MIRA INFORM REPORT

 

 

Report Date :

07.12.2013

 

IDENTIFICATION DETAILS

 

Name :

HUY NAM SEAFOODS CO LTD

 

 

Registered Office :

Tac Cau Fishing Port Zone Minh Phong Hamlet Binh An Commune, Chau Thanh, Kien Giang

 

 

Country :

Viet Nam

 

 

Financials (as on) :

December 2012

 

 

Date of Incorporation :

26.09.2012

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Manufacturer of Food Products

 

 

No. of Employees :

480

 

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 :

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 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 22% in 2012, while industry's share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 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 2012 growing at 5%, the slowest rate of growth since 1999. In 2012, however, exports increased by more than 18%, 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 stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in new development assistance for 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 had been made by early 2013. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses. In September 2012, the official bad debt ratio climbed to 8.8%, though some independent analysts believe it could be higher than 15%

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

 

Organization Name

:

HUY NAM SEAFOODS CO LTD

Address

:

Tac Cau Fishing Port Zone Minh Phong Hamlet Binh An Commune, Chau Thanh, Kien Giang

Country

:

Vietnam

Phone (S)

:

[+84] 77-3616128

Facsimile

:

[+84] 77-3616129

Email

:

info@huynam.net

Website

:

www.huynam.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Food Products

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Le Tri Dung

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Duong Minh Tam

Vietnamese

Vice Director

-

2

Mr. Nguyen Hoang Thanh

Vietnamese

Chief Accountant

-

3

Mr. Nguyen Nam Vinh

Vietnamese

Vice Director

-

Management Details - 1

Personal Unique Identifier

:

MI03582749

Name

:

Mr. Duong Minh Tam

 

Date of Birth

:

1960

Management Details - 2

Personal Unique Identifier

:

MI03582555

Name

:

Mr. Nguyen Hoang Thanh

 

Date of Birth

:

1960

Management Details - 3

Personal Unique Identifier

:

MI03582519

Name

:

Mr. Nguyen Nam Vinh

 

Date of Birth

:

1974

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03582738

Name

:

Mr. Le Tri Dung

Date of Birth

:

1966

Nationality

:

Vietnamese

 

2

 

 

Personal Unique Identifier

:

MI03582510

Name

:

Mr. Nguyen Huy Hoang

Date of Birth

:

1973

Nationality

:

Vietnamese

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the HUY NAM SEAFOODS CO LTD's reputation within the respective industry failed to reveal any adverse information.

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital

:

US$ 757,920

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

16,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Le Tri Dung

Vietnam

n/a

n/a

62.50

2

Mr. Nguyen Nam Vinh

Vietnam

n/a

n/a

21.88

3

Mr. Nguyen Huy Hoang

Vietnam

n/a

n/a

15.62

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

 

International Trade - Statistics  (Currency: USD - US Dollar)

Year

Imports

Exports

Total

2011

n/a

18,292,295

18,292,295

2012

n/a

14,486,109

14,486,109

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

10%

International Sales (Export)

90%

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

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

Open Account - Settlement by Telegraphic Transfer (T/T) - 90 days

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

Open Account - Settlement by Telegraphic Transfer (T/T) - 90 days

 

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Exporting

North America

Medium

Exporting

China

Medium

Importing

India

Medium

Importing

Japan

Medium

Exporting

Russia

Medium

Exporting

USA

Medium

Exporting

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

20,324,772

5,847,384

217,859

2012 Annual  

16,095,677

6,098,491

227,807

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

-

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

Current Assets

89,245,000,000

98,785,000,000

Non Current Assets

32,556,000,000

28,214,000,000

Share Capital

16,000,000,000

16,000,000,000

Other long term assets 

Total Assets

121,801,000,000

126,999,000,000

Total Liabilities

99,131,000,000

101,854,000,000

Current Liabilities

99,131,000,000

101,854,000,000

Long term liabilities 

Shareholders Funds

22,670,000,000

25,145,000,000

 

Current assets & short term investments

89,245,000,000

98,785,000,000

Cash & cash equivalents

4,480,000,000

8,658,000,000

Cash

4,480,000,000

1,314,000,000

Cash equivalents

-

7,344,000,000

Accounts receivable

33,573,000,000

27,987,000,000

Accounts receivable trade

27,105,000,000

14,316,000,000

Others receivables

6,468,000,000

13,671,000,000

Inventories

49,516,000,000

61,472,000,000

Other short term asset

1,676,000,000

668,000,000

VAT deductible

1,676,000,000

668,000,000

Long term assets

32,556,000,000

28,214,000,000

Fixed assets

32,556,000,000

28,214,000,000

Tangible fixed assets

31,446,000,000

27,132,000,000

Cost

44,492,000,000

44,079,000,000

Accumulated depreciation

13,046,000,000

16,947,000,000

Construction in progress

1,110,000,000

1,082,000,000

Total assets

121,801,000,000

126,999,000,000

Liabilities

99,131,000,000

101,854,000,000

Current liabilities

99,131,000,000

101,854,000,000

Short term borrowings

84,976,000,000

90,474,000,000

Accounts payables-trade

12,511,000,000

10,395,000,000

Taxes and payable to state budget

1,597,000,000

76,000,000

Other payables

47,000,000

48,000,000

Bonus and welfare funds

2,269,000,000

-

i.Owner's equity

22,670,000,000

25,145,000,000

ii.Owner's equity

20,401,000,000

25,145,000,000

Business capital

16,000,000,000

16,000,000,000

Business development funds

563,000,000

563,000,000

Retained earnings

3,838,000,000

8,582,000,000

Budget sources

2,269,000,000

-

Total resources

121,801,000,000

126,999,000,000

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

Turnover

423,365,000,000

335,187,000,000

Profit (Loss) Before Tax

4,777,000,000

4,994,000,000

Profit After Tax attributable to Shareholders

4,538,000,000

4,744,000,000

 

Gross sales

423,365,000,000

335,187,000,000

Net income

423,365,000,000

335,187,000,000

Cost of goods sold

385,537,000,000

293,553,000,000

Gross margin

37,828,000,000

41,634,000,000

Income from financial activities

155,000,000

648,000,000

Expenses from financial activities

4,069,000,000

3,144,000,000

In which: Interest expenses

4,069,000,000

3,144,000,000

Selling expenses

17,272,000,000

18,836,000,000

General & administration expenses

12,429,000,000

15,211,000,000

Net income from operating activities

4,213,000,000

5,091,000,000

Extraordinary income

656,000,000

1,567,000,000

Extraordinary expenses

92,000,000

1,664,000,000

Extraordinary gains

564,000,000

(97,000,000)

Net profit before tax

4,777,000,000

4,994,000,000

Income tax

239,000,000

250,000,000

Net profit after tax

4,538,000,000

4,744,000,000

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

(20.83)

Profitability 

Profit Margin (%)

1.07

1.42

Return on Equity (%)

20.02

18.87

Return on Assets (%)

3.73

3.74

Leverage 

Total Debt Equity (Times)

4.37

4.05

Current Debt Equity (Times)

4.37

4.05

Total Asset To Total Equity

5.37

5.05

Asset Management 

Total Assets Turnover (Times)

3.48

2.64

Fixed Assets Turnover (Times)

13.00

11.88

Liquidity 

Current Ratio

0.90

0.97

Based on the corporate laws of Vietnam, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although 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

 

Key Facts

Registered Legal Address

:

Tac Cau Fishing Port Zone Minh Phong Hamlet Binh An Commune, Chau Thanh, Kien Giang

Operational Address

:

Tac Cau Fishing Port Zone Minh Phong Hamlet Binh An Commune, Chau Thanh, Kien Giang

Trading Name

:

HUY NAM

Issuing Authority

:

Dept. of Planning & Investment - Kien Giang

License Number

:

1700415026

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

26 Sep, 2012

Employees

:

480

 

Report Details

 

Country

:

Vietnam

Business Entity Name

:

HUY NAM SEAFOODS CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

Tac Cau Fishing Port Zone Minh Phong Hamlet Binh An Commune, Chau Thanh, Kien Giang

Tel

:

[+84] 77-3616128

Fax

:

[+84] 77-3616129

Email

:

info@huynam.net

Website Details

Website

:

http://www.huynam.com.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

Primary Products

Products / Materials / Services Description

Activity

Cuttlefish

Manufacturing, Exporting

Octopus

Manufacturing, Exporting

Scallop

Manufacturing, Exporting

Seafood mix

Manufacturing, Exporting

Seafood products

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fish & Seafoods

5146

Manufacturing, Exporting

Food products, nspf

2099

Manufacturing, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Crustaceans molluscs etc prepared or preserved

1605

Manufacturing, Exporting

Fish & crustaceans

0300

Manufacturing, Exporting

Scallops, prepared or preserved

1605906040

Manufacturing, Exporting

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Shrimp

Primary

Manufacturing, Exporting

Squid

Primary

Manufacturing, Exporting

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HUY NAM SEAFOODS CO LTD is Manufacturing - Finished products.

Key products include :

·                     Cuttlefish

·                     Octopus

·                     Scallop

·                     Seafood mix

·                     Seafood products

·                     Shrimp

·                     Squid


An integral part of the core business includes:

·                     Distribution

Supplementary Business

In addition to the core business, HUY NAM SEAFOODS CO LTD also is engaged in the following areas of business:

1.                  Exporting

·                     Exporting - Finished products

2.                  Importing

·                     Importing - Raw materials

 

 

 

 

 

NOTES & COMMENTS

 

N/a

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.66

UK Pound

1

Rs.100.64

Euro

1

Rs.84.25

 

 

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%)

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.