MIRA INFORM REPORT
|
Report Date : |
02.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAIGON PLANT PROTECTION JOINT STOCK
COMPANY |
|
|
|
|
Formerly Known As : |
SAI GON PLANT PROTECTION STATE LIMITED COMPANY |
|
|
|
|
Registered Office : |
Nguyen Van Quy Street, Quarter 1, Tan
Thuan Dong Ward - District 7- Ho Chi
Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Year of Establishment : |
1989 |
|
|
|
|
Com. Reg. No.: |
0300632232 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Producing and trading in pesticides. |
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 – 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 |
|
SAIGON PLANT PROTECTION JOINT STOCK
COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN BAO VE THUC VAT SAI GON |
|
Trade name |
|
SAIGON PLANT PROTECTION JOINT STOCK COMPANY |
|
Short name |
|
SPC JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1989 |
|
Business Registration No. |
|
0300632232 |
|
Date of Registration |
|
19 May 2010 |
|
Place of Registration |
|
Planning and Investment Department of
Hochiminh City |
|
Current registered capital |
|
105,300,000,000 VND |
|
Tax code |
|
0300632232 |
|
Total Employees |
|
600 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
|
|
|
|
1 |
Subject has got former Registered English
Name: SAI GON PLANT PROTECTION STATE LIMITED COMPANY Changed to: SAIGON PLANT PROTECTION JOINT
STOCK COMPANY |
14
Jun 2008 |
|
2 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH MOT THANH VIEN BAO VE THUC VAT SAI GON Changed to: CONG TY CO PHAN BAO VE THUC
VAT SAI GON |
14
Jun 2008 |
|
3 |
Subject has got former Type of Business: One
member State Liability Limited Company Changed to: Joint Stock Company |
14
Jun 2008 |
|
4 |
Subject has got former Business
Registration No: 4104000095 issued on 09 July 2004 Changed to: 4103010609
issued on 14 June 2008 |
14
Jun 2008 |
|
5 |
Subject has got former registered capital:
66,000,000,000 VND Changed to: 81,000,000,000 VND |
N/A |
|
6 |
Subject has got former Business
Registration No: 4103010609 issued on 14 June 2008 Changed to: 0300632232
issued on 19 May 2010 |
19
May 2010 |
|
7 |
Subject has got former registered capital:
81,000,000,000 VND Changed to: 105,300,000,000 VND |
30
Mar 2011 |
COMPANY ADDRESSES
|
Head Office |
||
|
Address |
|
Nguyen Van Quy Street, Quarter 1, Tan
Thuan Dong Ward - District 7- Ho Chi Minh
City - Vietnam |
|
Telephone |
|
(84-8) 3873 3666 - 3773 1073 - 3773 1072-
38731343 |
|
Fax |
|
(84-8) 3873 3003 - 38733391 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
No. 80 Lang Ha Street, Lang Ha Ward - Dong
Da District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 3776 3497 |
|
Fax |
|
(84-4) 3831 1363 |
|
|
||
|
Branch in Thanh
Hoa |
||
|
Address |
|
No. 433 Quang Trung II, Dong Ve Ward -
Dong Son District - Thanh Hoa Province - Vietnam |
|
Telephone |
|
(84-37) 3954 151 |
|
Fax |
|
(84-37) 3954 091 |
|
|
||
|
Branch in Nghe
An |
||
|
Address |
|
Block 20 Mai Hac De Street, Le Loi Ward -
Vinh City - Nghe An Province - Vietnam |
|
Telephone |
|
(84-38) 3594 856 |
|
Fax |
|
(84-38) 3585 489 |
|
|
||
|
Branch in Da
Nang |
||
|
Address |
|
National Highway 1A, Hoa Chau Ward - Hoa Vang
District - Da Nang City - Vietnam |
|
Telephone |
|
(84-511) 3685 577 |
|
Fax |
|
(84-511) 3685 515 |
|
|
||
|
Branch in Gia
Lai |
||
|
Address |
|
No. 114B Truong Chinh Street, Tra Ba Ward
- Pleiku City - Gia Lai Province - Vietnam |
|
Telephone |
|
(84-59) 3748 901 |
|
Fax |
|
(84-59) 3748 902 |
|
|
||
|
Branch in Dak
Lak |
||
|
Address |
|
L12, IBIALEO Street Tan Loi Ward - Buon Ma
Thuot City - Dak Lak Province - Vietnam |
|
Telephone |
|
(84-500) 3958 101 |
|
Fax |
|
(84-500) 3958 121 |
|
|
||
|
Branch in Lam
Dong |
||
|
Address |
|
No. 198 National Road 20 , Group 6 , Lien
Nghia Townlet - Duc Trong District - Lam Dong Province - Vietnam |
|
Telephone |
|
(84-63) 3841 011 |
|
Fax |
|
(84-63) 3650 855 |
|
|
||
|
Branch in Lam
Dong |
||
|
Address |
|
4A Mai Anh Dao, Ward 8 - Da Lat City - Lam
Dong Province - Vietnam |
|
Telephone |
|
(84-63) 3240 991 |
|
Fax |
|
(84-63) 3554 452 |
|
|
||
|
Branch in Ba
Ria-Vung Tau |
||
|
Address |
|
Group 6, Le Hong Phong Street Ngai Giao Townlet
- Chau Duc District - Ba Ria-Vung Tau Province - Vietnam |
|
Telephone |
|
(84-64) 3963 056 |
|
Fax |
|
(84-64) 3963 057 |
|
|
||
|
Branch in Long
An |
||
|
Address |
|
No. 130 Bach Dang Street - Moc Hoa
District - Long An Province - Vietnam |
|
Telephone |
|
(84-72) 3841 301 |
|
Fax |
|
(84-72) 3843 411 |
|
|
||
|
Branch in Dong
Thap |
||
|
Address |
|
No. 161 National Road 30- Phu My Ward -
Cao Lanh City - Dong Thap Province - Vietnam |
|
Telephone |
|
(84-67) 3872 228 |
|
Fax |
|
(84-67) 3874 118 |
|
|
||
|
Branch in Vinh
Long |
||
|
Address |
|
62B Dinh Tien Hoang, Ward 8 - Vinh Long
City - Vinh Long Province - Vietnam |
|
Telephone |
|
(84-70) 3878 871 |
|
Fax |
|
(84-70) 3878 870 |
|
|
||
|
Branch in Can
Tho |
||
|
Address |
|
Block 30A5 Tra Noc - Binh Thuy District -
Can Tho City - Vietnam |
|
Telephone |
|
(84-710) 3 835 074 |
|
Fax |
|
(84-710) 3 831 154 |
|
|
||
|
Branch in Kien
Giang |
||
|
Address |
|
No. 777 Nguyen Trung Truc Street, An Hoa Commune
- Rach Gia City - Kien Giang Province - Vietnam |
|
Telephone |
|
(84-77) 3 927 754 |
|
Fax |
|
(84-77) 3 927 756 |
|
|
||
|
Branch in Bac
Lieu |
||
|
Address |
|
National Road 1A, Tra Bang 1, Chau Hung A -
Vinh Loi District - Bac Lieu Province - Vietnam |
|
Telephone |
|
(84-781) 3 831 097 |
|
Fax |
|
(84-781) 3 831 098 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
Block C1 - C3 Hiep Phuoc IP- Hiep Phuoc Commune
- Nha Be District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3 8734 098 |
|
Fax |
|
(84-8) 3 8734 090 |
SUBSIDIARIES AND RELATED COMPANIES
|
1. SAIGON –
PASKE COMPANY |
||
|
Address |
|
KM 8 Street 13, Ban Phatthanahoase, Bachieng District, Champasec -
Laos |
|
Tel |
|
(00856) 312 143 08 |
|
|
||
|
2. CONG TY CO
PHAN DU LICH LONG AN |
||
|
Business Registration |
|
5003000135 |
|
Tax code |
|
1100103699 |
|
Address |
|
No. 748 National Road 1 - Ward 4 - Tan An City - Long An Province -
Vietnam |
|
Tel |
|
(84-72) 3 826 718 |
|
|
||
|
3. CONG TY CO PHAN
THUONG MAI MOC HOA (MOCHOA TRADING JOINT STOCK COMPANY) |
||
|
Business Registration |
|
5003000013 |
|
Address |
|
No.130 Bach Dang, Moc Hoa Townlet - Moc Hoa District - Long An
Province - Vietnam |
|
Tel |
|
84-72-3841289 |
|
Fax |
|
84-72-3841238 |
|
|
||
|
4. SAIGON PLANTS
PROTECTION STATE COMPANY |
||
|
Address |
|
54 Sak Ha Poon Russia Avenue, P.Ph’sa De Po3, Tuol Kok District -
Phnompenh - Cambodia |
|
Country |
|
Cambodia |
|
|
|
|
|
5. SUBSIDIARIES -
CONG TY CO PHAN THUONG MAI NONG NGHIEP SONG ME KONG (MERAT) |
||
|
Business Registration |
|
5103000101 |
|
Tax code |
|
1400642395 |
|
Address |
|
No. 161, National Road 30, My Phu Ward - Cao Lanh City - Dong Thap
Province - Vietnam |
|
Tel |
|
84-67-3872228 |
|
Fax |
|
84-67-3874118 |
DIRECTORS
|
1.
NAME |
|
Ms.
PHO NAM PHUONG |
|
Position |
|
Chairman |
|
Current resident |
|
Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI HONG ANH |
|
Position |
|
General Director and Member of BOD |
|
Date of Birth |
|
09 Mar 1962 |
|
ID Number/Passport |
|
023180867 |
|
ID Issue Date |
|
26 Sep 2008 |
|
ID Issue Place |
|
Police Station of
Hochiminh City |
|
Resident |
|
No. 333/32 Dinh Bo
Linh Str, Ward 26 - Binh Thanh District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vientamese |
|
Qualification |
|
Bachelor of Economic |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN XUAN TIEN |
|
Position |
|
Deputy Director |
|
Date of Birth |
|
16 Sep 1956 |
|
ID Number/Passport |
|
021276553 |
|
ID Issue Date |
|
11 Jul 2002 |
|
ID Issue Place |
|
Police Station of
Hochiminh City |
|
Resident |
|
Nguyen Van Quy Str,
Hamlet 1, Tan Thuan Dong Village - 7 District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
|
|
||
|
4.
NAME |
|
Mr.
DIEU QUANG TRUNG |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor of Economic |
|
|
||
|
5.
NAME |
|
Mr.
NGUYEN QUOC DUNG |
|
Position |
|
Deputy Director - Sale Manager |
|
Current resident |
|
Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
|
|
|
6.
NAME |
|
Mr.
QUAN MANH HIEN |
|
Position |
|
Admin Manager |
|
Current resident |
|
Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
BUSINESS NATURE AND ACTIVITIES
|
The subject specializes in: |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Raw materials, chemicals. |
|
·
Market |
|
USA, Indonesia, Malaysia, China, Germany, Korea, India. |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Products. |
|
·
Market |
|
Laos, Myanmar and Cambodia. |
BANKERS
|
1.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT |
||
|
Address |
|
7Bis Ben Chương Duong Street, Nguyen Thai Binh Ward - 1
District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3821 0566 – 3821 4146 |
|
Fax |
|
(84-8) 3829 2213 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE HOCHIMINH CITY
BRANCH |
||
|
Address |
|
No.134 Nguyen Cong Tru - 1 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 38216 827 |
|
Fax |
|
(84-8) 3829 8862 |
|
|
||
|
3.
ASIA COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
444 Nguyen Thi Minh Khai - 3 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3832 8988 |
|
Fax |
|
(84-8) 3832 8987 |
SHAREHOLDERS
|
1.
NAME |
|
SAIGON
AGRICULTURE INCORPORATION - ONE MEMBER LIMITED LIABILITY |
|
Business Registration |
|
0300636205 |
|
Place of Registration |
|
Planning and Investment Department of Hochiminh City |
|
Registered Capital |
|
665,385,000,000 VND |
|
Tax code |
|
0300636205 |
|
Address |
|
189 Dien Bien Phu Street, Ward 15 - Binh
Thanh District - Ho Chi Minh City - Vietnam |
|
Tel |
|
(84-8) 3899 9534 - 3803 5412 |
|
Fax |
|
(84-8) 3840 9492 - 3803 5403 |
|
Number of shares |
|
4,805,400 |
|
Value of shares |
|
48,054,000,000 VND |
|
Percentage |
|
59.33% |
|
|
||
|
2.
NAME |
|
Corporation
Investors (domestic) |
|
Number of shares |
|
749,800 |
|
Value of shares |
|
7,498,000,000 VND |
|
Percentage |
|
9.25% |
|
|
||
|
3.
NAME |
|
Individual
Investors (domestic) |
|
Number of shares |
|
2,465,500 |
|
Value of shares |
|
24,655,000,000 VND |
|
Percentage |
|
30.44% |
|
|
||
|
4.
NAME |
|
Foreign
Investors |
|
Number of shares |
|
79,300 |
|
Value of shares |
|
793,000,000 VND |
|
Percentage |
|
0.98% |
FINANCIAL DATA
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
6 months 2011 |
|
Number of weeks |
26 |
|
ASSETS |
|
|
A – CURRENT
ASSETS |
463,571,421,616 |
|
I. Cash and cash
equivalents |
28,872,377,006 |
|
II. Short-term
investments |
0 |
|
III. Accounts
receivable |
191,451,356,771 |
|
IV. Inventories |
228,107,193,146 |
|
V. Other Current
Assets |
15,140,494,693 |
|
B. LONG-TERM
ASSETS |
93,603,253,698 |
|
I. Long term account
receivable |
0 |
|
II. Fixed assets
|
48,255,909,630 |
|
1. Tangible assets |
25,996,895,327 |
|
2. Financial leasehold assets |
0 |
|
3. Intangible assets |
327,177,752 |
|
4. Construction-in-progress |
21,931,836,551 |
|
III. Investment property
|
0 |
|
IV. Long-term
investments |
24,740,368,583 |
|
V. Other
long-term assets |
20,606,975,485 |
|
TOTAL ASSETS |
557,174,675,314 |
|
|
|
|
LIABILITIES |
|
|
A- LIABILITIES |
419,495,106,686 |
|
I. Current
liabilities |
404,958,168,849 |
|
II. Long-Term
Liabilities |
14,536,937,837 |
|
B- OWNER’S
EQUITY |
137,679,568,628 |
|
I. OWNER’S
EQUITY |
137,679,568,628 |
|
1. Capital |
105,300,000,000 |
|
2. Share premiums |
782,715,818 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
8,352,681,367 |
|
10. Retained earnings |
23,244,171,443 |
|
11. Construction investment fund |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
557,174,675,314 |
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
6 months 2011 |
|
1. Total Sale |
443,639,344,455 |
|
2. Deduction item |
17,925,898,445 |
|
3. Net sale |
425,713,446,010 |
|
4. Costs of goods sold |
309,570,346,109 |
|
5. Gross profit |
116,143,099,901 |
|
6. Financial income |
1,861,589,525 |
|
7. Financial expenses |
32,047,275,347 |
|
- In which: Loan interest expenses |
- |
|
8. Selling expenses |
58,896,569,879 |
|
9. Administrative overheads |
16,002,848,129 |
|
10. Net operating profit |
11,057,996,071 |
|
11. Other income |
2,145,095,855 |
|
12. Other expenses |
20,888,201 |
|
13. Other profit /(loss) |
2,124,207,654 |
|
14. Total accounting profit before tax |
13,182,203,725 |
|
15. Current corporate income tax |
1,647,775,466 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
11,534,428,259 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
6 months 2011 |
Average Industry |
|
Current liquidity ratio |
1.14 |
1.98 |
|
Quick liquidity ratio |
0.58 |
1.14 |
|
Inventory circle |
1.36 |
4.57 |
|
Average receive period |
164.15 |
74.01 |
|
Utilizing asset performance |
0.76 |
1.52 |
|
Liability by total asset |
75.29 |
56.31 |
|
Liability by owner equity |
304.69 |
172.82 |
|
Ebit / Total asset (ROA) |
2.37 |
11.85 |
|
Ebit / Owner's equity (ROE) |
9.57 |
32.44 |
|
Ebit / Total sale (NPM) |
2.97 |
7.81 |
|
Gross profit / Total sale (GPM) |
26.18 |
21.11 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
||
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 - Audited |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
400,842,159,800 |
364,728,227,172 |
|
I. Cash and cash
equivalents |
38,650,530,366 |
15,321,158,849 |
|
1. Cash |
38,650,530,366 |
15,321,158,849 |
|
2. Cash equivalents |
0 |
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 |
185,531,118,914 |
155,619,533,440 |
|
1. Receivable from customers |
177,987,660,945 |
140,576,356,975 |
|
2. Prepayments to suppliers |
2,717,445,296 |
3,012,564,811 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
7,320,901,940 |
12,901,999,674 |
|
6. Provisions for bad debts |
-2,494,889,267 |
-871,388,020 |
|
IV. Inventories |
164,224,672,893 |
187,488,721,622 |
|
1. Inventories |
164,942,740,827 |
189,269,078,850 |
|
2. Provisions for devaluation of inventories |
-718,067,934 |
-1,780,357,228 |
|
V. Other Current
Assets |
12,435,837,627 |
6,298,813,261 |
|
1. Short-term prepaid expenses |
1,227,565,712 |
380,597,992 |
|
2. VAT to be deducted |
4,271,868,997 |
1,548,671,734 |
|
3. Taxes and other accounts receivable from the State |
1,948,690,035 |
265,868,440 |
|
4. Other current assets |
4,987,712,883 |
4,103,675,095 |
|
B. LONG-TERM
ASSETS |
100,167,176,144 |
106,088,925,464 |
|
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
|
51,445,088,940 |
86,042,775,612 |
|
1. Tangible assets |
30,516,997,879 |
50,411,262,346 |
|
- Historical costs |
82,802,914,043 |
99,255,927,782 |
|
- Accumulated depreciation |
-52,285,916,164 |
-48,844,665,436 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
438,335,372 |
20,417,855,541 |
|
- Initial costs |
1,123,261,350 |
22,027,144,525 |
|
- Accumulated amortization |
-684,925,978 |
-1,609,288,984 |
|
4. Construction-in-progress |
20,489,755,689 |
15,213,657,725 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term investments
|
28,449,433,294 |
18,848,126,542 |
|
1. Investments in affiliates |
17,804,402,752 |
642,096,000 |
|
2. Investments in business concerns and joint ventures |
0 |
18,206,030,542 |
|
3. Other long-term investments |
10,645,030,542 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other
long-term assets |
20,272,653,910 |
1,198,023,310 |
|
1. Long-term prepaid expenses |
19,898,006,377 |
1,198,023,310 |
|
2. Deferred income tax assets |
374,647,533 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
501,009,335,944 |
470,817,152,636 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
397,034,903,891 |
376,633,451,701 |
|
I. Current
liabilities |
381,138,318,054 |
349,561,404,685 |
|
1. Short-term debts and loans |
122,527,665,253 |
93,953,112,484 |
|
2. Payable to suppliers |
211,662,066,266 |
199,422,787,814 |
|
3. Advances from customers |
401,904,069 |
1,897,462,634 |
|
4. Taxes and other obligations to the State Budget |
4,621,903,106 |
8,563,140,868 |
|
5. Payable to employees |
2,618,709,997 |
7,668,845,283 |
|
6. Accrued expenses |
2,444,881,522 |
3,722,933,073 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
36,861,187,841 |
34,333,122,529 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
15,896,585,837 |
27,072,047,016 |
|
1. Long-term accounts payable to suppliers |
0 |
14,309,064,500 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
9,250,402,000 |
0 |
|
4. Long-term debts and loans |
6,646,183,837 |
12,762,982,516 |
|
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 |
103,974,432,053 |
94,183,700,935 |
|
I. OWNER’S
EQUITY |
103,974,432,053 |
89,541,839,378 |
|
1. Capital |
81,000,000,000 |
81,000,000,000 |
|
2. Share premiums |
591,555,818 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
21,082,320 |
-7,760,242,437 |
|
7. Business promotion fund |
4,204,474,696 |
3,216,053,323 |
|
8. Financial reserved fund |
967,343,765 |
343,261,906 |
|
9. Other funds |
0 |
|
|
10. Retained earnings |
17,189,975,454 |
12,742,766,586 |
|
11. Construction investment fund |
0 |
0 |
|
II. Other
sources and funds |
0 |
4,641,861,557 |
|
1. Bonus and welfare funds |
0 |
4,641,861,557 |
|
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 |
501,009,335,944 |
470,817,152,636 |
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sale |
775,275,285,720 |
801,657,438,273 |
|
2. Deduction item |
12,956,088,952 |
14,680,208,111 |
|
3. Net sale |
762,319,196,768 |
786,977,230,162 |
|
4. Costs of goods sold |
580,638,479,734 |
626,738,212,804 |
|
5. Gross profit |
181,680,717,034 |
160,239,017,358 |
|
6. Financial income |
3,967,815,494 |
2,160,549,345 |
|
7. Financial expenses |
44,750,603,097 |
32,981,085,108 |
|
- In which: Loan interest expenses |
11,030,822,234 |
9,491,494,901 |
|
8. Selling expenses |
98,390,595,398 |
91,782,792,306 |
|
9. Administrative overheads |
24,892,923,756 |
23,345,712,215 |
|
10. Net operating profit |
17,614,410,277 |
14,289,977,074 |
|
11. Other income |
2,026,172,463 |
4,131,211,816 |
|
12. Other expenses |
510,567,305 |
976,428,137 |
|
13. Other profit /(loss) |
1,515,605,158 |
3,154,783,679 |
|
14. Total accounting profit before tax |
19,130,015,435 |
17,444,760,753 |
|
15. Current corporate income tax |
3,187,735,515 |
1,982,332,146 |
|
16. Deferred corporate income tax |
299,131,802 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
16,241,411,722 |
15,462,428,607 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.05 |
1.04 |
1.98 |
|
Quick liquidity ratio |
0.62 |
0.51 |
1.14 |
|
Inventory circle |
3.54 |
3.34 |
4.57 |
|
Average receive period |
88.83 |
72.18 |
74.01 |
|
Utilizing asset performance |
1.52 |
1.67 |
1.52 |
|
Liability by total asset |
79.25 |
80.00 |
56.31 |
|
Liability by owner equity |
381.86 |
399.89 |
172.82 |
|
Ebit / Total asset (ROA) |
6.02 |
5.72 |
11.85 |
|
Ebit / Owner's equity (ROE) |
29.01 |
28.60 |
32.44 |
|
Ebit / Total sale (NPM) |
3.89 |
3.36 |
7.81 |
|
Gross profit / Total sale (GPM) |
23.43 |
19.99 |
21.11 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Well-known |
|
CREDIT INQUIRY: 125,000 USD against DA terms |
|
Reliable! |
INTERPRETATION ON THE SCORES
|
SPC JSC is a joint stock company which was established since
1989. Subject was a state owned company under the management of the People’s
Committee of Hochiminh City. Since July 9th 2004, the subject was under the
management of SAIGON AGRICULTURE INCORPORATION (SARGI). And in 2008, subject
has been equitized and became joint stock company. And stocks of subject were
transacted on OTC since 09 Sep 2010. Recently, subject has
increased its registered capital up
to 105.3 billion VND. The
subject’s parent company - SAIGON AGRICULTURE INCORPORATION - kept 59.33% shares
capital of the subject. SARGI is a big corporation, operating in the form of
Parent – Subsidiary Company which is trading in the same field with the
subject. The
subject specializes in many activities. It imports and exports of pesticides,
aquatic medicine, veterinary medicine, fertilizer, hi-tech fertilizer, plant
- growth regulator, chemicals, seedling, farm implements, hand-sprayers,
motorized- sprayer like ULV, ULVA, machines, equipments for agricultural
production. Subject imports raw materials from Germany, USA, Indonesia,
Malaysia, China, Korea, India... Subject also exports its commodities to
foreign markets such as Laos, Myanmar and Cambodia… The distribution market
of the subject is covered all over the country. The
premise and facilities of the subject are fairly good. It has 14 branches in
major provinces, cities such as Hanoi, Can Tho, Buon Me Thuot, Thanh Hoa, and
Da Nang cities and about 300 dealers across the country and 2 subsidiaries in
Laos and Cambodia and other related companies. The position of the company in
the industry is good. Its products are well-known and highly appreciated by
the public. The production and operations of the subject are busy now. The
subject company is operating fair effectively. According to the financial data,
financial situation of the subject is fair, its profit increased annually.
The subject has capacity to meet financial commitment and no caution needed
for small-normal business transaction. |
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.49.08 |
|
UK Pound |
1 |
Rs.78.78 |
|
Euro |
1 |
Rs.67.76 |
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.