MIRA INFORM REPORT

 

 

Report Date :

16.05.2014

 

IDENTIFICATION DETAILS

 

Name :

ANIMEX SAIGON JSC

 

 

Registered Office :

89A Nguyen Dinh Chieu St Ward 6, District 3, Ho Chi Minh

 

 

Country :

Viet Nam

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

12.03.2004

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of Agricultural Products

 

 

No. of Employees

60

 

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)

Viet Nam

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately  High Risk

C1

High Risk

 

C2

Very High Risk

 

D

 

 

VIET NAM - 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

 

Organization Name

:

ANIMEX SAIGON JSC

Address

:

89A Nguyen Dinh Chieu St Ward 6, District 3, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-39304175

Facsimile

:

[+84] 8-39303724

Email

:

animexsg@hcm.vnn.vn

Primary Business Activity

:

Trader

Key Industry

:

Agricultural Products

 

Registered Legal Address

:

89A Nguyen Dinh Chieu St Ward 6, District 3, Ho Chi Minh

Operational Address

:

89A Nguyen Dinh Chieu St Ward 6, District 3, Ho Chi Minh

Trading Name

:

ANIMEX SAIGON

Name History

:

Business Entity Name

Effective Date

CONG TY XUAT NHAP KHAU SUC SAN GIA CAM 1

20 Apr, 1993

ANIMEX SAIGON JSC

12 Mar, 2004

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

4103002169

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 Mar, 2004

Employees

:

60

Capital

:

US$ 1,727,646

 

Country

:

Vietnam

Business Entity Name

:

ANIMEX SAIGON JSC

Primary Business Activity

:

Trader

Primary Industry

:

Agricultural Products

 

Office Contact Details

Operating Address

:

89A Nguyen Dinh Chieu St Ward 6, District 3, Ho Chi Minh

Tel

:

[+84] 8-39304175

 

:

[+84] 8-39304413

 

:

[+84] 8-39303725

 

:

[+84] 8-39304789

Fax

:

[+84] 8-39303724

Email

:

animexsg@hcm.vnn.vn

 

Tax / VAT Details

Tax Issuing Authority

:

Ministry of Finance

Local Name Used

:

Gia Trj Gia Tang (Value Added Tax)

Acronym

:

GTGT / VAT

GTGT / VAT Number

:

0303207388

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Le Tri Vinh

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Le Thi Hoa

Vietnamese

Chief Accountant

-

2

Ms. Trinh Thi Hong Ngoc

Vietnamese

Managing Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI03630369

Name

:

Ms. Le Thi Hoa

 

Date of Birth

:

1978

 

Management Details - 2

Personal Unique Identifier

:

MI02128116

Name

:

Ms. Trinh Thi Hong Ngoc

 

Date of Birth

:

1959

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI02128114

Name

:

Mr. Le Tri Vinh

Date of Birth

:

1957

 

2

 

 

Personal Unique Identifier

:

MI02128116

Name

:

Ms. Trinh Thi Hong Ngoc

Date of Birth

:

1959

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the ANIMEX SAIGON JSC's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

DEBT

 

No Record Found

 

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LITIGATION

 

No Record Found

 

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PERFORMANCE DEFAULTS

 

No Record Found

 

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ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 36,000,000,000

 

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

Mr. Duong Minh Lieu

Vietnam

n/a

n/a

29.79

2

Undisclosed Shareholders

n/a

n/a

n/a

26.74

3

Mr. Le Tri Vinh

Vietnam

n/a

n/a

25.00

4

VIETNAM LIVESTOCK CORP

Vietnam

n/a

n/a

7.78

5

Ms. Truong Thi Minh Huong

Vietnam

n/a

n/a

6.41

6

Mr. Bach Hien Hanh

Vietnam

n/a

n/a

4.28

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

40%

International Sales (Export)

60%

 

 

Annual Purchases Analysis

Percentage

Local Purchases

70%

Imports

30%

 

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 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 - Secured with Post-dated checks 30~60 days

Import

Letter of Credit (At-sight)

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

5,237,302

3,680,557

16,659

2012 Annual  

4,746,008

3,339,214

24,106

2013 Annual  

6,937,091

2,716,889

153,689

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

http://www.asiancredit.com/Manage/image/down_arrow_04.gif

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2007 Annual

14,241,459

3,556,243

172,435

2010 Annual

11,080,965

3,829,605

206,567

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets

40,790,000,000

33,692,000,000

38,423,000,000

Non Current Assets

35,876,000,000

35,846,000,000

18,871,000,000

Non Current Liabilities

517,000,000

359,000,000

-

Share Capital

36,000,000,000

36,000,000,000

20,000,000,000

Other long term assets 

Total Assets

76,666,000,000

69,538,000,000

57,294,000,000

Total Liabilities

17,807,000,000

10,599,000,000

33,644,000,000

Current Liabilities

17,290,000,000

10,240,000,000

33,644,000,000

Long term liabilities 

Shareholders Funds

58,859,000,000

58,939,000,000

23,650,000,000

 

Assets 

Current Assets & Short-term Investments

-

33,692,000,000

38,423,000,000

Cash & Cash Equivalents

-

11,249,000,000

2,096,000,000

Cash

-

11,249,000,000

2,096,000,000

Short-term Investments

-

-

13,695,000,000

Short-term Securities Investments

-

-

13,695,000,000

Accounts Receivable

-

21,540,000,000

16,938,000,000

Accounts Receivable Trade

-

7,793,000,000

9,905,000,000

Trade Prepayment

-

2,613,000,000

-

Others Receivables

-

11,134,000,000

7,033,000,000

Inventories

-

-

353,000,000

Total Other Short-term Assets

-

903,000,000

5,341,000,000

VAT Deductible

-

707,000,000

3,033,000,000

Other Tax Receivables

-

100,000,000

198,000,000

Other Short-term Assets

-

96,000,000

2,110,000,000

Long-term Assets

-

35,846,000,000

18,871,000,000

Accounts of Long-term Receivable

-

5,868,000,000

-

Other Long-term Receivables

-

5,868,000,000

-

Fixed Assets

-

778,000,000

1,358,000,000

Tangible Fixed Assets

-

712,000,000

1,358,000,000

Cost

-

7,144,000,000

2,399,000,000

Accumulated Depreciation

-

6,432,000,000

1,041,000,000

Construction in Progress

-

66,000,000

-

Long-term Investments

-

29,000,000,000

17,501,000,000

Invest To Subsidiary Company

-

29,000,000,000

-

Other Long-term Investments

-

-

17,501,000,000

Other Long-term Assets

-

200,000,000

12,000,000

Long-term Prepayments

-

200,000,000

12,000,000

Total Assets

-

69,538,000,000

57,294,000,000

Liabilities & Equity 

Liabilities

-

10,599,000,000

33,644,000,000

Current Liabilities

-

10,240,000,000

33,644,000,000

Short-term Borrowings

-

9,224,000,000

16,002,000,000

Accounts Payables-Trade

-

32,000,000

90,000,000

Advances From Customers

-

957,000,000

17,552,000,000

Taxes And Payable To State Budget

-

10,000,000

-

Accrued Expenses Payable

-

17,000,000

-

Long-term Liabilities

-

359,000,000

-

Long-term Other Payables

-

359,000,000

-

Owner's Equity

-

58,939,000,000

23,650,000,000

Business Capital

-

36,000,000,000

20,000,000,000

Share Capital's Surplus

-

21,640,000,000

-

Shares

-

(358,000,000)

-

Business Development Funds

-

888,000,000

-

Retained Earnings

-

769,000,000

3,650,000,000

Total Resources

-

69,538,000,000

57,294,000,000

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover

109,093,000,000

98,834,000,000

146,290,000,000

Profit (Loss) Before Tax

421,000,000

502,000,000

3,648,000,000

Profit After Tax attributable to Shareholders

347,000,000

502,000,000

3,241,000,000

 

Gross Sales

-

98,834,000,000

146,290,000,000

Less Deductions

-

0

0

Net Income

-

98,834,000,000

146,290,000,000

Cost of Goods Sold

-

91,450,000,000

137,491,000,000

Gross Margin

-

7,384,000,000

8,799,000,000

Income From Financial Activities

-

141,000,000

2,771,000,000

Expenses From Financial Activities

-

1,225,000,000

1,766,000,000

In Which: Interest Expenses

-

1,165,000,000

1,763,000,000

Selling Expenses

-

3,414,000,000

3,619,000,000

General & Administration Expenses

-

2,441,000,000

2,846,000,000

Net Income From Operating Activities

-

445,000,000

3,339,000,000

Extraordinary Income

-

241,000,000

310,000,000

Extraordinary Expenses

-

184,000,000

1,000,000

Extraordinary Gains

-

57,000,000

309,000,000

Net Profit Before Tax

-

502,000,000

3,648,000,000

Income Tax

-

0

407,000,000

Income Tax Delay

-

0

0

Net Profit After Tax

-

502,000,000

3,241,000,000

 

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

(49.49)

(9.40)

48.02

Profitability 

Profit Margin (%)

0.32

0.51

2.22

Return on Equity (%)

0.59

0.85

13.70

Return on Assets (%)

0.45

0.72

5.66

Leverage 

Total Debt Equity (Times)

0.30

0.18

1.42

Current Debt Equity (Times)

0.29

0.17

1.42

Long Term Debt to Equity

0.01

0.01

-

Total Asset To Total Equity

1.30

1.18

2.42

Asset Management 

Total Assets Turnover (Times)

1.42

1.42

2.55

Fixed Assets Turnover (Times)

3.04

2.76

7.75

Liquidity 

Current Ratio

2.36

3.29

1.14

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

Agricultural products

Trading

Animal medicines

Trading

Animal products

Trading

Coffee

Trading

Foods

Trading

 

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

Year

Imports

Exports

Total

2007

n/a

8,544,875

8,544,875

2011

n/a

3,142,381

3,142,381

2012

n/a

2,847,605

2,847,605

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Agricultural Production-Crops

0100

Trading

Agricultural Production-Livestock

0200

Trading

Food products, nspf

2099

Trading

Pharmaceutical preparations

2834

Trading

Rice

0112

Trading

Roasted coffee

2095

Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Animals, live, nesoi nesoi - not elsewhere specified of indicated.

0106

Trading

Coffee, tea, mate & spices

0900

Trading

Food preparations

2106

Trading

Peanuts (ground-nuts), raw

1202

Trading

Pepper, genus piper; genus capsicum or pimenta

0904

Trading

Pharmaceutical products

3000

Trading

Rice

1006

Trading

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Medicine

Primary

Trading

Peanut

Primary

Trading

Pepper

Primary

Trading

Rice

Primary

Trading

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of ANIMEX SAIGON JSC is Trading - Finished products.

Key products include :

Agricultural products

Animal medicines

Animal products

Coffee

Foods

Medicine

Peanut

Pepper

Rice

 

 

Supplementary Business

In addition to the core business, ANIMEX SAIGON JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

 

BANK DETAILS

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 - HO CHI MINH

SWIFT Code

:

BFTVVNVX

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

High

Importing

North America

Medium

Importing, Exporting

France

Medium

Importing

India

Medium

Importing

USA

Medium

Importing, Exporting

United Kingdom

Medium

Importing

 

OFFICE & FACILITIES

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

Name

:

ANIMEX SAIGON JSC - DISTRICT 3, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

89A Nguyen Dinh Chieu St Ward 6, District 3, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

COMPANY HISTORY

Date

Details

1993 - Apr

Established as a government enterprise.

2004 - Mar

Changed its form into a joint stock company.

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

20 Apr, 1993

102604

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.47

UK Pound

1

Rs.99.70

Euro

1

Rs.81.55

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

PDT

 

               

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.