|
Report Date : |
08.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
THIEN LOC PHUC COMPANY LIMITED |
|
|
|
|
|
|
Registered Office : |
No. 11A, Le Lam Street, Phu Thanh Ward, Tan Phu District, Ho Chi Minh City |
|
|
|
|
|
|
Country : |
Vietnam |
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Year of Establishment : |
2008 |
|
|
|
|
|
|
Com. Reg. No.: |
0305587865 |
|
|
|
|
|
|
Legal Form : |
One Member Liability Limited Company |
|
|
|
|
|
|
Line of Business : |
Wholesale of agricultural raw materials
(except wood, bamboo) and live animals |
|
|
|
|
|
|
No. of Employees : |
5 |
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Viet Nam |
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
SUBJECT
IDENTIFICATION & LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
THIEN LOC PHUC COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH MOT THANH VIEN THIEN LOC PHUC
|
|
Type of Business |
|
One member liability limited company |
|
Year Established |
|
2008 |
|
Business Registration No. |
|
0305587865 |
|
Date of Registration (01st
adjustment) |
|
05 Mar 2011 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of Ho Chi Minh City |
|
Chartered capital |
|
VND 1,800,000,000 |
|
Tax code |
|
0305587865 |
|
Total Employees |
|
5 |
|
Size |
|
Small |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
VND 500,000,000 Changed to: VND 1,800,000,000 |
05
Mar 2011 |
|
2 |
Subject has got former Business
Registration No. 4104003869 was issued on 21st Mar 2008 Changed to: No. 0305587865 |
05
Mar 2011 |
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 11A, Le Lam Street, Phu Thanh Ward,
Tan Phu District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 54340120 |
|
Fax |
|
(84-8) 54340120 |
|
Email |
|
|
|
Note: The given telephone number is
used for fax. The subject uses the hand phone number of Mr. Pham Huu Phuc is
(84) 983614480 as its contact. |
||
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
PHAM HUU PHUC |
|
Position |
|
Director |
|
Date of Birth |
|
01 Apr 1970 |
|
ID Number/Passport |
|
024202495 |
|
ID Issue Date |
|
03 Nov 2003 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh City |
|
Resident |
|
No. 326/31 Go Dau Street,
Tan Quy Ward, Tan Phu District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 983614480 |
|
Email |
|
phucphph2003@yahoo.com |
|
|
||
BUSINESS
NATURE AND ACTIVITIES
|
|
|
|
Wholesale of specialized others n.e.c |
|
|
IMPORT
& EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Chemicals |
|
·
Market |
|
India, China, Taiwan, Singapore, Spain, Italy. |
|
|
||
|
EXPORT: |
||
|
Note: Currently, the subject does
not export |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
HOUSING BANK OF MEKONG DELTA SAI GON BRANCH |
||
|
Address |
|
No.32 Ham Nghi Street, District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 39144 669 |
|
Fax |
|
(84-8) 39144 668 |
|
|
||
|
2.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
303 Nguyen Son, Phu Thanh Ward, Tan Phu District, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 3978 6034 |
|
Fax |
|
(84-8) 3978 6034 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
NAME |
|
Mr.
PHAM HUU PHUC |
|
Position |
|
Director |
|
Date of Birth |
|
01 Apr 1970 |
|
ID Number/Passport |
|
024202495 |
|
Issued on |
|
03 Nov 2003 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. 326/31 Go Dau Street, Tan Quy Ward, Tan
Phu District, Ho Chi Minh City, Vietnam |
|
Email |
|
phucphph2003@yahoo.com |
|
Mobile phone |
|
(84) 983614480 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,800,000,000 |
|
Percentage |
|
100% |
|
|
||
FINANCIAL
DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One
VND
|
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
|
Audit status |
Unaudited |
Unaudited |
ASSETS
|
||
|
A – CURRENT
ASSETS |
6,529,240,473 |
4,488,992,567 |
|
I. Cash and cash
equivalents |
84,011,617 |
747,744,183 |
|
1. Cash |
84,011,617 |
747,744,183 |
|
2. Cash equivalents |
||
|
II. Short-term
investments |
||
|
1. Short-term investments |
||
|
2. Provisions for devaluation of short-term investments |
||
|
III. Accounts
receivable |
2,046,579,708 |
1,134,846,005 |
|
1. Receivable from customers |
1,866,768,973 |
947,831,255 |
|
2. Prepayments to suppliers |
179,810,735 |
187,014,750 |
|
3. Inter-company receivable |
||
|
4. Receivable according to the progress of construction |
||
|
5. Other receivable |
||
|
6. Provisions for bad debts |
||
|
IV. Inventories |
4,102,817,197 |
2,416,211,764 |
|
1. Inventories |
4,102,817,197 |
2,416,211,764 |
|
2. Provisions for devaluation of inventories |
||
|
V. Other Current
Assets |
295,831,951 |
190,190,615 |
|
1. Short-term prepaid expenses |
3,823,831 |
14,446,037 |
|
2. VAT to be deducted |
292,008,120 |
175,744,578 |
|
3. Taxes and other accounts receivable from the State |
||
|
4. Other current assets |
||
|
B. LONG-TERM
ASSETS |
||
|
I. Long term
accounts receivable |
||
|
1. Long term account receivable from customers |
||
|
2. Working capital in affiliates |
||
|
3. Long-term inter-company receivable |
||
|
4. Other long-term receivable |
||
|
5. Provisions for bad debts from customers |
||
|
II. Fixed assets
|
||
|
1. Tangible assets |
||
|
- Historical costs |
||
|
- Accumulated depreciation |
||
|
2. Financial leasehold assets |
||
|
- Historical costs |
||
|
- Accumulated depreciation |
||
|
3. Intangible assets |
||
|
- Initial costs |
||
|
- Accumulated amortization |
||
|
4. Construction-in-progress |
||
|
III. Investment
property |
||
|
Historical costs |
||
|
Accumulated depreciation |
||
|
IV. Long-term
investments |
||
|
1. Investments in affiliates |
||
|
2. Investments in business concerns and joint ventures |
||
|
3. Other long-term investments |
||
|
4. Provisions for devaluation of long-term investments |
||
|
V. Other
long-term assets |
||
|
1. Long-term prepaid expenses |
||
|
2. Deferred income tax assets |
||
|
3. Other long-term assets |
||
|
VI. Goodwill |
||
|
1. Goodwill |
||
|
TOTAL ASSETS |
6,529,240,473 |
4,488,992,567 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
4,431,881,005 |
3,853,292,234 |
|
I. Current
liabilities |
4,431,881,005 |
3,853,292,234 |
|
1. Short-term debts and loans |
845,922,360 |
1,200,000,000 |
|
2. Payable to suppliers |
1,767,743,969 |
1,534,385,975 |
|
3. Advances from customers |
40,517,000 |
468,672,815 |
|
4. Taxes and other obligations to the State Budget |
34,927,696 |
45,233,444 |
|
5. Payable to employees |
6,100,000 |
5,000,000 |
|
6. Accrued expenses |
||
|
7. Inter-company payable |
||
|
8. Payable according to the progress of construction contracts |
||
|
9. Other payable |
1,736,669,980 |
600,000,000 |
|
10. Provisions for short-term accounts payable |
||
|
II. Long-Term
Liabilities |
||
|
1. Long-term accounts payable to suppliers |
||
|
2. Long-term inter-company payable |
||
|
3. Other long-term payable |
||
|
4. Long-term debts and loans |
||
|
5. Deferred income tax payable |
||
|
6. Provisions for unemployment allowances |
||
|
7. Provisions for long-term accounts payable |
||
|
B- OWNER’S
EQUITY |
2,097,359,468 |
635,700,333 |
|
I. OWNER’S
EQUITY |
1,964,659,135 |
635,700,333 |
|
1. Capital |
1,800,000,000 |
500,000,000 |
|
2. Share premiums |
||
|
3. Other sources of capital |
||
|
4. Treasury stocks |
||
|
5. Differences on asset revaluation |
||
|
6. Foreign exchange differences |
||
|
7. Business promotion fund |
||
|
8. Financial reserved fund |
||
|
9. Other funds |
||
|
10. Retained earnings |
164,659,135 |
135,700,333 |
|
11. Construction investment fund |
||
|
II. Other
sources and funds |
132,700,333 |
|
|
1. Bonus and welfare funds |
132,700,333 |
|
|
2. Sources of expenditure |
||
|
3. Fund to form fixed assets |
||
|
MINORITY’S
INTEREST |
||
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
6,529,240,473 |
4,488,992,567 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
7,803,171,680 |
6,900,155,791 |
|
2. Deduction item |
||
|
3. Net revenue |
7,803,171,680 |
6,900,155,791 |
|
4. Costs of goods sold |
6,925,301,671 |
6,346,042,790 |
|
5. Gross profit |
877,870,009 |
554,113,001 |
|
6. Financial income |
3,997,161 |
9,302,414 |
|
7. Financial expenses |
176,934,299 |
116,077,499 |
|
- In which: Loan interest expenses |
176,934,299 |
116,077,499 |
|
8. Selling expenses |
331,554,799 |
68,029,805 |
|
9. Administrative overheads |
173,791,241 |
115,958,201 |
|
10. Net operating profit |
199,586,831 |
263,349,910 |
|
11. Other income |
||
|
12. Other expenses |
||
|
13. Other profit /(loss) |
||
|
14. Total accounting profit before tax |
199,586,831 |
263,349,910 |
|
15. Current corporate income tax |
49,896,708 |
45,233,444 |
|
16. Deferred corporate income tax |
-14,969,012 |
|
|
17. Interest from subsidiaries/related companies |
||
|
18. Profit after tax |
164,659,135 |
218,116,466 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.47 |
1.17 |
1.92 |
|
Quick liquidity ratio |
0.55 |
0.54 |
1.02 |
|
Inventory circle |
2.12 |
2.63 |
5.97 |
|
Average receive period |
95.73 |
60.03 |
66.39 |
|
Utilizing asset performance |
1.20 |
1.54 |
2.29 |
|
Liability by total assets |
67.88 |
85.84 |
65.45 |
|
Liability by owner's equity |
211.31 |
606.15 |
290.21 |
|
Ebit / Total assets (ROA) |
5.77 |
8.45 |
10.65 |
|
Ebit / Owner's equity (ROE) |
17.95 |
59.69 |
31.58 |
|
Ebit / Total revenue (NPM) |
4.83 |
5.50 |
4.98 |
|
Gross profit / Total revenue (GPM) |
11.25 |
8.03 |
14.19 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Low |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
Negative |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through its corresponding bank (D/A) |
|
Sale Methods |
|
Retailer |
|
Public opinion |
|
Normal |
INTERPRETATION
ON THE SCORES
|
|
|
|
THIEN LOC
PHUC COMPANY LIMITED was set up in 2008. The subject specializes in trading
in chemicals and dye. At the present, it has a chartered capital of VND 1.8
billion. Its
head office is located at No. 11A, Le Lam Street, Phu Thanh Ward, Tan Phu
District, Ho Chi Minh City. The subject imports chemicals from India, China,
Taiwan, Singapore, Spain and Italy. Its products are provided in domestic. The
management capability of the subject is normal. As the financial statements
in 2011, the financial ratios were not really good. The liquidity ratios were
not good. Inventory was high and it accounted for 63 percent of current
asset. The operating ratios were not optimistic. Inventory circle was low and
asset performance was not effective. The average receive period was in long
term, this proved that, the subject has an ineffective management of
receivables. The financial leverages were used acceptably, these figures
approximated industry average. The net revenue and profit after tax reached
at VND 7.803 billion and VND 0.165 billion, respectively. In
conclusion, the subject is a one member limited liability company operating
gradually. It is regarded as a small company in its field. According
to us, the subject has capability to meet small and normal financial commitments. |
|
|
------------ 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) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
5.53 |
7.70 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
6.69 |
7.52 |
154,978 |
14,522 |
4,939,069 |
|
|
|
||||||
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.51.62 |
|
|
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.67.17 |
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 |
|
-- |
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.