MIRA INFORM REPORT

Report Date :

02.01.2014

IDENTIFICATION DETAILS

Name :	PHUC THINH CHEMICAL CO LTD
Registered Office :	513/27 Pham Van Bach Ward 15, Tan Binh Dist, Ho Chi Minh
Country :	Vietnam
Date of Incorporation :	19.12.2011
Legal Form :	Private Company with Limited Liability
Line of Business :	Importer of Chemicals
No. of Employees :	10

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 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	:	PHUC THINH CHEMICAL CO LTD
Address	:	513/27 Pham Van Bach Ward 15, Tan Binh Dist, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-35058142
Facsimile	:	[+84] 8-54272624
Primary Business Activity	:	Importer
Key Industry	:	Chemicals

Key Facts

Registered Legal Address	:	513/27 Pham Van Bach Ward 15, Tan Binh Dist, Ho Chi Minh
Operational Address	:	513/27 Pham Van Bach Ward 15, Tan Binh Dist, Ho Chi Minh
Issuing Authority	:	Dept. of Planning & Investment - Ho Chi Minh
License Number	:	0304351666
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	:	19 Dec, 2011
Employees	:	10
Capital	:	US$ 71,130

Report Details

Country	:	Vietnam
Business Entity Name	:	PHUC THINH CHEMICAL CO LTD
Primary Business Activity	:	Importer
Primary Industry	:	Chemicals
Office Contact Details
Operating Address	:	513/27 Pham Van Bach Ward 15, Tan Binh Dist, Ho Chi Minh
Tel	:	[+84] 8-35058142
Fax	:	[+84] 8-54272624

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Pham Phu Tai	Vietnamese	Vice Director	-

Management Details - 1

Personal Unique Identifier	:	MI03603822
Name	:	Mr. Pham Phu Tai
Date of Birth	:	1968

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03603799
Name	:	Mr. Nguyen Van Cao
Date of Birth	:	1972
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the PHUC THINH CHEMICAL CO LTD'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

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

:

1,500,000,000

SHAREHOLDERS

Not available - According to the corporate statutory laws for this type of Legal Form - Category (Private Company with Limited Liability) in Vietnam, there is no public disclosure of Shareholders.

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

FINANCIAL STATEMENT - DETAILED

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. Therefore no financials are available for this entity.

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Food additives	Importing, Trading
Food flavorings	Importing, Trading
Industrial chemicals	Importing, Trading

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Chemical preparations, nspf	2899	Importing, Trading
Chemicals and Allied Products	2800	Importing, Trading
Flavoring extracts and flavoring sirups, nspf	2087	Importing, Trading

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Miscellaneous chemical products	3800	Importing, Trading
Organic chemicals	2900	Importing, Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of PHUC THINH CHEMICAL CO LTD is Importing - Finished products.

Key products include :

Food additives

Food flavorings

Industrial chemicals

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, PHUC THINH CHEMICAL CO LTD also is engaged in the following areas of business:

Trading

Trading - Finished products

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	10%
Imports	90%

BANK DETAILS

Bank Name	:	VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK
Global Identifier	:	32408823
Branch	:	District 1,Ho Chi Minh
Branch Address	:	CONG HOA BRANCH
SWIFT Code	:	EBVIVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
North America	Medium	Importing
India	Medium	Importing
Indonesia	Medium	Importing
USA	Medium	Importing

OFFICE & FACILITIES

Name	:	PHUC THINH CHEMICAL CO LTD - TAN BINH DIST, HO CHI MINH
Address	:	513/27 Pham Van Bach Ward 15, Tan Binh Dist, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

COMPANY HISTORY

Date	Details
2006	Commenced business operations.

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.102.39
Euro	1	Rs.85.12

INFORMATION DETAILS

Report Prepared by :

NIS

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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