MIRA
INFORM REPORT
|
Report Date : |
11.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
SOUTHERN SALT GROUP JOINT STOCK COMPANY |
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Registered Office : |
No. 173, Hai Ba Trung Street, Ward 6, 3 District, Ho Chi Minh City,
Vietnam |
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|
Country : |
Viet Nam |
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|
|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
1977 |
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Com. Reg. No.: |
0300547185 |
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Legal Form : |
Joint stock company |
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Line of Business : |
Manufacturing and trading salt, real estate
business |
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|
No. of Employees : |
650 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Viet Nam |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
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|
English Name |
|
SOUTHERN SALT GROUP JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN TAP DOAN MUOI MIEN NAM |
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Short name |
|
SOSAL GROUP JSC |
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Type of Business |
|
Joint stock company |
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Year Established |
|
1977 |
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Business Registration No. |
|
0300547185 |
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Date of Registration |
|
07 Oct 2011 |
|
Place of Registration |
|
Planning And Investment Department Of Ho
Chi Minh City |
|
Current registered capital |
|
VND 500,000,000,000 |
|
Tax code |
|
0300547185 |
|
Total Employees |
|
650 |
ADDRESSES
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Head Office |
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Address |
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No. 173, Hai Ba Trung Street, Ward 6, 3
District, Ho Chi Minh City, Vietnam |
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Telephone |
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(84-8) 3823 8523 - 3824 4507 - 3829 8366 |
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Fax |
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(84-8) 3829 6329 |
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Email |
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Website |
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Branch in Ho Chi
Minh |
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Address |
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No 514 Highway 13, Hiep Binh Phuoc Ward, Thu
Duc District, Ho Chi Minh City, Vietnam |
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Branch in Ha Noi
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Address |
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No. 45B Giang Vo Street, Cat Linh Ward,
Dong Da District, Ha Noi City, Vietnam |
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Branch in Ben
Tre |
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Address |
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Nghia Huan Hamlet, My Thanh Ward , Giong
Trom District, Ben Tre Province, Vietnam |
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SUBSIDIARIES AND RELATED
COMPANIES
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1. CONG TY CO
PHAN MUOI THUONG MAI KHANH HOA |
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Business Registration |
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3703000420 |
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Current registered capital |
|
VND 3,000,000,000 |
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Address |
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Phu Tho Hamlet Ninh Diem Ward, Ninh Hoa District, Khanh Hoa Province,
Vietnam |
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Tel |
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(84-58) 367 0266 |
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Fax |
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(84-58) 384 9113 |
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2. CONG TY CO
PHAN MUOI THUONG MAI NINH THUAN |
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Business Registration |
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4500293464 |
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Current registered capital |
|
VND 4,3,000,000 |
|
Address |
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Khanh Hai Ward, Ninh Hai District, Ninh Thuan Province, Vietnam |
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Tel |
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(84-68) 387 4529 |
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Fax |
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(84-68) 387 3648 |
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3. CONG TY CO PHAN
MUOI VINH HAO |
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Business Registration |
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4803000046 |
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Current registered capital |
|
VND 38,905,000,000 |
|
Address |
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Km 1607 Highway 1A, Vinh Hao Ward, Tuy Phong District, Binh Thuan
Province, Vietnam |
|
Tel |
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(84-62) 385 2077 |
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Fax |
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(84-62) 385 2076 |
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4. CONG TY CO
PHAN MUOI VA THUONG MAI BINH THUAN |
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Business Registration |
|
3400627873 |
|
Current registered capital |
|
VND 3,500,000,000 |
|
Address |
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Che Bien IP, Phu Hai Ward , Phu Quy District, Binh Thuan Province,
Vietnam |
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Tel |
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(84-62) 3810 385 |
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Fax |
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(84-62) 3810 385 |
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5. CONG TY CO
PHAN MUOI VA THUONG MAI BA RIA - VUNG TAU |
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Business Registration |
|
3500982751 |
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Current registered capital |
|
VND 5,000,000,000 |
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Address |
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No. 1872 30/4 Street, Ward 11, Vung Tau City, Ba Ria-Vung Tau
Province, Vietnam |
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Tel |
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(84-64) 3620 992 |
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Fax |
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(84-64) 3848 184 |
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6. CONG TY CO PHAN
MUOI VA THUONG MAI TIEN GIANG |
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Business Registration |
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5303000100 |
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Current registered capital |
|
VND 3,000,000,000 |
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Address |
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No. 8, Group 3 Tran Hung Dao Street, Go Cong District, Tien Giang
Province, Vietnam |
|
Tel |
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(8473) 3843 648 |
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Fax |
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(84-73) 6274 166 |
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7. CONG TY CO
PHAN MUOI VA THUONG MAI BEN TRE |
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|
Business Registration |
|
1300488936 |
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Address |
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Nghia Huan Hamlet My Thanh Ward, Giong Trom District, Ben Tre
Province, Vietnam |
|
Tel |
|
(84-75) 3862 322 |
|
Fax |
|
(84-75) 3862 575 |
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||
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8. CONG TY TNHH
TIN HUNG VA CAC CONG SU |
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|
Business Registration |
|
0304540864 |
|
Tax code |
|
0304540864 |
|
Current registered capital |
|
VND 200,000,000,000 |
|
Address |
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173 Hai Ba Trung Street, Ward 6, 3 District, Ho Chi Minh City, Vietnam
|
|
Tel |
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(84-8) 3823 7025 |
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Fax |
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(84-8) 3823 7025 |
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9. CONG TY CO
PHAN MUOI VA THUONG MAI CAN GIO |
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Business Registration |
|
4103012355 |
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Current registered capital |
|
VND 15,000,000,000 |
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Address |
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Tan Dien Hamlet, Ly Nhon Ward , Can Gio District, Ho Chi Minh City,
Vietnam |
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10. CUA HANG
THUONG MAI VA DICH VU TONG HOP |
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|
Business Registration |
|
4113025811 |
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Address |
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514 Highway 13, Hiep Phuoc Ward, Thu Duc District, Ho Chi Minh City,
Vietnam |
|
Tel |
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(84-8) 3968 0137 |
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Fax |
|
(84-8) 3726 9720 |
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DIRECTORS
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1.
NAME |
|
Mr.
TRAN QUANG PHUNG |
|
Position |
|
Chairman and General Director |
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Date of Birth |
|
26 Jun 1956 |
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ID Number/Passport |
|
022579066 |
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ID Issue Date |
|
05 Aug 2004 |
|
ID Issue Place |
|
Police State of Ho
Chi Minh City |
|
Resident |
|
No 70 Truong Quoc
Dung Street, Ward 10, Phu Nhuan District, Ho Chi Minh City, Vietnam |
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Nationality |
|
Vietnamese |
|
|
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2.
NAME |
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Mr.
DANG QUY THANH |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
022508319 |
|
ID Issue Place |
|
Police State of Ho
Chi Minh City |
|
Resident |
|
307 Le Van Sy Street,
Ward 1, Tan Binh District, Ho Chi Minh City, Vietnam |
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Nationality |
|
Vietnamese |
|
|
||
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3.
NAME |
|
Mr.
NGUYEN VAN CHAT |
|
Position |
|
Deputy Director |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
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BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject specialized in manufacturing and trading salt, real estate business |
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IMPORT & EXPORT ACTIVITIES
|
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||
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IMPORT: |
||
|
Note: N/A |
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EXPORT: |
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·
Types of products |
|
Salt |
|
·
Market |
|
Thailand, Malaysia, Indonesia, Philippine, Russia, Japan,
Korea. |
|
|
||
BANKERS
|
||
|
|
||
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1.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT |
||
|
Address |
|
7Bis Ben Chương Duong Street, Nguyen Thai Binh Ward, 1
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3821 0566 – 3821 4146 |
|
Fax |
|
(84-8) 3829 2213 |
|
|
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|
2.
ASIA COMMERCIAL BANK |
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|
Address |
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No.442, Nguyen Thi Minh Khai Street , 3 District, Ho Chi Minh City,
Vietnam |
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Telephone |
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(84-8) 3929 0999 |
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Fax |
|
(84-8) 3839 9885 |
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SHAREHOLDERS
|
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1.
NAME |
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Mr.
DANG QUY THANH |
|
Position |
|
Deputy Director |
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ID Number/Passport |
|
022508319 |
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Issued Place |
|
Police State of Ho Chi Minh City |
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Resident |
|
307 Le Van Sy Street, Ward 1, Tan Binh
District, Ho Chi Minh City, Vietnam |
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Nationality |
|
Vietnamese |
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Value of shares |
|
VND 800,000,000 |
|
Percentage |
|
0.6% |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN VAN VAN |
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ID Number/Passport |
|
020038180 |
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Issued Place |
|
Police State of Ho Chi Minh City |
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Current Resident |
|
1 Bis/1F Nguyen Dinh Chieu Street, Da Kao
Ward, 1 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 650,000,000 |
|
Percentage |
|
0.49% |
|
|
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|
3.
NAME |
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State
capital |
|
Value of shares |
|
VND 1,778,450,000 |
|
Percentage |
|
1.34% |
|
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|
4.
NAME |
|
Other
Shareholder |
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Value of shares |
|
VND 129,271,550,000 |
|
Percentage |
|
97.56% |
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FINANCIAL DATA
|
|
|
|
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BALANCE
SHEET |
|
Unit: One VND
|
|
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Balance sheet
date |
31/12/2010 |
|
Number of weeks |
52 |
|
ASSETS |
|
|
A – CURRENT
ASSETS |
518,872,016,607
|
|
I. Cash and cash
equivalents |
11,847,140,076
|
|
1. Cash |
11,847,140,076 |
|
2. Cash equivalents |
0 |
|
II. Short-term
investments |
176,229,497,000
|
|
1. Short-term investments |
176,229,497,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
271,063,005,021
|
|
1. Receivable from customers |
59,555,365,767 |
|
2. Prepayments to suppliers |
165,891,487,957 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
45,617,302,297 |
|
6. Provisions for bad debts |
-1,151,000 |
|
IV. Inventories |
38,774,847,087
|
|
1. Inventories |
39,378,847,087 |
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2. Provisions for devaluation of inventories |
-604,000,000 |
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V. Other Current
Assets |
20,957,527,423
|
|
1. Short-term prepaid expenses |
6,460,831,639 |
|
2. VAT to be deducted |
18,141,899 |
|
3. Taxes and other accounts receivable from the State |
144,733,295 |
|
4. Other current assets |
14,333,820,590 |
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B. LONG-TERM
ASSETS |
379,372,466,015
|
|
I. Long term
accounts receivable |
0 |
|
1. Long term account receivable from customers |
0 |
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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
|
98,119,447,555
|
|
1. Tangible assets |
74,690,602,150 |
|
- Historical costs |
120,554,222,717 |
|
- Accumulated depreciation |
-45,863,620,567 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
367,445,791 |
|
- Initial costs |
607,338,755 |
|
- Accumulated amortization |
-239,892,964 |
|
4. Construction-in-progress |
23,061,399,614 |
|
III. Investment
property |
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term
investments |
272,878,749,800
|
|
1. Investments in affiliates |
271,500,000,000 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
1,378,749,800 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
8,374,268,660
|
|
1. Long-term prepaid expenses |
7,861,684,460 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
512,584,200 |
|
VI. Goodwill |
0 |
|
1. Goodwill |
0 |
|
TOTAL ASSETS |
898,244,482,622
|
|
|
|
|
LIABILITIES |
|
|
A- LIABILITIES |
272,355,642,804
|
|
I. Current
liabilities |
227,014,036,533
|
|
1. Short-term debts and loans |
180,782,000,000 |
|
2. Payable to suppliers |
7,033,184,980 |
|
3. Advances from customers |
5,800,877,258 |
|
4. Taxes and other obligations to the State Budget |
2,613,361,092 |
|
5. Payable to employees |
833,822,000 |
|
6. Accrued expenses |
52,722,060 |
|
7. Inter-company payable |
51,106,161 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
29,846,962,982 |
|
10. Provisions for short-term accounts payable |
0 |
|
II. Long-Term
Liabilities |
45,341,606,271
|
|
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 |
44,899,833,918 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
441,772,353 |
|
7. Provisions for long-term accounts payable |
0 |
|
B- OWNER’S
EQUITY |
502,435,202,862
|
|
I. OWNER’S
EQUITY |
501,170,979,085
|
|
1. Capital |
478,865,740,000 |
|
2. Share premiums |
214,707,750 |
|
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 |
16,206,308,002 |
|
8. Financial reserved fund |
4,408,546,925 |
|
9. Other funds |
0 |
|
10. Retained earnings |
1,475,676,408 |
|
11. Construction investment fund |
0 |
|
II. Other
sources and funds |
1,264,223,777
|
|
1. Bonus and welfare funds |
1,264,223,777 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
123,453,636,956
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
898,244,482,622
|
|
|
|
PROFIT & LOSS STATEMENT
|
|
|
|
|
|
Description |
FY2010 |
|
1. Total Sales |
535,431,988,765
|
|
2. Deduction item |
101,420,850 |
|
3. Net revenue |
535,330,567,915
|
|
4. Costs of goods sold |
488,807,855,523 |
|
5. Gross profit |
46,522,712,392
|
|
6. Financial income |
37,140,277,767 |
|
7. Financial expenses |
19,933,078,568 |
|
- In which: Loan interest expenses |
18,851,973,535 |
|
8. Selling expenses |
21,097,599,050 |
|
9. Administrative overheads |
18,339,808,750 |
|
10. Net operating profit |
24,292,503,791
|
|
11. Other income |
1,323,347,443 |
|
12. Other expenses |
2,054,325,562 |
|
13. Other profit /(loss) |
-730,978,119
|
|
14. Total accounting profit before tax |
23,561,525,672
|
|
15. Current corporate income tax |
1,640,800,110 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
21,920,725,562
|
|
|
||
FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
|
||
|
|
||
|
Description |
FY2010
|
Average
Industry |
|
Current liquidity ratio |
2.29 |
1.94 |
|
Quick liquidity ratio |
2.11 |
0.98 |
|
Inventory circle |
12.61 |
9.29 |
|
Average receive period |
184.82 |
54.01 |
|
Utilizing asset performance |
0.60 |
2.21 |
|
Liability by total assets |
30.32 |
58.72 |
|
Liability by owner's equity |
54.21 |
256.76 |
|
Ebit / Total assets (ROA) |
4.72 |
7.90 |
|
Ebit / Owner's equity (ROE) |
8.44 |
25.68 |
|
Ebit / Total revenue (NPM) |
7.92 |
4.18 |
|
Gross profit / Total revenue (GPM) |
8.69 |
15.30 |
|
Note: The Average Industry was calculated by VietnamCredit
based on our own statistical data |
||
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through the bank |
|
Sale Methods |
|
Wholesaler |
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject - Southern Salt Group was converted from Southern Salt
Company which was a state-run one under administration of Ministry of
Agriculture and Rural Development. In July 1977, Ministry of
Internal Trade (now Ministry of Trade) decided to set up Southern Salt
Trading Company – Central Salt Company. In 1985, for consistent
administration, the State decided to merge Salt Bureau – Ministry of
Foodstuffs into Central Salt Company so as to form Vietnam Salt Corporation –
Ministry of Internal Trade. In 1986, Ministry of Trade
decided to establish Salt Company No. 3 on a basis of amalgamating Branch of
Salt Packs with Southern Salt Company. In May 1993, Salt Company No. 3
was acknowledged as a state-run enterprise upon decision No. 338/TTg by Prime
Minister and decision No. 626/TM-TCCB by Ministry of Trade. In December 1997, Prime Minister
issues the decision to transfer state-administration missions about salt
production and business to Ministry of Agriculture and Rural Development from
Ministry of Trade. On 08 August 2008, the
shareholders meeting ratified to transfer into Southern Salt Group. The subject is specializing in
manufacturing and trading salt, real estate business. Mr. Tran Quang Phung –
The subject’ chairman said that the production of salt Sosal Group reached
400,000 tons/year, plus a large collection of salt for people across the country.
Products of industrial salt of Sosal Group have exported to Thailand,
Malaysia, Indonesia, Philippines, Russia, and salt in food are exported to
most difficult countries such as Japan, South Korea. As a state-run enterprise to be
privatized in accordance with decision of Ministry of Agriculture and Rural
Development, with above 14 affiliates and associates companies, having
operations along Central coast from Khanh Hoa, Tien Giang to Ben Tre, Sosal
Group is one of the top enterprises producing and processing the salt in
Vietnam. In general, the subject operates
fair effective in large scale. In our opinion, the subject has capacity to
meet all small – medium transactions. |
|
|
APPENDIX
|
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.49.64 |
|
|
1 |
Rs.78.35 |
|
Euro |
1 |
Rs.65.79 |
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.