MIRA INFORM REPORT
|
Report Date : |
20.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
HONG TAN PHAT PACKING COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 3/24A Quarter 2 - Hoc Mon Town - Hoc
Mon District - Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
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|
|
|
Year of Establishment : |
2007 |
|
|
|
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Com. Reg. No.: |
0305157238 |
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|
|
Legal Form : |
Limited Liability Company |
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|
|
|
Line of Business : |
Manufacture of plastics products |
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|
|
|
No. of Employees
: |
20 persons |
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 |
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|
|
|
Payment
Behaviour : |
No Complaints |
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|
|
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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 – 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
|
Registration English Name |
|
HONG TAN PHAT PACKING COMPANY LIMITED |
|
Registration Vietnamese Name |
|
CONG TY TNHH BAO BI HONG TAN PHAT |
|
Registration short-name |
|
HONG TAN PHAT PACKING CO,.LTD |
|
Year Established |
|
2007 |
|
Type of Business |
|
Limited liability company |
|
Business Registration No. |
|
0305157238 |
|
Date of Registration (01st adjustment) |
|
16 Dec 2010 |
|
Place of Registration |
|
Business Registration Office - Planning and
Investment Department of Hochiminh City |
|
Current registered capital |
|
VND 500,000,000 |
|
Tax code |
|
0305157238 |
|
Total Employees |
|
20 |
ADDRESSES
|
Head Office |
||
|
Address |
|
No. 3/24A Quarter 2 - Hoc Mon Town - Hoc Mon
District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3891 3539 - 3710 6627 |
|
Fax |
|
(84-8) 6251 3499 |
|
Email |
|
|
|
Website |
|
|
DIRECTORS
|
1.
NAME |
|
Ms.
LE THI HONG |
|
Position |
|
Chairwoman – Director |
|
Date of Birth |
|
10 Jan 1965 |
|
ID Number/Passport |
|
022360312 |
|
ID Issue Date |
|
21 Jul 2004 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh City |
|
Resident |
|
No. 3/24A Quarter 2 -
Hoc Mon Town - Hoc Mon District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 903675001 |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN VAN SO |
|
Position |
|
Deputy Director |
|
Date of Birth |
|
02 Apr 1964 |
|
ID Number/Passport |
|
021453351 |
|
Resident |
|
No. 3/24A Quarter 2 -
Hoc Mon Town - Hoc Mon District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 989101530 |
BUSINESS NATURE AND ACTIVITIES
Manufacture of plastics products
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
materials |
|
·
Market |
|
Thailand, India, China. |
|
|
||
|
EXPORT: |
||
|
Note: Currently, the subject does not export |
||
BANKERS
|
1.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK HOC MON BRANCH |
||
|
Address |
|
No.19/4A Ly Thuong Kiet Str - Hoc
Mon Town - Hoc Mon District - Ho Chi
Minh City - Vietnam |
|
Telephone |
|
(84-8) 3891 0179 |
|
Fax |
|
(84-8) 3710 3545 |
|
|
||
|
2.
ASIA COMMERCIAL BANK |
||
|
Address |
|
No. 5/4 Ly Thuong Kiet Str -
Quarter 2 - Hoc Mon Town - Hoc Mon District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3710 2930 |
|
Fax |
|
(84-8) 3710 2931 |
SHAREHOLDERS
|
1.
NAME |
|
Ms.
LE THI HONG |
|
Position |
|
Chairman – Director |
|
Date of Birth |
|
10 Jan 1965 |
|
ID Number/Passport |
|
022360312 |
|
Issued on |
|
21 Jul 2004 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. 3/24A Quarter 2 -
Hoc Mon Town - Hoc Mon District - Ho Chi Minh City – Vietnam |
|
Tel/Mobil phone |
|
+84 903675001 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 450,000,000 |
|
Percentage |
|
90% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN VAN SO |
|
Position |
|
Deputy Director |
|
Date of Birth |
|
02 Apr 1964 |
|
ID Number/Passport |
|
021453351 |
|
Resident |
|
No. 3/24A Quarter 2 -
Hoc Mon Town - Hoc Mon District - Ho Chi Minh City – Vietnam |
|
Mobile phone |
|
+84 989101530 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 50,000,000 |
|
Percentage |
|
10% |
FINANCIAL DATA
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2010 |
|
Number of weeks |
52 |
|
ASSETS |
|
|
A – CURRENT
ASSETS |
3,458,000,000 |
|
I. Cash and cash
equivalents |
972,000,000 |
|
1. Cash |
972,000,000 |
|
2. Cash equivalents |
0 |
|
II. Short-term
investments |
0 |
|
1. Short-term investments |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
1,596,000,000 |
|
1. Receivable from customers |
1,596,000,000 |
|
2. Prepayments to suppliers |
0 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
0 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
890,000,000 |
|
1. Inventories |
890,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
0 |
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
0 |
|
B. LONG-TERM
ASSETS |
435,000,000 |
|
I. Long term
accounts receivable |
0 |
|
1. Long term account receivable from customers |
0 |
|
2. Working capital in affiliates |
0 |
|
3. Long-term inter-company receivable |
0 |
|
4. Other long-term receivable |
0 |
|
5. Provisions for bad debts from customers |
0 |
|
II. Fixed assets
|
435,000,000 |
|
1. Tangible assets |
435,000,000 |
|
- Historical costs |
743,000,000 |
|
- Accumulated depreciation |
-308,000,000 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
0 |
|
- Initial costs |
0 |
|
- Accumulated amortization |
0 |
|
4. Construction-in-progress |
0 |
|
III. Investment
property |
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term
investments |
0 |
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
0 |
|
1. Long-term prepaid expenses |
0 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
TOTAL ASSETS |
3,893,000,000 |
|
|
|
|
LIABILITIES |
|
|
A- LIABILITIES |
2,486,000,000 |
|
I. Current
liabilities |
2,486,000,000 |
|
1. Short-term debts and loans |
1,050,000,000 |
|
2. Payable to suppliers |
954,000,000 |
|
3. Advances from customers |
0 |
|
4. Taxes and other obligations to the State Budget |
394,000,000 |
|
5. Payable to employees |
0 |
|
6. Accrued expenses |
0 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
88,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
|
II. Long-Term
Liabilities |
0 |
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
3. Other long-term payable |
0 |
|
4. Long-term debts and loans |
0 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
B- OWNER’S
EQUITY |
1,407,000,000 |
|
I. OWNER’S
EQUITY |
1,407,000,000 |
|
1. Capital |
500,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
907,000,000 |
|
11. Construction investment fund |
0 |
|
II. Other
sources and funds |
0 |
|
1. Bonus and welfare funds |
0 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
3,893,000,000 |
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2010 |
|
1. Total Sales |
42,661,000,000 |
|
2. Deduction item |
0 |
|
3. Net sale |
42,661,000,000 |
|
4. Costs of goods sold |
37,147,000,000 |
|
5. Gross profit |
5,514,000,000 |
|
6. Financial income |
9,000,000 |
|
7. Financial expenses |
501,000,000 |
|
- In which: Loan interest expenses |
501,000,000 |
|
8. Selling expenses |
0 |
|
9. Administrative overheads |
4,277,000,000 |
|
10. Net operating profit |
745,000,000 |
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
745,000,000 |
|
15. Current corporate income tax |
186,000,000 |
|
16. Deferred corporate income tax |
0 |
|
18. Profit after tax |
559,000,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
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|
|
||
|
Description |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.39 |
1.48 |
|
Quick liquidity ratio |
1.03 |
0.86 |
|
Inventory circle |
41.74 |
6.84 |
|
Average receive period |
13.66 |
57.12 |
|
Utilizing asset performance |
10.96 |
1.40 |
|
Liability by total assets |
63.86 |
53.27 |
|
Liability by owner's equity |
176.69 |
165.07 |
|
Ebit / Total assets (ROA) |
32.01 |
9.44 |
|
Ebit / Owner's equity (ROE) |
88.56 |
22.99 |
|
Ebit / Total sale (NPM) |
2.92 |
6.94 |
|
Gross profit / Total sale (GPM) |
12.93 |
16.18 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
|
CREDIT INQUIRY: 125,000 USD against D/A terms |
|
Caution needed! |
INTERPRETATION ON THE SCORES
|
HONG TAN PHAT PACKING
CO,.LTD is a limited liability company which was established in 2007. The
subject is now operating under business registration No. 0305157238, issued by
Business Registration Office – Planning And Investment Department of Ho Chi
Minh with registered capital VND 500 million. The subject is specializing in manufacture of plastics products. Its
head office is located at “No. 3/24A Quarter 2 - Hoc Mon Town
- Hoc Mon District - Ho Chi Minh City -
Vietnam”. Currently, it is
operating with 20 employees. Its
main products are packaging materials and plastics packaging. It focuses on
providing the best quality products to
customers. The subject imports materials from Thailand, India, and
China. Its products are consumed in domestic market. Currently, it doesn’t
export. Business
situation of the subject is fair good. According to the reported financial
statement, the subject’s financial situation is fairly healthy. In 2010,
although liquidity ratio was not good, sale and profit were high. So, ROA and
ROE ratios of the subject were good.
The subject is running well and its developing capability is good. It has
financial capacity to meet all small transactions. |
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.52.96 |
|
UK Pound |
1 |
Rs.82.04 |
|
Euro |
1 |
Rs.68.91 |
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.