MIRA INFORM REPORT

 

 

Report Date :

07.03.2014

 

IDENTIFICATION DETAILS

 

Name :

PHONG PHU FABRIC JSC

 

 

Registered Office :

48 Tang Nhon Phu St Kp 3 Tang Nhon Phu B Ward, District 9, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

07.10.2008

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Textiles & Raw Material

 

 

No. of Employees :

1,000

 

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 :

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 – 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 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

 

Company Details

Organization Name

:

PHONG PHU FABRIC JSC

Address

:

48 Tang Nhon Phu St Kp 3 Tang Nhon Phu B Ward, District 9, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-7281894

Facsimile

:

[+84] 8-8966088

Email

:

pkanh@detvaippf.com

Website

:

http://www.phongphufabric.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Textiles & Raw Material

 

Key Facts

Registered Legal Address

:

48 Tang Nhon Phu St Kp 3 Tang Nhon Phu B Ward, District 9, Ho Chi Minh

Operational Address

:

48 Tang Nhon Phu St Kp 3 Tang Nhon Phu B Ward, District 9, Ho Chi Minh

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0305339848

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

:

7 Oct, 2008

Employees

:

1,000

Capital

:

US$ 3,818,616

 

Credit opinion

:

Credit can proceed on a favorable basis but in strict adherence to financing terms.

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Dang Vu Hung

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Ta Cam Hung

Vietnamese

Managing Director

-

2

Mr. Lai Duc Ninh

Vietnamese

Deputy Managing Director

-

3

Ms. Chiem Yen Nhi

Vietnamese

Chief Accountant

-

Management Details - 1

Personal Unique Identifier

:

MI03638283

Name

:

Mr. Ta Cam Hung

 

Date of Birth

:

1973

Management Details - 2

Personal Unique Identifier

:

MI03638297

Name

:

Mr. Lai Duc Ninh

 

Date of Birth

:

1958

Management Details - 3

Personal Unique Identifier

:

MI03638299

Name

:

Ms. Chiem Yen Nhi

 

Date of Birth

:

1977

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03638291

Name

:

Mr. Dang Vu Hung

Nationality

:

Vietnamese

2

 

 

Personal Unique Identifier

:

MI03638283

Name

:

Mr. Ta Cam Hung

Date of Birth

:

1973

Nationality

:

Vietnamese

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the PHONG PHU FABRIC 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

 

 

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

:

80,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

6

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

PHONG PHU CORP

Vietnam

n/a

n/a

50.08

2

Undisclosed Shareholders

n/a

n/a

n/a

34.08

3

PHONG PHU INT'L JSC

Vietnam

n/a

n/a

13.62

4

Mr. Dang Vu Hung

Vietnam

n/a

n/a

1.17

5

SON TUNG CO LTD

Vietnam

n/a

n/a

0.88

6

Mr. Ta Cam Hung

Vietnam

n/a

n/a

0.17

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

 

International Trade - Statistics  (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2011

n/a

3,199,083

3,199,083

2012

n/a

4,392,845

4,392,845

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

90%

International Sales (Export)

10%

Annual Purchases Analysis

Percentage

Local Purchases

80%

Imports

20%

 

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

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

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Import

Letter of Credit (At-sight)

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

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent

:

PHONG PHU CORP

Global Identifier

:

P1142919

Legal Form Category

:

Private Company with Limited Liability

Country

:

Vietnam

Primary Business Activity

:

Manufacturer

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual

31,990,831

13,312,962

2,576,284

2012 Annual (*)

43,928,448

18,323,372

3,280,966

 

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

210,944,000,000

294,089,000,000

Non Current Assets

66,365,000,000

87,489,000,000

Non Current Liabilities

0

0

Share Capital

80,000,000,000

80,000,000,000

Other long term assets 

Total Assets

277,309,000,000

381,578,000,000

Total Liabilities

142,172,000,000

243,683,000,000

Current Liabilities

142,172,000,000

243,683,000,000

Long term liabilities 

Shareholders Funds

135,137,000,000

137,895,000,000

Current assets & short term investments

210,944,000,000

294,089,000,000

Cash & cash equivalents

25,856,000,000

25,862,000,000

Cash

25,856,000,000

25,862,000,000

Short term investments

29,000,000,000

25,000,000,000

Short term securities investments

29,000,000,000

25,000,000,000

Accounts receivable

117,239,000,000

160,753,000,000

Accounts receivable trade

115,304,000,000

169,824,000,000

Trade prepayment

1,774,000,000

67,000,000

Others receivables

3,676,000,000

685,000,000

Provision for bad debts

(3,515,000,000)

(9,823,000,000)

i. Inventories

38,326,000,000

84,843,000,000

ii. Inventories

42,271,000,000

87,044,000,000

Provision for decline in inventory

(3,945,000,000)

(2,201,000,000)

Other short term asset

523,000,000

631,000,000

Long term assets

66,365,000,000

87,489,000,000

Fixed assets

50,831,000,000

72,320,000,000

Tangible fixed assets

35,103,000,000

68,952,000,000

Cost

93,660,000,000

130,075,000,000

Accumulated depreciation

58,557,000,000

61,123,000,000

Construction in progress

15,728,000,000

3,368,000,000

Long term investments

33,800,000,000

13,538,000,000

Invest to subsidiary company

12,241,000,000

10,041,000,000

Invest to joint venture company

-

2,037,000,000

Other long term investments

8,054,000,000

12,276,000,000

Provision for long term investments

(6,495,000,000)

(10,816,000,000)

i. Other long term assets

1,734,000,000

1,631,000,000

Long term prepayments

1,090,000,000

798,000,000

ii. Other long term assets

644,000,000

833,000,000

Total assets

277,309,000,000

381,578,000,000

Liabilities

142,172,000,000

243,683,000,000

Current liabilities

142,172,000,000

243,683,000,000

Short term borrowings

32,732,000,000

78,751,000,000

Accounts payables-trade

82,147,000,000

106,463,000,000

Advances from customers

1,945,000,000

650,000,000

Taxes and payable to state budget

13,188,000,000

28,096,000,000

Payable to employees

11,199,000,000

15,345,000,000

Accrued expenses payable

411,000,000

-

Other payables

550,000,000

4,264,000,000

i. Bonus and welfare funds

-

10,114,000,000

i. Owner equity

135,137,000,000

137,895,000,000

ii. Owner equity

126,375,000,000

137,895,000,000

Business capital

80,000,000,000

80,000,000,000

Foreign exchange differences

129,000,000

-

Business development funds

422,000,000

21,349,000,000

Retained earnings

45,824,000,000

36,546,000,000

Budget sources

8,762,000,000

-

ii. Bonus and welfare funds

8,762,000,000

-

Total resources

277,309,000,000

381,578,000,000

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

Turnover

666,369,000,000

914,795,000,000

Profit (Loss) Before Tax

65,309,000,000

83,652,000,000

Profit After Tax attributable to Shareholders

53,664,000,000

68,325,000,000

Gross sales

666,369,000,000

914,795,000,000

Less deductions

341,000,000

1,039,000,000

Net income

666,028,000,000

913,756,000,000

Cost of goods sold

569,499,000,000

780,799,000,000

Gross margin

96,529,000,000

132,957,000,000

Income from financial activities

5,150,000,000

5,189,000,000

Expenses from financial activities

11,065,000,000

8,288,000,000

In which: Interest expenses

6,781,000,000

3,632,000,000

Selling expenses

2,133,000,000

4,208,000,000

General & administration expenses

22,747,000,000

42,564,000,000

Net income from operating activities

65,734,000,000

83,086,000,000

Extraordinary income

4,059,000,000

2,947,000,000

Extraordinary expenses

4,484,000,000

2,381,000,000

Extraordinary gains

(425,000,000)

566,000,000

Net profit before tax

65,309,000,000

83,652,000,000

Income tax

11,645,000,000

15,327,000,000

Net profit after tax

53,664,000,000

68,325,000,000

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

37.28

Profitability 

Profit Margin (%)

8.05

7.47

Return on Equity (%)

39.71

49.55

Return on Assets (%)

19.35

17.91

Leverage 

Total Debt Equity (Times)

1.05

1.77

Current Debt Equity (Times)

1.05

1.77

Total Asset To Total Equity

2.05

2.77

Asset Management 

Total Assets Turnover (Times)

2.40

2.40

Fixed Assets Turnover (Times)

10.04

10.46

Liquidity 

Current Ratio

1.48

1.21

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 financials were obtained for reference.

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000048 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

PHONG PHU FABRIC JSC

Acronym

:

PPF

Primary Business Activity

:

Manufacturer

Primary Industry

:

Textiles & Raw Material

Office Contact Details

Operating Address

:

48 Tang Nhon Phu St Kp 3 Tang Nhon Phu B Ward, District 9, Ho Chi Minh

Tel

:

[+84] 8-7281894

 

:

[+84] 8-37281892

 

:

[+84] 8-37281890

Fax

:

[+84] 8-8966088

 

:

[+84] 8-37281893

Email

:

pkanh@detvaippf.com
info@phongphufabric.com

Website Details

Website

:

http://www.phongphufabric.com

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

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

:

0305339848

 

Primary Products

Products / Materials / Services Description

Activity

Cotton thread

Manufacturing, Exporting

Denim fabrics

Manufacturing, Exporting

Fabric

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fabricated textile products, nspf

2399

Manufacturing, Exporting

Textile goods, nspf

2299

Manufacturing, Exporting

Thread and handwork yarns

2284

Manufacturing, Exporting

Yarn, spun, of cotton, man-made fibers, and silk

2281

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Cotton, carded or combed

5203

Manufacturing, Exporting

Cotton, inc. yarns & woven fabrics thereof

5200

Manufacturing, Exporting

Narrow woven fabrics except labels etc in pc etc

5806

Manufacturing, Exporting

Silk, inc. yarns & woven fabrics thereof

5000

Manufacturing, Exporting

Textile products etc. for specific tech uses

5911

Manufacturing, Exporting

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

 

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

Key products include:

Cotton thread

Denim fabrics

Fabric


An integral part of the core business includes:

Distribution

 

Supplementary Business

 

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

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

BANK DETAILS

Bank Name

:

HSBC BANK (VIETNAM) LTD

Global Identifier

:

32403760

Branch

:

District 1,Ho Chi Minh

Branch Address

:

HSBC BANK (VIETNAM) LTD - HO CHI MINH

SWIFT Code

:

HSBCVNVX

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM - HO CHI MINH

SWIFT Code

:

BFTVVNVX

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

PHONG PHU FABRIC JSC - LIEN CHIEU, DA NANG

Branch Address

:

3 Hoa Khanh Industrial Zone, Lien Chieu, Da Nang

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Hong Kong

Medium

Exporting

Japan

Medium

Importing, Exporting

Singapore

Medium

Importing

 

 

OFFICE & FACILITIES

 

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

 

Name

:

PHONG PHU FABRIC JSC - DISTRICT 9, HO CHI MINH

Primary Use

:

Office & Administration facilities

Other Use

:

This facility is also used for Manufacturing

Type of Location

:

Semi-Residential

Address

:

48 Tang Nhon Phu St Kp 3 Tang Nhon Phu B Ward, District 9, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

QUALITY ACCREDITATION

 

Quality Accreditation Listings

 

#

Name

Accreditation Category

1

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

14001:2004

 

 

PREVIOUS CONTACT DETAILS

 

Phone Number

:

84-8-7281894

Fax Number

:

84-8-8966088

 

 

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

16 Nov, 2007

4103008460

 

 

 

NOTES & COMMENTS

 

N/A

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.32

UK Pound

1

Rs.102.54

Euro

1

Rs.84.19

 

 

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.