|
Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
PROVIMI VIETNAM |
|
|
|
|
Registered Office : |
No.238 High way 1A - Tan Hiep Ward, Bien Hoa City, Dong Nai Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
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,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Viet Nam |
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 |
COMPANY IDENTIFICATION & LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
PROVIMI VIETNAM |
|
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 Dong Nai Province |
|
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 Board of Director: Mr.
HENDRIK BRAND Changed to: Mr. FILIPPI JEAN - CHRISTOPHE ANDRE FRANCOIS |
Mar
2013 |
|
2 |
Subject has got former Registered English
Name: NUTRIWAY VIETNAM CO., LTD Changed to: PROVIMI VIETNAM |
25
Mar 2010 |
|
3 |
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 |
|
4 |
Subject has got former Registered
Vietnamese Name: XI NGHIEP NUTRIWAY VIETNAM Changed to: CONG TY TNHH MOT THANH VIEN NUTRIWAY
VIETNAM |
30
Jun 2008 |
|
5 |
Subject has got former Investment
Certificate No: 1616/GP Dated June 29, 1996 Changed to: 471043000137 |
30
Jun 2008 |
|
6 |
Subject has got former Chartered capital:
500,000 USD Changed to: 700,000 USD |
N/A |
|
7 |
Subject has got former Address: No.69 Ba
Trieu Str - Hai Ba Trung District - Ha Noi City - Vietnam Changed to: 3rd Floor - No. 97 Tran Quoc
Toan Str. - Hoan Kiem District - Ha Noi City - Vietnam |
N/A |
|
8 |
Subject has got former Chartered capital:
700,000 USD Changed to: 750,000 USD |
N/A |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No.238 High way 1A - Tan Hiep Ward, Bien
Hoa City, Dong Nai Province, Vietnam |
|
Telephone |
|
(84-61) 3999 001 |
|
Fax |
|
(84-61) 3884 304 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Workshop Address
|
||
|
Address |
|
Tien Son Industrial Zone Hoang Son
commune, Tien Du District, Bac Ninh Province, Vietnam |
|
Telephone |
|
(84-241) 3 714 176 |
|
|
||
|
Representative
office in Ho Chi Minh |
||
|
Address |
|
4th Floor Coteccons Building, No. 236/6 Dien
Bien Phu Str., 17 Ward, Binh Thanh District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 35126128 |
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
3rd Floor - No. 97 Tran Quoc Toan Str.,
Hoan Kiem District, Ha Noi City, Vietnam |
|
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 Hanoi
City is responsible for trading activities while production operation is carried
out in factory in Dong Nai Province. |
||
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
FILIPPI JEAN - CHRISTOPHE ANDRE FRANCOIS |
|
Position |
|
General Director |
|
ID Number/Passport |
|
11CV60656 |
|
Nationality |
|
French |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI HUONG LAN |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
TRAN BACH YEN |
|
Position |
|
Human Resource Manager |
|
Nationality |
|
Vietnamese |
|
Email |
|
recruitment@vn.provimi.com |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Manufacturing
and supplying PREMIX and additives for animal feeds |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
US, Netherlands, China, Singapore |
|
·
Ratio |
|
N/A |
|
·
Mode of payment |
|
T/T; L/C. |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Netherlands, Philippines, Malaysia, Korea and Myanmar |
|
·
Mode of payment |
|
T/T; L/C |
|
Note: Products are
mainly consumed domestically. |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM DONG NAI BRANCH |
||
|
Address |
|
No 77C Hung Dao Vuong, Trung Dung Ward, Bien Hoa City, Dong Nai Province,
Vietnam |
|
Telephone |
|
(84-61) 3823666 |
|
Fax |
|
(84-61) 3824191 |
|
|
||
|
2.
NATETIS BANK |
||
|
Address |
|
No. 11 Me Linh Square, 1 District, Ho Chi Minh City, Vietnam |
|
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, 1 District, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 38292288 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
NAME |
|
KEYWORTH
ASSOCIATES LIMITED |
|
Address |
|
Veerlaan 17-23 NL - 3072 AN Rotterdam -
Postbus 59009 NL - 3008 PA Rotterdam, Netherlands |
|
Percentage |
|
100% |
|
Note: KEYWORTH
ASSOCIATES LIMITED is a member of PROVIMI GROUP |
||
|
|
||
FINANCIAL DATA
|
||
|
Despite trying our best, the latest
financial data is currently not available in our source. |
||
|
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 |
|
|
II. Short-term
investments |
|
|
|
1. Short-term investments |
|
|
|
2. Provisions for devaluation of short-term investments |
|
|
|
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 |
|
|
|
3. Inter-company receivable |
|
|
|
4. Receivable according to the progress of construction |
|
|
|
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 |
|
|
3. Taxes and other accounts receivable from the State |
|
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 |
|
|
|
1. Long term account receivable from customers |
|
|
|
2. Working capital in affiliates |
|
|
|
3. Long-term inter-company receivable |
|
|
|
4. Other long-term receivable |
|
|
|
5. Provisions for bad debts from customers |
|
|
|
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 |
|
|
|
- Historical costs |
|
|
|
- Accumulated depreciation |
|
|
|
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 |
|
|
|
III. Investment
property |
|
|
|
Historical costs |
|
|
|
Accumulated depreciation |
|
|
|
IV. Long-term
investments |
|
|
|
1. Investments in affiliates |
|
|
|
2. Investments in business concerns and joint ventures |
|
|
|
3. Other long-term investments |
|
|
|
4. Provisions for devaluation of long-term investments |
|
|
|
V. Other long-term
assets |
3,603,096,888
|
1,062,775,731
|
|
1. Long-term prepaid expenses |
|
|
|
2. Deferred income tax assets |
3,603,096,888 |
1,062,775,731 |
|
3. Other long-term assets |
|
|
|
VI. Goodwill |
|
|
|
1. Goodwill |
|
|
|
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 |
|
|
|
2. Payable to suppliers |
53,094,659,213 |
11,472,880,887 |
|
3. Advances from customers |
|
|
|
4. Taxes and other obligations to the State Budget |
13,889,329,100 |
2,966,789,503 |
|
5. Payable to employees |
|
|
|
6. Accrued expenses |
13,262,522,270 |
3,840,010,852 |
|
7. Inter-company payable |
|
|
|
8. Payable according to the progress of construction contracts |
|
|
|
9. Other payable |
16,226,831,398 |
552,972,970 |
|
10. Provisions for short-term accounts payable |
|
|
|
II. Long-Term
Liabilities |
|
|
|
1. Long-term accounts payable to suppliers |
|
|
|
2. Long-term inter-company payable |
|
|
|
3. Other long-term payable |
|
|
|
4. Long-term debts and loans |
|
|
|
5. Deferred income tax payable |
|
|
|
6. Provisions for unemployment allowances |
|
|
|
7. Provisions for long-term accounts payable |
|
|
|
8. Unearned Revenue |
|
|
|
9. Science and technology development fund |
|
|
|
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 |
|
|
|
3. Other sources of capital |
|
|
|
4. Treasury stocks |
|
|
|
5. Differences on asset revaluation |
|
|
|
6. Foreign exchange differences |
|
|
|
7. Business promotion fund |
|
|
|
8. Financial reserved fund |
|
|
|
9. Other funds |
|
|
|
10. Retained earnings |
59,107,515,730 |
67,809,059,276 |
|
11. Construction investment fund |
|
|
|
12. Business arrangement supporting fund |
|
|
|
II. Other
sources and funds |
|
|
|
1. Bonus and welfare funds |
|
|
|
2. Sources of expenditure |
|
|
|
3. Fund to form fixed assets |
|
|
|
MINORITY’S
INTEREST |
|
|
|
TOTAL LIABILITIES
AND OWNER’S EQUITY |
165,543,723,896
|
96,604,579,673
|
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2009 |
|
1. Total Sales |
382,389,408,737
|
|
2. Deduction item |
1,158,431,011 |
|
3. Net revenue |
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 revenue (NPM) |
17.92 |
- |
3.82 |
|
Gross profit / Total revenue (GPM) |
30.89 |
- |
8.54 |
|
Note: The Average Industry was calculated by VietnamCredit based
on our own statistical data |
|||
|
|
|||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
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 |
|
|
INTERPRETATION ON THE SCORES
|
|||||||||||||||
|
|
|||||||||||||||
|
The subject was established as 100% foreign
invested company under the former investment certificate No. 1616/GP dated on
29th June 1996. On 30th June 2008, the investment certificate number was
changed to 471043000137. Currently the subject is operating with normal
invested capital of USD 1,200,000 and chartered capital of USD 750,000. 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. With over 15 years of operating, the subject 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.
80% raw material for subject’s production is imported from foreign market
such as US, Germany, Netherlands, France, Switzerland… Premises and facilities of subject are fair.
Subject’s headquarter and main factory are located at No.238 High way 1A -
Tan Hiep Ward - Bien Hoa City - Dong Nai Province. Its factory was equipped
advance machinery imported from EU. Besides, the subject has a workshop in
Bac Ninh Province, a representative office in Ho Chi Minh City and a branch
in Hanoi City. The subject has applied quality management standard system ISO
9001 and ISO 22000. 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 revenue.
Following is table of total revenue and profit after tax of subject from 2008
to 2011.
Unit: one million VND
In conclusion, the subject has considerable position in animal feed
industry in Vietnam. Generally, subject is operating stably. The premises and
facilities are good. The subject can meet normal credit commitments. |
------------ APPENDIX
1 ----------
|
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.63.78 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.66 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.