MIRA INFORM REPORT

 

 

Report Date :

20.09.2014

 

IDENTIFICATION DETAILS

 

Name :

TIN PHU MATERIALS CORP

 

 

Registered Office :

12 St 6 Dai Rada Town Phu Lam Ward 13 District 6, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

06.05.2010

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of Agricultural Products

 

 

No. of Employees :

10

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Vietnam

B1

A2

 

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

:

TIN PHU MATERIALS CORP(1)

Address

:

12 St 6 Dai Rada Town Phu Lam Ward 13 District 6, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-54070708

Facsimile

:

[+84] 8-38172744

Email

:

tinphucorp@gmail.com

Primary Business Activity

:

Trader

Key Industry

:

Agricultural Products

 

Key Facts

 

Registered Legal Address

:

12 St 6 Dai Rada Town Phu Lam Ward 13 District 6, Ho Chi Minh

Operational Address

:

12 St 6 Dai Rada Town Phu Lam Ward 13 District 6, Ho Chi Minh

Trading Name

:

TIN PHU MATERIALS

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0309984408

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Corporation

Legal Form - Abbreviation

:

CORP

Operational Status of Business

:

Normal

Date of Registration

:

6 May, 2010

Employees

:

10

Capital

:

US$ 232,514

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.

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

TIN PHU MATERIALS CORP

Primary Business Activity

:

Trader

Primary Industry

:

Agricultural Products

Office Contact Details

Operating Address

:

12 St 6 Dai Rada Town Phu Lam Ward 13 District 6, Ho Chi Minh

Tel

:

[+84] 8-54070708

Fax

:

[+84] 8-38172744

Email

:

tinphucorp@gmail.com

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Vo Van Hung

Nationality

:

Vietnamese

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03753154

Name

:

Mr. Vo Van Hung

Date of Birth

:

1974

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing TIN PHU MATERIALS CORP'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

:

₫ 4,900,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Vo Van Hung

Vietnam

n/a

n/a

90.00

2

Mr. Tu Thanh Tan

Vietnam

n/a

n/a

5.00

3

Mr. Vo Thi Thu Hong

Vietnam

n/a

n/a

5.00

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

 

 

PAYMENT TERMS

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

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

 

Purchasing

 

Type

Terms

Local

Cash on delivery (COD)

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

3,975,276

390,639

-5,281

2012 Annual (*)

5,681,389

671,800

4,898

 

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(*)

8,120,000,000

13,980,000,000

Non Current Assets(*)

17,000,000

10,000,000

Non Current Liabilities(*)

0

0

Share Capital(*)

4,900,000,000

4,900,000,000

Other long term assets 

Total Assets(*)

8,137,000,000

13,990,000,000

Total Liabilities(*)

3,342,000,000

9,092,000,000

Current Liabilities(*)

3,342,000,000

9,092,000,000

Long term liabilities 

Shareholders Funds(*)

4,795,000,000

4,898,000,000

 

Current Assets & Short Term Investments

8,120,000,000

13,980,000,000

Cash & Cash Equivalents

3,040,000,000

1,073,000,000

Cash

3,040,000,000

1,073,000,000

Accounts Receivable

3,877,000,000

3,496,000,000

Accounts Receivable Trade

2,990,000,000

3,015,000,000

Trade Prepayment

887,000,000

481,000,000

Inventories

1,101,000,000

8,930,000,000

Other Short Term Asset

102,000,000

481,000,000

Vat Deductible

85,000,000

448,000,000

Other Tax Receivables

17,000,000

33,000,000

Long Term Assets

17,000,000

10,000,000

Fixed Assets

17,000,000

10,000,000

Tangible Fixed Assets

17,000,000

10,000,000

Cost

19,000,000

19,000,000

Accumulated Depreciation

2,000,000

9,000,000

Total Assets

8,137,000,000

13,990,000,000

Total Liabilites

3,342,000,000

9,092,000,000

Total Current Liabilities

3,342,000,000

9,092,000,000

Short Term Borrowings

-

3,586,000,000

Accounts Payables-Trade

3,042,000,000

4,154,000,000

Advances From Customers

288,000,000

1,281,000,000

Taxes And Payable To State Budget

8,000,000

71,000,000

Other Payables

4,000,000

-

Owner's Equity

4,795,000,000

4,898,000,000

Business Capital

4,900,000,000

4,900,000,000

Retained Earnings

(105,000,000)

(2,000,000)

Total Resources

8,137,000,000

13,990,000,000

 

Note: (*)

 

Financial Highlights

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Turnover(*)

82,805,000,000

118,313,000,000

Profit (Loss) Before Tax(*)

(110,000,000)

124,000,000

Profit After Tax attributable to Shareholders(*)

(110,000,000)

102,000,000

 

Gross Sales

82,805,000,000

118,313,000,000

Less Deductions

34,000,000

3,000,000

Net Income

82,771,000,000

118,310,000,000

Cost Of Goods Sold

81,347,000,000

115,865,000,000

Gross Margin

1,424,000,000

2,445,000,000

Income From Financial Activities

22,000,000

12,000,000

Expenses From Financial Activities

95,000,000

14,000,000

In Which: Interest Expenses

85,000,000

12,000,000

General & Administration Expenses

1,451,000,000

2,159,000,000

Net Income From Operating Activities

(100,000,000)

284,000,000

Extraordinary Income

0

6,000,000

Extraordinary Expenses

10,000,000

166,000,000

Extraordinary Gains

(10,000,000)

(160,000,000)

Net Profit Before Tax

(110,000,000)

124,000,000

Income Tax

0

22,000,000

Net Profit After Tax

(110,000,000)

102,000,000

 

Note: (*)

 

Financial Highlights

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

42.88

Profitability 

Profit Margin (%)

(0.13)

0.09

Return on Equity (%)

(2.29)

2.08

Return on Assets (%)

(1.35)

0.73

Leverage 

Total Debt Equity (Times)

0.70

1.86

Current Debt Equity (Times)

0.70

1.86

Total Asset To Total Equity

1.70

2.86

Asset Management 

Total Assets Turnover (Times)

10.18

8.46

Fixed Assets Turnover (Times)

4,870.88

11,831.30

Liquidity 

Current Ratio

2.43

1.54

 

 

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 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

 

Primary Products

Products / Materials / Services Description

Activity

Animal feed

Trading

Livestock feeds

Trading

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Prepared feeds, nspf

2048

Trading

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Livestock feed, prepared

2309901040

Trading

Preparations used in animal feeding

2309

Trading

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of TIN PHU MATERIALS CORP is Trading - Finished products.

Key products include :

·                     Animal feed

·                     Livestock feeds

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

 

 

 

BANK DETAILS

 

 

 

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, BINH TAY

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408999

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM TECHNOLOGICAL

SWIFT Code

:

VTCBVNVX

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

TIN PHU MATERIALS CORP - HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

12 St 6 Dai Rada Town Phu Lam Ward 13 District 6, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.80

UK Pound

1

Rs.100.06

Euro

1

Rs.78.46

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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%)

 

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.