MIRA INFORM REPORT

 

 

Report Date :

18.11.2013

 

IDENTIFICATION DETAILS

 

Name :

NO VA TRADING CORP

 

 

Registered Office :

313B-315 Nam Ky Khoi Nghia St Ward 7, District 3, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

11.11.2009

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader in agricultural products

 

 

No. of Employees :

65

 

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 :

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, 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 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

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

 

Organization Name

:

NO VA TRADING CORP

Address

:

313B-315 Nam Ky Khoi Nghia St Ward 7, District 3, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-38482829

Facsimile

:

[+84] 8-38481822

Email

:

info@novatrading-corp.com

Website

:

http://www.novatrading-corp.com

Primary Business Activity

:

Trader

Key Industry

:

Agricultural Products

 

 

Key Facts

 

Registered Legal Address

:

313B-315 Nam Ky Khoi Nghia St Ward 7, District 3, Ho Chi Minh

Operational Address

:

313B-315 Nam Ky Khoi Nghia St Ward 7, District 3, Ho Chi Minh

Trading Name

:

 

Name History

:

Business Entity Name

Effective Date

NOVA FOOD ONE MEMBER CO LTD

n/a

NO VA TRADING CO LTD

n/a

AN PHU LOC ONE MEMBER CO LTD

8 May, 2008

NO VA TRADING CORP

11 Nov, 2009

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0305726741

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Corporation

Legal Form - Abbreviation

:

CORP

Operational Status of Business

:

Normal

Date of Registration

:

11 Nov, 2009

Employees

:

65

Capital

:

US$ 1,190,250

Note

:

 

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

NO VA TRADING CORP

Primary Business Activity

:

Trader

Primary Industry

:

Agricultural Products

Office Contact Details

Operating Address

:

313B-315 Nam Ky Khoi Nghia St Ward 7, District 3, Ho Chi Minh

Tel

:

[+84] 8-38482829

Fax

:

[+84] 8-38481822

Email

:

info@novatrading-corp.com

Website Details

Website

:

http://www.novatrading-corp.com

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

DIRECTORS/MANAGEMENT

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Nguyen Thi Hien

Vietnamese

Deputy Managing Director

-

2

Mr. Cao Trieu Liem

Vietnamese

Chief Accountant

-

 

Management Details - 1

Personal Unique Identifier

:

MI03511171

Name

:

Ms. Nguyen Thi Hien

 

Date of Birth

:

1982

 

Management Details - 2

Personal Unique Identifier

:

MI03392067

Name

:

Mr. Cao Trieu Liem

 

Date of Birth

:

1968

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03511171

Name

:

Ms. Nguyen Thi Hien

Date of Birth

:

1982

Nationality

:

Vietnamese

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the NO VA TRADING CORP's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

25,000,000,000

 

Date

Authorized Capital - History

8 May, 2008

15,000,000,000

5 Jul, 2013

25,000,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

ANO VA CORP

Vietnam

n/a

n/a

99.80

2

Ms. Cao Thi Ngoc Suong

Vietnam

n/a

n/a

0.10

3

Ms. Phan Thi Ngoc Trinh

Vietnam

n/a

n/a

0.10

Total

n/a

n/a

100.00

 

 

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

 

PAYMENT TERMS

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

 

Purchasing

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

 

Direct Parent

:

ANO VA CORP

Global Identifier

:

P1902975

Legal Form Category

:

Joint Stock Company

Country

:

Vietnam

Operational Address

:

315 Nam Ky Khoi Nghia St Ward 7 District 3 Ho Chi Minh

Primary Business Activity

:

Trader

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

39,293,135

8,799,904

484,446

2012 Annual  

40,991,209

9,011,240

947,915

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

-

 

 

 

FINANCIAL STATEMENT - DETAILED

 

 

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Current Assets

181,344,000,000

181,649,000,000

Non Current Assets

1,958,000,000

6,007,000,000

Share Capital

15,000,000,000

15,000,000,000

Other long term assets 

Total Assets

183,302,000,000

187,656,000,000

Total Liabilities

157,592,000,000

161,847,000,000

Current Liabilities

157,592,000,000

161,847,000,000

Long term liabilities 

Shareholders Funds

25,710,000,000

25,809,000,000

 

Assets 

Current assets & short term investments

181,344,000,000

181,649,000,000

Cash & cash equivalents

1,719,000,000

4,095,000,000

Cash

1,719,000,000

4,095,000,000

Accounts receivable

82,266,000,000

90,145,000,000

Accounts receivable trade

81,244,000,000

76,902,000,000

Trade prepayment

1,113,000,000

7,995,000,000

Others receivables

77,000,000

5,998,000,000

Provision for bad debts

(168,000,000)

(750,000,000)

Inventories (i)

92,932,000,000

81,534,000,000

Inventories (ii)

92,932,000,000

81,534,000,000

Other short term asset (i)

4,427,000,000

5,875,000,000

Prepaid expenses

216,000,000

147,000,000

VAT deductible

1,507,000,000

5,071,000,000

Other short term asset (ii)

2,704,000,000

657,000,000

Long term assets

1,958,000,000

6,007,000,000

Fixed assets

1,188,000,000

2,010,000,000

Tangible fixed assets

1,188,000,000

2,010,000,000

Cost

1,945,000,000

3,082,000,000

Accumulated depreciation

757,000,000

1,072,000,000

Other long term assets (i)

770,000,000

3,997,000,000

Long term prepayments

54,000,000

3,246,000,000

Asset of income tax delay

6,000,000

2,000,000

Other long term assets (ii)

710,000,000

749,000,000

Total assets

183,302,000,000

187,656,000,000

Liabilities (i) 

Liabilities (ii)

157,592,000,000

161,847,000,000

Current liabilities

157,592,000,000

161,847,000,000

Short term borrowings

93,756,000,000

118,932,000,000

Accounts payables-trade

44,921,000,000

36,481,000,000

Advances from customers

55,000,000

121,000,000

Taxes and payable to state budget

6,898,000,000

5,705,000,000

Accrued expenses payable

450,000,000

497,000,000

Other payables

11,512,000,000

71,000,000

Provision for short term payable

-

40,000,000

Owners Equity (i) 

Owners equity (ii)

25,710,000,000

25,809,000,000

Owners equity (iii)

25,710,000,000

25,809,000,000

Business capital

15,000,000,000

15,000,000,000

Retained earnings

10,710,000,000

10,809,000,000

Total resources

183,302,000,000

187,656,000,000

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Turnover

818,476,000,000

853,628,000,000

Profit (Loss) Before Tax

12,630,000,000

24,098,000,000

Profit After Tax attributable to Shareholders

10,091,000,000

19,740,000,000

 

Gross sales

818,476,000,000

853,628,000,000

Less deductions

85,000,000

721,000,000

Net income

818,391,000,000

852,907,000,000

Cost of goods sold

767,450,000,000

789,931,000,000

Gross margin

50,941,000,000

62,976,000,000

Income from financial activities

672,000,000

1,174,000,000

Expenses from financial activities

14,076,000,000

10,343,000,000

In which: Interest expenses

9,850,000,000

10,173,000,000

Selling expenses

19,776,000,000

23,903,000,000

General & administration expenses

6,622,000,000

6,448,000,000

Net income from operating activities

11,139,000,000

23,456,000,000

Extraordinary income

1,916,000,000

966,000,000

Extraordinary expenses

425,000,000

324,000,000

Extraordinary gains

1,491,000,000

642,000,000

Net profit before tax

12,630,000,000

24,098,000,000

Income tax

2,533,000,000

4,362,000,000

Income tax delay

(6,000,000)

4,000,000

Net profit after tax

10,091,000,000

19,740,000,000

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

4.29

Profitability 

Profit Margin (%)

1.23

2.31

Return on Equity (%)

39.25

76.48

Return on Assets (%)

5.51

10.52

Leverage 

Total Debt Equity (Times)

6.13

6.27

Current Debt Equity (Times)

6.13

6.27

Total Asset To Total Equity

7.13

7.27

Asset Management 

Total Assets Turnover (Times)

4.47

4.55

Fixed Assets Turnover (Times)

418.02

142.11

Liquidity 

Current Ratio

1.15

1.12

 

 

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000048 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Animal feed

Trading

Animal feed raw materials

Trading

Feed additives

Trading

Fish feed

Trading

Livestock feeds

Trading

 

International Trade - Statistics  (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2011

n/a

392,931

392,931

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Prepared feeds, nspf

2048

Trading

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Livestock feed, prepared

2309901040

Trading

Mixed feeds or mixed feed ingredients used in animal feedings

2309901050

Trading

Other livestock feed nesoi, prepared

2309901045

Trading

Preparations used in animal feeding

2309

Trading

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of NO VA TRADING CORP is Trading - Finished products.

Key products include :

Animal feed raw materials

Animal feed

Feed additives

Fish feed

Livestock feeds

 

 

 

 

Supplementary Business

 

In addition to the core business, NO VA TRADING CORP also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

 

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

99%

International Sales (Export)

1%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

10%

Imports

90%

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

HONG KONG & SHANGHAI BANKING CORP LTD, THE

Global Identifier

:

32403760

Branch

:

District 1,Ho Chi Minh

Branch Address

:

HSBC BANK (VIETNAM) LTD - HO CHI MINH

SWIFT Code

:

HSBCVNVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM, NAM SAI GON

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

MEKONG DEVELOPMENT JOINT STOCK COMMERCIAL BANK

Global Identifier

:

P2284174

Branch

:

District 1,Ho Chi Minh

Branch Address

:

MEKONG DEVELOPMENT JOINT STOCK COMMERCIAL BANK

SWIFT Code

:

MDBKVNVX

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

NO VA TRADING CORP - THUAN AN DIST, BINH DUONG

Branch Address

:

100/1G KP Dong Anh 2 Binh Hoa Ward, Thuan An Dist, Binh Duong

 

Branch

:

NO VA TRADING CORP - CAN DUOC, LONG AN

Branch Address

:

Long Dinh Industrial Park Long Can Commune, Can Duoc, Long An

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

North America

Medium

Importing

Cambodia

Medium

Exporting

China

Medium

Importing

Hong Kong

Medium

Importing

India

Medium

Importing

Singapore

Medium

Importing

Thailand

Medium

Importing

USA

Medium

Importing

 

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

NO VA TRADING CORP - DISTRICT 3, HO CHI MINH

Address

:

313B-315 Nam Ky Khoi Nghia St Ward 7, District 3, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

 

 

COMPANY HISTORY

 

 

 

Date

Details

2009 - Nov

Changed its legal form from Limited Liability Company to Joint Stock Company.

 

 

 

 

PREVIOUS CONTACT DETAILS

 

 

 

Company Address

:

307/11 Nguyen Van Troi St Ward 1, Tan Binh Dist, Ho Chi Minh

Phone Number

:

84-8-39973792

Fax Number

:

84-8-39973404

Date of Relocation

:

1 Jul, 2013

 

Phone Number

:

84-8-39973695

 

Phone Number

:

84-8-39973442

 

Fax Number

:

84-8-39973713

 

Fax Number

:

84-8-39973791

 

Fax Number

:

84-8-38422028

 

Fax Number

:

84-8-38455122

 

Phone Number

:

84-8-39973672

 

Phone Number

:

84-8-39971373

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

8 May, 2008

4104004554

 

NOTES & COMMENTS

 

Na

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.06

UK Pound

1

Rs.101.15

Euro

1

Rs.84.95

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.