MIRA INFORM
REPORT
|
Report Date : |
14.01.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
ATLANTIC COMMODITIES VIETNAM LTD |
|
|
|
|
Registered Office : |
Loc Son Industrial
Zone, Loc Son Commune - Bao Loc District - |
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Country : |
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|
|
|
Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
27.06.2008 |
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Com. Reg. No.: |
422043000046 |
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|
Legal Form : |
One Member Limited
Liability Company |
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|
Line of Business : |
Buying,
Processing and Exporting Coffee |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
SUBJECT IDENTIFICATION & LEGAL FORM
Current legal
status
|
||
|
English Name |
|
ATLANTIC COMMODITIES VIETNAM LTD |
|
Vietnamese Name |
|
CONG TY TNHH THUONG PHAM ATLANTIC |
|
Trade name |
|
ACOM
|
|
Type of Business |
|
One member limited liability company (100% Foreign invested company) |
|
Year Established |
|
2002 |
|
Business Registration No. |
|
422043000046 |
|
Date of Registration |
|
27 Jun 2008 (revised the 2nd
on 20 Dec 2010) |
|
Place of Registration |
|
Managment board of Industrial Zone of Lam Dong province |
|
Investment Certificate No |
|
20/GP-LD |
|
Date of investment |
|
10 Sep 2002 |
|
Place of investment |
|
Business registration office of Lam Dong province |
|
Registered Investment Capital |
|
4,200,000 USD |
|
Chartered capital |
|
1,400,000 USD |
|
Investment Duration |
|
40 years since
issued date 10 Sep 2002 |
|
Tax code |
|
5800361029 |
|
Total Employees |
|
150 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No: 20GP-LD issued on 10 Sep 2002 Changed to: 422043000046 |
27 Jun 2008 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
Loc Son Industrial Zone, Loc Son Commune - Bao Loc District - |
|
Telephone |
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(84-63) 372 5832 |
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Total Area |
|
42,608 sqm |
|
|
||
|
Transaction office in Ho Chi Minh |
||
|
Address |
|
12th Floor, No.8 Nguyen |
|
Telephone |
|
(84-8) 3827 7920 |
|
Fax |
|
(84-8) 3827 7069 |
DIRECTORS
|
1 . NAME |
|
Mr. ALEXANDER GRUBER |
|
Position |
|
General Director |
|
Date of Birth |
|
01 Mar 1962 |
|
ID Number/Passport |
|
F2963477 |
|
Issued on |
|
3 Jan 2006 |
|
Issued by |
|
Swiss register office |
|
Resident |
|
64 Street No.66, Thao Dien Area - 2 District -
Ho Chi Minh City - Vietnam |
|
Nationality |
|
Swiss |
|
|
||
|
2 . NAME |
|
Mr. IGNJATOVIC DANIEL |
|
Position |
|
Former General Director and legal representative |
|
Date of Birth |
|
10 Feb 1975 |
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ID Number/Passport |
|
08A115663 |
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Issued on |
|
27 Feb 2008 |
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Issued by |
|
French Consulate in Ivory Coast |
|
Resident |
|
ACOM factory, Loc Son Commune - Bao Loc District
- Lam Dong Province - Vietnam |
|
Nationality |
|
French |
|
Notes: Now, he came back his hometown |
||
|
|
||
|
3 . NAME |
|
Ms. HOANG THI KIM OANH |
|
Position |
|
Chief accountant |
|
Nationality |
|
Vietnamese |
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|
||
BUSINESS NATURE AND ACTIVITIES
|
The
subject is specialized in buying, processing and exporting coffee. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
Types of products |
|
Goods
|
|
Market |
|
|
|
|
||
|
EXPORT: |
||
|
Types of products |
|
Product
|
|
Market |
|
|
BANKERS
|
1. JOINT STOCK BANK FOR
FOREIGN TRADE OF |
||
|
Address |
|
No. 29 Ben
Chuong Duong Str-Nguyen Thai Binh Ward - 1 District - |
|
Telephone |
|
(84-8) 3825
1317 |
|
Fax |
|
(84-8) 3829
7228 |
|
|
||
|
2. VIET NAM JOINT STOCK
COMMERCIAL BANK FOR INDUSTRY AND TRADE |
||
|
Address |
|
No.79 Ham Nghi
Str, Nguyen Thai Binh Ward - 1 District - |
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Telephone |
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(84-8) 3829
0715 |
|
Fax |
|
(84-8) 3829
5342 |
SHAREHOLDERS
|
NAME |
|
ECOM AGROINDUSTRIAL |
|
Representative
|
|
Mr. ALEXANDER
GRUBER |
|
Address |
|
79 Robinson, #17-05, |
|
Tel |
|
65-63189928 |
|
Fax |
|
65-63189935 |
|
Percentage |
|
100% |
FINANCIAL DATA
|
BALANCE SHEET |
||
Unit: One VND
|
||
|
Balance sheet date |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT ASSETS |
436,956,000,000 |
218,497,000,000 |
|
I. Cash and cash equivalents |
46,354,000,000 |
25,104,000,000 |
|
1. Cash |
7,875,000,000 |
25,104,000,000 |
|
2. Cash
equivalents |
38,479,000,000 |
0 |
|
II. Short-term investments |
0 |
0 |
|
1. Short-term
investments |
0 |
0 |
|
2. Provisions
for devaluation of short-term investments |
0 |
0 |
|
III. Accounts receivable |
449,000,000 |
100,000,000 |
|
1. Receivable
from customers |
0 |
0 |
|
2. Prepayments
to suppliers |
400,000,000 |
0 |
|
3.
Inter-company receivable |
0 |
0 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
|
5. Other
receivable |
49,000,000 |
100,000,000 |
|
6. Provisions
for bad debts |
0 |
0 |
|
IV. Inventories |
374,255,000,000 |
182,075,000,000 |
|
1. Inventories
|
424,834,000,000 |
219,373,000,000 |
|
2. Provisions
for devaluation of inventories |
-50,579,000,000 |
-37,298,000,000 |
|
V. Other Current Assets |
15,898,000,000 |
11,218,000,000 |
|
1. Short-term
prepaid expenses |
1,009,000,000 |
1,396,000,000 |
|
2. VAT to be
deducted |
14,820,000,000 |
9,822,000,000 |
|
3. Taxes and
other accounts receivable from the State |
0 |
0 |
|
4. Other
current assets |
69,000,000 |
0 |
|
B. LONG-TERM ASSETS |
46,993,000,000 |
54,049,000,000 |
|
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 |
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4. Other
long-term receivable |
0 |
0 |
|
5. Provisions
for bad debts from customers |
0 |
0 |
|
II. Fixed assets |
44,940,000,000 |
51,647,000,000 |
|
1. Tangible
assets |
44,580,000,000 |
51,577,000,000 |
|
- Historical
costs |
70,554,000,000 |
70,150,000,000 |
|
- Accumulated
depreciation |
-25,974,000,000 |
-18,573,000,000 |
|
2. Financial
leasehold assets |
0 |
0 |
|
- Historical
costs |
0 |
0 |
|
- Accumulated
depreciation |
0 |
0 |
|
3. Intangible
assets |
153,000,000 |
70,000,000 |
|
- Initial
costs |
688,000,000 |
575,000,000 |
|
- Accumulated
amortization |
-535,000,000 |
-505,000,000 |
|
4.
Construction-in-progress |
207,000,000 |
0 |
|
III. Investment property |
0 |
0 |
|
Historical
costs |
0 |
0 |
|
Accumulated
depreciation |
0 |
0 |
|
IV. Long-term investments |
0 |
0 |
|
1. Investments
in affiliates |
0 |
0 |
|
2. Investments
in business concerns and joint ventures |
0 |
0 |
|
3. Other
long-term investments |
0 |
0 |
|
4. Provisions
for devaluation of long-term investments |
0 |
0 |
|
VI. Other long-term assets |
2,053,000,000 |
2,402,000,000 |
|
1. Long-term
prepaid expenses |
538,000,000 |
803,000,000 |
|
2. Deferred
income tax assets |
0 |
1,599,000,000 |
|
3. Other
long-term assets |
1,515,000,000 |
0 |
|
TOTAL ASSETS |
483,949,000,000 |
272,546,000,000 |
|
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||
|
LIABILITIES |
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|
A- LIABILITIES |
370,282,000,000 |
148,285,000,000 |
|
I. Current liabilities |
370,282,000,000 |
148,285,000,000 |
|
1. Short-term
debts and loans |
0 |
15,394,000,000 |
|
2. Payable to
suppliers |
33,298,000,000 |
0 |
|
3. Advances
from customers |
0 |
0 |
|
4. Taxes and
other obligations to the State Budget |
24,000,000 |
51,000,000 |
|
5. Payable to
employees |
1,000,000 |
1,000,000 |
|
6. Accrued
expenses |
846,000,000 |
748,000,000 |
|
7.
Inter-company payable |
335,230,000,000 |
130,934,000,000 |
|
8. Payable
according to the progress of construction contracts |
0 |
0 |
|
9. Other
payable |
883,000,000 |
1,157,000,000 |
|
10. Provisions
for short-term accounts payable |
0 |
0 |
|
II. Long-Term Liabilities |
0 |
0 |
|
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 |
0 |
|
6. Provisions
for unemployment allowances |
0 |
0 |
|
7. Provisions
for long-term accounts payable |
0 |
0 |
|
B- OWNER’S EQUITY |
113,667,000,000 |
124,261,000,000 |
|
I. OWNER’S EQUITY |
113,667,000,000 |
124,261,000,000 |
|
1. Capital |
21,786,000,000 |
21,786,000,000 |
|
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 |
91,881,000,000 |
102,475,000,000 |
|
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 |
|
|
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
483,949,000,000 |
272,546,000,000 |
|
PROFIT & LOSS
STATEMENT |
||
|
Description |
FY2009
|
FY2008
|
|
1. Total |
1,265,272,000,000 |
2,149,575,000,000 |
|
2. Deduction
item |
1,601,000,000 |
0 |
|
3. Net sale
|
1,263,671,000,000 |
2,149,575,000,000 |
|
4. Costs of
goods sold |
1,303,734,000,000 |
2,090,166,000,000 |
|
5. Gross
profit |
-40,063,000,000 |
59,409,000,000 |
|
6. Financial
income |
77,167,000,000 |
30,576,000,000 |
|
7. Financial
expenses |
16,063,000,000 |
55,438,000,000 |
|
- In which:
Loan interest expenses |
0 |
0 |
|
8. Selling
expenses |
21,820,000,000 |
25,855,000,000 |
|
9.
Administrative overheads |
10,288,000,000 |
11,568,000,000 |
|
10. Net
operating profit |
-11,067,000,000 |
-2,876,000,000 |
|
11. Other
income |
474,000,000 |
426,000,000 |
|
12. Other
expenses |
0 |
0 |
|
13. Other profit
/(loss) |
474,000,000 |
426,000,000 |
|
14. Total
accounting profit before tax |
-10,593,000,000 |
-2,450,000,000 |
|
15. Current
corporate income tax |
0 |
0 |
|
16. Deferred
corporate income tax |
0 |
0 |
|
17. Profit
after tax |
-10,593,000,000 |
-2,450,000,000 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
|||
|
|
|||
|
Description |
FY2009 |
FY2008 |
Average Industry |
|
Current
liquidity ratio |
1.18 |
1.47 |
1.72 |
|
Quick
liquidity ratio |
0.17 |
0.25 |
1.01 |
|
Inventory
circle |
4.69 |
11.48 |
6.75 |
|
Average
receive period |
0.13 |
0.02 |
67.18 |
|
Utilizing
asset performance |
2.61 |
7.89 |
1.75 |
|
Liability by
total asset |
76.51 |
54.41 |
56.43 |
|
Liability by
owner equity |
325.76 |
119.33 |
231.20 |
|
Ebit / Total
asset (ROA) |
-2.19 |
-0.90 |
9.35 |
|
Ebit / Owner's
equity (ROE) |
-9.32 |
-1.97 |
20.56 |
|
Ebit / Total
sale (NPM) |
-0.84 |
-0.11 |
3.99 |
|
Gross profit /
Total sale (GPM) |
-3.17 |
2.76 |
15.29 |
|
Note: The Average Industry was calculated by |
|||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial
Situation |
|
Average |
|
Development
trend |
|
Even |
|
Litigation
data |
|
No |
|
Bankruptcy |
|
No |
|
Payment
Methods |
|
L/C, T/T |
|
|
|
Other |
|
Public opinion
|
|
N\A |
CREDIT INQUIRY: 125,000 USD D/A in term
|
The
Subject can meet this credit inquiry! |
INTERPRETATION ON THE SCORES
|
The subject, ATLANTIC COMMODITIES
VIETNAM LTD - ACOM is one of subsidiaries of ECOM which was established
in 2002. With over 150 years of market experience, ECOM is committed to being
a highly respected leader within the soft commodities industry. The subject’s head office and
factory is at Loc
Son Industrial Zone, Loc Son Commune - Bao Loc District - The subject is specialized in buying,
processing and exporting coffee. It mainly buy coffee of farmers in Lam Dong
and Dalak provinces of Premises and facilities of subject are fair.
Its processing plant in Bao Loc, located in the Lam Dong province, is modern
and based on the highest standards for storage and processing, includes a
fully equipped coffee laboratory and state-of-the-art machinery. Total area
is 42,608 sqm, capacity 50,000 tons per year. In 2009, the coffee price is decrease strongly
so its business activities are affected much. Its turnover and marketshare
are decrease. In 2010, price of coffee is increased dramatically and turnover
of subject is increased remarkably. Currently, its business activities are
busy. Its financial situation is average. The subject has capacity to meet
small-normal commitments. |
APPENDIXES
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry
code |
Growth
speed (%) |
Total
employees 2009 (Thousand) |
Total
enterprises |
Annual
average capital of enterprises |
||
|
Predict
2010 |
2009 |
|||||
|
Agriculture, Forestry and Fishing |
2.8 |
3.0 |
24,788.5 |
2,399 |
50,530 |
|
|
Trade and Services |
7.5 |
11 |
10,517.9 |
79,181 |
1,754,973 |
|
|
Construction |
7 |
11.3 |
2,692.8 |
17,783 |
248,268 |
|
|
Manufacturing |
12 |
7.6 |
7,591.2 |
30,786 |
967,068 |
|
|
|
||||||
|
ECONOMIC INDICATORS |
||||||
|
|
||||||
|
|
2009 |
2008 |
2007 |
|||
|
Population
(Million person) |
87 |
86.1 |
85.1 |
|||
|
Gross Domestic
Products (US$ billion) |
91 |
84.9 |
71.2 |
|||
|
GDP
Growth (%) |
5.32 |
6.2 |
8.5 |
|||
|
GDP Per
Capita (US$) |
1,080 |
1,040 |
814 |
|||
|
Inflation
(% Change in Composite CPI) |
6.88 |
24.4 |
8.3 |
|||
|
|
||||||
|
SERVICE TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2009 |
2008 |
2007 |
|||
|
Exports |
56.6 |
62.9 |
48.6 |
|||
|
Imports |
68.8 |
76.6 |
58.9 |
|||
|
Trade
Balance |
-12.2 |
-14.6 |
-10.3 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.13 |
|
|
1 |
Rs.71.05 |
|
Euro |
1 |
Rs.59.10 |
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.