MIRA
INFORM REPORT
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Report Date : |
01.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
THANH PHUONG COMPANY LIMITED |
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Registered Office : |
No.
459 Nguyen Van Cu Str, Gia Thuy Ward, Long Bien Dist, Hanoi City |
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Country : |
Vietnam
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1993 |
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Legal Form : |
Liability
Limited Company |
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Line of Business : |
Buying and selling agents, consignment of goods Processing agriculture products Producing and packaging plants protection products Producing and packaging insecticide, pesticide Supplying chemicals for food processing Producing and supplying veterinary protection, aquatic protection products |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Status : |
Moderate
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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SUBJECT IDENTIFICATION
& LEGAL FORM |
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English Name
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THANH PHUONG COMPANY LIMITED
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Vietnamese name |
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CONG TY TNHH THANH PHUONG
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Trade
Name |
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THANH PHUONG CO., LTD
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Type of Business |
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Liability Limited Company |
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Founded
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1993 |
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Business Registration |
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No.045936 |
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Issued
on |
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June
7th 1993 |
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Issued
by |
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Hanoi Department of Planning and Investment |
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Registered Capital |
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24,296,000,000 VND |
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Tax
Code |
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0100599073 |
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Total
Employees |
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40
persons |
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Qualification |
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Qualified |
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ADDRESS |
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Head Office
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Address |
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No. 459 Nguyen Van Cu Str, Gia Thuy Ward, Long Bien Dist, Hanoi City |
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Country |
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Vietnam |
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Tel |
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(84-4)
8274507 |
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Fax |
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(84-4)
8274713 |
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Email |
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DIRECTORS |
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1. NAME |
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Mrs. NGUYEN
PHUONG DUNG |
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Position |
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Director |
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Resident |
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No. 477 Nguyen Van Cu Str, Gia Thuy Ward, Long Bien Dist, Hanoi City |
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Nationality |
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Vietnamese |
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BUSINESS NATURE AND
ACTIVITIES |
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The subject registered in the following
lines of business: |
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-
Buying
and selling agents, consignment of goods -
Processing
agriculture products -
Producing
and packaging plants protection products -
Producing
and packaging insecticide, pesticide -
Supplying
chemicals for food processing -
Producing
and supplying veterinary protection, aquatic protection products |
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IMPORT & EXPORT
ACTIVITIES |
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IMPORT: The subject imports from
China, Singapore, and India. |
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EXPORT: N/A |
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BANKERS |
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1. VIETNAM BANK
FOR AGRICULTURE AND RURAL DEVELOPMENT – BA TRIEU BRANCH |
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Address |
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No. 38 Ba Trieu Str, Hoan Kiem Dist, Hanoi city |
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Country |
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Vietnam |
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Tel |
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(84-4) 9360168 |
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Fax |
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(84-4) 9360167 |
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SHAREHOLDERS |
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1. Name
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Mrs. NGUYEN PHUONG DUNG
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Position
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Director
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Identity Card
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011250804
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Issued on
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March 17th 1967
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Issued by
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Hanoi Department of Public Security
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Resident |
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No. 477 Nguyen Van Cu Str, Ngo Gai Tu Ward, Long Bien Dist, Hanoi City |
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Nationality
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Vietnamese |
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Share |
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99.59% |
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Value |
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24,196,000,000
VND |
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2. Name
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Ms. NGUYEN THI THUY
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Position
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Shareholder
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Resident |
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No.
1135 Ngo Gia Tu Str, Duc Giang Ward, Long Bien Dist, Hanoi City
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Nationality
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Vietnamese
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Share |
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0.41% |
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Value |
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100,000,000
VND |
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PAYMENT HISTORY AND
EXPERIENCES |
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Trade Morality |
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Average |
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Liquidity |
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Average |
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Payments |
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Above
Average |
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Financial Situation |
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Above
Average |
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Development trend |
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Above
Average |
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Litigation Data |
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No reported |
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Bankruptcy |
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No reported |
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Payment Method |
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TT, L/C |
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Sale Method |
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Supplying for customers |
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FINANCIAL DATA |
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BALANCE SHEET |
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Unit: Million VND
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Balance sheet date |
31/12/05 |
31/12/04 |
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Number of weeks |
52 |
52 |
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ASSETS
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A. Working assets
& short-term Investment |
8,663 |
6,589 |
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I. Cash and cash equivalents |
125 |
113 |
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II. Short-term investment |
0 |
0 |
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1. Short-term securities investment |
0 |
0 |
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2. Other short-term investment |
0 |
0 |
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3. Provision for short-term investment |
0 |
0 |
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III. Receivables |
3,358 |
2,005 |
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1. Receivables from customers |
3,171 |
1,749 |
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2. Prepayment for providers |
0 |
0 |
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3. Value-added tax deducted |
187 |
80 |
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4. Internal receivables |
0 |
0 |
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5. Other receivables |
0 |
176 |
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6. Provision for bad receivables |
0 |
0 |
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IV. Inventory |
5,171 |
4,462 |
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1. Purchased goods in transit |
0 |
0 |
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2. Raw materials |
1,020 |
1,932 |
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3. Instrument, tools |
250 |
0 |
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4. Cost for production and business in
process |
0 |
0 |
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5. End products |
1,836 |
0 |
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6. Goods |
1,665 |
2,530 |
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7. Goods on consignment |
400 |
0 |
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8. Provision for devaluation of stocks |
0 |
0 |
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V. Other current assets |
9 |
9 |
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1. Advances |
9 |
9 |
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2. Prepaid
expenses |
0 |
0 |
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3. Pending expenses for transfer |
0 |
0 |
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4. Pending assets |
0 |
0 |
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5. Mortgage, collateral and short run
collateral |
0 |
0 |
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VI.
Administrative
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0 |
0 |
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1. Administrative expenses for previous
year
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0 |
0 |
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2. Administrative expenses for current year
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0 |
0 |
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B. Fixed assets & Long term
investment |
19,609 |
14,998 |
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I. Fixed assets |
15,109 |
10,498 |
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1.
Tangible fixed assets |
3,659 |
3,998 |
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+ Original cost |
4,340 |
4,169 |
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+ Accumulated depreciation value |
-681 |
-171 |
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2. Financial leasing fixed assets |
0 |
0 |
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+ Original cost |
0 |
0 |
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+ Accumulated depreciation value |
0 |
0 |
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3.
Intangible fixed assets |
11,450 |
6,500 |
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+ Original cost |
12,425 |
6,988 |
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+ Accumulated depreciation value |
-975 |
-488 |
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II. Long term investment |
4,500 |
4,500 |
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1.
Long-term securities investment |
0 |
0 |
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2.
Joint-venture capital contribution |
4,500 |
4,500 |
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3.
Other long-term investment |
0 |
0 |
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4.
Provision for long-term investment devaluation |
0 |
0 |
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III. Capital construction in process |
0 |
0 |
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IV. Other |
0 |
0 |
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TOTAL ASSETS |
28,272 |
21,587 |
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LIABILITIES
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A. Payable loans |
10,327 |
4,031 |
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I. Short term payables |
8,127 |
4,031 |
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1.
Short-term borrowings |
6,700 |
3,277 |
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2.
Due long-term liabilities |
0 |
0 |
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3.
Payables to supplier |
700 |
494 |
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4.
Prepayment of buyer |
0 |
0 |
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5.
Taxes and accounts dutiable |
374 |
217 |
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6.
Employee payments |
0 |
0 |
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7.
Internal payables |
0 |
0 |
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8.
Other payables |
353 |
43 |
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II. Long term loans |
2,200 |
0 |
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1.
Long-term borrowings |
0 |
0 |
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2.
Long-term payables |
2,200 |
0 |
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III. Other payables |
0 |
0 |
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1.
Payable expenses |
0 |
0 |
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2.
Pending assets |
0 |
0 |
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3.
Receipts long-term collateral and deposit |
0 |
0 |
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B. Owner’s Equity |
17,945 |
17,556 |
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I. Capital and Funds |
17,945 |
17,556 |
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1.
Working capital |
16,982 |
11,533 |
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2.
Differences from asset revaluation |
0 |
5,415 |
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3.
Exchange rate differences |
0 |
0 |
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4.
Development investment funds |
0 |
0 |
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5.
Reserved funds |
0 |
0 |
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6. Retained profit |
963 |
608 |
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7. Construction capital sources |
0 |
0 |
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II. Other administrative and fund sources |
0 |
0 |
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1.
Provident funds for unemployment |
0 |
0 |
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2.
Reward and welfare funds |
0 |
0 |
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3.
Management funds of higher level |
0 |
0 |
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4.
Functional operation funds |
0 |
0 |
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5.
Fund sources formed by fixed assets |
0 |
0 |
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TOTAL LIABILITY AND EQUITY |
28,272 |
21,587 |
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PROFIT & LOSE
STATEMENT |
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Description |
FY 05 |
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Total revenue |
17,964 |
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Deductions
Items |
0 |
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-
Discount |
0 |
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Devaluation |
0 |
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Return of sold goods |
0 |
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Turnover tax, Luxury tax & Export tax |
0 |
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1. Net revenue |
17,964 |
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2.
Cost of goods sold |
14,575 |
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3.
Gross Profit |
3,389 |
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4.
Sales expenses |
0 |
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5.
Enterprise administrative expenses |
1,406 |
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6.
Net income from business activities |
1,983 |
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Income
from financial activities |
0 |
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Expenditure
from financial activities |
646 |
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7. Net income from financial
operation |
-646 |
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Irregular
income |
0 |
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Irregular
expenditure |
0 |
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8. Irregular Profit |
0 |
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9. Total pre-tax
profit |
1337 |
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10. Income tax |
374 |
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11. After tax
profit |
963 |
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FINANCIAL FACTORS |
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Description |
FY 05 |
FY 04 |
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Current
liquidity ratio |
1.07 |
1.63 |
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Quick
Liquidity ratio |
0.43 |
0.53 |
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Inventory
circle |
3.03 |
N/A |
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Average
receive period |
68.23 |
- |
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Utilizing
Asset Performance |
0.64 |
- |
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Liability/
Total Asset (%) |
36.53 |
18.67 |
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Liability/
Owner's equity (%) |
57.55 |
22.96 |
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Income
before tax/ Total asset (%) ROA |
4.73 |
N/A |
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Income
before tax/ Owner's equity (%) ROE |
7.45 |
- |
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Gross
Profit / Total revenue (%) GPM |
18.87 |
- |
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Income
before tax/ Total revenue (%) NPM |
7.44 |
- |
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INTERPRETATION ON
THE SCORES |
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The subject is a Liability Limited Company. It was established in
1993 with aim to focus on import and trading in pesticide products for
farmers. In late time, the subject’s business transformed to process
pesticide and plants protection products. At present, the subject mainly
mixes pesticide products from foreign materials. The position in the industry
of the subject is above average. The premises of the subject are normal. The subject has small factory
located in Nguyen Son Street, Long Bien District, Hanoi City. This factory is
operating at small scale. The subject is preparing to build a second factory
in Hoa Binh province, which is expected to operate at medium scale. Products of the subject are supplied major in Northern provinces of
Vietnam such as Hai Duong, Hung Yen, Vinh Phuc provinces. Some main brands of
the subject are “TP-Metavina”, “Bimix”, “TP-Zep”, “TP-Pentin” …etc. The
management capacity of the subject is normal. The turnover of the subject is
increasing but it seems small compared with other companies in the same
field. The future prosperity of the subject seems bright. The overall finance and operation of the subject regard above
average. The subject’s business is stable and operation at small scale. The
subject has capable to meet financial commitments. No caution needed for
small and normal business transactions with the subject. |
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RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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