MIRA INFORM REPORT

 

 

Report Date :

12.07.2014   

 

IDENTIFICATION DETAILS

 

Name :

NHA PHUONG CO LTD

 

 

Registered Office :

Km 2 Group 7 Hai Yen Ward, Mong Cai, Quang Ninh

 

 

Country :

Vietnam

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

03.10.2011

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Trader of Construction & Construction Materials

 

 

No. of Employees

05

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Vietnam

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

 

 

 

Company name and address

 

Organization Name

:

NHA PHUONG CO LTD(1)

Address

:

Km 2 Group 7 Hai Yen Ward, Mong Cai, Quang Ninh

Country

:

Vietnam

Phone (S)

:

[+84] 33-3882515

Facsimile

:

[+84] 33-3882010

Email

:

nhaphuongco1@yahoo.com

Primary Business Activity

:

Trader

Key Industry

:

Construction & Construction Materials

 

Key Facts

Registered Legal Address

:

Km 2 Group 7 Hai Yen Ward, Mong Cai, Quang Ninh

Operational Address

:

Km 2 Group 7 Hai Yen Ward, Mong Cai, Quang Ninh

Issuing Authority

:

Dept. of Planning & Investment - Quang Ninh

License Number

:

5700496135

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

:

3 Oct, 2011

Employees

:

5

Capital

:

US$ 566,072

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

:

Mr. Pham Duc Nha

Nationality

:

Vietnamese

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03738433

Name

:

Mr. Pham Duc Nha

Date of Birth

:

1957

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing NHA PHUONG 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

 

 

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

:

₫ 12,000,000,000

 

Date

Authorized Capital - History

15 Jun, 2004

9,000,000,000

25 Dec, 2013

12,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

4

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Pham Duc Nha

Vietnam

n/a

n/a

58.33

2

Mr. Nguyen Van Vinh

Vietnam

n/a

n/a

20.83

3

Mr. Tran Thi Phuong

Vietnam

n/a

n/a

12.50

4

Mr. Pham Van Nhan

Vietnam

n/a

n/a

8.33

Total

n/a

n/a

99.99

 

 

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

 

 

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

10,072,060

2,179,021

31,781

2012 Annual (*)

6,159,284

1,967,667

26,891

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

-

Note: (*)

Financials listed are the most recent available for this company.

 

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

Current Assets

40,597,000,000

34,298,000,000

Non Current Assets

4,792,000,000

6,678,000,000

Non Current Liabilities

-

0

Share Capital

9,000,000,000

9,000,000,000

Other long term assets 

Total Assets

45,389,000,000

40,976,000,000

Total Liabilities

33,720,000,000

28,746,000,000

Current Liabilities

33,720,000,000

28,746,000,000

Long term liabilities 

Shareholders Funds

11,669,000,000

12,230,000,000

 

Current assets & short term investments

40,597,000,000

34,298,000,000

Cash & cash equivalents

2,338,000,000

2,042,000,000

Cash

2,338,000,000

2,042,000,000

Accounts receivable

19,864,000,000

15,014,000,000

Accounts receivable trade

15,790,000,000

8,531,000,000

Trade prepayment

4,074,000,000

6,483,000,000

Inventories

17,123,000,000

16,260,000,000

Other short term asset

1,272,000,000

982,000,000

Prepaid expenses

149,000,000

60,000,000

VAT deductible

1,123,000,000

922,000,000

Long term assets

4,792,000,000

6,678,000,000

Fixed assets

4,673,000,000

6,534,000,000

Tangible fixed assets

4,673,000,000

3,692,000,000

Cost

7,812,000,000

7,877,000,000

Accumulated depreciation

3,139,000,000

4,185,000,000

Construction in progress

-

2,842,000,000

Other long term assets

119,000,000

144,000,000

Long term prepayments

119,000,000

144,000,000

Total Assets

45,389,000,000

40,976,000,000

Liabilities

33,720,000,000

28,746,000,000

Current liabilities

33,720,000,000

28,746,000,000

Short term borrowings

23,100,000,000

24,600,000,000

Accounts payables-trade

4,660,000,000

891,000,000

Advances from customers

5,819,000,000

3,136,000,000

Taxes and payable to state budget

141,000,000

119,000,000

Owner's equity

11,669,000,000

12,230,000,000

Business capital

9,000,000,000

9,000,000,000

Retained earnings

2,669,000,000

3,230,000,000

Total Resources

45,389,000,000

40,976,000,000

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

Turnover

209,801,000,000

128,265,000,000

Profit (Loss) Before Tax

802,000,000

679,000,000

Profit After Tax attributable to Shareholders

662,000,000

560,000,000

 

Gross sales

209,801,000,000

128,265,000,000

Net income

209,801,000,000

128,265,000,000

Cost of goods sold

202,890,000,000

122,332,000,000

Gross margin

6,911,000,000

5,933,000,000

Income from financial activities

4,000,000

1,000,000

Expenses from financial activities

2,017,000,000

1,646,000,000

In which: Interest expenses

-

1,646,000,000

Selling expenses

2,931,000,000

2,265,000,000

General & administration expenses

1,165,000,000

1,344,000,000

Net income from operating activities

802,000,000

679,000,000

Net profit before tax

802,000,000

679,000,000

Income tax

140,000,000

119,000,000

Net profit after tax

662,000,000

560,000,000

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

(38.86)

Profitability 

Profit Margin (%)

0.32

0.44

Return on Equity (%)

5.67

4.58

Return on Assets (%)

1.46

1.37

Leverage 

Total Debt Equity (Times)

2.89

2.35

Current Debt Equity (Times)

2.89

2.35

Total Asset To Total Equity

3.89

3.35

Asset Management 

Total Assets Turnover (Times)

4.62

3.13

Fixed Assets Turnover (Times)

43.78

19.21

Liquidity 

Current Ratio

1.20

1.19

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 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

 

Primary Products

Products / Materials / Services Description

Activity

Cement

Trading

Iron

Trading

Steel

Trading

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Cement, hydraulic

3241

Trading

Iron & steel forgings

3462

Trading

Steel Foundries, NEC

3325

Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Articles of cement, concrete or artificial stone

6810

Trading

Iron & steel

7200

Trading

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of NHA PHUONG CO LTD is Trading - Finished products.

Key products include :

Iron

Cement

Steel

 

BANK DETAILS

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

31-33 Ngo Quyen Hanoi (Head Office)

SWIFT Code

:

BFTVVNVX

 

OFFICE & FACILITIES

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

Name

:

NHA PHUONG CO LTD - MONG CAI, QUANG NINH

Primary Use

:

Office & Administration facilities

Address

:

Km 2 Group 7 Hai Yen Ward, Mong Cai, Quang Ninh

Country

:

Vietnam

Status

:

Operational

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

15 May, 2004

2202000642

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.19

UK Pound

1

Rs.103.15

Euro

1

Rs.81.87

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

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.