MIRA INFORM REPORT
|
Report Date : |
01.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
HUNG CA COMPANY LIMITED |
|
|
|
|
Registered Office : |
National Road 30 - Thanh
Binh Industrial Zone Binh Chanh Hamlet - Binh Thanh Commune - Thanh Binh
District - Dong Thap Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2006 |
|
|
|
|
Com. Reg. No.: |
1400528082 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
The company is specialized in field of farming, processing, exporting and trading seafood. |
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 : |
Good |
|
Payment
Behaviour : |
Usually 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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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
Current legal status
|
||
|
English Name |
|
HUNG CA COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH HUNG CA |
|
Short name |
|
HUNG CA CO.,LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2006 |
|
Business Registration No. |
|
1400528082 |
|
Date of Registration |
|
28 Jun 2010 |
|
Place of Registration |
|
Dong Thap Department of Planning and
Investment |
|
Current registered capital |
|
VND 268,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
1400528082 |
|
Total Employees |
|
About 1,288 |
|
Size |
|
Large |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered Vietnamese
Name: CONG TY TRACH NHIEM HUU HAN HUNG CA Changed to: CONG TY TNHH HUNG CA |
29
Sep 2011 |
|
2 |
Subject has got former Registered capital:
VND 168 billion Changed to: VND 268 billion |
29
Sep 2011 |
copmpany ADDRESSES
|
Head Office and
factory |
||
|
Address |
|
National Road 30 - Thanh Binh Industrial
Zone Binh Chanh Hamlet - Binh Thanh Commune - Thanh Binh District - Dong Thap
Province - Vietnam |
|
Telephone |
|
(84-67) 354 1379 |
|
Fax |
|
(84-67) 354 1345 |
|
Email |
|
|
|
Website |
|
|
|
Note: The
exact address of the subject is above (Thanh Binh IZ not Binh Thanh IZ) |
||
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 20 - Lot A - Truong Son Street Ward 15
- 10 District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 6264 6888 |
|
Fax |
|
(84-8) 6264 6999 |
DIRECTORS
|
1.
NAME |
|
Mr.
TRAN VAN HUNG |
|
Position |
|
Chairman and General Director |
|
Date of Birth |
|
1953 |
|
ID Number/Passport |
|
340634462 |
|
ID Issue Date |
|
28 Feb 2000 |
|
ID Issue Place |
|
Police Station of
Dong Thap province |
|
Resident |
|
An Thanh B Group - An
loc ward - Hong Ngu District - Dong Thap Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI Y |
|
Position |
|
Deputy General Director |
|
ID Number/Passport |
|
340381678 |
|
ID Issue Date |
|
07 Sep 2007 |
|
ID Issue Place |
|
Dong Thap Police
Department |
|
Resident |
|
An Thanh B Group - An
Loc Ward - Hong Ngu Town - - Dong Thap Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
TRAN VAN HAU |
|
Position |
|
CEO |
|
ID Number/Passport |
|
341157507 |
|
ID Issue Date |
|
23 Apr 2007 |
|
ID Issue Place |
|
Dong Thap Police
Department |
|
Resident |
|
An Thanh B Group - An
Loc Ward - Hong Ngu Town - - Dong Thap Province - Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
The company is specialized in field of farming, processing, exporting and trading seafood.
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Chemical, equipment |
|
·
Market |
|
N/A |
|
Note: The subject imports chemical and equipment but
not imports directly. |
||
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Freeze products (main products are Tra fish and Basa fish kinds) |
|
·
Market |
|
China, Spanish, American, etc |
BANKERS
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM DONG THAP BRANCH |
||
|
Address |
|
No.66 30/4 str,01 ward - Cao Lanh City - Dong Thap Province - Vietnam |
|
Telephone |
|
(84-67) 3872111 / 3872115 |
|
Fax |
|
(84-67) 3872119 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE DONG THAP BRANCH |
||
|
Address |
|
No.87 Nguyen Hue - Cao Lanh City - Dong Thap Province - Vietnam |
|
Telephone |
|
(84-67) 3851095 |
|
Fax |
|
(84-67) 3851721 |
|
|
||
|
3.
HONGKONG SHANGHAI BANK CORPORATION (HSBC) – HO CHI MINH BRANCH |
||
|
Address |
|
6 Floor, No. 235 Dong Khoi Str., Ben Nghe ward - 1 District - Ho Chi
Minh City - Vietnam |
|
Telephone |
|
(84-8) 38292288 |
|
|
||
|
4.
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HO CHI MINH BRANCH |
||
|
Address |
|
No. 29 Ben Chuong Duong Str-Nguyen Thai Binh Ward - 1 District - Ho
Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3825 1317 |
|
Fax |
|
(84-8) 3829 7228 |
SHAREHOLDERS
|
1.
NAME |
|
Ms.
NGUYEN THI Y |
|
Position |
|
Deputy General Director |
|
ID Number/Passport |
|
340381678 |
|
Issued on |
|
07 Sep 2007 |
|
Issued Place |
|
Dong Thap Police Department |
|
Resident |
|
An Thanh B Group - An Loc Ward - Hong Ngu
Town - - Dong Thap Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 18,480,000,000 |
|
Percentage |
|
6.9% |
|
|
||
|
2.
NAME |
|
Mr.
TRAN VAN HAU |
|
Position |
|
CEO |
|
ID Number/Passport |
|
341157507 |
|
Issued on |
|
23 Apr 2007 |
|
Issued Place |
|
Dong Thap Police Department |
|
Resident |
|
An Thanh B Group - An Loc Ward - Hong Ngu
Town - - Dong Thap Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 28,560,000,000 |
|
Percentage |
|
10.6% |
|
|
||
|
3.
NAME |
|
Mr.
TRAN VAN HUNG |
|
Position |
|
Chairman and General Director |
|
Date of Birth |
|
1953 |
|
ID Number/Passport |
|
340634462 |
|
Issued on |
|
28 Feb 2000 |
|
Issued Place |
|
Police Station of Dong Thap province |
|
Resident |
|
An Thanh B Group - An loc ward - Hong Ngu
District - Dong Thap Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 194,080,000,000 |
|
Percentage |
|
72.4% |
|
|
||
|
4.
NAME |
|
Mr.
NGUYEN VAN SOL |
|
ID Number/Passport |
|
340636548 |
|
Issued on |
|
08 Mar 2007 |
|
Issued Place |
|
Dong Thap Police Department |
|
Resident |
|
Binh Hoa Ha Hamlet - Thuong Thoi Hau B Commune
- Hong Ngu District - Dong Thap Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 3,360,000,000 |
|
Percentage |
|
1.3% |
|
|
||
|
5.
NAME |
|
Mr.
TRAN VAN HAN |
|
ID Number/Passport |
|
341174337 |
|
Issued on |
|
28 Nov 2006 |
|
Issued Place |
|
Dong Thap Police Department |
|
Resident |
|
No. 11 - Nguyen Trai Street - Group 1 An
Thanh Ward - Hong Ngu Town - - Dong Thap Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 20,160,000,000 |
|
Percentage |
|
7.5% |
|
|
||
|
6.
NAME |
|
Mr.
TRAN VAN MINH |
|
ID Number/Passport |
|
341061027 |
|
Issued on |
|
23 Jul 2008 |
|
Issued Place |
|
Dong Thap Police Department |
|
Resident |
|
An Thanh B Group - An Loc Ward - Hong Ngu
Town - Dong Thap Province - Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 3,360,000,000 |
|
Percentage |
|
1.3% |
FINANCIAL DATA
|
BALANCE
SHEET |
|
Unit: One VND
|
|
|
Balance sheet
date |
31/12/2010 |
|
Number of weeks |
52 |
|
ASSETS |
|
|
A – CURRENT
ASSETS |
632,607,297,535 |
|
I. Cash and cash
equivalents |
3,416,489,382 |
|
1. Cash |
3,416,489,382 |
|
2. Cash equivalents |
0 |
|
II. Short-term
investments |
1,152,850,000 |
|
1. Short-term investments |
1,152,850,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
281,340,259,793 |
|
1. Receivable from customers |
274,771,189,436 |
|
2. Prepayments to suppliers |
546,226,959 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
6,022,843,398 |
|
6. Provisions for bad debts |
0 |
|
IV. Inventories |
324,859,956,113 |
|
1. Inventories |
324,859,956,113 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
21,837,742,247 |
|
1. Short-term prepaid expenses |
0 |
|
2. VAT to be deducted |
10,776,462,802 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
11,061,279,445 |
|
B. LONG-TERM
ASSETS |
214,422,858,949 |
|
I. Long term
account receivable |
0 |
|
1. Long term account receivable from customers |
0 |
|
2. Working capital in affiliates |
0 |
|
3. Long-term inter-company receivable |
0 |
|
4. Other long-term receivable |
0 |
|
5. Provisions for bad debts from customers |
0 |
|
II. Fixed assets
|
126,731,043,285 |
|
1. Tangible assets |
98,130,392,494 |
|
- Historical costs |
118,917,058,150 |
|
- Accumulated depreciation |
-20,786,665,656 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
28,304,642,431 |
|
- Initial costs |
32,142,530,578 |
|
- Accumulated amortization |
-3,837,888,147 |
|
4. Construction-in-progress |
296,008,360 |
|
III. Investment
property |
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term
investments |
85,680,000,000 |
|
1. Investments in affiliates |
85,680,000,000 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
2,011,815,664 |
|
1. Long-term prepaid expenses |
1,338,455,264 |
|
2. Deferred income tax assets |
673,360,400 |
|
3. Other long-term assets |
0 |
|
VI. Goodwill |
|
|
1. Goodwill |
|
|
TOTAL ASSETS |
847,030,156,484 |
|
|
|
|
LIABILITIES |
|
|
A- LIABILITIES |
617,957,727,483 |
|
I. Current
liabilities |
617,934,230,579 |
|
1. Short-term debts and loans |
397,250,365,774 |
|
2. Payable to suppliers |
203,646,137,625 |
|
3. Advances from customers |
1,503,749,828 |
|
4. Taxes and other obligations to the State Budget |
2,327,967,304 |
|
5. Payable to employees |
3,291,490,000 |
|
6. Accrued expenses |
721,292,834 |
|
7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
9,193,227,214 |
|
10. Provisions for short-term accounts payable |
0 |
|
II. Long-Term
Liabilities |
23,496,904 |
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
3. Other long-term payable |
0 |
|
4. Long-term debts and loans |
0 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
23,496,904 |
|
7. Provisions for long-term accounts payable |
0 |
|
B- OWNER’S
EQUITY |
229,072,429,001 |
|
I. OWNER’S
EQUITY |
229,072,429,001 |
|
1. Capital |
168,000,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
61,072,429,001 |
|
11. Construction investment fund |
0 |
|
II. Other
sources and funds |
0 |
|
1. Bonus and welfare funds |
0 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
847,030,156,484 |
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2010 |
|
1. Total Sale |
890,668,483,084 |
|
2. Deduction item |
12,550,079,440 |
|
3. Net revenue |
878,118,403,644 |
|
4. Costs of goods sold |
722,896,652,243 |
|
5. Gross profit |
155,221,751,401 |
|
6. Financial income |
10,405,641,130 |
|
7. Financial expenses |
45,197,203,588 |
|
- In which: Loan interest expenses |
43,100,962,713 |
|
8. Selling expenses |
71,901,857,098 |
|
9. Administrative overheads |
15,709,653,222 |
|
10. Net operating profit |
32,818,678,623 |
|
11. Other income |
13,465,032,237 |
|
12. Other expenses |
13,398,412,840 |
|
13. Other profit /(loss) |
66,619,397 |
|
14. Total accounting profit before tax |
32,885,298,020 |
|
15. Current corporate income tax |
3,242,397,943 |
|
16. Deferred corporate income tax |
1,884,398,402 |
|
17. Interest from subsidiaries/related companies |
|
|
18. Profit after tax |
31,527,298,479 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.02 |
1.45 |
|
Quick liquidity ratio |
0.50 |
0.93 |
|
Inventory circle |
2.23 |
7.42 |
|
Average receive period |
116.94 |
68.87 |
|
Utilizing asset performance |
1.04 |
1.66 |
|
Liability by total asset |
72.96 |
63.62 |
|
Liability by owner equity |
269.77 |
289.65 |
|
Ebit / Total asset (ROA) |
8.97 |
8.16 |
|
Ebit / Owner's equity (ROE) |
33.17 |
27.66 |
|
Ebit / Total revenue (NPM) |
8.53 |
5.74 |
|
Gross profit / Total revenue (GPM) |
17.43 |
11.21 |
|
Note: The Average Industry was calculated by Vietnam Credit based on our owned statistical data |
||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
N/A |
|
Sale Methods |
|
To contracts |
INTERPRETATION ON THE SCORES
In 1979,
Mr. Tran Van Hung, the founder of Hung ca Company Limited today decided to
start exploiting natural fish resource all by his great passion for the field.
Ten years later, he began farming pangasius at large scale. Then, cultural area
has been extended year by year. Up to 2006, HUNG CA COMPANY LIMITED was
established officially.
Currently,
the company operates under the business registration No. 1400528082 granted by
Dong Thap Department of Planning and Investment with registered capital of VND
268 billion.
The
company is specialized in field of farming, processing, exporting and trading
seafood. Its products are Tra & Basa products such as pangasius fillet,
portion, skewer, steak, roll, etc which follow the international standard ISO,
HACCP, BRC, HALAL, IFS, and Global Gap.
Nowadays,
the subject is known as one of the largest Seafood farming, processing and
exporting companies in Viet Nam with 312 hectares farming area for 181 ponds
placed in Hong Ngu, Tam Nong, Thanh Binh, etc of Dong Thap province. The subject
also is awarded very many achievements such as Golden Brand Award in 2007 and
2008, Golden Cup for Excellent Product – Service 2008, Excellent Brand 2008,
Viet Nam Gold Star Award 2009 and 2010, Golden Cup for Vietnamese Excellent
Enterprises, etc and other ones.
Financially,
in 2010, the subject's total sales were big but profit was not corresponding to
the turnover due to the too high expenses, especially selling expenses.
The
subject's business operations in 2010 were effective; this is shown in ROA,
ROE, NPM and GPM factors which were better than the average industry. However,
the remaining financial ratios seemed humble. The liquidity ratios were lower
than the average industry because current liabilities were large, proves that
the subject's liquidity is somewhat limited. Besides, operation ratios also
reflect the not very effective property management capacity.
The
subject's debt rate in 2010 was higher than the average industry due to the
growth of the equity lower than the growth of the current liabilities; it
reveals that the subject's capital structure is not really safe yet.
Nevertheless, the subject has increased its registered capital from VND 168
billion to VND 268 billion, so its self-financing can be improved.
In general, the subject is a large scale company.
Its position and prestige are fairly good. Its future prospect seems bright.
Now, it has capacity to meet small and medium business transactions.
APPENDIXES
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2009 |
Total employees
2010 (Thous.pers.) |
Annual average
capital of enterprises 2009 (billion dongs) |
||
|
2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.78 |
1.82 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
7.70 |
5.52 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
7.52 |
6.63 |
154,978 |
14,522 |
4,939,069 |
|
|
|
||||||
|
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 |
72.2 |
57.1 |
62.7 |
|||
|
Imports |
84.8 |
69.9 |
80.7 |
|||
|
Trade Balance |
-12.6 |
-12.8 |
-18 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.87 |
|
UK Pound |
1 |
Rs.78.11 |
|
Euro |
1 |
Rs.68.36 |
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.