MIRA INFORM REPORT

 

 

Report Date :

16.12.2014

 

IDENTIFICATION DETAILS

 

Name :

TAN PHONG JSC

 

 

Registered Office :

Block 15 Hung Son Town, Lam Thao Dist, Phu Tho

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2013

 

 

Date of Incorporation :

14.10.2011

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Engaged in manufacturing of tea, specializes in Tea Planting, Production, Selling & Research.

 

 

No of Employees :

150

 

 

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 :

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Vietnam

a2

a2

 

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 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 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 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, 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 relatively stable in 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 has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

 

 

Source : CIA

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Organization Name

:

TAN PHONG JSC (1)

Address

:

Block 15 Hung Son Town, Lam Thao Dist, Phu Tho

Country

:

Vietnam

Phone (S)

:

[+84] 210-3787377

Facsimile

:

[+84] 210-3829388

Email

:

tanphongtea@gmail.com

Website

:

http://www.tanphongtea.com.vn

Primary Business Activity

:

Engaged in manufacturing of tea, specializes in Tea Planting, Production, Selling & Research.

 

Key Facts

Registered Legal Address

:

Block 15 Hung Son Town, Lam Thao Dist, Phu Tho

Operational Address

:

Block 15 Hung Son Town, Lam Thao Dist, Phu Tho

Issuing Authority

:

Dept. of Planning & Investment - Phu Tho

License Number

:

2600274542

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

14 Oct, 2011

 

Employees

:

150

Capital

:

US$ 1,324,278

Note

:

(1) Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Ms. Dinh Thi Thuc

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Pham Thi Thu Huong

Vietnamese

Chief Accountant

-

Management Details - 1

Personal Unique Identifier

:

MI03805380

Name

:

Mr. Pham Thi Thu Huong

 

Date of Birth

:

1974

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03805378

Name

:

Ms. Dinh Thi Thuc

Date of Birth

:

1957

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing TAN PHONG JSC's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

CIVIL 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

:

₫ 28,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Nguyen Thi Thu Thuy

Vietnam

n/a

n/a

n/a

2

Mr. Nguyen Viet Xuan

Vietnam

n/a

n/a

n/a

3

Ms. Dinh Thi Thuc

Vietnam

n/a

n/a

n/a

Total

n/a

n/a

n/a

 

 

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

Export

Letter of Credit (At-sight)

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

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

7,713,346

6,296,976

281,709

2012 Annual  

9,732,356

6,733,939

238,995

2013 Annual  

8,911,523

6,816,217

197,457

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

64,775,000,000

69,325,000,000

74,635,000,000

Non Current Assets(*)

66,391,000,000

70,907,000,000

69,106,000,000

Non Current Liabilities(*)

6,857,000,000

13,007,000,000

8,360,000,000

Share Capital(*)

65,665,000,000

71,534,000,000

76,511,000,000

Other long term assets 

Total Assets(*)

131,166,000,000

140,232,000,000

143,741,000,000

Total Liabilities(*)

59,632,000,000

63,721,000,000

63,066,000,000

Current Liabilities(*)

52,775,000,000

50,714,000,000

54,706,000,000

Long term liabilities 

Shareholders Funds(*)

71,534,000,000

76,511,000,000

80,675,000,000

 

Current assets & short term investments

64,775,000,000

69,325,000,000

74,635,000,000

Cash & cash equivalents

2,925,000,000

2,568,000,000

2,391,000,000

Cash

2,925,000,000

2,568,000,000

2,391,000,000

Accounts receivable

27,881,000,000

31,810,000,000

35,593,000,000

Accounts receivable trade

27,881,000,000

31,810,000,000

35,593,000,000

I. Inventories

33,969,000,000

34,947,000,000

36,651,000,000

II. Inventories

33,969,000,000

34,947,000,000

36,651,000,000

Long term assets

66,391,000,000

70,907,000,000

69,106,000,000

Fixed assets

66,391,000,000

70,907,000,000

69,106,000,000

Tangible fixed assets

65,209,000,000

64,331,000,000

69,106,000,000

Cost

90,730,000,000

97,843,000,000

109,609,000,000

Accumulated depreciation

25,521,000,000

33,512,000,000

40,503,000,000

Construction in progress

1,182,000,000

6,576,000,000

-

Total assets

131,166,000,000

140,232,000,000

143,741,000,000

Liabilities

59,632,000,000

63,721,000,000

63,066,000,000

Current liabilities

52,775,000,000

50,714,000,000

54,706,000,000

Short term borrowings

48,696,000,000

47,089,000,000

53,259,000,000

Accounts payables-trade

4,079,000,000

3,625,000,000

1,447,000,000

Long term liabilities

6,857,000,000

13,007,000,000

8,360,000,000

Long term borrowings

6,857,000,000

13,007,000,000

8,360,000,000

I. Owner's equity

71,534,000,000

76,511,000,000

80,675,000,000

II. Owner's equity

71,534,000,000

76,511,000,000

80,675,000,000

Business capital

65,665,000,000

71,534,000,000

76,511,000,000

Retained earnings

5,869,000,000

4,977,000,000

4,164,000,000

Total resources

131,166,000,000

140,232,000,000

143,741,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

160,669,000,000

202,673,000,000

187,927,000,000

Profit (Loss) Before Tax(*)

5,868,000,000

4,977,000,000

4,164,000,000

Profit After Tax attributable to Shareholders(*)

5,868,000,000

4,977,000,000

4,164,000,000

 

Gross sales

160,669,000,000

202,673,000,000

187,927,000,000

Net income

160,669,000,000

202,673,000,000

187,927,000,000

Cost of goods sold

144,518,000,000

183,366,000,000

168,131,000,000

Gross margin

16,151,000,000

19,307,000,000

19,796,000,000

Expenses from financial activities

7,126,000,000

9,177,000,000

10,974,000,000

In which: Interest expenses

3,341,000,000

4,199,000,000

4,312,000,000

General & administration expenses

3,157,000,000

5,153,000,000

4,658,000,000

Net income from operating activities

5,868,000,000

4,977,000,000

4,164,000,000

Net profit before tax

5,868,000,000

4,977,000,000

4,164,000,000

Net profit after tax

5,868,000,000

4,977,000,000

4,164,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

26.14

(7.28)

Profitability 

Profit Margin (%)

3.65

2.46

2.22

Return on Equity (%)

8.20

6.50

5.16

Return on Assets (%)

4.47

3.55

2.90

Leverage 

Total Debt Equity (Times)

0.83

0.83

0.78

Current Debt Equity (Times)

0.74

0.66

0.68

Long Term Debt to Equity

0.10

0.17

0.10

Total Asset To Total Equity

1.83

1.83

1.78

Asset Management 

Total Assets Turnover (Times)

1.22

1.45

1.31

Fixed Assets Turnover (Times)

2.42

2.86

2.72

Liquidity 

Current Ratio

1.23

1.37

1.36

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Although basic 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

 

Report Details

Country

:

Vietnam

Business Entity Name

:

TAN PHONG JSC

Primary Business Activity

:

Engaged in manufacturing of tea, specializes in Tea Planting, Production, Selling & Research.

 

:

 

Office Contact Details

Operating Address

:

Block 15 Hung Son Town, Lam Thao Dist, Phu Tho

Tel

:

[+84] 210-3787377

 

:

[+84] 210-3772889

 

:

[+84] 210-2215277

Fax

:

[+84] 210-3829388

Email

:

tanphongtea@gmail.com
cttanphongpt@yahoo.com.vn
office@tanphongtea.com.vn

Factory Contact Details

Address

:

Dong Lang Industrial Park, Phu Ninh Dist, Phu Tho

Website Details

Website

:

http://www.tanphongtea.com.vn

Country of Registration

:

Vietnam

Tax / VAT Details

Tax Issuing Authority

:

Ministry of Finance

Local Name Used

:

Gia Trj Gia Tang (Value Added Tax)

Acronym

:

GTGT / VAT

GTGT / VAT Number

:

2600274542

Date of Issuance

:

2 Jan, 2003

 

Primary Products

Products / Materials / Services Description

Activity

Tea

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Food products, nspf

2099

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Tea

0902

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of TAN PHONG JSC is Manufacturing - Finished products.

Key product include :

  • Tea

An integral part of the core business includes:

  • Distribution

Supplementary Business

In addition to the core business, TAN PHONG JSC also is engaged in the following areas of business:

  1. Exporting
    • Exporting - Finished products

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

International Sales (Export)

100%

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

BANK DETAILS

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

VIET TRI

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

MILITARY COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0387295

Branch

:

Dong Da,Hanoi

Branch Address

:

MILITARY COMMERCIAL JOINT STOCK BANK - VIET TRI, PHU THO

SWIFT Code

:

MSCBVNVX

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

Europe

Medium

Exporting

Middle-East

Medium

Exporting

 

 

 

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name

:

TAN PHONG JSC - LAM THAO DIST, PHU THO

Primary Use

:

Office & Administration facilities

Address

:

Block 15 Hung Son Town, Lam Thao Dist, Phu Tho

Country

:

Vietnam

Status

:

Operational

 

FACTORIES, SIZE, & LOCATIONS

The following information relates to the Business Entity's factory as listed above:

Address

:

Dong Lang Industrial Park, Phu Ninh Dist, Phu Tho

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

19 Dec, 2002

1803000064

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.65

UK Pound

1

Rs.98.53

Euro

1

Rs.78.02

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

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