MIRA INFORM REPORT
|
Report Date : |
06.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
CJ VINA AGRI CO., LTD |
|
|
|
|
Registered Office : |
National Highway No.1
My Yen Commune, Ben Luc District, Long An Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1999 |
|
|
|
|
Legal Form : |
Foreign Invested Company |
|
|
|
|
Line of Business : |
manufacturing and trading animal feed, poultry and aquatic products |
|
|
|
|
No. of Employees
: |
500 persons |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Vietnam |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUBJECT IDENTIFICATION &
LEGAL FORM
Current legal status
|
||
|
English Name |
|
CJ VINA AGRI CO., LTD |
|
Vietnamese Name |
|
CONG TY TNHH CJ VINA AGRI |
|
Type of Business |
|
Foreign invested company |
|
Year Established |
|
1999 |
|
Investment Certificate No |
|
501043000120 |
|
Date Of Issuance |
|
25 Jun 2008 |
|
Place of Issuance |
|
People’s Committee of Long An Province |
|
Registered Investment Capital |
|
20,000,000 USD |
|
Chartered capital |
|
6,000,000 USD |
|
Investment Duration |
|
50 years |
|
Status |
|
Unlisted |
|
Tax code |
|
1100439762 |
|
Total Employees |
|
500 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Board Of Director:
Mr. SHON BYEONG DOO- General Director Changed to: Mr. PARK YONG DUK |
01
Dec 2009 |
|
2 |
Subject has got former Investment
Certificate No: 2142/GP, Issuance on November 12th 1999 by Ministry of
Planning and Investment. Changed to: 501043000120 Issuance by
People’s Committee of Long An Province |
25
Jun 2008 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
National Highway No.1 My Yen Commune, Ben
Luc District, Long An Province, Vietnam |
|
Telephone |
|
(84-72) 3870363 / 3870364 / 3870365 |
|
Fax |
|
(84-72) 3870366 |
|
Email |
|
|
|
Website |
|
|
|
Occupied Area |
|
38,531 m2 |
|
Land-use Right |
|
Leased |
|
Notes: The
address and telephone belong to factory in Hung Yen Province. |
||
|
|
||
|
Factory Address |
||
|
Address |
|
Lot D Pho Noi A Industrial Zone, Lac Hong
Commune, Van Lam District, Hung Yen Province, Vietnam |
|
Telephone |
|
(84-321) 3967489/ 3967 643 |
|
Fax |
|
(84-321) 3967 644/ 3967 485 |
|
Notes: Tax Code 1100439762-001 |
||
|
|
||
|
Factory Address |
||
|
Address |
|
Lot B3 Hoa Phu Industrial Park, Hoa Phu
Commune, Long Ho District, Vinh Long Province, Vietnam |
|
Notes: Tax Code 1100439762-002 |
||
|
|
||
|
Pig husbandry
farm |
||
|
Address |
|
8 Hamlet Long Nguyen Commune, Ben Cat
District, Binh Duong Province, Vietnam |
DIRECTORS
|
1.
NAME |
|
Mr.
PARK YONG DUK |
|
Position |
|
General director – Chairman |
|
Date of Birth |
|
03 Oct 1965 |
|
ID Number/Passport |
|
JR2608782 |
|
ID Issue Date |
|
10 Nov 2003 |
|
ID Issue Place |
|
Korea |
|
Resident |
|
No. 1006 Building 2
Mock Hwa APT, 30 Youido-Dong, Young Deung Po-Gu, Seoul, Korea, South |
|
Current resident |
|
No. 12A2-1-20 Panorama Building - Tan
Phong Ward, 7 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Korean |
|
|
||
|
2.
NAME |
|
Mr.
SON HOON |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Korean |
|
|
||
|
3.
NAME |
|
Mr.
SHIM WON BO |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
21 Feb 1965 |
|
Resident |
|
Hung Vuong, Phu My
Hung, District 7, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Korean |
|
Tel/Mobil phone |
|
+84 918029356 |
|
Qualification |
|
Veterinarian |
|
|
||
|
4.
NAME |
|
Mr.
TRUONG XUAN VIET |
|
Position |
|
Chief Accountant |
|
Date of Birth |
|
1979 |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-72) 3870363 - Ext: 110 |
|
Email |
|
xuanviet79@hcm.fpt.vn |
BUSINESS
NATURE AND ACTIVITIES
The subject is specialized in manufacturing and trading animal feed, poultry and aquatic products.
IMPORT
& EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
China, Argentina, Korea, India, USA |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Finished Products |
|
·
Market |
|
Korea, India, Philippines, Indonesia, Cambodia |
BANKERS
|
1.
CITI BANK |
||
|
Address |
|
No. 115 Nguyen Hue Str, Ben Nghe Ward,, 1 District, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 8242118 |
|
Fax |
|
(84-8) 8242267 |
|
|
||
|
2.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM LONG AN BRANCH |
||
|
Address |
|
No.134-136-138 Nguyen Huu Tho str,Ben Luc Town, Ben Luc District, Long
An Province, Vietnam |
|
Telephone |
|
(84-72) 3633680 |
|
Fax |
|
(84-72) 3633687 |
|
|
||
|
3.
SHINHANVINA JOINT VENTURE BANK |
||
|
Address |
|
100 Nguyen Thi Minh Khai Street- Ward 6-, 3 District, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(84-8) 3829-1581 |
|
Fax |
|
(84-8) 3821-1648 |
|
|
||
|
4.
NATEXIS BANK |
||
|
Address |
|
No.11 Me Linh Square, 1 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38222830 |
|
Fax |
|
(84-8) 38299128 |
|
|
||
|
5.
KOREA EXCHANGE BANK |
||
|
Address |
|
No.34 Le Duan Str, 1 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38274273 |
|
|
||
|
6.
SHINHAN VIETNAM BANK LIMITED |
||
|
Address |
|
#11, Centec Bld - No. 72-74 Nguyen Thi Minh Khai Street - ward 6, 3
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38230012 |
|
Fax |
|
(84-8) 38230009 |
SHAREHOLDERS
|
1.
NAME |
|
C.J
GLOBAL HOLDINGS LIMITED |
|
Business Registration |
|
36859291-000-06-06-A |
|
Date of Registration |
|
16 Jun 2006 |
|
Place of Registration |
|
Companies Registry |
|
Address |
|
Suite 3003 30/F Central Plaza 18 Harbour -
Road Wanchai, Central , Hong Kong |
|
Percentage |
|
100% |
FINANCIAL
DATA
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
529,070,047,000 |
413,845,000,000 |
|
I. Cash and cash
equivalents |
12,304,984,000 |
31,465,000,000 |
|
1. Cash |
12,304,984,000 |
31,465,000,000 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term
investments |
0 |
1,249,000,000 |
|
1. Short-term investments |
0 |
1,249,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts
receivable |
244,782,046,000 |
152,712,000,000 |
|
1. Receivable from customers |
213,123,180,000 |
153,195,000,000 |
|
2. Prepayments to suppliers |
17,575,233,000 |
2,572,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
24,201,623,000 |
4,107,000,000 |
|
6. Provisions for bad debts |
-10,117,990,000 |
-7,162,000,000 |
|
IV. Inventories |
262,223,800,000 |
222,662,000,000 |
|
1. Inventories |
262,223,800,000 |
222,662,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
9,759,217,000 |
5,757,000,000 |
|
1. Short-term prepaid expenses |
3,485,630,000 |
3,028,000,000 |
|
2. VAT to be deducted |
4,177,018,000 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
2,096,569,000 |
2,729,000,000 |
|
B. LONG-TERM
ASSETS |
156,535,334,000 |
178,258,000,000 |
|
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
|
139,859,456,000 |
145,460,000,000 |
|
1. Tangible assets |
132,516,174,000 |
137,805,000,000 |
|
- Historical costs |
232,670,872,000 |
219,781,000,000 |
|
- Accumulated depreciation |
-100,154,698,000 |
-81,976,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
7,165,382,000 |
7,477,000,000 |
|
- Initial costs |
9,590,885,000 |
9,591,000,000 |
|
- Accumulated amortization |
-2,425,503,000 |
-2,114,000,000 |
|
4. Construction-in-progress |
177,900,000 |
178,000,000 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
4,810,268,000 |
23,665,000,000 |
|
1. Investments in affiliates |
0 |
23,665,000,000 |
|
2. Investments in business concerns and joint ventures |
30,813,786,000 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
-26,003,518,000 |
0 |
|
V. Other
long-term assets |
11,865,610,000 |
9,133,000,000 |
|
1. Long-term prepaid expenses |
10,505,097,000 |
8,920,000,000 |
|
2. Deferred income tax assets |
584,679,000 |
0 |
|
3. Other long-term assets |
775,834,000 |
213,000,000 |
|
VI. Goodwill |
0 |
|
|
1. Goodwill |
0 |
|
|
TOTAL ASSETS |
685,605,381,000 |
592,103,000,000 |
|
LIABILITIES |
||
|
A- LIABILITIES |
333,253,849,000 |
294,347,000,000 |
|
I. Current
liabilities |
330,554,121,000 |
291,912,000,000 |
|
1. Short-term debts and loans |
129,486,472,000 |
96,724,000,000 |
|
2. Payable to suppliers |
120,839,106,000 |
113,185,000,000 |
|
3. Advances from customers |
393,407,000 |
8,420,000,000 |
|
4. Taxes and other obligations to the State Budget |
1,268,068,000 |
2,052,000,000 |
|
5. Payable to employees |
588,226,000 |
2,292,000,000 |
|
6. Accrued expenses |
3,042,707,000 |
1,699,000,000 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
74,936,135,000 |
67,540,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
2,699,728,000 |
2,435,000,000 |
|
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 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
53,000,000 |
|
6. Provisions for unemployment allowances |
2,699,728,000 |
2,382,000,000 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
352,351,532,000 |
297,756,000,000 |
|
I. OWNER’S
EQUITY |
352,351,532,000 |
297,756,000,000 |
|
1. Capital |
87,446,640,000 |
87,447,000,000 |
|
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 |
264,904,892,000 |
210,309,000,000 |
|
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 |
|
MINORITY’S
INTEREST |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
685,605,381,000 |
592,103,000,000 |
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sale |
2,065,595,039,000
|
1,599,863,000,000
|
|
2. Deduction item |
146,534,928,000 |
109,256,000,000 |
|
3. Net sale |
1,919,060,111,000
|
1,490,607,000,000
|
|
4. Costs of goods sold |
1,699,023,945,000 |
1,306,479,000,000 |
|
5. Gross profit |
220,036,166,000 |
184,128,000,000 |
|
6. Financial income |
1,164,177,000 |
7,173,000,000 |
|
7. Financial expenses |
53,576,796,000 |
25,754,000,000 |
|
- In which: Loan interest expenses |
0 |
0 |
|
8. Selling expenses |
64,470,664,000 |
47,805,000,000 |
|
9. Administrative overheads |
45,879,606,000 |
50,774,000,000 |
|
10. Net operating profit |
57,273,277,000 |
66,968,000,000 |
|
11. Other income |
2,866,481,000 |
1,863,000,000 |
|
12. Other expenses |
186,513,000 |
2,067,000,000 |
|
13. Other profit /(loss) |
2,679,968,000 |
-204,000,000 |
|
14. Total accounting profit before tax |
59,953,245,000 |
66,764,000,000 |
|
15. Current corporate income tax |
5,995,465,000 |
3,469,000,000 |
|
16. Deferred corporate income tax |
637,610,000 |
347,000,000 |
|
17. Interest from subsidiaries/related companies |
0 |
|
|
18. Profit after tax |
54,595,390,000 |
63,642,000,000 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.60 |
1.42 |
1.47 |
|
Quick liquidity ratio |
0.81 |
0.65 |
0.70 |
|
Inventory circle |
6.48 |
5.87 |
8.31 |
|
Average receive period |
46.56 |
37.39 |
28.57 |
|
Utilizing asset performance |
2.80 |
2.52 |
2.64 |
|
Liability by total asset |
48.61 |
49.71 |
58.07 |
|
Liability by owner equity |
94.58 |
98.86 |
182.19 |
|
Ebit / Total asset (ROA) |
8.74 |
11.28 |
10.02 |
|
Ebit / Owner's equity (ROE) |
17.02 |
22.42 |
25.93 |
|
Ebit / Total sale (NPM) |
2.90 |
4.17 |
3.82 |
|
Gross profit / Total sale (GPM) |
10.65 |
11.51 |
8.54 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT, L/C |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Good |
INTERPRETATION
ON THE SCORES
|
CJ
VINA AGRI CO., LTD was established in 1999 under the investment license
No.2142/GP. The subject is a wholly owned foreign company which was invested
by C.J GLOBAL HOLDINGS LTD in Hong Kong. The subject also is a member of CJ
Corporation, which is a big one in the food field, having network all over
the world. In June 2008, the investment license was adjusted to new one No.
501043000120 according to the new law in Vietnam. Its investment capital is
currently USD 20 million and the chartered capital is USD 6 million. The
subject is specialized in manufacturing, processing and trading in feeds for
animal and aquatic products. It imports Materials from some country such as:
China, Argentina, Korea, India, and USA. Its products are distributed in
domestic market and export to Korea, India, Philippines, Indonesia, and
Cambodia. About
financial status, in 2010, the total sale of the subject was increased VND
465,732 million (equal to 29.11%). However, its profit after tax gone up VND
9,046 million (equal to 14.21%). This caused mainly by high Financial
expenses and Selling expenses. In addition, we can see that its profitability
ratios were also decreased. Specially, its ROE ratios gone down significantly
(from 22.42 to 17.02). In
term of liquidity ability, its Current liquidity ratio and Quick liquidity
ratio in 2009 were higher than its ones in 2008. The financial leverage was
lower. This was safer for its investor. The operational ratios of the subject
were also improved. Its inventory circle increased from 5.87 to 6.48. In
general, The company has a long-term operation in the market. Its brand name
is popular and its position is fairly good but it should be tried to increase
its profit. Currently, the subject has ability to meet all normal financial
commitments. |
APPENDIXES
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2009 |
Total employees
2010 (Thous.pers.) |
Annual average
capital of enterprises 2009 (billion dongs) |
||
|
2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.78 |
1.82 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
7.70 |
5.52 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
7.52 |
6.63 |
154,978 |
14,522 |
4,939,069 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2010 |
2009 |
2008 |
|||
|
Population (Million person) |
86.93 |
86.02 |
86.1 |
|||
|
Gross Domestic Products (US$ billion) |
102.2 |
91 |
84.9 |
|||
|
GDP Growth (%) |
6.78 |
5.32 |
6.2 |
|||
|
GDP Per Capita (US$) |
1,160 |
1,080 |
1,040 |
|||
|
Inflation (% Change in Composite CPI) |
11.75 |
6.88 |
24.4 |
|||
|
|
||||||
|
SERVICE TRADE
PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2010 |
2009 |
2008 |
|||
|
Exports |
72.2 |
57.1 |
62.7 |
|||
|
Imports |
84.8 |
69.9 |
80.7 |
|||
|
Trade Balance |
-12.6 |
-12.8 |
-18 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.40 |
|
UK Pound |
1 |
Rs.80.20 |
|
Euro |
1 |
Rs.68.92 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.