|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
PHU THINH IMPORT - EXPORT AND PRODUCTION JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 110, Goc De Alley, Minh Khai Street, Hoang Van Thu Ward, Hai Ba Trung District, Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Incorporation : |
2006 |
|
|
|
|
Com. Reg. No.: |
0102114870 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
The subject is specializing in trading fertilizer, chemicals. medical herbs, tea, spices, agricultural product. |
|
|
|
|
No. of Employees : |
13 |
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) |
|
Viet Nam |
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
Current legal status
|
||
|
English Name |
|
PHU THINH IMPORT - EXPORT AND PRODUCTION
JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN SAN XUAT VA XUAT NHAP KHAU
PHU THINH |
|
Short name |
|
PHU THINH IMPORT., JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
0102114870 |
|
Date of Registration |
|
28 Jun 2011 |
|
Place of Registration |
|
Planning and Investment Department of
Hanoi City |
|
Chartered capital |
|
VND 100,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0102114870 |
|
Total Employees |
|
13 |
|
Note: The exact name of the
subject is above. |
||
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former chartered capital:
VND 1 billion, Changed to VND 6 billion, Then Changed to: VND 100 billion |
28
Jun 2011 |
|
2 |
Subject has got former Business
Registration No: 0103015085 Changed to: 0102114870 |
28
Jun 2011 |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
Room 201, A1 Building, Lane 229, Pho Vong
Street, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 39744627 |
|
Fax |
|
(84-4) 39744626 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Registration
Address |
||
|
Address |
|
No. 110, Goc De Alley, Minh Khai Street, Hoang
Van Thu Ward, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 36363886 |
|
Fax |
|
(84-4) 36367321 |
|
Note: Exact registration address is as above. |
||
|
Transaction
office in Ho Chi Minh |
||
|
Address |
|
No. 27 Dao Duy Anh, Ward 9, Phu Nhuan
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 39972146 |
|
Fax |
|
(84-8) 39972142 |
|
|
||
|
Transaction
office in Da Nang |
||
|
Address |
|
No. 9 Pham The Hien, Khue Chung Ward, Cam Le
District, Da Nang City, Vietnam |
|
|
||
|
|
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DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN QUOC TUY |
|
Position |
|
Chairman-Legal Representative |
|
Date of Birth |
|
10 Sep 1972 |
|
ID Number/Passport |
|
012487862 |
|
ID Issue Date |
|
11 Mar 2002 |
|
ID Issue Place |
|
Hanoi Police Station |
|
Resident |
|
95 Van Don - Bach
Dang Ward, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 913230181 |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN THANH TRUNG |
|
Position |
|
Director |
|
ID Number/Passport |
|
012010109 |
|
Resident |
|
41A Branch 6/51 -
Dang Van Ngu - Trung Tu Ward, Dong Da District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN HONG LOAN |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject is specializing in trading fertilizer, chemicals. medical herbs, tea,
spices, agricultural product, etc. |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Fertilizer, chemicals |
|
·
Market |
|
India, China |
|
·
Mode of payment |
|
T/T, L/C, D/P deferred period up to 90 days |
|
|
||
|
EXPORT: |
||
|
Note: Currently, the subject does
not export. Previously, it exported agro products, tea, spices, to Malaysia,
Sri Lanka, Hong Kong. |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE HAI BA TRUNG
BRANCH |
||
|
Address |
|
No.285 Tran Khat Chan str, Hai Ba Trung District, Ha Noi City, Vietnam
|
|
Telephone |
|
(84-4) 39718251 |
|
|
||
|
2.
PETROLIMEX COMMERCIAL JOINT STOCK BANK GIA LAM BRANCH |
||
|
Address |
|
No.552 Nguyen Van Cu Str, Long Bien District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3872 7158 |
|
Fax |
|
(84-4) 3872 7159 |
|
|
||
|
3.
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK TRAN KHAT CHAN BRANCH |
||
|
Address |
|
No. 382-384 Tran Khat Chan Str Thanh Nhan ward, Hai Ba Trung District,
Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3972 5550 |
|
Fax |
|
(84-4) 3872 5551 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN THANH TRUNG |
|
Position |
|
Director |
|
ID Number/Passport |
|
012010109 |
|
Resident |
|
41A Branch 6/51 - Dang Van Ngu - Trung Tu
Ward, Dong Da District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
5,000 |
|
Value of shares |
|
VND 500,000,000 |
|
Percentage |
|
0.5% |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI NGOC TUYEN |
|
ID Number/Passport |
|
012733412 |
|
Resident |
|
110 Goc De Alley - Minh Khai - Hoang Van
Thu Ward, Hoang Mai District, Ha Noi City, Vietnam |
|
Mobile phone |
|
+84 989188764 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
5,000 |
|
Value of shares |
|
VND 500,000,000 |
|
Percentage |
|
0.5% |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN QUOC TUY |
|
Position |
|
Chairman |
|
Date of Birth |
|
10 Sep 1972 |
|
ID Number/Passport |
|
012487862 |
|
Issued on |
|
11 Mar 2002 |
|
Issued Place |
|
Hanoi Police Station |
|
Resident |
|
95 Van Don - Bach Dang Ward, Hai Ba Trung
District, Ha Noi City, Vietnam |
|
Mobile phone |
|
+84 913230181 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
990,000 |
|
Value of shares |
|
VND 99,000,000,000 |
|
Percentage |
|
99% |
FINANCIAL HIGHLIGHT
|
|
|
Latest financial data is currently not available
in our source. |
|
|
BALANCE
SHEET |
|
Unit:
Million VND
|
|
|
Balance sheet
date |
31/12/2009 |
|
Number of weeks |
52 |
ASSETS
|
|
|
A. Current Asset
|
68,551 |
|
Receivables |
40,062 |
|
Inventory |
25,073 |
|
Cash and other current assets |
3,416 |
|
B. Long term
Asset |
3,987 |
|
1. Long term
account receivable |
|
|
2. Fixed assets |
3,987 |
|
Tangible fixed assets |
3,987 |
|
+ Original cost |
4,157 |
|
+ Accumulated depreciation value |
170 |
|
Financial leasehold assets |
|
|
Intangible fixed assets |
|
|
Construction in progress and other long term asset |
|
|
TOTAL ASSETS |
72,538 |
|
|
|
LIABILITIES
|
|
|
Payable loans |
53,647 |
|
Owner’s Equity |
18,891 |
|
TOTAL LIABILITY
AND EQUITY |
72,538 |
|
|
|
PROFIT & LOSS STATEMENT
|
|
|
|
|
|
1. Total Sales |
367,616 |
|
2. Deduction item |
0 |
|
3. Net revenue |
367,616 |
|
4. Costs of goods sold |
268,339 |
|
5. Gross profit |
99,277 |
|
6. Financial income |
35 |
|
7. Financial expenses |
7,086 |
|
8. Selling expenses and Administrative overheads |
70,641 |
|
9. Net operating profit |
21,585 |
|
10. Other income |
2,015 |
|
11. Other expenses |
2,299 |
|
12. Other profit /(loss) |
-284 |
|
13. Total accounting profit before tax |
21,301 |
|
14. Current corporate income tax |
4,491 |
|
15. Deferred corporate income tax |
|
|
16. Interest from subsidiaries/related companies |
|
|
17. Profit after tax |
16,810 |
|
|
|
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, TT,DA |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Normal |
PHU
THINH IMPORT., JSC was founded in 2006 under former business registration
number 0103015085 with initial chartered capital of 1 billion
VND. Currently, business registration number was revised to be coincident with
tax code and chartered capital raised up to 100 billion VND. It is a trading company; therefore, labor
force is humble.
The subject has registration address at No.
110 Goc De Alley, Minh Khai Street, Hoang Van Thu Ward, Hoang Mai District, Ha
Noi city. All business activities take place at Room 201, A1 Building, No. 229
Pho Vong Street, Hai Ba Trung District, Ha Noi City. Office facilities are
normal. Besides, it also has two transaction offices in Hochiminh City and Da
Nang City. The business is managed by its chairman, Mr. NGUYEN QUOC TUY.
The
subject is specializing in trading fertilizer, chemicals, tea, spices,
agricultural product, etc. Previously, it also took part in exporting agro
products, tea, spices to several markets. However, this operation seemed
ineffective. Therefore, it concentrates on main business activities as trading
fertilizer, chemical imported from China and India. The subject was founded in
2006 and started operation in 2007 but business result was bright. According
financial data in 2009, total sale was VND 367,616 million and profit after tax
reached VND 16,810 million. Capital structure was not safe as liability took up
high proportion in total assets. According to Ms. Tuyen, accountant, business
result had upward trend year on year. However, its chairman kept information
confidential. Latest financial data is also not available in our source.
In
general, the subject is operating normally. Development prospect seems bright.
Caution is necessary with medium and big transactions.
Appendix
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.55.61 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
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.