|
Report Date : |
18.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
THUAN PHU CHEMICAL COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 19 Road 48C – Quarter 9 - Tan Tao Ward, Binh Tan
District, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
2004 |
|
|
|
|
Com. Reg. No.: |
0303521428 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Trading chemical |
|
|
|
|
No. of Employees : |
12 |
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 : |
Slow but correct |
|
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) |
|
Viet Nam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
VIET NAM - 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 |
|
Registered English Name |
|
THUAN PHU CHEMICAL COMPANY
LIMITED |
|
Registered Vietnamese Name |
|
CONG TY TNHH HOA CHAT THUAN
PHU |
|
Registered Short name |
|
T.P CHEM CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2004 |
|
Business Registration No. |
|
0303521428 |
|
Date of latest adjustment (7th)
|
|
29 Dec 2011 |
|
Place of Registration |
|
Business Registration Office -
Planning and Investment Department Hochiminh City |
|
Chartered capital |
|
VND 400,000,000 |
|
Tax code |
|
0303521428 |
|
Total Employees |
|
12 |
|
Size |
|
Small |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head
Office |
||
|
Address |
|
No. 19 Road 48C – Quarter 9 -
Tan Tao Ward, Binh Tan District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3754 3993 |
|
Fax |
|
(84-8) 3754 3992 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Workshop
Address |
||
|
Address |
|
No. 251/4 Luy Ban Bich Street,
Hoa Thanh, Tan Phu District, Ho Chi Minh City, Vietnam |
|
|
||
|
Other
|
||
|
Address |
|
No. 907/2, Huong Lo 2, Quarter
8, Binh Tri Dong A Ward, Binh Tan District, Ho Chi Minh City, Vietnam |
|
|
||
DIRECTORS
|
||
|
|
||
|
1. NAME |
|
Mr. PHAM THANH LONG |
|
Position |
|
Director |
|
Date of Birth |
|
08 Jul 1968 |
|
ID Number/Passport |
|
024237082
|
|
ID Issue Date |
|
20 May
2004 |
|
ID Issue Place |
|
Police
station of Hochiminh City |
|
Resident |
|
No. 231, Lot
N Ngo Gia Tu Collective Ward 2, District 10, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Mr. TRAN MINH MAN |
|
Position |
|
Sales Manager |
|
ID Number/Passport |
|
023274597
|
|
Resident |
|
231 Lot N
Ngo Gia Tu Collective - Ward 2, District 10, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
- Trading chemical |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT:
|
||
|
·
Types of products |
|
Chemical |
|
·
Market |
|
China, Thailand, Indonecia, Japan, USA, European countries
|
|
|
||
|
EXPORT:
|
||
|
Note: Currently, the subject does not
export |
||
|
|
||
BANKERS
|
||
|
|
||
|
VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
8th Floor, VinCom Center, No. 72 Le Thanh Ton street ,
District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3821 0055 |
|
Fax |
|
(84-8) 3829 6063 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1. NAME |
|
Mr. PHAM THANH LONG |
|
Position |
|
Director |
|
Date of Birth |
|
08 Jul 1968 |
|
ID Number/Passport |
|
024237082 |
|
Issued on |
|
20 May 2004 |
|
Issued Place |
|
Police station of Hochiminh
City |
|
Resident |
|
No. 231, Lot N Ngo Gia Tu
Collective Ward 2, District 10, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 200,000,000 |
|
Percentage |
|
50% |
|
|
||
|
2. NAME |
|
Mr. TRAN MINH MAN |
|
Position |
|
Sales Manager |
|
ID Number/Passport |
|
023274597 |
|
Resident |
|
231 Lot N Ngo Gia Tu
Collective - Ward 2, District 10, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 200,000,000 |
|
Percentage |
|
50% |
|
|
||
FINANCIAL DATA
|
|
|
BALANCE SHEET |
|
Unit: One VND
|
|
|
Balance
sheet date |
31/12/2010
|
|
Number of weeks |
52 |
ASSETS
|
|
|
A – CURRENT
ASSETS |
6,125,179,518
|
|
I.
Cash and cash equivalents |
138,850,422
|
|
1. Cash |
138,850,422 |
|
2. Cash equivalents |
0 |
|
II.
Short-term investments |
0 |
|
1. Short-term investments |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III.
Accounts receivable |
2,528,962,042
|
|
1. Receivable from customers |
1,704,543,298 |
|
2. Prepayments to suppliers |
824,418,744 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
0 |
|
6. Provisions for bad debts |
0 |
|
IV.
Inventories |
3,357,099,545
|
|
1. Inventories |
3,357,099,545 |
|
2. Provisions for devaluation of inventories |
0 |
|
V.
Other Current Assets |
100,267,509
|
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
100,267,509 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
0 |
|
B.
LONG-TERM ASSETS |
1,209,196,162
|
|
I.
Long term accounts receivable |
0 |
|
1. Long term account receivable from customers |
0 |
|
2. Working capital in affiliates |
0 |
|
3. Long-term inter-company receivable |
0 |
|
4. Other long-term receivable |
0 |
|
5. Provisions for bad debts from customers |
0 |
|
II.
Fixed assets |
1,159,506,025
|
|
1. Tangible assets |
1,159,506,025 |
|
- Historical costs |
1,328,730,917 |
|
- Accumulated depreciation |
-169,224,892 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
0 |
|
- Initial costs |
0 |
|
- Accumulated amortization |
0 |
|
4. Construction-in-progress |
0 |
|
III.
Investment property |
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV.
Long-term investments |
0 |
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V.
Other long-term assets |
49,690,137
|
|
1. Long-term prepaid expenses |
0 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
49,690,137 |
|
VI.
Goodwill |
0 |
|
1. Goodwill |
0 |
|
TOTAL
ASSETS |
7,334,375,680
|
|
|
|
LIABILITIES
|
|
|
A-
LIABILITIES |
6,779,582,712
|
|
I.
Current liabilities |
6,165,582,712
|
|
1. Short-term debts and loans |
3,515,889,000 |
|
2. Payable to suppliers |
99,832,333 |
|
3. Advances from customers |
552,692,259 |
|
4. Taxes and other obligations to the State Budget |
37,169,120 |
|
5. Payable to employees |
0 |
|
6. Accrued expenses |
0 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction
contracts |
0 |
|
9. Other payable |
1,960,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
|
II.
Long-Term Liabilities |
614,000,000
|
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
3. Other long-term payable |
0 |
|
4. Long-term debts and loans |
614,000,000 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
B-
OWNER’S EQUITY |
554,792,968
|
|
I.
OWNER’S EQUITY |
554,792,968
|
|
1. Capital |
400,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
154,792,968 |
|
11. Construction investment fund |
0 |
|
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 |
7,334,375,680
|
|
|
|
|
PROFIT & LOSS STATEMENT |
|
|
|
|
|
Description |
FY2010 |
|
1. Total Sales |
25,426,665,177
|
|
2. Deduction item |
0 |
|
3. Net revenue |
25,426,665,177
|
|
4. Costs of goods sold |
24,326,070,535 |
|
5. Gross profit |
1,100,594,642
|
|
6. Financial income |
209,565,621 |
|
7. Financial expenses |
867,795,398 |
|
- In which: Loan interest expenses |
203,091,301 |
|
8. Selling expenses |
0 |
|
9. Administrative overheads |
403,937,394 |
|
10. Net operating profit |
38,427,471
|
|
11. Other income |
13,208,789 |
|
12. Other expenses |
3,940,399 |
|
13. Other profit /(loss) |
9,268,390
|
|
14. Total accounting profit before tax |
47,695,861
|
|
15. Current corporate income tax |
11,923,965 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
35,771,896
|
|
|
||
|
FINANCIAL
RATIOS AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2010
|
Average
Industry |
|
Current liquidity ratio |
0.99 |
1.92 |
|
Quick liquidity ratio |
0.45 |
1.02 |
|
Inventory circle |
7.25 |
5.97 |
|
Average receive period |
36.30 |
66.39 |
|
Utilizing asset performance |
3.47 |
2.29 |
|
Liability by total assets |
92.44 |
65.45 |
|
Liability by owner's equity |
1,222.00 |
290.21 |
|
Ebit / Total assets (ROA) |
3.42 |
10.65 |
|
Ebit / Owner's equity (ROE) |
45.20 |
31.58 |
|
Ebit / Total revenue (NPM) |
0.99 |
4.98 |
|
Gross profit / Total revenue (GPM) |
4.33 |
14.19 |
|
Note: The Average Industry was calculated by VietnamCredit
based on our own statistical data |
||
|
|
||
|
PAYMENT HISTORY & PERFORMANCE EXPERIENCES |
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through the bank, TT, L/C |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Limited |
INTERPRETATION ON THE SCORES
|
|
|
|
The subject - THUAN PHU CHEMICAL COMPANY LIMITED was established in 2004. At present, the subject operates under the business registration No. 0303521428 and the chartered capital is VND 400,000,000. Its head office is located at No. 19 Road 48C – Quarter 9 - Tan Tao Ward, Binh Tan District, Ho Chi Minh City, Vietnam. The subject imports chemicals, raw materials, additives... to serve industries, food, livestock, horticulture... (such as chemical wastewater treatment in industry, water treatment chemicals for aquaculture). The subject is a distributor of many well-known corporations in the America, Europe and Asia such as TOSOH, ESSECO, ROQUETTE, SOLVAY… According to the financial statements in 2010, its revenue was VND 25,426,665,177 and profit after tax was VND 35,771,896. Both liquidity ratio and financial levegare of subject was not good. So its self-financing and solvency were not high. ROE of subject was accepted. In general, the subject operates normally in small scale
with 12 staff. Its position in this industry is average. According to Mr.
TRAN MINH MAN, the subject is expanding the business market to Central and Northern Province of Vietnam so its future
is bright. In our opinion, the subject has capacity to meet small transactions. |
|
|
|
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.53.97 |
|
|
1 |
Rs.87.52 |
|
Euro |
1 |
Rs.70.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.