MIRA INFORM REPORT

 

 

Report Date :

07.03.2014

 

IDENTIFICATION DETAILS

 

Name :

VAN HUNG PHAT CO LTD

 

 

Registered Office :

842/2 Nguyen Trai St Ward 14, District 5, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2012

 

 

Date of Incorporation :

20.08.2012

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Trader of Fabricated Textile Products

 

 

No. of Employees

06

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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 policy away 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

 

Organization Name

:

VAN HUNG PHAT CO LTD

Address

:

842/2 Nguyen Trai St Ward 14, District 5, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-22481549

Facsimile

:

[+84] 8-22481549

Primary Business Activity

:

Trader

Key Industry

:

Textiles & Raw Material

 

Registered Legal Address

:

842/2 Nguyen Trai St Ward 14, District 5, Ho Chi Minh

Operational Address

:

842/2 Nguyen Trai St Ward 14, District 5, Ho Chi Minh

Issuing Authority

:

Department of Planning and Investment - National

License Number

:

0305293142

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

:

20 Aug, 2012

Employees

:

6

Capital

:

US$ 23,866

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Ms. To Thi Ngoc Hien

Nationality

:

Vietnamese

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03642596

Name

:

Ms. To Thi Ngoc Hien

Date of Birth

:

1980

Nationality

:

Vietnamese

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the VAN HUNG PHAT 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

:

500,000,000

 

SHAREHOLDERS

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Ms. To Thi Ngoc Hien

Vietnam

n/a

n/a

100.00

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

70%

International Sales (Export)

30%

 

 

Annual Purchases Analysis

Percentage

Local Purchases

20%

Imports

80%

 

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Export

Letter of Credit (At-sight)

Open Account - Settlement by Telegraphic Transfer (T/T) - 90 days

 

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Import

Letter of Credit (At-sight)

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

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

209,265

191,455

-5,377

2012 Annual (*)

329,897

361,398

2,401

 

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

3,988,000,000

7,514,000,000

Non Current Assets

-

12,000,000

Non Current Liabilities

0

0

Other long term assets 

Total Assets

3,988,000,000

7,526,000,000

Total Liabilities

3,631,000,000

7,120,000,000

Current Liabilities

3,631,000,000

7,120,000,000

Long term liabilities 

Shareholders Funds

357,000,000

406,000,000

 

A. Current assets & short term investments

3,988,000,000

7,514,000,000

I. Cash & cash equivalents

1,395,000,000

887,000,000

Cash

1,395,000,000

887,000,000

III. Accounts receivable

792,000,000

2,346,000,000

Accounts receivable trade

555,000,000

1,597,000,000

Trade prepayment

237,000,000

749,000,000

IV. Inventories

1,709,000,000

4,007,000,000

Inventories

1,709,000,000

4,007,000,000

V. Other short term asset

92,000,000

274,000,000

VAT deductible

89,000,000

274,000,000

Other tax receivables

3,000,000

-

B. Long term assets

-

12,000,000

II. Fixed assets

-

12,000,000

Tangible fixed assets

-

12,000,000

Cost

-

12,000,000

Total Assets

3,988,000,000

7,526,000,000

A. Liabilities

3,631,000,000

7,120,000,000

I. Current liabilities

3,631,000,000

7,120,000,000

Short term borrowings

1,699,000,000

4,086,000,000

Accounts payabales-trade

1,821,000,000

2,535,000,000

Advances from customers

108,000,000

345,000,000

Taxes and payable to state budget

3,000,000

154,000,000

B. Owner's equity

357,000,000

406,000,000

I. Owner's equity

357,000,000

406,000,000

Business capital

500,000,000

500,000,000

Retained earnings

(143,000,000)

(94,000,000)

Total Resources

3,988,000,000

7,526,000,000

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

Turnover

4,359,000,000

6,870,000,000

Profit (Loss) Before Tax

(109,000,000)

61,000,000

Profit After Tax attributable to Shareholders

(112,000,000)

50,000,000

 

Gross sales

4,359,000,000

6,870,000,000

Less deductions

0

0

Net income

4,359,000,000

6,870,000,000

Cost of goods sold

3,890,000,000

6,205,000,000

Gross margin

469,000,000

665,000,000

Income from financial activities

1,000,000

2,000,000

Expenses from financial activities

180,000,000

234,000,000

in which :Interest expenses

159,000,000

172,000,000

Selling expenses

0

0

General & administration expenses

309,000,000

372,000,000

Net income form operating activities

(19,000,000)

61,000,000

Extraordinary income

0

0

Extraordinary expenses

90,000,000

0

Extraordinary gains

(90,000,000)

0

Net profit before tax

(109,000,000)

61,000,000

Income tax

3,000,000

11,000,000

Income tax delay

0

0

Net profit after tax

(112,000,000)

50,000,000

Earning per share

0

0

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

57.60

Profitability 

Profit Margin (%)

(2.57)

0.73

Return on Equity (%)

(31.37)

12.32

Return on Assets (%)

(2.81)

0.66

Leverage 

Total Debt Equity (Times)

10.17

17.54

Current Debt Equity (Times)

10.17

17.54

Total Asset To Total Equity

11.17

18.54

Asset Management 

Total Assets Turnover (Times)

1.09

0.91

Fixed Assets Turnover (Times)

-

572.50

Liquidity 

Current Ratio

1.10

1.06

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

=

0.000048 USD
United States Dollars

 

ADDITIONAL INFORMATION

 

Country

:

Vietnam

Business Entity Name

:

VAN HUNG PHAT CO LTD

Primary Business Activity

:

Trader

Primary Industry

:

Textiles & Raw Material

 

Office Contact Details

Operating Address

:

842/2 Nguyen Trai St Ward 14, District 5, Ho Chi Minh

Tel

:

[+84] 8-22481549

Fax

:

[+84] 8-22481549

 

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

:

0305293142

 

Primary Products

Products / Materials / Services Description

Activity

Fabric

Trading

 

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

Year

Imports

Exports

Total

2011

n/a

62,780

62,780

2012

n/a

98,969

98,969

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fabricated textile products, nspf

2399

Trading

Textile goods, nspf

2299

Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fabric woven fabrics, other than goods of heading 5807; other consisting of warp without weft, assembeled by adhesive (bolducs)

5806400000

Trading

Fabrics, of man-made fibers, other than yarns sheathed with polyvinyl chloride, greater than 70 percent by weight of rubber or plastic

5903102090

Trading

Textile products etc. for specific tech uses

5911

Trading

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of VAN HUNG PHAT CO LTD is Trading - Finished products.

Key product include :

Fabric

Supplementary Business

In addition to the core business, VAN HUNG PHAT CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

 

BANK DETAILS

Bank Name

:

ASIA COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

HO CHI MINH

SWIFT Code

:

ASCBVNVX

 

Bank Name

:

SAIGON THUONG TIN COMMERCIAL BANK (SACOMBANK)

Global Identifier

:

P0024801

Branch

:

District 3,Ho Chi Minh

Branch Address

:

SAIGON THUONG TIN COMMERCIAL BANK (SACOMBANK) - TAN BINH

SWIFT Code

:

SGTTVNVX

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

VAN HUNG PHAT CO LTD - TAN BINH DIST, HO CHI MINH

Branch Address

:

40/1 Tan Phuoc Ward 8, Tan Binh Dist, Ho Chi Minh

 

Branch

:

VAN HUNG PHAT CO LTD - GO VAP, HO CHI MINH

Branch Address

:

84/59/7 Bui Quang La Ward 12, Go Vap, Ho Chi Minh

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

High

Importing, Exporting

China

Medium

Importing

Hong Kong

Medium

Importing

India

Medium

Importing

Indonesia

Medium

Importing

Korea, South (Republic of Korea)

Medium

Importing

Malaysia

Medium

Importing

Thailand

Medium

Exporting

 

OFFICE & FACILITIES

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

Name

:

VAN HUNG PHAT CO LTD - DISTRICT 5, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

842/2 Nguyen Trai St Ward 14, District 5, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

2 Nov, 2007

4104002367

 

 

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 :

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%)

 

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.