MIRA INFORM REPORT
|
Report Date : |
28.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
DSM NUTRITIONAL PRODUCTS VIETNAM COMPANY
LIMITED |
|
|
|
|
Registered Office : |
No. 26, Doc Lap Avenue, Vietnam- Singapore Industrial Park - Thuan An Town - Binh Duong Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Establishment : |
2001 |
|
|
|
|
Legal Form : |
Foreign Invested Company |
|
|
|
|
Line of Business : |
manufacturing and trading
in vitamins, premix and raw materials for animal feeds |
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 : |
--- |
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 |
|
DSM NUTRITIONAL PRODUCTS VIETNAM COMPANY
LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH DSM NUTRITIONAL PRODUCTS VIET
NAM |
|
Trade name |
|
DSM NUTRITIONAL PRODUCTS (VIETNAM) LTD |
|
Type of Business |
|
Foreign invested company |
|
Year Established |
|
2001 |
|
Investment Certificate No |
|
463043000152 |
|
Date of investment |
|
01 Jan 2008 |
|
Place of investment |
|
Management Board of Vietnam-Singapore
Industrial Park |
|
Registered Investment Capital |
|
1,000,000 USD |
|
Chartered capital |
|
1,000,000 USD |
|
Investment Duration |
|
45 years since October 1st 2001 |
|
Tax code |
|
3700376726 |
|
Total Employees |
|
35 |
|
|
||
Historical Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Investment
Certificate No: Original Investment License No. 046/GP-KCN-VS (Adjusted License
No. 046/GPDC2-KCN-VS) is issued on May 31st 2001 by Management Board of
Vietnam-Singapore Industrial Park Changed to: 463043000152 issued in 2008 |
|
2 |
Subject has got former Trade Name: ROCHE VITAMINS
VIETNAM Changed to: DSM NUTRITIONAL PRODUCTS (VIETNAM) LTD |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 26, Doc Lap Avenue, Vietnam- Singapore
Industrial Park - Thuan An Town - Binh Duong Province - Vietnam |
|
Telephone |
|
(84-650) 3758 432 – 3758 433 – 3758 434 –
3758 435 |
|
Fax |
|
(84-650) 3758 442 |
|
Email |
|
|
DIRECTORS
|
1.
NAME |
|
Mr.
REDMAN ROBERT GORDON HARCOURT (ROBERT REDMAN) |
|
Position |
|
General Director |
|
ID Number/Passport |
|
E3009618 |
|
Email |
|
robert.redman@dsm.com |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN THE HOANG |
|
Position |
|
Sales Manager |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
Tel/Mobil phone |
|
+84 913 902 696 |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN DANH |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
Tel/Mobil phone |
|
+84 903 333 181 |
|
|
||
|
4.
NAME |
|
Mr.
PHAM CHU DAO |
|
Position |
|
Sales |
|
Nationality |
|
Vietnamese |
|
Email |
|
dao.pham-chu@dsm.com |
BUSINESS NATURE AND ACTIVITIES
|
The subject
specializes in manufacturing and trading in vitamins, premix and raw
materials for animal feeds. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
raw materials |
|
·
Market |
|
France, USA, Holland, Switzerland, Belgium, Germany,
Singapore and China |
|
|
||
|
EXPORT: N/A |
||
BANKERS
|
1.
CITY BANK - HOCHIMINH CITY BRANCH |
||
|
Address |
|
No.115, Nguyen Hue Street - Ben Nghe Ward - 1 District - Ho Chi Minh City
- Vietnam |
|
Telephone |
|
(84-8) 3824 2118 |
|
Fax |
|
(84-8) 3824 2114 |
|
|
||
|
2.
ANZ BANK HOCHIMINH CITY BRANCH |
||
|
Address |
|
No. 11 Me Linh Square - Ben Nghe Ward - 1 District - Ho Chi Minh City
- Vietnam |
|
Telephone |
|
(84-8) 3829 9319 |
|
Fax |
|
(84-8) 3829 9316 |
|
|
||
|
3.
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HO CHI MINH BRANCH |
||
|
Address |
|
No. 29 Ben Chuong Duong Street - Nguyen Thai Binh Ward - 1 District -
Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3825 1317 |
|
Fax |
|
(84-8) 3829 7228 |
SHAREHOLDERS
The
subject is a 100% foreign investment company. Following is its parent
company.
|
||
|
NAME |
|
DSM
GROUP |
|
Address |
|
Netherlands |
|
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 |
176,157,332,387
|
138,395,647,090
|
|
I. Cash and cash
equivalents |
17,050,648,345
|
20,019,832,776
|
|
1. Cash |
17,050,648,345 |
20,019,832,776 |
|
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 |
70,136,801,098
|
48,177,789,922
|
|
1. Receivable from customers |
70,136,801,098 |
48,132,435,899 |
|
2. Prepayments to suppliers |
0 |
45,354,023 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
85,772,452,480
|
65,936,935,289
|
|
1. Inventories |
85,997,312,646 |
67,778,403,727 |
|
2. Provisions for devaluation of inventories |
-224,860,166 |
-1,841,468,438 |
|
V. Other Current
Assets |
3,197,430,464
|
4,261,089,103
|
|
1. Short-term prepaid expenses |
166,762,173 |
104,375,822 |
|
2. VAT to be deducted |
2,705,204,731 |
3,578,184,217 |
|
3. Taxes and other accounts receivable from the State |
|
181,960,504 |
|
4. Other current assets |
325,463,560 |
396,568,560 |
|
B. LONG-TERM
ASSETS |
11,869,271,427
|
13,105,049,897
|
|
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
|
10,267,832,508
|
11,659,850,186
|
|
1. Tangible assets |
10,267,832,495 |
11,659,850,173 |
|
- Historical costs |
24,920,687,006 |
25,336,449,262 |
|
- Accumulated depreciation |
-14,652,854,511 |
-13,676,599,089 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
13 |
13 |
|
- Initial costs |
1,491,014,407 |
1,491,014,407 |
|
- Accumulated amortization |
-1,491,014,394 |
-1,491,014,394 |
|
4. Construction-in-progress |
0 |
0 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
0 |
5,000,000
|
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
5,000,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other
long-term assets |
1,601,438,919
|
1,440,199,711
|
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
518,847,201 |
423,566,020 |
|
3. Other long-term assets |
1,082,591,718 |
1,016,633,691 |
|
TOTAL ASSETS |
188,026,603,814
|
151,500,696,987
|
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
141,121,087,726
|
104,961,690,644
|
|
I. Current
liabilities |
140,448,582,131
|
104,344,137,635
|
|
1. Short-term debts and loans |
0 |
0 |
|
2. Payable to suppliers |
136,533,729,550 |
100,690,653,575 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
940,767,279 |
546,125,579 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
2,249,434,782 |
2,594,748,866 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
724,650,520 |
512,609,615 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
672,505,595
|
617,553,009
|
|
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 |
672,505,595 |
617,553,009 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
46,905,516,088
|
46,539,006,343
|
|
I. OWNER’S
EQUITY |
46,905,516,088
|
46,539,006,343
|
|
1. Capital |
14,997,500,000 |
14,997,500,000 |
|
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 |
31,908,016,088 |
31,541,506,343 |
|
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 |
188,026,603,814
|
151,500,696,987
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2009 |
|
1. Total Sale |
656,687,585,675
|
|
2. Deduction item |
0 |
|
3. Net sale |
656,687,585,675
|
|
4. Costs of goods sold |
605,425,788,446 |
|
5. Gross profit |
51,261,797,229
|
|
6. Financial income |
5,905,794,729 |
|
7. Financial expenses |
39,134,429,074 |
|
- In which: Loan interest expenses |
- |
|
8. Selling expenses |
9,890,977,368 |
|
9. Administrative overheads |
7,439,381,368 |
|
10. Net operating profit |
702,804,148
|
|
11. Other income |
458,372,115 |
|
12. Other expenses |
188,806,169 |
|
13. Other profit /(loss) |
269,565,946
|
|
14. Total accounting profit before tax |
972,370,094
|
|
15. Current corporate income tax |
701,143,050 |
|
16. Deferred corporate income tax |
95,282,701 |
|
18. Profit after tax |
175,944,343
|
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
1.25 |
1.33 |
1.48 |
|
Quick liquidity ratio |
0.64 |
0.69 |
0.86 |
|
Inventory circle |
7.98 |
- |
6.84 |
|
Average receive period |
38.98 |
- |
57.12 |
|
Utilizing asset performance |
3.49 |
- |
1.40 |
|
Liability by total asset |
75.05 |
69.28 |
53.27 |
|
Liability by owner equity |
300.86 |
225.53 |
165.07 |
|
Ebit / Total asset (ROA) |
0.52 |
- |
9.44 |
|
Ebit / Owner's equity (ROE) |
2.07 |
- |
22.99 |
|
Ebit / Total sale (NPM) |
0.15 |
- |
6.94 |
|
Gross profit / Total sale (GPM) |
7.81 |
- |
16.18 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
|||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Normal |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
N/A |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, T/T |
|
Sale Methods |
|
Retailer |
|
CREDIT INQUIRY:
125,000 USD against DA in terms |
|
The subject has capacity
to meet this transactions! |
INTERPRETATION ON THE SCORES
|
The
subject - DSM NUTRITIONAL PRODUCTS VIETNAM COMPANY LIMITED was
established in 2001 in Binh Duong Province. Originally,
the subject was founded by Roche Pharmholdings B.V under the name of Roche
Vitamins Vietnam. In 2003, the subject was sold to DSM Group and its name
changed to “DSM Nutritional Products Vietnam Company Limited”. DSM Group is
the world's leading supplier of vitamins, carotenoids and other chemicals for
feed, foodstuff, pharmaceutical and cosmetic industries. The
subject is located at No. 26, Doc Lap Avenue, Vietnam - Singapore Industrial
Park - Thuan An District - Binh Duong Province. It is specializing in
manufacturing and trading vitamins, premix and raw materials for processing
animal feeds. Main customers of the subject are manufacturers for animal
feeds and agents in domestic market. Raw materials of subject are imported
from France, USA, Holland, Switzerland, Belgium, Germany, Singapore and
China. The
facilities and premises of the subject are fairly good. Its management
capability is acceptable. The competitiveness and payment capacity of the
subject are average. The prospect development of the subject seems bright. In
general, the subject is operating normally. Its financial situation is also
stable. Its turnover is fairly good in comparison with other same companies.
Currently, the Subject is operating at the medium scale. It is reliable for
the small-normal business transactions. |
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.49.18 |
|
UK Pound |
1 |
Rs.76.65 |
|
Euro |
1 |
Rs.66.63 |
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.