MIRA INFORM REPORT
|
Report Date : |
28.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
FOOD & CHEMICALS COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 8/2 Nguyen Huy Tuong Str, Ward 6 - Binh Thanh Dist - Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
28.06.2010 |
|
|
|
|
Com. Reg. No.: |
0302764114 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
The subject is specializing in trading industrial chemicals, cosmetics, food |
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 : |
Usually Correct |
|
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 |
|
FOOD & CHEMICALS COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH HOA CHAT & THUC PHAM |
|
Trade name |
|
FOOD
AND CHEMICALS COMPANY LIMITED |
|
Short name |
|
FC
CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2002 |
|
Business Registration No. |
|
0302764114 |
|
Date of Registration |
|
28 Jun 2010 |
|
Place of Registration |
|
Planning and Investment Department of Hochiminh City |
|
Current registered capital |
|
8,000,000,000 VND |
|
Tax code |
|
0302764114 |
|
Total Employees |
|
40 |
|
Size |
|
Small |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration No: 4102012327 Changed to: 0302764114 |
28 Jun 2010 |
|
2 |
Subject has got former Registered Investment Capital: 2,000,000,000
VND Changed to: 8,000,000,000 VND |
28 Jun 2010 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 8/2 Nguyen Huy Tuong Str, Ward 6 - Binh Thanh Dist - Ho Chi Minh
City - Vietnam |
|
Telephone |
|
(84-8) 6297 6680 - 6297 6681 - 3510 4221 - 3515 45 |
|
Fax |
|
(84-8) 5297 6682 |
|
Email |
|
|
DIRECTORS
|
1. NAME |
|
Mr. NGUYEN VU QUANG |
|
Position |
|
CEO |
|
Date of Birth |
|
25 Oct 1968 |
|
ID Number/Passport |
|
021781860 |
|
ID Issue Date |
|
20 May 2004 |
|
Resident |
|
25 Road 30, Binh Trung Tay - 2 District - Ho Chi
Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Mr. HUYNH HANH TRANG |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
022253981 |
|
Resident |
|
67/236C Bui Dinh Tuy, Ward 12 - Binh Thanh
District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3. NAME |
|
Mr. NGUYEN HA MY HANH |
|
Position |
|
Sales Manager |
|
ID Number/Passport |
|
022613997 |
|
Resident |
|
3/B4 Road 23, Ward 18 - Tan Binh District - Ho
Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 908 282 062 |
|
|
||
|
4. NAME |
|
Ms. NGUYEN HA MY KHANH |
|
Position |
|
Chief Accountant |
|
Resident |
|
Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Email |
|
mykhanh@foodchemco.com.vn |
BUSINESS NATURE AND ACTIVITIES
The
subject is specializing in trading industrial chemicals, cosmetics, food.
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types
of products |
|
products |
|
·
Market
|
|
France,
Germany, Singapore, Indonesia, Malaysia, India, Canada and Thailand. |
|
|
||
|
EXPORT: |
||
|
·
Types
of products |
|
N/A |
BANKERS
|
ASIA COMMERCIAL JOINT STOCK
BANK |
||
|
Address |
|
444 Nguyen Thi
Minh Khai - 3 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8)
38328988 |
|
Fax |
|
(84-8)
38328987 |
SHAREHOLDERS
|
1. NAME |
|
Mr. HUYNH HANH TRANG |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
022253981 |
|
Resident |
|
67/236C Bui Dinh Tuy, Ward 12 - Binh Thanh District - Ho Chi Minh
City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
3,200,000,000 VND |
|
Percentage |
|
40% |
|
|
||
|
2. NAME |
|
Mr. NGUYEN HA MY HANH |
|
Position |
|
Sales Manager |
|
ID Number/Passport |
|
022613997 |
|
Resident |
|
3/B4 Road 23, Ward 18 - Tan Binh District - Ho Chi Minh City -
Vietnam |
|
Mobile phone |
|
+84 908 282 062 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
3,200,000,000 VND |
|
Percentage |
|
40% |
|
|
||
|
3. NAME |
|
Mr. NGUYEN THI YEN PHUONG |
|
ID Number/Passport |
|
022613995 |
|
Resident |
|
91/23 Road 33, Ward 18 - Tan Binh District - Ho Chi Minh City -
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
800,000,000 VND |
|
Percentage |
|
10% |
|
|
||
|
4. NAME |
|
Ms. NGUYEN VU THANH UYEN |
|
ID Number/Passport |
|
022728214 |
|
Resident |
|
No. 299J11 Nguyen Thi Dinh Street - An Phu Ward - 2 District - Ho Chi
Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
800,000,000 VND |
|
Percentage |
|
10% |
FINANCIAL DATA
|
BALANCE SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet date |
31/12/2009 |
31/12/2008 |
31/12/2007 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT ASSETS |
32,473,300,634 |
16,881,000,000 |
12,415,000,000 |
|
I. Cash and cash equivalents |
4,812,209,071 |
481,000,000 |
3,791,000,000 |
|
1. Cash |
4,812,209,071 |
481,000,000 |
3,791,000,000 |
|
2. Cash
equivalents |
0 |
0 |
0 |
|
II. Short-term investments |
0 |
0 |
0 |
|
1. Short-term
investments |
0 |
0 |
0 |
|
2. Provisions
for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts receivable |
18,721,034,019 |
7,396,000,000 |
4,298,000,000 |
|
1. Receivable
from customers |
16,863,016,249 |
7,215,000,000 |
4,176,000,000 |
|
2. Prepayments
to suppliers |
1,853,388,858 |
181,000,000 |
122,000,000 |
|
3.
Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
0 |
|
5. Other
receivable |
4,628,912 |
0 |
0 |
|
6. Provisions
for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
8,779,591,272 |
8,868,000,000 |
4,148,000,000 |
|
1. Inventories
|
8,779,591,272 |
8,868,000,000 |
4,148,000,000 |
|
2. Provisions
for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current Assets |
160,466,272 |
136,000,000 |
178,000,000 |
|
1. Short-term
prepaid expenses |
139,773,839 |
134,000,000 |
178,000,000 |
|
2. VAT to be
deducted |
0 |
0 |
0 |
|
3. Taxes and
other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other
current assets |
20,692,433 |
2,000,000 |
0 |
|
B. LONG-TERM ASSETS |
1,953,701,993 |
1,188,000,000 |
571,000,000 |
|
I. Long term account receivable |
0 |
0 |
0 |
|
1. Long term
account receivable from customers |
0 |
0 |
0 |
|
2. Working
capital in affiliates |
0 |
0 |
0 |
|
3. Long-term
inter-company receivable |
0 |
0 |
0 |
|
4. Other
long-term receivable |
0 |
0 |
0 |
|
5. Provisions
for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets |
1,652,351,993 |
1,073,000,000 |
467,000,000 |
|
1. Tangible
assets |
1,576,333,133 |
953,000,000 |
467,000,000 |
|
- Historical
costs |
2,684,683,262 |
1,739,000,000 |
1,061,000,000 |
|
- Accumulated
depreciation |
-1,108,350,129 |
-786,000,000 |
-594,000,000 |
|
2. Financial
leasehold assets |
0 |
0 |
0 |
|
- Historical
costs |
0 |
0 |
0 |
|
- Accumulated
depreciation |
0 |
0 |
0 |
|
3. Intangible
assets |
76,018,860 |
120,000,000 |
0 |
|
- Initial
costs |
133,024,155 |
133,000,000 |
0 |
|
- Accumulated
amortization |
-57,005,295 |
-13,000,000 |
0 |
|
4.
Construction-in-progress |
0 |
0 |
0 |
|
III. Investment property |
0 |
0 |
0 |
|
Historical
costs |
0 |
0 |
0 |
|
Accumulated
depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
0 |
0 |
0 |
|
1. Investments
in affiliates |
0 |
0 |
0 |
|
2. Investments
in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other
long-term investments |
0 |
0 |
0 |
|
4. Provisions for
devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term assets |
301,350,000 |
115,000,000 |
104,000,000 |
|
1. Long-term
prepaid expenses |
0 |
0 |
0 |
|
2. Deferred
income tax assets |
0 |
0 |
0 |
|
3. Other long-term
assets |
301,350,000 |
115,000,000 |
104,000,000 |
|
TOTAL ASSETS |
34,427,002,627 |
18,069,000,000 |
12,986,000,000 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
14,015,079,363 |
7,718,000,000 |
6,327,000,000 |
|
I. Current liabilities |
14,015,079,363 |
7,718,000,000 |
6,327,000,000 |
|
1. Short-term
debts and loans |
9,600,000,000 |
4,300,000,000 |
1,050,000,000 |
|
2. Payable to
suppliers |
1,303,872,592 |
2,368,000,000 |
3,843,000,000 |
|
3. Advances
from customers |
0 |
0 |
0 |
|
4. Taxes and
other obligations to the State Budget |
3,089,687,831 |
591,000,000 |
1,239,000,000 |
|
5. Payable to
employees |
8,788,000 |
448,000,000 |
187,000,000 |
|
6. Accrued
expenses |
0 |
0 |
0 |
|
7.
Inter-company payable |
0 |
0 |
0 |
|
8. Payable
according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other
payable |
12,730,940 |
11,000,000 |
8,000,000 |
|
10. Provisions
for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term Liabilities |
0 |
0 |
0 |
|
1. Long-term
accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term
inter-company payable |
0 |
0 |
0 |
|
3. Other
long-term payable |
0 |
0 |
0 |
|
4. Long-term
debts and loans |
0 |
0 |
0 |
|
5. Deferred
income tax payable |
0 |
0 |
0 |
|
6. Provisions
for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions
for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S EQUITY |
20,411,923,264 |
10,351,000,000 |
6,659,000,000 |
|
I. OWNER’S EQUITY |
20,411,923,264 |
10,351,000,000 |
6,659,000,000 |
|
1. Capital |
2,000,000,000 |
2,000,000,000 |
2,000,000,000 |
|
2. Share
premiums |
2,351,113,317 |
1,658,000,000 |
1,131,000,000 |
|
3. Other
sources of capital |
0 |
0 |
0 |
|
4. Treasury
stocks |
0 |
0 |
0 |
|
5. Differences
on asset revaluation |
0 |
0 |
0 |
|
6. Foreign
exchange differences |
0 |
0 |
0 |
|
7. Business
promotion fund |
0 |
0 |
0 |
|
8. Financial
reserved fund |
0 |
0 |
0 |
|
9. Other funds
|
0 |
0 |
0 |
|
10. Retained earnings
|
16,060,809,947 |
6,693,000,000 |
3,528,000,000 |
|
11.
Construction investment fund |
0 |
0 |
0 |
|
II. Other sources and funds |
0 |
0 |
0 |
|
1. Bonus and
welfare funds |
0 |
0 |
0 |
|
2. Sources of
expenditure |
0 |
0 |
0 |
|
3. Fund to
form fixed assets |
0 |
0 |
0 |
|
MINORITY’S INTEREST |
0 |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
34,427,002,627 |
18,069,000,000 |
12,986,000,000 |
|
PROFIT & LOSS
STATEMENT |
||
|
|
||
|
Description |
FY2009
|
FY2008
|
|
1. Total
Sale |
123,085,435,939 |
82,702,000,000 |
|
2. Deduction
item |
110,329,220 |
121,000,000 |
|
3. Net
sale |
122,975,106,719 |
82,581,000,000 |
|
4. Costs of
goods sold |
98,232,062,142 |
66,337,000,000 |
|
5. Gross
profit |
24,743,044,577 |
16,244,000,000 |
|
6. Financial
income |
261,064,664 |
428,000,000 |
|
7. Financial
expenses |
2,293,418,361 |
1,542,000,000 |
|
- In which: Loan
interest expenses |
743,237,084 |
223,000,000 |
|
8. Selling
expenses |
312,483,745 |
24,000,000 |
|
9.
Administrative overheads |
8,828,279,682 |
6,173,000,000 |
|
10. Net
operating profit |
13,569,927,453 |
8,933,000,000 |
|
11. Other
income |
449,777,786 |
111,000,000 |
|
12. Other
expenses |
0 |
0 |
|
13. Other
profit /(loss) |
449,777,786 |
111,000,000 |
|
14. Total
accounting profit before tax |
14,019,705,239 |
9,044,000,000 |
|
15. Current
corporate income tax |
2,458,895,292 |
2,351,000,000 |
|
16. Deferred
corporate income tax |
0 |
0 |
|
18. Profit
after tax |
11,560,809,947 |
6,693,000,000 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
||||
|
|
||||
|
Description |
FY2009 |
FY2008 |
FY2007 |
Average Industry |
|
Current
liquidity ratio |
2.32 |
2.19 |
1.96 |
1.66 |
|
Quick
liquidity ratio |
1.69 |
1.04 |
1.31 |
0.86 |
|
Inventory
circle |
11.19 |
10.19 |
- |
10.26 |
|
Average
receive period |
55.57 |
32.69 |
- |
49.31 |
|
Utilizing
asset performance |
3.57 |
4.57 |
- |
2.82 |
|
Liability by
total asset |
40.71 |
42.71 |
48.72 |
63.75 |
|
Liability by
owner equity |
68.66 |
74.56 |
95.01 |
250.11 |
|
Ebit / Total
asset (ROA) |
42.88 |
51.29 |
- |
8.88 |
|
Ebit / Owner's
equity (ROE) |
72.33 |
89.53 |
- |
24.57 |
|
Ebit / Total
sale (NPM) |
11.99 |
11.21 |
- |
4.07 |
|
Gross profit /
Total sale (GPM) |
20.10 |
19.64 |
- |
12.58 |
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial
Situation |
|
Above Average |
|
Development
trend |
|
Uptrend |
|
Litigation
data |
|
No |
|
Bankruptcy |
|
No |
|
Payment
Methods |
|
L/C, TT |
|
Sale Methods |
|
Retailer and
Wholesaler |
|
Public opinion
|
|
Average |
INTERPRETATION ON THE SCORES
|
FOOD AND CHEMICALS COMPANY
LIMITED is a liability limited company which was established in 2002 under
the business registration No. 4102012327. On June, 28th, 2010 the subject
changed the business registration to No. 0302764114 and increasing capital
from 2,000,000,000 VND to 8,000,000,000 VND. The subject is specializing in
trading food, bouillons, noodle, dairy and materials for bakery industry. It
is also an exclusive agent of J.Rettenmaier & Sohne Gmbh+Co (Deutsch) in
Vietnam. The subject imports goods and materials from France, Germany,
Singapore, Indonesia, Malaysia, India, Canada and Thailand... to distribute
in domestic market. Most of the subject’s clients are super market, groceries
stores and factories in Hochiminh City. In general, the subject operates
fair in medium scale. According to our collected financial data, business
situation of the subject is fair effective, turnover in 2009 was VND 123
billion, increased 48% compared with 2008. Liquidity ratios were
acceptable. However, short-term debts and loans
increased 123% compared with 2008. At present, the subject is using this
financial leverage fairly good. In our opinion, the subject has capacity to
meet all small-normal transactions. |
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 |
||||||
|
|
||||||
|
|
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 |
71.6 |
56.6 |
62.9 |
|||
|
Imports |
84 |
68.8 |
76.6 |
|||
|
Trade Balance |
-12.4 |
-12.2 |
-14.6 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.10 |
|
UK Pound |
1 |
Rs.71.88 |
|
Euro |
1 |
Rs.63.75 |
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.