MIRA INFORM REPORT

 

 

Report Date :

27.11.2014

 

IDENTIFICATION DETAILS

 

Name :

HANDICRAFT AGRICULTURAL GENERAL PRODUCTION AND IMPORT - EXPORT JSC

 

 

Registered Office :

Bien Hoa Handicraft-Industrial Complex Ngoc Son Commune, Kim Bang, Ha Nam

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2012

 

 

Date of Incorporation :

21.12.2011

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Food Products.

 

 

No. of Employees :

18

 

 

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 – 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

:

HANDICRAFT AGRICULTURAL GENERAL PRODUCTION AND IMPORT - EXPORT JSC (1)

Address

:

Bien Hoa Handicraft-Industrial Complex Ngoc Son Commune, Kim Bang, Ha Nam

Country

:

Vietnam

Phone (S)

:

[+84] 351-3513366

Facsimile

:

[+84] 351-3513388

Email

:

info@agrovietnam.com

Website

:

http://www.agrovietnam.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Food Products

 

Key Facts

 

Registered Legal Address

:

Bien Hoa Handicraft-Industrial Complex Ngoc Son Commune, Kim Bang, Ha Nam

Operational Address

:

Bien Hoa Handicraft-Industrial Complex Ngoc Son Commune, Kim Bang, Ha Nam

Trading Name

:

HAGIMEX JSC

Issuing Authority

:

Dept. of Planning & Investment - Ha Nam

License Number

:

0102670596

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

:

21 Dec, 2011

Employees

:

18

Capital

:

US$ 455,884

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.

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

HANDICRAFT AGRICULTURAL GENERAL PRODUCTION AND IMPORT - EXPORT JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

Bien Hoa Handicraft-Industrial Complex Ngoc Son Commune, Kim Bang, Ha Nam

Tel

:

[+84] 351-3513366

Fax

:

[+84] 351-3513388

Email

:

info@agrovietnam.com

Website Details

Website

:

http://www.agrovietnam.com 

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

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

:

0102670596

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Nguyen Tien Anh

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Tien Anh

Vietnamese

Managing Director

-

2

Mr. Nguyen Xuan Bien

Vietnamese

Assist. Managing Director

-

3

Ms. Le Thi Van

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03797581

Name

:

Mr. Nguyen Tien Anh

 

Date of Birth

:

1978

 

 

Management Details - 2

Personal Unique Identifier

:

MI03797625

Name

:

Mr. Nguyen Xuan Bien

 

Date of Birth

:

1974

 

 

Management Details - 3

Personal Unique Identifier

:

MI03797626

Name

:

Ms. Le Thi Van

 

Date of Birth

:

1982

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03797581

Name

:

Mr. Nguyen Tien Anh

Date of Birth

:

1978

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing HANDICRAFT AGRICULTURAL GENERAL PRODUCTION AND 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

 

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

 

DEBT

 

No Record Found

 

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

 

CIVIL LITIGATION

 

No Record Found

 

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

 

PERFORMANCE DEFAULTS

 

No Record Found

 

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

 

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

:

₫ 9,600,000,000

 

Date

Authorized Capital - History

2011

8,000,000,000

Jun, 2014

9,600,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Ngo Tien Anh

Vietnam

n/a

n/a

83.45

2

Undisclosed Shareholders

n/a

n/a

n/a

16.55

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

NA

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

2,058,905

1,502,832

2,544

2012 Annual (*)

2,704,678

1,819,574

24,010

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

-

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

Note: (*)

Financials listed are the most recent available for this company.

 

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Current Assets(*)

16,927,000,000

19,914,000,000

Non Current Assets(*)

14,377,000,000

17,978,000,000

Non Current Liabilities(*)

9,650,000,000

11,330,000,000

Share Capital(*)

8,000,000,000

8,000,000,000

Other long term assets 

Total Assets(*)

31,304,000,000

37,892,000,000

Total Liabilities(*)

23,034,000,000

29,146,000,000

Current Liabilities(*)

13,384,000,000

17,816,000,000

Long term liabilities 

Shareholders Funds(*)

8,270,000,000

8,746,000,000

 

Current assets & short term investments

16,927,000,000

19,914,000,000

Cash & cash equivalents

699,000,000

1,281,000,000

Cash

699,000,000

1,281,000,000

Accounts receivable

6,908,000,000

7,859,000,000

Accounts receivable trade

3,816,000,000

7,476,000,000

Trade prepayment

1,010,000,000

92,000,000

Others receivables

2,082,000,000

291,000,000

i. Inventories

7,724,000,000

9,961,000,000

ii. Inventories

7,724,000,000

9,961,000,000

i. Other short term asset

1,596,000,000

813,000,000

VAT deductible

1,257,000,000

581,000,000

Other tax receivables

-

6,000,000

ii. Other short term asset

339,000,000

226,000,000

Long term assets

14,377,000,000

17,978,000,000

Fixed assets

571,000,000

375,000,000

Tangible fixed assets

571,000,000

375,000,000

Cost

1,327,000,000

1,339,000,000

Accumulated depreciation

756,000,000

964,000,000

Long term investments

13,806,000,000

-

Other long term investments

13,806,000,000

-

Other long term assets

-

17,603,000,000

Long term prepayments

-

17,603,000,000

Total assets

31,304,000,000

37,892,000,000

Liabilities

23,034,000,000

29,146,000,000

Current liabilities

13,384,000,000

17,816,000,000

Short term borrowings

8,981,000,000

9,176,000,000

Accounts payables-trade

902,000,000

6,250,000,000

Advances from customers

2,162,000,000

1,677,000,000

Taxes and payable to state budget

642,000,000

162,000,000

Payable to employees

79,000,000

55,000,000

Accrued expenses payable

379,000,000

-

Other payables

239,000,000

496,000,000

Long term liabilities

9,650,000,000

11,330,000,000

Long term other payables

-

1,680,000,000

Long term borrowings

9,650,000,000

9,650,000,000

i. Owner's equity

8,270,000,000

8,746,000,000

ii. Owner's equity

8,270,000,000

8,746,000,000

Business capital

8,000,000,000

8,000,000,000

Foreign exchange differences

190,000,000

-

Retained earnings

80,000,000

746,000,000

Total resources

31,304,000,000

37,892,000,000

 

Note: (*)

 

Financial Highlights

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Turnover(*)

42,887,000,000

56,324,000,000

Profit (Loss) Before Tax(*)

72,000,000

667,000,000

Profit After Tax attributable to Shareholders(*)

53,000,000

500,000,000

 

Gross sales

42,887,000,000

56,324,000,000

Less deductions

446,000,000

656,000,000

Net income

42,441,000,000

55,668,000,000

Cost of goods sold

35,575,000,000

46,500,000,000

Gross margin

6,866,000,000

9,168,000,000

Income from financial activities

318,000,000

78,000,000

Expenses from financial activities

793,000,000

714,000,000

In which: Interest expenses

499,000,000

649,000,000

General & administration expenses

6,300,000,000

7,842,000,000

Net income from operating activities

91,000,000

690,000,000

Extraordinary income

14,000,000

-

Extraordinary expenses

33,000,000

23,000,000

Extraordinary gains

(19,000,000)

(23,000,000)

Net profit before tax

72,000,000

667,000,000

Income tax

19,000,000

167,000,000

Net profit after tax

53,000,000

500,000,000

 

Note: (*)

 

Financial Highlights

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

31.33

Profitability 

Profit Margin (%)

0.12

0.89

Return on Equity (%)

0.64

5.72

Return on Assets (%)

0.17

1.32

Leverage 

Total Debt Equity (Times)

2.79

3.33

Current Debt Equity (Times)

1.62

2.04

Long Term Debt to Equity

1.17

1.30

Total Asset To Total Equity

3.79

4.33

Asset Management 

Total Assets Turnover (Times)

1.37

1.49

Fixed Assets Turnover (Times)

2.98

3.13

Liquidity 

Current Ratio

1.26

1.12

 

 

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

Canned vegetables

Manufacturing, Exporting

Spices

Manufacturing, Exporting

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Canned fruits, vegetables, preserves, jams, and jellies

2033

Manufacturing, Exporting

Food products, nspf

2099

Manufacturing, Exporting

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Food preparations

2106

Manufacturing, Exporting

Food preparations not elsewhere specified or included, canned

2106906592

Manufacturing, Exporting

Spices

0910990000

Manufacturing, Exporting

 

 

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

 

The primary business focus of HANDICRAFT AGRICULTURAL GENERAL PRODUCTION AND IMPORT - EXPORT JSC is Manufacturing - Finished products.

Key products include :

Canned vegetables

Spices


An integral part of the core business includes:

Distribution

 

 

 

Supplementary Business

 

In addition to the core business, HANDICRAFT AGRICULTURAL GENERAL PRODUCTION AND IMPORT - EXPORT JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

 

 

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

10%

International Sales (Export)

90%

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

 

 

BANK DETAILS

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

31-33 Ngo Quyen Hanoi (Head Office)

SWIFT Code

:

BFTVVNVX

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

Europe

Medium

Exporting

Australia

Medium

Exporting

France

Medium

Exporting

India

Medium

Exporting

Russia

Medium

Exporting

 

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

HANDICRAFT AGRICULTURAL GENERAL PRODUCTION AND IMPORT - EXPORT JSC - KIM BANG, HA NAM

Primary Use

:

Office & Administration facilities

Building Size

:

5,000 Square meters

Address

:

Bien Hoa Handicraft-Industrial Complex Ngoc Son Commune, Kim Bang, Ha Nam

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

 

 

 

PREVIOUS CONTACT DETAILS

 

Company Address

:

Rm 311 B Bldg 352 Giai Phong St Phuong Liet Ward, Thanh Xuan, Hanoi

Date of Relocation

:

Dec, 2011

 

Company Address

:

318/100/9 La Thanh St O Cho Dua Ward, Dong Da, Hanoi

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

22 Jun, 2009

0103022724

 

NOTES & COMMENTS

 

NA

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.87

UK Pound

1

Rs.97.23

Euro

1

Rs.77.21

 

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.