|
Report Date : |
04.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
PROVIMI |
|
|
|
|
Formerly Known As : |
NUTRIWAY VIETNAM CO., LTD |
|
|
|
|
Registered Office : |
No.238 High way 1A - Tan Hiep Ward, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Establishment : |
1996 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and supplying PREMIX and additives for animal feeds |
|
|
|
|
No. of Employees : |
140 |
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 : |
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 – 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 |
Current legal status
|
||
|
English Name |
|
PROVIMI |
|
Vietnamese Name |
|
CONG TY TNHH MOT THANH VIEN PROVIMI |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1996 |
|
Investment Certificate No |
|
471043000137 |
|
Date Of Issuance |
|
30 Jun 2008 |
|
Place of Issuance |
|
People's Committee Of |
|
Registered Investment Capital |
|
USD 1,200,000 |
|
Chartered capital |
|
USD 750,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
3600233499 |
|
Total Employees |
|
140 |
|
Size |
|
Medium |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered English
Name: NUTRIWAY VIETNAM CO., LTD (founded in 1997) Changed to: PROVIMI |
25
Mar 2010 |
|
2 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH MOT THANH VIEN NUTRIWAY Changed to: CONG TY TNHH MOT THANH VIEN
PROVIMI |
25
Mar 2010 |
|
3 |
Subject has got former Registered
Vietnamese Name: XI NGHIEP NUTRIWAY Changed to: CONG TY TNHH MOT THANH VIEN
NUTRIWAY |
30
Jun 2008 |
|
4 |
Subject has got former Investment
Certificate No: 1616/GP Dated June 29, 1996 Changed to: 471043000137 Dated
June 30, 2008 |
30
Jun 2008 |
|
5 |
Subject has got former Chartered capital:
500,000 USD Changed to: 700,000 USD |
N/A |
|
6 |
Subject has got former Address: No.69 Ba
Trieu Str - Hai Ba Trung District - Ha Noi City - Changed to: 3rd Floor - No. 97 Tran Quoc Toan
Str. - Hoan Kiem District - Ha |
N/A |
|
7 |
Subject has got former Chartered capital:
700,000 USD Changed to: 750,000 USD |
N/A |
|
Head Office |
||
|
Address |
|
No.238 High way 1A - Tan Hiep Ward, |
|
Telephone |
|
(84-61) 3881489 / 3884854/ 3999001 |
|
Fax |
|
(84-61) 3 884 304 |
|
|
||
|
Workshop Address
|
||
|
Address |
|
Tien Son Industrial Zone Hoang Son
commune, Tien Du District, |
|
Telephone |
|
(84-241) 3 714 176 |
|
|
||
|
Representative
office in Ho Chi Minh |
||
|
Address |
|
4th |
|
Telephone |
|
(84-8) 35126128 |
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
3rd Floor - No. 97 Tran Quoc Toan Str.,
Hoan Kiem District, Ha |
|
Telephone |
|
(84-4) 39 428 443 |
|
Fax |
|
(84-4) 39 428 431 |
|
Land-use Right |
|
Leased |
|
Manager |
|
Ms. BUI THI BICH THUY |
|
Note: Branch in |
||
|
1.
NAME |
|
Mr.
HENDRIK BRAND |
|
Position |
|
General Director |
|
ID Number/Passport |
|
BL78P1685 |
|
Nationality |
|
Netherlander |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI HUONG LAN |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
TRAN BACH YEN |
|
Position |
|
HR Manager |
|
Nationality |
|
Vietnamese |
|
Email |
|
recruitment@vn.provimi.com |
|
Manufacturing
and supplying PREMIX and additives for animal feeds |
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
|
|
·
Mode of payment |
|
T/T; L/C. |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
|
|
·
Mode of payment |
|
T/T; L/C |
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF |
||
|
Address |
|
No 77C Hung Dao Vuong,Trung Dung Ward, |
|
Telephone |
|
(84-61) 3823666 |
|
Fax |
|
(84-61) 3824191 |
|
|
||
|
2.
NATETIS BANK |
||
|
Address |
|
No. 11 Me |
|
Telephone |
|
(84-8) 38 222 830 |
|
Fax |
|
(84-8) 38 299 128 |
|
|
||
|
3.
HSBC VIETNAM LTD |
||
|
Address |
|
6 Floor, No. 235 Dong Khoi Str., Ben Nghe ward, District 1, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 38292288 |
|
1.
NAME |
|
PROVIMI
GROUP |
|
Address |
|
Veerlaan 17-23 NL - 3072 AN Rotterdam - Postbus
59009 NL - 3008 PA Rotterdam, Netherlands |
|
Tel |
|
31-(0) 10-423 95 00 |
|
Fax |
|
31-(0) 10-423 96 24 |
|
Email |
|
|
|
Website |
|
|
|
Percentage |
|
100% |
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
150,448,226,450
|
84,918,786,246
|
|
I. Cash and cash
equivalents |
64,375,552,734
|
13,266,177,130
|
|
1. Cash |
9,440,252,734 |
13,266,177,130 |
|
2. Cash equivalents |
54,935,300,000 |
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 |
58,963,995,228
|
36,088,445,796
|
|
1. Receivable from customers |
55,271,225,223 |
30,338,360,922 |
|
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 |
4,585,700,720 |
5,964,789,089 |
|
6. Provisions for bad debts |
-892,930,715 |
-214,704,215 |
|
IV. Inventories |
25,512,621,251
|
34,472,993,990
|
|
1. Inventories |
28,431,900,717 |
37,555,706,621 |
|
2. Provisions for devaluation of inventories |
-2,919,279,466 |
-3,082,712,631 |
|
V. Other Current
Assets |
1,596,057,237
|
1,091,169,330
|
|
1. Short-term prepaid expenses |
488,588,494 |
188,955,568 |
|
2. VAT to be deducted |
26,177,725 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
7,646,973 |
|
4. Other current assets |
1,081,291,018 |
894,566,789 |
|
B. LONG-TERM
ASSETS |
15,095,497,446
|
11,685,793,427
|
|
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
|
11,492,400,558
|
10,623,017,696
|
|
1. Tangible assets |
11,272,558,674 |
10,346,768,873 |
|
- Historical costs |
30,193,501,300 |
26,481,965,189 |
|
- Accumulated depreciation |
-18,920,942,626 |
-16,135,196,316 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
219,841,884 |
276,248,823 |
|
- Initial costs |
1,063,911,633 |
1,018,385,433 |
|
- Accumulated amortization |
-844,069,749 |
-742,136,610 |
|
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 |
3,603,096,888
|
1,062,775,731
|
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
3,603,096,888 |
1,062,775,731 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
165,543,723,896
|
96,604,579,673
|
|
LIABILITIES |
||
|
A- LIABILITIES |
96,473,341,981
|
18,832,654,212
|
|
I. Current
liabilities |
96,473,341,981
|
18,832,654,212
|
|
1. Short-term debts and loans |
0 |
0 |
|
2. Payable to suppliers |
53,094,659,213 |
11,472,880,887 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
13,889,329,100 |
2,966,789,503 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
13,262,522,270 |
3,840,010,852 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
16,226,831,398 |
552,972,970 |
|
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 |
69,070,381,915
|
77,771,925,461
|
|
I. OWNER’S
EQUITY |
69,070,381,915
|
77,771,925,461
|
|
1. Capital |
9,962,866,185 |
9,962,866,185 |
|
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 |
59,107,515,730 |
67,809,059,276 |
|
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 |
165,543,723,896
|
96,604,579,673
|
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2009 |
FY2008 |
|
1. Total Sales |
382,389,408,737
|
n/a |
|
2. Deduction item |
1,158,431,011 |
|
|
3. Net sale |
381,230,977,726
|
|
|
4. Costs of goods sold |
263,115,332,469 |
|
|
5. Gross profit |
118,115,645,257
|
|
|
6. Financial income |
525,974,883 |
|
|
7. Financial expenses |
1,239,496,440 |
|
|
- In which: Loan interest expenses |
0 |
|
|
8. Selling expenses |
28,702,746,576 |
|
|
9. Administrative overheads |
20,709,035,473 |
|
|
10. Net operating profit |
67,990,341,651
|
|
|
11. Other income |
638,157,393 |
|
|
12. Other expenses |
93,286,528 |
|
|
13. Other profit /(loss) |
544,870,865
|
|
|
14. Total accounting profit before tax |
68,535,212,516
|
|
|
15. Current corporate income tax |
13,513,461,179 |
|
|
16. Deferred corporate income tax |
2,540,321,157 |
|
|
17. Interest from subsidiaries/related companies |
0 |
|
|
18. Profit after tax |
52,481,430,180
|
|
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
1.56 |
4.51 |
1.47 |
|
Quick liquidity ratio |
1.30 |
2.68 |
0.70 |
|
Inventory circle |
8.77 |
- |
8.31 |
|
Average receive period |
56.45 |
- |
28.57 |
|
Utilizing asset performance |
2.30 |
- |
2.64 |
|
Liability by total assets |
58.28 |
19.49 |
58.07 |
|
Liability by owner's equity |
139.67 |
24.22 |
182.19 |
|
Ebit / Total assets (ROA) |
41.40 |
- |
10.02 |
|
Ebit / Owner's equity (ROE) |
99.23 |
- |
25.93 |
|
Ebit / Total sale (NPM) |
17.92 |
- |
3.82 |
|
Gross profit / Total sale (GPM) |
30.89 |
- |
8.54 |
|
Note: The Average Industry
was calculated by VietnamCredit based on our own statistical data |
|||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T; L/C |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Well-known |
|
Being
a foreign invested company, the subject was established in 1996 with the
originally chartered capital by USD 500,000 and named as Nutriway Vietnam. On
3rd June 2004, Nutriway has been acquired by Provimi (Holland) - an
international feed group with worldwide market position in animal nutrition
solutions. Currently its business name has been changed to Provimi Vietnam
with new chartered capital of USD 750,000. Subject’s headquarter is located
at No.238 High way 1A - Tan Hiep Ward - Bien Hoa City - Dong Nai Province -
Vietnam. This is also the factory location of subject. Besides, the subject
has a workshop at Bac Ninh Province, a representative office in Ho Chi Minh
City and a branch in Hanoi City. The
subject is manufacturer and supplier of PREMIX and additives for feed-mills
to Vietnam market and foreign market. It also provides a high level of
technical service to its customers in a wide range of activities. Its
products exports to Asian countries and some countries in EU. At present
situation, area and output of farm produce extremely decreases. This point
makes feed industry in Vietnam depending on foreign materials. However, the
subject has operated for 14 years in this field; It has grown its turnover
dramatically and has become quickly one of the big brands in its industry,
having a good position and prestige in domestic and foreign market. Look at
the result in doing business of this subject, we see that: Although the
subject also meets some difficulties because of increasing in price of input
material, it still had high sale. In 2009, subject’s liquidity was lower than
previous years. However, profitability was very high compared with average
industry ratio. The latest financial statement of the subject is not
available now but through conversation with Ms. Hang – Accountant, she
revealed that in 2011, the firm’s operation was good and its total sales were
800 billion VND and profit after tax was about 110 billion VND. In
conclusion, the subject receives help and supports from PROVIMI GROUP and has
positive financial situation. Generally, subject is operating stably. The
premises and facilities are good. Financial situation is healthy. The subject
can meet normal credit commitments. |
|
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.55.92 |
|
UK Pound |
1 |
Rs.86.03 |
|
Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.