MIRA INFORM REPORT
|
Report Date : |
09.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
SO PHA PACKING PLASTIC CORPORATION |
|
|
|
|
Registered Office : |
No. 4/5B Hamlet 4 - Xuan Thoi Son Commune, Hoc Mon District, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
17.12.2007 |
|
|
|
|
Com. Reg. No.: |
0305395345 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing plastic packaging |
|
|
|
|
No. of Employees
: |
100 |
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 – 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
Current legal status
|
||
|
English Name |
|
SO PHA PACKING PLASTIC CORPORATION |
|
Vietnamese Name |
|
CONG TY CO PHAN BAO BI NHUA SO PHA |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2007 |
|
Business Registration No. |
|
0305395345 |
|
Date of Registration |
|
17 Dec 2007 |
|
Place of Registration |
|
Business Registration Office of Ho Chi
MInh City |
|
Current registered capital |
|
VND 20,000,000,000 |
|
Tax code |
|
0305395345 |
|
Total Employees |
|
100 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No: 4103008782 issued on 17th Dec 2007 Changed to: 0305395345 |
30
Nov 2010 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 4/5B Hamlet 4 - Xuan Thoi Son Commune,
Hoc Mon District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3710 5837 |
|
Fax |
|
(84-8) 3710 3281 |
|
Email |
|
|
|
Website |
|
|
DIRECTORS
|
1.
NAME |
|
Mr.
NGUYEN VAN PHAT |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
022460277 |
|
Resident |
|
No. 18/5c Tan Thoi Hamlet
- Tan Hiep Commune , Hoc Mon District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
VO THE HAI HUNG SON |
|
Position |
|
Director |
|
Date of Birth |
|
08 Nov 1974 |
|
ID Number/Passport |
|
022689302 |
|
ID Issue Date |
|
04 Oct 2005 |
|
ID Issue Place |
|
Police Station of
HoChiMinh City |
|
Resident |
|
No. 16/2 Thoi T
Hamlet Thoi Tam Thon Commune, Hoc Mon District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
BUI MINH CAN |
|
Position |
|
Deputy Director – Chief Accountant |
|
ID Number/Passport |
|
021754350 |
|
Resident |
|
4/32 Ly Thuong Kiet
Street Hoc Mon Town, Hoc Mon District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
The subject specializes in activities: |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Raw Material (plastic beads) |
|
·
Market |
|
Singapore, Thailand, Indonesia, India. |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Products |
|
·
Market |
|
Phillipine, Chile, mailaisia, Kuwait. |
BANKERS
|
1.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT AN SUONG BRANCH |
||
|
Address |
|
No.66/7, Highway 22 Ba Diem Street, Hoc Mon District, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 3883 5067 |
|
Fax |
|
(84-8) 3883 5022 |
|
|
||
|
2.
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK - PASTER BRANCH |
||
|
Address |
|
24-26 Pasteur Str, Ben Nghe Ward, 1 District, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 3821 2155 |
|
Fax |
|
(84-8) 3821 2153 |
|
|
||
|
3.
DONG A COMMERCIAL JOINT STOCK BANK AN DONG BRANCH |
||
SHAREHOLDERS
|
1.
NAME |
|
Mr.
BUI MINH CAN |
|
Position |
|
Deputy Director – Chief Accountant |
|
ID Number/Passport |
|
021754350 |
|
Resident |
|
No. 4/32 Ly Thuong Kiet Street, Hoc Mon
Town, Hoc Mon District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,600,000,000 |
|
Percentage |
|
13% |
|
|
||
|
2.
NAME |
|
Ms.
HOANG XUAN THAO |
|
ID Number/Passport |
|
225136595 |
|
Resident |
|
Group 39 Hon CHong - Vinh Phuoc Ward , Nha
Trang City, Khanh Hoa Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,600,000,000 |
|
Percentage |
|
13% |
|
|
||
|
3.
NAME |
|
Mr.
PHAN VAN PHUOC |
|
ID Number/Passport |
|
022069550 |
|
Resident |
|
No. 50/3 Quater 3 -Hoc Mon Town , Hoc Mon
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,600,000,000 |
|
Percentage |
|
13% |
|
|
||
|
4.
NAME |
|
Mr.
VO THE HAI HUNG SON |
|
Position |
|
Director |
|
Date of Birth |
|
08 Nov 1974 |
|
ID Number/Passport |
|
022689302 |
|
Issued on |
|
04 Oct 2005 |
|
Issued Place |
|
Police Station of HoChiMinh City |
|
Resident |
|
16/2 Thoi T Hamlet Thoi Tam Thon Commune,
Hoc Mon District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,600,000,000 |
|
Percentage |
|
13% |
|
|
||
|
5.
NAME |
|
Mr.
NGUYEN VAN PHAT |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
022460277 |
|
Resident |
|
No. 18/5c Tan Thoi hamlet - tan hiep
commune , Hoc Mon District, Ho Chi Minh City, Vietnam |
|
Value of shares |
|
VND 2,800,000,000 |
|
Percentage |
|
14% |
|
|
||
|
6.
NAME |
|
Mr.
LE VAN SUU |
|
ID Number/Passport |
|
024281958 |
|
Resident |
|
69 Street No.3, Binh Tri Dong B Ward ,
Binh Tan District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,000,000,000 |
|
Percentage |
|
10% |
|
|
||
|
7.
NAME |
|
Mr.
PHAM VAN NUNG |
|
Date of Birth |
|
12 Oct 1958 |
|
ID Number/Passport |
|
024332204 |
|
Issued on |
|
15 Nov 2004 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
No.19 Street No.9 Rada Housing Compound,
Ward 13, 6 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,000,000,000 |
|
Percentage |
|
10% |
|
|
||
|
8.
NAME |
|
Mr.
MAI VAN HOA ( MAI HOA VAN) |
|
ID Number/Passport |
|
WK132758 |
|
Resident |
|
1503.52 Street S.F, Calgary- Alberta,
Canada |
|
Value of shares |
|
VND 1,200,000,000 |
|
Percentage |
|
6% |
|
|
||
|
9.
NAME |
|
Ms.
VU THI KIM NGOC |
|
ID Number/Passport |
|
273088588 |
|
Resident |
|
18/10 Thoi Tu Hamlet - Thoi Tam Thon Commune
, Hoc Mon District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
5% |
|
|
||
|
10.
NAME |
|
Ms.
TO NGOC QUE CHI |
|
ID Number/Passport |
|
023157370 |
|
Resident |
|
2/14 Quater 5 - Hoc Mon Town , Hoc Mon
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 400,000,000 |
|
Percentage |
|
2% |
|
|
||
|
11.
NAME |
|
Mr.
VO CHI HUNG |
|
ID Number/Passport |
|
023353955 |
|
Resident |
|
31/2A Ly Thuong Kiet Street Quater 3 - Hoc
Mon Town, Hoc Mon District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 200,000,000 |
|
Percentage |
|
1% |
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 |
32,407,000,000 |
23,961,000,000 |
|
I. Cash and cash
equivalents |
925,000,000 |
481,000,000 |
|
1. Cash |
925,000,000 |
481,000,000 |
|
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 |
14,233,000,000 |
10,002,000,000 |
|
1. Receivable from customers |
12,974,000,000 |
7,924,000,000 |
|
2. Prepayments to suppliers |
1,259,000,000 |
578,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
0 |
1,500,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
16,628,000,000 |
12,317,000,000 |
|
1. Inventories |
16,628,000,000 |
12,317,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
621,000,000 |
1,161,000,000 |
|
1. Short-term prepaid expenses |
494,000,000 |
619,000,000 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
127,000,000 |
542,000,000 |
|
B. LONG-TERM
ASSETS |
16,861,000,000 |
11,558,000,000 |
|
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
|
16,240,000,000 |
11,299,000,000 |
|
1. Tangible assets |
14,234,000,000 |
3,500,000,000 |
|
- Historical costs |
17,458,000,000 |
4,536,000,000 |
|
- Accumulated depreciation |
-3,224,000,000 |
-1,036,000,000 |
|
2. Financial leasehold assets |
0 |
5,791,000,000 |
|
- Historical costs |
0 |
10,475,000,000 |
|
- Accumulated depreciation |
0 |
-4,684,000,000 |
|
3. Intangible assets |
2,006,000,000 |
2,008,000,000 |
|
- Initial costs |
2,013,000,000 |
2,012,000,000 |
|
- Accumulated amortization |
-7,000,000 |
-4,000,000 |
|
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 |
621,000,000 |
259,000,000 |
|
1. Long-term prepaid expenses |
621,000,000 |
259,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
49,268,000,000 |
35,519,000,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
25,865,000,000 |
22,306,000,000 |
|
I. Current
liabilities |
19,970,000,000 |
14,457,000,000 |
|
1. Short-term debts and loans |
11,839,000,000 |
9,739,000,000 |
|
2. Payable to suppliers |
6,197,000,000 |
3,990,000,000 |
|
3. Advances from customers |
656,000,000 |
133,000,000 |
|
4. Taxes and other obligations to the State Budget |
225,000,000 |
155,000,000 |
|
5. Payable to employees |
282,000,000 |
-167,000,000 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
0 |
316,000,000 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
771,000,000 |
291,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
5,895,000,000 |
7,849,000,000 |
|
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 |
5,895,000,000 |
7,849,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
23,403,000,000 |
13,213,000,000 |
|
I. OWNER’S
EQUITY |
23,403,000,000 |
13,213,000,000 |
|
1. Capital |
11,200,000,000 |
11,200,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
8,000,000,000 |
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 |
4,203,000,000 |
2,013,000,000 |
|
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 |
49,268,000,000 |
35,519,000,000 |
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sales |
54,753,000,000 |
39,018,579,693 |
|
2. Deduction item |
94,000,000 |
89,109,552 |
|
3. Net sale |
54,659,000,000 |
38,929,470,141 |
|
4. Costs of goods sold |
45,913,000,000 |
33,762,495,463 |
|
5. Gross profit |
8,746,000,000 |
5,166,974,678 |
|
6. Financial income |
16,000,000 |
6,264,637 |
|
7. Financial expenses |
3,009,000,000 |
2,020,172,766 |
|
- In which: Loan interest expenses |
- |
- |
|
8. Selling expenses |
1,323,000,000 |
844,630,113 |
|
9. Administrative overheads |
2,240,000,000 |
2,021,480,711 |
|
10. Net operating profit |
2,190,000,000 |
286,955,725 |
|
11. Other income |
0 |
86,147,858 |
|
12. Other expenses |
0 |
1,865,664 |
|
13. Other profit /(loss) |
0 |
84,282,194 |
|
14. Total accounting profit before tax |
2,190,000,000 |
371,237,919 |
|
15. Current corporate income tax |
547,000,000 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
1,643,000,000 |
371,237,919 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.62 |
1.66 |
1.49 |
|
Quick liquidity ratio |
0.79 |
0.81 |
1.00 |
|
Inventory circle |
2.76 |
2.74 |
7.00 |
|
Average receive period |
95.04 |
93.78 |
86.82 |
|
Utilizing asset performance |
1.11 |
1.10 |
1.21 |
|
Liability by total assets |
52.50 |
62.80 |
54.91 |
|
Liability by owner's equity |
110.52 |
168.82 |
141.20 |
|
Ebit / Total assets (ROA) |
4.45 |
1.05 |
9.38 |
|
Ebit / Owner's equity (ROE) |
9.36 |
2.81 |
19.96 |
|
Ebit / Total sale (NPM) |
4.00 |
0.95 |
7.73 |
|
Gross profit / Total sale (GPM) |
15.97 |
13.24 |
16.38 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our own statistical data |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Cash, through the bank, LC |
|
Sale Methods |
|
Wholesaler |
INTERPRETATION ON THE SCORES
|
SO PHA PACKING PLASTIC
CORPORATION was established
in 2007 under the Business Registration No. 4103008782. Recently, it has been
merged into tax code (No. 0305395345). Currently, subject operates at 4/5B -
Hamlet 4 - Xuan Thoi Son Commune - Hoc Mon Dist - Ho Chi Minh City and its
legal capital is 20 billion VND. Main
activities of subject are manufacturing and trading plastic packaging. The
subject usually imports raw material from some countries such as Singapore,
Thailand, Indonesia and India. Its goods are sold in domestic market and a
small scale is exported to some countries such as Philippine, Chile, Malaysia
and Kuwait. Besides
subject, its owners also have another company named SO PHA PACKING PLASTIC
TRADING PRODUCING CO., LTD locating at the same place with subject, which
specializes in manufacturing PP packages. Based
on financial statements, the subject has average finance situation. According
to Mr. BUI MINH CAN – chief accountant of subject, in 2011, sale of subject got
about VND 80 billion, increased about 148% compared with 2010. In
general view, the BB credit estimate on the subject reflects that the subject
has capacity to meet with small-normal business 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 |
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|
|
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|
|
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 |
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|
GDP Per Capita (US$) |
1,160 |
1,080 |
1,040 |
|||
|
Inflation (% Change in Composite CPI) |
11.75 |
6.88 |
24.4 |
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|
|
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|
SERVICE TRADE
PERFORMANCE |
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|
|
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|
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.52.78 |
|
UK Pound |
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.67.46 |
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.