MIRA INFORM REPORT

 

 

Report Date :

26.06.2014   

 

IDENTIFICATION DETAILS

 

Name :

ADVANCED AGRICULTURE SOLUTION JSC

 

 

Registered Office :

743/32 Hong Bang St Ward 6, District 6, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

05.09.2011

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Chemicals

 

 

No. of Employees

130

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Vietnam

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 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 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, 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 relatively stable in 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 has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses

 

Source : CIA

 

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

 

Organization Name

:

ADVANCED AGRICULTURE SOLUTION JSC

Address

:

743/32 Hong Bang St Ward 6, District 6, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-39607941

Facsimile

:

[+84] 8-39607948

Email

:

info@aasvn.com

Website

:

http://www.aasvn.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Chemicals

 

Key Facts

 

Registered Legal Address

:

743/32 Hong Bang St Ward 6, District 6, Ho Chi Minh

Operational Address

:

743/32 Hong Bang St Ward 6, District 6, Ho Chi Minh

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0311122762

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

:

5 Sep, 2011

Employees

:

130

Capital

:

US$ 1,185,396

 

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

ADVANCED AGRICULTURE SOLUTION JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Chemicals

Office Contact Details

Operating Address

:

743/32 Hong Bang St Ward 6, District 6, Ho Chi Minh

Tel

:

[+84] 8-39607941

Fax

:

[+84] 8-39607948

Email

:

info@aasvn.com

Website Details

Website

:

http://www.aasvn.com

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Truong Huy Hoang Tam Dung

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Truong Huy Hoang Tam Dung

Vietnamese

Managing Director

-

2

Ms. Nguyen Thi Anh Le

Vietnamese

Chief Accountant

-

3

Mr. Lam Van Loi

Vietnamese

Deputy Managing Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03721474

Name

:

Mr. Truong Huy Hoang Tam Dung

 

Date of Birth

:

1960

 

 

Management Details - 2

Personal Unique Identifier

:

MI03721490

Name

:

Ms. Nguyen Thi Anh Le

 

Date of Birth

:

1984

 

 

Management Details - 3

Personal Unique Identifier

:

MI03721486

Name

:

Mr. Lam Van Loi

 

Date of Birth

:

1976

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03721474

Name

:

Mr. Truong Huy Hoang Tam Dung

Date of Birth

:

1960

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing ADVANCED AGRICULTURE SOLUTION 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

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

59,818

1,038,166

-75,180

2012 Annual (*)

6,952,094

4,914,222

57,768

 

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

-

 

Note: (*)

Financials listed are the most recent available for this company.

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

₫ 25,000,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

UNDISCLOSED SHAREHOLDERS

n/a

n/a

n/a

95.00

2

Mr. Truong Huy Hoang Tam Dung

Vietnam

n/a

n/a

5.00

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

 

 

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

 

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

 

 

 

The following provides a summary of the number of businesses that are related to ADVANCED AGRICULTURE SOLUTION JSC:

 

 

TYPE

DOMESTIC

INTERNATIONAL

TOTAL

Africa

Asia / Pacific

Europe

Middle-East

North America

South America

TOTAL

Subsidiaries

2

-

2

-

-

-

-

2

Joint-Ventures

-

-

-

-

-

-

-

-

Minority shareholdings

-

-

-

-

-

-

-

-

Affiliates

-

-

-

-

-

-

-

-

Liaison / Representative Offices

-

-

-

-

-

-

-

-

 

 

Domestic

 

 

 

Business Entity Name

:

HA NOI ADVANCED AGRICULTURE COMPANY LIMITED CO LTD

Global Identifier

:

P3048452

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

16A4 Dam Trau Bach Dang Ward, Hai Ba Trung Dist, Hanoi

Primary Business Activity

:

Trader

Industry

:

Chemicals

 

 

 

 

 

Business Entity Name

:

LONG AN ADVANCED AGRICULTURE SOLUTION CO LTD

Global Identifier

:

P3048447

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

Duc Hoa 1 Industrial Zone Lot Me9-1B Hamlet 5 Duc Hoa Dong Commune, Duc Hoa, Long An

Primary Business Activity

:

Trader

Industry

:

Agricultural Products

 

 

 

 

 

International

 

 

 

Business Entity Name

:

CONG TY CO PHAN PHAT TRIEN NONG NGHIEP PHNOMPHENH

Global Identifier

:

P3048468

Country

:

Cambodia

Relationship

:

Subsidiary

Operational Address

:

B030 St 70 Group 242B Sangkat Straschok, Khan Doun Penh, Phnom Penh

Primary Business Activity

:

Trader

Industry

:

Chemicals

 

 

 

 

 

Business Entity Name

:

CONG TY CO PHAN XUAT NHAP KHAU KHONSAVANH

Global Identifier

:

P3048487

Country

:

Laos

Relationship

:

Subsidiary

Operational Address

:

Km 3 Suansavanh, Pakse, Champasak

Primary Business Activity

:

Trader

Industry

:

Chemicals

 

 

 

FINANCIAL INFORMATION

 

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Current Assets

14,749,000,000

92,073,000,000

Non Current Assets

6,876,000,000

10,264,000,000

Share Capital

9,612,000,000

15,000,000,000

Other long term assets 

Total Assets

21,625,000,000

102,337,000,000

Total Liabilities

13,589,000,000

86,188,000,000

Current Liabilities

13,589,000,000

86,188,000,000

Long term liabilities 

Shareholders Funds

8,036,000,000

16,149,000,000

 

Current assets & short term investments

14,749,000,000

92,073,000,000

Cash & cash equivalents

478,000,000

3,413,000,000

Cash

478,000,000

3,413,000,000

Short term investments

1,800,000,000

1,150,000,000

Short term securities investments

1,800,000,000

1,150,000,000

Accounts receivable

1,355,000,000

40,538,000,000

Accounts receivable trade

950,000,000

36,484,000,000

Trade prepayment

405,000,000

1,608,000,000

Inter company receivables

-

426,000,000

Others receivables

-

2,020,000,000

Inventories

8,340,000,000

38,699,000,000

i.Other short term asset

2,776,000,000

8,273,000,000

Prepaid expenses

459,000,000

827,000,000

VAT deductible

1,223,000,000

1,936,000,000

Other tax receivables

1,000,000

-

ii.Other short term asset

1,093,000,000

5,510,000,000

Long term assets

6,876,000,000

10,264,000,000

Fixed assets

6,681,000,000

8,192,000,000

Tangible fixed assets

6,094,000,000

7,465,000,000

i.Cost

6,130,000,000

8,573,000,000

i.Accumulated depreciation

36,000,000

1,108,000,000

Intangible fixed assets

-

727,000,000

ii.Cost

-

825,000,000

ii.Accumulated depreciation

-

98,000,000

Construction in progress

587,000,000

-

Other long term assets

195,000,000

2,072,000,000

Long term prepayments

195,000,000

2,072,000,000

Total assets

21,625,000,000

102,337,000,000

Liabilities

13,589,000,000

86,188,000,000

Current liabilities

13,589,000,000

86,188,000,000

Short term borrowings

720,000,000

22,171,000,000

Accounts payables-trade

11,805,000,000

62,253,000,000

Taxes and payable to state budget

12,000,000

536,000,000

Payable to employees

280,000,000

1,219,000,000

Other payables

772,000,000

9,000,000

Owner's equity

8,036,000,000

16,149,000,000

Business capital

9,612,000,000

15,000,000,000

Retained earnings

(1,576,000,000)

1,149,000,000

Total resources

21,625,000,000

102,337,000,000

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Turnover

1,246,000,000

144,775,000,000

Profit (Loss) Before Tax

(1,566,000,000)

1,455,000,000

Profit After Tax attributable to Shareholders

(1,566,000,000)

1,203,000,000

 

Gross sales

1,246,000,000

144,775,000,000

Less deductions

26,000,000

674,000,000

Net income

1,220,000,000

144,101,000,000

Cost of goods sold

1,129,000,000

127,454,000,000

Gross margin

91,000,000

16,647,000,000

Income from financial activities

39,000,000

65,000,000

Expenses from financial activities

11,000,000

992,000,000

In which: Interest expenses

11,000,000

886,000,000

Selling expenses

3,000,000

6,266,000,000

General & administration expenses

1,682,000,000

7,991,000,000

Net income from operating activities

(1,566,000,000)

1,463,000,000

Extraordinary income

0

9,000,000

Extraordinary expenses

0

17,000,000

Extraordinary gains

0

(8,000,000)

Net profit before tax

(1,566,000,000)

1,455,000,000

Income tax

0

252,000,000

Net profit after tax

(1,566,000,000)

1,203,000,000

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

11,519.18

Profitability 

Profit Margin (%)

(125.68)

0.83

Return on Equity (%)

(19.49)

7.45

Return on Assets (%)

(7.24)

1.18

Leverage 

Total Debt Equity (Times)

1.69

5.34

Current Debt Equity (Times)

1.69

5.34

Total Asset To Total Equity

2.69

6.34

Asset Management 

Total Assets Turnover (Times)

0.06

1.41

Fixed Assets Turnover (Times)

0.18

14.11

Liquidity 

Current Ratio

1.09

1.07

 

 

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 basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Fertilizers

Manufacturing, Exporting

Pesticides

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2011

n/a

23,927

23,927

2012

n/a

2,780,838

2,780,838

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Agricultural pesticides and other agricultural chemicals, nspf

2879

Manufacturing, Exporting

Chemical preparations, nspf

2899

Manufacturing, Exporting

Chemicals and fertilizer minerals

1479

Manufacturing, Exporting

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Fertilizers

3105900000

Manufacturing, Exporting

Miscellaneous chemical products

3800

Manufacturing, Exporting

Pesticides

2909303000

Manufacturing, Exporting

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of ADVANCED AGRICULTURE SOLUTION JSC is Manufacturing - Finished products.

Key products include :

Pesticides

Fertilizers


An integral part of the core business includes:

Distribution

 

 

 

Supplementary Business

 

In addition to the core business, ADVANCED AGRICULTURE SOLUTION JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

60%

International Sales (Export)

40%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

50%

Imports

50%

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

DONG A COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P1007587

Branch

:

Phu Nhuan,Ho Chi Minh

Branch Address

:

130 Phan Dang Luu Ward 3 Phu Nhuan Ho Chi Minh (Head Office)

SWIFT Code

:

EACBVNVX

 

Bank Name

:

VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT

Global Identifier

:

32408794

Branch

:

Tu Liem,Hanoi

Branch Address

:

CHO LON

SWIFT Code

:

VBAAVNVX

 

Bank Name

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408823

Branch

:

District 1,Ho Chi Minh

Branch Address

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK - HO CHI MINH

SWIFT Code

:

EBVIVNVX

 

Bank Name

:

VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408999

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM TECHNOLOGICAL

SWIFT Code

:

VTCBVNVX

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

ADVANCED AGRICULTURE SOLUTION JSC - LONG XUYEN, AN GIANG

Branch Address

:

7/3 Nguyen Thai Hoc St My Binh Ward, Long Xuyen, An Giang

 

Branch

:

ADVANCED AGRICULTURE SOLUTION JSC - VINH, NGHE AN

Branch Address

:

113 Pham Hong Thai St, Vinh, Nghe An

 

Branch

:

ADVANCED AGRICULTURE SOLUTION JSC - BINH CHANH, HO CHI MINH

Branch Address

:

D7/6F KP4 Tan Tuc Town, Binh Chanh, Ho Chi Minh

 

Branch

:

ADVANCED AGRICULTURE SOLUTION JSC - DUC TRONG DIST, LAM DONG

Branch Address

:

114 Phu Hoi Commune, Duc Trong Dist, Lam Dong

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Middle-East

Medium

Importing

Cambodia

Medium

Exporting

China

Medium

Importing

India

Medium

Importing

Iran

Medium

Importing

Laos

Medium

Exporting

Myanmar

Medium

Exporting

 

 

 

 

OFFICE & FACILITIES

 

The following information relates to the Business Entity's office as listed above:

 

Name

:

ADVANCED AGRICULTURE SOLUTION JSC - DISTRICT 6, HO CHI MINH

Primary Use

:

Office & Administration facilities

Land Size

:

11,000 Square meters

Address

:

743/32 Hong Bang St Ward 6, District 6, Ho Chi Minh

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

 

NOTES & COMMENTS

 

Na

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.28

UK Pound

1

Rs.102.28

Euro

1

Rs.82.05

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

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.