MIRA
INFORM REPORT
|
Report Date : |
06.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
VAN SANH ANIMAL FEED MANUFACTURING AND
TRADING CORPORATION |
|
|
|
|
Registered Office : |
No.616 National Highway 1A, Quarter 5, Binh Hung Hoa B Ward - Binh Tan
District - Ho Chi Minh City |
|
|
|
|
Country : |
Viet Nam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
1985 |
|
|
|
|
Com. Reg. No.: |
0303264280 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and trading feed for animal
and fish |
|
|
|
|
No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Viet Nam |
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 |
|
VAN SANH ANIMAL FEED MANUFACTURING AND
TRADING CORPORATION |
|
Vietnamese Name |
|
CONG TY CO PHAN THUONG MAI SAN XUAT THUC
AN CHAN NUOI VAN SANH |
|
Abbreviation name |
|
VASAFEED Corp |
|
Type of Business |
|
Joint Stock Company |
|
Year Established |
|
1985 |
|
Business Registration No. |
|
0303264280 |
|
Date of Change |
|
17 Mar 2011 |
|
Place of Registration |
|
Business Registration Office- Planning and
Investment Department of Hochiminh city |
|
Current registered capital |
|
152,000,000,000 VND |
|
Tax code |
|
0303264280 |
|
Total Employees |
|
200 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Type of Business:
Limited Liability Company Changed to: Joint Stock Company |
23
Sep 2008 |
|
2 |
Subject has got former Registered English Name:
VAN SANH ANIMAL FEED MANUFACTURING SERVICE AND TRADING COMPANY LIMITED Changed to: VAN SANH ANIMAL FEED
MANUFACTURING AND TRADING CORPORATION |
23
Sep 2008 |
|
3 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH THUONG MAI DICH VU SAN XUAT THUC AN CHAN NUOI
VAN SANH Changed to: CONG TY CO PHAN THUONG MAI SAN
XUAT THUC AN CHAN NUOI VAN SANH |
23
Sep 2008 |
|
4 |
Subject has got former Business
Registration No: 4102021535 issued on 16 April 2004 Changed to: 4103011381 |
23
Sep 2008 |
|
5 |
Subject has got former Business
Registration No: 4103011381 issued on 23 Sep 2008 Changed to: 0303264280 (03rd
adjustment) |
17
Mar 2011 |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No.616 National Highway 1A, Quarter 5,
Binh Hung Hoa B Ward - Binh Tan District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3750 1700 / 3750 1393 / 3767 0183 |
|
Fax |
|
(84-8) 3875 5025 |
|
Email |
|
|
|
Website |
|
|
|
Note: The given address is not
exactly. |
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN VAN KHUE |
|
Position |
|
Chairman and General Director |
|
Date of Birth |
|
17 May 1948 |
|
ID Number/Passport |
|
020725442 |
|
Resident |
|
151A Nguyen Trai Str,
Ward 2 -District 5 - Ho Chi Minh City
- Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN CAO PHONG |
|
Position |
|
Deputy General Director |
|
ID Number/Passport |
|
022790388 |
|
Resident |
|
151A Nguyen Trai Str,
Ward 2 - District 5 - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 903 979 766 |
|
Email |
|
|
|
|
||
|
3.
NAME |
|
Mr.
PHAN THI DIEP |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject is specializing in manufacturing and
trading feed for animal and fish |
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Raw materials |
|
·
Market |
|
United state, Canada, Japan, Europe |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Feed |
|
·
Market |
|
Ghana, Middle of Africa countries, Cambodia |
BANKERS
|
||
|
|
||
|
ASIA
COMMERCIAL JOINT STOCK BANK PHU LAM BRANCH |
||
|
Address |
|
No.391A Kinh Duong Vuong – 6th District - Ho Chi Minh City
- Vietnam |
|
Telephone |
|
(84-8) 3751 6100 |
|
Fax |
|
(84-8) 3877 6590 |
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN CAO PHONG |
|
Position |
|
Deputy General Director |
|
ID Number/Passport |
|
022790388 |
|
Resident |
|
151A Nguyen Trai Str, Ward 2 - District 5
- Ho Chi Minh City - Vietnam |
|
Email |
|
|
|
Mobile phone |
|
+84 903 979 766 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
10,000,000,000 VND |
|
Percentage |
|
6.579% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN CAO TRI |
|
ID Number/Passport |
|
023549813 |
|
Resident |
|
151A Nguyen Trai Str, Ward 2
-District 5- Ho Chi Minh City -
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
10,000,000,000 VND |
|
Percentage |
|
6.579% |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI THANH TRAM |
|
ID Number/Passport |
|
BV0218707 |
|
Resident |
|
151A Nguyen Trai Str, Ward 2
-District 5 - Ho Chi Minh City -
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
6,000,000,000 VND |
|
Percentage |
|
3.947% |
|
|
||
|
4.
NAME |
|
Ms.
NGUYEN THI THANH THUY |
|
ID Number/Passport |
|
A1171213B |
|
Resident |
|
151A Nguyen Trai Str, Ward 2
-District 5 - Ho Chi Minh City -
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
6,000,000,000 VND |
|
Percentage |
|
3.947% |
|
|
||
|
5.
NAME |
|
Mr.
NGUYEN VAN KHUE |
|
Position |
|
Chairman and General Director |
|
Date of Birth |
|
17 May 1948 |
|
ID Number/Passport |
|
020725442 |
|
Resident |
|
151A Nguyen Trai Str, Ward 2
-District 5 - Ho Chi Minh City -
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
60,000,000,000 VND |
|
Percentage |
|
39.474% |
|
|
||
|
6.
NAME |
|
Ms.
VUONG THI QUANG TUYEN |
|
ID Number/Passport |
|
020098677 |
|
Resident |
|
151A Nguyen Trai Str, Ward 2
-District 5 - Ho Chi Minh City -
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
60,000,000,000 VND |
|
Percentage |
|
39.474% |
FINANCIAL DATA
|
||
|
BALANCE SHEET |
||
Unit: Million VND
|
||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
144,948
|
130,657
|
|
I. Cash and cash
equivalents |
5,281
|
5,471
|
|
1. Cash |
5,281 |
5,471 |
|
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 |
14,875
|
23,823
|
|
1. Receivable from customers |
10,187 |
9,870 |
|
2. Prepayments to suppliers |
4,688 |
12,804 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
0 |
1,149 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
116,422
|
95,505
|
|
1. Inventories |
116,422 |
95,505 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
8,370
|
5,858
|
|
1. Short-term prepaid expenses |
4,795 |
2,631 |
|
2. VAT to be deducted |
3,575 |
3,227 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM
ASSETS |
114,908
|
120,348
|
|
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
|
114,834
|
120,348
|
|
1. Tangible assets |
114,802 |
120,295 |
|
- Historical costs |
140,698 |
140,562 |
|
- Accumulated depreciation |
-25,896 |
-20,267 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
32 |
53 |
|
- Initial costs |
107 |
107 |
|
- Accumulated amortization |
-75 |
-54 |
|
4. Construction-in-progress |
0 |
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 |
|
V. Other
long-term assets |
74 |
0 |
|
1. Long-term prepaid expenses |
74 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
259,856
|
251,005
|
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
107,125
|
97,954
|
|
I. Current
liabilities |
103,114
|
91,166
|
|
1. Short-term debts and loans |
83,000 |
67,000 |
|
2. Payable to suppliers |
17,273 |
20,965 |
|
3. Advances from customers |
1,714 |
2,731 |
|
4. Taxes and other obligations to the State Budget |
1,065 |
418 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
62 |
52 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
4,011
|
6,788
|
|
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 |
4,011 |
6,788 |
|
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 |
152,731
|
153,051
|
|
I. OWNER’S
EQUITY |
152,713
|
153,012
|
|
1. Capital |
152,000 |
152,000 |
|
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 |
713 |
1,012 |
|
11. Construction investment fund |
0 |
0 |
|
II. Other sources
and funds |
18 |
39 |
|
1. Bonus and welfare funds |
18 |
39 |
|
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 |
259,856
|
251,005
|
|
|
||
|
PROFIT &
LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
1. Total Sale |
297,717
|
299,260
|
|
2. Deduction item |
467 |
0 |
|
3. Net revenue |
297,250
|
299,260
|
|
4. Costs of goods sold |
284,041 |
280,525 |
|
5. Gross profit |
13,209
|
18,735
|
|
6. Financial income |
478 |
191 |
|
7. Financial expenses |
9,760 |
13,618 |
|
- In which: Loan interest expenses |
- |
- |
|
8. Selling expenses |
558 |
556 |
|
9. Administrative overheads |
3,963 |
3,613 |
|
10. Net operating profit |
-594
|
1,139
|
|
11. Other income |
1,436 |
686 |
|
12. Other expenses |
24 |
614 |
|
13. Other profit /(loss) |
1,412
|
72 |
|
14. Total accounting profit before tax |
818 |
1,211
|
|
15. Current corporate income tax |
204 |
212 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
614 |
999 |
|
|
|||
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010
|
FY2009
|
Average
Industry |
|
Current liquidity ratio |
1.41 |
1.43 |
1.47 |
|
Quick liquidity ratio |
0.28 |
0.39 |
0.70 |
|
Inventory circle |
2.44 |
2.94 |
8.31 |
|
Average receive period |
18.27 |
29.06 |
28.57 |
|
Utilizing asset performance |
1.14 |
1.19 |
2.64 |
|
Liability by total asset |
41.22 |
39.02 |
58.07 |
|
Liability by owner equity |
70.14 |
64.00 |
182.19 |
|
Ebit / Total asset (ROA) |
0.31 |
0.48 |
10.02 |
|
Ebit / Owner's equity (ROE) |
0.54 |
0.79 |
25.93 |
|
Ebit / Total revenue (NPM) |
0.27 |
0.40 |
3.82 |
|
Gross profit / Total revenue (GPM) |
4.44 |
6.26 |
8.54 |
|
Note: The Average Industry was calculated by Vietnam Credit
based on our owned statistical data |
|||
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank (L/C or T/T) |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Normal |
INTERPRETATION ON THE SCORES
|
|
The
subject was established in 1985 as a private enterprise. In 2004, it changed
form into limited liability company. In 2008, it changed form into joint stock
company and operating under name VAN SANH ANIMAL FEED MANUFACTURING AND
TRADING CORPORATION. Its head office is at No.616 National Highway
1A, Quarter 5, Binh Hung Hoa B Ward - Binh Tan District - Ho Chi Minh City –
Vietnam. The subject
specializes in manufacturing and trading food and foodstuff for animal and
fish. The subject imports raw materials from manufactures such as AG
processing, Perdue Grain and Oilseed, J.D Heiskell Holdings… Besides, the
subject also imports from USA, Canada,
EU. It also imports from Japan but not much.
After processing, the subject’s products are exported to Ghana, Middle Africa
countries... Main products for export are types of foods and foodstuffs for
fish. However, main operation market of subject is in Vietnam. Total
area of subject is 20,000sqm. In 2009, it has applied standard ISO 9001:2008
and HACCP in manufacture. Management capability of subject is normal. Its
annual turnover is stable. In
current, the subject is operating normally. Its financial situation is
normal. The subject has capacity to meet small and medium financial
commitments. However, quick liquidity ratio of subject is quite low, so
caution needed with payment in short term. |
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.48.96 |
|
|
1 |
Rs.77.46 |
|
Euro |
1 |
Rs.64.39 |
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 |
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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.