MIRA INFORM REPORT

 

 

Report Date :

15.11.2014

 

IDENTIFICATION DETAILS

 

Name :

ASIA NUTRITION TECHNOLOGIES (VN) CO LTD

 

 

Registered Office :

Song May Industrial Park Bac Son Commune, Trangbom Dist, Dong Nai

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2013

 

 

Date of Incorporation :

14.05.2008

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Manufacturer of Agricultural Products.

 

 

No. of Employees :

580

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Vietnam

B1

A2

 

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 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

:

ASIA NUTRITION TECHNOLOGIES (VN) CO LTD (1)

 

Address

:

Song May Industrial Park Bac Son Commune, Trangbom Dist, Dong Nai

 

Country

:

Vietnam

 

Phone (S)

:

[+84] 61-3869111

 

Facsimile

:

[+84] 61-3869110

 

Email

:

antfinance@hcm.vnn.vn

 

Primary Business Activity

:

Manufacturer

 

Key Industry

:

Agricultural Products

 

 

 

DIRECTORS/MANAGEMENT

 

 Key Person

Legal Title

:

Managing Director

Name

:

Mr. Su Meng Chih

Nationality

:

Taiwanese

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Chind-chia Chang

Taiwanese

Deputy Managing Director

-

2

Mr. Hsiang-Yung Hsu

Taiwanese

Chief Accountant

-

Management Details - 1

Personal Unique Identifier

:

MI03156112

Name

:

Mr. Chind-chia Chang

 

Date of Birth

:

1957

Management Details - 2

Personal Unique Identifier

:

MI03156115

Name

:

Mr. Hsiang-Yung Hsu

 

Date of Birth

:

1979

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03791999

Name

:

Mr. Su Meng Chih

Date of Birth

:

1971

 

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing ASIA NUTRITION TECHNOLOGIES (VN) CO LTD'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

 

Capital

:

US$ 14,000,000

 

CAPITAL (Currency: USD - US Dollar)

Authorized Capital

:

$ 14,000,000

Paid-up Capital

:

$ 14,000,000

Date

Authorized Capital - History

29 Apr, 1995

10,000,000

14 May, 2008

14,000,000

 

SHAREHOLDERS

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

USD - US Dollar

 

No.

Shareholders

Country

Shares

Number

Amount (USD)

%

1

ASIA NUTRITION TECHNOLOGIES INVESMENT CO LTD

Hong Kong

n/a

14,000,000

100.00

Total

n/a

14,000,000

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

70%

International Sales (Export)

30%

Annual Purchases Analysis

Percentage

Local Purchases

50%

Imports

50%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~120 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 30~120 days

Import

Letter of Credit (At-sight)

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

 

DOMESTIC SUPPLIERS

Business Entity Name

Global Identifier

QUANG DUNG CO LTD

P0210688

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent

:

ASIA NUTRITION TECHNOLOGIES INVESMENT CO LTD

Global Identifier

:

P1268166

Legal Form Category

:

Private Company with Limited Liability

Country

:

Hong Kong

Primary Business Activity

:

Trader

 

RELATED PARTIES (Subsidiaries, Joint-ventures & Affiliates)

 

The following provides a summary of the number of businesses that are related to ASIA NUTRITION TECHNOLOGIES (VN) CO LTD:

 

TYPE

DOMESTIC

INTERNATIONAL

TOTAL

Africa

Asia / Pacific

Europe

Middle-East

North America

South America

TOTAL

Subsidiaries

1

-

-

-

-

-

-

-

Joint-Ventures

-

-

-

-

-

-

-

-

Minority shareholdings

-

-

-

-

-

-

-

-

Affiliates

-

-

1

-

-

-

-

1

Liaison / Representative Offices

-

-

-

-

-

-

-

-

 

Domestic

 

Business Entity Name

:

ASIA NUTRITION TECHNOLOGIES (LA) CO LTD

Global Identifier

:

P1812320

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

Long Dinh - Long Cang Industrial Zone, Can Duoc, Long An

Primary Business Activity

:

Manufacturer

Industry

:

Agricultural Products

 

 

 

International

 

Business Entity Name

:

GREAT WALL ENTERPRISE CO LTD

Global Identifier

:

31514597

Country

:

Taiwan

Relationship

:

Affiliate

Operational Address

:

3 Niao Sung 2nd St, Yungkang City, Tainan Hsien 710

Primary Business Activity

:

Manufacturer

Industry

:

Food Products

 

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

126,988,286

43,027,508

6,503,169

2012 Annual  

145,353,442

47,247,254

5,895,366

2013 Annual  

143,537,703

46,967,317

7,440,693

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

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

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

-

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

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

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

 

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

1998 Annual

3,428,571

n/a

n/a

1999 Annual

12,595,896

n/a

n/a

2000 Annual

16,929,451

n/a

n/a

2005 Annual

48,514,077

18,296,322

980,469

2008 Annual

120,172,979

35,908,203

-1,503,860

2009 Annual

99,503,307

33,433,726

4,395,794

 

 

 

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

744,172,000,000

834,784,000,000

774,957,000,000

Non Current Assets(*)

90,758,000,000

84,108,000,000

82,547,000,000

Non Current Liabilities(*)

15,000,000

15,000,000

-

Share Capital(*)

190,836,000,000

190,836,000,000

190,836,000,000

Other long term assets 

Total Assets(*)

896,263,000,000

983,908,000,000

990,451,000,000

Total Liabilities(*)

505,585,000,000

616,759,000,000

466,391,000,000

Current Liabilities(*)

505,570,000,000

616,744,000,000

-

Long term liabilities 

Shareholders Funds(*)

390,678,000,000

367,149,000,000

524,060,000,000

 

Assets 

Current assets & short term investments

744,172,000,000

834,784,000,000

774,957,000,000

Cash & cash equivalents

48,323,000,000

130,552,000,000

99,085,000,000

Cash

48,323,000,000

130,552,000,000

53,536,000,000

Cash equivalents

-

-

45,549,000,000

Accounts receivable

260,767,000,000

188,780,000,000

194,965,000,000

Accounts receivable trade

174,852,000,000

161,455,000,000

194,141,000,000

Trade prepayment

1,769,000,000

6,344,000,000

2,229,000,000

Others receivables

88,961,000,000

25,728,000,000

5,015,000,000

Provision for bad debts

(4,815,000,000)

(4,747,000,000)

(6,420,000,000)

I. Inventories

431,154,000,000

511,629,000,000

480,359,000,000

II. Inventories

431,154,000,000

511,629,000,000

480,359,000,000

Other short term asset

3,928,000,000

3,823,000,000

548,000,000

Prepaid expenses

249,000,000

671,000,000

548,000,000

VAT deductible

3,679,000,000

3,152,000,000

-

Long term assets

152,091,000,000

149,124,000,000

215,494,000,000

Fixed assets

90,758,000,000

84,108,000,000

82,547,000,000

Tangible fixed assets

89,682,000,000

83,233,000,000

81,640,000,000

I. Cost

223,034,000,000

229,704,000,000

239,428,000,000

I. Accumulated depreciation

133,352,000,000

146,471,000,000

157,788,000,000

Intangible fixed assets

1,076,000,000

875,000,000

805,000,000

II. Cost

4,273,000,000

4,273,000,000

4,401,000,000

II. Accumulated depreciation

3,197,000,000

3,398,000,000

3,596,000,000

Construction in progress

-

-

102,000,000

Long term investments

48,000,000,000

48,000,000

110,400,000

Invest to subsidiary company

48,000,000,000

48,000,000

110,400,000

i. Other long term assets

13,333,000,000

17,016,000,000

22,547,000,000

Long term prepayments

589,000,000

327,000,000

2,516,000,000

Asset of income tax delay

12,744,000,000

16,689,000,000

19,931,000,000

ii. Other long term assets

-

-

100,000,000

Total assets

896,263,000,000

983,908,000,000

990,451,000,000

Liabilities

505,585,000,000

616,759,000,000

466,391,000,000

Current liabilities

505,570,000,000

616,744,000,000

466,391,000,000

Short term borrowings

194,529,000,000

219,243,000,000

29,471,000,000

Accounts payables-trade

205,247,000,000

274,513,000,000

271,431,000,000

Advances from customers 3,439

4,256,000,000

4,933,000,000

3,046,000,000

Taxes & payable to state budget

12,248,000,000

1,371,000,000

23,267,000,000

Payable to employees

2,876,000,000

3,051,000,000

3,823,000,000

Accrued expenses payable

80,143,000,000

106,378,000,000

126,085,000,000

Other payables

6,271,000,000

7,255,000,000

9,268,000,000

Long term liabilities

15,000,000

15,000,000

-

Long term other payables

15,000,000

15,000,000

-

I. Owner's equity

390,678,000,000

367,149,000,000

524,060,000,000

II. Owner's equity

390,678,000,000

367,149,000,000

524,060,000,000

Business capital

190,836,000,000

190,836,000,000

190,836,000,000

Retained earnings

199,842,000,000

176,313,000,000

333,224,000,000

Total resources

896,263,000,000

983,908,000,000

990,451,000,000

Note: (*)

Financial Highlights

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

2,645,166,000,000

3,026,936,000,000

3,026,936,000,000

Profit (Loss) Before Tax(*)

160,082,000,000

127,672,000,000

127,672,000,000

Profit After Tax attributable to Shareholders(*)

135,461,000,000

122,769,000,000

156,910,000,000

 

Gross sales

2,645,166,000,000

3,026,936,000,000

3,580,573,000,000

Less deductions

165,335,000,000

195,042,000,000

245,628,000,000

Net income

2,479,831,000,000

2,831,894,000,000

3,334,945,000,000

Cost of goods sold

2,182,681,000,000

2,584,340,000,000

3,009,370,000,000

Gross margin

297,150,000,000

247,554,000,000

325,575,000,000

Income from financial activities

8,134,000,000

11,669,000,000

6,548,000,000

Expenses from financial activities

35,803,000,000

15,378,000,000

11,806,000,000

In which: Interest expenses

-

14,520,000,000

6,915,000,000

Selling expenses

82,093,000,000

92,439,000,000

103,389,000,000

General & administration expenses

30,029,000,000

26,127,000,000

32,113,000,000

Net income from operating activities

157,359,000,000

125,279,000,000

184,815,000,000

Extraordinary income

3,073,000,000

2,643,000,000

3,608,000,000

Extraordinary expenses

350,000,000

250,000,000

1,724,000,000

Extraordinary gains

2,723,000,000

2,393,000,000

1,884,000,000

Net profit before tax

160,082,000,000

127,672,000,000

186,699,000,000

Income tax

27,301,000,000

8,848,000,000

33,031,000,000

Income tax delay

2,680,000,000

3,945,000,000

3,242,000,000

Net profit after tax

135,461,000,000

122,769,000,000

156,910,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

14.43

-

Profitability 

Profit Margin (%)

5.12

4.06

5.18

Return on Equity (%)

34.67

33.44

29.94

Return on Assets (%)

15.11

12.48

15.84

Leverage 

Total Debt Equity (Times)

1.29

1.68

0.89

Current Debt Equity (Times)

1.29

1.68

-

Long Term Debt to Equity

0.00

0.00

-

Total Asset To Total Equity

2.29

2.68

1.89

Asset Management 

Total Assets Turnover (Times)

2.95

3.08

3.06

Fixed Assets Turnover (Times)

29.15

35.99

36.67

Liquidity 

Current Ratio

1.47

1.35

-

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

 

 

FOREIGN EXCHANGE RATES

 

N/A

 

 

ADDITIONAL INFORMATION

 

Key Facts

Registered Legal Address

:

Song May Industrial Park Bac Son Commune, Trangbom Dist, Dong Nai

Operational Address

:

Song May Industrial Park Bac Son Commune, Trangbom Dist, Dong Nai

Trading Name

:

CONG TY TRACH NHIEM HUU HAN DINH DUONG A CHAU (VIETNAM)
CONG TY TNHH DINH DUONG A CHAU VIETNAM

Name History

:

Business Entity Name

Effective Date

CHINFON (VIETNAM) LIVESTOCKS CO LTD

29 Apr, 1995

ASIA NUTRITION TECHNOLOGIES (VN) CO LTD

May, 2001

Issuing Authority

:

Dept. of Planning & Investment - Dong Nai

License Number

:

472043000470

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

14 May, 2008

Employees

:

580

 

Report Details

Country

:

Vietnam

Business Entity Name

:

ASIA NUTRITION TECHNOLOGIES (VN) CO LTD

Acronym

:

ANTVN

Primary Business Activity

:

Manufacturer

Primary Industry

:

Agricultural Products

Office Contact Details

Operating Address

:

Song May Industrial Park Bac Son Commune, Trangbom Dist, Dong Nai

Tel

:

[+84] 61-3869111

 

:

[+84] 61-3869236

Fax

:

[+84] 61-3869110

Email

:

antfinance@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

:

3600233805

 

 Primary Products

Products / Materials / Services Description

Activity

Animal feed

Manufacturing, Exporting

Breed, poultry

Manufacturing, Exporting

Breeds layer

Manufacturing, Exporting

Chicken feed

Manufacturing, Exporting

Duck feed

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Agricultural Production-Livestock

0200

Manufacturing, Exporting

Livestock

5154

Manufacturing, Exporting

Poultry & Poultry Products

5144

Manufacturing, Exporting

Prepared feeds, nspf

2048

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Chickens, ducks, geese, turkeys, and guineas, live

0105

Manufacturing, Exporting

Livestock feed, prepared

2309901040

Manufacturing, Exporting

Mixed feeds or mixed feed ingredients used in animal feedings

2309901050

Manufacturing, Exporting

Poultry feeds, prepared

2309901020

Manufacturing, Exporting

Preparations used in animal feeding

2309

Manufacturing, Exporting

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Fish feed

Primary

Manufacturing, Exporting

Livestock

Primary

Manufacturing, Exporting

Pig feed

Primary

Manufacturing, Exporting

Quail feeds

Primary

Manufacturing, Exporting

Shrimp feeds

Primary

Manufacturing, Exporting

 

 

 

 

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of ASIA NUTRITION TECHNOLOGIES (VN) CO LTD is Manufacturing - Finished products.

Key products include :

Animal feed

Breed, poultry

Breeds layer

Chicken feed

Duck feed

Fish feed

Livestock

Pig feed

Quail feeds

Shrimp feeds
An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, ASIA NUTRITION TECHNOLOGIES (VN) CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

 

NOTES & COMMENTS

 

Note

:

(1) Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.65

UK Pound

1

Rs.96.54

Euro

1

Rs.76.70

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

               

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.