|
Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
FOCUS ENGINEERING CO., LTD |
|
|
|
|
Registered Office : |
L4 Van Dat Building, Block II-1, Street 8, Tan Binh Industrial Zone,
Tay Thanh Ward, Tan Phu District, Ho Chi Minh City |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2008 |
|
|
|
|
Date of Incorporation : |
2002 |
|
|
|
|
Com. Reg. No.: |
0302733959 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacturing equipment like, trading
industrial equipment, environmental equipment etc |
|
|
|
|
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 : |
Unknown |
|
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 (31.03.2012) |
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 |
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 |
Current legal status
|
||
|
English Name |
|
FOCUS ENGINEERING CO., LTD |
|
Vietnamese Name |
|
CONG TY TNHH KY THUAT TIEU DIEM |
|
Trade name |
|
FOCUS ENGINEERING CO., LTD |
|
Short name |
|
FOCUS CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2002 |
|
Business Registration No. |
|
0302733959 |
|
Date of the latest (13th)
adjustment |
|
30 Jul 2012 |
|
Place of Registration |
|
Business Registration Office – Planning
and Investment Department of Ho Chi Minh City |
|
Chartered capital |
|
VND 6,800,000,000 |
|
Tax code |
|
0302733959 |
|
Total Employees |
|
100 |
Historical Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Business
Registration No: 4102011940 issued on 02 Oct 2002 Changed to: 0302733959 |
|
2 |
Subject has got former Registered English
Name: FOCUS TRADING CO., LTD Changed to: FOCUS ENGINEERING CO., LTD |
|
3 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH THUONG MAI TIEU DIEM Changed to: CONG TY TNHH KY THUAT TIEU
DIEM |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
L4 Van Dat Building, Block II-1, Street 8,
Tan Binh Industrial Zone, Tay Thanh Ward, Tan Phu District, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 3816 5395 |
|
Fax |
|
(84-8) 3816 5396 |
|
Website |
|
|
|
|
||
|
Representative
office in Ha Noi |
||
|
Address |
|
No. 55 Nguyen Xien Street, Ha Dinh Ward ,
Thanh Xuan District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3668 6351 |
|
Fax |
|
(84-4) 3668 6353 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
HOANG LE |
|
Position |
|
Director |
|
Date of Birth |
|
17 Nov 1972 |
|
ID Number/Passport |
|
024919933 |
|
Issued date |
|
13 Dec 2011 |
|
Issued place |
|
Police station of Ho
Chi Minh City |
|
Current resident |
|
014 , No. 675 Nguyen Kiem Hostel , ward 9,
Phu Nhuan District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN QUANG HAO |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
025299113 |
|
Current resident |
|
414/1/8/7 Dien Bien Phu, Ward 11 –10th District– Ho Chi Minh City |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
VO MANH GIANG |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 933 262 068 |
|
Email |
|
giangvo@focus-eng.vn |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject is specialized in trading industrial equipment, environmental
equipment; manufacturing equipment (Bearing plate, abrasion resistant
materials, industrial chain, filter fabrics, dust filter system parts,
industrial fan...) |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
equipment |
|
·
Market |
|
Italy, China, Spain, Korea |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
N/A |
|
|
||
BANKERS
|
||
|
|
||
|
1.
MARITIME COMMERCIAL JOINT STOCK HO CHI MINH BRANCH |
||
|
Address |
|
No. 26-28 Hai Ba Trung Str, 1st District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38222 177 |
|
Fax |
|
(84-8) 38222 141 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE BRANCH IN
HOCHIMINH CITY |
||
|
Address |
|
165/2 Su Van Hanh Street - Ward 13,10th District , Ho Chi Minh City, Vietnam |
|
Telephone |
|
84-8 8632940 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Ms.
NGUYEN THI MINH |
|
ID Number/Passport |
|
024919934 |
|
Current Resident |
|
014 , No. 675 Nguyen Kiem Hostel, ward
9Phu Nhuan District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 6,120,000,000 |
|
Percentage |
|
90% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN QUANG HAO |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
025299113 |
|
Current Resident |
|
414/1/8/7 Dien Bien Phu, Ward 11 –
District 10 – Ho Chi Minh City |
|
Value of shares |
|
VND 680,000,000 |
|
Percentage |
|
10% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2008 |
31/12/2007 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
8,605,138,914
|
7,105,858,580
|
|
I. Cash and cash
equivalents |
1,269,023,557
|
1,334,814,584
|
|
1. Cash |
1,269,023,557 |
1,334,814,584 |
|
2. Cash equivalents |
|
|
|
II. Short-term
investments |
0 |
1,500,000,000
|
|
1. Short-term investments |
0 |
1,500,000,000 |
|
2. Provisions for devaluation of short-term investments |
|
|
|
III. Accounts
receivable |
5,684,528,785
|
1,987,287,062
|
|
1. Receivable from customers |
5,613,033,305 |
1,805,607,062 |
|
2. Prepayments to suppliers |
4,180,000 |
181,680,000 |
|
3. Inter-company receivable |
|
|
|
4. Receivable according to the progress of construction |
|
|
|
5. Other receivable |
67,315,480 |
0 |
|
6. Provisions for bad debts |
|
|
|
IV. Inventories |
1,249,546,942
|
1,701,732,832
|
|
1. Inventories |
1,249,546,942 |
1,701,732,832 |
|
2. Provisions for devaluation of inventories |
|
|
|
V. Other Current
Assets |
402,039,630
|
582,024,102
|
|
1. Short-term prepaid expenses |
|
|
|
2. VAT to be deducted |
|
|
|
3. Taxes and other accounts receivable from the State |
462,925 |
0 |
|
4. Other current assets |
401,576,705 |
582,024,102 |
|
B. LONG-TERM
ASSETS |
234,187,370
|
1,171,003,306
|
|
I. Long term
accounts receivable |
0 |
0 |
|
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
|
13,249,560
|
608,792,580
|
|
1. Tangible assets |
0 |
608,792,580 |
|
- Historical costs |
216,208,523 |
875,645,392 |
|
- Accumulated depreciation |
-216,208,523 |
-266,852,812 |
|
2. Financial leasehold assets |
|
|
|
- Historical costs |
|
|
|
- Accumulated depreciation |
|
|
|
3. Intangible assets |
13,249,560 |
0 |
|
- Initial costs |
13,249,560 |
0 |
|
- Accumulated amortization |
|
|
|
4. Construction-in-progress |
|
|
|
III. Investment
property |
0 |
0 |
|
Historical costs |
|
|
|
Accumulated depreciation |
|
|
|
IV. Long-term
investments |
0 |
0 |
|
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 |
220,937,810
|
562,210,726
|
|
1. Long-term prepaid expenses |
196,569,558 |
223,408,045 |
|
2. Deferred income tax assets |
24,368,252 |
89,802,681 |
|
3. Other long-term assets |
0 |
249,000,000 |
|
TOTAL ASSETS |
8,839,326,284
|
8,276,861,886
|
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
3,250,113,349
|
3,585,863,674
|
|
I. Current
liabilities |
3,250,113,349
|
3,585,863,674
|
|
1. Short-term debts and loans |
0 |
2,400,000,000 |
|
2. Payable to suppliers |
2,671,181,728 |
93,392,879 |
|
3. Advances from customers |
72,611,000 |
250,355,600 |
|
4. Taxes and other obligations to the State Budget |
84,767,675 |
232,349,942 |
|
5. Payable to employees |
0 |
178,984,073 |
|
6. Accrued expenses |
15,000,000 |
83,535,000 |
|
7. Inter-company payable |
|
|
|
8. Payable according to the progress of construction contracts |
|
|
|
9. Other payable |
406,552,946 |
347,246,180 |
|
10. Provisions for short-term accounts payable |
|
|
|
II. Long-Term
Liabilities |
0 |
0 |
|
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 |
5,589,212,935
|
4,690,998,212
|
|
I. OWNER’S
EQUITY |
5,589,212,935
|
4,690,998,212
|
|
1. Capital |
4,000,000,000 |
4,000,000,000 |
|
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 |
1,589,212,935 |
690,998,212 |
|
11. Construction investment fund |
|
|
|
II. Other
sources and funds |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
|
|
|
2. Sources of expenditure |
|
|
|
3. Fund to form fixed assets |
|
|
|
MINORITY’S
INTEREST |
|
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
8,839,326,284
|
8,276,861,886
|
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2008 |
|
1. Total Sales |
27,414,778,371
|
|
2. Deduction item |
|
|
3. Net revenue |
27,414,778,371
|
|
4. Costs of goods sold |
20,153,084,843 |
|
5. Gross profit |
7,261,693,528
|
|
6. Financial income |
287,217,077 |
|
7. Financial expenses |
248,789,392 |
|
- In which: Loan interest expenses |
246,821,904 |
|
8. Selling expenses |
|
|
9. Administrative overheads |
6,090,473,490 |
|
10. Net operating profit |
1,209,647,723
|
|
11. Other income |
933,601,982 |
|
12. Other expenses |
891,536,749 |
|
13. Other profit /(loss) |
42,065,233
|
|
14. Total accounting profit before tax |
1,251,712,956
|
|
15. Current corporate income tax |
288,063,804 |
|
16. Deferred corporate income tax |
-65,434,429 |
|
18. Profit after tax |
1,029,083,581
|
|
|
|
|
FINANCIAL RATIOS |
|
|
|
|
|
Description |
FY2008 |
|
Current liquidity ratio |
2.65 |
|
Quick liquidity ratio |
2.26 |
|
Inventory circle |
13.66 |
|
Average receive period |
75.68 |
|
Utilizing asset performance |
3.10 |
|
Liability by total assets |
36.77 |
|
Liability by owner's equity |
58.15 |
|
Ebit / Total assets (ROA) |
16.95 |
|
Ebit / Owner's equity (ROE) |
26.81 |
|
Ebit / Total revenue (NPM) |
5.47 |
|
Gross profit / Total revenue (GPM) |
26.49 |
|
|
|
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through the bank, T/T |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
||||
|
|
||||
|
FOCUS ENGINEERING is a limited liability company which was established
in 2002. Originally, the subject operated with trade name FOCUS TRADING CO.,
LTD. And now, the subject is operating under the Business Registration No.
0302733959 issued by Business Registration Office – Planning and Investment
Department of Ho Chi Minh City with chartered capital of VND 6.8 billion. The
subject specializes in supplying equipment and providing solutions for filter dust system, filter dust cloth, dust
training bag; spare parts for filter dust system; conveyor pneumatic gutter;
conveyor rubber; industrial chain; fitting hydraulic power, motor, gear-boxes
. The subject is distributor of Andrew CFC ( Andrew UK) Currently, its business situation is busy. The subject has good
relation with partners and customers. The subject is operating at average
scale with about 100 employees. Premises and facilities are average. Head
office of subject located in an advantage location for subject’s business
activities. Beside head office, the subject also has transaction in Ha Noi
City. In overview, the subject has capacity to meet small financial commitments. |
||||
|
|
||||
|
Following is
import data of the company in the latest 30 days: |
||||
|
Customs
code |
Customs
Bureau |
Date
of Registration |
Import
duty (VND) |
VAT
(VND) |
|
C02I02 |
Cat Lai Port |
30/08/2012 |
890,539 |
2,692,554 |
|
C02I02 |
Cat Lai Port |
06/09/2012 |
0 |
13,325,754 |
|
C02I02 |
Cat Lai Port |
12/09/2012 |
10,059,841 |
20,171,910 |
|
C02X
|
Tan Cang Port |
06/09/2012 |
13,194,538 |
17,126,240 |
|
P03A |
Hai Phong |
12/09/2012 |
1,042,441 |
2,189,127 |
|
|
||||
|
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.53.53 |
|
|
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.02 |
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.