIONAL TRANSPORT LTD CO

 

 

Registered Office :

Rm 12A02 TD Plaza Bldg - B Tower Lot 20A Le Hong Phong St Dong Khe Ward, Ngo Quyen Dist, Haiphong

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2016

 

 

Date of Incorporation :

09.12.2009

 

 

Com. Reg. No.:

0201019297

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

·         Passenger air transport

·         Other transportation support activities

·         Freight transport by road

·         Service activities incidental to water transportation

·         Sea and coastal freight water transport

·         Passenger rail transport, interurban

 

 

No. of Employees :

10 [2018]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

 

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

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

 

Country Name

                Previous Rating               

(30.09.2017)

Current Rating

(31.12.2017)

Vietnam

A2

A2

 

Risk Category

 

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

VIETNAM - ECONOMIC OVERVIEW

 

Vietnam is a densely populated developing country that has been transitioning since 1986 from the rigidities of a centrally planned, highly agrarian economy to a more industrial and market based economy, and it has raised incomes substantially. Vietnam exceeded its 2017 GDP growth target of 6.7% with growth of 6.8%, primarily due to unexpected increases in domestic demand, and strong manufacturing exports.

 

Vietnam has a young population, stable political system, commitment to sustainable growth, relatively low inflation, stable currency, strong FDI inflows, and strong manufacturing sector. In addition, the country is committed to continuing its global economic integration. Vietnam joined the WTO in January 2007 and concluded several free trade agreements in 2015-16, including the EU-Vietnam Free Trade Agreement (which the EU has not yet ratified), the Korean Free Trade Agreement, and the Eurasian Economic Union Free Trade Agreement. In 2017, Vietnam successfully chaired the Asia-Pacific Economic Cooperation (APEC) Conference with its key priorities including inclusive growth, innovation, strengthening small and medium enterprises, food security, and climate change. Seeking to diversify its opportunities, Vietnam also signed the Comprehensive and Progressive Agreement for the Transpacific Partnership in 2018 and continued to pursue the Regional Comprehensive Economic Partnership.

 

To continue its trajectory of strong economic growth, the government acknowledges the need to spark a second wave’ of reforms, including reforming state-owned-enterprises, reducing red tape, increasing business sector transparency, reducing the level of non-performing loans in the banking sector, and increasing financial sector transparency. Vietnam’s public debt to GDP ratio is nearing the government mandated ceiling of 65%.

 

In 2016, Vietnam cancelled its civilian nuclear energy development program, citing public concerns about safety and the high cost of the program; it faces growing pressure on energy infrastructure. Overall, the country’s infrastructure fails to meet the needs of an expanding middle class. Vietnam has demonstrated a commitment to sustainable growth over the last several years, but despite the recent speed-up in economic growth the government remains cautious about the risk of external shocks.

 

Source : CIA

 

 

 

Company Summary

 

Business Name

NWM / CUONG THUY FORINTRACO

Country

VIET NAM

Company Registration Number

0201019297

Main Activity Code

5110

Main Activity Description

Passenger air transport

Company Status

Normal (Active)

Latest Turnover Figure

-

Latest Shareholder Equity Figure

7.798.000.000

 

 

Basic Information

 

Business Name

NWM / CUONG THUY FORINTRACO

Registered Company Name

CUONG THUY FORWARDING INTERNATIONAL TRANSPORT LTD CO

Company Registration Number

0201019297

Country

VIET NAM

VAT Registration Number

0201019297

VAT Registration Date

2009-12-09

Date of Company Registration

2009-12-10

Date of Starting Operations

2009-12-10

Commercial Court

Legal Form

Private Company with Limited Liability

Type of Ownership

Company Status

Normal (Active)

Principal Activity Code

Principal Activity Description

Contact Telephone Number

[+84] 225-3722238

 

 

Main Address

 

Address

 

Country

Telephone

Rm 12A02 TD Plaza Bldg - B Tower Lot 20A Le Hong Phong St Dong Khe Ward, Ngo Quyen Dist, Haiphong

VIET NAM

[+84] 225-3722238

 

 

Other Address

 

No other addresses for this company.

 

 

Previous Address

 

No previous addresses for this company.

 

 

Activities

 

Activity Code

 

Activity Description

5110

Passenger air transport

5229

Other transportation support activities

4941

Freight transport by road

5222

Service activities incidental to water transportation

5020

Sea and coastal freight water transport

4910

Passenger rail transport, interurban

 

 

Email Addresses

 

cuongthuylogistic@gmail.com

 

 

Web Pages

 

http://www.cuongthuylogistics.com

 

 

Employee Information

 

Date Reported Number of Employees

2018                              10

 

 

Banker Information

 

Banker Name

Banker Address

Phone Number

SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK

Hai Phong

 

 

 

Advisors Information

 

No advisor information for this company.

 

 

Miscellaneous Information

 

Fax Number

[+84] 225-3722239

Export Countries

Import Countries

Additional Business Information

Core Business The primary business focus of CUONG THUY FORWARDING INTERNATIONAL TRANSPORT LTD CO is Specialized professional services, including : Air transportation, Freight forwarding, Logistics, Shipping, Trucking. Key service include : Customs declaration.

Additional Rating Information

Average Credit Quality: Credit can proceed ONLY on strict financing terms. Revision of Credit Limit : Periodic

/quarterly. Risk Index : Medium.

Additional Payment Information

Additional Financial Information

Financial Statement Were Prepared As At 2016-12-31 And 2015-12-31. 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.

Number of Employees at Address

10

Number of Employees at Group

Number of Employees at Factory

 

 

Additional Miscellaneous Information

 

Primary Business Activity

Service

Key Industry

Transportation

Issuing Authority

DEPT. OF PLANNING & INVESTMENT - Hai Phong

Capital

US$ 434,749

Tax / VAT Details

Tax Issuing Authority: MINISTRY OF FINANCE, Local Name Used: Gia Trj Gia Tang (Value Added Tax), Acronym: GTGT / VAT.

Local Name Used

Gia Trj Gia Tang (Value Added Tax)

Detailed Product Classification & Activity(Products / Materials / Services Description : Ranking : Activity)

Trucking, Primary, Service. Seafood, Secondary, Service.

Capital(Date : Authorized Capital - History)

10 Dec, 2009, 6,800,000,000. 6 Jun, 2016, 9,900,000,000.

Reputation

Reference checking for the purpose of establishing CUONG THUY FORWARDING INTERNATIONAL TRANSPORT LTD CO's reputation within the respective industry failed to reveal any adverse information.

Nega-Scan - Adverse Data Monitoring

Dishonored checks , Debt, Civil litigation, Performance defaults, Adverse local media coverage / adverse filing history No record found.

Bank Details

 

Bank Name : SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK. Global Identifier : P0388625.

 

Branch : SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK - HAI PHONG. Branch Address : Hai

 

Phong.SWIFT Code : SGTTVNVX. Bank Name : VIETNAM PROSPERITY JOINT STOCK COMMERCIAL BANK.

 

Global Identifier : P1854843. Branch : VIETNAM PROSPERITY JOINT STOCK COMMERCIAL BANK -

 

HAIPHONG. Branch Address : Haiphong. SWIFT Code : VPBKVNVX.

Office & Facilities

 

The following information relates to the Business Entity's office as listed above:Name : CUONG THUY FORWARDING INTERNATIONAL TRANSPORT LTD CO - NGO QUYEN DIST, HAIPHONG. Primary Use : Office

& Administration facilities .Address : Rm 12A02 TD Plaza Bldg - B Tower Lot 20A Le Hong Phong St Dong Khe Ward, Ngo Quyen Dist, Haiphong. Country : Vietnam. Status : Operational.

Quality Accreditation

Quality Accreditation Listings # Name Accreditation Category 1 INTERNATIONAL STANDARDS ORGANIZATION (ISO) 9001:2008.

Registered Legal Address

Rm 12A02 TD Plaza Bldg - B Tower Lot 20A Le Hong Phong St Dong Khe Ward, Ngo Quyen Dist, Haiphong

 

 

Primary Products

 

Products / Materials / Services Description

 

Activity

Air transportation

Service

Customs declaration

Service

Freight forwarding

Service

Logistics

Service

Shipping

Service

 

 

Financial Year

2016-12

2015-12

Number of Weeks

52

52

Currency

VND

VND

Consolidated Accounts

No

No

 

 

Profit and Loss

 

Revenue

22.257.000.000

10.888.000.000

Operating Costs

18.729.000.000

9.298.000.000

Operating Profit

3.528.000.000

1.590.000.000

Wages & Salaries

-

-

Pension Costs

-

-

Depreciation

-

-

Amortisation

-

-

Financial Income

3.000.000

-

Financial Expenses

789.000.000

148.000.000

Extraordinary Income

-

-

Extraordinary Costs

-

-

Profit before Tax

2.742.000.000

1.442.000.000

Tax

548.000.000

289.000.000

Profit after Tax

2.194.000.000

1.153.000.000

Dividends

-

-

Minority Interests

-

-

Other Appropriations

-

-

Retained Profit

2.194.000.000

1.153.000.000

 

 

Balance Sheet

 

Land & Buildings

0

0

Plant & Machinery

0

0

Other Tangible Assets

11.828.000.000

11.828.000.000

Total Tangible Assets

11.828.000.000

11.828.000.000

Goodwill

0

0

Other Intangible Assets

0

0

Total Intangible Assets

0

0

Investments

0

0

Loans to Group

0

0

Other Loans

0

0

Miscellaneous Fixed Assets

0

0

Total Other Fixed Assets

0

0

Total Fixed Assets

11.828.000.000

11.828.000.000

Raw Materials

0

0

Work in Progress

0

0

Finished Goods

0

0

Other Inventories

0

0

Total Inventories

0

0

Trade Receivables

2.429.000.000

2.429.000.000

Group Receivables

0

0

Receivables Due after 1 year

0

0

Miscellaneous Receivables

0

0

Total Receivables

2.429.000.000

2.429.000.000

Cash

727.000.000

727.000.000

Other Current Assets

881.000.000

881.000.000

Total Current Assets

4.037.000.000

4.037.000.000

Total Assets

15.865.000.000

15.865.000.000

Trade Payables

480.000.000

480.000.000

Bank Liabilities

0

0

Other Loans or Finance

0

0

Group Payables

0

0

Miscellaneous Liabilities

49.000.000

49.000.000

Total Current Liabilities

528.000.000

528.000.000

Trade Payables After 1 Year

0

0

Bank Liabilities After 1 Year

0

0

Other Loans or Finance due after 1 year

7.539.000.000

7.539.000.000

Group Payables After 1 Year

0

0

Miscellaneous Liabilities Due After 1 Year

0

0

Total Long Term Liabilities

7.539.000.000

7.539.000.000

Total Liabilities

8.067.000.000

8.067.000.000

Called Up Share Capital

6.800.000.000

6.800.000.000

Share Premium

0

0

Revenue Reserves

998.000.000

998.000.000

Other Reserves

0

0

Total Shareholders Equity

7.798.000.000

7.798.000.000

 

 

Other Financials

 

Contingent Liabilities

Working Capital

3.509.000.000

3.509.000.000

Net Worth

0

0

 

 

Ratios

 

Pre Tax Profit Margin

12.32

13.24

Return On Capital Employed

17.88

9.4

Return On Total Assets Employed

17.28

9.09

Return On Net Assets Employed

35.16

18.49

Sales / Net Working Capital

6.34

3.1

Stock Turnover Ratio

Debtor Days

39.83

81.43

Creditor Days

7.87

16.09

Current Ratio

7.65

7.65

Liquidity Ratio Or Acid Test

Current Debt Ratio

0.07

0.07

Gearing

Equity In Percentage

Total Debt Ratio

1.03

1.03

 

Additional Financials

 

Gross Profit

 

 

Current Directors

 

Name

Gender

Date of Birth

Position

Mai Anh Thi Nguyen

Female

1986-02-19

Managing Director

 

 

Previous Directors

 

No previous directors for this company.

 

 

Share Capital Structure

 

Nominal Share Capital   9.900.000.000

Issued Share Capital      9.900.000.000

 

 

Shareholders

 

Shareholder

Address

 

% Shares Held

Mr. Cuong Kim Doan

Vietnam

68.69

Mr. Thuy Thanh Bui

Vietnam

19.7

Ms. Mai Anh Thi Nguyen

Vietnam

11.61

 

 

Group Structure

 

No group structure information for this company

 

 

Negative Information

 

No negative information for this company

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

VND

1

INR 0.0029

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TPT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.