|
Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAIGON AGRICULTURE INCORPORATION - ONE MEMBER LIMITED LIABILITY |
|
|
|
|
Registered Office : |
189 Dien Bien Phu Street, Ward 15, Binh Thanh District, Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Incorporation : |
1996 |
|
|
|
|
Com. Reg. No.: |
0300636205 |
|
|
|
|
Legal Form : |
State Single Liability Limited Company |
|
|
|
|
Line of Business : |
Architectural and engineering activities and related technical consultancy |
|
|
|
|
No. of Employees : |
4,200 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
VIETNAM - ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that has
been transitioning from the rigidities of a centrally-planned economy since
1986. Vietnamese authorities have reaffirmed their commitment to economic
modernization in recent years. Vietnam joined the World Trade Organization in
January 2007, which has promoted more competitive, export-driven industries.
Vietnam became an official negotiating partner in the Trans-Pacific Partnership
trade agreement in 2010. Agriculture''s share of economic output has continued
to shrink from about 25% in 2000 to less than 22% in 2012, while industry''s
share increased from 36% to nearly 41% in the same period. State-owned
enterprises account for roughly 40% of GDP. Poverty has declined significantly,
and Vietnam is working to create jobs to meet the challenge of a labor force
that is growing by more than one million people every year. The global
recession hurt Vietnam''s export-oriented economy, with GDP in 2012 growing at
5%, the slowest rate of growth since 1999. In 2012, however, exports increased
by more than 18%, year-on-year; several administrative actions brought the
trade deficit back into balance. Between 2008 and 2011, Vietnam''s managed
currency, the dong, was devalued in excess of 20%, but its value remained
stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in
2012. Foreign donors have pledged $6.5 billion in new development assistance
for 2013. Hanoi has oscillated between promoting growth and emphasizing
macroeconomic stability in recent years. In February 2011, the Government
shifted policy away from policies aimed at achieving a high rate of economic
growth, which had stoked inflation, to those aimed at stabilizing the economy,
through tighter monetary and fiscal control. Although Vietnam unveiled a broad,
"three pillar" economic reform program in early 2012, proposing the
restructuring of public investment, state-owned enterprises, and the banking
sector, little perceptible progress had been made by early 2013. Vietnam''s
economy continues to face challenges from an undercapitalized banking sector.
Non-performing loans weigh heavily on banks and businesses. In September 2012,
the official bad debt ratio climbed to 8.8%, though some independent analysts
believe it could be higher than 15%.
Source
: CIA
SUBJECT IDENTIFICATION & LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
SAIGON AGRICULTURE INCORPORATION - ONE
MEMBER LIMITED LIABILITY |
|
Registered Vietnamese Name |
|
TONG CONG TY NONG NGHIEP SAI GON - TNHH
MOT THANH VIEN |
|
Registered English name |
|
SAIGON AGRICULTURE INCORPORATION |
|
Registered Short name |
|
SAGRI |
|
Other short name |
|
SAIGON AGRICULTURE INC |
|
Type of Business |
|
State Single liability limited company |
|
Year Established |
|
1996 |
|
Establishment Decision |
|
6178/QDUB-KT |
|
Date of Issuance |
|
31 Dec 1996 |
|
Place of Issuance |
|
People’s Committee of Hochiminh City |
|
Business Registration No. |
|
0300636205 |
|
Date of Registration |
|
18 Nov 2010 |
|
Date of latest adjustment (2nd) |
|
31 Oct 2012 |
|
Place of Registration |
|
Business registration office - Planning
and Investment Department of Hochiminh City |
|
Chartered capital |
|
VND 1,447,727,000,000 |
|
Tax code |
|
0300636205 |
|
Total Employees |
|
4,200 |
|
Size |
|
Large |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered Vietnamese
Name: TONG CONG TY NONG NGHIEP SAI GON Changed to: TONG CONG TY NONG NGHIEP SAI
GON - TNHH MOT THANH VIEN |
23
Dec 2010 |
|
2 |
Subject has got former Chartered capital:
VND 665,385,000,000 Changed to: VND 1,447,727,000,000 |
- |
|
3 |
Subject has got former Business
Registration No: 4106000149 issued on April 25th, 2006 Changed to: 4106000321 issued on November
15th, 2006 |
- |
|
4 |
Subject has got former Business
Registration No: 4106000321 issued on November 15th, 2006 Changed to: 0300636205 |
- |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
189 Dien Bien Phu Street, Ward 15, Binh
Thanh District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3899 9534 - 3803 5412 |
|
Fax |
|
(84-8) 3840 9492 - 3803 5403 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No.195 Dien Bien Phu Street, Ward 15, Binh
Thanh District, Ho Chi Minh City, Vietnam |
|
Tax code |
|
0300636205-006 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No.168/6 Highway 1K, Linh Xuan Ward, Thu
Duc District, Ho Chi Minh City, Vietnam |
|
Tax code |
|
0300636205-008 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No.83 Bau Tre Street, Bau Tre 1 Hamlet,
Tan An Hoi Commune, Cu Chi District, Ho Chi Minh City, Vietnam |
|
Tax code |
|
0300636205-009 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No.166 Kinh Duong Vuong Street, An Lac A
Ward , Binh Tan District, Ho Chi Minh City, Vietnam |
|
Tax code |
|
0300636205-004 |
|
|
||
SUBSIDIARIES AND RELATED COMPANIES
|
||
|
|
||
|
1. AGRICULTURAL FORESTRY
AND FISHERY IMPORT EXPORT COMPANY LIMITED |
||
|
Business Registration |
|
0311207864 |
|
Date of Registration |
|
16 Sep 2010 |
|
Place of Registration |
|
Business Registration Office- Planning and Investment Department of
Hochiminh city |
|
Chartered capital |
|
VND 33,275,000,000 |
|
Tax code |
|
0311207864 |
|
Address |
|
7th & 8th Floors, No. 276 Nguyen Dinh Chieu Street, Ward 6,
District 3, Ho Chi Minh City, Vietnam |
|
Tel |
|
(84-8) 5404 4972/5404 4971 |
|
Fax |
|
(84-8) 5404 4698 |
|
Website |
|
|
|
|
||
|
2. BEE HONEY
CORPORATION OF HOCHIMINH CITY |
||
|
Business Registration |
|
059676 |
|
Date of Registration |
|
14 Sep 1996 |
|
Place of Registration |
|
Business Registration Office- Planning and Investment Department of
Hochiminh city |
|
Chartered capital |
|
VND 5,000,000,000 |
|
Tax code |
|
0300657519 |
|
Address |
|
241A Nguyen Trong Tuyen Street, Ward 8, Phu Nhuan District, Ho Chi
Minh City, Vietnam |
|
Tel |
|
(84-8) 3844 6272 / 3844 3876 |
|
Fax |
|
(84-8) 3845 8724 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN VAN TRUC |
|
Position |
|
General Director – Legal Representative |
|
Date of Birth |
|
16 Dec 1959 |
|
ID Number/Passport |
|
024797074 |
|
ID Issue Date |
|
23 Jul 2007 |
|
ID Issue Place |
|
Police station of
Hochiminh City |
|
Resident |
|
No. 21 Tran Thien Chanh
Street, Ward 12, District 10, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Mr.
TONG NGOC DUONG |
|
Position |
|
Chief Accountant |
|
Resident |
|
Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
|
|
||
|
3.
NAME |
|
Mr.
LE QUANG NGHIA |
|
Position |
|
Human Resource Manager |
|
Resident |
|
Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
4.
NAME |
|
Mr.
VO VAN THANH |
|
Position |
|
Deputy General Director |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Managing |
|
|
||
|
5.
NAME |
|
Mr.
HOANG SY TY |
|
Position |
|
Deputy General Director |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Managing |
|
|
||
|
6.
NAME |
|
Mr.
TRAN QUANG TY |
|
Position |
|
Administration Director |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Managing |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Its registered items: Other manufacturing n.e.c |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Goods and materials |
|
·
Market |
|
France, Germany, EU, Canada, the US, Cuba, Taiwan, Hong Kong, China,
South Korea, Singapore, Japan, Australia and New Zealand |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Laos, Cambodia, Philippine, Indonesia, China, EU and USA... |
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HO CHI MINH CITY BRANCH |
||
|
Address |
|
No.2A Pho Duc Chinh Street, District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3822 2752 |
|
Fax |
|
(84-8) 3829 4063 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE HOCHIMINH CITY
BRANCH |
||
|
Address |
|
No.134 Nguyen Cong Tru Street, District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3821 6827 |
|
Fax |
|
(84-8) 3829 8862 |
|
|
||
|
3.
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HO CHI MINH BRANCH |
||
|
Address |
|
No.10 Vo Van Kiet Street, District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3829 7245 |
|
Fax |
|
(84-8) 3829 7228 |
|
|
||
SHAREHOLDERS
|
||
The Subject is a one member limited liability
company with 100% State owned shares, and it is under the management of the
People’s Committee of Hochiminh City:
|
||
|
|
||
|
NAME |
|
PEOPLE’S
COMMITTEE OF HOCHIMINH CITY |
|
Vietnamese Name |
|
UY
BAN NHAN DAN THANH PHO HO CHI MINH |
Address
|
|
No. 86 Le Thanh Ton
Street, District 1, Hochiminh City
|
|
Country |
|
Vietnam
|
Tel
|
|
(84-8) 3822 6191 |
|
Fax |
|
(84-8) 3829 6116 |
|
E-mail |
|
|
|
Website |
|
|
|
Percentage |
|
100% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: One
VND
|
|||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
52 |
ASSETS
|
|||
|
A – CURRENT
ASSETS |
2,148,156,000,000
|
1,913,038,000,000
|
1,654,289,944,016
|
|
I. Cash and cash
equivalents |
692,766,000,000 |
806,999,000,000 |
221,552,567,962 |
|
1. Cash |
638,966,000,000 |
638,799,000,000 |
219,652,375,965 |
|
2. Cash equivalents |
53,800,000,000 |
168,200,000,000 |
1,900,191,997 |
|
II. Short-term
investments |
1,000,000,000 |
21,784,000,000 |
491,820,159,980 |
|
1. Short-term investments |
1,000,000,000 |
21,784,000,000 |
491,820,159,980 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
578,063,000,000 |
417,784,000,000 |
382,038,893,493 |
|
1. Receivable from customers |
279,423,000,000 |
295,848,000,000 |
236,719,922,138 |
|
2. Prepayments to suppliers |
162,836,000,000 |
92,421,000,000 |
117,313,492,867 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
157,198,000,000 |
49,625,000,000 |
40,981,560,996 |
|
6. Provisions for bad debts |
-21,394,000,000 |
-20,110,000,000 |
-12,976,082,508 |
|
IV. Inventories |
809,184,000,000 |
610,084,000,000 |
509,209,473,451 |
|
1. Inventories |
823,105,000,000 |
620,827,000,000 |
511,392,369,282 |
|
2. Provisions for devaluation of inventories |
-13,921,000,000 |
-10,743,000,000 |
-2,182,895,831 |
|
V. Other Current
Assets |
67,143,000,000 |
56,387,000,000 |
49,668,849,130 |
|
1. Short-term prepaid expenses |
4,697,000,000 |
5,640,000,000 |
5,001,513,073 |
|
2. VAT to be deducted |
21,437,000,000 |
13,325,000,000 |
11,243,968,970 |
|
3. Taxes and other accounts receivable from the State |
4,596,000,000 |
5,014,000,000 |
3,527,537,193 |
|
4. Other current assets |
36,413,000,000 |
32,408,000,000 |
29,895,829,894 |
|
B. LONG-TERM
ASSETS |
886,973,000,000 |
747,776,000,000 |
615,854,526,744 |
|
I. Long term
accounts receivable |
309,000,000 |
2,294,000,000 |
2,263,933,208 |
|
1. Long term account receivable from customers |
1,311,000,000 |
1,465,000,000 |
1,497,997,288 |
|
2. Working capital in affiliates |
0 |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
605,911,164 |
|
4. Other long-term receivable |
5,057,000,000 |
5,655,000,000 |
4,986,445,399 |
|
5. Provisions for bad debts from customers |
-6,059,000,000 |
-4,826,000,000 |
-4,826,420,643 |
|
II. Fixed assets
|
627,689,000,000 |
527,451,000,000 |
432,691,875,654 |
|
1. Tangible assets |
321,371,000,000 |
292,520,000,000 |
292,105,205,937 |
|
- Historical costs |
728,945,000,000 |
650,824,000,000 |
614,062,881,185 |
|
- Accumulated depreciation |
-407,574,000,000 |
-358,304,000,000 |
-321,957,675,248 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
3,040,000,000 |
1,875,000,000 |
21,621,589,489 |
|
- Initial costs |
4,599,000,000 |
3,276,000,000 |
23,894,744,243 |
|
- Accumulated amortization |
-1,559,000,000 |
-1,401,000,000 |
-2,273,154,754 |
|
4. Construction-in-progress |
303,278,000,000 |
233,056,000,000 |
118,965,080,228 |
|
III. Investment
property |
21,255,000,000 |
19,929,000,000 |
0 |
|
Historical costs |
22,310,000,000 |
20,138,000,000 |
0 |
|
Accumulated depreciation |
-1,055,000,000 |
-209,000,000 |
0 |
|
IV. Long-term
investments |
193,363,000,000 |
152,462,000,000 |
151,059,744,671 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
160,986,000,000 |
124,819,000,000 |
119,430,192,974 |
|
3. Other long-term investments |
41,306,000,000 |
31,440,000,000 |
33,814,579,011 |
|
4. Provisions for devaluation of long-term investments |
-8,929,000,000 |
-3,797,000,000 |
-2,185,027,314 |
|
V. Other
long-term assets |
44,357,000,000 |
45,640,000,000 |
29,838,973,211 |
|
1. Long-term prepaid expenses |
43,517,000,000 |
44,997,000,000 |
29,529,420,968 |
|
2. Deferred income tax assets |
740,000,000 |
543,000,000 |
209,552,243 |
|
3. Other long-term assets |
100,000,000 |
100,000,000 |
100,000,000 |
|
VI. Goodwill |
0 |
0 |
|
|
1. Goodwill |
0 |
0 |
|
|
TOTAL ASSETS |
3,035,129,000,000
|
2,660,814,000,000
|
2,270,144,470,760
|
|
|
|||
LIABILITIES
|
|||
|
A- LIABILITIES |
1,350,393,000,000
|
1,255,559,000,000
|
974,928,775,998 |
|
I. Current
liabilities |
1,317,337,000,000
|
1,223,110,000,000
|
927,230,382,378 |
|
1. Short-term debts and loans |
383,168,000,000 |
396,035,000,000 |
328,794,779,207 |
|
2. Payable to suppliers |
313,522,000,000 |
289,255,000,000 |
249,222,678,982 |
|
3. Advances from customers |
48,416,000,000 |
52,235,000,000 |
70,168,463,801 |
|
4. Taxes and other obligations to the State Budget |
39,465,000,000 |
43,115,000,000 |
71,094,190,853 |
|
5. Payable to employees |
74,065,000,000 |
72,756,000,000 |
52,270,751,831 |
|
6. Accrued expenses |
10,814,000,000 |
13,061,000,000 |
7,851,690,682 |
|
7. Inter-company payable |
429,684,000,000 |
356,635,000,000 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
0 |
0 |
118,921,811,862 |
|
10. Provisions for short-term accounts payable |
18,203,000,000 |
18,000,000 |
28,906,015,160 |
|
11. Bonus and welfare funds |
0 |
0 |
|
|
II. Long-Term
Liabilities |
33,056,000,000 |
32,449,000,000 |
47,698,393,620 |
|
1. Long-term accounts payable to suppliers |
375,000,000 |
375,000,000 |
375,370,824 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
17,604,000,000 |
14,793,000,000 |
19,961,091,224 |
|
4. Long-term debts and loans |
14,450,000,000 |
16,252,000,000 |
13,900,533,047 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
627,000,000 |
1,029,000,000 |
13,222,498,525 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
238,900,000 |
|
8. Unearned Revenue |
0 |
0 |
|
|
9. Science and technology development fund |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
1,617,499,000,000
|
1,354,424,000,000
|
1,247,917,009,951
|
|
I. OWNER’S
EQUITY |
1,595,989,000,000
|
1,278,356,000,000
|
1,224,925,602,675
|
|
1. Capital |
861,409,000,000 |
859,494,000,000 |
653,661,046,709 |
|
2. Share premiums |
464,000,000 |
351,000,000 |
0 |
|
3. Other sources of capital |
169,223,000,000 |
152,076,000,000 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
4,093,000,000 |
-29,000,000 |
-5,223,808,539 |
|
7. Business promotion fund |
26,346,000,000 |
41,364,000,000 |
66,448,524,534 |
|
8. Financial reserved fund |
59,606,000,000 |
60,698,000,000 |
35,881,273,563 |
|
9. Other funds |
217,910,000,000 |
218,148,000,000 |
194,916,623,165 |
|
10. Retained earnings |
239,137,000,000 |
-71,547,000,000 |
120,086,123,060 |
|
11. Construction investment fund |
17,801,000,000 |
17,801,000,000 |
159,155,820,183 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
21,510,000,000 |
76,068,000,000 |
22,991,407,276 |
|
1. Bonus and welfare funds (Elder form) |
16,535,000,000 |
71,093,000,000 |
22,975,789,373 |
|
2. Sources of expenditure |
143,000,000 |
143,000,000 |
15,617,903 |
|
3. Fund to form fixed assets |
4,832,000,000 |
4,832,000,000 |
0 |
|
MINORITY’S
INTEREST |
67,237,000,000 |
50,831,000,000 |
47,298,684,811 |
|
TOTAL LIABILITIES
AND OWNER’S EQUITY |
3,035,129,000,000
|
2,660,814,000,000
|
2,270,144,470,760
|
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
3,525,458,000,000
|
3,139,395,000,000
|
2,564,431,505,089
|
|
2. Deduction item |
30,105,000,000 |
16,262,000,000 |
17,257,961,751 |
|
3. Net revenue |
3,495,353,000,000
|
3,123,133,000,000
|
2,547,173,543,338
|
|
4. Costs of goods sold |
2,869,797,000,000 |
2,664,327,000,000 |
2,145,872,591,653 |
|
5. Gross profit |
625,556,000,000 |
458,806,000,000 |
401,300,951,685 |
|
6. Financial income |
119,513,000,000 |
99,576,000,000 |
88,149,507,713 |
|
7. Financial expenses |
108,444,000,000 |
72,613,000,000 |
47,605,473,832 |
|
- In which: Loan interest expenses |
0 |
34,938,000,000 |
21,125,732,307 |
|
8. Selling expenses |
178,568,000,000 |
147,678,000,000 |
126,379,654,077 |
|
9. Administrative overheads |
153,072,000,000 |
136,422,000,000 |
106,328,992,208 |
|
10. Net operating profit |
304,985,000,000 |
201,669,000,000 |
209,136,339,281 |
|
11. Other income |
57,766,000,000 |
63,871,000,000 |
72,073,532,096 |
|
12. Other expenses |
9,827,000,000 |
8,224,000,000 |
19,985,266,918 |
|
13. Other profit /(loss) |
47,939,000,000 |
55,647,000,000 |
52,088,265,178 |
|
14. Total accounting profit before tax |
352,924,000,000 |
257,316,000,000 |
261,224,604,459 |
|
15. Current corporate income tax |
67,477,000,000 |
59,455,000,000 |
57,066,775,256 |
|
16. Deferred corporate income tax |
-740,000,000 |
-455,000,000 |
186,946,322 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
286,187,000,000 |
198,316,000,000 |
204,344,775,525 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.63 |
1.56 |
1.78 |
1.68 |
|
Quick liquidity ratio |
1.02 |
1.07 |
1.23 |
0.82 |
|
Inventory circle |
4.04 |
4.37 |
4.21 |
4.42 |
|
Average receive period |
60.36 |
48.83 |
54.74 |
80.95 |
|
Utilizing asset performance |
1.15 |
1.17 |
1.12 |
0.98 |
|
Liability by total assets |
44.49 |
47.19 |
42.95 |
49.71 |
|
Liability by owner's equity |
83.49 |
92.70 |
78.12 |
157.22 |
|
Ebit / Total assets (ROA) |
11.63 |
10.98 |
12.44 |
13.49 |
|
Ebit / Owner's equity (ROE) |
21.82 |
21.58 |
22.63 |
31.32 |
|
Ebit / Total revenue (NPM) |
10.01 |
9.31 |
11.01 |
16.09 |
|
Gross profit / Total revenue (GPM) |
17.74 |
14.61 |
15.65 |
18.69 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Strong |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Recorded |
|
Bankruptcy |
|
No Recorded |
|
Payment Methods |
|
Direct payment or through its corresponding bank |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Good |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
The subject - SAGRI
was established since 1996. Originally, the subject was a state owned
enterprise. The subject has changed its type of business into State single
limited liability company in Dec 2010, however, it is still operating under
the management of the People’s Committee of Hochiminh City, Vietnam. The subject is
operating as a parent – subsidiary company and specializes in trading
agricultural sector: farm products, forestry products, seafood, processed
food, leather footwear, garments… On the other hand, subject also doing
business in many fields of industry according to the request of the
government. Subject imports goods and materials from many countries such as:
France, Germany, EU, Canada, the US, Cuba, Taiwan, Hong Kong, China, South
Korea, Iraq, Singapore, Japan. Main goods that the subject imports including:
fertilizer, pesticide and material; veterinary and material; seed and
breeding animal; machinery and equipment for agricultural; material wood…
Moreover, the subject also exports agricultural products such as rice, cashew
nuts, pepper… to foreign markets. The competitive
capability of the subject is strong. Subject is a parent company which has
responsibility to manage and support its subsidiaries in doing business. Its
head office is locating at no.189 Dien Bien Phu Street, Ward 15, Binh Thanh
District, Hochiminh City. Currently, the subject has subsidiaries company, 3
branches in Hochiminh City and one in Tay Ninh province. The market share of
the subject is fairly large. Subject has many agents located in the provinces
and cities along the territory of Vietnam. In general, the
subject is regarded as one of the biggest agro material trading enterprise of
Vietnam. Its management capacity is professional with current total employees
about 4,200. As reported financial capacity, its financial situation is fair
good. Annual turnover and profit of the subject has grown up well each year.
Most of financial ratios of the subject are acceptable. The subject has
capacity to meet financial commitment and no caution needed for normal
business transaction with the subject. |
------------ APPENDIX----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
GDP growth speed
by price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture,
Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
ECONOMIC INDICATORS
|
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population
(Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic
Products (USD billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita
(USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (%
Change in Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget
Deficit compared with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
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.