MIRA INFORM REPORT

 

 

Report Date :

30.10.2014

 

IDENTIFICATION DETAILS

 

Name :

GIANG PHAN CO LTD

 

 

Registered Office :

19/152, 19 Alley 152 Hao Nam St O Cho Dua Ward, Dong Da, Hanoi

 

 

Country :

Viet Nam

 

 

Financials (as on) :

01.12.2013

 

 

Date of Incorporation :

09.09.2014

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Trader of Plywood, Timber & Wood Products

 

 

No. of Employees :

30

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Viet Nam

B1

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

VIET NAM - 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

:

GIANG PHAN CO LTD

Address

:

19/152, 19 Alley 152 Hao Nam St O Cho Dua Ward, Dong Da, Hanoi

Country

:

Vietnam

Phone (S)

:

[+84] 4-66812799

Facsimile

:

[+84] 4-37938427

Primary Business Activity

:

Trader

Key Industry

:

Plywood, Timber & Wood Products

 

Key Facts

Registered Legal Address

:

19/152, 19 Alley 152 Hao Nam St O Cho Dua Ward, Dong Da, Hanoi

Operational Address

:

19/152, 19 Alley 152 Hao Nam St O Cho Dua Ward, Dong Da, Hanoi

Issuing Authority

:

Dept. of Planning & Investment - Hanoi

License Number

:

0102810589

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

:

9 Sep, 2014

Employees

:

30

Capital

:

US$ 716,045

Note

:

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. Bui Trong Nghia

Nationality

:

Vietnamese

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03781698

Name

:

Mr. Bui Trong Nghia

Date of Birth

:

1974

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing GIANG PHAN 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

 

http://www.asiancredit.com/Manage/Image/space.gif

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

15,000,000,000

Date

Authorized Capital - History

8 Jul, 2008

1,000,000,000

9 Sep, 2014

15,000,000,000

 

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. Bui Trong Nghia

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

International Sales (Export)

80%

Domestic Sales

20%

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~90 days

Export

Letter of Credit (At-sight)

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

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~90 days

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

4,244,935

614,642

3,841

2012 Annual  

6,308,915

857,301

7,443

2013 Annual  

6,905,082

884,670

27,077

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

12,098,000,000

17,448,000,000

16,107,000,000

Non Current Assets(*)

705,000,000

405,000,000

2,549,000,000

Non Current Liabilities(*)

2,000,000,000

2,000,000,000

2,000,000,000

Share Capital(*)

1,000,000,000

1,000,000,000

1,000,000,000

Other long term assets 

Total Assets(*)

12,803,000,000

17,853,000,000

18,656,000,000

Total Liabilities(*)

11,702,000,000

16,596,000,000

16,828,000,000

Current Liabilities(*)

9,702,000,000

14,596,000,000

14,828,000,000

Long term liabilities 

Shareholders Funds(*)

1,101,000,000

1,257,000,000

1,828,000,000

 

Current assets & short term investments

12,098,000,000

17,448,000,000

106,170,000

Cash & cash equivalents

2,022,000,000

5,035,000,000

5,252,000,000

Cash

2,022,000,000

5,035,000,000

5,252,000,000

Accounts receivable

5,979,000,000

8,754,000,000

7,585,000,000

Accounts receivable trade

5,791,000,000

8,566,000,000

7,468,000,000

Others receivables

188,000,000

188,000,000

117,000,000

Inventories

3,894,000,000

3,659,000,000

3,197,000,000

Other short term asset

203,000,000

-

73,000,000

VAT deductible

203,000,000

-

73,000,000

Long term assets

705,000,000

405,000,000

2,549,000,000

Fixed assets

698,000,000

402,000,000

2,548,000,000

Tangible fixed assets

698,000,000

402,000,000

4,345,000,000

Cost

1,288,000,000

1,288,000,000

4,345,000,000

Accumulated depreciation

590,000,000

886,000,000

-

Finance lease assets

-

-

(1,797,000,000)

I. Accumulated depreciation

-

-

1,797,000,000

Long term investments

7,000,000

-

-

Other long term investments

7,000,000

-

-

Other long term assets

-

3,000,000

1,000,000

Total assets

12,803,000,000

17,853,000,000

18,656,000,000

Liabilities

11,702,000,000

16,596,000,000

16,828,000,000

Current liabilities

9,702,000,000

14,596,000,000

14,828,000,000

Short term borrowings

4,000,000,000

4,001,000,000

4,981,000,000

Accounts payables-trade

5,672,000,000

10,219,000,000

8,980,000,000

Taxes and payable to state budget

30,000,000

376,000,000

427,000,000

Payable to employees

-

-

440,000,000

Long term liabilities

2,000,000,000

2,000,000,000

2,000,000,000

Long term borrowings

2,000,000,000

2,000,000,000

2,000,000,000

Owner's equity

1,101,000,000

1,257,000,000

1,828,000,000

Business capital

1,000,000,000

1,000,000,000

1,000,000,000

Retained earnings

101,000,000

257,000,000

828,000,000

Total resources

12,803,000,000

17,853,000,000

18,656,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

88,422,000,000

131,381,000,000

145,615,000,000

Profit (Loss) Before Tax(*)

107,000,000

207,000,000

761,000,000

Profit After Tax attributable to Shareholders(*)

80,000,000

155,000,000

571,000,000

 

Gross sales

88,444,000,000

131,381,000,000

145,615,000,000

Less deductions

22,000,000

0

0

Net income

88,422,000,000

131,381,000,000

145,615,000,000

Cost of goods sold

80,038,000,000

121,876,000,000

134,925,000,000

Gross margin

8,384,000,000

9,505,000,000

10,690,000,000

Income from financial activities

360,000,000

223,000,000

281,000,000

Expenses from financial activities

480,000,000

376,000,000

372,000,000

In which: Interest expenses

312,000,000

0

372,000,000

General & administration expenses

8,136,000,000

9,145,000,000

9,838,000,000

Net income from operating activities

128,000,000

207,000,000

761,000,000

Extraordinary expenses

21,000,000

0

0

Extraordinary gains

(21,000,000)

0

0

Net profit before tax

107,000,000

207,000,000

761,000,000

Income tax

27,000,000

52,000,000

190,000,000

Net profit after tax

80,000,000

155,000,000

571,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

48.58

10.83

Profitability 

Profit Margin (%)

0.09

0.12

0.39

Return on Equity (%)

7.27

12.33

31.24

Return on Assets (%)

0.62

0.87

3.06

Leverage 

Total Debt Equity (Times)

10.63

13.20

9.21

Current Debt Equity (Times)

8.81

11.61

8.11

Long Term Debt to Equity

1.82

1.59

1.09

Total Asset To Total Equity

11.63

14.20

10.21

Asset Management 

Total Assets Turnover (Times)

6.91

7.36

7.81

Fixed Assets Turnover (Times)

125.42

324.40

57.13

Liquidity 

Current Ratio

1.25

1.20

1.09

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

:

GIANG PHAN CO LTD

Primary Business Activity

:

Trader

Primary Industry

:

Plywood, Timber & Wood Products

Office Contact Details

Operating Address

:

19/152, 19 Alley 152 Hao Nam St O Cho Dua Ward, Dong Da, Hanoi

Tel

:

[+84] 4-66812799

Mobile

:

[+84]-903204995

Fax

:

[+84] 4-37938427

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

:

0102810589

Date of Issuance

:

9 Sep, 2014

 

Primary Products

Products / Materials / Services Description

Activity

Timber

Trading, Exporting

Wood products

Trading, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Logs, pulpwood, timber, poles, etc

2411

Trading, Exporting

Wood products, nspf

2499

Trading, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Articles of wood

4421

Trading, Exporting

Wood & articles of wood; wood charcoal

4400

Trading, Exporting

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of GIANG PHAN CO LTD is Trading - Finished products.

Key products include :

  • Wood products
  • Timber

Supplementary Business

In addition to the core business, GIANG PHAN CO LTD also is engaged in the following areas of business:

  1. Exporting
    • Exporting - Finished products

 

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

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

Japan

Medium

Exporting

Malaysia

Medium

Exporting

 

PREVIOUS BUSINESS LICENSE/S

 

License No.

License Date

0104003642

8 Jul, 2008

 

REAL ESTATE OWNERSHIP

The following property / ies are owned by GIANG PHAN CO LTD :

 

Property Name

:

GIANG PHAN CO LTD - DONG DA, HANOI

Type of Property

:

Office & Administration

Address

:

19/152, 19 Alley 152 Hao Nam St O Cho Dua Ward, Dong Da, Hanoi

 

 

 

 

NOTES & COMMENTS

 

N/a

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.31

UK Pound

1

Rs.99.00

Euro

1

Rs.78.14

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

PDT

 

               

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.