MIRA INFORM REPORT
|
Report Date : |
20.07.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
NEW WIND SEAFOOD COMPANY LIMITED |
|
|
|
|
Registered Office : |
Lot 5, Area B1, Tan Thoi Hiep Industrial Park, Hiep Thanh Ward - 12
District - Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Year of Establishment : |
2000 |
|
|
|
|
Com. Reg. No.: |
412022000149 |
|
|
|
|
Legal Form : |
Joint Venture |
|
|
|
|
Line of Business : |
Processing Seafood Products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Vietnam |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUBJECT IDENTIFICATION & LEGAL FORM
|
English Name |
|
NEW WIND SEAFOOD COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH THUY SAN GIO MOI |
|
Trade name |
|
NEW WIND SEAFOOD COMPANY LIMITED |
|
Type of Business |
|
Joint venture |
|
Year Established |
|
2000 |
|
Establishment Decision |
|
51/GP-KCN-HCM |
|
Date of Issuance |
|
21 Mar 2000 |
|
Place of Issuance |
|
Management Board of Hochiminh City
Industrial Zones |
|
Business Registration No. |
|
412022000149 |
|
Place of Registration |
|
Management Board of Hochiminh City
Industrial Zones |
|
Registered Investment Capital |
|
2,030,000 USD |
|
Chartered capital |
|
1,050,000 USD |
|
Status |
|
Unlisted |
|
Tax code |
|
0301954754 |
|
Total Employees |
|
500 |
|
Note: In June 2011, the subject changed the English Name from “VIETNAM NORTHERN VIKING TECHNOLOGIES CO., LTD” to “NEW WIND SEAFOOD COMPANY LIMITED”. |
||
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered English
Name: VIETNAM NORTHERN VIKING TECHNOLOGIES CO. , LTD Changed to: NEW WIND SEAFOOD COMPANY
LIMITED |
30
Jun 2011 |
|
2 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH VIET NAM NORTHERN VIKING TECHNOLOGIES Changed to: CONG TY TNHH THUY SAN GIO MOI |
30
Jun 2011 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
Lot 5, Area B1, Tan Thoi Hiep Industrial
Park, Hiep Thanh Ward - 12 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3717 5038 - 3717 5039 - 3717 5040 |
|
Fax |
|
(84-8) 3717 0981 |
|
Email |
|
|
|
Note: The subject’
exactly address is as above |
||
DIRECTORS
|
1.
NAME |
|
Mr.
BRUCE KOJIRO SATO |
|
Position |
|
Chairman |
|
Nationality |
|
Canadian |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN HAI TRIEU |
|
Position |
|
General director - Legal Representative |
|
ID Number/Passport |
|
021580558 |
|
Resident |
|
Hochiminh City -
Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN NGOC TUAN |
|
Position |
|
Chief Accountant |
|
Resident |
|
Hochiminh City -
Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 903 983 443 |
|
Qualification |
|
Bachelor of Economic |
BUSINESS NATURE AND ACTIVITIES
|
The
subject specializes in processing seafood products such as: raw breaded shrimp,
fried breaded shrimp, marinated shrimp, and breaded fish. Other value added
products include clams, swimming crab, squid and Chinese dim sum product. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
Thailand, Myanmar, India |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Products |
|
·
Market |
|
mainly to Japan and USA |
BANKERS
|
1.
VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No. 7 Le Thi Hong Gam Street Nguyen Thai Binh Ward - 1 District - Ho
Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3821 0055 |
|
Fax |
|
(84-8) 3829 6063 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE |
||
|
Address |
|
No.79 Ham Nghi Str, Nguyen Thai Binh Ward - 1 District - Ho Chi Minh
City - Vietnam |
|
Telephone |
|
(84-8) 3829 0715 |
|
Fax |
|
(84-8) 3829 5342 |
SHAREHOLDERS
|
1.
NAME |
|
NORTHERN
VIKING TECHNOLOGIES PTE., LTD |
|
Address |
|
220 Tagore Lane, #03-16 Liberty Warehouse,
Singapore 787600 - Singapore |
|
Country |
|
Singapore |
|
Percentage |
|
30% |
|
Representative person |
|
Mr. BRUCE KOJIRO
SATO |
|
Nationality |
|
Canadian |
|
|
||
|
2.
NAME |
|
CUU
LONG GIANG PRODUCTION & TRADING COMPANY LIMITED |
|
Address |
|
159/2 Phan Van Tri Street - Binh Thanh
District - Ho Chi Minh City - Vietnam |
|
Percentage |
|
70% |
|
Representative person |
|
Mr. NGUYEN HAI
TRIEU |
|
ID Number/Passport |
|
021580558 |
|
Resident |
|
Hochiminh City -
Vietnam |
|
Nationality |
|
Vietnamese |
FINANCIAL DATA
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/12/2009 |
31/12/2008 |
31/12/2007 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
34,400,969,852 |
47,966,527,183 |
45,372,140,047 |
|
I. Cash and cash
equivalents |
2,734,994,800 |
1,033,442,712 |
691,262,620 |
|
1. Cash |
2,734,994,800 |
1,033,442,712 |
691,262,620 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
5,000,000 |
5,000,000 |
5,000,000 |
|
1. Short-term investments |
5,000,000 |
5,000,000 |
5,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
14,120,101,221 |
20,501,282,374 |
27,097,018,190 |
|
1. Receivable from customers |
14,093,303,707 |
20,444,634,657 |
27,120,333,358 |
|
2. Prepayments to suppliers |
0 |
0 |
0 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
26,797,514 |
56,647,717 |
-23,315,168 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
13,989,541,268 |
22,134,567,178 |
11,866,283,968 |
|
1. Inventories |
13,989,541,268 |
22,134,567,178 |
11,866,283,968 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
3,551,332,563 |
4,292,234,919 |
5,712,575,269 |
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
3,150,449,563 |
3,826,437,919 |
5,285,258,269 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
400,883,000 |
465,797,000 |
427,317,000 |
|
B. LONG-TERM
ASSETS |
12,272,428,569 |
13,778,271,320 |
12,408,299,909 |
|
I. Long term
account receivable |
0 |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets
|
8,893,688,569 |
10,563,893,331 |
12,408,299,909 |
|
1. Tangible assets |
8,432,250,026 |
10,057,436,392 |
11,604,338,537 |
|
- Historical costs |
29,626,814,959 |
29,340,985,678 |
27,912,957,486 |
|
- Accumulated depreciation |
-21,194,564,933 |
-19,283,549,286 |
-16,308,618,949 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
461,438,543 |
506,456,939 |
567,131,372 |
|
- Initial costs |
900,367,904 |
900,367,904 |
925,928,813 |
|
- Accumulated amortization |
-438,929,361 |
-393,910,965 |
-358,797,441 |
|
4. Construction-in-progress |
0 |
0 |
236,830,000 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
3,378,740,000 |
3,200,000,000 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
3,378,740,000 |
3,200,000,000 |
0 |
|
3. Other long-term investments |
0 |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
0 |
14,377,989 |
0 |
|
1. Long-term prepaid expenses |
0 |
14,377,989 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
TOTAL ASSETS |
46,673,398,421 |
61,744,798,503 |
57,780,439,956 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
30,515,540,255 |
45,244,580,605 |
37,091,958,187 |
|
I. Current
liabilities |
30,515,540,255 |
45,244,580,605 |
36,634,626,753 |
|
1. Short-term debts and loans |
23,201,780,118 |
28,866,142,425 |
28,215,614,000 |
|
2. Payable to suppliers |
4,150,722,707 |
16,410,642,003 |
6,039,883,188 |
|
3. Advances from customers |
280,855,443 |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
377,512,769 |
-32,321,835 |
119,706,351 |
|
5. Payable to employees |
2,416,442,190 |
0 |
2,174,458,303 |
|
6. Accrued expenses |
0 |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
88,227,028 |
118,012 |
84,964,911 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
0 |
0 |
457,331,434 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
457,331,434 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
16,157,858,166 |
16,500,217,898 |
20,688,481,769 |
|
I. OWNER’S
EQUITY |
16,157,858,166 |
16,499,417,898 |
20,525,390,556 |
|
1. Capital |
14,796,884,477 |
14,796,884,477 |
14,796,884,477 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
-9,166,836 |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
0 |
|
8. Financial reserved fund |
36,174,034 |
38,190,040 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
1,333,966,491 |
1,664,343,381 |
5,728,506,079 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
800,000 |
163,091,213 |
|
1. Bonus and welfare funds |
0 |
800,000 |
163,091,213 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
0 |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
46,673,398,421 |
61,744,798,503 |
57,780,439,956 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2009 |
FY2008 |
FY2007 |
|
1. Total Sale |
207,157,964,454 |
213,582,844,020 |
196,718,176,630 |
|
2. Deduction item |
0 |
0 |
860,253,902 |
|
3. Net sale |
207,157,964,454 |
213,582,844,020 |
195,857,922,728 |
|
4. Costs of goods sold |
188,580,985,465 |
192,638,830,359 |
175,306,280,419 |
|
5. Gross profit |
18,576,978,989 |
20,944,013,661 |
20,551,642,309 |
|
6. Financial income |
270,299,200 |
1,117,010,304 |
17,117,613 |
|
7. Financial expenses |
1,452,361,018 |
3,867,858,804 |
2,383,321,323 |
|
- In which: Loan interest expenses |
0 |
3,867,858,804 |
2,381,125,264 |
|
8. Selling expenses |
9,585,438,124 |
10,640,108,327 |
9,808,474,381 |
|
9. Administrative overheads |
3,421,890,391 |
3,404,993,254 |
2,958,457,080 |
|
10. Net operating profit |
4,387,588,656 |
4,148,063,580 |
5,418,507,138 |
|
11. Other income |
545,774,622 |
214,853,154 |
611,614,844 |
|
12. Other expenses |
51,936,648 |
0 |
0 |
|
13. Other profit /(loss) |
493,837,974 |
214,853,154 |
611,614,844 |
|
14. Total accounting profit before tax |
4,881,426,630 |
4,362,916,734 |
6,030,121,982 |
|
15. Current corporate income tax |
742,577,120 |
402,520,000 |
301,615,902 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
18. Profit after tax |
4,138,849,510 |
3,960,396,734 |
5,728,506,080 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2009 |
FY2008 |
FY2007 |
Average Industry |
|
Current liquidity ratio |
1.13 |
1.06 |
1.24 |
1.45 |
|
Quick liquidity ratio |
0.67 |
0.57 |
0.91 |
0.93 |
|
Inventory circle |
13.48 |
11.33 |
14.77 |
7.42 |
|
Average receive period |
24.88 |
35.04 |
50.50 |
68.87 |
|
Utilizing asset performance |
4.44 |
3.46 |
3.39 |
1.66 |
|
Liability by total asset |
65.38 |
73.28 |
64.19 |
63.62 |
|
Liability by owner equity |
188.86 |
274.21 |
179.29 |
289.65 |
|
Ebit / Total asset (ROA) |
10.46 |
13.33 |
14.56 |
8.16 |
|
Ebit / Owner's equity (ROE) |
30.21 |
49.88 |
40.66 |
27.66 |
|
Ebit / Total sale (NPM) |
2.36 |
3.85 |
4.28 |
5.74 |
|
Gross profit / Total sale (GPM) |
8.97 |
9.81 |
10.45 |
11.21 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our
owned statistical data |
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Even |
|
Litigation data |
|
No |
|
Bankruptcy |
|
No |
|
Payment Methods |
|
Direct payment or through its corresponding bank |
|
Sale Methods |
|
Wholesaler |
INTERPRETATION ON THE SCORES
|
VIETNAM
NORTHERN VIKING TECHNOLOGIES was established in March 2000. Subject is a joint
venture company which is belonged to two companies: Northern Viking
Technologies Pte., Ltd from Singapore and Cuu Long Giang Production &
Trading Company Limited from Vietnam. Subject is now operating under business
registration No. 412022000149 issued by Management Board of
Hochiminh City Industrial Zones and
total investment capital 2,030,000 USD. In June 2011, the subject changed the
registered name to NEW WIND SEAFOOD COMPANY LIMITED. Subject
specializes in processing and trading in various kinds of seafood including
raw breaded shrimp, fried breaded shrimp, marinated shrimp, and breaded fish.
Other value added products include clams, swimming crab, squid and Chinese
dim sum product. Besides domestic sources, subject also imports materials
mainly from Thailand, Myanmar and India. All of products of the subject are
exported to Japan and USA market. The
premise and facilities of the subject are standard. Its factory is equipped
with advanced technological lines. Subject located on the total area about 4,
000 square meters (workshop: 2, 500 square meters). The management
capabilities are acceptable. Position of the subject in the industry is
remarkable. Its
business operation is stable. However, the subject still has many
difficulties in competition, especially with other companies in exporting
products to Japan and USA market. Its future prospect is average. In
general, the subject operates fair effective. The main reason is the demand
of main customer from Japan decreased. Therefore, the subject is considered
fair safe for normal payment commitments. According to the financial data,
the business result of the subject is fair. In our opinion, the subject has
capacity to meet all small-normal transactions. |
APPENDIXES
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed (%) |
Total employees
2009 (Thousand) |
Total
enterprises |
Annual average
capital of enterprises |
||
|
Predict 2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.8 |
3.0 |
24,788.5 |
2,399 |
50,530 |
|
|
Trade and
Services |
7.5 |
11 |
10,517.9 |
79,181 |
1,754,973 |
|
|
Construction |
7 |
11.3 |
2,692.8 |
17,783 |
248,268 |
|
|
Manufacturing |
12 |
7.6 |
7,591.2 |
30,786 |
967,068 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2010 |
2009 |
2008 |
|||
|
Population (Million person) |
86.93 |
86.02 |
86.1 |
|||
|
Gross Domestic Products (US$ billion) |
102.2 |
91 |
84.9 |
|||
|
GDP Growth (%) |
6.78 |
5.32 |
6.2 |
|||
|
GDP Per Capita (US$) |
1,160 |
1,080 |
1,040 |
|||
|
Inflation (% Change in Composite CPI) |
11.75 |
6.88 |
24.4 |
|||
|
|
||||||
|
SERVICE TRADE
PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2010 |
2009 |
2008 |
|||
|
Exports |
71.6 |
56.6 |
62.9 |
|||
|
Imports |
84 |
68.8 |
76.6 |
|||
|
Trade Balance |
-12.4 |
-12.2 |
-14.6 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.59 |
|
UK Pound |
1 |
Rs.71.62 |
|
Euro |
1 |
Rs.62.78 |
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.