MIRA INFORM REPORT
|
Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NIVL JOINT STOCK COMPANY |
|
|
|
|
Formerly Known As : |
Nagarjuna International Vietnam Limited |
|
|
|
|
Registered Office : |
6 Hamlet, Luong Hoa Town, Ben Luc Dist, Long An Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Year of Establishment : |
1995 |
|
|
|
|
Legal Form : |
Joint Stock Company (w.e.f 01.06.2007) |
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|
|
|
Line of Business : |
Producer and trader in Refine Sugar, Alcohol. |
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 |
SUBJECT IDENTIFICATION &
LEGAL FORM
Registered English Name
|
|
NIVL JOINT STOCK COMPANY
|
|
Registered Vietnamese Name |
|
CONG TY CO PHAN NIVL |
|
Registered Trade name |
|
NIVL JOINT STOCK COMPANY
|
|
Registered Abbreviate Name |
|
NIVL |
|
Current Type of Business |
|
Joint Stock Company |
|
Founded |
|
1995 |
|
Investment License |
|
No. 501033000031 |
|
Issuance on |
|
June 01st 2007 |
|
Issuance by |
|
People’s Committee of Long An Province |
|
Current
Investment Capital |
|
38,109,000 USD |
|
Former
Investment Capital |
|
37,829,000 USD |
|
Current
Legal Capital |
|
13,176,760 USD |
|
Former
Legal Capital |
|
12,344,000 USD |
|
Duration
Time |
|
50 years |
|
Tax code |
|
1100102085 |
|
Employees |
|
400 employees |
|
|
||
|
Note: Formerly, the
subject was liability limited company with name “Nagarjuna International Vietnam
Limited”. It has changed into Joint stock company on June 01st
2007. Following is former information
of Nagarjuna International Vietnam Limited: |
||
English Name
|
|
NAGARJUNA INTERNATIONAL VIETNAM LIMITED
|
|
Vietnamese name |
|
CONG TY TNHH QUOC TE NAGARJUNA VIET NAM |
|
Founded |
|
1995 |
|
Current Type of Business |
|
Liability Limited Company |
|
Investment License |
|
No. 1138/GP |
|
Issuance on |
|
February 15th 1995 |
|
Issuance by |
|
Planning Committee of Long An
province |
|
Investment Duration |
|
50 years |
|
Date of Operation |
|
February 01st 1997 |
|
Total Investment Capital |
|
37,829,000 USD |
|
Total legal Capital |
|
12,344,000 USD |
ADDRESSES
|
Head Office
(Factory) |
||
|
Address |
|
6 Hamlet, Luong Hoa Town, Ben Luc Dist, Long An province |
|
Country |
|
Vietnam |
|
Tel |
|
(84-72) 3873442 |
|
Fax |
|
(84-72) 3872080 |
|
Email |
|
|
|
Website |
|
|
|
Area |
|
492.807m2 |
|
|
||
|
Representative Office at Hochiminh City |
||
|
Address |
|
No. 10A Cuu Long Str, Ward 2, Tan Binh Dist, Hochiminh City |
|
Country |
|
Vietnam |
|
Tel |
|
(84-8) 38462854/ 38489401/ 38489375 |
|
Fax |
|
(84-8) 38485562/ 38486114 |
|
Email |
|
|
|
Website |
|
|
|
Note:
Currently, all transactions of the subject are carried out at representative
office. |
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DIRECTORS
|
1. NAME |
|
Mr. ARUNACHALAM NANDAA KUMAR |
|
Position |
|
General Director |
|
Qualification |
|
Management |
|
Passport No. |
|
Z-1414578 |
|
Date of issuance |
|
June 8th 2006 |
|
Issued by |
|
India Consulate General at Hochiminh city |
|
Current Resident |
|
No. 301 Padmavathi Apartments Sadat Manzil Ameerpet Hyderabad 500 016 |
|
Nationality |
|
Indian |
|
|
||
|
2. NAME |
|
Mr. MOHAN KUMAR |
|
Position |
|
General Manager |
|
Qualification |
|
Management |
|
Current Resident |
|
Hochiminh City |
|
Nationality |
|
Indian |
BUSINESS NATURE AND ACTIVITIES
|
The subject is specialized in producing and trading in refine sugar,
alcohol. |
|
Registered Items: -
Producing in sugar, alcohol; CO2
(carbons dioxide) from auxiliary product of sugar, producing in flesh (of
fruit), fruit juice and solid fruit water. -
Export: Pepper, coffee, cacao, saffron, dry
coconut rice, cinnamon-tree, chilli, ginger, tapioca, tea, bamboo stick,
incense powder, box packing foodstuff, box packing fruit, handicrafts, rice
rub equipment, raw materials for producing in shoes leather, bags, garment,
pine resin, oil of turpentine, all kind of essential oil. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: The subject imports machine for production
line from India. |
|
EXPORT: The subject export product to India, Singapore, Holland and Poland,
Australia market. |
BANKERS
|
JOINT
STOCK BANK FOR FOREIGN TRADE OF VIETNAM ( VIETCOMBANK) |
||
|
Address |
|
No.29 Ben Chuong Duong Str, Hochiminh
City, Vietnam |
|
Tel |
|
(84-8) 38251317 |
|
Fax |
|
(84-8) 38297228 |
|
Telex |
|
811234/5 VVB-VT |
|
Swift |
|
BFTVVBVX 007 |
|
Note:
Besides, the subject also has transaction with some banks, such as: Vietinbank,
Indovina bank, Chinfon Bank, … |
||
SHAREHOLDER(S)
The subject is a joint stock company. Following
are some main shareholders with more than 50% share.
|
||
|
NAME |
|
INDO-CHINA FOOD INDUSTRIES PTE LTD |
|
Country |
|
Singapore |
|
Established
Decision No |
|
198401201H |
|
Issued on |
|
April 9th 1984 |
|
|
||
|
NAME |
|
Mr. ARUNACHALAM NANDAA KUMAR |
|
Position |
|
General Director |
|
Qualification |
|
Management |
|
Date of birth |
|
1963 |
|
Passport No. |
|
Z-1414578 |
|
Issued on |
|
June 8th 2006 |
|
Issued by |
|
India Consulate General at Hochiminh city |
|
Current Resident |
|
No. 301 Padmavathi Apartments Sadat Manzil Ameerpet Hyderabad 500 016 |
|
Nationality |
|
Indian |
|
|
||
|
NAME |
|
Ms. USHA NANDAA KUMAR |
|
Date of birth |
|
1969 |
|
Passport No. |
|
E-8794906 |
|
Date of issuance |
|
April 22nd 2004 |
|
Nationality |
|
Indian |
|
|
||
|
NAME |
|
Mr. NALINKANT AMRATLAL RATHOD |
|
Date of birth |
|
1950 |
|
Passport No. |
|
Z-1267289 |
|
Date of issuance |
|
April 04th 2007 |
|
Nationality |
|
Indian |
|
|
||
|
NAME |
|
Mr. SAT PAL KHATTAR |
|
Date of birth |
|
1942 |
|
Passport No. |
|
S-0000747 |
|
Date of issuance |
|
October 30th 2001 |
|
Nationality |
|
Singaporean |
|
|
||
|
Following are its former registered shareholder: |
||
|
NAME |
|
NAGARJUNA HOLDINGS VIETNAM PTE LTD |
|
Nationality |
|
Singapore |
|
Share |
|
100% |
FINANCIAL DATA
|
BALANCE
SHEET |
||
Unit: Million
VND
|
||
|
Balance sheet
date |
31/12/2007 |
31/12/2006 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
232,881,968,000 |
263,055,000,000 |
|
I. Cash and cash equivalents |
3,689,316,000 |
2,911,000,000 |
|
1.Cash |
3,689,316,000 |
2,911,000,000 |
|
2.Cash equivalents |
0 |
0 |
|
II. Short-term investments |
13,800,000,000 |
8,800,000,000 |
|
1. Short-term investments |
13,800,000,000 |
8,800,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts receivable |
72,183,040,000 |
62,986,000,000 |
|
1. Receivable from customers |
41,158,711,000 |
34,766,000,000 |
|
2. Prepayments to suppliers |
0 |
0 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
31,024,329,000 |
28,220,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
41,732,291,000 |
105,341,000,000 |
|
1. Inventories |
41,732,291,000 |
105,341,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
101,477,321,000 |
83,017,000,000 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
2,399,835,000 |
3,812,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
99,077,486,000 |
79,205,000,000 |
|
B. LONG-TERM ASSETS |
420,170,005,000 |
354,629,000,000 |
|
I. Long term account receivable |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
|
II. Fixed assets |
268,697,751,000 |
209,064,000,000 |
|
1. Tangible assets |
232,223,106,000 |
168,725,000,000 |
|
Historical costs |
411,904,468,000 |
335,181,000,000 |
|
Accumulated
depreciation |
-179,681,362,000 |
-166,456,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated
depreciation |
0 |
0 |
|
3. Intangible assets |
9,463,355,000 |
9,443,000,000 |
|
Initial costs |
11,906,130,000 |
11,653,000,000 |
|
Accumulated
amortization |
-2,442,775,000 |
-2,210,000,000 |
|
4. Construction-in-progress |
27,011,290,000 |
30,896,000,000 |
|
III. Investment property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated
depreciation |
0 |
0 |
|
IV. Long-term investments |
121,693,169,000 |
111,902,000,000 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
121,693,169,000 |
111,902,000,000 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
VI. Other long-term assets |
29,779,085,000 |
33,663,000,000 |
|
1. Long-term prepaid expenses |
27,730,255,000 |
29,642,000,000 |
|
2. Deferred income tax assets |
2,048,830,000 |
4,021,000,000 |
|
3. Other long-term assets |
0 |
0 |
|
TOTAL ASSETS |
653,051,973,000 |
617,684,000,000 |
|
LIABILITIES |
||
|
A- LIABILITIES |
410,390,180,000 |
416,553,000,000 |
|
I. Current liabilities |
294,898,329,000 |
256,064,000,000 |
|
1. Short-term debts and loans |
227,469,716,000 |
223,629,000,000 |
|
2. Payable to suppliers |
8,289,236,000 |
5,114,000,000 |
|
3. Advances from customers |
25,866,523,000 |
9,135,000,000 |
|
4. Taxes and other obligations to the State Budget |
8,731,469,000 |
8,219,000,000 |
|
5. Payable to employees |
1,934,639,000 |
2,192,000,000 |
|
6. Accrued expenses |
3,491,579,000 |
3,481,000,000 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
19,115,167,000 |
4,294,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term Liabilities |
115,491,851,000 |
160,489,000,000 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
114,651,968,000 |
159,639,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
839,883,000 |
850,000,000 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S EQUITY SHARES |
242,661,793,000 |
201,131,000,000 |
|
I. Owner’s equity |
242,661,793,000 |
201,131,000,000 |
|
1. Capital |
150,000,000,000 |
133,871,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10.Retained earnings |
92,661,793,000 |
67,260,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
II. Other sources and funds |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY SHARES |
653,051,973,000 |
617,684,000,000 |
PROFIT & LOSS STATEMENT
|
Description |
FY 2007 |
FY 2006 |
|
Revenue |
794,564,799,000 |
969,440,000,000 |
|
Deductions Items |
0 |
0 |
|
Net Revenue |
794,564,799,000 |
969,440,000,000 |
|
Costs of goods sold |
662,028,260,000 |
843,649,000,000 |
|
Gross profit |
132,536,539,000 |
125,791,000,000 |
|
Financial income |
626,369,000 |
1,337,000,000 |
|
Financial expenses |
38,739,910,000 |
31,141,000,000 |
|
In which: Loan interest expenses |
0 |
0 |
|
Selling expenses |
4,682,853,000 |
7,365,000,000 |
|
Administrative overheads |
22,037,749,000 |
28,619,000,000 |
|
Net operating profit |
67,702,396,000 |
60,003,000,000 |
|
Other income |
5,353,485,000 |
1,212,000,000 |
|
Other expenses |
0 |
|
|
Other profit /(loss) |
5,353,485,000 |
1,212,000,000 |
|
Total accounting
profit before tax |
73,055,881,000 |
61,215,000,000 |
|
Current corporate income tax |
5,491,426,000 |
5,281,000,000 |
|
Deferred corporate income tax |
-1,971,800,000 |
-2,038,000,000 |
|
Profit after tax |
65,592,655,000 |
53,896,000,000 |
FINANCIAL FACTORS
|
Description |
2007 |
2006 |
|
Current liquidity ratio |
0.79 |
1.03 |
|
Quick Liquidity ratio |
0.65 |
0.62 |
|
Inventory circle |
9.00 |
8.01 |
|
Average receive period |
33.16 |
23.71 |
|
Utilizing Asset Performance |
1.22 |
1.57 |
|
Liability/ Total Asset (%) |
62.84 |
67.44 |
|
Liability/ Owner's equity (%) |
169.12 |
207.11 |
|
Ebit / Total asset (%) ROA |
11.19 |
9.91 |
|
Ebit / Owner's equity (%) ROE |
30.11 |
30.44 |
|
Ebit / Total revenue (%) NPM |
9.19 |
6.31 |
|
Gross Profit / Total revenue (%) GPM |
16.68 |
12.98 |
PAYMENT HISTORY AND EXPERIENCES
|
Trade Morality |
|
Fairly Good |
|
Liquidity |
|
Average |
|
Payment status |
|
Average |
|
Financial Situation |
|
Fairly Good |
|
Development trend |
|
Even |
|
Litigation data |
|
No Recorded |
|
Bankruptcy |
|
No Recorded |
|
Payment Methods |
|
T/T |
|
Sale Methods |
|
Direct to clients or through its parent company |
INTERPRETATION ON THE SCORES
|
The subject is now specialized in producing in refine sugar. It was established in 1995 as a 100% foreign capital enterprise with name “Nagarjuna International Vietnam Limited”. In June 01st, 2007, the subject has changed into Joint Stock Company with the name NIVL JOINT STOCK COMPANY. Currently, its investment capital is 38,109,000 USD and legal capital is 13,176,760 USD. The head office and plant of the subject are located at Ben Luc Dist, Long An Province. Currently, all transactions (trading and export) are carried at representative office at No. 10A Cuu Long Str., Ward 2, Tan Binh Dist, Hochiminh City. The subject started operation since 1996. It had a fairly big and stable share thanks to high quality products. The subject is the first foreign enterprise in Vietnam to start sugar production. The plant has capacity to produce 450 tons of refined sugar per day with press sugar cane capacity about 4.500tons/day and 30,000 liters of alcohol from molasses /a day (10 million liters/a year). The subject’s main products are Juna Class Extra Refined Sugar (RE Sugar), Juna Class Refined Sugar (RS Sugar), Industrial Alcohol, Refined Alcohol and Molasses. Products of the subject are mostly exported to India, Singapore, Holland, Poland and Australia market. Its materials used for production are imported from India. The subject is buying sugar-cane in Ben Luc and Thu Thua Dists of Long An province. At present, the subject is dealing with some leading companies, such as: Dutch Lady VN Food & Beverage Co, Nestle Ltd, Interfood Processing Industry LTD, Unilever Vietnam Joint Venture Co., Ltd, Coca Cola VN, Red Bull Co, Ltd, Nothern Foodstuff Co, Kinh Do… and some other food companies locating in Vietnam market. The financial status of the subject is fair. In 2006, total revenue was 969,440 million VND and the after tax profit was 53 billion VND. Turnover in 2007 was lower than 2006 but the after tax profit is higher, it is 65 billion VND.
The subject’s business status is operating effectively. It has capability for meeting business payments. No caution needed for the small and medium business transaction. |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.62.84 |
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. |
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 |
|
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%)