MIRA INFORM REPORT
|
Report Date : |
09.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
HUNG PHAT TEA CORPORATION |
|
|
|
|
Registered Office : |
Group 4 - Hamlet 8- Binh My Commune, Cu
Chi District, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2008 |
|
|
|
|
Com. Reg. No.: |
0305679717 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Processing of tea, coffee, cocoa, powdered
soft drinks and fruit juice |
|
|
|
|
No. of Employees
: |
110 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
|
English Name |
|
HUNG PHAT TEA CORPORATION |
|
Registration Vietnamese Name |
|
CONG TY CO PHAN SAN XUAT TRA HUNG PHAT |
|
Trade name |
|
HUNG PHAT TEA CORPORATION |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2008 |
|
Business Registration No. |
|
0305679717 |
|
Date of Registration |
|
12 Apr 2010 |
|
Place of Registration |
|
Business Registration Office of Ho Chi
Minh City |
|
Current registered capital |
|
VND 11,000,000,000 |
|
Tax code |
|
0305679717 |
|
Total Employees |
|
110 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
|
Subject has got former Business
Registration No: 4103009773 issued on 26 Mar 2008 Changed to: 0305679717 |
12
Apr 2010 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
Group 4 - Hamlet 8- Binh My Commune, Cu
Chi District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3 7978 230 - 3 7978 231 - 3 7978
232 - 3 7978 233 - 37978 234 |
|
Fax |
|
(84-8) 3 7978 229 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Workshop Address
|
||
|
Address |
|
92/11 Ba Van Street - Ward 14, Tan Binh
District, Ho Chi Minh City, Vietnam |
DIRECTORS
|
1.
NAME |
|
Mr.
LE THANH HUNG |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
023821725 |
|
Resident |
|
I4 Tan Son Nhat Resident
Ward 14, Tan Binh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
TRAN THI YEN NGA |
|
Position |
|
Director |
|
Date of Birth |
|
10 Jul 1966 |
|
ID Number/Passport |
|
023821726 |
|
ID Issue Date |
|
08 Aug 2000 |
|
ID Issue Place |
|
Police station of
HCMC |
|
Resident |
|
I4, Tan Son Nhi
Resident Ward 14, Tan Binh District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
CHAU VAN THAM |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
Processing of tea, coffee, cocoa, powdered soft
drinks and fruit juice. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Machineries, raw materials |
|
·
Market |
|
Malaysia, India |
|
|
||
|
EXPORT: |
||
|
Note:
N/A |
||
BANKERS
|
ASIA
COMMERCIAL BANK |
||
|
Address |
|
No.442, Nguyen Thi Minh Khai Street , 3rd District, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 3929 0999 |
|
Fax |
|
(84-8) 3839 9885 |
SHAREHOLDERS
|
Registration
shareholder information: |
||
|
1.
NAME |
|
Mr.
LE THANH HUNG |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
023821725 |
|
Resident |
|
I4 Tan Son Nhi Resident Ward 14, Tan Binh
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
190,000 |
|
|
||
|
2.
NAME |
|
Ms.
TRAN THI YEN NGA |
|
Position |
|
Director |
|
Date of Birth |
|
10 Jul 1966 |
|
ID Number/Passport |
|
023821726 |
|
Issued on |
|
08 Aug 2000 |
|
Issued Place |
|
Police station of HCMC |
|
Resident |
|
I4, Tan Son Nhi Resident Ward 14, Tan Binh
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
900,000 |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN NGOC HAI VY |
|
ID Number/Passport |
|
023120926 |
|
Current Resident |
|
137/11Tran Huu Trang Street Ward 10, Phu
Nhuan District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
10,000 |
FINANCIAL DATA
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
11,596,085,823 |
9,262,996,145 |
|
I. Cash and cash
equivalents |
2,879,021,408 |
2,519,110,399 |
|
1. Cash |
2,879,021,408 |
2,519,110,399 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts
receivable |
4,783,047,025 |
1,192,646,531 |
|
1. Receivable from customers |
4,696,653,025 |
1,192,646,531 |
|
2. Prepayments to suppliers |
86,394,000 |
0 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
2,487,829,010 |
4,028,155,123 |
|
1. Inventories |
2,487,829,010 |
4,028,155,123 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
1,446,188,380 |
1,523,084,092 |
|
1. Short-term prepaid expenses |
129,938,380 |
128,756,092 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
1,316,250,000 |
1,394,328,000 |
|
B. LONG-TERM
ASSETS |
5,068,609,768 |
3,945,883,542 |
|
I. Long term
accounts receivable |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
|
II. Fixed assets
|
3,806,129,364 |
2,891,957,746 |
|
1. Tangible assets |
3,806,129,364 |
2,891,957,746 |
|
- Historical costs |
4,659,856,528 |
3,190,542,976 |
|
- Accumulated depreciation |
-853,727,164 |
-298,585,230 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
|
- Initial costs |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other
long-term assets |
1,262,480,404 |
1,053,925,796 |
|
1. Long-term prepaid expenses |
1,262,480,404 |
1,053,925,796 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
TOTAL ASSETS |
16,664,695,591 |
13,208,879,687 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
5,529,446,682 |
2,625,799,906 |
|
I. Current
liabilities |
5,529,446,682 |
2,625,799,906 |
|
1. Short-term debts and loans |
0 |
0 |
|
2. Payable to suppliers |
4,309,480,222 |
2,467,804,548 |
|
3. Advances from customers |
513,696,693 |
0 |
|
4. Taxes and other obligations to the State Budget |
285,644,336 |
73,192,423 |
|
5. Payable to employees |
201,398,244 |
84,802,935 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
219,227,187 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
0 |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
11,135,248,909 |
10,583,079,781 |
|
I. OWNER’S EQUITY
|
11,135,248,909 |
10,583,079,781 |
|
1. Capital |
11,000,000,000 |
11,000,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
135,248,909 |
-416,920,219 |
|
11. Construction investment fund |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S
INTEREST |
|
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
16,664,695,591 |
13,208,879,687 |
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
41,527,313,257 |
10,706,759,417 |
|
2. Deduction item |
220,287,098 |
7,121,560 |
|
3. Net sales |
41,307,026,159 |
10,699,637,857 |
|
4. Costs of goods sold |
36,924,801,879 |
10,064,387,087 |
|
5. Gross profit |
4,382,224,280 |
635,250,770 |
|
6. Financial income |
26,352,760 |
40,621,479 |
|
7. Financial expenses |
54,382,983 |
58,227,523 |
|
- In which: Loan interest expenses |
|
|
|
8. Selling expenses |
2,180,144,381 |
300,637,663 |
|
9. Administrative overheads |
1,576,797,578 |
455,790,445 |
|
10. Net operating profit |
597,252,098 |
-138,783,382 |
|
11. Other income |
0 |
1,910,095,238 |
|
12. Other expenses |
0 |
2,146,399,348 |
|
13. Other profit /(loss) |
0 |
-236,304,110 |
|
14. Total accounting profit before tax |
597,252,098 |
-375,087,492 |
|
15. Current corporate income tax |
45,082,970 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
18. Profit after tax |
552,169,128 |
-375,087,492 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
2.10 |
3.53 |
1.30 |
|
Quick liquidity ratio |
1.65 |
1.99 |
0.68 |
|
Inventory circle |
11.33 |
2.50 |
6.60 |
|
Average receive period |
42.26 |
40.69 |
47.55 |
|
Utilizing asset performance |
2.48 |
0.81 |
1.63 |
|
Liability by total assets |
33.18 |
19.88 |
60.84 |
|
Liability by owner's equity |
49.66 |
24.81 |
157.24 |
|
Ebit / Total assets (ROA) |
3.58 |
-2.84 |
9.87 |
|
Ebit / Owner's equity (ROE) |
5.36 |
-3.54 |
29.99 |
|
Ebit / Total sales (NPM) |
1.44 |
-3.50 |
6.43 |
|
Gross profit / Total sales (GPM) |
10.55 |
5.93 |
15.71 |
|
Note: The Average Industry
was calculated by VietnamCredit based on our own statistical data |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Cash and through the bank (L/C) |
|
Sale Methods |
|
Retailer and Wholesaler |
|
CREDIT INQUIRY: US$125,000 against D/A terms |
|
Accepted! |
INTERPRETATION ON THE SCORES
|
The
subject specializes in processing of tea, coffee, cocoa, powdered soft
drinks, fruit juice with some kinds of products such as weight loss tea (Tam
Diep tea, Tam Diep Tea Generation II, Protin 1, Protin 2), ginger tea, green
tea, Tea for Liver, Tea for eyes, Tea for Joint, Tea for Hair, Tea for
Stomach, Tea Diabetes, Tea Blood Pressure, Tea for kidney stones, Weight Loss
Protin and Juice. The subject’s products are distributed via a series of
shops and dealers across the country. Although
the subject has just been established in recent years, its facilities and
premises are quite good. Its products
have been chosen by so many customers. In year 2007, 2009 the subject brought
its products to Expo in Laos (2007) and Myanmar (2009) and got the attention
of foreign customers. Its
financial statements showed that the company had developed. Its business
results in 2009 were negative in profit. In 2010, both of its sales and
profit increased rapidly. Liquidity ratio was quite good for short-time debts
in the end year 2010. Its operational ratios were fair. Currently,
the subject is on developing road with total 110 employees and continues
growing up and expanding. The subject is graded at BB. It can meet
small-medium transactions in this time. |
APPENDIX
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total enterprises
2009 |
Total employees
2010 (Thous.pers.) |
Annual average
capital of enterprises 2009 (billion dongs) |
||
|
2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.78 |
1.82 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
7.70 |
5.52 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
7.52 |
6.63 |
154,978 |
14,522 |
4,939,069 |
|
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2010 |
2009 |
2008 |
|||
|
Population (Million person) |
86.93 |
86.02 |
86.1 |
|||
|
Gross Domestic Products (US$ 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 |
72.2 |
57.1 |
62.7 |
|||
|
Imports |
84.8 |
69.9 |
80.7 |
|||
|
Trade Balance |
-12.6 |
-12.8 |
-18 |
|||
Source: General Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.78 |
|
UK Pound |
1 |
Rs.81.32 |
|
Euro |
1 |
Rs.69.42 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.