MIRA INFORM REPORT
|
Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
VAN AN TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 112 Linh Nam Street, Mai Dong Ward - Hoang Mai District - Ha Noi
City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
15.05.2000 |
|
|
|
|
Com. Reg. No.: |
0102000508 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
trading nutritious food and products for mothers and baby. The subject is sole distributor for Hipp's products in Vietnam |
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 : |
Good |
|
|
|
|
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
|
English Name |
|
VAN AN TRADING COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH THUONG MAI VAN AN |
|
Short name |
|
VA CO., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2000 |
|
Business Registration No. |
|
0102000508 |
|
Date of Registration |
|
15 May 2000 |
|
Place of Registration |
|
Planning and investment department of
Hanoi City |
|
Current registered capital |
|
19,000,000,000 VND |
|
Status |
|
Unlisted |
|
Tax code |
|
0101018067 |
|
Total Employees |
|
400 |
|
Size |
|
Medium |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 112 Linh Nam Street, Mai Dong Ward -
Hoang Mai District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 38626345/ 36330439 |
|
Fax |
|
(84-4) 36331555 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 168D D2 Street, Van Thanh Bac Group,
Ward 25 - Binh Thanh District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 62580262 |
|
Fax |
|
(84-8) 62580263 |
|
Manager |
|
Mr. DUONG VIET TUAN |
DIRECTORS
|
1.
NAME |
|
Mr.
DUONG TIEN VIET |
|
Position |
|
Director |
|
Date of Birth |
|
19 Oct 1971 |
|
ID Number/Passport |
|
011494411 |
|
ID Issue Date |
|
20 Jun 1997 |
|
ID Issue Place |
|
Hanoi police-station |
|
Resident |
|
Tan Khai Hamlet Vinh
Hung Ward - Hoang Mai District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-4) 38626345 |
|
|
||
|
2.
NAME |
|
Mr.
DUONG VIET TUAN |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
012041282 |
|
Resident |
|
Tan Khai Hamlet Vinh
Hung Ward - Hoang Mai District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
The subject is specialized in trading nutritious food and products for mothers and baby. The subject is sole distributor for Hipp's products in Vietnam.
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Market |
|
America, Germany, Taiwan, Chile, Spain, Austria... |
|
·
Mode of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
N/A |
BANKERS
|
1.
VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No.70-72 Ba Trieu - Hoan Kiem District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 3944 6368 |
|
Fax |
|
(84-4) 3944 6362 |
|
VND Account |
|
10810816014018 |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
DUONG TIEN VIET |
|
Position |
|
Director |
|
Date of Birth |
|
19 Oct 1971 |
|
ID Number/Passport |
|
011494411 |
|
Issued on |
|
20 Jun 1997 |
|
Issued Place |
|
Hanoi police-station |
|
Resident |
|
Tan Khai Hamlet Vinh Hung Ward - Hoang Mai
District - Ha Noi City - Vietnam |
|
Work phone |
|
(84-4) 38626345 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
10,450,000,000 VND |
|
Percentage |
|
55% |
|
|
||
|
2.
NAME |
|
Mr.
DUONG VIET TUAN |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
012041282 |
|
Resident |
|
Tan Khai Hamlet Vinh Hung Ward - Hoang Mai
District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
8,550,000,000 VND |
|
Percentage |
|
45% |
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 |
121,994,102,381
|
100,224,000,000
|
29,637,000,000
|
|
I. Cash and cash
equivalents |
2,512,456,665
|
10,900,000,000
|
1,126,000,000
|
|
1. Cash |
2,512,456,665 |
10,900,000,000 |
1,126,000,000 |
|
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 |
34,382,401,095
|
33,066,000,000
|
6,642,000,000
|
|
1. Receivable from customers |
27,328,295,234 |
31,655,000,000 |
6,642,000,000 |
|
2. Prepayments to suppliers |
133,685,085 |
0 |
0 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
6,920,420,776 |
1,411,000,000 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
82,441,641,365
|
56,687,000,000
|
21,869,000,000
|
|
1. Inventories |
82,441,641,365 |
56,687,000,000 |
21,869,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
2,657,603,256
|
-429,000,000
|
0 |
|
1. Short-term prepaid expenses |
3,428,571 |
0 |
0 |
|
2. VAT to be deducted |
2,654,174,685 |
-429,000,000 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
0 |
0 |
0 |
|
B. LONG-TERM
ASSETS |
4,894,988,166
|
8,755,000,000
|
3,955,000,000
|
|
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
|
4,894,988,166
|
6,378,000,000
|
1,578,000,000
|
|
1. Tangible assets |
4,894,988,166 |
6,378,000,000 |
1,578,000,000 |
|
- Historical costs |
6,502,009,069 |
7,173,000,000 |
1,973,000,000 |
|
- Accumulated depreciation |
-1,607,020,903 |
-795,000,000 |
-395,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
0 |
|
- Initial costs |
0 |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
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 |
0 |
2,377,000,000
|
2,377,000,000
|
|
1. Long-term prepaid expenses |
0 |
2,377,000,000 |
2,377,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
TOTAL ASSETS |
126,889,090,547
|
108,979,000,000
|
33,592,000,000
|
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
82,057,371,842
|
86,017,000,000
|
29,329,000,000
|
|
I. Current
liabilities |
82,057,371,842
|
86,017,000,000
|
29,329,000,000
|
|
1. Short-term debts and loans |
35,776,139,377 |
29,077,000,000 |
28,261,000,000 |
|
2. Payable to suppliers |
46,281,232,465 |
55,871,000,000 |
0 |
|
3. Advances from customers |
0 |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
0 |
981,000,000 |
1,061,000,000 |
|
5. Payable to employees |
0 |
0 |
0 |
|
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 |
0 |
88,000,000 |
7,000,000 |
|
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 |
44,831,718,705
|
22,962,000,000
|
4,263,000,000
|
|
I. OWNER’S
EQUITY |
44,831,718,705
|
22,962,000,000
|
4,263,000,000
|
|
1. Capital |
19,000,000,000 |
7,381,000,000 |
3,381,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
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 |
25,771,718,705 |
15,581,000,000 |
882,000,000 |
|
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 |
126,889,090,547
|
108,979,000,000
|
33,592,000,000
|
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2009 |
FY2008 |
FY2007 |
|
1. Total Sale |
231,296,184,816
|
154,213,000,000
|
77,488,000,000
|
|
2. Deduction item |
0 |
0 |
0 |
|
3. Net sale |
231,296,184,816
|
154,213,000,000
|
77,488,000,000
|
|
4. Costs of goods sold |
188,451,436,469 |
125,647,000,000 |
64,420,000,000 |
|
5. Gross profit |
42,844,748,347
|
28,566,000,000
|
13,068,000,000
|
|
6. Financial income |
114,760,824 |
0 |
0 |
|
7. Financial expenses |
13,480,005,391 |
5,982,000,000 |
1,187,000,000 |
|
- In which: Loan interest expenses |
0 |
0 |
0 |
|
8. Selling expenses |
0 |
0 |
0 |
|
9. Administrative overheads |
9,939,857,816 |
6,757,000,000 |
6,065,000,000 |
|
10. Net operating profit |
19,539,645,964
|
15,827,000,000
|
5,816,000,000
|
|
11. Other income |
0 |
95,000,000 |
110,000,000 |
|
12. Other expenses |
0 |
340,000,000 |
187,000,000 |
|
13. Other profit /(loss) |
0 |
-245,000,000
|
-77,000,000
|
|
14. Total accounting profit before tax |
19,539,645,964
|
15,582,000,000
|
5,739,000,000
|
|
15. Current corporate income tax |
4,884,911,491 |
4,363,000,000 |
1,607,000,000 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
18. Profit after tax |
14,654,734,473
|
11,219,000,000
|
4,132,000,000
|
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2009 |
FY2008 |
FY2007 |
Average Industry |
|
Current liquidity ratio |
1.49 |
1.17 |
1.01 |
1.94 |
|
Quick liquidity ratio |
0.48 |
0.51 |
0.26 |
0.98 |
|
Inventory circle |
2.29 |
3.20 |
2.95 |
9.29 |
|
Average receive period |
54.26 |
78.26 |
31.29 |
54.01 |
|
Utilizing asset performance |
1.82 |
1.42 |
2.31 |
2.21 |
|
Liability by total asset |
64.67 |
78.93 |
87.31 |
58.72 |
|
Liability by owner equity |
183.03 |
374.61 |
687.99 |
256.76 |
|
Ebit / Total asset (ROA) |
15.40 |
14.30 |
17.08 |
7.90 |
|
Ebit / Owner's equity (ROE) |
43.58 |
67.86 |
134.62 |
25.68 |
|
Ebit / Total sale (NPM) |
8.45 |
10.10 |
7.41 |
4.18 |
|
Gross profit / Total sale (GPM) |
18.52 |
18.52 |
16.86 |
15.30 |
|
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 |
|
L/C, T/T |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Well-known |
|
CREDIT INQUIRY: 100,000 USD Acceptable |
INTERPRETATION ON THE SCORES
|
Van An
Trading Company limited is the exclusive distributor of HIPP brand name and
HIPP has become the brand of quality products for children from 5 years. The
company was established in 2000 and with over 10 years, the firm is operating
under the Business Registration No 0102000508 issued by Planning and
Investment Department of Ha Noi. Currently, the business has 19 billion VND
of registered capital and about 400 employees working for it. The
head office of the firm which is situated at 112 Linh Nam, Mai Dong, Hoang
Mai, Ha Noi, Viet Nam is in charge of distribution system in North region.
Besides, the firm has one branch in Ho Chi Minh City which is responsible for
distribution systems from Phu Yen Province to Ca Mau Province. From May 2010,
in addition to market in the big city centers, the distribution systems of
Van An Company are covered in almost provinces from North to South. The
subject is specialized in field of trading processed foods, nutritious foods,
milk, juices, drinks and other products for mothers and baby. With more than
10 years of development, it has provided highly qualitative products for
mothers and baby with reputable brands to Vietnam market such as: HiPP,
Farlin, Nutra Omega 3, Olive, Bebivita. Currently, the subject imports goods
from many countries such as: Germany, Taiwan, America, Chile, and Spain. Its
products are mainly distributed in domestic market. The subject has a
well-known brand in big cities in Vietnam. It appeared in many game shows on
TV programs such as “The Perfect Choice”, “Mom’s love”. Additionally, coming
to “ Winter Heating” charity program, Van An Company has supported the
children’s products such as milk, flour nutrition “ Good night”, HIPP towels,
HIPP spoons which worth up to $ 4,000 for highland children in SiMaCai – Lao
Cai. Financially,
the firm had relative operating results. Total sales and profit after tax of
Van An Company increased gradually from 2007 to 2009. Total sale in 2009 grew
nearly 50% in relation to 2008 and the growth of profit after tax in 2009 in
comparison with the previous year is 30.6%. However,
the liquidity ratios are lower than the average industry index, even these
ratios are improved over three years. Liability ratios of the firm in 2007
and 2008 were much higher than the average industry, but in 2009 those ratios
reach nearly the industry benchmark. In
general, Van An is medium firm in the industry. With above analysis, the firm
can have ability to meet small and medium financial commitments. Caution is
necessary for big ones. Therefore, the credit inquiry 100,000 USD is
acceptable. |
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.46.02 |
|
UK Pound |
1 |
Rs.73.61 |
|
Euro |
1 |
Rs.64.78 |
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.