MIRA INFORM REPORT

 

 

Report No. :

314835

Report Date :

08.04.2015

 

IDENTIFICATION DETAILS

 

Name :

LAO CAI YELLOW PHOSPHORUS JSC

 

 

Registered Office :

Group 1 Tang Loong Town, Bao Thang Dist, Lao Cai

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2013

 

 

Date of Incorporation :

April, 2012

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Chemicals.

 

 

No. of Employees :

122

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Vietnam

A2

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

:

LAO CAI YELLOW PHOSPHORUS JSC (1)

Address

:

Group 1 Tang Loong Town, Bao Thang Dist, Lao Cai

Country

:

Vietnam

Phone (S)

:

[+84] 20-3867251

Facsimile

:

[+84] 20-3863282

Email

:

sales@phosporuslpc.vn

Website

:

http://phosphoruslpc.vn/

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

Key Facts

Registered Legal Address

:

Group 1 Tang Loong Town, Bao Thang Dist, Lao Cai

Operational Address

:

Group 1 Tang Loong Town, Bao Thang Dist, Lao Cai

Issuing Authority

:

Dept. of Planning & Investment - Lao Cai

License Number

:

5300250560

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

:

Apr, 2012

Employees

:

122

Capital

:

US$ 5,337,400

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

22 Dec, 2008

1203000191

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. Ta Nam Hung

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Cao Xuan Duong

Vietnamese

Vice Director

-

2

Mr. Duong Ba Hung

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03628811

Name

:

Mr. Cao Xuan Duong

 

Date of Birth

:

1977

 

 

Management Details - 2

Personal Unique Identifier

:

MI03628821

Name

:

Mr. Duong Ba Hung

 

Date of Birth

:

1965

 

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03628786

Name

:

Mr. Ta Nam Hung

Date of Birth

:

1971

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing LAO CAI YELLOW PHOSPHORUS 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

 

 

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

:

₫ 112,000,000,000

Paid-up Capital

:

₫ 112,000,000,000

Date

Paid-up Capital - History

2011

66,137,000,000

2012

99,180,000,000

2013

112,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

VIETNAM APATITE CO LTD

Vietnam

n/a

70,560,000,000

63.00

2

Mr. Ta Nam Hung

Vietnam

n/a

35,840,000,000

32.00

3

Undisclosed Shareholders

n/a

n/a

5,600,000,000

5.00

Total

n/a

112,000,000,000

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

5%

International Sales (Export)

95%

 

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

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)

Credit - Unsecured 30~60 days

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent

:

VIETNAM APATITE CO LTD

Global Identifier

:

32408791

Legal Form Category

:

Government-owned Enterprise

Country

:

Vietnam

Operational Address

:

Pom Han Precinct Lao Cai Lao Cai

Primary Business Activity

:

Manufacturer

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2011 Annual  

8,800,240

6,338,646

786,894

2012 Annual  

11,069,376

10,045,494

1,003,090

2013 Annual (*)

12,238,330

15,356,535

1,384,668

 

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

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

Note: (*)

Financials listed are the most recent available for this company.

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2010 Annual

6,961,262

3,247,306

951,668

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

117,553,000,000

172,514,000,000

178,843,000,000

Non Current Assets(*)

14,481,000,000

36,680,000,000

144,591,000,000

Non Current Liabilities(*)

20,922,000,000

20,850,000,000

41,221,000,000

Share Capital(*)

66,137,000,000

99,180,000,000

112,000,000,000

Other long term assets 

Total Assets(*)

132,034,000,000

209,194,000,000

323,840,000,000

Total Liabilities(*)

39,340,000,000

79,680,000,000

171,394,000,000

Current Liabilities(*)

18,418,000,000

58,830,000,000

130,173,000,000

Long term liabilities 

Shareholders Funds(*)

92,694,000,000

129,514,000,000

152,446,000,000

 

Current assets & short term investments

117,553,000,000

172,514,000,000

178,843,000,000

Cash & cash equivalents

35,493,000,000

37,122,000,000

39,699,000,000

Cash

29,493,000,000

4,147,000,000

11,685,000,000

Cash equivalents

6,000,000,000

32,975,000,000

28,014,000,000

Accounts receivable

46,264,000,000

72,209,000,000

31,231,000,000

Accounts receivable trade

1,997,000,000

30,454,000,000

25,719,000,000

Trade prepayment

43,551,000,000

40,996,000,000

3,422,000,000

Others receivables

716,000,000

759,000,000

2,090,000,000

I. Inventories

31,516,000,000

54,752,000,000

93,409,000,000

II. Inventories

31,516,000,000

54,752,000,000

93,409,000,000

Other short term asset

-

78,000,000

198,000,000

Prepaid expenses

-

145,000,000

45,000,000

VAT deductible

4,280,000,000

8,208,000,000

14,261,000,000

Long term assets

14,481,000,000

36,680,000,000

144,997,000,000

Fixed assets

14,481,000,000

36,680,000,000

144,591,000,000

Tangible fixed assets

5,987,000,000

3,564,000,000

3,531,000,000

Cost

2,074,000,000

2,075,000,000

2,062,000,000

I. Accumulated depreciation

13,449,000,000

16,796,000,000

18,194,000,000

Intangible fixed assets

691,000,000

279,000,000

1,000,000

II. Accumulated depreciation

1,383,000,000

1,796,000,000

2,061,000,000

Construction in progress

7,803,000,000

32,837,000,000

141,059,000,000

Other long term assets

-

-

406,000,000

Long term prepayments

-

-

406,000,000

Total assets

132,034,000,000

209,194,000,000

323,840,000,000

Liabilities

39,340,000,000

79,680,000,000

171,394,000,000

Current liabilities

18,418,000,000

58,830,000,000

130,173,000,000

Short term borrowings

-

29,906,000,000

64,580,000,000

Accounts payables-trade

13,540,000,000

19,336,000,000

54,541,000,000

Advances from customers

-

18,000,000

-

Taxes and payable to state budget

3,001,000,000

3,460,000,000

3,512,000,000

Payable to employees

750,000,000

2,979,000,000

3,364,000,000

Accrued expenses payable

982,000,000

1,586,000,000

1,649,000,000

Other payables

145,000,000

118,000,000

265,000,000

I. Bonus and welfare funds

-

1,427,000,000

2,262,000,000

Long term liabilities

20,922,000,000

20,850,000,000

41,221,000,000

Long term borrowings

20,863,000,000

20,850,000,000

41,221,000,000

Provision funds for unemployment

59,000,000

-

-

I. Owner's equity

92,694,000,000

129,514,000,000

152,446,000,000

II. Owner's equity

91,467,000,000

129,514,000,000

152,446,000,000

Business capital

66,137,000,000

99,180,000,000

112,000,000,000

Share capital's surplus

8,768,000,000

8,768,000,000

8,768,000,000

Foreign exchange differences

119,000,000

-

-

Business development funds

2,355,000,000

3,319,000,000

4,779,000,000

Retained earnings

14,088,000,000

18,247,000,000

26,899,000,000

Budget sources

1,227,000,000

-

-

II. Bonus and welfare funds

1,227,000,000

-

-

Total resources

132,034,000,000

209,194,000,000

323,840,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

183,309,000,000

230,516,000,000

258,083,000,000

Profit (Loss) Before Tax(*)

21,932,000,000

25,655,000,000

39,113,000,000

Profit After Tax attributable to Shareholders(*)

16,391,000,000

20,889,000,000

29,200,000,000

 

Gross sales

183,309,000,000

230,516,000,000

258,083,000,000

Less deductions

4,201,000,000

7,804,000,000

9,433,000,000

Net income

179,108,000,000

222,712,000,000

248,650,000,000

Cost of goods sold

148,581,000,000

189,591,000,000

197,730,000,000

Gross margin

30,527,000,000

33,121,000,000

50,920,000,000

Income from financial activities

2,581,000,000

2,094,000,000

3,740,000,000

Expenses from financial activities

449,000,000

456,000,000

2,046,000,000

In which: Interest expenses

-

420,000,000

1,559,000,000

Selling expenses

6,928,000,000

6,995,000,000

8,780,000,000

General & administration expenses

3,872,000,000

4,441,000,000

4,921,000,000

Net income from operating activities

21,857,000,000

23,323,000,000

38,913,000,000

Extraordinary income

419,000,000

2,410,000,000

223,000,000

Extraordinary expenses

344,000,000

78,000,000

23,000,000

Extraordinary gains

75,000,000

2,332,000,000

200,000,000

Net profit before tax

21,932,000,000

25,655,000,000

39,113,000,000

Income tax

5,541,000,000

4,766,000,000

9,913,000,000

Net profit after tax

16,391,000,000

20,889,000,000

29,200,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

35.11

25.75

11.96

Profitability 

Profit Margin (%)

8.94

9.06

11.31

Return on Equity (%)

17.68

16.13

19.15

Return on Assets (%)

12.41

9.99

9.02

Leverage 

Total Debt Equity (Times)

0.42

0.62

1.12

Current Debt Equity (Times)

0.20

0.45

0.85

Long Term Debt to Equity

0.23

0.16

0.27

Total Asset To Total Equity

1.42

1.62

2.12

Asset Management 

Total Assets Turnover (Times)

1.39

1.10

0.80

Fixed Assets Turnover (Times)

12.66

6.28

1.78

Liquidity 

Current Ratio

6.38

2.93

1.37

 

Based on the corporate laws of Vietnam, legal entities which are a 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

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

LAO CAI YELLOW PHOSPHORUS JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

Group 1 Tang Loong Town, Bao Thang Dist, Lao Cai

Tel

:

[+84] 20-3867251

 

:

[+84] 20-3863171

 

:

[+84] 20-3867242

Fax

:

[+84] 20-3863282

Email

:

sales@phosporuslpc.vn

Website Details

Website

:

http://phosphoruslpc.vn/

Status

:

Normal - operational

Country of Registration

:

Vietnam

 

Primary Products

Products/ Materials / Services Description

Activity

Phosphorus

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2011

n/a

8,360,228

8,360,228

2012

n/a

10,515,908

10,515,908

2013

n/a

11,626,413

11,626,413

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Chemical preparations, nspf

2899

Manufacturing, Exporting

Chemicals and Allied Products

2800

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Miscellaneous chemical products

3800

Manufacturing, Exporting

Phosphorus

2804700000

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of LAO CAI YELLOW PHOSPHORUS JSC is Manufacturing - Finished products.

Key product include :

Phosphorus


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, LAO CAI YELLOW PHOSPHORUS JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

 

BANK DETAILS

Bank Name

:

MILITARY COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0387295

Branch

:

Dong Da,Hanoi

Branch Address

:

LAO CAI

SWIFT Code

:

MSCBVNVX

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

32404058

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE - LAO CAI

SWIFT Code

:

ICBVVNVX

 

 

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

 

 

Year

Imports

Exports

Total

2010

n/a

6,613,199

6,613,199

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

Europe

Medium

Exporting

India

Medium

Exporting

Italy

Medium

Exporting

Japan

Medium

Exporting

Malaysia

Medium

Exporting

 

OFFICE & FACILITIES

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

Name

:

LAO CAI YELLOW PHOSPHORUS JSC - BAO THANG DIST, LAO CAI

Primary Use

:

Office & Administration facilities

Address

:

Group 1 Tang Loong Town, Bao Thang Dist, Lao Cai

Country

:

Vietnam

Status

:

Operational

 

 

 

 

 

NOTES & COMMENTS

 

N/A

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.33

UK Pound

1

Rs.92.83

Euro

1

Rs.68.08

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIT

 

               

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.