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MIRA INFORM REPORT
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Report No. : |
487788 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
THINH CUONG CO LTD |
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Registered Office : |
196/10 Cong Hoa St Ward 12, Tan Binh Dist, Ho Chi Minh |
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Country : |
Viet Nam |
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Financials (as on) : |
December 2016 |
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Date of Incorporation : |
11.10.205 |
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Com. Reg. No.: |
0304032677 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Subject is engaged in Wholesale of chemical products |
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No. of Employees : |
10 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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Viet Nam |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
VIET NAM - 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. In 2016 and 2017, Vietnam missed its yearly growth target of 6.7% due to environmental issues – drought and salinization - impacting the agricultural sector, and low oil prices affecting the extractive sector. However, annual GDP growth reached 6.3%, reflecting strengthening 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, 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 continued to pursue other multilateral relationships, including the Comprehensive and Progressive Agreement for the Transpacific Partnership and 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 the recent slowdown in economic growth could test the government’s resolve.
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Source
: CIA |
Company
Summary
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Business Name |
THINH CUONG CO LTD |
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Country |
VIET NAM |
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Company Registration Number |
0304032677 |
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Main Activity Code |
4675 |
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Main Activity Description |
Wholesale of chemical products |
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Company Status |
Normal (Active) |
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Latest Turnover Figure |
- |
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Latest Shareholder Equity Figure |
3.093.000.000 |
Basic Information
|
Business Name |
THINH CUONG CO LTD |
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Registered Company Name |
THINH CUONG CO LTD |
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Company Registration Number |
0304032677 |
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Country |
VIET NAM |
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VAT Registration Number |
0304032677 |
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VAT Registration Date |
2005-10-18 |
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Date of Company Registration |
2011-04-13 |
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Date of Starting Operations |
2011-04-13 |
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Legal Form |
Private Company with Limited Liability |
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Type of Ownership |
Registered ownership by Subject Business Entity |
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Company Status |
Normal (Active) |
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Contact Telephone Number |
[+84] 28-39485212, [+84]-903777278 |
Main
Address
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Address |
Country |
Telephone |
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196/10 Cong Hoa St Ward 12, Tan Binh Dist, Ho Chi Minh |
VIET NAM |
[+84] 28-39485212, |
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[+84]-903777278 |
Other Address
No other addresses
for this company.
Previous Address
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Address |
Country |
|
156/1/27 Cong Hoa St Ward 12 Tan Binh Ho Chi Minh |
VIET NAM |
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2.01 Doc Lap B Apartment Tan Quy Ward, Tan Phu Dist, Ho Chi Minh |
VIET NAM |
Activities
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Activity Code |
Activity Description |
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4675 |
Wholesale of chemical products |
Email Addresses
Web Pages
Employee
Information
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Date Reported |
Number of Employees |
|
2018 |
10 |
Banker Information
No banker information for this company.
Advisors Information
No advisor information for this company
Miscellaneous
Information
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Fax Number |
[+84] 28-39485215 |
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Additional Business Information |
Core Business: The primary business focus of THINH CUONG CO LTD is
Trading - Finished products. Key products include: Chemical products,
Ethanol, Tapioca starch. |
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Additional Payment Information |
Selling: Local; Cash on delivery (COD), Credit - Unsecured 30~60 days.
Purchasing: Local: Credit - Unsecured 30~60 days, Cash on delivery (COD). |
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Additional Financial Information |
Financial statement were prepared as at 2016-12-01, 2015-12-01 and
2014-12-01. 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. |
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Number of Employees at Address |
10 |
Additional
Miscellaneous Information
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Issuing Authority |
Department Of Planning And Investment - Ho Chi Minh |
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Note |
(1) In Vietnam, when changes occur in the statutory records of an existing
company, a new business license number is issued which links the new changes
to a new license number. Such changes have occurred with the Subject Business
Entity. Accordingly, there are two different "Dates of
Registration", one being the original Date of Registration, and the
other being the most recent Date of issuance of the new License. Details of
the various previous License dates (if available) and the corresponding
License numbers, are listed in PREVIOUS BUSINESS LICENSE/S below. |
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Previous Business License/S |
License Date: 11 Oct, 2005; License No.: 4102033801 |
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Domestic Sales & Purchases |
Annual Sales Analysis: Domestic Sales: 100%. Annual Purchases
Analysis: Local Purchases: 100%. |
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Reputation |
Reference checking for the purpose of establishing THINH CUONG CO
LTD's reputation within the respective industry failed to reveal any adverse
information. |
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Nega-Scan - Adverse Data Monitoring |
Dishonored Checks, Debt, Civil Litigation, Performance Defaults,
Adverse Local Media Coverage / Adverse Filing History: No Record Found. |
Financial
|
Financial Year |
2016-12 |
2015-12 |
2014-12 |
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Number of Weeks |
52 |
52 |
52 |
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Currency |
VND |
VND |
VND |
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Consolidated Accounts |
No |
No |
No |
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Profit and Loss |
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Revenue |
104.111.000.000 |
98.603.000.000 |
178.242.000.000 |
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Operating Costs |
85.808.000.000 |
80.010.000.000 |
148.844.000.000 |
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Operating Profit |
18.303.000.000 |
18.593.000.000 |
29.398.000.000 |
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Wages & Salaries |
- |
- |
- |
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Pension Costs |
- |
- |
- |
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Depreciation |
- |
- |
- |
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Amortisation |
- |
- |
- |
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Financial Income |
346.000.000 |
884.000.000 |
410.000.000 |
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Financial Expenses |
103.000.000 |
1.174.000.000 |
1.561.000.000 |
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Extraordinary Income |
- |
- |
- |
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Extraordinary Costs |
18.452.000.000 |
18.177.000.000 |
27.554.000.000 |
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Profit before Tax |
94.000.000 |
126.000.000 |
693.000.000 |
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Tax |
19.000.000 |
28.000.000 |
121.000.000 |
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Profit after Tax |
75.000.000 |
98.000.000 |
572.000.000 |
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Dividends |
- |
- |
- |
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Minority Interests |
- |
- |
- |
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Other Appropriations |
- |
- |
- |
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Retained Profit |
75.000.000 |
98.000.000 |
572.000.000 |
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Balance Sheet |
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Land & Buildings |
0 |
0 |
0 |
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Plant & Machinery |
0 |
0 |
0 |
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Other Tangible Assets |
0 |
536.000.000 |
560.000.000 |
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Total Tangible Assets |
0 |
536.000.000 |
560.000.000 |
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Goodwill |
0 |
0 |
0 |
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Other Intangible Assets |
0 |
0 |
0 |
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Total Intangible Assets |
0 |
0 |
0 |
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Investments |
0 |
0 |
0 |
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Loans to Group |
0 |
0 |
0 |
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Other Loans |
0 |
0 |
0 |
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Miscellaneous Fixed Assets |
535.000.000 |
0 |
0 |
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Total Other Fixed Assets |
535.000.000 |
0 |
0 |
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Total Fixed Assets |
535.000.000 |
536.000.000 |
560.000.000 |
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Raw Materials |
0 |
0 |
0 |
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Work in Progress |
0 |
0 |
0 |
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Finished Goods |
0 |
0 |
0 |
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Other Inventories |
0 |
0 |
0 |
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Total Inventories |
229.000.000 |
273.000.000 |
10.000.000 |
|
Trade Receivables |
6.056.000.000 |
5.312.000.000 |
9.236.000.000 |
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Group Receivables |
0 |
0 |
0 |
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Receivables Due after 1 year |
0 |
0 |
0 |
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Miscellaneous Receivables |
0 |
0 |
0 |
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Total Receivables |
6.056.000.000 |
5.312.000.000 |
9.236.000.000 |
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Cash |
6.066.000.000 |
6.123.000.000 |
3.808.000.000 |
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Other Current Assets |
0 |
0 |
50.000.000 |
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Total Current Assets |
21.931.000.000 |
15.940.000.000 |
17.533.000.000 |
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Total Assets |
22.466.000.000 |
16.476.000.000 |
18.143.000.000 |
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Trade Payables |
1.572.000.000 |
885.000.000 |
1.519.000.000 |
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Bank Liabilities |
0 |
0 |
0 |
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Other Loans or Finance |
14.000.000.000 |
10.000.000.000 |
13.715.000.000 |
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Group Payables |
0 |
0 |
0 |
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Miscellaneous Liabilities |
269.000.000 |
394.000.000 |
442.000.000 |
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Total Current Liabilities |
15.841.000.000 |
11.279.000.000 |
15.676.000.000 |
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Trade Payables After 1 Year |
0 |
0 |
0 |
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Bank Liabilities After 1 Year |
0 |
0 |
0 |
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Other Loans or Finance due after 1 year |
0 |
0 |
0 |
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Group Payables After 1 Year |
0 |
0 |
0 |
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Miscellaneous Liabilities Due After 1 Year |
3.532.000.000 |
2.231.000.000 |
0 |
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Total Long Term Liabilities |
3.532.000.000 |
2.231.000.000 |
0 |
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Total Liabilities |
19.373.000.000 |
13.510.000.000 |
15.676.000.000 |
|
Called Up Share Capital |
1.000.000.000 |
1.000.000.000 |
1.000.000.000 |
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Share Premium |
0 |
0 |
0 |
|
Revenue Reserves |
2.093.000.000 |
1.966.000.000 |
1.467.000.000 |
|
Other Reserves |
0 |
0 |
0 |
|
Total Shareholders Equity |
3.093.000.000 |
2.966.000.000 |
2.467.000.000 |
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Other Financials |
|
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Contingent Liabilities |
|
|
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Working Capital |
6.090.000.000 |
4.661.000.000 |
1.857.000.000 |
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Net Worth |
0 |
0 |
0 |
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Ratios |
|
|
|
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Pre Tax Profit Margin |
0.09 |
0.13 |
0.39 |
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Return On Capital Employed |
1.42 |
2.42 |
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Return On Total Assets Employed |
0.42 |
0.76 |
3.82 |
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Return On Net Assets Employed |
3.04 |
4.25 |
28.09 |
|
Sales / Net Working Capital |
17.1 |
21.15 |
95.98 |
|
Stock Turnover Ratio |
0.22 |
0.28 |
0.01 |
|
Debtor Days |
21.23 |
19.66 |
18.91 |
|
Creditor Days |
5.51 |
3.28 |
3.11 |
|
Current Ratio |
1.38 |
1.41 |
1.12 |
|
Liquidity Ratio Or Acid Test |
1.37 |
1.39 |
1.12 |
|
Current Debt Ratio |
5.12 |
3.8 |
6.35 |
|
Total Debt Ratio |
6.26 |
4.55 |
6.35 |
Current
Directors
|
Name Gender |
Address |
Date of Birth |
Position |
|
Hanh Thuy Nguyen Do Male |
|
|
Managing Director | |
Previous Directors
No previous directors for this company.
Share
Capital Structure
|
Nominal Share Capital |
1.000.000.000 |
|
Issued Share Capital |
1.000.000.000 |
Shareholders
|
Shareholder |
Address |
% Shares Held |
|
Mr. Cuong Tri Vu |
Vietnam |
|
|
Mr. Hanh Thuy Nguyen Do |
Vietnam |
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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 63.61 |
|
|
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.95 |
|
VND |
1 |
INR 0.0028 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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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 |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.