|
Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
AGRICARE VIET NAM COMPANY LIMITED |
|
|
|
|
Registered Office : |
4th Flr, 2T Building |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishment : |
2007 |
|
|
|
|
Com. Reg. No.: |
0102304536 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale of seed, pesticides, fertilizers and agricultural
chemicals |
|
|
|
|
No. of Employees : |
55 |
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 : |
Slow but 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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
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
|
||
|
Registered English Name |
|
AGRICARE VIET NAM COMPANY LIMITED |
|
Registered Vietnamese Name |
|
CONG TY TNHH AGRICARE VIET |
|
Registered Short name |
|
AGRICARE VIET NAM., LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2007 |
|
Business Registration No. |
|
0102304536 |
|
Date of Registration |
|
09 Aug 2010 |
|
Place of Registration |
|
Ha Noi Department of Planning and
Investment |
|
Chartered capital |
|
VND 20,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0102304536 |
|
Total Employees |
|
55 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former chartered capital:
VND 2,500,000,000 Changed to: VND 20,000,000,000 |
22
Sep 2011 |
|
2 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH CHAM SOC & PHAT TRIEN NONG NGHIEP VIET Changed to: CONG TY TNHH AGRICARE |
09
Aug 2010 |
|
3 |
Subject has got former Business
Registration No: 0102031199 Changed to: 0102304536 |
09
Aug 2010 |
|
4 |
Subject has got former Registered English Name:
VIET NAM AGRICULTURAL CARE & DEVELOPMENT COMPANY LIMITED Changed to: AGRICARE VIET NAM COMPANY
LIMITED |
09
Aug 2010 |
|
5 |
Subject has got former Address: Room
301-302, Changed to: 4th Flr, 2T Building, |
N/A |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
4th Flr, 2T Building |
|
Telephone |
|
(84-4) 37631484 |
|
Fax |
|
(84-4) 37631485 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
2nd Flr, |
|
Telephone |
|
(84-8) 62925256 |
|
Fax |
|
(84-8) 62925257 |
|
Email |
|
|
|
Website |
|
|
|
Note: The subject
is in process of move its branch from address as 2nd Flr - Scetpa Tower,
No.19 A - Cong Hoa Street - Tan Binh District - Hochiminh City to address as
2nd Flr - IDD2 Building - Dong Da Street - Tan Binh District - Hochiminh City
|
||
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
DAM QUANG THANG |
|
Position |
|
Director |
|
Date of Birth |
|
28 Nov 1974 |
|
ID Number/Passport |
|
012585989 |
|
ID Issue Date |
|
07 Apr 2003 |
|
|
|
Police Station of Hanoi
City |
|
Resident |
|
Room 301 - D8-B
Building, Phuong Mai Ward, Dong Da District, Ha Noi City, Vietnam |
|
Current resident |
|
Room 301 - B7 Building, Nghia Tan Ward,
Dong Da District, Ha |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
LE KHAC HOANG |
|
Position |
|
Deputy Director |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
- Wholesale of seed, pesticides, fertilizers and
agricultural chemicals |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Equipment, seed, products |
|
·
Market |
|
|
|
·
Mode of payment |
|
T/T, L/C |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
|
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE HOAN KIEM BRANCH |
||
|
Address |
|
No.37 Hang Bo, Hoan Kiem District, Ha |
|
Telephone |
|
(84-4) 38254276 |
|
|
||
|
2.
|
||
|
Address |
|
No.299 |
|
Telephone |
|
(84-4) 2 220 1606 |
|
Fax |
|
(84-4) 2 220 1607 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
DAM QUANG THANG |
|
Position |
|
Director |
|
Date of Birth |
|
28 Nov 1974 |
|
ID Number/Passport |
|
012585989 |
|
Issued on |
|
07 Apr 2003 |
|
Issued Place |
|
Police Station of |
|
Resident |
|
Room 301 - D8-B Building Phuong Mai Ward,
Dong Da District, Ha |
|
Current Resident |
|
Room 301 - B7 Building Nghia Tan Ward, Dong
Da District, Ha |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 16,000,000,000 |
|
Percentage |
|
80% |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI HA |
|
Issued Place |
|
Ha Noi Department of Police |
|
Resident |
|
Room 301 - D8-B Building Phuong Mai Ward ,
Dong Da District, Ha |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,000,000,000 |
|
Percentage |
|
10% |
|
|
||
|
3.
NAME |
|
Mr.
LE HONG QUANG |
|
ID Number/Passport |
|
013091419 |
|
Resident |
|
No. 30 Gemstone Company Collective Zone,
Trung Van Commune , Tu Liem District, Ha |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
5% |
|
|
||
|
4.
NAME |
|
Mr.
LE KHAC HOANG |
|
ID Number/Passport |
|
024041850 |
|
Resident |
|
No. 42/5E Pham Van Chieu Str, Ward 8 , Go
Vap District, |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
5% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A – CURRENT
ASSETS |
32,483,539,218 |
15,183,606,506 |
|
I. Cash and cash
equivalents |
8,075,443,301 |
5,547,957,395 |
|
1. Cash |
8,075,443,301 |
133,527,608 |
|
2. Cash equivalents |
0 |
5,414,429,787 |
|
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 |
14,612,358,840 |
8,147,359,230 |
|
1. Receivable from customers |
13,936,073,600 |
7,471,073,990 |
|
2. Prepayments to suppliers |
0 |
0 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
676,285,240 |
676,285,240 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
9,760,060,573 |
1,306,086,573 |
|
1. Inventories |
9,760,060,573 |
1,306,086,573 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
35,676,504 |
182,203,308 |
|
1. Short-term prepaid expenses |
0 |
176,526,804 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
35,676,504 |
5,676,504 |
|
B. LONG-TERM
ASSETS |
2,286,477,786 |
1,245,008,954 |
|
I. Long term
accounts 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
|
2,208,383,152 |
1,221,453,880 |
|
1. Tangible assets |
2,208,383,152 |
1,221,453,880 |
|
- Historical costs |
2,735,727,272 |
1,503,120,000 |
|
- Accumulated depreciation |
-527,344,120 |
-281,666,120 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
|
- Initial costs |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
|
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 |
78,094,634 |
23,555,074 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
78,094,634 |
23,555,074 |
|
VI. Goodwill |
|
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
34,770,017,004 |
16,428,615,460 |
|
|
||
LIABILITIES
|
||
|
A- LIABILITIES |
5,011,613,392 |
1,649,374,355 |
|
I. Current
liabilities |
5,011,613,392 |
1,649,374,355 |
|
1. Short-term debts and loans |
0 |
0 |
|
2. Payable to suppliers |
4,305,740,419 |
718,429,899 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
388,872,973 |
680,944,456 |
|
5. Payable to employees |
317,000,000 |
250,000,000 |
|
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 |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term
Liabilities |
0 |
0 |
|
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 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
B- OWNER’S
EQUITY |
29,758,403,612 |
14,779,241,105 |
|
I. OWNER’S
EQUITY |
29,758,403,612 |
14,779,241,105 |
|
1. Capital |
20,000,000,000 |
10,000,000,000 |
|
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 |
4,779,241,104 |
0 |
|
10. Retained earnings |
4,979,162,508 |
4,779,241,105 |
|
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 |
34,770,017,004 |
16,428,615,460 |
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
66,031,070,476 |
38,284,164,526 |
|
2. Deduction item |
0 |
0 |
|
3. Net revenue |
66,031,070,476 |
38,284,164,526 |
|
4. Costs of goods sold |
52,762,186,380 |
28,209,488,000 |
|
5. Gross profit |
13,268,884,096 |
10,074,676,526 |
|
6. Financial income |
168,456,560 |
633,747,756 |
|
7. Financial expenses |
0 |
2,092,012,000 |
|
- In which: Loan interest expenses |
0 |
1,861,553,883 |
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
6,798,457,312 |
3,092,634,459 |
|
10. Net operating profit |
6,638,883,344 |
5,523,777,823 |
|
11. Other income |
0 |
0 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
0 |
0 |
|
14. Total accounting profit before tax |
6,638,883,344 |
5,523,777,823 |
|
15. Current corporate income tax |
1,659,720,836 |
1,380,944,456 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
4,979,162,508 |
4,142,833,367 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
6.48 |
9.21 |
1.56 |
|
Quick liquidity ratio |
4.53 |
8.41 |
0.82 |
|
Inventory circle |
9.54 |
21.60 |
7.71 |
|
Average receive period |
80.77 |
77.68 |
57.49 |
|
Utilizing asset performance |
1.90 |
2.33 |
2.53 |
|
Liability by total assets |
14.41 |
10.04 |
59.02 |
|
Liability by owner's equity |
16.84 |
11.16 |
219.47 |
|
Ebit / Total assets (ROA) |
19.09 |
44.95 |
13.30 |
|
Ebit / Owner's equity (ROE) |
22.31 |
49.97 |
35.73 |
|
Ebit / Total revenue (NPM) |
10.05 |
19.29 |
7.62 |
|
Gross profit / Total revenue (GPM) |
20.09 |
26.32 |
16.22 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Good |
|
Liquidity |
|
High |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T, L/C |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Good |
|
|
|
CREDIT INQUIRY: 125,000 USD Against DA in terms Acceptable |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
Founded
in 2007 as a limited liability company under original name VIET NAM
AGRICULTURAL CARE & DEVELOPMENT COMPANY LIMITED. On 09 August 2010, the
company is granted business registration No. 0102304536 issued by Ha Noi
Department of Planning and Investment with total registered capital of VND
2.5 billion and changed its name into AGRICARE VIET NAM COMPANY LIMITED. In
2011, the subject increased highly chartered capital to VND 20 billion. The
head office of the subject is located at 4th Flr, 2T Building, No. 9 Pham Van
Dong Street - Ha Noi City – Vietnam. About 55 employees are working for the
company, under the management of Mr. Dam Quang Thang, who is an active
businessman. The
subject specializes in wholesaling of seed, pesticides, fertilizers and
agricultural chemicals; providing information about agricultural market;
consulting registration procedure of pesticides, fertilizers. The subject
often imports equipment, seed, products from China, India, Thailand,
Malaysia; and exports to Taiwan and Cambodia. Looking
at the above financial statement, in 2011 total assets had a remarkable
growth of more double against 2010. It mainly comes from the current assets.
It indicates that the subject expanded business scale well. The subject also
posted an incremental increase on its turnover in 2011. Namely, in 2011, its
revenue rises by 98.38% compared with that in previous year (from VND
38,284,164,526 to VND 66,031,070,476). However the profit increased slightly,
because of the higher expenses. The
subject’s financial ratios in 2011 seem worse than that in 2010; yet they
were still positive in compared with average industry. ROA, ROE and profit
indexes show that, the subject's business activities are effective. Liquidity
ratios and debt rate prove that, the subject's liquidity is good, its capital
structure is very safe and self-financing is also very good. The
subject always has clear plan for near future. According to its plan for
2012, its business results reach VND 77.938 billion in revenue and VND 6.172
billion in profit. Base
on its financial situation and business activity, the subject has capacity to
meet all transactions which consist with its scale. |
------------ APPENDIX ----------
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) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
5.53 |
7.70 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
6.69 |
7.52 |
154,978 |
14,522 |
4,939,069 |
|
|
|
||||||
ECONOMIC INDICATORS
|
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population (Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic Products (USD billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita (USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (% Change in Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget Deficit compared with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion
USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
|
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.