MIRA
INFORM REPORT
|
Report Date : |
13.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PHU AN SINH TRADING AND FOOD PROCESSING COMPANY LIMITED |
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Registered Office : |
No.154/1 To Ngoc Van Street, Thanh Xuan Ward, District 12, Hochiminh City |
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Country : |
Vietnam |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
4102015634 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Processing Poultry Products, Meat and Eggs (including Farming &
Hatching). |
RATING &
COMMENTS
|
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. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUBJECT IDENTIFICATION &
LEGAL FORM
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English
Registered Name
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PHU
AN SINH TRADING AND FOOD PROCESSING COMPANY LIMITED
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Vietnamese Registered Name |
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CONG TY TNHH THUONG MAI VA CHE BIEN THUC
PHAM PHU AN SINH |
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Abbreviate
Registered Name |
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PHU
AN SINH CO., LTD |
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Foundation |
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2003 |
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Type of Business |
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Limited Liability Company |
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Business
Registration No. |
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4102015634 |
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Date
of Issuance |
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May 08th, 2003 |
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Place
of Issuance |
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Planning and Investment Department of
Hochiminh City |
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Current
Registered Capital |
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15,000,000,000 VND |
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Former
Registered Capital |
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3,000,000,000 VND |
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Tax
Code |
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0302926911 |
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Total
Employees |
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250
employees |
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ADDRESSES
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Head
Office And Factory
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Address |
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No.154/1 To Ngoc
Van Street, Thanh Xuan Ward, District 12, Hochiminh City |
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Country |
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Vietnam |
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Tel |
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(84-8) 716 8001
- 716 8603 – 716 8002 |
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Fax |
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(84-8) 716 9873 |
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Website |
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www.pasfood.com.vn |
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Note: The given address is the transaction
office of subject in the center of Hochiminh City. |
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Transaction Office |
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Address |
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No.29 Nguyen Huy
Tu Street, Da Kao Ward, District 1, Hochiminh City |
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Country |
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Vietnam |
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Tel |
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(84-8) 291 2688
- 291 2687 – 291 2686 |
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Fax |
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(84-8) 291 2685 |
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Can Tho Branch |
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Address |
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No. 52 Hung Vuong
St, Thoi Binh Ward, Ninh Kieu Dist, Can Tho City |
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Country |
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Vietnam |
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Tel |
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(84-71) 810 262 |
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Business
Registration |
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5712000584 |
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Tax Code |
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0302926911- 003 |
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Chief of Branch |
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Mr. PHUNG VAN
PHUONG |
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Legal
Representation |
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Mr. PHAM VAN
MINH |
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ID Number |
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024121105 |
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DIRECTORS
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1. NAME |
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Mr. PHAM VAN MINH |
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Position |
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Director |
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DOB |
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December 24th,
1966 |
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ID No. |
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024121105 |
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Resident |
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No. 638 Xo Viet
Nghe Tinh Street, Ward 25, Binh Thanh District, Hochiminh City |
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Nationality |
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Vietnamese |
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2. NAME |
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MR. VU TAM DUC |
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Position |
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Deputy Director |
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Resident |
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No.29 Nguyen Huy
Tu, Dakao Ward, District 1, Hochiminh City |
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Nationality |
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Vietnamese |
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Cell phone |
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++84 913849409 |
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BUSINESS NATURE AND ACTIVITIES
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Subject is
specializing in processing poultry products, meat & eggs (Including
Farming & Hatching). |
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IMPORT & EXPORT ACTIVITIES
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IMPORT: Subject’s imported market is USA |
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EXPORT: N/A |
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BANKERS
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INDUSTRIAL AND COMMERCIAL BANK OF VIETNAM
(INCOMBANK) BRANCH NO.9 |
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Address |
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No.1 Nguyen Oanh
Street, Ward 10, Go Vap Dist, Hochiminh City |
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Country |
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Vietnam |
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Tel |
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(84-8) 8.946.002
– 9.890.030 – 9.890.613 |
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Fax |
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(84-8) 8.942.873 |
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SHAREHOLDER(S)
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The subject is a Limited Liability Company. Following
is its shareholders:
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1. NAME |
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Mr. PHAM VAN MINH |
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Position |
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Director |
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Born |
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December 24th,
1966 |
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ID No. |
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024121105 |
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Resident |
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No. 638 Xo Viet
Nghe Tinh Str, Ward 25, Binh Thanh Dist, Hochiminh City |
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Nationality |
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Vietnamese |
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Shares |
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55% |
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Values |
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8,250,000,000
VND |
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2.
NAME
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Mr.
LAM QUOC BINH
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ID
Number
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023412103
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Resident |
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No.
1/232 Quang Trung Str, Ward 10, Go Vap Dist, Hochiminh City
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Nationality
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Vietnamese
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Share |
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10% |
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Value |
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1,500,000,000
VND |
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3.
NAME
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Ms.
LAM THI TUYET NGA
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ID
Number
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024097876
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Resident |
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No.
638 Xo Viet Nghe Tinh Str, Ward 25, Binh Thanh Dist, Hochiminh City
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Nationality
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Vietnamese
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Share |
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21% |
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Value |
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3,150,000,000
VND |
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4.
NAME
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Mr.
LE VAN DUC
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ID
Number
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300752898
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Resident |
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No.
42E Khu Pho 2, Hiep Thanh Ward, District 12, Hochiminh City
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Nationality
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Vietnamese
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Share |
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14% |
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Value |
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2,100,000,000
VND |
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FINANCIAL DATA
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We tried our best to collect the financial data in
recent years but not available. Following is the financial data in 2005 &
2004. |
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BALANCE SHEET |
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Unit: VND |
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Balance sheet date |
31/12/2005 |
31/12/2004 |
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Number of weeks |
52 |
52 |
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ASSETS |
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A - |
CURRENT ASSETS |
4,963,900,603 |
1,172,507,485 |
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I. |
Cash and cash equivalents |
293,228,095 |
789,277,181 |
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1. |
Cash |
293,228,095 |
789,277,181 |
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2. |
Cash
equivalents |
0 |
0 |
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II. |
Short-term investments |
0 |
0 |
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1. |
Short-term
investments |
0 |
0 |
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2. |
Provisions
for short-term investment of short- term investments in securities |
0 |
0 |
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III. |
Accounts receivable |
1,012,247,043 |
138,455,855 |
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1. |
Receivable
from customers |
987,247,043 |
138,455,855 |
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2. |
Repayments
to suppliers |
25,000,000 |
0 |
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3. |
Value-added
tax deducted |
0 |
0 |
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4. |
Inter-
company receivable |
0 |
0 |
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5. |
Receivable
according to the process of construction contracts |
0 |
0 |
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6. |
Other
receivable |
0 |
0 |
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IV. |
Inventories |
3,246,607,473 |
83,004,272 |
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1. |
Inventories |
3,246,607,473 |
83,004,272 |
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2. |
Provisions
for devaluation of inventories |
0 |
0 |
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V. |
Other current assets |
411,817,992 |
161,770,177 |
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1. |
Short-term
repaid expenses |
411,817,992 |
161,770,177 |
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2. |
Taxes
receivable |
0 |
0 |
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3. |
Other
current assets |
0 |
0 |
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B - |
LONG TERM ASSETS |
1,414,308,339 |
586,350,685 |
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I. |
Long term accounts receivable |
0 |
0 |
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1. |
Long
term accounts receivable from customers |
0 |
0 |
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2. |
Long
term inter- company receivable |
0 |
0 |
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3. |
Other
long term receivable |
0 |
0 |
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4. |
Provisions
for bad debts |
0 |
0 |
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II. |
Fixed assets |
1,153,666,146 |
572,577,212 |
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1. |
Tangible
assets |
1,153,666,146 |
572,577,212 |
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Original
costs |
1,355,747,415 |
607,219,510 |
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Accumulated
depreciation |
202,081,269 |
34,642,298 |
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2. |
Financial
leasehold assets |
0 |
0 |
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Original
costs |
0 |
0 |
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Accumulated
depreciation |
0 |
0 |
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3. |
In-tangible
assets |
0 |
0 |
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Original
costs |
0 |
0 |
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Accumulated
depreciation |
0 |
0 |
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4. |
Construction
in progress |
0 |
0 |
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III. |
Investment property |
0 |
0 |
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History
costs |
0 |
0 |
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Accumulated
depreciation |
0 |
0 |
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IV. |
Long term investments |
0 |
0 |
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1. |
Investments
in affiliates |
0 |
0 |
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2. |
Investments
in business concerns and joint ventures |
0 |
0 |
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3. |
Other
long term investments |
0 |
0 |
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4. |
Provisions
for devaluation of investments in
securities |
0 |
0 |
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V. |
Other long term assets |
260,642,193 |
13,773,473 |
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1. |
Long
term repaid expenses |
260,642,193 |
13,773,473 |
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2. |
Deferred
income tax |
0 |
0 |
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3. |
Other
long term assets |
0 |
0 |
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TOTAL ASSETS |
6,378,208,942 |
1,758,858,170 |
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LIABILITIES |
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A - |
LIABILITIES |
4,865,601,767 |
223,379,942 |
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I. |
Short term liabilities |
4,865,601,767 |
223,379,942 |
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1. |
Short
term debts and loans |
1,070,000,000 |
150,000,000 |
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2. |
Payable
to suppliers |
651,073,044 |
0 |
|||
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3. |
Advances
from customers |
0 |
0 |
|||
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4. |
Taxes
and other obligations to the State Budget |
31,780,644 |
73,379,942 |
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|
5. |
Payable
to employees |
0 |
0 |
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6. |
Accrued
expenses |
0 |
0 |
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7. |
Inter-
company payable |
0 |
0 |
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8. |
Payable
according to the progress of construction contracts |
0 |
0 |
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9. |
Other
payables |
3,112,748,079 |
0 |
|||
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II. |
Long term liabilities |
0 |
0 |
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1. |
Long
term account payable to suppliers |
0 |
0 |
|||
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2. |
Long
term inter- company payable |
0 |
0 |
|||
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3. |
Other
long term payable |
0 |
0 |
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4. |
Long
term debts and loans |
0 |
0 |
|||
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5. |
Deferred
income tax |
0 |
0 |
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|
B - |
OWNER’S EQUITY |
1,512,607,175 |
1,535,478,228 |
|||
|
I. |
Owner’s equity |
1,509,455,381 |
1,535,478,228 |
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|
1. |
Capital |
1,500,000,000 |
1,500,000,000 |
|||
|
2. |
Share
premiums |
0 |
0 |
|||
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3. |
Treasury
stocks |
0 |
0 |
|||
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4. |
Differences
on asset re-valuation |
0 |
0 |
|||
|
5. |
Foreign
exchange differences |
0 |
0 |
|||
|
6. |
Business
promotion fund |
6,303,587 |
0 |
|||
|
7. |
Financial
reserved fund |
3,151,794 |
0 |
|||
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8. |
Other
funds |
0 |
0 |
|||
|
9. |
Retained
earnings |
0 |
35,478,228 |
|||
|
II. |
Other sources and funds |
3,151,794 |
0 |
|||
|
1. |
Bonus
and welfare funds |
3,151,794 |
0 |
|||
|
2. |
Sources
of expenditure |
0 |
0 |
|||
|
3. |
Funds
to form fixed assets |
0 |
0 |
|||
|
|
TOTAL LIABLITIES AND OWNER’S EQUITY |
6,378,208,942 |
1,758,858,170 |
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PROFIT
& LOSE STATEMENT
|
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|
Description |
FY 2005 |
|
1. Sales |
19,349,054,974 |
|
2. Deductions |
1,491,050 |
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3. Net sales |
19,347,563,924 |
|
4. Costs of goods sold |
18,106,683,377 |
|
5. Gross profit |
1,240,880,547 |
|
6.
Financial income |
4,677,098 |
|
7.
Financial expenses |
137,519,089 |
|
-
In which : Loan interest expenses |
103,951,048 |
|
8.
Selling expenses |
761,650,404 |
|
9. Administrative
overheads |
296,639,767 |
|
10. Net operating profit |
49,748,385 |
|
11.
Other income |
0 |
|
12.
Other expenses |
0 |
|
13. Other profits |
0 |
|
14. Profit (loss) before tax |
49,748,385 |
|
15.
Income tax |
13,929,548 |
|
16. Profit (loss) after tax |
35,818,837 |
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FINANCIAL FACTORS
|
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|||
|
Description |
2005 |
||
|
Current
liquidity ratio |
1.02 |
||
|
Quick
Liquidity ratio |
0.35 |
||
|
Inventory
circle |
10.88 |
||
|
Average
receive period |
19.10 |
||
|
Utilizing
Asset Performance |
3.03 |
||
|
Liability/
Total Asset (%) |
76.28 |
||
|
Liability/
Owner's equity (%) |
321.67 |
||
|
Income
before tax/ Total asset (%) ROA |
0.78 |
||
|
Income
before tax/ Owner's equity (%) ROE |
3.29 |
||
|
Income
before tax/ Total revenue (%) NPM |
0.26 |
||
|
Gross
Profit / Total revenue (%) GPM |
6.41 |
||
|
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PAYMENT HISTORY AND EXPERIENCES
|
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|
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|
Trade
Morality |
|
Normal |
|
|
Liquidity |
|
Normal |
|
|
Payment
status |
|
Average |
|
|
Financial
Situation |
|
Average |
|
|
Development
trend |
|
Average |
|
|
Litigation
data |
|
No
Recorded |
|
|
Bankruptcy |
|
No
Recorded |
|
|
Payment
Methods |
|
Direct
payment or through its corresponding bank. Foreign remittance by letter of credit
(L/C), by telegraphic transfer (T/T). |
|
|
Sale
Methods |
|
Direct
to clients or through its agents. |
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INTERPRETATION ON THE SCORES
|
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|
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|
Established since 2003,
PHU AN SINH CO., LTD is a liability limited company which is specializing
in trading, feeding, slaughtering poultry (chicken) and cattle. In the
beginning of 2008, subject increased its registered capital form 3 billion
VND to 15 billion VND. Subject is located in
No.154/1 To Ngoc Van Street, Thanh Xuan Ward, District 12, Hochiminh City.
Beside, it also has a transaction office in Dist 1, Hochiminh City, more than
30 distribution outlet in Hochiminh City and dealers in Can Tho and Binh
Duong province. Although subject is a new enterprise, it is operating
effectively. Subject is one of leading company in this field, which is
processing poultry products with Safe Food Chain System. Subject has got ISO
9001-2000 in 2007. In the beginning of
2008 (Tet Holiday in Vietnam), subject provided to Hochiminh City 945 tons of
safe chicken (about 13%). In expectation, subject is now investing about 16
billion VND for a farmstead with area 13ha to feed about 400,000 chickens and
slaughtering production line with capacity 16,000 chickens per day in Ba Ria
Vung Tau Province. It can provide a big of quantity meat chicken and eggs for
the South market of Vietnam and it may be operation at the end of 2008. PHU
AN SINH has no long history in this field and its turnover & profit is
not very high now. However, it is increasing. Although financial statement of
subject is not available, according to subject, total revenue of 2006 is up
to 36 Billion VND and this figure is more increasing in 2007. |
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)