MIRA INFORM REPORT

 

 

Report No. :

343997

Report Date :

16.10.2015

 

IDENTIFICATION DETAILS

 

Name :

VINH PHAT SPINNING CO LTD

 

 

Registered Office :

Quang Minh Industrial Chi Dong Town, Me Linh, Hanoi

 

 

Country :

Vietnam

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

28.05.2013

 

 

Legal Form :

Private Company With Limited Liability

 

 

Line of Business :

Manufacturer of Textiles & Raw Material.

 

 

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 :

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. Agriculture's share of economic output has shrunk 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 now account for only about 40% of GDP.

Vietnamese authorities have reaffirmed their commitment to economic modernization and a more open economy. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam joined the 12-nation Trans-Pacific Partnership free trade agreement negotiations in 2010.

Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. 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. 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.

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 to restructure 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.

 

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

VINH PHAT SPINNING CO LTD

Name in Local Language

:

CÔNG TY TNHH SỢI VINH PHÁT

Address

:

Quang Minh Industrial Chi Dong Town, Me Linh, Hanoi

Country

:

Vietnam

Phone (S)

:

[+84] 4-35860034

Email

:

info@vinhphat.biz

Primary Business Activity

:

Manufacturer

Key Industry

:

Textiles & Raw Material

 

Key Facts

Registered Legal Address

:

Quang Minh Industrial Chi Dong Town, Me Linh, Hanoi

Operational Address

:

Quang Minh Industrial Chi Dong Town, Me Linh, Hanoi

License Status

:

License exists - Normal.

Issuing Authority

:

DEPARTMENT OF PLANNING & INVESTMENT - Hanoi

License Number

:

2500233581

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

:

28 May, 2013

Employees

:

300

Capital

:

US$ 1,653,697

PREVIOUS BUSINESS LICENSE/S

:

License Date

License No.

26 Oct, 2004

1904000005

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Ms. Chau Minh Nguyen

Nationality

:

Vietnamese

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03794182

Name

:

Ms. Chau Minh Nguyen

Date of Birth

:

1959

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing VINH PHAT SPINNING 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

:

₫ 36,700,000,000

Paid-up Capital

:

₫ 36,700,000,000

 

Date

Authorized Capital - History

2012

29,534,000,000

2013

36,700,000,000

 

Date

Paid-up Capital - History

2012

29,534,000,000

2013

36,700,000,000

 

 

SHAREHOLDERS

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

VINH PHAT CO LTD

Vietnam

n/a

36,700,000,000

100.00

Total

n/a

36,700,000,000

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

20%

International Sales (Export)

80%

Annual Purchases Analysis

Percentage

Local Purchases

30%

Imports

70%

 

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

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 Corporate Parent

:

VINH PHAT CO LTD

Global Identifier

:

P0214900

Legal Form Category

:

Private Company with Limited Liability

Country

:

Vietnam

Operational Address

:

17-19 Rd 30 (Cao Duc Lan St) Quarter 5 (KP5) An Phu Ward District 2 Ho Chi Minh

Primary Business Activity

:

Trader

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

12,270,741

8,992,512

596,312

2013 Annual  

12,811,355

9,962,922

621,773

2014 Annual  

23,645,453

11,962,201

600,371

 

Sales Trend – Analysis

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

-

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

2012 Annual

2013 Annual

2014 Annual

Current Assets(*)

143,168,000,000

166,756,000,000

214,889,000,000

Non Current Assets(*)

44,098,000,000

43,343,000,000

38,035,000,000

Non Current Liabilities(*)

17,634,000,000

10,193,000,000

21,869,000,000

Share Capital(*)

36,700,000,000

36,700,000,000

36,700,000,000

Other long term assets 

Total Assets(*)

187,266,000,000

210,099,000,000

252,924,000,000

Total Liabilities(*)

145,313,000,000

173,399,000,000

207,878,000,000

Current Liabilities(*)

127,679,000,000

163,206,000,000

186,009,000,000

Long term liabilities 

Shareholders Funds(*)

41,953,000,000

36,700,000,000

45,046,000,000

 

Current assets & short term investments

143,168,000,000

166,756,000,000

214,889,000,000

Cash & cash equivalents

11,914,000,000

44,681,000,000

16,909,000,000

Cash

11,914,000,000

44,681,000,000

16,909,000,000

Accounts receivable

53,584,000,000

80,534,000,000

99,346,000,000

Accounts receivable trade

47,956,000,000

16,534,000,000

24,652,000,000

Trade prepayment

5,628,000,000

6,300,000,000

59,000,000

Others receivables

-

57,700,000,000

74,635,000,000

Inventories

72,155,000,000

33,386,000,000

91,224,000,000

I. Other short term asset

5,515,000,000

8,155,000,000

7,410,000,000

VAT deductible

4,378,000,000

4,446,000,000

3,725,000,000

II. Other short term asset

1,137,000,000

3,709,000,000

3,685,000,000

Long term assets

44,098,000,000

43,343,000,000

38,035,000,000

Fixed assets

40,557,000,000

38,814,000,000

34,336,000,000

Tangible fixed assets

40,557,000,000

38,814,000,000

34,336,000,000

Cost

99,397,000,000

106,992,000,000

107,511,000,000

Accumulated depreciation

58,840,000,000

68,178,000,000

73,175,000,000

Other long term assets

3,541,000,000

4,529,000,000

3,699,000,000

Long term prepayments

3,541,000,000

4,529,000,000

3,699,000,000

Total assets

187,266,000,000

210,099,000,000

252,924,000,000

Liabilities

145,313,000,000

173,399,000,000

207,878,000,000

Current liabilities

127,679,000,000

163,206,000,000

186,009,000,000

Short term borrowings

122,870,000,000

149,657,000,000

123,963,000,000

Accounts payables-trade

4,809,000,000

13,549,000,000

62,046,000,000

Long term liabilities

17,634,000,000

10,193,000,000

21,869,000,000

Long term borrowings

17,634,000,000

10,193,000,000

21,869,000,000

Owner's equity

41,953,000,000

36,700,000,000

45,046,000,000

Business capital

29,534,000,000

36,700,000,000

36,700,000,000

Retained earnings

12,419,000,000

-

8,346,000,000

Total resources

187,266,000,000

210,099,000,000

252,924,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Turnover(*)

255,534,000,000

270,167,000,000

499,950,000,000

Profit (Loss) Before Tax(*)

15,522,000,000

16,391,000,000

15,867,000,000

Profit After Tax attributable to Shareholders(*)

12,418,000,000

13,112,000,000

12,694,000,000

 

Gross sales

255,534,000,000

270,167,000,000

499,950,000,000

Net income

255,534,000,000

270,167,000,000

499,950,000,000

Cost of goods sold

221,216,000,000

235,395,000,000

454,910,000,000

Gross margin

34,318,000,000

34,772,000,000

45,040,000,000

Income from financial activities

117,000,000

432,000,000

777,000,000

Expenses from financial activities

10,826,000,000

9,547,000,000

11,904,000,000

In which: Interest expenses

10,755,000,000

8,669,000,000

11,633,000,000

Selling expenses

5,103,000,000

4,979,000,000

8,616,000,000

General & administration expenses

2,984,000,000

4,287,000,000

9,430,000,000

Net income from operating activities

15,522,000,000

16,391,000,000

15,867,000,000

Net profit before tax

15,522,000,000

16,391,000,000

15,867,000,000

Income tax

3,104,000,000

3,279,000,000

3,173,000,000

Net profit after tax

12,418,000,000

13,112,000,000

12,694,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

-

5.73

85.05

Profitability 

Profit Margin (%)

4.86

4.85

2.54

Return on Equity (%)

29.60

35.73

28.18

Return on Assets (%)

6.63

6.24

5.02

Leverage 

Total Debt Equity (Times)

3.46

4.72

4.61

Current Debt Equity (Times)

3.04

4.45

4.13

Long Term Debt to Equity

0.42

0.28

0.49

Total Asset To Total Equity

4.46

5.72

5.61

Asset Management 

Total Assets Turnover (Times)

1.36

1.29

1.98

Fixed Assets Turnover (Times)

5.79

6.23

13.14

Liquidity 

Current Ratio

1.12

1.02

1.16

 

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

=

0.000045 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

Report Details

Country

:

Vietnam

Business Entity Name

:

VINH PHAT SPINNING CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Textiles & Raw Material

Office Contact Details

Operating Address

:

Quang Minh Industrial Chi Dong Town, Me Linh, Hanoi

Tel

:

[+84] 4-35860034

Fax

:

[+84] 4-38182463

Email

:

info@vinhphat.biz

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

:

2500233581

Date of Issuance

:

3 Nov, 2004

 

Primary Products

Products / Materials / Services Description

Activity

Cotton

Manufacturing, Exporting

Fiber products

Manufacturing, Exporting

Fibers

Manufacturing, Exporting

Textiles

Manufacturing, Exporting

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Apparel/Other Textile Products

2300

Manufacturing, Exporting

Broad woven fabrics, cotton

2211

Manufacturing, Exporting

Broad woven fabrics, manmade fibers and silk

2221

Manufacturing, Exporting

Cotton and cottonseed

0131

Manufacturing, Exporting

Finish Cotton Fabrics

2261

Manufacturing, Exporting

Finishers of Textiles, NEC

2269

Manufacturing, Exporting

Textile goods, nspf

2299

Manufacturing, Exporting

Yarn, spun, of cotton, man-made fibers, and silk

2281

Manufacturing, Exporting

           

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Cotton, inc. yarns & woven fabrics thereof

5200

Manufacturing, Exporting

Textile products etc. for specific tech uses

5911

Manufacturing, Exporting

Yarn of jute & other textile bast fibers

5307

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of VINH PHAT SPINNING CO LTD is Manufacturing - Finished products.

Key products include :

Cotton

Fibers

Fiber products

Textiles


An integral part of the core business includes:

Distribution

 

 

Supplementary Business

In addition to the core business, VINH PHAT SPINNING CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

BANK DETAILS

Bank Name

:

BANK FOR AGRICULTURE & RURAL DEVELOPMENT OF VIETNAM

Global Identifier

:

P1014462

Branch

:

Cho Lon

Branch Address

:

THU DO

SWIFT Code

:

This bank does not have a SWIFT Code

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Africa

Medium

Importing

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Exporting

North America

Medium

Exporting

China

Medium

Importing, Exporting

Hong Kong

Medium

Exporting

India

Medium

Importing

Indonesia

Medium

Importing

Korea, South (Republic of Korea)

Medium

Exporting

Thailand

Medium

Exporting

USA

Medium

Exporting

 

REAL ESTATE OWNERSHIP

 

The following property / ies are owned by VINH PHAT SPINNING CO LTD :

 

Property Name

:

VINH PHAT SPINNING CO LTD - ME LINH, HANOI

Type of Property

:

Office & Administration

Address

:

Quang Minh Industrial Chi Dong Town, Me Linh, Hanoi

Office Size

:

15,000 Square meters

 

 

NOTES & COMMENTS

 

N/A

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.82

UK Pound

1

Rs.100.41

Euro

1

Rs.74.50

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

               

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.