MIRA
INFORM REPORT
|
Report Date : |
15th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
INTERNATIONAL INSPECTION FUMIGATION JOINT STOCK COMPANY |
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Registered Office : |
No. 37, Nguyen Trung Ngan Str, Ben Nghe
Ward, Dist 1, Hochiminh City, Vietnam |
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Country : |
Vietnam |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
4103000456 |
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Legal Form : |
Joint-Stock
Company |
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Line of Business : |
Pesticides/ agro-chemicals trading,
pest control service, cargo and industrial inspection,
fumigation service and bottling |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
SUBJECT IDENTIFICATION &
LEGAL FORM
English Name INTERNATIONAL INSPECTION FUMIGATION JOINT STOCK COMPANY
Vietnamese
name CONG TY CO PHAN KHU TRUNG GIAM DINH VIETNAM
Abbreviation VIETNAM FUMIGATION COMPANY - VFC
Brand
name VFC
Current
Type of Business Joint-Stock
Company
Former
Type of Business State Owned
Company
Business
registration No. 4103000456
Issued
on December 31st 2001
Issued
by Planning and Investment Department
of Hochiminh City
Registered
Capital 28,633,500,000 VND
Tax code 0302327629
Total
Employees 450 employees
Qualification Qualified
Note: The subject was established under the operation of two companies. The information of these two companies are as follows:
1. English Name VEITNAM FUMIGATION JOINT STOCK COMPANY
Vietnamese name CONG TY CO PHAN KHU TRUNG VIETNAM
Abbreviated name VFC JS
Address No. 37, Nguyen Trung Ngan Str, Ben Nghe Ward, Dist 1, Hochiminh city
Director Mr. NGUYEN QUI THANG
Current company status Dissolved
2. English name VIETNAM INSPECTION JOINT STOCK COMPANY
Vietnamese name CONG TY CO PHAN GIAM DINH VIET NAM
Address No. 29, Ton Duc Thang Str, Ben Nghe Ward, Dist 1, Hochiminh city
Director Mr. PHAN QUOC HUNG
Current Company Status Dissolved
ADDRESSES
Head Office
Address No. 37, Nguyen Trung Ngan Str, Ben Nghe Ward, Dist 1, Hochiminh City
Country Vietnam
Tel (84-8) 822 5069, 8251901, 8251774 - 9102195 - 9103675 - 9111047
Fax (84-8) 825 1910
Email vfc-marketing@vfc.com.vn
Website www.vfc.com.vn
Note: The subject has moved its head
office to this address since September 2005.
Former Head Office
Address No. 29, Ton Duc Thang Str, Ben Nghe Ward, Dist 1, Hochiminh City
Country Vietnam
Tel (84-8) 910 3146 / 8
Fax (84-8) 910 2165
The
following is direct contacts with the subject's departments:
Fumigation
Tel (84-8) 8225069, 8251901, 8251774,
9102195
Fax (84-8) 8299517, 9100595
Email vfc-son@hcm.vnn.vn
Contact Person Mr.
Nguyen Bao Son
Hand Phone ++84 913 808 992
Pest Control Service
Tel (84-8) 8251910
Email vfcpestmaster@hcm.vnn.vn
Contact Person Mr.
Tran Quang Minh
Hand Phone ++84 913 918 070
Cargo Inspection
Tel
(84-8) 9102164 – 9103146 (Agricultural
Dept.); 9103147 (Industry Dept.);
9103148
(Maritime Dept.); 8227175 (Lab.)
Fax
(84-8) 9102165
Email
letuananh@fpt.hcm.vn ;
vfc-ins-const@hcm.vnn.vn
Contact Person Mr. Le Tuan Anh
Hand Phone
++84 913 805 001
Pesticides /
Agro-Chemical Trading
Tel (84-8) 8228097 – 9103675
Contact Person Mr.
Tran Huu Tuan
Import-Export-Logistics
Tel (84-8) 8327489
Contact
Person Mr. Nguyen Minh Dung
Hand
Phone ++84 903 829 501
Factory
Address No. 46 - 47 Lot B, Le Minh Xuan Industrial Zone, Road 11, Tan Nhut Village,
Binh Chanh Dist, Hochiminh City, Vietnam
Tel (84-8) 7661081
Fax (84-8) 7661926
Factory Manager Mr. Nguyen Minh Dung.
Branch in Hanoi
Address No. 147, Ho Dac Di Str, Dong Da
Dist, Hanoi, Vietnam
Tel (84-4) 8511656
Fax (84-4) 8515951
Email vfcjshn@hn.vnn.vn
Chief of office Mr. Vu Van Minh
Branch in Hai
Phong
Address No. 3A, Pham Hong Thai Str, Hai
Phong City, Vietnam
Tel (84-31) 838 081
Fax (84-31) 839 154
Email cnkhutrunghp@von.vnn.vn
Chief of office Mr. Hoang Van Thuoc
Branch in Vinh
Address No. 25, Tran Phu Str, Vinh City,
Nghe An Province, Vietnam
Tel (84-38) 845207
Fax (84-38) 845207
Chief of office Mr. To Thanh Duong
Branch in Da
Nang
Address No. 62, Nguyen Chi Thanh Str, Da Nang City,
Vietnam
Tel (84-511) 826 863
Fax (84-511) 810 882
Email vfc_xhung@dng.vnn.vn
Branch in Qui
Nhon
Address No. 263, Tran Hung Dao Str, Qui
Nhon City, Vietnam
Tel (84-560) 823687
Fax (84-560) 827033
Email cnktqn@dng.vnn.vn
Chief of office Mr. Huynh Van Lenh
Branch in Nha
Trang
Address No. 16, Hoang Hoa Tham Str, Nha
Trang City, Vietnam
Tel (84-580) 826 055
Fax (84-580) 826 055
Email vfcnhatrang@dng.vnn.vn
Chief of office Mr. Le Huy Tien
Branch in Can
Tho
Address Tra Noc Industrial Zone, Binh Thuy
Dist, Can Tho city, Vietnam
Tel (84-71) 823890
Fax (84-71) 828763
Email vfcct@hcm.vnn.vn
Chief of office Mr. Huynh Van Sau
DIRECTORS
1. NAME Ms.
NGUYEN BACH TUYET
Position General Director
Qualification Management
Date of birth November 10th 1940
ID No. 020035735
Issued by Police Station of Hochiminh City
Resident No. 30, Dinh Bo Linh Str, Ward 24, Binh Thanh Dist, Hochiminh city
Nationality Vietnamese
Tel (84-8) 8244199
Email vic-nbachtuyet@hcm.vnn.vn
2. NAME Mr.
TRUONG CONG CU
Position Deputy General Director
Qualification Bachelor
ID No 021655085
Issued by Police Station of Hochiminh City
Resident No. 24, Nguyen Huu Thoai Str, Ward 19, Binh Thanh Dist, Hochiminh City
Nationality Vietnamese
Tel (84-8) 8251773
Hand phone ++84 913 900 843
3. NAME Mr.
TRAN HUU TUAN
Position Deputy General Director of Sales
Qualification Bachelor
ID No 022650694
Issued by Police Station of Hochiminh City
Resident No. 44, Road 3, Thao Dien Ward, Dist 2, Hochiminh City
Nationality Vietnamese
4. NAME Ms.
THAI THI HONG CHAU
Position Administrative - Organizing Manager
Qualification Bachelor
Resident Hochiminh City - Vietnam
Nationality Vietnamese
5. NAME Mr.
NGUYEN BAO SON
Position Deputy Director of Fumigation
Qualification Bachelor
Resident Hochiminh City - Vietnam
Nationality Vietnamese
Tel (84-8) 822 5069
6. NAME Mr.
NGUYEN MINH DUNG
Position Deputy Director of Agro Chemicals
Qualification Bachelor
Resident Hochiminh City - Vietnam
Nationality Vietnamese
Tel ++84 903 829 501
BUSINESS NATURE AND ACTIVITIES
The
subject registered in the following lines of business:
Main
business scope: pesticides/
agro-chemicals trading, pest control
service, cargo and
industrial inspection, fumigation service and bottling
Fumigation:
ship fumigation – in-transit fumigation – bulk cargo treatment, container
fumigation, warehouse – storage – silo – bin, soil fumigation, imported
commodities, cargo assessment for infestation and customized method of
treatment, cargo receiving and cross-checking at destinations.
Pest control
services: office buildings, schools, kindergarten, apartment, industrial parks,
ep zones, residence, villa, mansion, furniture, hotel, restaurant, food shop,
entertainment garden, swimming pool, golf resort and lawn care.
Inspection
center: agricultural products, industrial products and capital projects,
consumer products, fertilizer, ores, metals and coals, cotton, port operation
and marine surveys, logistics, dispatch, consultancy services and psl
inspection
Agricultural
department: weighing, sampling, analyzing, and loading/ discharge supervision.
marine
department: inspection on marine vessels and equipment, loss and damage
surveys, consulting service in maritime legal matters and shipping/forwarding
Industry
& manufacturing department: cargo inspection, inspection to assembly lines,
asset appraisals, loss and damage inspection in sea voyage, delivery,
installation, production including fault finding and costs for recovery,
supervision over equipment installation, on-site construction and other analysis
services.
Investment
consulting service: investment targets: search and introduction, technical
design assessment, bidding for construction - equipment and investment
financial re ports / statements
Pesticides
trading / agro-chemical: herbicides, insecticides and fungicides
IMPORT & EXPORT ACTIVITIES
IMPORT: The main import markets of the subject include Australia, Canada, France, China, Japan and Switzerland.
EXPORT: The subject exports to Africa, Middle East and Asia. The rice export markets are Iraq, Cuba, Indonesia and Philippines.
BANKERS
1. INDUSTRIAL AND COMMERCIAL BANK OF VIETNAM (INCOMBANK) BRANCH NO. 2
Address No. 79A, Ham Nghi Str, Nguyen Thai Binh Ward, Dist 1, Hochiminh City
Country Vietnam
Tel (84-8) 8290491
Fax (84-8) 9141936
Telex 8211266NHCMVT
Swift ICBVVNVX900
SHAREHOLDER (S)
1. NAME Mrs.
NGUYEN BACH TUYET
Position Director
Qualification Management
Date of birth November 10th 1940
ID No. 020035735
Issued by Police Station of Hochiminh City
Resident No. 30 Dinh Bo Linh Str, Ward 24, Binh Thanh Dist, Hochiminh City
Nationality Vietnamese
Shares 2.34 percent
2. NAME Mr.
TRAN HUU TUAN
Position Deputy General Director of Sales
Qualification Bachelor
ID No 022650694
Issued by Police Station of Hochiminh City
Resident No. 44 Road 3, Thao Dien Ward, Dist 2,Hochiminh City
Nationality Vietnamese
Shares 3.49 percent
3.
NAME Mr. VU VAN MINH
Position Shareholder
ID No 010803701
Issued by Police Station of Hanoi City
Resident Room 112, L2 Lang Ha, Dong Da Dist, Ha Noi
Nationality Vietnamese
Shares 0.83 percent
Representative of State Owned Capital
Shares 15.35 percent
4. 288 other shareholders
Shares 77.97 percent
PAYMENT HISTORY AND EXPERIENCES
Trade Morality AVERAGE
Liquidity FAIRLY GOOD
Previous Payments AVERAGE
Current payment status FAIRLY GOOD
Past Financial Situation AVERAGE
Current Financial Situation FAIRLY GOOD
Legal Action NO RECORD
Bankruptcy NO RECORD
Reputation FAIRLY GOOD
Methods of Payment
DIRECT PAYMENT OR THROUGH ITS CORRESPONDING
BANK. FOREIGN
REMITTANCE BY LETTER OF CREDIT (L/C) OR TELEGRAPHIC TRANSFER (T/T)
Sales methods
DIRECT TO CLIENTS OR
THROUGH ITS AGENTS
FINANCIAL DATA
BALANCE SHEET
Unit:
01 VND
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Balance
sheet date |
31/12/2005 |
31/12/2004 |
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Number of weeks |
52 |
52 |
ASSETS
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A. Working
assets & short-term Investment |
225,760,030,864 |
169,984,422,678 |
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I. Cash and cash equivalents |
19,390,725,197 |
9,206,961,305 |
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II. Short-term investment |
0 |
0 |
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1.
Short-term securities investment |
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2. Other short-term
investment |
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3.
Provision for short-term investment |
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III. Receivables |
123,933,942,734 |
100,654,858,698 |
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1. Receivables
from customers |
121,057,968,500 |
100,071,484,991 |
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2.
Prepayment for providers |
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3.
Value-added tax deducted |
758,775,400 |
172,472,545 |
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4.
Internal receivables |
1,664,105,587 |
407,901,162 |
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5. Other
receivables |
453,093,247 |
3,000,000 |
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6.
Provision for bad receivables |
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IV. Inventory |
80,720,358,112 |
59,955,891,140 |
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1.
Purchased goods in transit |
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2. Raw
materials |
30,619,181,939 |
13,161,522,605 |
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3.
Instrument, tools |
3,888,997,423 |
2,246,522,158 |
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4. Cost
for production and business in process |
54,616,939 |
0 |
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5. End
products |
18,078,924,222 |
21,775,595,418 |
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6. Goods |
28,078,637,589 |
22,772,250,959 |
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7. Goods
on consignment |
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8.
Provision for devaluation of stocks |
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V. Other current assets |
1,715,004,821 |
166,711,535 |
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1.
Advances |
222,791,821 |
153,071,535 |
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2.
Prepaid expenses |
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|
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3.
Pending expenses for transfer |
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4.
Pending assets |
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|
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5.
Mortgage, collateral and short run collateral |
1,492,213,000 |
13,640,000 |
VI.
Administrative
|
0 |
0 |
1. Administrative
expenses for previous year
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2. Administrative
expenses for current year
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|
|
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B.
Fixed assets & Long term investment |
44,505,456,601 |
35,246,223,286 |
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I. Fixed assets |
30,079,321,343 |
27,930,016,278 |
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1. Tangible fixed assets |
16,666,562,729 |
14,517,257,664 |
|
+
Original cost |
39,437,769,020 |
34,530,096,938 |
|
+
Accumulated depreciation value |
22,771,206,291 |
20,012,839,274 |
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2.
Financial leasing fixed assets |
0 |
0 |
|
+ Original
cost |
|
|
|
+
Accumulated depreciation value |
|
|
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3. Intangible fixed assets |
13,412,758,614 |
13,412,758,614 |
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+
Original cost |
13,412,758,614 |
13,412,758,614 |
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+
Accumulated depreciation value |
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|
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II.
Long term investment |
13,065,829,250 |
4,428,969,000 |
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1. Long-term securities investment |
136,950,000 |
136,950,000 |
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2. Joint-venture capital contribution |
12,065,055,555 |
4,292,019,000 |
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3. Other long-term investment |
863,823,695 |
0 |
|
4. Provision for long-term investment devaluation |
|
|
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III.
Capital construction in process |
838,306,600 |
2,220,482,000 |
|
IV.
Other |
521,999,408 |
666,756,008 |
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TOTAL
ASSETS |
270,265,487,465 |
205,230,645,964 |
LIABILITIES
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A. Payable loans |
144,735,910,327 |
95,909,792,140 |
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I.
Short term payables |
130,819,881,818 |
83,348,318,925 |
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1. Short-term borrowings |
69,039,672,134 |
30,882,152,023 |
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2. Due long-term liabilities |
|
|
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3. Payables to supplier |
37,393,149,925 |
37,352,612,211 |
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4. Prepayment of buyer |
|
|
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5. Taxes and accounts dutiable |
6,627,944,772 |
2,708,964,495 |
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6. Employee payments |
4,814,910,975 |
699,756,079 |
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7. Internal payables |
|
|
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8. Other payables |
12,944,204,012 |
11,704,834,117 |
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II. Long term loans |
0 |
0 |
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1. Long-term borrowings |
0 |
0 |
|
2. Long-term payables |
0 |
0 |
|
III. Other payables |
13,916,028,509 |
12,561,473,215 |
|
1. Payable expenses |
9,001,028,509 |
7,046,473,215 |
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2. Pending assets |
0 |
0 |
|
3. Receipts long-term collateral and deposit |
4,915,000,000 |
5,515,000,000 |
|
B.
Owner’s Equity |
125,529,577,138 |
109,320,853,824 |
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I.
Capital and Funds |
120,324,778,348 |
97,521,753,697 |
|
1. Working capital |
28,633,500,000 |
28,633,500,000 |
|
2. Differences from asset revaluation |
|
|
|
3. Exchange rate differences |
|
|
|
4. Development investment funds |
60,547,470,374 |
41,596,865,054 |
|
5. Reserved funds |
14,553,343,081 |
10,700,773,750 |
|
6. Retained profit |
5,153,880,000 |
5,154,030,000 |
|
7. Construction capital sources |
11,436,584,893 |
11,436,584,893 |
|
II. Other administrative and fund sources |
5,204,798,790 |
11,799,100,127 |
|
1. Provident funds for unemployment |
1,747,079,417 |
1,747,079,417 |
|
2. Reward and welfare funds |
3,457,719,373 |
10,052,020,710 |
|
3. Management funds of higher level |
|
|
|
4. Functional operation funds |
0 |
0 |
|
5. Fund sources formed by fixed assets |
|
|
|
TOTAL
LIABILITY AND EQUITY |
270,265,487,465 |
205,230,645,964 |
PROFIT & LOSE ACCOUNT (INCOME
STATEMENT)
|
Description |
FY 2005 |
FY 2004 |
|
Total revenue |
589,481,626,767 |
570,312,781,134 |
|
Deductions Items |
2,245,000 |
2,685,342,177 |
|
- Discount |
|
|
|
- Devaluation |
2,245,000 |
1,949,273,487 |
|
- Return of sold goods |
|
736,068,690 |
|
- Turnover tax, Luxury tax & Export tax |
|
|
|
1.
Net revenue |
589,479,381,767 |
567,627,438,957 |
|
2. Cost of goods sold |
485,912,862,019 |
493,356,661,364 |
|
3. Gross Profit |
103,566,519,748 |
74,270,777,593 |
|
4. Sales expenses |
47,698,773,933 |
31,802,347,386 |
|
5. Enterprise administrative expenses |
12,846,125,462 |
6,892,402,278 |
|
6. Net income from business activities |
43,021,620,353 |
35,576,027,929 |
|
Income from financial activities |
3,409,510,158 |
1,347,255,530 |
|
Expenditure from financial activities |
2,838,348,497 |
503,717,504 |
|
7.
Net income from financial operation |
571,161,661 |
843,538,026 |
|
Irregular income |
17,946,820 |
2,716,873,054 |
|
Irregular expenditure |
107,019,675 |
2,061,887,545 |
|
8.
Irregular Profit |
-89,072,855 |
654,985,509 |
|
9.
Total pre-tax profit |
43,503,709,159 |
37,074,551,464 |
|
10. Income tax |
5,003,579,844 |
4,695,454,792 |
|
11.
After tax profit |
38,500,129,315 |
32,379,096,672 |
FINANCIAL FACTORS
|
Description |
FY 2005 |
FY 2004 |
|
Current Liquidity Ratio |
1.73 |
2.04 |
|
Quick Liquidity Ratio |
1.11 |
1.32 |
|
Inventory Circle |
6.91 |
8.23 |
|
Average Receive Period |
76.74 |
64.72 |
|
Utilizing Asset Performance |
2.18 |
2.77 |
|
Liability / Total Asset (%) |
53.55 |
46.73 |
|
Liability / Owner's Equity (%) |
115.30 |
87.73 |
|
Income Before Tax / Total Asset (%) ROA |
16.10 |
18.06 |
|
Income Before Tax / Owner's Equity (%) ROE |
34.66 |
33.91 |
|
Income Before Tax / Total Revenue (%) NPM |
7.38 |
6.50 |
|
Gross Profit / Total Revenue (%) GPM |
17.57 |
13.02 |
INTERPRETATION ON THE SCORES
INTERNATIONAL INSPECTION FUMIGATION JOINT STOCK COMPANY (VFC) is the first fumigation service provider established in Vietnam. It was re-established in 1993.
Originally, in 1993, FUMIGATION COMPANY NO.1 and FUMIGATION COMPANY NO.2 were integrated into VIETNAM FUMIGATION COMPANY. In 1999, a half of VIETNAM FUMIGATION COMPANY was equitized with the new name VIETNAM FUMIGATION JOIN-STOCK COMPANY.
On June 14th 2001, VIETNAM FUMIGATION JOINT STOCK COMPANY was
merged with VIETNAM INSPECTION JOINT STOCK COMPANY to establish INTERNATIONAL
INSPECTION FUMIGATION JOINT STOCK COMPANY.
Currently, the subject is the leading company providing services of fumigation, pest control, cargo and industrial inspection and invested consulting service, trading pesticides/ agro-chemicals.
The subject has been the member of International Maritime Fumigation Organization - IMFO and National Pest Management Association.
The subject is the exclusive authorized provider of fumigation service of imported commodities. It has 8 branches and 10 stations in major ports and container yards. The subject is considered to operate effectively and has good prospects in future development.
The premises and facilities of the subject are good. Management capability of the subject is average. It has an effective human resource. Business activities of the subject are busy.
Annual turnover and profits of the subject are considered high. The subject has gained a large market share, especially in fumigation service. At the moment, the subject holds 70 percent of market share. The position in the industry of the subject is fairly good.
In
overview, the subject is a healthy company with good potentiality of
development. However, competition is more and more severe. This event makes the
subject limited in development and requires it to try its best for further
development.
To be rated at BBB, the company has ADEQUATE capacity to meet financial commitments
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|