MIRA INFORM REPORT

 

 

Report Date :

04.10.2014

 

IDENTIFICATION DETAILS

 

Name :

THIEN LOC PHUC CO LTD

 

 

Registered Office :

11A Le Lam St Phu Thanh Ward, Tan Phu Dist, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

31.01.2010

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Importer of Consumer 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 :

Unknown

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

 

 

 

Company name and address

 

Company Details

Organization Name

:

THIEN LOC PHUC CO LTD

Address

:

11A Le Lam St Phu Thanh Ward, Tan Phu Dist, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-54340120

Facsimile

:

[+84] 8-54340120

Email

:

phucphph2003@yahoo.com

Primary Business Activity

:

Importer

Key Industry

:

Consumer Products

 

Key Facts

Registered Legal Address

:

11A Le Lam St Phu Thanh Ward, Tan Phu Dist, Ho Chi Minh

Operational Address

:

11A Le Lam St Phu Thanh Ward, Tan Phu Dist, Ho Chi Minh

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0305587865

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

:

31 Jan, 2010

Employees

:

6

Capital

:

US$ 85,957

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 Huu Phuc

Nationality

:

Vietnamese

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03775155

Name

:

Mr. Pham Huu Phuc

Date of Birth

:

1970

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing THIEN LOC PHUC 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

:

₫ 1,800,000,000

 

SHAREHOLDERS

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Pham Huu Phuc

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

100%

 

 

Annual Purchases Analysis

Percentage

Local Purchases

10%

Imports

90%

 

 

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

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2012 Annual (*)

508,532

393,476

41,969

Note: (*)

Financials listed are the most recent available for this company.

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currencyw

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

Current Assets(*)

7,624,000,000

Non Current Assets(*)

570,000,000

Non Current Liabilities(*)

213,000,000

Share Capital(*)

1,800,000,000

Other long term assets 

Total Assets(*)

8,194,000,000

Total Liabilities(*)

5,446,000,000

Current Liabilities(*)

5,233,000,000

Long term liabilities 

Shareholders Funds(*)

2,748,000,000

 

Current assets & short term investments

7,624,000,000

Cash & cash equivalents

613,000,000

Cash

613,000,000

Accounts receivable

2,309,000,000

Accounts receivable trade

1,867,000,000

Trade prepayment

442,000,000

I. Inventories

4,472,000,000

II. Inventories

4,472,000,000

Other short term asset

230,000,000

Prepaid expenses

1,000,000

VAT deductible

229,000,000

Long term assets

570,000,000

Fixed assets

570,000,000

Tangible fixed assets

570,000,000

Cost

647,000,000

Accumulated depreciation

77,000,000

Total assets

8,194,000,000

Liabilities

5,446,000,000

Current liabilities

5,233,000,000

Short term borrowings

1,200,000,000

Accounts payables-trade

2,392,000,000

Taxes and payable to state budget

24,000,000

Payable to employees

7,000,000

Accrued expenses payable

17,000,000

Other payables

1,465,000,000

Bonus and welfare funds

128,000,000

Long term liabilities

213,000,000

Long term borrowings

213,000,000

I. Owner's equity

2,748,000,000

II. Owner's equity

2,748,000,000

Business capital

1,800,000,000

Foreign exchange differences

7,000,000

Retained earnings

941,000,000

Total resources

8,194,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

Turnover(*)

10,590,000,000

Profit (Loss) Before Tax(*)

1,060,000,000

Profit After Tax attributable to Shareholders(*)

874,000,000

 

Gross sales

10,590,000,000

Net income

10,590,000,000

Cost of goods sold

8,472,000,000

Gross margin

2,118,000,000

Income from financial activities

2,000,000

Expenses from financial activities

280,000,000

Selling expenses

475,000,000

General & administration expenses

305,000,000

Net income from operating activities

1,060,000,000

Net profit before tax

1,060,000,000

Income tax

265,000,000

Income tax delay

79,000,000

Net profit after tax

874,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

Profitability 

Profit Margin (%)

8.25

Return on Equity (%)

31.80

Return on Assets (%)

10.67

Leverage 

Total Debt Equity (Times)

1.98

Current Debt Equity (Times)

1.90

Long Term Debt to Equity

0.08

Total Asset To Total Equity

2.98

Asset Management 

Total Assets Turnover (Times)

1.29

Fixed Assets Turnover (Times)

18.58

Liquidity 

Current Ratio

1.46

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

=

0.000048 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

THIEN LOC PHUC CO LTD

Primary Business Activity

:

Importer

Primary Industry

:

Consumer Products

Office Contact Details

Operating Address

:

11A Le Lam St Phu Thanh Ward, Tan Phu Dist, Ho Chi Minh

Tel

:

[+84] 8-54340120

Mobile

:

[+84]-983614480

Fax

:

[+84] 8-54340120

Email

:

phucphph2003@yahoo.com

 

 

Primary Products

Products / Materials / Services Description

Activity

Chemical products

Importing, Trading

Leather products

Importing, Trading

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Chemical preparations, nspf

2899

Importing, Trading

Chemicals and Allied Products

2800

Importing, Trading

Chemicals/Allied Prdts, NEC

5169

Importing, Trading

Leather and Leather Products

3100

Importing, Trading

Manufactured articles, nspf

3999

Importing, Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Articles of leather

4205

Importing, Trading

Chemical products and preparations of the chemical or allied industries

3823909050

Importing, Trading

Miscellaneous chemical products

3800

Importing, Trading

Miscellaneous manufactured articles

9600

Importing, Trading

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of THIEN LOC PHUC CO LTD is Importing - Finished products.

Key products include :

Leather products

Chemical products


An integral part of the core business includes:

Distribution

 

BANK DETAILS

Bank Name

:

MEKONG HOUSING BANK

Global Identifier

:

P0386204

Branch

:

District 3,Ho Chi Minh

Branch Address

:

MEKONG HOUSING BANK - CHO LON

SWIFT Code

:

MHBBVNVX

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Europe

Medium

Importing

China

Medium

Importing

India

Medium

Importing

Spain

Medium

Importing

Taiwan

Medium

Importing

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

20 Mar, 2008

4104003869

 

REAL ESTATE OWNERSHIP

The following property / ies are owned by THIEN LOC PHUC CO LTD :

 

Property Name

:

THIEN LOC PHUC CO LTD - TAN PHU DIST, HO CHI MINH

Type of Property

:

Office & Administration

Address

:

11A Le Lam St Phu Thanh Ward, Tan Phu Dist, Ho Chi Minh

Property Size

:

160 Square meters

 

 

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.75

UK Pound

1

Rs.100.07

Euro

1

Rs.77.95

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.