MIRA INFORM REPORT

 

 

Report No. :

325434

Report Date :

10.06.2015

 

IDENTIFICATION DETAILS

 

Name :

FUTURE GENERATION VINH PHUC CO LTD

 

 

Registered Office :

Hung Thinh Hamlet Hop Thinh Communee, Tam Duong, Vinh Phu

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2013

 

 

Date of Incorporation :

09.12.2013

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer of Agricultural Products.

 

 

No. of Employees :

300

 

 

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 :

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 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 18% in 2014, while industry's share increased from 36% to 38% 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 2014 growing at 5.4%, one of the slower growth rates since 1999. Exports have grown strongly in 2013-14; 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 has remained relatively stable since then. 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, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses. Vietnam is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations.

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

FUTURE GENERATION VINH PHUC CO LTD (1)

Address

:

Rm 2906, 29Fl, 34T Bldg KDT Trung Hoa Nhan Chinh, Cau Giay Dist, Hanoi

Country

:

Vietnam

Phone (S)

:

[+84]-22210055

Facsimile

:

[+84]-22210056

Email

:

phuonganh280708@gmail.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Agricultural Products

 

Key Facts

 

Registered Legal Address

:

Hung Thinh Hamlet Hop Thinh Communee, Tam Duong, Vinh Phu

Operational Address

:

Rm 2906, 29Fl, 34T Bldg KDT Trung Hoa Nhan Chinh, Cau Giay Dist, Hanoi

Issuing Authority

:

Dept. of Planning & Investment - Hanoi

License Number

:

0100378356-002

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 Dec, 2013

Employees

:

300

Capital

:

US$ 4,796,002

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

24 Apr, 2003

1904000001

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.

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

FUTURE GENERATION VINH PHUC CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Agricultural Products

Office Contact Details

Operating Address

:

Rm 2906, 29Fl, 34T Bldg KDT Trung Hoa Nhan Chinh, Cau Giay Dist, Hanoi

Tel

:

[+84]-22210055

Fax

:

[+84]-22210056

Email

:

phuonganh280708@gmail.com

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

:

0100378356-002

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Executive Director

Name

:

Ms. Chi Ngan Doan

Nationality

:

Vietnamese

 

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Phuong Anh Nguyen

Vietnamese

Chief Accountant

-

2

Ms. Phuong Nam Tran

Vietnamese

Deputy Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI02855721

Name

:

Ms. Phuong Anh Nguyen

 

Email

:

phuonganh280708@gmail.com

Date of Birth

:

1973

 

 

Management Details - 2

Personal Unique Identifier

:

MI02855719

Name

:

Ms. Phuong Nam Tran

 

Date of Birth

:

1975

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI02855718

Name

:

Ms. Chi Ngan Doan

Date of Birth

:

1968

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

The FUTURE GENERATION VINH PHUC CO LTD maintains a good and well-established reputation in the local market.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

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

 

DEBT

 

No Record Found

 

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

 

CIVIL LITIGATION

 

No Record Found

 

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

 

PERFORMANCE DEFAULTS

 

No Record Found

 

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

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

₫ 100,000,000,000

 

Date

Authorized Capital - History

2010

50,000,000,000

2014

100,000,000,000

 

 

 

SHAREHOLDERS

 

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

FUTURE GENERATION CO LTD

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

5%

International Sales (Export)

95%

 

Annual Purchases Analysis

Percentage

Local Purchases

40%

Imports

60%

 

 

 

PAYMENT TERMS

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

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

Export

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

 

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

 

 

Direct Parent

:

FUTURE GENERATION CO LTD

Global Identifier

:

P0287760

Legal Form Category

:

Private Company with Limited Liability

Country

:

Vietnam

Operational Address

:

Rm 2906, 34 T Bldg Trung Hoa Nhan Chinh Cau Giay Dist Hanoi

Primary Business Activity

:

Manufacturer

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2011 Annual  

20,505,329

10,315,987

356,169

2012 Annual  

20,138,000

12,620,086

344,688

2013 Annual (*)

21,271,865

15,558,924

158,431

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/down_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

2009 Annual

19,911,480

9,295,230

65,471

2010 Annual

21,151,873

11,080,862

502,206

 

 

 

 

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

194,193,000,000

244,695,000,000

312,116,000,000

Non Current Assets(*)

20,689,000,000

18,114,000,000

15,992,000,000

Share Capital(*)

50,000,000,000

50,000,000,000

77,630,000,000

Other long term assets 

Total Assets(*)

214,882,000,000

262,809,000,000

328,108,000,000

Total Liabilities(*)

144,139,000,000

190,507,000,000

228,259,000,000

Current Liabilities(*)

144,139,000,000

-

-

Long term liabilities 

Shareholders Funds(*)

70,743,000,000

72,302,000,000

99,849,000,000

 

Current assets & short term investments

194,193,000,000

244,695,000,000

312,116,000,000

Cash & cash equivalents

5,837,000,000

19,472,000,000

9,241,000,000

Cash

5,837,000,000

19,472,000,000

9,241,000,000

Accounts receivable

98,607,000,000

75,469,000,000

87,218,000,000

Accounts receivable trade

85,255,000,000

53,671,000,000

56,225,000,000

Trade prepayment

12,360,000,000

21,762,000,000

30,939,000,000

Others receivables

992,000,000

36,000,000

54,000,000

Inventories

79,401,000,000

143,160,000,000

194,589,000,000

i. Other short term asset

-

6,594,000,000

21,068,000,000

VAT deductible

10,306,000,000

6,387,000,000

20,412,000,000

Other tax receivables

42,000,000

207,000,000

603,000,000

ii. Other short term asset

-

-

53,000,000

Long term assets

20,689,000,000

18,114,000,000

15,992,000,000

Fixed assets

20,226,000,000

17,761,000,000

15,786,000,000

Tangible fixed assets

19,946,000,000

17,545,000,000

15,570,000,000

Cost

34,924,000,000

37,529,000,000

39,319,000,000

Accumulated depreciation

14,978,000,000

19,984,000,000

23,749,000,000

Construction in progress

280,000,000

216,000,000

216,000,000

i. Other long term assets

-

353,000,000

206,000,000

Long term prepayments

-

-

206,000,000

ii. Other long term assets

-

353,000,000

-

Total assets

214,882,000,000

262,809,000,000

328,108,000,000

Liabilities

144,139,000,000

190,507,000,000

228,259,000,000

Current liabilities

144,139,000,000

190,507,000,000

228,259,000,000

Short term borrowings

101,552,000,000

146,399,000,000

183,274,000,000

Accounts payables-trade

38,809,000,000

27,377,000,000

38,872,000,000

Advances from customers

1,822,000,000

14,202,000,000

1,404,000,000

Taxes and payable to state budget

893,000,000

1,284,000,000

156,000,000

Payable to employees

698,000,000

660,000,000

309,000,000

Accrued expenses payable

349,000,000

564,000,000

730,000,000

Other payables

16,000,000

21,000,000

3,251,000,000

i. Bonus and welfare funds

-

-

263,000,000

i. Owner's equity

-

72,302,000,000

99,849,000,000

ii. Owner's equity

-

72,296,000,000

99,849,000,000

Business capital

50,000,000,000

50,000,000,000

77,630,000,000

Other funds from owner's equity

1,220,000,000

1,221,000,000

11,503,000,000

Retained earnings

18,377,000,000

21,075,000,000

10,716,000,000

ii. Bonus and welfare funds

-

6,000,000

-

Budget sources

6,000,000

6,000,000

-

Total resources

214,882,000,000

262,809,000,000

328,108,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

427,126,000,000

419,367,000,000

448,583,000,000

Profit (Loss) Before Tax(*)

8,312,000,000

8,716,000,000

4,492,000,000

Profit After Tax attributable to Shareholders(*)

7,419,000,000

7,178,000,000

3,341,000,000

 

Gross sales

427,126,000,000

419,367,000,000

448,583,000,000

Less deductions

2,305,000,000

2,313,000,000

2,852,000,000

Net income

424,821,000,000

417,054,000,000

445,731,000,000

Cost of goods sold

369,720,000,000

359,412,000,000

392,168,000,000

Gross margin

55,101,000,000

57,642,000,000

53,563,000,000

Income from financial activities

11,360,000,000

2,891,000,000

3,829,000,000

Expenses from financial activities

15,903,000,000

5,427,000,000

9,482,000,000

Selling expenses

0

0

43,291,000,000

General & administration expenses

42,139,000,000

46,319,000,000

0

Net income from operating activities

8,419,000,000

8,787,000,000

4,619,000,000

Extraordinary income

84,000,000

1,000,000

1,003,000,000

Extraordinary expenses

191,000,000

72,000,000

1,130,000,000

Extraordinary gains

(107,000,000)

(71,000,000)

(127,000,000)

Net profit before tax

8,312,000,000

8,716,000,000

4,492,000,000

Income tax

893,000,000

1,538,000,000

1,151,000,000

Net profit after tax

7,419,000,000

7,178,000,000

3,341,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

3.61

(1.82)

6.97

Profitability 

Profit Margin (%)

1.74

1.71

0.74

Return on Equity (%)

10.49

9.93

3.35

Return on Assets (%)

3.45

2.73

1.02

Leverage 

Total Debt Equity (Times)

2.04

2.63

2.29

Current Debt Equity (Times)

2.04

-

-

Total Asset To Total Equity

3.04

3.63

3.29

Asset Management 

Total Assets Turnover (Times)

1.99

1.60

1.37

Fixed Assets Turnover (Times)

20.65

23.15

28.05

Liquidity 

Current Ratio

1.35

-

-

 

 

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

=

0.000046 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Agricultural products

Manufacturing, Exporting

Black tea

Manufacturing, Exporting

Green tea

Manufacturing, Exporting

Tea

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2011

n/a

19,480,062

19,480,062

2012

n/a

19,131,100

19,131,100

2013

n/a

20,208,272

20,208,272

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Agricultural Production-Crops

0100

Manufacturing, Exporting

Manufactured articles, nspf

3999

Manufacturing, Exporting

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Black tea (fermented) and partly fermented tea, in tea bags

0902300010

Manufacturing, Exporting

Coffee, tea, mate & spices

0900

Manufacturing, Exporting

Green tea (not fermented) nesoi

0902209000

Manufacturing, Exporting

Tea

0902

Manufacturing, Exporting

 

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

 

The primary business focus of FUTURE GENERATION VINH PHUC CO LTD is Manufacturing - Finished products.


Key products include :

Agricultural products

Black tea

Green tea

Tea

An integral part of the core business includes:

Distribution

 

 

 

Supplementary Business

 

In addition to the core business, FUTURE GENERATION VINH PHUC CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

 

BANK DETAILS

 

Bank Name

:

ANZ BANK (VIETNAM) LTD

Global Identifier

:

P1310499

Branch

:

District 1,Ho Chi Minh

Branch Address

:

ANZ BANK (VIETNAM) LTD - HANOI

SWIFT Code

:

This bank does not have a SWIFT Code

 

Bank Name

:

ANZ BANK (VIETNAM) LTD

Global Identifier

:

P1310499

Branch

:

District 1,Ho Chi Minh

Branch Address

:

ANZ BANK (VIETNAM) LTD - HO CHI MINH

SWIFT Code

:

This bank does not have a SWIFT Code

 

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, VINH PHUC

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

MILITARY COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0387295

Branch

:

Dong Da,Hanoi

Branch Address

:

MILITARY COMMERCIAL JOINT STOCK BANK, DIEN BIEN PHU

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 - PHU THO

SWIFT Code

:

ICBVVNVX

 

 

 

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

 

Year

Imports

Exports

Total

2009

n/a

18,915,906

18,915,906

2010

n/a

20,094,279

20,094,279

 

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

High

Importing, Exporting

Europe

Medium

Exporting

Middle-East

Medium

Exporting

China

Medium

Importing

Japan

Medium

Importing, Exporting

Singapore

Medium

Importing

Taiwan

Medium

Exporting

 

 

 

OFFICE & FACILITIES

 

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

 

 

Name

:

FUTURE GENERATION VINH PHUC CO LTD - CAU GIAY DIST, HANOI

Primary Use

:

Office & Administration facilities

Building Size

:

5,000 Square meters

Address

:

Rm 2906, 29Fl, 34T Bldg KDT Trung Hoa Nhan Chinh, Cau Giay Dist, Hanoi

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

NOTES & COMMENTS

 

NA

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.94

UK Pound

1

Rs.98.27

Euro

1

Rs.72.37

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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.