|
Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
VIET PHU THINH RUBBER JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
204 Phan Van Han - Binh Thanh District - Ho Chi Minh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
06.03.2003 |
|
|
|
|
Com. Reg. No.: |
0302910157 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Trading and processing agricultural products, spare parts,
and raw materials for production of plastic and rubber. |
|
|
|
|
No. of Employees : |
14 |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
|
||
Current legal status
|
||
|
English Name |
|
VIET PHU THINH RUBBER JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN CAO SU VIET PHU THINH |
|
Short name |
|
VIRUCO |
|
Type of Business |
|
Joint stock company |
|
Business Registration No. |
|
0302910157 |
|
Date of Registration |
|
06 Mar 2003 |
|
Place of Registration |
|
Business Registration Office, Department
of Planning and Investment |
|
Registered capital |
|
12,800,000,000 VND |
|
Tax code |
|
0302910157 |
|
Total Employees |
|
14 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject
has got former Business Registration No: 4103001492 Changed to: 0302910157 |
24
May 2010 |
|
2 |
Subject
has got former Registered capital: VND 7.5 Billion Changed
to: VND 12.8 Billion |
2010
|
|
|
|
|
||
|
Registration
Address |
||
|
Address |
|
204 Phan Van Han - Binh Thanh District - |
|
Website |
|
|
|
|
||
|
Transaction
office in Ho Chi Minh |
||
|
Address |
|
16/9 Ky Dong - 3 District - |
|
Telephone |
|
(84-8) 3935 0538 - 3935 0543 - 3935 0544 |
|
Fax |
|
(84-8) 3935 0541 |
|
Email |
|
|
|
|
||
|
1
. NAME |
|
Mr.
VU ANH PHONG |
|
Position |
|
Director |
|
Date of Birth |
|
17 Oct 1971 |
|
ID Number/Passport |
|
024130943 |
|
Resident |
|
66/5 Nguyen Hong - Go
Vap District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
MA |
|
|
||
|
2
. NAME |
|
Ms.
PHAM THI |
|
Position |
|
Chief Accountant |
|
Current resident |
|
- |
|
Nationality |
|
Vietnamese |
|
|
||
|
Notes:
Subject’s former Deputy Director - Mr. Nguyen Quoc Cuong and former Chief Accountant-
Mr. Nguyen Trong TIen are no longer working for Viruco. Subject does not have
a Deputy Director at current. |
||
|
|
||
|
|
|
The subject is
specializing in trading rubber products. Subject
registered in the following items: |
|
|
|
|
||
|
IMPORT: |
||
|
Market |
|
|
|
Notes: According to Ms. Lan- Subject's accountant-
Viruco rarely imports lately |
||
|
|
||
|
EXPORT: |
||
|
Types of products |
|
Types of rubber Products |
|
Market |
|
|
|
Mode of payment |
|
L/C, T/T |
|
|
|
|
||
|
1.
|
||
|
Address |
|
No..61A-63 Vo Van Tan, No.6 ward
- 3 District - |
|
Telephone |
|
(84-8) 3930 5418/ 39304 532 |
|
Fax |
|
(84-8) 39304 491 |
|
SWIFT Code |
|
VTCBVNVX |
|
|
||
|
2.
HSBC Bank ( |
||
|
Address |
|
Floor 06th, The |
|
Telephone |
|
(84 8) 3829 2288 |
|
Fax |
|
(84 8) 3299 0018 |
|
SWIFT Code |
|
HSBCZAJJXXX |
|
|
||
|
3.
ASIA COMMERCIAL JOINT STOCK BANK (ACB BANK) |
||
|
Address |
|
|
|
Telephone |
|
(84-8) 3833 4085 – 3839 5179 - 3929 0999 |
|
Fax |
|
(84-8) 3835 9156 - 3839 9885 |
|
SWIFT Code |
|
ASCBVNVX |
|
|
||
|
4.
JOINT STOCK BANK FOR FOREIGN TRADE OF |
||
|
Address |
|
No. 29 Ben Chuong Duong
Str-Nguyen Thai Binh Ward - 1 District - |
|
Telephone |
|
(84-8) 3825 1317 |
|
Fax |
|
(84-8) 3829 7228 |
|
SWIFT Code |
|
VTCBVNVX |
|
|
||
|
1
. NAME |
|
Mr.
DUONG HONG HA |
|
ID Number/Passport |
|
022104838 |
|
Resident |
|
157Bis Tran Quoc Thao - 3 District - |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
1,000,000,000 VND |
|
Percentage |
|
7.813% |
|
|
||
|
2
. NAME |
|
Ms.
NGUYEN THI |
|
ID Number/Passport |
|
162050697 |
|
Resident |
|
165/5 -3/2 Str - 10 District - |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
1,000,000,000 VND |
|
Percentage |
|
7.097% |
|
|
||
|
3
. NAME |
|
Ms.
TRAN THI KIM THANH |
|
ID Number/Passport |
|
280732850 |
|
Resident |
|
7th Block Phu Thuan Hamlet, An Loc Village
- Binh Long District - Binh Phuoc Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
1,000,000,000 VND |
|
Percentage |
|
7.813% |
|
|
||
|
4
. NAME |
|
Mr.
VU ANH PHONG |
|
Position |
|
Director |
|
Date of Birth |
|
17 Oct 1971 |
|
ID Number/Passport |
|
024130943 |
|
Resident |
|
66/5 Nguyen Hong - Go Vap District - |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
1,000,000,000 VND |
|
Percentage |
|
7.813% |
|
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
103,002,000,000 |
25,604,000,000 |
|
I. Cash and cash
equivalents |
4,361,000,000 |
3,444,000,000 |
|
1. Cash |
4,361,000,000 |
3,444,000,000 |
|
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 |
50,237,000,000 |
12,025,000,000 |
|
1. Receivable from customers |
31,060,000,000 |
5,234,000,000 |
|
2. Prepayments to suppliers |
14,578,000,000 |
6,277,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
4,599,000,000 |
514,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
42,052,000,000 |
5,334,000,000 |
|
1. Inventories |
42,052,000,000 |
6,314,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
-980,000,000 |
|
V. Other Current
Assets |
6,352,000,000 |
4,801,000,000 |
|
1. Short-term prepaid expenses |
35,000,000 |
8,000,000 |
|
2. VAT to be deducted |
6,285,000,000 |
4,757,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
32,000,000 |
36,000,000 |
|
B. LONG-TERM
ASSETS |
1,430,000,000 |
949,000,000 |
|
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
|
1,345,000,000 |
899,000,000 |
|
1. Tangible assets |
1,546,000,000 |
1,132,000,000 |
|
- Historical costs |
1,612,000,000 |
1,151,000,000 |
|
- Accumulated depreciation |
-66,000,000 |
-19,000,000 |
|
2. Financial leasehold assets |
-204,000,000 |
-233,000,000 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
-204,000,000 |
-233,000,000 |
|
3. Intangible assets |
3,000,000 |
0 |
|
- Initial costs |
15,000,000 |
12,000,000 |
|
- Accumulated amortization |
-12,000,000 |
-12,000,000 |
|
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 |
|
VI. Other
long-term assets |
85,000,000 |
50,000,000 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
85,000,000 |
50,000,000 |
|
TOTAL ASSETS |
104,432,000,000 |
26,553,000,000 |
LIABILITIES
|
||
|
A- LIABILITIES |
87,150,000,000 |
15,823,000,000 |
|
I. Current
liabilities |
86,485,000,000 |
15,610,000,000 |
|
1. Short-term debts and loans |
47,069,000,000 |
10,119,000,000 |
|
2. Payable to suppliers |
3,506,000,000 |
820,000,000 |
|
3. Advances from customers |
33,465,000,000 |
3,818,000,000 |
|
4. Taxes and other obligations to the State Budget |
1,612,000,000 |
325,000,000 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
422,000,000 |
432,000,000 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
411,000,000 |
96,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
665,000,000 |
213,000,000 |
|
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 |
665,000,000 |
213,000,000 |
|
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 |
17,282,000,000 |
10,730,000,000 |
|
I. OWNER’S
EQUITY |
17,048,000,000 |
10,588,000,000 |
|
1. Capital |
9,850,000,000 |
7,500,000,000 |
|
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 |
7,198,000,000 |
3,088,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
II. Other
sources and funds |
234,000,000 |
142,000,000 |
|
1. Bonus and welfare funds |
234,000,000 |
142,000,000 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
C. MINORITY’S
INTERES |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
104,432,000,000 |
26,553,000,000 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2009 |
FY2008 |
|
1. Total |
546,998,000,000 |
402,906,000,000 |
|
2. Deduction item |
2,057,000,000 |
0 |
|
3. Net revenue |
544,941,000,000 |
402,906,000,000 |
|
4. Costs of goods sold |
517,598,000,000 |
390,999,000,000 |
|
5. Gross profit |
27,343,000,000 |
11,907,000,000 |
|
6. Financial income |
2,621,000,000 |
2,771,000,000 |
|
7. Financial expenses |
2,879,000,000 |
3,418,000,000 |
|
- In which: Loan interest expenses |
2,371,000,000 |
3,418,000,000 |
|
8. Selling expenses |
11,958,000,000 |
5,288,000,000 |
|
9. Administrative overheads |
3,316,000,000 |
2,307,000,000 |
|
10. Net operating profit |
11,811,000,000 |
3,665,000,000 |
|
11. Other income |
505,000,000 |
34,000,000 |
|
12. Other expenses |
966,000,000 |
4,000,000 |
|
13. Other profit /(loss) |
-461,000,000 |
30,000,000 |
|
14. Total accounting profit before tax |
11,350,000,000 |
3,695,000,000 |
|
15. Current corporate income tax |
1,950,000,000 |
944,000,000 |
|
16. Deferred corporate income tax |
0 |
-303,000,000 |
|
17. Profit after tax |
9,400,000,000 |
2,448,000,000 |
|
|
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
Description |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
1.19 |
1.64 |
1.66 |
|
Quick liquidity ratio |
0.70 |
1.30 |
0.86 |
|
Inventory circle |
21.85 |
73.30 |
10.26 |
|
Average receive period |
33.65 |
10.89 |
49.31 |
|
Utilizing asset performance |
5.22 |
15.17 |
2.82 |
|
Liability by total asset |
83.45 |
59.59 |
63.75 |
|
Liability by owner equity |
504.28 |
147.47 |
250.11 |
|
Ebit / Total asset (ROA) |
13.14 |
26.79 |
8.88 |
|
Ebit / Owner's equity (ROE) |
79.39 |
66.29 |
24.57 |
|
Ebit / Total revenue (NPM) |
2.51 |
1.77 |
4.07 |
|
Gross profit / Total revenue (GPM) |
5.00 |
2.96 |
12.58 |
|
Note: The Average Industry was calculated by |
|||
|
|
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Uptrend |
|
Litigation data |
|
No recorded |
|
Bankruptcy |
|
No recorded |
|
Payment Methods |
|
L/C,T/T |
|
|
|
Wholesaler |
|
Public opinion |
|
Good |
|
|
|
Viet
Phu Thinh Rubber is a Joint Stock Company; which was established in 2003. The
subject is a member of Vietnam Chamber of Commerce and Industry and Vietnam Rubber
Association. The subject is trading and exporting of rubber products. It is
one of reliable exporters of natural rubber with large quantity, diversity in
products supplied from producers in As the financial data in 2009 and 2008
showed, Subject’s performance was quite varied. The liquidity ratios
decreased yet acceptable (Current liquidity was declined from 1.64 in 2009 to
1.19 in 2008; quick liquidity ratio was even worse when downed from 1.3 in
2008 to 0.7 in 2009) The asset management ratios revealed that Subject has
not managed its assets well. In 2009, the inventory circle dropped from 73.30
in 2008 to 21.85, Subject might hold too much inventory; the increasing of
Average receive period also showed that Subject’s funds was
“legal-expropriate” by its customer. The Liability and Owner’s Equity tends
to lean to the Liability, this might be a Subject’s management’s strategy to
magnify the profit. In
early 2010, Subject imported 5 containers of natural rubber to |
------------ 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
|
||||||
|
|
||||||
|
|
2009 |
2008 |
2007 |
|||
|
Population (Million person) |
87 |
86.1 |
85.1 |
|||
|
Gross Domestic Products (US$
billion) |
91 |
84.9 |
71.2 |
|||
|
GDP Growth (%) |
5.32 |
6.2 |
8.5 |
|||
|
GDP Per Capita (US$) |
1,080 |
1,040 |
814 |
|||
|
Inflation (% Change in
Composite CPI) |
6.88 |
24.4 |
8.3 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2009 |
2008 |
2007 |
|||
|
Exports |
56.6 |
62.9 |
48.6 |
|||
|
Imports |
68.8 |
76.6 |
58.9 |
|||
|
Trade Balance |
-12.2 |
-14.6 |
-10.3 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.15 |
|
|
1 |
Rs.86.57 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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.