MIRA INFORM REPORT
|
Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
PHOENIX ARTIST MATERIALS VIETNAM CO.,
LTD |
|
|
|
|
Registered Office : |
Lot 107 - 108 Linh
Trung III Export Processing Zones, An Tinh Ward - Trang Bang District - Tay
Ninh Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
30.06.2008 |
|
|
|
|
Com. Reg. No.: |
452023000104 |
|
|
|
|
Legal Form : |
Foreign Invested Company |
|
|
|
|
Line of Business : |
manufacturing of artist materials |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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
Current legal status
|
||
|
English Name |
|
PHOENIX ARTIST MATERIALS VIETNAM CO., LTD |
|
Vietnamese Name |
|
CONG TY TNHH VAT LIEU MY THUAT PHUONG HOANG VIET NAM |
|
Trade name |
|
PHOENIX
ARTIST MATERIALS VIETNAM CO., LTD |
|
Type of Business |
|
Foreign invested company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
452023000104 |
|
Date of Registration |
|
30 Jun 2008 |
|
Place of Registration |
|
Board of Management of Tay Ninh Industrial Zone |
|
Registered Investment Capital |
|
850,000 USD |
|
Chartered capital |
|
616,000 USD |
|
Investment Duration |
|
40 years |
|
Tax code |
|
3900386760 |
|
Total Employees |
|
300 |
|
Size |
|
Medium |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration No: 87/GP-KCN-TNH issued
on 06 Feb 2006 Changed to: 452023000104 |
30 Jun 2008 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
Lot 107 - 108 Linh Trung III Export Processing Zones, An Tinh Ward -
Trang Bang District - Tay Ninh Province - Vietnam |
|
Telephone |
|
(84-66) 3898 122 - 3897 871 |
|
Fax |
|
(84-66) 3897 871 |
|
Website |
|
|
DIRECTORS
|
1. NAME |
|
Mr. ZOU BIN |
|
Position |
|
Representative Person |
|
Date of Birth |
|
04 Oct 1970 |
|
ID Number/Passport |
|
G262724437 |
|
ID Issue Date |
|
21 Dec 2007 |
|
ID Issue Place |
|
Jiangsu - China |
|
Nationality |
|
Chinese |
|
|
||
|
2. NAME |
|
Mr. WANG YI YUAN |
|
Position |
|
General Director |
|
Nationality |
|
Chinese |
|
|
||
|
3. NAME |
|
Mr. NGUYEN VAN THUAN |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
The subject is specializing in
manufacturing of artist materials. It produces mainly canvas rolls, stretched
canvas, canvas panel, colors, easels, brushes, frames, and other accessories |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types
of products |
|
China |
|
|
||
|
EXPORT: |
||
|
·
Types
of products |
|
China |
BANKERS
|
1. CHINA TRUST COMMERCIAL
BANK |
||
|
Address |
|
No. 37, Ton
Duc Thanh Str, Ben Nghe Ward, Dist 1, Hochiminh City - 1 District - Ho Chi
Minh City - Vietnam |
|
Telephone |
|
(84-8)
39103890 |
|
Fax |
|
(84-8)
39103891 |
|
|
||
|
2. STANDARD CHARTERED BANK |
||
|
Address |
|
No.2 Ngo Duc
Ke Street, Ben Nghe Ward - 1 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3829
9226 |
|
Fax |
|
(84-8) 3829
6465 |
|
|
||
SHAREHOLDERS
|
1. NAME |
|
WUXI PHONENIX STATIONERY CO.,
LTD |
|
Business
Registration |
|
Q1 HE SU XI
ZONG NO. 006334 |
|
Address |
|
West Suxi Road, Longchu Industrial Park, Huazhuang, Wuxi City, Jiangsu
Province P.R China - - - China |
|
Value of
shares |
|
266,000 USD |
|
Percentage |
|
43% |
|
|
||
|
2. NAME |
|
WUXI PHONENIX ARTIST
MATERIALS CO., LTD |
|
Business
Registration |
|
3202112103508 |
|
Address |
|
West Suxi Road, Longchu Industrial Park, Huazhuang, Wuxi City, Jiangsu
Province P.R China - - - China |
|
Value of
shares |
|
350,000 VND |
|
Percentage |
|
57% |
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 |
23,731,700,101 |
19,142,626,656 |
|
I. Cash and cash equivalents |
1,577,292,727 |
5,262,095,149 |
|
1. Cash |
1,577,292,727 |
5,262,095,149 |
|
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 |
16,636,047,613 |
8,971,338,411 |
|
1. Receivable
from customers |
14,172,419,626 |
8,250,485,591 |
|
2. Prepayments
to suppliers |
2,441,626,137 |
701,355,220 |
|
3.
Inter-company receivable |
0 |
0 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
|
5. Other
receivable |
22,001,850 |
19,497,600 |
|
6. Provisions
for bad debts |
0 |
0 |
|
IV. Inventories |
5,518,359,761 |
4,909,193,096 |
|
1. Inventories
|
5,518,359,761 |
4,909,193,096 |
|
2. Provisions
for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
0 |
0 |
|
1. Short-term
prepaid expenses |
0 |
0 |
|
2. VAT to be
deducted |
0 |
0 |
|
3. Taxes and
other accounts receivable from the State |
0 |
0 |
|
4. Other
current assets |
0 |
0 |
|
B. LONG-TERM ASSETS |
7,245,445,819 |
5,788,132,588 |
|
I. Long term account 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 |
4,981,240,476 |
3,283,475,613 |
|
1. Tangible
assets |
4,981,240,476 |
3,283,475,613 |
|
- Historical
costs |
7,692,837,801 |
5,239,800,394 |
|
- Accumulated
depreciation |
-2,711,597,325 |
-1,956,324,781 |
|
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 |
2,264,205,343 |
2,504,656,975 |
|
1. Long-term
prepaid expenses |
0 |
240,451,632 |
|
2. Deferred
income tax assets |
0 |
0 |
|
3. Other
long-term assets |
2,264,205,343 |
2,264,205,343 |
|
TOTAL ASSETS |
30,977,145,920 |
24,930,759,244 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
15,724,937,104 |
16,457,437,932 |
|
I. Current liabilities |
15,724,937,104 |
16,457,437,932 |
|
1. Short-term
debts and loans |
11,599,533,280 |
11,222,024,410 |
|
2. Payable to
suppliers |
2,431,799,606 |
3,649,962,969 |
|
3. Advances
from customers |
0 |
1,659,663 |
|
4. Taxes and
other obligations to the State Budget |
1,036,395,648 |
999,069,990 |
|
5. Payable to
employees |
624,506,000 |
568,603,000 |
|
6. Accrued
expenses |
0 |
0 |
|
7.
Inter-company payable |
0 |
0 |
|
8. Payable
according to the progress of construction contracts |
32,702,570 |
16,117,900 |
|
9. Other payable
|
0 |
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 |
15,252,208,816 |
8,473,321,312 |
|
I. OWNER’S EQUITY |
15,252,208,816 |
8,473,321,312 |
|
1. Capital |
9,856,000,000 |
9,642,294,092 |
|
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 |
5,396,208,816 |
-1,168,972,780 |
|
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 |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
30,977,145,920 |
24,930,759,244 |
|
PROFIT & LOSS
STATEMENT |
||
|
|
||
|
Description |
FY2010
|
FY2009
|
|
1. Total
Sale |
193,070,928,275 |
203,757,439,153 |
|
2. Deduction
item |
0 |
0 |
|
3. Net sale
|
193,070,928,275 |
203,757,439,153 |
|
4. Costs of
goods sold |
177,849,558,788 |
191,766,239,869 |
|
5. Gross
profit |
15,221,369,487 |
11,991,199,284 |
|
6. Financial
income |
771,585,487 |
741,543,246 |
|
7. Financial
expenses |
584,182,258 |
955,300,763 |
|
- In which:
Loan interest expenses |
0 |
0 |
|
8. Selling
expenses |
6,220,154,610 |
5,880,731,773 |
|
9.
Administrative overheads |
2,618,004,710 |
1,633,777,403 |
|
10. Net
operating profit |
6,570,613,369 |
4,262,932,591 |
|
11. Other
income |
13,354,358 |
46,034,251 |
|
12. Other
expenses |
18,786,158 |
17,912,802 |
|
13. Other
profit /(loss) |
-5,431,800 |
28,121,449 |
|
14. Total
accounting profit before tax |
6,565,181,596 |
4,291,054,040 |
|
15. Current
corporate income tax |
0 |
0 |
|
16. Deferred
corporate income tax |
0 |
0 |
|
18. Profit
after tax |
6,565,181,596 |
4,291,054,040 |
FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current
liquidity ratio |
1.51 |
1.16 |
1.48 |
|
Quick
liquidity ratio |
1.16 |
0.86 |
0.86 |
|
Inventory
circle |
34.11 |
39.06 |
6.84 |
|
Average
receive period |
31.45 |
16.07 |
57.12 |
|
Utilizing
asset performance |
6.23 |
8.17 |
1.40 |
|
Liability by
total asset |
50.76 |
66.01 |
53.27 |
|
Liability by
owner equity |
103.10 |
194.23 |
165.07 |
|
Ebit / Total
asset (ROA) |
21.19 |
17.21 |
9.44 |
|
Ebit / Owner's
equity (ROE) |
43.04 |
50.64 |
22.99 |
|
Ebit / Total sale
(NPM) |
3.40 |
2.11 |
6.94 |
|
Gross profit /
Total sale (GPM) |
7.88 |
5.89 |
16.18 |
|
Note: The Average Industry was calculated by Vietnam Credit
based on our owned statistical data |
|||
|
|
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial
Situation |
|
Above Average |
|
Development
trend |
|
Stable |
|
Litigation
data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment
Methods |
|
Through the
bank, T/T |
|
Sale Methods |
|
Wholesaler |
|
Public opinion
|
|
Normal |
INTERPRETATION ON THE SCORES
|
PHOENIX ARTIST MATERIALS VIETNAM CO., LTD
was originally established in 2006 following the former Investment
Certificate No. 87/GP-KCN-TNH and then it was
changed to the current investment certificate No. 452023000104 in 2008. Its registered investment capital
is USD 850,000 within 40 years and the chartered capital is USD 616,000. The subject is specializing in
manufacturing of artist materials. It produces mainly canvas rolls, stretched
canvas, canvas panel, colors, easels, brushes, frames, and other accessories.
It often imports materials from China. And subject also exports its products
to China market. Premise and facility of subject is standard. Productivity of
subject is about 2,500,000 units per year. Subject’s factory has total about
19,501 square meters. Following the financial data, the
total sales were fair and stably. Reveune in 2010 is lower than 2009 but
profit 2010 is better. The liquidity ratios were fair for the firm. Liquidity
ratios indicated that payment capability was acceptable. In general, subject is a medium
company in the industry. Financial situation is stable. The business result
was good and the business operation was fairly effective. Its position and
trademark are considerable in the market. The management capacity is above
average. The subject can meet small and medium 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.44.69 |
|
UK Pound |
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.26 |
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.