|
Report Date : |
25.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
VIET PHU THINH RUBBER JOINT STOCK
COMPANY |
|
|
|
|
Registered Office : |
125/ |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Establishments: |
2003 |
|
|
|
|
Com. Reg. No.: |
0302910157 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· Manufacturer of other rubber products Trading and processing agricultural products, spare parts, and
raw materials for production of plastic and rubber |
|
|
|
|
No. of Employees : |
25 |
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 : |
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 |
|
VIET PHU THINH RUBBER JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN CAO SU VIET PHU THINH |
|
Short name |
|
VIRUCO |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2003 |
|
Business Registration No. |
|
0302910157 |
|
Date of Registration |
|
24 May 2010 |
|
Place of Registration |
|
Business Registration Office - Planning
and Investment Department of City |
|
Chartered capital |
|
VND 25,500,000,000 |
|
Tax code |
|
0302910157 |
|
Total Employees |
|
25 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
VND 12,800,000,000 Changed to: VND 25,500,000,000 |
17 May
2011 |
|
2 |
Subject has got former Business
Registration No: 4103001492 issued on 06 March 2003 Changed to: 0302910157 |
24
May 2010 |
|
3 |
Subject has got former Address: 204 Phan
Van Han - Binh Thanh District - Ho Chi Minh City - Vietnam Changed to: 125/11 Nguyen Cuu Van Street,
Ward 17, Binh Thanh District, Ho Chi Minh City, Vietnam |
2010
|
|
4 |
Subject has got former Chartered capital:
VND 7,500,000,000 Changed to: VND 12,800,000,000 |
- |
|
|
||
Company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
125/11 Nguyen Cuu Van Street, Ward 17,
Binh Thanh District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 39903088 |
|
Fax |
|
(84-8) 39903499 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
4th Floor, Ha Phan Building, No.456 Phan Xich
Long Street, Ward 2 , Phu Nhuan District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3935 0538/ 399 01548 |
|
Fax |
|
(84-8) 3935 0541 |
|
Email |
|
|
|
Website |
|
|
|
|
||
RELATED COMPANIES
|
||
|
|
||
|
PHUOC THANH
RUBBER CORPORATION |
||
|
Business Registration |
|
3800270850 |
|
Date of Registration |
|
24 Apr 2003 |
|
Place of Registration |
|
Business Registration Office- Department of Planning and Investment of
Binh Phuoc province |
|
Tax code |
|
3800270850 |
|
Address |
|
Hoa Vinh hamlet Thanh Tam commune, Chon Thanh District, Binh Phuoc
Province, Vietnam |
|
Tel |
|
(84.651) 3668 757 |
|
Fax |
|
(84.651) 3668 758 |
|
Website |
|
|
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
VU ANH PHONG |
|
Position |
|
Director |
|
Date of Birth |
|
17 Oct 1971 |
|
ID Number/Passport |
|
024130943 |
|
ID Issue Date |
|
09 Jun 2003 |
|
ID Issue Place |
|
Police Station of
Hochiminh City |
|
Resident |
|
66/5 Nguyen Hong
Street, Ward 1, Go Vap District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 903 840 767 |
|
Email |
|
|
|
Qualification |
|
MA |
|
|
||
|
2.
NAME |
|
Ms.
PHAM THI CAM TU LAN |
|
Position |
|
Chief Accountant |
|
Resident |
|
No. 133/2C Le Van
Tho, Ward 11, Go Vap District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 937 855 056 |
|
Email |
|
|
|
Qualification |
|
Bachelor |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN QUOC CUONG |
|
Position |
|
Deputy Director |
|
Resident |
|
No. 44/2, Road No. 1,
Ward 5, Go Vap District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 913 725 544 |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject is specializing in trading natural rubber. |
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Market |
|
UKraine, Russia, Thailand, Malaysia, Cambodia |
|
Note: Currently, the subject does not import |
||
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Natural rubber |
|
·
Market |
|
China, Malaysia, India, Sri Lanka, Russia, Peru, Spain, Italy, Turkey,
Germany |
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK - SAI GON BRANCH |
||
|
Address |
|
Ground Floor, Mezzanine, 1st Floor, Golden Tower Building, No. 6
Nguyen Thi Minh Khai Str, Da Kao Ward , District 1, Ho Chi Minh City, Vietnam
|
|
Telephone |
|
(84-8) 3911 6868 |
|
Fax |
|
(84-8) 3911 2199 |
|
|
||
|
2.
HSBC BANK (VIETNAM) LTD |
||
|
Address |
|
Floor 06th, The Metropolitan Building 235 Dong Khoi Street, District
1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84 8) 3829 2288 |
|
Fax |
|
(84 8) 3299 0018 |
|
SWIFT Code |
|
HSBCZAJJXXX |
|
|
||
|
3.
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HO CHI MINH BRANCH |
||
|
Address |
|
No.10 Vo Van Kiet Street, District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3829 7245 |
|
Fax |
|
(84-8) 3829 7228 |
|
SWIFT Code |
|
VTCBVNVX |
|
|
||
|
4.
VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK- TAN SON NHAT BRNACH |
||
|
Address |
|
307 Nguyen Van Troi Str, Ward 1, Tan Binh District, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 3844 2014 |
|
Fax |
|
(84-8) 3845 6372 |
|
Foreign Currency Account |
|
2102 1485 100 8760 |
|
VND Account |
|
2102 1485 100 8756 |
|
|
||
SHAREHOLDERS
|
||
Following
is founding shareholder list as in the latest business registration of the
subject
|
||
|
1.
NAME |
|
Mr.
DUONG HONG HA |
|
ID Number/Passport |
|
022104838 |
|
Resident |
|
157Bis Tran Quoc Thao, 3 District, Ho Chi
Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
10,000 |
|
Value of shares |
|
VND 1,000,000,000 |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI HUE |
|
ID Number/Passport |
|
162050697 |
|
Resident |
|
165/5 3/2, 10 District, Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
10,000 |
|
Value of shares |
|
VND 1,000,000,000 |
|
|
||
|
3.
NAME |
|
Ms.
TRAN THI KIM THANH |
|
ID Number/Passport |
|
280732850 |
|
Resident |
|
7th Block Phu Thuan Hamlet, An Loc
Village, Binh Long District, Binh Phuoc Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
10,000 |
|
Value of shares |
|
VND 1,000,000,000 |
|
|
||
|
4.
NAME |
|
Mr.
VU ANH PHONG |
|
Position |
|
Director |
|
Date of Birth |
|
17 Oct 1971 |
|
ID Number/Passport |
|
024130943 |
|
Issued on |
|
09 Jun 2003 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
66/5 Nguyen Hong Street, Ward 1 , Go Vap
District, Ho Chi Minh City, Vietnam |
|
Email |
|
|
|
Mobile phone |
|
+84 903 840 767 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
10,000 |
|
Value of shares |
|
VND 1,000,000,000 |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
296,114,372,975 |
255,834,951,741 |
161,923,215,079 |
|
I. Cash and cash
equivalents |
6,546,932,319 |
15,285,559,303 |
8,983,204,059 |
|
1. Cash |
6,546,932,319 |
15,285,559,303 |
8,983,204,059 |
|
2. Cash equivalents |
|
|
0 |
|
II. Short-term
investments |
|
60,000,000,000 |
0 |
|
1. Short-term investments |
|
60,000,000,000 |
0 |
|
2. Provisions for devaluation of short-term investments |
|
|
0 |
|
III. Accounts
receivable |
190,141,321,110 |
102,780,942,040 |
99,204,733,158 |
|
1. Receivable from customers |
127,209,089,369 |
77,704,120,831 |
64,047,069,246 |
|
2. Prepayments to suppliers |
35,287,548,906 |
10,852,005,200 |
20,757,766,424 |
|
3. Inter-company receivable |
|
|
0 |
|
4. Receivable according to the progress of construction |
|
|
0 |
|
5. Other receivable |
27,644,682,835 |
14,224,816,009 |
14,399,897,488 |
|
6. Provisions for bad debts |
|
|
0 |
|
IV. Inventories |
97,611,986,980 |
71,596,430,000 |
43,311,050,251 |
|
1. Inventories |
97,611,986,980 |
71,596,430,000 |
43,311,050,251 |
|
2. Provisions for devaluation of inventories |
|
|
0 |
|
V. Other Current
Assets |
1,814,132,566 |
6,172,020,398 |
10,424,227,611 |
|
1. Short-term prepaid expenses |
550,239,267 |
68,911,947 |
75,065,281 |
|
2. VAT to be deducted |
986,845,299 |
6,066,622,047 |
10,316,697,591 |
|
3. Taxes and other accounts receivable from the State |
|
|
0 |
|
4. Other current assets |
277,048,000 |
36,486,404 |
32,464,739 |
|
B. LONG-TERM
ASSETS |
2,027,580,121 |
2,337,126,390 |
1,594,446,785 |
|
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
|
1,816,935,121 |
2,113,481,390 |
1,370,801,785 |
|
1. Tangible assets |
1,816,935,121 |
2,096,853,840 |
1,176,012,272 |
|
- Historical costs |
2,795,963,496 |
2,763,245,314 |
1,612,127,931 |
|
- Accumulated depreciation |
-979,028,375 |
-666,391,474 |
-436,115,659 |
|
2. Financial leasehold assets |
|
|
0 |
|
- Historical costs |
|
|
0 |
|
- Accumulated depreciation |
|
|
0 |
|
3. Intangible assets |
|
|
3,000,000 |
|
- Initial costs |
12,000,000 |
12,000,000 |
15,000,000 |
|
- Accumulated amortization |
-12,000,000 |
-12,000,000 |
-12,000,000 |
|
4. Construction-in-progress |
|
16,627,550 |
191,789,513 |
|
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 |
210,645,000 |
223,645,000 |
223,645,000 |
|
1. Long-term prepaid expenses |
|
|
0 |
|
2. Deferred income tax assets |
|
|
0 |
|
3. Other long-term assets |
210,645,000 |
223,645,000 |
223,645,000 |
|
VI. Goodwill |
|
|
0 |
|
1. Goodwill |
|
|
0 |
|
TOTAL ASSETS |
298,141,953,096 |
258,172,078,131 |
163,517,661,864 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
258,586,376,627 |
221,680,625,261 |
139,770,706,924 |
|
I. Current
liabilities |
258,102,888,091 |
220,866,299,221 |
139,291,272,549 |
|
1. Short-term debts and loans |
216,217,668,733 |
194,470,561,000 |
114,604,911,400 |
|
2. Payable to suppliers |
34,232,780,845 |
21,439,869,003 |
10,749,268,514 |
|
3. Advances from customers |
3,083,466,803 |
471,802,530 |
10,311,090,842 |
|
4. Taxes and other obligations to the State Budget |
3,264,748,865 |
1,780,485,099 |
1,618,775,907 |
|
5. Payable to employees |
|
|
0 |
|
6. Accrued expenses |
1,105,301,950 |
1,889,549,334 |
1,888,435,596 |
|
7. Inter-company payable |
|
|
0 |
|
8. Payable according to the progress of construction contracts |
|
|
0 |
|
9. Other payable |
19,275,617 |
616,056,817 |
118,790,290 |
|
10. Provisions for short-term accounts payable |
|
|
0 |
|
11. Bonus and welfare funds |
179,645,278 |
197,975,438 |
|
|
II. Long-Term
Liabilities |
483,488,536 |
814,326,040 |
479,434,375 |
|
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 |
483,488,536 |
814,326,040 |
479,434,375 |
|
5. Deferred income tax payable |
|
|
0 |
|
6. Provisions for unemployment allowances |
|
|
0 |
|
7. Provisions for long-term accounts payable |
|
|
0 |
|
8. Unearned Revenue |
|
|
|
|
9. Science and technology development fund |
|
|
|
|
B- OWNER’S
EQUITY |
39,555,576,469 |
36,491,452,870 |
23,746,954,940 |
|
I. OWNER’S
EQUITY |
39,555,576,469 |
36,491,452,870 |
23,707,959,028 |
|
1. Capital |
25,500,000,000 |
25,500,000,000 |
12,800,000,000 |
|
2. Share premiums |
|
|
0 |
|
3. Other sources of capital |
|
|
0 |
|
4. Treasury stocks |
|
|
0 |
|
5. Differences on asset revaluation |
|
|
0 |
|
6. Foreign exchange differences |
-69,449,783 |
89,960,844 |
0 |
|
7. Business promotion fund |
|
|
0 |
|
8. Financial reserved fund |
|
|
1,000,000,000 |
|
9. Other funds |
|
|
0 |
|
10. Retained earnings |
14,125,026,252 |
10,901,492,026 |
9,907,959,028 |
|
11. Construction investment fund |
|
|
0 |
|
12. Business arrangement supporting fund |
|
|
|
|
II. Other
sources and funds |
|
|
38,995,912 |
|
1. Bonus and welfare funds (Elder form) |
|
|
38,995,912 |
|
2. Sources of expenditure |
|
|
0 |
|
3. Fund to form fixed assets |
|
|
0 |
|
MINORITY’S
INTEREST |
|
|
0 |
|
TOTAL LIABILITIES
AND OWNER’S EQUITY |
298,141,953,096 |
258,172,078,131 |
163,517,661,864 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
2,081,629,130,856
|
1,376,542,120,828
|
1,347,599,281,531
|
|
2. Deduction item |
2,658,945,195 |
596,390,400 |
0 |
|
3. Net revenue |
2,078,970,185,661
|
1,375,945,730,428
|
1,347,599,281,531
|
|
4. Costs of goods sold |
2,008,839,334,183 |
1,327,039,566,275 |
1,301,147,145,340 |
|
5. Gross profit |
70,130,851,478 |
48,906,164,153 |
46,452,136,191 |
|
6. Financial income |
3,219,965,125 |
7,389,777,184 |
8,165,796,717 |
|
7. Financial expenses |
12,044,507,452 |
17,182,013,133 |
11,307,521,914 |
|
- In which: Loan interest expenses |
10,063,919,423 |
10,033,930,666 |
6,418,387,268 |
|
8. Selling expenses |
38,534,489,550 |
17,672,332,384 |
23,800,699,709 |
|
9. Administrative overheads |
5,415,236,446 |
6,946,517,852 |
6,013,288,151 |
|
10. Net operating profit |
17,356,583,155 |
14,495,077,968 |
13,496,423,134 |
|
11. Other income |
1,083,303,131 |
4,395,723,727 |
68,176,612 |
|
12. Other expenses |
1,375,088,825 |
5,573,085,246 |
362,079,808 |
|
13. Other profit /(loss) |
-291,785,694 |
-1,177,361,519 |
-293,903,196 |
|
14. Total accounting profit before tax |
17,064,797,461 |
13,317,716,449 |
13,202,519,938 |
|
15. Current corporate income tax |
3,011,428,839 |
2,416,224,423 |
3,294,560,910 |
|
16. Deferred corporate income tax |
|
|
0 |
|
17. Interest from subsidiaries/related companies |
|
|
0 |
|
18. Profit after tax |
14,053,368,622 |
10,901,492,026 |
9,907,959,028 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.15 |
1.16 |
1.16 |
2.09 |
|
Quick liquidity ratio |
0.77 |
0.83 |
0.85 |
1.40 |
|
Inventory circle |
23.74 |
18.54 |
30.04 |
4.22 |
|
Average receive period |
33.38 |
27.26 |
26.87 |
46.56 |
|
Utilizing asset performance |
6.97 |
5.33 |
8.24 |
1.13 |
|
Liability by total assets |
86.73 |
85.87 |
85.48 |
46.84 |
|
Liability by owner's equity |
653.73 |
607.49 |
588.58 |
100.76 |
|
Ebit / Total assets (ROA) |
9.10 |
9.05 |
12.00 |
21.82 |
|
Ebit / Owner's equity (ROE) |
68.58 |
63.99 |
82.62 |
44.14 |
|
Ebit / Total revenue (NPM) |
1.30 |
1.70 |
1.46 |
32.86 |
|
Gross profit / Total revenue (GPM) |
3.37 |
3.55 |
3.45 |
29.13 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TTR , L/C, D/P, D/A |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Normal |
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject - VIRUCO - was established in 2003 under business registration
No. 4103001492 with registered capital of VND 7.5 billion. During operation,
the subject has adjusted its business registration twelve times, the last
time was on 17 May 2011. Now the subject is operating under business
registration No. 0302910157 (the same with tax code) with chartered capital
to VND 25.5 billion. The
subject is specializing in trading rubber including cereal rubber, sheet
rubber and centrifugal rubber. It has good relationship with many rubber
manufacturers in Vietnam. It often associates producing with factory of PHUOC
THANH RUBBER CORPORATION which is considered as a member company of the
subject. Besides, it also imports natural rubber from many countries such as
Russia, Ukraine, Thailand, Malaysia and Cambodia. Currently, about 80% its
products are exported to foreign countries. Some main markets of the subject
are China, Malaysia, India, Turkey and Korea. The rest of it is consumed in
domestic market. Customers of the subject are manufacturing factories in
fields of manufacturing tire, glove, sports shoes, etc. Originally, the
subject imported steel, stainless steel for trading but now it only focuses
on trading natural rubber. The subject now is official member of Vietnam
Chamber of Commerce and Industry (VCCI) and Vietnam Rubber Association (VRA),
Ho Chi Minh City Young Business Association (YBA), Ho Chi Minh City Vietnam
Exporters Association (VEXA). In 2012, it stands fifth in industry about
rubber exporting (according to rankings of VCCI). Financially,
based on the financial data of the subject from 2008 to 2012, we see that,
total sales of the subject increased through years and it was high in three
recent years. The subject’s profit
after tax also rose annually but it has not corresponded with turnover yet
because the subject’s costs of goods sold were big, moreover, its financial
expenses and selling expenses were also high. The subject’s liquidity ratios
approximated to the average industry and they were relatively stable. The subject’s
annual operation ratios were all good. They show that, assets utilization
capability to generate income of the subject is good, the subject’s credit
policy on deferred payment was reasonable and its sales policy worked
effective. Profit ratios were somewhat humble but ROA, ROE were fair. Only
the subject’s debt rate was bad. The subject’s debt rate had uptrend because
the growth of liabilities was higher than the growth of equity. From 2009 to
2012, this rate was always at high level, total assets were always financed
mainly by liabilities. This indicates that the subject’s capital structure
fell to unsafe level. In general, the subject’s operation is stable and development. It has
capacity to meet normal business transaction. |
|
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.59.73 |
|
UK Pound |
1 |
Rs.91.82 |
|
Euro |
1 |
Rs.78.23 |
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.