MIRA INFORM REPORT

 

 

Report Date :

16.09.2013

 

IDENTIFICATION DETAILS

 

Name :

HOANG AN AGROCHEM IMPORT EXPORT JSC

 

 

Registered Office :

128, 19E St Binh Tri Dong B Ward, Binh Tan Dist, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2012

 

 

Date of Incorporation :

12.07.2010

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of Agricultural chemicals, Fertilizers, Fungicides, Herbicide & Pesticides

 

 

No. of Employees :

08

 

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 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

 

Organization Name

:

HOANG AN AGROCHEM IMPORT EXPORT JSC

Name in Local Language

:

CONG TY CO PHAN XNK NONG DUOC HOAG AN

Address

:

128, 19E St Binh Tri Dong B Ward, Binh Tan Dist, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-37621797

Facsimile

:

[+84] 8-37621854

Email

:

hac@congtyhoangan.com

Website

:

http://www.congtyhoangan.com

Primary Business Activity

:

Trader

Key Industry

:

Chemicals

Registered Legal Address

:

128, 19E St Binh Tri Dong B Ward, Binh Tan Dist, Ho Chi Minh

Operational Address

:

128, 19E St Binh Tri Dong B Ward, Binh Tan Dist, Ho Chi Minh

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0310151538

License Status

:

License exists - Normal.

Legal Form – Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

12 Jul, 2010

Employees

:

8

Capital

:

US$ 238,050

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Hoang An Nguyen

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Thi Xuan Huong Nguyen

Vietnamese

Assist. Managing Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI03515916

Name

:

Ms. Thi Xuan Huong Nguyen

 

Date of Birth

:

1979

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03515902

Name

:

Mr. Hoang An Nguyen

Date of Birth

:

1981

Nationality

:

Vietnamese

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the HOANG AN AGROCHEM IMPORT EXPORT JSC'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

:

5,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Ms. Thi Xuan Huong Nguyen

Vietnam

n/a

n/a

40.00

2

Mr. Hoang An Nguyen

Vietnam

n/a

n/a

36.00

3

Ms. Thi Ngoc Thuy Nguyen

Vietnam

n/a

n/a

24.00

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

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

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2012 Annual  

1,572,271

1,345,616

6,291

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

Current Assets

27,528,000,000

Non Current Assets

494,000,000

Non Current Liabilities

445,000,000

Share Capital

5,000,000,000

Other long term assets 

Total Assets

28,022,000,000

Total Liabilities

22,829,000,000

Current Liabilities

22,384,000,000

Long term liabilities 

Shareholders Funds

5,193,000,000

 

Current assets & short term investments

27,528,000,000

Cash & cash equivalents

1,185,000,000

Accounts receivable

6,389,000,000

Accounts receivable trade

3,389,000,000

Others receivables

3,000,000,000

Inventories

18,995,000,000

i.Other short term asset

959,000,000

VAT deductible

957,000,000

ii.Other short term asset

200,000,000

Long term assets

494,000,000

Cost

1,243,000,000

Accumulated depreciation

749,000,000

Total assets

28,022,000,000

Liabilities

22,829,000,000

Current liabilities

22,384,000,000

Accounts payables-trade

22,380,000,000

Taxes and payable to state budget

3,000,000

Other payables

1,000,000

Long term liabilities

445,000,000

Long term borrowings

445,000,000

Owner's equity

5,193,000,000

Business capital

5,000,000,000

Retained earnings

193,000,000

Total resources

28,022,000,000

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

Turnover

32,742,000,000

Profit (Loss) Before Tax

131,000,000

Profit After Tax attributable to Shareholders

131,000,000

 

Gross sales

32,742,000,000

Net income

32,742,000,000

Cost of goods sold

29,964,000,000

Gross margin

2,778,000,000

Income from financial activities

1,000,000

Expenses from financial activities

163,000,000

In which: Interest expenses

163,000,000

General & administration expenses

2,485,000,000

Net income from operating activities

131,000,000

Net profit before tax

131,000,000

Net profit after tax

131,000,000

 

Financial Ratios

Financial Highlights

2012 Annual

Profitability 

Profit Margin (%)

0.40

Return on Equity (%)

2.52

Return on Assets (%)

0.47

Leverage 

Total Debt Equity (Times)

4.40

Current Debt Equity (Times)

4.31

Long Term Debt to Equity

0.09

Total Asset To Total Equity

5.40

Asset Management 

Total Assets Turnover (Times)

1.17

Fixed Assets Turnover (Times)

66.28

Liquidity 

Current Ratio

1.23

 

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

 

Country

:

Vietnam

Business Entity Name

:

HOANG AN AGROCHEM IMPORT EXPORT JSC

Acronym

:

HAC

Primary Business Activity

:

Trader

Primary Industry

:

Chemicals

 

Office Contact Details

Operating Address

:

128, 19E St Binh Tri Dong B Ward, Binh Tan Dist, Ho Chi Minh

Tel

:

[+84] 8-37621797

Fax

:

[+84] 8-37621854

Email

:

hac@congtyhoangan.com

 

Website Details

Website

:

http://www.congtyhoangan.com

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

Primary Products

Products / Materials / Services Description

Activity

Agricultural chemicals

Importing, Trading

Fertilizers

Importing, Trading

Fungicides

Importing, Trading

Herbicide

Importing, Trading

Pesticides

Importing, Trading

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Agricultural pesticides and other agricultural chemicals, nspf

2879

Importing, Trading

Chemicals and Allied Products

2800

Importing, Trading

Chemicals and fertilizer minerals

1479

Importing, Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fertilizers

3100

Importing, Trading

Herbicides

3808305000

Importing, Trading

Insecticides, rodenticides; fungicides etc, retail

3808

Importing, Trading

Miscellaneous chemical products

3800

Importing, Trading

Pesticides

2909303000

Importing, Trading

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HOANG AN AGROCHEM IMPORT EXPORT JSC is Trading - Finished products.

Key products include :

Agricultural chemicals

Fertilizers

Fungicides

Herbicide

Pesticides

 

 

Supplementary Business

In addition to the core business, HOANG AN AGROCHEM IMPORT EXPORT JSC also is engaged in the following areas of business:

Importing

Importing - Finished products

 

BANK DETAILS

Bank Name

:

DONG A COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P1007587

Branch

:

Phu Nhuan,Ho Chi Minh

Branch Address

:

DONG A COMMERCIAL JOINT STOCK BANK - DISTRICT 5, HO CHI MINH

SWIFT Code

:

EACBVNVX

 

Bank Name

:

VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408999

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM TECHNOLOGICAL

SWIFT Code

:

VTCBVNVX

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

China

Medium

Importing

 

REAL ESTATE OWNERSHIP

The following property / ies are owned by HOANG AN AGROCHEM IMPORT EXPORT JSC :

Property Name

:

HOANG AN AGROCHEM IMPORT EXPORT JSC - BINH TAN DIST, HO CHI MINH

Type of Property

:

Office

Address

:

128, 19E St Binh Tri Dong B Ward, Binh Tan Dist, Ho Chi Minh

Office Size

:

50 Square meters

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.79

UK Pound

1

Rs.100.70

Euro

1

Rs.84.67

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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