MIRA INFORM REPORT

 

 

Report Date :

13.11.2013

 

IDENTIFICATION DETAILS

 

Name :

PHU BAO TOURS SERVICE & TRADING CO LTD

 

 

Registered Office :

8Fl Van Thinh Phat Bldg 8 Nguyen Hue Ben Nghe Ward, District 1, Ho Chi Minh

 

 

Country :

Viet Nam

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

21.02.2011

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Professional Services

 

 

No. of Employees :

55

 

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 :

Slow but correct

 

 

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

 

 

VIET NAM - 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 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

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

 

Organization Name

:

PHU BAO TOURS SERVICE & TRADING CO LTD

Address

:

8Fl Van Thinh Phat Bldg 8 Nguyen Hue Ben Nghe Ward, District 1, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-39142980

Facsimile

:

[+84] 8-39142977

Website

:

http://www.phubaogroup.com.vn

Primary Business Activity

:

Service

Key Industry

:

Professional Services

 

Key Facts

 

Registered Legal Address

:

8Fl Van Thinh Phat Bldg 8 Nguyen Hue Ben Nghe Ward, District 1, Ho Chi Minh

Operational Address

:

8Fl Van Thinh Phat Bldg 8 Nguyen Hue Ben Nghe Ward, District 1, Ho Chi Minh

Issuing Authority

:

Dept. of Planning & Investment – Ho Chi Minh

License Number

:

0304348656

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

21 Feb, 2011

Employees

:

55

Capital

:

US$ 142,110

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

PHU BAO TOURS SERVICE & TRADING CO LTD

Primary Business Activity

:

Service

Primary Industry

:

Professional Services

Office Contact Details

Operating Address

:

8Fl Van Thinh Phat Bldg 8 Nguyen Hue Ben Nghe Ward, District 1, Ho Chi Minh

Tel

:

[+84] 8-39142980

Fax

:

[+84] 8-39142977

Website Details

Website

:

http://www.phubaogroup.com.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

DIRECTORS/MANAGEMENT

 

COMPANY DIRECTORS

 

 

 

 

Personal Unique Identifier

:

MI03557731

Name

:

Ms. Le Pham Minh Ngoc

Date of Birth

:

1975

Nationality

:

Vietnamese

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Due to the recent incorporation of the PHU BAO TOURS SERVICE & TRADING CO LTD, and the relatively small nature of its business, no meaningful points of reference in terms of reputation within the respective industry was possible.

 

    


NEGA-SCAN - ADVERSE DATA MONITORING

 

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

3,000,000,000

 

 

 

SHAREHOLDERS

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Ms. Le Pham Minh Ngoc

Vietnam

n/a

n/a

70.00

2

Mr. Thai Thi Thu Ha

Vietnam

n/a

n/a

30.00

Total

n/a

n/a

100.00

 

 

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

 

PAYMENT TERMS

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

Purchasing

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

 

Year

Sales

Assets

Net Income

2010 Annual  

345,613

260,749

69,574

2011 Annual  

893,279

642,151

58,761

2012 Annual  

1,408,570

456,958

-95,800

 

Sales Trend – Analysis

 

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

 

   

FINANCIAL STATEMENT - DETAILED

 

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Current Assets

4,748,000,000

12,974,000,000

9,108,000,000

Non Current Assets

334,000,000

402,000,000

408,000,000

Non Current Liabilities

0

25,000,000

40,000,000

Share Capital

3,000,000,000

3,000,000,000

3,000,000,000

Other long term assets 

Total Assets

5,082,000,000

13,376,000,000

9,516,000,000

Total Liabilities

1,555,000,000

8,627,000,000

6,795,000,000

Current Liabilities

1,555,000,000

8,602,000,000

6,755,000,000

Long term liabilities 

Shareholders Funds

3,527,000,000

4,749,000,000

2,721,000,000

 

Current assets & short term investments

4,748,000,000

12,974,000,000

9,108,000,000

Cash & cash equivalents

3,891,000,000

5,772,000,000

1,899,000,000

Cash

3,891,000,000

5,772,000,000

1,899,000,000

Accounts receivable

493,000,000

4,641,000,000

2,163,000,000

Accounts receivable trade

462,000,000

3,754,000,000

1,112,000,000

Trade prepayment

31,000,000

629,000,000

1,051,000,000

Others receivables

-

258,000,000

-

Inventories

313,000,000

1,782,000,000

3,213,000,000

Other short term asset

51,000,000

779,000,000

1,833,000,000

Prepaid expenses

-

723,000,000

873,000,000

VAT deductible

51,000,000

56,000,000

260,000,000

Other short term asset*

-

-

700,000,000

Long term assets

334,000,000

402,000,000

408,000,000

Fixed assets

84,000,000

152,000,000

108,000,000

Tangible fixed assets

84,000,000

152,000,000

108,000,000

Cost

90,000,000

202,000,000

213,000,000

Accumulated depreciation

6,000,000

50,000,000

105,000,000

Other long term assets

250,000,000

250,000,000

300,000,000

Total assets

5,082,000,000

13,376,000,000

9,516,000,000

Liabilities

1,555,000,000

8,627,000,000

6,795,000,000

Current liabilities

1,555,000,000

8,602,000,000

6,755,000,000

Short term borrowings

-

4,300,000,000

707,000,000

Accounts payables-trade

997,000,000

1,199,000,000

1,384,000,000

Advances from customers

140,000,000

757,000,000

1,418,000,000

Taxes and payable to state budget

417,000,000

1,145,000,000

1,013,000,000

Payable to employees

-

796,000,000

584,000,000

Other payables

1,000,000

405,000,000

1,649,000,000

Long term liabilities

-

25,000,000

40,000,000

Provision funds for unemployment

-

25,000,000

25,000,000

Deffered revenue

-

-

15,000,000

Owner's equity

3,527,000,000

4,749,000,000

2,721,000,000

Business capital

3,000,000,000

3,000,000,000

3,000,000,000

Retained earnings

527,000,000

1,749,000,000

(279,000,000)

Total resources

5,082,000,000

13,376,000,000

9,516,000,000

 

 

Income Statement

 

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

6,736,000,000

18,607,000,000

29,333,000,000

Profit (Loss) Before Tax

1,356,000,000

1,483,000,000

(1,995,000,000)

Profit After Tax attributable to Shareholders

1,356,000,000

1,224,000,000

(1,995,000,000)

 

Gross sales

6,736,000,000

18,607,000,000

29,333,000,000

Less deductions

-

41,000,000

36,000,000

Net income

6,736,000,000

18,566,000,000

29,297,000,000

Cost of goods sold

3,305,000,000

11,867,000,000

25,131,000,000

Gross margin

3,431,000,000

6,699,000,000

4,166,000,000

Income from financial activities

8,000,000

34,000,000

14,000,000

Expenses from financial activities

48,000,000

442,000,000

300,000,000

Selling expenses

-

319,000,000

609,000,000

General & administration expenses

2,040,000,000

4,751,000,000

5,221,000,000

Net income from operating activities

1,351,000,000

1,221,000,000

(1,950,000,000)

Extraordinary income

6,000,000

263,000,000

29,000,000

Extraordinary expenses

1,000,000

1,000,000

74,000,000

Extraordinary gains

5,000,000

262,000,000

(45,000,000)

Net profit before tax

1,356,000,000

1,483,000,000

(1,995,000,000)

Income tax

-

259,000,000

-

Net profit after tax

1,356,000,000

1,224,000,000

(1,995,000,000)

 

 

Financial Ratios

 

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

176.23

57.64

Profitability 

Profit Margin (%)

20.13

6.58

(6.80)

Return on Equity (%)

38.45

25.77

(73.32)

Return on Assets (%)

26.68

9.15

(20.96)

Leverage 

Total Debt Equity (Times)

0.44

1.82

2.50

Current Debt Equity (Times)

0.44

1.81

2.48

Long Term Debt to Equity

-

0.01

0.01

Total Asset To Total Equity

1.44

2.82

3.50

Asset Management 

Total Assets Turnover (Times)

1.33

1.39

3.08

Fixed Assets Turnover (Times)

20.17

46.29

71.89

Liquidity 

Current Ratio

3.05

1.51

1.35

 

 

Based on the corporate laws of Vietnam, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

 

Products / Materials / Services Description

Activity

Tour operators

Service

Tourist service

Service

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Apparel and accessories, nspf

2389

Importing, Trading

Fabric dress and work gloves

2381

Importing, Trading

Tour Operators

4725

Service

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

 

 

Product/Service Description

Code

Activity

Garments nesoi, knitted or crocheted

6114

Importing, Trading

Gloves, mittens and mitts, knitted or crocheted

6116

Importing, Trading

Tour operators

9851

Service

 

 

 

    

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

 

Products / Materials / Services Description

Ranking

Activity

Gauze mask

Secondary

Importing, Trading

Gloves

Secondary

Importing, Trading

 

 

CORE BUSINESS DESCRIPTION

 

 

Core Business

 

The primary business focus of PHU BAO TOURS SERVICE & TRADING CO LTD is Specialized professional services, including:

Tour operators


Key service include :

Tourist service

 

 

 

Supplementary Business

 

In addition to the core business, PHU BAO TOURS SERVICE & TRADING CO LTD also is engaged in the following areas of business:

Importing

Importing - Finished products

Trading

Trading - Finished products

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

International Sales (Export)

0%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

80%

Imports

20%

 

 

 

BANK DETAILS

 

 

 

 

Bank Name

:

ASIA COMMERCIAL BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

CONG HOA

SWIFT Code

:

ASCBVNVX

 

 

    

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

India

Medium

Importing

Malaysia

Medium

Importing

 

 

 

OFFICE & FACILITIES

 

 

 

 

Name

:

PHU BAO TOURS SERVICE & TRADING CO LTD - DISTRICT 1, HO CHI MINH

Address

:

8Fl Van Thinh Phat Bldg 8 Nguyen Hue Ben Nghe Ward, District 1, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

License Date

License No.

16 May, 2006

4102039453

 

 

NOTES & COMMENTS

 

Na

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.59

UK Pound

1

Rs.101.56

Euro

1

Rs.85.15

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.