|
Report Date : |
11.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
PHUOC HUNG COMPANY LIMITED |
|
|
|
|
Registered Office : |
379 Nguyen Cuu Phu Street, Hamlet 4, Tan Kien Commune, Binh Chanh
District, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1999 |
|
|
|
|
Reg. No.: |
0302524345 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacturing and trading agricultural chemicals, fertilizer |
|
|
|
|
No. of Employees : |
350 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
vietnam - ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.
|
Source : CIA |
|
Current legal status |
||
|
Registration English Name |
|
PHUOC HUNG COMPANY LIMITED |
|
Registration Vietnamese Name |
|
CONG TY TNHH THUONG MAI - SAN XUAT PHUOC HUNG |
|
Registration Short name |
|
PHU CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1999 |
|
Business Registration No. |
|
0302524345 |
|
Date of Registration |
|
02 Oct 2012 |
|
Place of Registration |
|
Business Registration Office - Planning and Investment Department of Ho
Chi Minh City |
|
Chartered capital |
|
VND 15,000,000,000 |
|
Tax code |
|
0302524345 |
|
Total Employees |
|
350 |
Historical Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Registered English Name: PHUOC HUNG PROCESSING
AND TRADING CO., LTD Changed to: PHUOC HUNG COMPANY LIMITED |
|
2 |
Subject has got former Business Registration No: 4102008258 issued on
23 Jan 2002 Changed to: 0302524345 |
|
3 |
Subject has got former Chartered capital: VND 3,500,000,000 Changed to: VND 15,000,000,000 |
|
4 |
Subject has got former Address: D16/8D Hamlet 4 Tan Kien Village, Binh
Chanh District, Ho Chi Minh City, Vietnam Changed to: 379 Nguyen Cuu Phu Street, Hamlet 4, Tan Kien Commune,
Binh Chanh District, Ho Chi Minh City, Vietnam |
|
Head Office |
||
|
Address |
|
379 Nguyen Cuu Phu Street, Hamlet 4, Tan Kien Commune, Binh Chanh
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 37600681 / 37602325 |
|
Fax |
|
(84-8) 37600282 / 37602432 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Workshop Address |
||
|
Address |
|
E9/199B, Group 9 Hamlet 6, Tan Nhut Commune, Binh Chanh District, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 3885 9841 |
|
Fax |
|
(84-8) 3760 0682 |
|
|
||
|
Branch in Ho Chi Minh |
||
|
Address |
|
B5/6 Nguyen Huu Tri, Quarter 2, Tan Tuc Town, Binh Chanh District, Ho
Chi Minh City, Vietnam |
|
1. NAME |
|
Mr. PHAM NGOC EM |
|
Position |
|
General Director |
|
Date of Birth |
|
30 Jun 1972 |
|
ID Number/Passport |
|
023900196 |
|
ID Issue Date |
|
28 Feb 2002 |
|
ID Issue Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. D16/8D, Hamlet 4, Tan Kien Commune, Binh
Chanh District, Ho Chi Minh City, Vietnam |
|
Tel/Mobile phone |
|
++84 903 800 478 |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Mr. NGUYEN VAN QUY |
|
Position |
|
Deputy Director - Sale Manager |
|
Tel/Mobile phone |
|
++84 918226619 |
|
Nationality |
|
Vietnamese |
|
|
||
|
3. NAME |
|
Mr. VO HOANG MINH |
|
Position |
|
Human Resource Manager |
|
Tel/Mobile phone |
|
++84 958299200 |
|
Nationality |
|
Vietnamese |
|
|
||
|
4. NAME |
|
Mr. BUI MINH TAM |
|
Position |
|
Administration Manager |
|
Tel/Mobile phone |
|
++84 919049899 |
|
Nationality |
|
Vietnamese |
|
The subject specializes in manufacturing and trading agricultural chemicals,
fertilizer Following are subject’s registered business activities: Manufacture of basic chemicals, fertilizer
and nitrogen compounds, plastics and synthetic rubber in primary forms |
|
IMPORT: |
||
|
Market |
|
China |
|
|
||
|
EXPORT: |
||
|
Note: Currently, the subject does not export |
||
|
1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM SAI GON BRANCH |
||
|
Address |
|
No.503-505 Nguyen Trai Street, Ward 7, District 5, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 38550330 |
|
SWIFT Code |
|
BIDVVNVX310 |
|
|
||
|
2. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT BINH CHANH
BRANCH |
||
|
Address |
|
No.494 Hung Vuong Street, An Loc Town, Binh Chanh District, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 38750736 |
|
Fax |
|
(84-8) 38750262 |
|
SWIFT Code |
|
VBAAVNVXAXXX |
|
1. NAME |
|
Mr. PHAM NGOC EM |
|
Position |
|
General Director |
|
Date of Birth |
|
30 Jun 1972 |
|
ID Number/Passport |
|
023900196 |
|
Issued on |
|
28 Feb 2002 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. D16/8D, Hamlet 4 Tan Kien Commune, Binh Chanh District, Ho Chi
Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 8,250,000,000 |
|
Percentage |
|
55% |
|
|
||
|
2. NAME |
|
Ms. PHAM NHU NGOC |
|
Date of Birth |
|
04 Aug 1989 |
|
ID Number/Passport |
|
341413359 |
|
Issued on |
|
28 Jun 2004 |
|
Issued Place |
|
Dong Thap Police Department |
|
Resident |
|
No. 220/TX, Hamlet 5A Truong Xuan Commune, Thap Muoi District, Dong
Thap Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,250,000,000 |
|
Percentage |
|
15% |
|
|
||
|
3. NAME |
|
Ms. TRAN THI THANH HOA |
|
ID Number/Passport |
|
023243603 |
|
Resident |
|
20/D3 Street 3/2, Ward 12 , 10 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 4,500,000,000 |
|
Percentage |
|
30% |
|
BALANCE SHEET |
||
|
Unit: One VND |
||
|
Balance sheet
date |
31/12/2011
|
31/12/2010
|
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT ASSETS |
75,054,802,883 |
76,310,000,000 |
|
I. Cash and cash equivalents |
314,946,019 |
553,000,000 |
|
1. Cash |
314,946,019 |
553,000,000 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term investments |
1,853,400,000 |
108,000,000 |
|
1. Short-term investments |
1,853,400,000 |
108,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts receivable |
11,876,025,084 |
32,538,000,000 |
|
1. Receivable from customers |
11,838,030,109 |
32,500,000,000 |
|
2. Prepayments to suppliers |
0 |
0 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
37,994,975 |
38,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
55,516,282,969 |
38,521,000,000 |
|
1. Inventories |
55,516,282,969 |
38,521,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
5,494,148,811 |
4,590,000,000 |
|
1. Short-term prepaid expenses |
965,895,916 |
0 |
|
2. VAT to be deducted |
4,222,306,843 |
4,590,000,000 |
|
3. Taxes and other accounts receivable from the State |
305,946,052 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM ASSETS |
12,353,844,767 |
6,748,000,000 |
|
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 |
5,712,999,379 |
6,605,000,000 |
|
1. Tangible assets |
5,334,460,108 |
6,516,000,000 |
|
- Historical costs |
8,624,394,372 |
7,890,000,000 |
|
- Accumulated depreciation |
-3,289,934,264 |
-1,374,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
50,000,000 |
0 |
|
- Initial costs |
50,000,000 |
0 |
|
- Accumulated amortization |
0 |
0 |
|
4. Construction-in-progress |
328,539,271 |
89,000,000 |
|
III. Investment property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term investments |
4,868,385,000 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
4,868,385,000 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other long-term assets |
1,772,460,388 |
143,000,000 |
|
1. Long-term prepaid expenses |
1,772,460,388 |
143,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
|
|
1. Goodwill |
0 |
|
|
TOTAL ASSETS |
87,408,647,650 |
83,058,000,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
67,781,775,772 |
65,894,000,000 |
|
I. Current liabilities |
67,121,775,772 |
64,261,000,000 |
|
1. Short-term debts and loans |
15,035,470,785 |
17,396,000,000 |
|
2. Payable to suppliers |
38,505,575,078 |
32,698,000,000 |
|
3. Advances from customers |
0 |
8,524,000,000 |
|
4. Taxes and other obligations to the State Budget |
800 |
0 |
|
5. Payable to employees |
731,179,660 |
650,000,000 |
|
6. Accrued expenses |
92,411,204 |
0 |
|
7. Inter-company payable |
12,757,138,245 |
4,576,000,000 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
417,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
||
|
II. Long-Term Liabilities |
660,000,000 |
1,633,000,000 |
|
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 |
660,000,000 |
1,633,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
8. Unearned Revenue |
||
|
9. Science and technology development fund |
||
|
B- OWNER’S EQUITY |
19,626,871,878 |
17,164,000,000 |
|
I. OWNER’S EQUITY |
19,626,871,878 |
17,164,000,000 |
|
1. Capital |
15,000,000,000 |
15,000,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
100,000,000 |
100,000,000 |
|
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 |
4,526,871,878 |
2,064,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
||
|
II. Other sources and funds |
0 |
|
|
1. Bonus and welfare funds (Elder form) |
0 |
|
|
2. Sources of expenditure |
0 |
|
|
3. Fund to form fixed assets |
0 |
|
|
MINORITY’S INTEREST |
0 |
|
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
87,408,647,650 |
83,058,000,000 |
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
136,954,317,933 |
80,356,000,000 |
|
2. Deduction item |
0 |
0 |
|
3. Net revenue |
136,954,317,933 |
80,356,000,000 |
|
4. Costs of goods sold |
122,781,527,212 |
75,915,000,000 |
|
5. Gross profit |
14,172,790,721 |
4,441,000,000 |
|
6. Financial income |
650,496,703 |
512,000,000 |
|
7. Financial expenses |
2,705,784,378 |
1,182,000,000 |
|
- In which: Loan interest expenses |
2,705,784,378 |
506,000,000 |
|
8. Selling expenses |
4,265,443,103 |
966,000,000 |
|
9. Administrative overheads |
5,288,887,600 |
1,606,000,000 |
|
10. Net operating profit |
2,563,172,343 |
1,199,000,000 |
|
11. Other income |
0 |
|
|
12. Other expenses |
103,436,704 |
|
|
13. Other profit /(loss) |
-103,436,704 |
|
|
14. Total accounting profit before tax |
2,459,735,639 |
1,199,000,000 |
|
15. Current corporate income tax |
0 |
62,000,000 |
|
16. Deferred corporate income tax |
0 |
|
|
17. Interest from subsidiaries/related companies |
||
|
18. Profit after tax |
2,459,735,639 |
1,137,000,000 |
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.12 |
1.19 |
1.42 |
|
Quick liquidity ratio |
0.29 |
0.59 |
0.78 |
|
Inventory circle |
2.21 |
1.97 |
5.13 |
|
Average receive period |
31.65 |
147.80 |
72.48 |
|
Utilizing asset performance |
1.57 |
0.97 |
1.61 |
|
Liability by total assets |
77.55 |
79.33 |
65.76 |
|
Liability by owner's equity |
345.35 |
383.91 |
269.57 |
|
Ebit / Total assets (ROA) |
5.91 |
2.05 |
11.97 |
|
Ebit / Owner's equity (ROE) |
26.32 |
9.93 |
36.02 |
|
Ebit / Total revenue (NPM) |
3.77 |
2.12 |
7.56 |
|
Gross profit / Total revenue (GPM) |
10.35 |
5.53 |
14.67 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
|||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/ Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Below average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank |
|
Sale Methods |
|
Wholesaler |
|
The Subject was
originally established on Aug 27th 1999 as a private enterprise named
Phuoc Hung Enterprise. After that it was transformed to liability limited
company in 2002. Now, it has operated under name PHUOC HUNG
COMPANY LIMITED. The subject is
specializing in processing and trading fertilizer and chemicals for fruit
trees and rice. Some are used directly for tree but others are to improve the
soil. At the beginning, subject just manufactured and traded 10 types of
fertilizer for leaves. But after that it has cooperated with science research
institutes to produce and introduce new products. From 2002 up to now, it has
cooperated with the “Soil Research Department of Southern Agricultural
Science Institute Branch” and “Radiation Technique Appliance Center – Vietnam
Atomic Nuclear Energy Institution” to apply new medicines for crop protection
purposes. At the present,
subject is providing more than 180 products in many kinds. The subject has
obtained many awards such as “Friend of farmer” prize in consecutive years
2004, 2005, 2006, 2007; ISO 9001:2000 certificate in October 2005 and “Golden
products” awards in many years. Main operation
markets of subject are from the Central provinces (Tay Nguyen, Dak Lak) to
the Southern provinces (Long An, Vinh Long, Dong Thap…) with more than 200
level 1 distributors and wide customer service system in these provinces
mostly. Now, the subject does not export products to foreign country and it
mainly imports product and material from China. In general, the subject has capacity to meet small and normal financial commitments. |
|
|
INDUSTRY
DATA
|
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture, Forestry and Fishing |
4.00 |
2.78 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and Construction |
5.53 |
7.70 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and Services |
6.69 |
7.52 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
ECONOMIC
INDICATORS
|
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population
(Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross
Domestic Products (USD billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth
(%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita
(USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation
(% Change in Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State
Budget Deficit compared with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
SERVICE
TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade
Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
|
1 |
Rs.87.89 |
|
Euro |
1 |
Rs.70.13 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.