MIRA INFORM REPORT

 

 

Report Date :           

07.04.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

PHUONG VAN ANH INTERIOR FURNITURE MANUFACTURING COMPANY LIMITED 

 

 

Registered Office :

DT747B Street, Phuoc Thai Hamlet- Thai Hoa Commune - Tan Uyen District - Binh Duong Province

 

 

Country :

Vietnam

 

 

Financials (as on) :

31.12.2009

 

 

Year of Establishment :

2006

 

 

Com. Reg. No.:

3700748131

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturing wooden products, interior furniture

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Vietnam

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUBJECT IDENTIFICATION & LEGAL FORM

 

Current legal status

English Name

 

PHUONG VAN ANH INTERIOR FURNITURE MANUFACTURING COMPANY LIMITED

Vietnamese Name

 

CONG TY TNHH SAN XUAT HANG NOI THAT PHUONG VAN ANH

Trade name

 

PVA MANUFACTURING COMPANY LIMITED

Short name

 

PVA CO., LTD

Type of Business

 

Limited liability company

Year Established

 

2006

Business Registration No.

 

3700748131

Year of change

 

2010

Place of Registration

 

Business Registration Office of Binh Duong Province

Current registered capital

 

70,000,000,000 VND

Former registered capital

 

40,000,000,000 VND

Tax code

 

3700748131

Total Employees

 

170

 

Historical Identification & Legal form

 

List

Changed Items

Year of changes

1

Subject has got former Business Registration No: 4602002303 issued on 20 Sep 2006 Changed to: 3700748131

2010

 

 

 

company ADDRESSES

 

Head Office

Address

 

DT747B Street, Phuoc Thai Hamlet- Thai Hoa Commune - Tan Uyen District – Binh Duong Province - Vietnam

Telephone

 

(84-650) 3626282, 3626283, 3626285, 3927422

Fax

 

(84-650) 3626284

 

Transaction office in Ho Chi Minh

Address

 

No. 702/1K Su Van Hanh Street Ward 12 - District 10 - Ho Chi Minh City - Vietnam

Telephone

 

(84-8) 3862 5726

Fax

 

(84-8) 3868 3361 / 3862 5727

Notes:  This is also the head office of An Cuong Co., Ltd

 

 

 

DIRECTORS

 

1 . NAME

 

Mr. LE DUC NGHIA

Position

 

General Director

Date of Birth

 

30 Dec 1972

ID Number/Passport

 

023850453

Resident

 

No. 72 Street No. 4, Binh Dang Tenement, Ward 6 - District 8 - Ho Chi Minh City - Vietnam

Nationality

 

Vietnamese     

Tel/Mobil phone

 

+84 903 705 832

Email

 

nghiaacc@ancuong.com

Qualification

 

Bachelor

 

2 . NAME

 

Ms. THIEU THI NGOC DIEM

Position

 

Deputy General Director

ID Number/Passport

 

022698199

Resident

 

No. 566/35/21 AN Duong Vuong Street - Ward 11 – District 6 - Ho Chi Minh City - Vietnam

Nationality

 

Vietnamese

 

3 . NAME

 

Mr. TA CONG LY

Position

 

Chief Accountant

Nationality

 

Vietnamese

 

 

 

BUSINESS NATURE AND ACTIVITIES

 

Manufacturing wooden products, interior furniture
Processing wood
Manufacturing and trading wood based panel
Trading in wooden furniture
Assembling and trading in gas cooker and household equipment

 

 

 

IMPORT & EXPORT ACTIVITIES

 

IMPORT:

·         Types of products

 

the subject imports materials and equipment

·         Market

 

Germany, Thailand and Malaysia

 

EXPORT:

·         Types of products

 

N/A

·         Market

 

N/A

 

 

 

BANKERS

 

1. MARITIME COMMERICAL STOCK BANK HOCHIMINH CITY BRANCH

Address

 

26-28 Hai Ba Trung - District 1 - Ho Chi Minh City - Vietnam

Telephone

 

(84-83) 882 2177

Fax

 

(84-83) 822 2141

 

2. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT SONG THAN BRANCH

Address

 

N. 6A Doc Lap Boulevard - Di An Town - Binh Duong Province - Vietnam

Telephone

 

(84-650) 3732518

 

3. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE

Address

 

No. 2 Pho Duc Chinh Street - District 1 - Ho Chi Minh City - Vietnam

Telephone

 

84-8) 39143183

Fax

 

(84-8) 39143193

 

 

 

SHAREHOLDERS

 

1 . NAME

 

Mr. LE DUC NGHIA

Position

 

General Director

Date of Birth

 

30 Dec 1972

ID Number/Passport

 

023850453

Issued on

 

24 Oct 2000

Issued Place

 

Police Station of Hochiminh City

Resident

 

No. 72 Street No. 4, Binh Dang Tenement, Ward 6 - District 8 - Ho Chi Minh City - Vietnam

Email

 

nghiaacc@ancuong.com

Mobile phone

 

+84 903 705 832

Nationality

 

Vietnamese

Value of shares

 

45,500,000,000 VND

Percentage

 

65%

 

2 . NAME

 

Mr. NGUYEN MINH TUAN

Date of Birth

 

22 Dec 1966

ID Number/Passport

 

023187594

Issued Place

 

Police Station of Hochiminh City

Resident

 

No. 59/3 Tran Binh Trong Str, Ward 5 - Binh Thanh District - Ho Chi Minh City - Vietnam

Current Resident

 

No. 222 Phu Gia- Ha Huy Tap- Tan Phong Ward - District 7 - Ho Chi Minh City - Vietnam

Nationality

 

Vietnamese

Value of shares

 

24,500,000,000 VND

Percentage

 

35%

 

 

 

FINANCIAL HIGHLIGHT

 

BALANCE SHEET

Unit: Million VND

Balance sheet date

31/12/2009

Number of weeks

52

ASSETS

A. Current Asset

89,900

Receivables

54,902

Inventory

34,998

Cash and other current assets

0

B. Long term Asset

23,621

1. Long term account receivable

0

2. Fixed assets

23,621

Tangible fixed assets

19,263

+ Original cost

23,090

+ Accumulated depreciation value

3,827

Financial leasehold assets

0

Intangible fixed assets

4,358

Construction in progress and other long term asset

0

TOTAL ASSETS

113,521

 

LIABILITIES

Payable loans

20,391

Owner’s Equity

93,130

TOTAL LIABILITY AND EQUITY

113,521

 

PROFIT & LOSS STATEMENT

 

1. Total Sale

167,696

2. Deduction item

0

3. Net Sale 

167,696

4. Costs of goods sold

136,356

5. Gross profit

31,340

6. Financial income

62

7. Financial expenses

2,213

8. Selling expenses and Administrative overheads

8,917

9. Net operating profit

20,272

10. Other income

0

11. Other expenses

69

12. Other profit /(loss)

-69

13. Total accounting profit before tax

20,203

14. Current corporate income tax

1,901

15. Deferred corporate income tax

0

16. Interest from subsidiaries/related companies

0

17. Profit after tax

18,302

 

 

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

 

Trade Morality

 

Fair

Liquidity

 

Medium

Payment status

 

Above Average

Financial Situation

 

Above Average

Development trend

 

Uptrend

Litigation data

 

No

Bankruptcy

 

No

Payment Methods

 

by cash or through the bank

Sale Methods

 

Other

Public opinion

 

Average

 

 

CREDIT INQUIRY: 125,000 USD

Caution needed for this credit inquiry!

 

 

 

INTERPRETATION ON THE SCORES

 

PHUONG VAN ANH INTERIOR FURNITURE MANUFACTURING COMPANY LIMITED was established in 2006. Its head office is at DT747B Street, Phuoc Thai Hamlet- Thai Hoa Commune - Tan Uyen District - Binh Duong Province – Vietnam. Transaction office of subject is at No. 702/1K Su Van Hanh Street Ward 12 - District 10 - Ho Chi Minh City – Vietnam which is also head office of AN CUONG CO.,LTD.

The subject specialized in processing interior furniture. It imports materials and equipments from Germany, Thailand and Malaysia. It is in charge of covering (melamine, laminate, PU) on Okal, MDF, plywood, Blockboard. All of promotion for its products are undertaken by An Cuong Co., Ltd. Market share of the subject is stable.

Management capacity of the subject is fair good. The subject’s owners have operated in this field for a long time. Premises and facilities of the subject are fairly standard. The subject is equipped with fully-automatic postforming machine up to 3.8 m long. The subject has installed a complete line using PU Amino Paper which is one of the best finished papers, free formaldehyde, environmental friendly. Over 40 patterns of PU Paper, which can laminate on Particleboard (PB), MDF, with thickness various from 2.5 mm to 40 mm, laminated 1-side or 2-side etc... on request.

Generlly, the subject has prospect of future development. Its turnover and profit are fairly good. The subject has capacity to meet small-normal financial commitments.

APPENDIXES

 

INDUSTRY DATA

 

Industry code

Growth speed (%)

Total employees 2009 (Thousand)

Total enterprises

Annual average capital of enterprises

Predict 2010

2009

Agriculture, Forestry and Fishing

2.8

3.0

24,788.5

2,399

50,530

Trade and Services

7.5

11

10,517.9

79,181

1,754,973

Construction

7

11.3

2,692.8

17,783

248,268

Manufacturing

12

7.6

7,591.2

30,786

967,068

 

ECONOMIC INDICATORS

 

 

2010 

2009 

2008 

Population (Million person)

86.93

86.02

86.1

Gross Domestic Products (US$ billion)

102.2

91

84.9

GDP Growth (%)

6.78

5.32

6.2

GDP Per Capita (US$)

1,160

1,080

1,040

Inflation (% Change in Composite CPI)

11.75

6.88

24.4

 

SERVICE TRADE PERFORMANCE

 

Billion USD 

2010 

2009 

2008 

Exports

71.6

56.6

62.9

Imports

84

68.8

76.6

Trade Balance

-12.4

-12.2

-14.6

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.22

UK Pound

1

Rs.72.25

Euro

1

Rs.63.09

 

 

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

 

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.