|
Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TOAN PHAT COPPER TUBE JOINT STOCK COMPANY |
|
|
|
|
Formerly Known as: |
TOAN PHAT COPPER PIPE JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
Road No. 206, Zone D Pho Noi A Industrial Zone, Trung Trac Commune,
Van Lam District, Hung Yen Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishments: |
2006 |
|
|
|
|
Com. Reg. No.: |
0900246768 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
manufacturing
and trading copper tube for refrigeration, shipping, construction industry,
and trading copper materials |
|
|
|
|
No. of Employees : |
200 |
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 has been transitioning from the
rigidities of a centrally-planned economy since 1986. Vietnamese authorities
have reaffirmed their commitment to economic modernization in recent years.
Vietnam joined the World Trade Organization in January 2007, which has promoted
more competitive, export-driven industries. Vietnam became an official
negotiating partner in the Trans-Pacific Partnership trade agreement in 2010.
Agriculture's share of economic output has continued to shrink from about 25%
in 2000 to less than 22% in 2012, while industry's share increased from 36% to
nearly 41% in the same period. State-owned enterprises account for roughly 40%
of GDP. 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 hurt Vietnam's export-oriented
economy, with GDP in 2012 growing at 5%, the slowest rate of growth since 1999.
In 2012, however, exports increased by more than 18%, year-on-year; several
administrative actions brought the trade deficit back into balance. Between
2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of
20%, but its value remained stable in 2012. Foreign direct investment inflows
fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in
new development assistance for 2013. Hanoi has oscillated between promoting
growth and emphasizing macroeconomic stability in recent years. In February
2011, the Government shifted policy away from policies aimed at achieving a high
rate of economic growth, which had stoked inflation, to those aimed at
stabilizing the economy, through tighter monetary and fiscal control. Although
Vietnam unveiled a broad, "three pillar" economic reform program in
early 2012, proposing the restructuring of public investment, state-owned
enterprises, and the banking sector, little perceptible progress had been made
by early 2013. Vietnam's economy continues to face challenges from an
undercapitalized banking sector. Non-performing loans weigh heavily on banks
and businesses. In September 2012, the official bad debt ratio climbed to 8.8%,
though some independent analysts believe it could be higher than 15%.
|
Source : CIA |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
TOAN PHAT COPPER TUBE JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN ONG DONG TOAN PHAT |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
0900246768 |
|
Date of Registration |
|
04 May 2012 |
|
Place of Registration |
|
Hung Yen Department of Planning and
Investment |
|
Chartered capital |
|
VND 45,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0900246768 |
|
Total Employees |
|
200 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered English
Name: TOAN PHAT COPPER PIPE JOINT STOCK COMPANY Changed to: TOAN PHAT COPPER TUBE JOINT
STOCK COMPANY |
N/A |
|
|
||
company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Road No. 206, Zone D Pho Noi A Industrial
Zone, Trung Trac Commune, Van Lam District, Hung Yen Province, Vietnam |
|
Telephone |
|
+84 919358358 |
|
Note: The exact address of the subject is above.
This is subject's factory. |
||
|
|
||
|
Transaction
office in Ha Noi |
||
|
Address |
|
No. 11 Thinh Hao Alley, Ton Duc Thang
street, Dong Da District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 37326291/ 92 |
|
Fax |
|
(84-4) 37326290/ 96 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
No. 75 Ton Duc Thang, Quoc Tu Giam Ward,
Dong Da District, Ha Noi City, Vietnam |
|
Note: Tax code 0900246768-001. This is also
address of HOANG DAT REFRIGERATION ENGINEERING JOINT STOCK COMPANY, a
distributor of the subject. |
||
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 88 Pho Co Dieu, Ward 4, 11 District,
Ho Chi Minh City, Vietnam |
|
Note: Tax code 0900246768-002 |
||
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN HUU KHOI |
|
Position |
|
Director |
|
Date of Birth |
|
15 Nov 1982 |
|
ID Number/Passport |
|
012908782 |
|
ID Issue Date |
|
06 Sep 2006 |
|
ID Issue Place |
|
Hanoi Police
Department |
|
Resident |
|
No. 58 Ton Duc Thang
Street, Hang Bot Ward, Dong Da District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 919358358 |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI DIEM HANG |
|
Position |
|
Deputy Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
PHAM THI THU HIEN |
|
Position |
|
Deputy Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Ms.
PHAM THI THUY LUA |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject is specialized in manufacturing and trading
copper tube for refrigeration, shipping, construction industry, and trading
copper materials. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Material, components, equipments |
|
·
Market |
|
China and Southeast Asian countries, Thailand |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Copper tube |
|
·
Market |
|
Malaysia, India, etc |
|
|
||
BANKERS
|
||
|
|
||
|
JOINT
STOCK BANK FOR FOREIGN TRADE OF VIETNAM HA NOI BRANCH |
||
|
Address |
|
No. 78 Nguyen Du Str, Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 38268035 |
|
Fax |
|
(84-4) 38228039 |
|
|
||
SHAREHOLDERS
|
||
Following is founding shareholders as in the latest
business registration of the subject
|
||
|
1.
NAME |
|
Ms.
BUI THI MAI HOA |
|
ID Number/Passport |
|
012837350 |
|
Resident |
|
Residential Quarter of Academy of
Journalism & communication, Dich Vong Hau Ward, Cau Giay District, Ha Noi
City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Share Percentage |
|
N/A |
|
|
||
|
2.
NAME |
|
Ms.
BUI THI HOA MAI |
|
ID Number/Passport |
|
011229151 |
|
Resident |
|
No. 75B Ton Duc Thang Street, Hang Bot
Ward, Dong Da District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Share Percentage |
|
N/A |
|
|
||
|
3.
NAME |
|
Mr.
BUI QUOC CHINH |
|
ID Number/Passport |
|
010412819 |
|
Resident |
|
No. 205, Ton Duc Thang Street, Hang Bot Ward,
Dong Da District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Share Percentage |
|
N/A |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: Million VND
|
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
|
Audit status |
Unaudited |
Unaudited |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
45,412 |
39,185 |
|
I. Cash and cash
equivalents |
21,586 |
2,467 |
|
1. Cash |
14,286 |
2,467 |
|
2. Cash equivalents |
7,300 |
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 |
2,194 |
7,592 |
|
1. Receivable from customers |
1,399 |
7,537 |
|
2. Prepayments to suppliers |
778 |
55 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
17 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
19,675 |
26,712 |
|
1. Inventories |
19,675 |
26,712 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
1,957 |
2,414 |
|
1. Short-term prepaid expenses |
516 |
681 |
|
2. VAT to be deducted |
1,441 |
1,583 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
150 |
|
B. LONG-TERM
ASSETS |
48,763 |
47,776 |
|
I. Long term
accounts 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
|
47,897 |
47,176 |
|
1. Tangible assets |
44,099 |
43,475 |
|
- Historical costs |
65,076 |
59,445 |
|
- Accumulated depreciation |
-20,977 |
-15,970 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
3,597 |
3,686 |
|
- Initial costs |
4,099 |
4,099 |
|
- Accumulated amortization |
-502 |
-413 |
|
4. Construction-in-progress |
201 |
15 |
|
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 |
|
V. Other
long-term assets |
866 |
600 |
|
1. Long-term prepaid expenses |
866 |
600 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
|
|
|
1. Goodwill |
|
|
|
TOTAL ASSETS |
94,175 |
86,961 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
41,960 |
35,085 |
|
I. Current
liabilities |
41,960 |
35,085 |
|
1. Short-term debts and loans |
31,903 |
33,401 |
|
2. Payable to suppliers |
821 |
1,016 |
|
3. Advances from customers |
6,717 |
503 |
|
4. Taxes and other obligations to the State Budget |
23 |
3 |
|
5. Payable to employees |
1,018 |
162 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
1,478 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
|
|
|
II. Long-Term
Liabilities |
0 |
0 |
|
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 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
8. Unearned Revenue |
|
|
|
9. Science and technology development fund |
|
|
|
B- OWNER’S
EQUITY |
52,215 |
51,876 |
|
I. OWNER’S
EQUITY |
52,215 |
51,876 |
|
1. Capital |
45,000 |
45,000 |
|
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 |
-80 |
-220 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
7,295 |
7,096 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
|
|
|
II. Other
sources and funds |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S
INTEREST |
|
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
94,175 |
86,961 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
344,252 |
219,764 |
|
2. Deduction item |
1,432 |
261 |
|
3. Net revenue |
342,820 |
219,503 |
|
4. Costs of goods sold |
326,237 |
207,901 |
|
5. Gross profit |
16,583 |
11,602 |
|
6. Financial income |
243 |
442 |
|
7. Financial expenses |
5,809 |
5,956 |
|
- In which: Loan interest expenses |
4,851 |
3,467 |
|
8. Selling expenses |
174 |
36 |
|
9. Administrative overheads |
3,560 |
2,334 |
|
10. Net operating profit |
7,283 |
3,718 |
|
11. Other income |
354 |
32 |
|
12. Other expenses |
342 |
0 |
|
13. Other profit /(loss) |
12 |
32 |
|
14. Total accounting profit before tax |
7,295 |
3,750 |
|
15. Current corporate income tax |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
|
|
|
18. Profit after tax |
7,295 |
3,750 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.08 |
1.12 |
1.15 |
|
Quick liquidity ratio |
0.61 |
0.36 |
0.55 |
|
Inventory circle |
14.07 |
7.78 |
4.67 |
|
Average receive period |
2.34 |
12.62 |
95.82 |
|
Utilizing asset performance |
3.64 |
2.52 |
1.12 |
|
Liability by total assets |
44.56 |
40.35 |
65.92 |
|
Liability by owner's equity |
80.36 |
67.63 |
234.28 |
|
Ebit / Total assets (ROA) |
12.90 |
8.30 |
6.27 |
|
Ebit / Owner's equity (ROE) |
23.26 |
13.91 |
18.68 |
|
Ebit / Total revenue (NPM) |
3.53 |
3.28 |
6.92 |
|
Gross profit / Total revenue (GPM) |
4.82 |
5.28 |
10.11 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, T/T |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
|
|
|
TOAN PHAT COPPER TUBE JOINT STOCK COMPANY was founded in 2006 as a
company characterized in copper field. Currently, it is running under the
business registration No. 0900246768 with chartered capital of 45 billion
VND. Ownership percentage of founding shareholders is not shown in latest
business registration license. The subject's factory is located at Road No. 206 - Zone D - Pho Noi A
Industrial Zone - Van Lam District - Hung Yen Province. Transaction office is
located at No. 11 Thinh Hao - Ton Duc Thang - Dong Da District - Hanoi City.
Besides, it also has two branches in Hanoi and Ho Chi Minh city. The branch
in nearby address (No. 75 Ton Duc Thang, Quoc Tu Giam Ward, Dong Da District, Ha Noi
City, Vietnam) is also address of HOANG DAT REFRIGERATION ENGINEERING JOINT
STOCK COMPANY, a distributor of the subject. The company is
engaged in manufacturing copper tube and trading copper materials. Copper
tubes include level wound coil, pancake copper coil, straight copper tube,
etc serving for air conditioning, shipbuilding and construction field. Its
quality management system and products is accepted following standards: ISO
9001:2008, ASTM B280-03, ASTM B68/B68M-11, JIS H 3300:2006. The subject
imports equipments, and copper materials from various Asian countries as
Thailand, China, India. Financially, the
subject maintained growth in total assets and sales revenue in 2011. Total
assets grew by 8.3% while total sales soared by 56.6%. Profit after tax
nearly doubled in 2011. ROE, and ROA were fairly good, however, NPM and GPM
seemed inferior to the industry average. In terms of solvency capability,
quick liquidity ratio improved thanks to enhancement of cash and cash
equivalents. Debt ratios were low, and remained at safety level in two years. In general, the subject is operating normally. Its future prospect is
bright. Financial situation is above average. It can meet small and medium
transactions, |
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
GDP growth speed
by price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture,
Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population (Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic Products (USD
billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita
(USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (% Change in
Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
|
SERVICE TRADE
PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.74 |
|
UK Pound |
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.