|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
PHU CUONG JOSTOCO SEAFOOD CORPORATION |
|
|
|
|
Registered Office : |
No 454 Ly Thuong Kiet Street, Ca Mau City, Ca Mau Province, |
|
|
|
|
Country : |
Viet Nam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
1995 |
|
|
|
|
Com. Reg. No.: |
2000226385 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Processing and trading in
fishery products |
|
|
|
|
No. of Employees : |
1,000 |
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 : |
Regular |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Viet Nam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
VIET NAM - ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that in the last 30
years has had to recover from the ravages of war, the loss of financial support
from the old Soviet Bloc, and the rigidities of a centrally-planned economy.
While Vietnam's economy remains dominated by state-owned enterprises, which
still produce about 40% of GDP, Vietnamese authorities have reaffirmed their
commitment to economic liberalization and international integration. They have
moved to implement the structural reforms needed to modernize the economy and
to produce more competitive export-driven industries. Vietnam joined the World
Trade Organization in January 2007 following more than a decade-long
negotiation process. Vietnam became an official negotiating partner in the
developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's
share of economic output has continued to shrink from about 25% in 2000 to
about 22% in 2011, while industry's share increased from 36% to 40% in the same
period. Deep 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 has hurt Vietnam's
export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum
average achieved during the last decade. In 2011, exports increased by more
than 33%, year-on-year, and the trade deficit, while reduced from 2010,
remained high, prompting the government to maintain administrative trade
measures to limit the trade deficit. Vietnam's managed currency, the dong,
continues to face downward pressure due to a persistent trade imbalance. Since
2008, the government devalued it in excess of 20% through a series of small
devaluations. Foreign donors pledged nearly $8 billion in new development
assistance for 2011. However, the government's strong growth-oriented economic
policies have caused it to struggle to control one of the region's highest
inflation rates, which reached as high as 23% in August 2011 and averaged 18%
for the year. In February 2011, Vietnam shifted its focus away from economic
growth to stabilizing its economy and tightened fiscal and monetary policies.
In early 2012 Vietnam unveiled a broad "three pillar" economic reform
program, proposing the restructuring of public investment, state-owned
enterprises and the banking sector. Vietnam's economy continues to face
challenges from low foreign exchange reserves, an undercapitalized banking
sector, and high borrowing costs. The near-bankruptcy and subsequent default of
the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings
downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing
difficulties.
Source : CIA
|
|
||
Current
legal status
|
||
|
English Name |
|
PHU CUONG JOSTOCO SEAFOOD
CORPORATION |
|
Vietnamese Name |
|
CONG TY CP THUY SAN PHU CUONG
JOSTOCO |
|
Short name |
|
PHU CUONG JOSTOCO CORP |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1995 |
|
Establishment Decision |
|
04/GP-UB |
|
Date of Issuance |
|
11 Mar 1998 |
|
Place of Issuance |
|
People’s Committee of Ca Mau
Province |
|
Business Registration No. |
|
2000226385 |
|
Date of Registration |
|
01 Jun 2009 |
|
Place of Registration |
|
Department Of Planning and
Investment Of Ca Mau Province |
|
Chartered capital |
|
VND 200,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
2000226385 |
|
Total Employees |
|
1,000 |
|
Size |
|
Large |
Historical Identification &
Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former
Address: No 94 - Ly Thuong Kiet Street - 7 Ward - Ca Mau City - Ca Mau
Province - Viet Nam Changed to: No 454 - Ly Thuong
Kiet Street - Ward 6 - Ca Mau City - Ca Mau Province - Viet Nam |
01 Jun 2012 |
|
2 |
Subject has got former
Chartered capital: 400,000,000,000 VND Changed to: 200,000,000,000 VND |
01 Jun 2012 |
|
3 |
Subject has got former Registered
Vietnamese Name: CONG TY TNHH CHE BIEN THUY SAN VA XNK PHU CUONG Changed to: CONG TY CO PHAN
THUY SAN PHU CUONG JOSTOCO |
01 Jun 2009 |
|
4 |
Subject has got former
Registered English Name: PHU CUONG SEAFOOD PROCESSING AND IMPORT-EXPORT CO., LTD
Changed to: PHU CUONG JOSTOCO
SEAFOOD CORPORATION |
01 Jun 2009 |
|
5 |
Subject has got former
Business Registration No: 049343 issued on 12 Mar 1998 Changed to:
No.2000226385 |
01 Jun 2009 |
|
6 |
Subject has got former Type of
Business: Limited Liability Company Changed to: Joint Stock Company |
01 Jun 2009 |
|
7 |
Subject has got former
chartered capital: 100,000,000,000 VND Changed to: 400,000,000,000 VND |
N/A |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head
Office |
||
|
Address |
|
No 454 Ly Thuong Kiet Street,
Ca Mau City, Ca Mau Province, Vietnam |
|
Telephone |
|
(84-780) 3 826047/ 3694999 |
|
Fax |
|
(84-780) 3 560334 |
|
Email |
|
|
|
Website |
|
|
|
|
||
SUBSIDIARIES AND RELATED
COMPANIES
|
||
|
|
||
|
1.
MINH HAI EXPORT FROZEN SEAFOOD PROCESSING JOINT STOCK COMPANY |
||
|
Business Registration |
|
2000104034 |
|
Date of Registration |
|
18 Dec 2008 |
|
Place of Registration |
|
Planning and Investment Department of Ca Mau Province |
|
Registered Capital |
|
VND 153,227,230,000 |
|
Tax code |
|
2000104034 |
|
Address |
|
No. 9 Cao Thang Ward 8, Ca Mau City, Ca Mau Province,
Vietnam |
|
Tel |
|
(84-780)3839396/3836971 |
|
Fax |
|
(84-780)3836921 |
|
Website |
|
|
|
|
||
|
2.
VIET CUONG JOSTOCO SEAFOOD CORPORATION |
||
|
Address |
|
No 99 - Hamlet Kim Cau Vinh Trach Ward, Bac Lieu City, Bac
Lieu Province, Vietnam |
|
Tel |
|
(84-781) 3 980332 |
|
Fax |
|
(84-781) 3 980330 |
|
|
||
|
3.
HUNG CUONG JOSTOCO SEAFOOD CORPORATION |
||
|
Address |
|
Hamlet Thanh My 2 Thanh Duc Ward, Long Ho District, Vinh
Long Province, Vietnam |
|
Tel |
|
(84-70) 3 964342 |
|
Fax |
|
(84-70) 3 964337 |
|
|
||
|
4.
HAI CUONG JOSTOCO PACKING CORPORATION |
||
|
Address |
|
Cay Tram Hamlet Dinh Binh Ward, Ca Mau City, Ca Mau
Province, Vietnam |
|
Tel |
|
(84-780) 3 684384 |
|
|
||
|
5.
TIEN HAI MATERIALS, PACKAGE JOINT-STOCK COMPANY |
||
|
Address |
|
7 Hamlet 8 Ward, Ca Mau City, Ca Mau Province, Vietnam |
|
Tel |
|
(84-780) 3 832326 |
|
Fax |
|
(84-780) 3 834343 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1. NAME |
|
Mr. NGUYEN VIET CUONG |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
380914599
|
|
ID Issue Date |
|
23 Jun
1994 |
|
ID Issue Place |
|
Minh Hai
Department Of Public Security |
|
Resident |
|
35 Ly
Bon, Ward 2, Ca Mau City, Ca Mau Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 903903370 |
|
|
||
|
2. NAME |
|
Mr. HUYNH CONG NHAN |
|
Position |
|
Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-780) 3 826047, ext 13 |
|
Email |
|
hc.nhan@jostoco.com/
nhan.huynh@pcj.com.vn |
|
|
||
|
3. NAME |
|
Mr. HUYNH ANH VU |
|
Position |
|
Vice Director |
|
Resident |
|
Ca Mau
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
4. NAME |
|
Ms. LE THI HONG |
|
Position |
|
Vice Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
5. NAME |
|
Ms. NGUYEN MY TRINH |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-780) 3 826047, ext 20 /
(84) 909 604 880 |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject is specializing in processing and trading in fishery
products |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
EXPORT:
|
||
|
·
Types of products |
|
Seafood, specialization on freeze shrimp such as: raw head
less shell on black tiger shrimp; raw peeled deveined tail on/off black tiger
shrimp; raw nobashi black tiger shrimp, etc. |
|
·
Market |
|
EU, Japan, Singapore, Malaysia, USA… |
|
·
Mode of payment |
|
L/C, T/T |
|
|
||
|
IMPORT:
|
||
|
Note: Currently, the subject does not
import |
||
|
|
||
BANKERS
|
||
|
|
||
|
1. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE
CA MAU BRANCH |
||
|
Address |
|
No.94 Ly Thuong Kiet, Ca Mau City, Ca Mau Province,
Vietnam |
|
Telephone |
|
(84-780) 3831102 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1. NAME |
|
Mr. NGUYEN VIET CUONG |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
380914599 |
|
Issued on |
|
23 Jun 1994 |
|
Issued Place |
|
Minh Hai Department Of Public
Security |
|
Resident |
|
35 Ly Bon, Ward 2, Ca Mau
City, Ca Mau Province, Vietnam |
|
Mobile phone |
|
+84 903903370 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 130,000,000,000 |
|
Percentage |
|
65% |
|
|
||
|
2. NAME |
|
Ms. LY THI BAU |
|
ID Number/Passport |
|
380996677 |
|
Resident |
|
No 35 Ly Bon Street - Lane 6 -
2 Ward, Ca Mau City, Ca Mau Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 68,000,000,000 |
|
Percentage |
|
34% |
|
|
||
|
3. NAME |
|
Mr. LY PHUOC AN |
|
ID Number/Passport |
|
380720759 |
|
Resident |
|
No 15A Car No 4 Street - 7
Ward, Ca Mau City, Ca Mau Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,000,000,000 |
|
Percentage |
|
1% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE SHEET |
|||
Unit: One VND
|
|||
|
Balance
sheet date |
31/12/2011
|
31/12/2010
|
31/12/2009
|
|
Number of weeks |
52 |
52 |
52 |
ASSETS
|
|||
|
A –
CURRENT ASSETS |
526,214,411,144
|
333,499,461,654
|
147,781,517,346
|
|
I.
Cash and cash equivalents |
1,858,904,234
|
9,651,250,992
|
15,374,740,662
|
|
1. Cash |
1,858,904,234 |
9,651,250,992 |
15,374,740,662 |
|
2. Cash equivalents |
|
|
0 |
|
II.
Short-term investments |
|
|
0 |
|
1. Short-term investments |
|
|
0 |
|
2. Provisions for devaluation of short-term investments |
|
|
0 |
|
III.
Accounts receivable |
507,498,503,499
|
303,189,962,822
|
79,208,515,753
|
|
1. Receivable from customers |
27,568,602,594 |
91,030,550,056 |
8,864,796,689 |
|
2. Prepayments to suppliers |
5,246,977,807 |
68,672,702,607 |
2,902,193,213 |
|
3. Inter-company receivable |
266,607,928,506 |
106,180,337,325 |
0 |
|
4. Receivable according to the progress of construction |
|
|
0 |
|
5. Other receivable |
208,074,994,592 |
37,306,372,834 |
67,441,525,851 |
|
6. Provisions for bad debts |
|
|
0 |
|
IV.
Inventories |
6,788,057,154
|
15,106,834,857
|
42,972,607,085
|
|
1. Inventories |
6,788,057,154 |
15,106,834,857 |
42,972,607,085 |
|
2. Provisions for devaluation of inventories |
|
|
0 |
|
V.
Other Current Assets |
10,068,946,257
|
5,551,412,983
|
10,225,653,846
|
|
1. Short-term prepaid expenses |
|
23,617,858 |
0 |
|
2. VAT to be deducted |
3,978,646,210 |
3,611,087,729 |
3,377,703,551 |
|
3. Taxes and other accounts receivable from the State |
|
|
427,180 |
|
4. Other current assets |
6,090,300,047 |
1,916,707,396 |
6,847,523,115 |
|
B.
LONG-TERM ASSETS |
187,949,708,632
|
249,480,141,672
|
191,258,541,191
|
|
I.
Long term accounts receivable |
37,619,213,015
|
35,412,319,742
|
0 |
|
1. Long term account receivable from customers |
|
|
0 |
|
2. Working capital in affiliates |
37,619,213,015 |
35,412,319,742 |
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 |
22,597,515,972
|
13,294,228,079
|
20,004,004,103
|
|
1. Tangible assets |
10,838,788,696 |
7,071,804,354 |
15,888,325,538 |
|
- Historical costs |
16,716,228,495 |
11,975,613,040 |
34,226,705,656 |
|
- Accumulated depreciation |
-5,877,439,799 |
-4,903,808,686 |
-18,338,380,118 |
|
2. Financial leasehold assets |
|
|
0 |
|
- Historical costs |
|
|
0 |
|
- Accumulated depreciation |
|
|
0 |
|
3. Intangible assets |
737,468,440 |
751,443,208 |
765,417,976 |
|
- Initial costs |
789,873,820 |
789,873,820 |
789,873,820 |
|
- Accumulated amortization |
-52,405,380 |
-38,430,612 |
-24,455,844 |
|
4. Construction-in-progress |
11,021,258,836 |
5,470,980,517 |
3,350,260,589 |
|
III.
Investment property |
|
|
0 |
|
Historical costs |
|
|
0 |
|
Accumulated depreciation |
|
|
0 |
|
IV.
Long-term investments |
126,383,346,726
|
198,941,799,726
|
170,096,416,408
|
|
1. Investments in affiliates |
125,787,150,000 |
125,787,150,000 |
18,362,900,000 |
|
2. Investments in business concerns and joint ventures |
|
|
25,219,000,000 |
|
3. Other long-term investments |
596,196,726 |
73,154,649,726 |
126,514,516,408 |
|
4. Provisions for devaluation of long-term investments |
|
|
0 |
|
V. Other
long-term assets |
1,349,632,919
|
1,831,794,125
|
1,158,120,680
|
|
1. Long-term prepaid expenses |
1,349,632,919 |
1,831,794,125 |
1,158,120,680 |
|
2. Deferred income tax assets |
|
|
0 |
|
3. Other long-term assets |
|
|
0 |
|
VI. Goodwill
|
|
|
|
|
1. Goodwill |
|
|
|
|
TOTAL
ASSETS |
714,164,119,776
|
582,979,603,326
|
339,040,058,537
|
|
|
|||
LIABILITIES
|
|||
|
A-
LIABILITIES |
502,092,501,846
|
379,823,367,596
|
133,721,379,684
|
|
I.
Current liabilities |
501,972,501,846
|
376,758,367,596
|
133,641,311,317
|
|
1. Short-term debts and loans |
265,797,481,695 |
278,919,555,224 |
115,849,625,282 |
|
2. Payable to suppliers |
30,027,083,104 |
1,294,971,758 |
10,639,322,165 |
|
3. Advances from customers |
55,698,275 |
461,153,661 |
563,914,180 |
|
4. Taxes and other obligations to the State Budget |
3,081,112,527 |
121,672,328 |
1,006,306 |
|
5. Payable to employees |
959,610,009 |
845,760,966 |
709,004,097 |
|
6. Accrued expenses |
|
|
0 |
|
7. Inter-company payable |
201,927,414,034 |
84,422,076,667 |
0 |
|
8. Payable according to the progress of construction
contracts |
|
|
0 |
|
9. Other payable |
124,102,202 |
10,646,281,017 |
5,878,439,287 |
|
10. Provisions for short-term accounts payable |
|
|
0 |
|
11. Bonus and welfare funds |
|
46,895,975 |
|
|
II.
Long-Term Liabilities |
120,000,000
|
3,065,000,000
|
80,068,367
|
|
1. Long-term accounts payable to suppliers |
|
|
0 |
|
2. Long-term inter-company payable |
|
|
0 |
|
3. Other long-term payable |
120,000,000 |
3,065,000,000 |
52,493,276 |
|
4. Long-term debts and loans |
|
|
0 |
|
5. Deferred income tax payable |
|
|
0 |
|
6. Provisions for unemployment allowances |
|
|
27,575,091 |
|
7. Provisions for long-term accounts payable |
|
|
0 |
|
8. Unearned Revenue |
|
|
|
|
9. Science and technology development fund |
|
|
|
|
B-
OWNER’S EQUITY |
212,071,617,930
|
203,156,235,730
|
205,318,678,853
|
|
I.
OWNER’S EQUITY |
212,071,617,930
|
203,156,235,730
|
205,269,469,488
|
|
1. Capital |
200,000,000,000 |
200,000,000,000 |
200,000,000,000 |
|
2. Share premiums |
|
|
0 |
|
3. Other sources of capital |
|
|
0 |
|
4. Treasury stocks |
|
|
0 |
|
5. Differences on asset revaluation |
|
|
0 |
|
6. Foreign exchange differences |
739,305,979 |
399,284,290 |
-442,606,629 |
|
7. Business promotion fund |
|
|
0 |
|
8. Financial reserved fund |
|
|
0 |
|
9. Other funds |
|
|
0 |
|
10. Retained earnings |
11,332,311,951 |
2,756,951,440 |
5,712,076,117 |
|
11. Construction investment fund |
|
|
0 |
|
12. Business arrangement supporting fund |
|
|
|
|
II.
Other sources and funds |
|
|
49,209,365
|
|
1. Bonus and welfare funds (Elder form) |
|
|
49,209,365 |
|
2. Sources of expenditure |
|
|
0 |
|
3. Fund to form fixed assets |
|
|
0 |
|
MINORITY’S
INTEREST |
|
|
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
714,164,119,776
|
582,979,603,326
|
339,040,058,537
|
|
|
|||
|
PROFIT & LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
401,189,785,370
|
630,646,173,172
|
288,838,142,120
|
|
2. Deduction item |
9,818,614,973 |
3,734,277,687 |
664,434,012 |
|
3. Net revenue |
391,371,170,397
|
626,911,895,485
|
288,173,708,108
|
|
4. Costs of goods sold |
375,526,197,651 |
599,357,819,768 |
269,849,440,607 |
|
5. Gross profit |
15,844,972,746
|
27,554,075,717
|
18,324,267,501
|
|
6. Financial income |
63,432,402,192 |
22,364,548,132 |
10,670,245,677 |
|
7. Financial expenses |
44,403,300,644 |
20,536,132,239 |
10,118,006,259 |
|
- In which: Loan interest expenses |
39,494,358,940 |
19,518,130,171 |
8,017,384,485 |
|
8. Selling expenses |
16,548,301,997 |
19,667,727,628 |
10,214,174,878 |
|
9. Administrative overheads |
6,759,503,678 |
7,335,811,589 |
3,338,256,658 |
|
10. Net operating profit |
11,566,268,619
|
2,378,952,393
|
5,324,075,383
|
|
11. Other income |
790,957,998 |
485,736,362 |
1,949,433,440 |
|
12. Other expenses |
815,392,509 |
14,545,267 |
33,738,672 |
|
13. Other profit /(loss) |
-24,434,511
|
471,191,095
|
1,915,694,768
|
|
14. Total accounting profit before tax |
11,541,834,108
|
2,850,143,488
|
7,239,770,151
|
|
15. Current corporate income tax |
2,966,473,596 |
50,378,703 |
397,177,138 |
|
16. Deferred corporate income tax |
|
|
0 |
|
17. Interest from subsidiaries/related companies |
|
|
|
|
18. Profit after tax |
8,575,360,512
|
2,799,764,785
|
6,842,593,013
|
|
|
||||
|
FINANCIAL
RATIOS AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2011
|
FY2010
|
FY2009
|
Average
Industry |
|
Current liquidity ratio |
1.05 |
0.89 |
1.11 |
1.32 |
|
Quick liquidity ratio |
1.03 |
0.85 |
0.78 |
0.69 |
|
Inventory circle |
34.30 |
39.67 |
6.28 |
4.18 |
|
Average receive period |
473.30 |
176.52 |
100.33 |
69.24 |
|
Utilizing asset performance |
0.55 |
1.08 |
0.85 |
1.47 |
|
Liability by total assets |
70.30 |
65.15 |
39.44 |
64.25 |
|
Liability by owner's equity |
236.76 |
186.96 |
65.13 |
263.88 |
|
Ebit / Total assets (ROA) |
7.15 |
3.84 |
4.50 |
9.37 |
|
Ebit / Owner's equity (ROE) |
24.07 |
11.01 |
7.43 |
32.97 |
|
Ebit / Total revenue (NPM) |
12.72 |
3.55 |
5.28 |
6.94 |
|
Gross profit / Total revenue (GPM) |
3.95 |
4.37 |
6.34 |
13.08 |
|
Note: The Average Industry was calculated by VietnamCredit
based on our own statistical data |
||||
|
|
||||
|
CASH FLOW STATEMENT |
||
|
(Indirect method) |
||
|
Items |
FY2011 |
FY2010 |
|
I.
Cash flows from operating activities |
||
|
1. Profit before tax |
11,541,834,108 |
2,850,143,488 |
|
2. Adjustments |
|
|
|
- Depreciation and amortization |
|
|
|
- Provisions |
987,605,881 |
1,827,292,619 |
|
- Unrealized foreign exchange difference |
|
-399,284,290 |
|
- Gain/loss from investing activities |
-55,752,998,979 |
-3,261,488,700 |
|
- Interest expense |
39,494,358,940 |
19,518,130,171 |
|
3. Operating profit before movements in
working capital |
-3,729,200,050 |
20,534,793,288 |
|
- (Increase)/Decrease in receivables |
-30,298,071,621 |
-196,299,302,007 |
|
- (Increase)/Decrease in inventories |
8,318,777,703 |
27,883,505,875 |
|
- Increase/(Decrease) in accounts payable |
76,924,129,183 |
78,200,149,288 |
|
- (Increase)/Decrease in prepaid expenses |
505,779,064 |
-697,291,302 |
|
- Interest paid |
-39,494,358,940 |
-19,518,130,171 |
|
- Corporate income tax paid |
-50,378,790 |
|
|
- Other cash inflows |
93,411,405 |
11,931,991,406 |
|
- Other cash outflows |
|
-4,255,905,268 |
|
Net cash from (used in) operating activities |
12,270,087,954 |
-82,220,188,891 |
|
II.
Cash flows from investing activities |
||
|
1. Acquisition of fixed assets and other long - term
assets |
-10,290,893,774 |
-2,542,919,421 |
|
2. Proceeds from fixed assets and long - term assets
disposal |
|
|
|
3. Cash outflow for lending, buying debt instruments of
other companies |
|
|
|
4. Cash recovered from lending, selling debt instruments
of other companies |
|
|
|
5. Investment in other entities |
-3,071,345,000 |
-87,292,800,000 |
|
6. Cash recovered from investments in other entities |
1,862,200,000 |
|
|
7. Interest income, dividend and profit paid |
4,686,454,311 |
3,261,488,700 |
|
Net cash from (used in) investing activities |
-6,813,584,463 |
-86,574,230,721 |
|
III.
Cash flows from financing activities |
||
|
1. Proceeds from issuing stocks, receiving capital from
owners |
|
|
|
2. Capital withdrawal, buying back issued stocks |
|
|
|
3. Proceeds from borrowings |
979,733,956,216 |
833,941,753,807 |
|
4. Repayment of borrowings |
-993,202,641,389 |
-670,870,823,865 |
|
5. Repayment of obligations under finance leased |
|
|
|
6. Dividends paid |
|
|
|
Net cash from (used in) financing activities |
-13,468,685,173 |
163,070,929,942 |
|
Net increase/(decrease) in cash and cash equivalents |
-8,012,181,682 |
-5,723,489,670 |
|
Cash and cash equivalents at beginning of year |
9,651,250,992 |
15,374,740,662 |
|
Effect from changing foreign exchange rate |
219,834,924 |
|
|
Cash and cash equivalents at end of year |
1,858,904,234 |
9,651,250,992 |
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C; T/T |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
|
|
|
Established in 1995, the subject was known as a small and retail
workshop processed for exported shrimps. Step by step, it became PHU CUONG
JOSTOCO SEAFOOD CORPORATION and carried tremendous achievement with its
famous brand name. Head office and
factory of the subject are located at No 454, Ly Thuong Kiet Street, Ca Mau
City, Ca Mau Province. It specializes
in frozen shrimps processing for export. It always attaches special
importance to products quality and it’s applied quality management system
according to ISO 9001:2000, HACCP standard. Products of the subject have been
accepted by many large markets in the world and have been exported to Japan,
EU, Singapore, and USA… Following financial
data provided by the subject, its financial situation is above average. Total
assets increased year on year. Total sales in 2011 decreased in comparison
with one in 2010 but profit after tax increased. Because the financial profit
was high and the expenses minimized in 2011. In fact, the net revenue of the
subject and other companies in the same business field had downward trend in
2011. So the subject improved its profit from other income. In general, the
subject is a large company that has operated for over 15 years. The business
activities seem busy and stable. It is expected to develop in the future. The
subject is reliable to meet all normal transactions. |
|
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) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry
and Construction |
5.53 |
7.70 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade
and Services |
6.69 |
7.52 |
154,978 |
14,522 |
4,939,069 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population (Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic Products (USD
billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita
(USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (% Change in
Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
|
SERVICE
TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source:
General Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
|
1 |
Rs.88.84 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.