MIRA
INFORM REPORT
|
Report Date : |
02.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
LAO CAI YELLOW PHOSPHORUS JOINT STOCK COMPANY |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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|
Date of Incorporation : |
22.12.2008 |
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Com. Reg. No.: |
1203000191 |
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|
Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and trading yellow phosphorus |
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 – June 30, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
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
|
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||
|
English Name |
|
LAO CAI YELLOW PHOSPHORUS JOINT STOCK
COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN PHOT PHO VANG LAO CAI |
|
Short name |
|
LPC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2008 |
|
Business Registration No. |
|
1203000191 |
|
Date of Registration |
|
22 Dec 2008 |
|
Place of Registration |
|
Lao Cai Department of Planning and
Investment |
|
Current registered capital |
|
VND 22,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
5300250560 |
|
Total Employees |
|
100 |
|
Size |
|
Medium |
|
|
ADDRESSES
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Head Office |
||
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Address |
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Telephone |
|
(84-20) 3863282 |
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Fax |
|
(84-20) 3867242 |
|
Notes: The correct number contacts of the subject are as above; The given phone and fax number are contact address of SAVINA VIETNAM
COMPANY with: Phone: 84-4-3622-7708 and Fax: 84-4-3622-7709. |
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DIRECTORS
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1
. NAME |
|
Mr.
VU MANH THAI |
|
Position |
|
Director |
|
Date of Birth |
|
10 Dec 1958 |
|
ID Number/Passport |
|
063131480 |
|
Resident |
|
Group 23 Pom Han Ward
- Lao Cai District - Lao Cai Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
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|
2
. NAME |
|
Mr.
QUACH TIEN NHAT |
|
Position |
|
Vice Director |
|
Date of Birth |
|
01 Jan 1950 |
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|
3
. NAME |
|
Mr.
LUU NGOC ANH |
|
Position |
|
Vice Director |
|
Resident |
|
- Bao Thang District -
Lao Cai Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
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BUSINESS NATURE AND ACTIVITIES
|
|
|
- Manufacture and trading yellow phosphorus |
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IMPORT & EXPORT ACTIVITIES
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IMPORT: |
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·
Types of products |
|
Electrode |
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·
Market |
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EXPORT: |
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·
Types of products |
|
Phosphorus |
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·
Market |
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BANKERS
|
|
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|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF |
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Address |
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No 31 -33 Ngo Quyen - Hoan Kiem District - Ha |
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Telephone |
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(84-4) 39368547 |
|
Fax |
|
(84-4) 38241395 / 39365534 |
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Foreign Currency Account |
|
0011373092254 USD |
|
SWIFT Code |
|
bftvvnvx001 |
|
|
||
|
2.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT - LAO CAI BRANCH |
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|
Address |
|
- Lao Cai District - |
|
Telephone |
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(84-20) 3830 013 |
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Fax |
|
(84-20) 3830 732 |
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|
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SHAREHOLDERS
|
|
||
|
1
. NAME |
|
VIETNAM
APATIT LIMITED COMPANY |
|
Business Registration |
|
1204000005 |
|
Date of Registration |
|
25 May 2005 |
|
Place of Registration |
|
Lao Cai Department of Planning and Investment |
|
Registered Capital |
|
543,681,888,446 VND |
|
Tax code |
|
5300100276 |
|
Address |
|
Pom Han Ward - Lao Cai District - |
|
Tel |
|
(84- 20) 3852252/ 3852274/ 3852275 |
|
Fax |
|
(84-20) 3852399 |
|
Number of shares |
|
1,386,000 |
|
Value of shares |
|
13,860,000,000 VND |
|
Percentage |
|
63% |
|
|
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|
2
. NAME |
|
DUCGIANG
CHEMICAL AND DETERGENT POWDER JOINT STOCK COMPANY |
|
Business Registration |
|
0103003850 |
|
Date of Registration |
|
05 Mar 2004 |
|
Place of Registration |
|
Hanoi Department of Planning and Investment |
|
Registered Capital |
|
66,000,000,000 VND |
|
Tax code |
|
0101452588 |
|
Address |
|
No. 18 Lane 44 Duc Giang Str. - Thuong Thanh
Ward - Long Bien District - Ha |
|
Tel |
|
(84-4) 38271620 |
|
Fax |
|
(84-4) 38271068 |
|
Number of shares |
|
264,000 |
|
Value of shares |
|
2,640,000,000 VND |
|
Percentage |
|
12% |
|
|
||
|
3
. NAME |
|
VIET
HONG CHEMICAL AND TRADING COMPANY LIMITED |
|
Business Registration |
|
0102007443 |
|
Date of Registration |
|
21 Dec 2007 |
|
Place of Registration |
|
|
|
Registered Capital |
|
6,000,000,000 VND |
|
Tax code |
|
0101330491 |
|
Address |
|
No. 12 - Alley 189 Khuong Thuong Str -
Khuong Thuong Ward - Thanh Xuan District - Ha |
|
Tel |
|
84-4 3787 5264 |
|
Fax |
|
84-4 3787 5263 |
|
Number of shares |
|
200,000 |
|
Value of shares |
|
2,000,000,000 VND |
|
Percentage |
|
9.09% |
|
|
||
|
4
. NAME |
|
Mr.
VO TRONG HAI |
|
ID Number/Passport |
|
201545300 |
|
Issued Place |
|
Da Nang Department of Public Security |
|
Resident |
|
No. 340A |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
150,000 |
|
Value of shares |
|
1,500,000,000 VND |
|
Percentage |
|
6.818% |
|
|
||
|
5
. NAME |
|
Mr.
TRAN DUC HONG |
|
ID Number/Passport |
|
060704541 |
|
Issued Place |
|
Yen Bai Department of Public Security |
|
Resident |
|
Hop Minh Commune - Tran Yen District - |
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Nationality |
|
Vietnamese |
|
Number of Shares |
|
100,000 |
|
Value of shares |
|
1,000,000,000 VND |
|
Percentage |
|
4.545% |
|
|
||
|
6
. NAME |
|
Mr.
HA NGUYEN THUY |
|
ID Number/Passport |
|
063113280 |
|
Issued Place |
|
Lao Cai Department of Public Security |
|
Resident |
|
|
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
50,000 |
|
Value of shares |
|
500,000,000 VND |
|
Percentage |
|
2.272% |
|
|
||
|
7
. NAME |
|
Mr.
NGUYEN MANH TOAN |
|
ID Number/Passport |
|
060690683 |
|
Issued Place |
|
Yen Bai Department of Public Security |
|
Resident |
|
Minh Quan Commune - Tran Yen District - |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
50,000 |
|
Value of shares |
|
500,000,000 VND |
|
Percentage |
|
2.272% |
|
|
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FINANCIAL DATA
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||
|
BALANCE
SHEET |
||
Unit: Million VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
52,558 |
48,376 |
|
I. Cash and cash
equivalents |
10,025 |
18,889 |
|
1. Cash |
10,025 |
18,889 |
|
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 |
17,154 |
23,121 |
|
1. Receivable from customers |
6,815 |
14,739 |
|
2. Prepayments to suppliers |
335 |
302 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
10,004 |
8,080 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
23,910 |
5,969 |
|
1. Inventories |
23,910 |
5,969 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
1,469 |
397 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
1,469 |
396 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
1 |
|
B. LONG-TERM
ASSETS |
10,221 |
13,171 |
|
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
|
10,221 |
13,171 |
|
1. Tangible assets |
8,050 |
11,282 |
|
- Historical costs |
17,961 |
17,853 |
|
- Accumulated depreciation |
-9,911 |
-6,571 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
1,108 |
1,524 |
|
- Initial costs |
2,074 |
2,074 |
|
- Accumulated amortization |
-966 |
-550 |
|
4. Construction-in-progress |
1,063 |
365 |
|
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 |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
62,779 |
61,547 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
13,434 |
19,091 |
|
I. Current
liabilities |
13,434 |
19,091 |
|
1. Short-term debts and loans |
0 |
0 |
|
2. Payable to suppliers |
8,053 |
14,599 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
2,165 |
2,096 |
|
5. Payable to employees |
1,579 |
1,785 |
|
6. Accrued expenses |
546 |
478 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
1,091 |
133 |
|
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 |
49,345 |
42,456 |
|
I. OWNER’S
EQUITY |
48,143 |
41,404 |
|
1. Capital |
30,768 |
30,768 |
|
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 |
123 |
-301 |
|
7. Business promotion fund |
1,520 |
608 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
15,731 |
10,329 |
|
11. Construction investment fund |
0 |
0 |
|
II. Other
sources and funds |
1,203 |
1,052 |
|
1. Bonus and welfare funds |
1,203 |
1,052 |
|
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 |
62,779 |
61,547 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total |
135,675 |
131,314 |
|
2. Deduction item |
0 |
0 |
|
3. Net revenue |
135,675 |
131,314 |
|
4. Costs of goods sold |
108,578 |
114,065 |
|
5. Gross profit |
27,097 |
17,249 |
|
6. Financial income |
1,896 |
1,721 |
|
7. Financial expenses |
0 |
160 |
|
- In which: Loan interest expenses |
0 |
0 |
|
8. Selling expenses |
4,006 |
1,872 |
|
9. Administrative overheads |
2,706 |
2,200 |
|
10. Net operating profit |
22,281 |
14,738 |
|
11. Other income |
2,642 |
85 |
|
12. Other expenses |
440 |
6 |
|
13. Other profit /(loss) |
2,202 |
79 |
|
14. Total accounting profit before tax |
24,483 |
14,817 |
|
15. Current corporate income tax |
6,244 |
2,650 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
18,238 |
12,167 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
3.91 |
2.53 |
1.98 |
|
Quick liquidity ratio |
2.13 |
2.22 |
1.14 |
|
Inventory circle |
7.27 |
19.11 |
4.57 |
|
Average receive period |
46.15 |
64.27 |
74.01 |
|
Utilizing asset performance |
2.16 |
2.13 |
1.52 |
|
Liability by total asset |
21.40 |
31.02 |
56.31 |
|
Liability by owner equity |
27.22 |
44.97 |
172.82 |
|
Ebit / Total asset (ROA) |
39.00 |
24.07 |
11.85 |
|
Ebit / Owner's equity (ROE) |
49.62 |
34.90 |
32.44 |
|
Ebit / Total revenue (NPM) |
18.05 |
11.28 |
7.81 |
|
Gross profit / Total revenue (GPM) |
19.97 |
13.14 |
21.11 |
|
Note: The Average Industry was calculated by |
|||
|
|
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
|
||
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium/High |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT, L/C |
|
|
|
To contracts |
|
Public opinion |
|
Good |
|
|
INTERPRETATION ON THE SCORES
|
|
|
LAO CAI YELLOW PHOSPHORUS JOINT
STOCK COMPANY (LPC) was established in Dec 2008 with Business Registration
No. 1203000191 granted by Lao Cai Department of Planning and Investment and current
registered capital is VND 22 billion. Head office of the subject is at LPC specializes in manufacturing
and trading yellow phosphorus, exploiting, processing minerals and materials
for construction, for instance, phosphorus, apatite. It imports electrodes
from LPC is directed by Mr. Vu Manh
Thai, management capacity is fair. There are about 100 people working for the
subject under normal condition of equipment and facility. Financial Statements for FY 2009
and 2010 show a bright financial situation of LPC recently. Generally the
financial ratios are better than the average of industry. It proves a rather effectiveness in
operating and doing business of the subject. In 2010, total assets of LPC is
VND 63 billion; in which current assets is VND 53 billion, accounts for 84%
while long-term assets is VND 10 billion. On the other hand, current
liabilities are approximately VND 13.5 billion and owner’s equity is VND 49
billion. This year, total revenue is VND 136 billion, brings about VND 18
billion profit, increase about VND 6 billion profit in comparison with in
2009. These figures bring good signals for the development of the subject;
LPC’s future prospect seems fair and promising. In conclusion, LPC is a
medium-sized company in the industry. It is able to meet normal commitment;
no caution is needed for small transactions. |
------------ 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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
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.