|
Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
VAN HUNG PHAT CO., LTD |
|
|
|
|
Registered Office : |
No. 842/2 Nguyen Trai Str, Ward 14 , District 5, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
2007 |
|
|
|
|
Com. Reg. No.: |
0305293142 |
|
|
|
|
Legal Form : |
One member liability limited company |
|
|
|
|
Line of Business : |
Wholesale of textiles, clothing, footwear |
|
|
|
|
No. of Employees : |
7 |
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 : |
Small Company |
|
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) |
|
Vietnam |
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
|
||
|
|
||
|
English Name |
|
VAN HUNG PHAT CO., LTD |
|
Vietnamese Name (registered) |
|
CONG TY TNHH MOT THANH VIEN VAN HUNG PHAT |
|
Trade name |
|
VAN HUNG PHAT CO., LTD |
|
Type of Business |
|
One member liability limited company |
|
Year Established |
|
2007 |
|
Business Registration No. |
|
0305293142 |
|
Date of Registration |
|
20 Aug 2012 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of Ho Chi Minh City |
|
Chartered capital |
|
VND 500,000,000 |
|
Tax code |
|
0305293142 |
|
Total Employees |
|
7 |
|
Size |
|
Small |
|
Note: The 3rd
adjustment was on 20 Aug 2012 |
||
Historical Identification & Legal form
|
List |
Changed Items |
||
|
1 |
Subject has got former Business Registration
No: 4104002367 Changed to: No. 0305293142 |
||
|
|
|||
ADDRESSES
|
|||
|
|
|||
|
Head Office |
|||
|
Address |
|
No. 842/2 Nguyen Trai Str, Ward 14 ,
District 5, Ho Chi Minh City, Vietnam |
|
|
Telephone |
|
(84-8) 22481549 |
|
|
Fax |
|
(84-8) 38691374/ 39470629 |
|
|
|
|||
|
Branch in Ho Chi
Minh |
|||
|
Address |
|
No. 40/1 Tan Phuoc Str, Ward 8, Tan Binh
District, Ho Chi Minh City, Vietnam |
|
|
|
|||
|
Branch in Ho Chi
Minh |
|||
|
Address |
|
No. 84/59/7 Bui Quang La Str, Ward 12, Go Vap
District, Ho Chi Minh City, Vietnam |
|
|
|
|||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Ms.
TO THI NGOC HIEN |
|
Position |
|
Director |
|
Date of Birth |
|
13 Nov 1980 |
|
ID Number/Passport |
|
025459966 |
|
ID Issue Date |
|
19 May 2011 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh City |
|
Resident |
|
20/2A Road 29, Ward
12, Go Vap District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 903732282 |
|
Email |
|
dunghienvhp@gmail.com |
|
|
||
|
2.
NAME |
|
Ms.
TO THI TUYET |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Resident |
|
Ho Chi Minh City - Vietnam |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Wholesale of textiles, clothing, footwear |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
fabrics |
|
·
Market |
|
India, Korea, Taiwan, Indonesia, China |
|
|
||
|
EXPORT: |
||
|
Note: Currently, the subject does
not export |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK 8/3 BRANCH |
||
|
Address |
|
No.192-194 Ly Thuong Kiet No.8 ward, Tan Binh District, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 39712043 |
|
Fax |
|
(84-8) 39711367 |
|
|
||
|
2.
ASIA COMMERCIAL BANK TAN BINH BRANCH |
||
|
Address |
|
No.29 Ly Thuong Kiet, Tan Binh District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 6265 3500 |
|
Fax |
|
(84-8) 6265 3501 |
|
|
||
|
3.
VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK TAN BINH BRANCH |
||
|
Address |
|
No.359 Cong Hoa Street, Ward 13, Tan Binh District, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 3 812 3220 |
|
Fax |
|
(84-8) 3 812 3221 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
NAME |
|
Ms.
TO THI NGOC HIEN |
|
Position |
|
Director |
|
Date of Birth |
|
13 Nov 1980 |
|
ID Number/Passport |
|
025459966 |
|
Issued on |
|
19 May 2011 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
20/2A Road 29, Ward 12 , Go Vap District,
Ho Chi Minh City, Vietnam |
|
Email |
|
dunghienvhp@gmail.com |
|
Mobile phone |
|
(84) 903732282 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 500,000,000 |
|
Percentage |
|
100% |
|
|
||
FINANCIAL DATA
|
|
|
|
|
|
BALANCE
SHEET |
|
Unit: One
VND
|
|
|
Balance sheet
date |
31/12/2011 |
|
Number of weeks |
52 |
ASSETS
|
|
|
A – CURRENT
ASSETS |
3,984,000,000 |
|
I. Cash and cash
equivalents |
1,396,000,000 |
|
1. Cash |
1,396,000,000 |
|
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 |
788,000,000 |
|
1. Receivable from customers |
555,000,000 |
|
2. Prepayments to suppliers |
233,000,000 |
|
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 |
1,708,000,000 |
|
1. Inventories |
1,708,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
92,000,000 |
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
89,000,000 |
|
3. Taxes and other accounts receivable from the State |
3,000,000 |
|
4. Other current assets |
0 |
|
B. LONG-TERM
ASSETS |
0 |
|
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
|
0 |
|
1. Tangible assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
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 |
0 |
|
1. Long-term prepaid expenses |
0 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
VI. Goodwill |
0 |
|
1. Goodwill |
0 |
|
TOTAL ASSETS |
3,984,000,000 |
|
|
|
LIABILITIES
|
|
|
A- LIABILITIES |
3,628,000,000 |
|
I. Current
liabilities |
3,628,000,000 |
|
1. Short-term debts and loans |
1,699,000,000 |
|
2. Payable to suppliers |
1,817,000,000 |
|
3. Advances from customers |
109,000,000 |
|
4. Taxes and other obligations to the State Budget |
3,000,000 |
|
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 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
|
11. Bonus and welfare funds |
0 |
|
II. Long-Term
Liabilities |
0 |
|
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 |
0 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
8. Unearned Revenue |
0 |
|
9. Science and technology development fund |
0 |
|
B- OWNER’S
EQUITY |
356,000,000 |
|
I. OWNER’S
EQUITY |
356,000,000 |
|
1. Capital |
500,000,000 |
|
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 |
-144,000,000 |
|
10. Retained earnings |
0 |
|
11. Construction investment fund |
0 |
|
12. Business arrangement supporting 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 |
3,984,000,000 |
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2011 |
|
1. Total Sales |
3,435,000,000 |
|
2. Deduction item |
0 |
|
3. Net revenue |
3,435,000,000 |
|
4. Costs of goods sold |
3,016,000,000 |
|
5. Gross profit |
419,000,000 |
|
6. Financial income |
0 |
|
7. Financial expenses |
64,000,000 |
|
- In which: Loan interest expenses |
0 |
|
8. Selling expenses |
0 |
|
9. Administrative overheads |
317,000,000 |
|
10. Net operating profit |
38,000,000 |
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
38,000,000 |
|
15. Current corporate income tax |
2,000,000 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
36,000,000 |
|
|
||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2011 |
Average Industry |
|
Current liquidity ratio |
1.10 |
1.21 |
|
Quick liquidity ratio |
0.63 |
0.72 |
|
Inventory circle |
1.77 |
12.25 |
|
Average receive period |
83.73 |
51.49 |
|
Utilizing asset performance |
0.86 |
2.30 |
|
Liability by total assets |
91.06 |
59.32 |
|
Liability by owner's equity |
1,019.10 |
229.17 |
|
Ebit / Total assets (ROA) |
0.95 |
8.16 |
|
Ebit / Owner's equity (ROE) |
10.67 |
24.08 |
|
Ebit / Total revenue (NPM) |
1.11 |
6.61 |
|
Gross profit / Total revenue (GPM) |
12.20 |
16.82 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||
|
|
||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct or through the bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
The subject was established in 2007 by Ms. To Thi Ngoc Hien. Currently,
the subject is operating under Business Registration No. 0305293142 issued by
Business Registration Office – Planning and Investment Department of Ho Chi
Minh City with chartered capital VND 500,000,000. Head office of the subject is located at No. 842/2 Nguyen Trai Str,
Ward 14, District 5, Ho Chi Minh City. Besides, the subject also has two braches which are
located at Tan Binh District and Go Vap District. The subject specializes in trading fabrics and manufacturing made-up
textile articles. It imports fabrics from India, Korea, Taiwan, Indonesia and
China. However, India is main import market. In 2013, the subject will export
brocade
fabric to Middle East. Currently, the subject is a small company with 7 staff. All of
activities are run by Ms. To Thi Ngoc Hien. Basing on financial data in
2011, revenue and profit of the subject are humble. Liquidity ratios are low.
Financial statement is simple. Acccording to interview with Ms. To Thi Ngoc
Hien, business results in 2012 were better than those in 2011. Regarding to provisional report, revenue in 2012 was about VND 6.7 billion and
profit after tax is VND 247 million. Currently, business
situation is busy now. The subject has good relation with partners and
customers. In general, no caution is needed for small financial commitments
of the subject. |
------------ APPENDIX ----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
Growth speed by price
compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
5.53 |
7.70 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.69 |
7.52 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
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.53.89 |
|
|
1 |
Rs.84.92 |
|
Euro |
1 |
Rs.72.51 |
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.