|
Report Date : |
30.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
QUANG NINH SEAPRODUCTS IMPORT – EXPORT JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 35 Ben Tau Str., Ha Long City, Quang Ninh Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Incorporation : |
1983 |
|
|
|
|
Com. Reg. No.: |
5700100714 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Processing and trading in seafood products, agricultural
products |
|
|
|
|
No. of Employees : |
250 |
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) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
VIETNAM - 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 policy away 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
SUBJECT IDENTIFICATION & LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
Registered English Name |
|
QUANG NINH SEAPRODUCTS IMPORT – EXPORT
JOINT STOCK COMPANY |
|
Registered Vietnamese Name |
|
CONG TY CO PHAN XUAT NHAP KHAU THUY SAN
QUANG NINH |
|
Registered Short name |
|
QUANG NINH SEAPRODEX CO |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1983 |
|
Business Registration No. |
|
5700100714 |
|
Date of Registration |
|
20 Oct 2011 |
|
Place of Registration |
|
Planning and Investment Department of
Quang Ninh Province |
|
Current Chartered capital |
|
VND 10,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
5700100714 |
|
Total Employees |
|
250 |
|
Size |
|
Medium |
Historical Identification & Legal form
|
List |
Changed
Items |
Date
of changes |
|
1 |
Subject has got former
Business Registration No: 2203000764 (issued on Aug 30th 2000) Changed to: 5700100714 |
20 Oct 2011 |
|
2 |
Subject has got former
Type of Business: State owned company Changed to: Joint stock company |
2000 |
|
3 |
Subject has got former
Registered Vietnamese Name: XI NGHIEP XUAT KHAU THUY SAN QUANG NINH Changed to: CONG TY CO
PHAN XUAT NHAP KHAU THUY SAN QUANG NINH |
2000 |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 35 Ben Tau Str., Ha Long City, Quang
Ninh Province, Vietnam |
|
Telephone |
|
(84-33) 3825196 /190 /3821789 |
|
Fax |
|
(84-33) 3826683 |
|
Email |
|
|
|
Website |
|
|
|
Note: The exact address is as above (No. 35 not No. 385) |
||
|
|
||
|
Representative office
in Quang Ninh |
||
|
Address |
|
Ninh Duong Ward, Mong Cai City, Quang Ninh
Province, Vietnam |
|
|
||
|
Representative
office in Hai Phong |
||
|
Address |
|
Van My Ward, Ngo Quyen District, Hai Phong
City, Vietnam |
|
Note: Besides, the subject also has two
restaurants: Bien Mo Floating restaurant and Bien Mo 2 restaurant in Quang
Ninh province. |
||
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
DO QUANG SANG |
|
Position |
|
Chairman cum Director |
|
Date of Birth |
|
29 Dec 1950 |
|
ID Number/Passport |
|
100297577 |
|
ID Issue Date |
|
21 Oct 2011 |
|
ID Issue Place |
|
Quang Ninh Police
Department |
|
Resident |
|
No. 60 Cang Moi Bach
Dang Ward, Ha Long City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 913262115 |
|
Email |
|
dosangts@gmail.com |
|
|
||
|
2.
NAME |
|
Mr.
LE XUAN CAU |
|
Position |
|
Vice Director |
|
ID Number/Passport |
|
100562361 |
|
Resident |
|
Group 11, Area 1 Bach
Dang Ward, Ha Long City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN THUONG UYEN |
|
Position |
|
Deputy Director (in charge of business) |
|
ID Number/Passport |
|
101070388 |
|
Resident |
|
Group 4, Area 1 Bach
Dang Ward, Ha Long City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Mr.
VU QUANG HUY |
|
Position |
|
Deputy Director (in charge of Production) |
|
ID Number/Passport |
|
011258712 |
|
Resident |
|
Group 4, Area 1 Cao
Thang Ward, Ha Long City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject is specialized in: - Processing and trading in seafood products, agricultural
products; |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Materials |
|
·
Market |
|
ASEAN countries such as Malaysia, Indonesia… |
|
·
Mode of payment |
|
T/T, L/C, DA |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Seafood products |
|
·
Market |
|
Japan, Korea, England, the USA and China |
|
·
Mode of payment |
|
T/T, L/C, DA |
|
Note: Besides, in the season litchi,
the subject exports frozen litchi to foreign country. Moreover, the subject
has also business activity under form of temporary importing and
re-exporting. It imports many types of products from many countries, then exports
to China |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM QUANG NINH BRANCH |
||
|
Address |
|
No. 737 Le Thanh Tong, Ha Long City, Quang Ninh Province, Vietnam |
|
Telephone |
|
(84-33) 3825502 |
|
|
||
|
2.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HA LONG CITY BRANCH |
||
|
Address |
|
5 Hong Hai Ward, Ha Long City, Quang Ninh Province, Vietnam |
|
|
||
SHAREHOLDERS
|
||
Following is the list of
founding shareholders of the subject.
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN THUONG UYEN |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
101070388 |
|
Resident |
|
Group 4, Area 1 Bach Dang Ward, Ha Long
City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
21,210 |
|
Value of shares |
|
VND 212,100,000 |
|
Percentage |
|
2.12% |
|
|
||
|
2.
NAME |
|
Mr.
VU QUANG HUY |
|
Position |
|
Deputy Director of Production |
|
ID Number/Passport |
|
011258712 |
|
Resident |
|
Group 4, Area 1 Cao Thang Ward, Ha Long
City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
15,150 |
|
Value of shares |
|
VND 151,500,000 |
|
Percentage |
|
1.52% |
|
|
||
|
3.
NAME |
|
Mr.
LE XUAN CAU |
|
Position |
|
Vice Director |
|
ID Number/Passport |
|
100562361 |
|
Resident |
|
Group 11, Area 1 Bach Dang Ward, Ha Long
City, Quang Ninh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
13,015 |
|
Value of shares |
|
VND 130,150,000 |
|
Percentage |
|
1.3% |
|
|
||
|
4.
NAME |
|
Mr.
DO QUANG SANG |
|
Position |
|
Chairman cum Director |
|
Date of Birth |
|
29 Dec 1950 |
|
ID Number/Passport |
|
100297577 |
|
Issued on |
|
21 Oct 2011 |
|
Issued Place |
|
Quang Ninh Police Department |
|
Resident |
|
No. 60 Cang Moi Bach Dang Ward, Ha Long
City, Quang Ninh Province, Vietnam |
|
Email |
|
dosangts@gmail.com |
|
Mobile phone |
|
+84 913262115 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
90,765 |
|
Value of shares |
|
VND 907,650,000 |
|
Percentage |
|
9.08% |
|
|
||
|
5.
NAME |
|
Ms.
CHAU HOA |
|
Date of Birth |
|
02 Sep 1960 |
|
ID Number/Passport |
|
200995460 |
|
Issued on |
|
22 Sep 2003 |
|
Issued Place |
|
Police Station of Da Nang City |
|
Resident |
|
Group 60C, Hoa Cuong Collective Zone Hoa
Cuong Ward, Hai Chau District, Da Nang City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
114,840 |
|
Value of shares |
|
VND 1,148,400,000 |
|
Percentage |
|
11.48% |
|
|
||
FINANCIAL DATA
|
|||
|
Note: The financial data of FY 2011 is not available. |
|||
|
BALANCE
SHEET |
|||
Unit: One
VND
|
|||
|
Balance sheet
date |
31/12/2012 |
31/12/2010 |
|
|
Number of weeks |
52 |
52 |
|
ASSETS
|
|||
|
A – CURRENT
ASSETS |
56,935,693,945 |
52,654,485,430 |
|
|
I. Cash and cash
equivalents |
2,383,931,037 |
1,065,466,789 |
|
|
1. Cash |
2,383,931,037 |
1,065,466,789 |
|
|
2. Cash equivalents |
0 |
0 |
|
|
II. Short-term
investments |
0 |
0 |
|
|
1. Short-term investments |
0 |
0 |
|
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
|
III. Accounts
receivable |
12,097,125,187 |
6,815,772,587 |
|
|
1. Receivable from customers |
11,588,761,125 |
3,187,521,319 |
|
|
2. Prepayments to suppliers |
0 |
3,119,887,206 |
|
|
3. Inter-company receivable |
0 |
0 |
|
|
4. Receivable according to the progress of construction |
0 |
0 |
|
|
5. Other receivable |
508,364,062 |
508,364,062 |
|
|
6. Provisions for bad debts |
0 |
0 |
|
|
IV. Inventories |
40,356,289,947 |
41,557,910,275 |
|
|
1. Inventories |
40,356,289,947 |
41,557,910,275 |
|
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
|
V. Other Current
Assets |
2,098,347,774 |
3,215,335,779 |
|
|
1. Short-term prepaid expenses |
1,496,612,900 |
1,477,772,335 |
|
|
2. VAT to be deducted |
107,229,374 |
204,932,923 |
|
|
3. Taxes and other accounts receivable from the State |
0 |
41,559,421 |
|
|
4. Other current assets |
494,505,500 |
1,491,071,100 |
|
|
B. LONG-TERM
ASSETS |
29,256,334,676 |
28,473,711,634 |
|
|
I. Long term
accounts receivable |
0 |
0 |
|
|
1. Long term account receivable from customers |
0 |
0 |
|
|
2. Working capital in affiliates |
0 |
0 |
|
|
3. Long-term inter-company receivable |
0 |
0 |
|
|
4. Other long-term receivable |
0 |
0 |
|
|
5. Provisions for bad debts from customers |
0 |
0 |
|
|
II. Fixed assets
|
27,585,441,315 |
27,210,708,873 |
|
|
1. Tangible assets |
27,221,804,951 |
25,979,408,026 |
|
|
- Historical costs |
51,002,172,774 |
46,573,779,201 |
|
|
- Accumulated depreciation |
-23,780,367,823 |
-20,594,371,175 |
|
|
2. Financial leasehold assets |
0 |
0 |
|
|
- Historical costs |
0 |
0 |
|
|
- Accumulated depreciation |
0 |
0 |
|
|
3. Intangible assets |
0 |
0 |
|
|
- Initial costs |
0 |
0 |
|
|
- Accumulated amortization |
0 |
0 |
|
|
4. Construction-in-progress |
363,636,364 |
1,231,300,847 |
|
|
III. Investment
property |
1,191,890,425 |
1,263,002,761 |
|
|
Historical costs |
1,615,620,427 |
1,615,620,427 |
|
|
Accumulated depreciation |
-423,730,002 |
-352,617,666 |
|
|
IV. Long-term
investments |
0 |
0 |
|
|
1. Investments in affiliates |
0 |
0 |
|
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
|
3. Other long-term investments |
0 |
0 |
|
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
|
V. Other
long-term assets |
479,002,936 |
0 |
|
|
1. Long-term prepaid expenses |
479,002,936 |
0 |
|
|
2. Deferred income tax assets |
0 |
0 |
|
|
3. Other long-term assets |
0 |
0 |
|
|
VI. Goodwill |
0 |
0 |
|
|
1. Goodwill |
0 |
0 |
|
|
TOTAL ASSETS |
86,192,028,621 |
81,128,197,064 |
|
|
|
|||
LIABILITIES
|
|||
|
A- LIABILITIES |
76,548,403,501 |
70,840,996,436 |
|
|
I. Current
liabilities |
66,483,985,272 |
65,934,508,664 |
|
|
1. Short-term debts and loans |
48,999,966,604 |
40,101,453,393 |
|
|
2. Payable to suppliers |
4,466,511,293 |
12,117,363,600 |
|
|
3. Advances from customers |
10,563,454,948 |
3,948,854,770 |
|
|
4. Taxes and other obligations to the State Budget |
401,990,749 |
318,757,530 |
|
|
5. Payable to employees |
1,201,936,700 |
575,209,600 |
|
|
6. Accrued expenses |
0 |
251,550,300 |
|
|
7. Inter-company payable |
0 |
0 |
|
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
|
9. Other payable |
850,124,978 |
8,621,319,471 |
|
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
|
11. Bonus and welfare funds |
0 |
|
|
|
II. Long-Term
Liabilities |
10,064,418,229 |
4,906,487,772 |
|
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
|
2. Long-term inter-company payable |
0 |
0 |
|
|
3. Other long-term payable |
10,000,000 |
0 |
|
|
4. Long-term debts and loans |
0 |
4,849,670,600 |
|
|
5. Deferred income tax payable |
0 |
0 |
|
|
6. Provisions for unemployment allowances |
8,330,501 |
56,817,172 |
|
|
7. Provisions for long-term accounts payable |
10,046,087,728 |
0 |
|
|
8. Unearned Revenue |
0 |
|
|
|
9. Science and technology development fund |
0 |
|
|
|
B- OWNER’S
EQUITY |
9,643,625,120 |
10,287,200,628 |
|
|
I. OWNER’S
EQUITY |
9,461,937,271 |
10,224,746,009 |
|
|
1. Capital |
10,018,450,000 |
10,018,450,000 |
|
|
2. Share premiums |
2,608,310,000 |
2,608,310,000 |
|
|
3. Other sources of capital |
0 |
0 |
|
|
4. Treasury stocks |
-4,630,864,000 |
-4,641,560,000 |
|
|
5. Differences on asset revaluation |
0 |
0 |
|
|
6. Foreign exchange differences |
0 |
0 |
|
|
7. Business promotion fund |
56,705,179 |
56,705,179 |
|
|
8. Financial reserved fund |
391,195,002 |
391,195,002 |
|
|
9. Other funds |
0 |
0 |
|
|
10. Retained earnings |
1,018,141,090 |
1,791,645,828 |
|
|
11. Construction investment fund |
0 |
0 |
|
|
12. Business arrangement supporting fund |
0 |
|
|
|
II. Other
sources and funds |
181,687,849 |
62,454,619 |
|
|
1. Bonus and welfare funds (Elder form) |
181,687,849 |
62,454,619 |
|
|
2. Sources of expenditure |
0 |
0 |
|
|
3. Fund to form fixed assets |
0 |
0 |
|
|
MINORITY’S
INTEREST |
0 |
0 |
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
86,192,028,621 |
81,128,197,064 |
|
|
|
||
|
PROFIT
& LOSS STATEMENT |
||
|
|
||
|
Description |
FY2012 |
FY2010 |
|
1. Total Sales |
847,654,692,469 |
196,376,550,134 |
|
2. Deduction item |
238,846,683 |
0 |
|
3. Net revenue |
847,415,845,786 |
196,376,550,134 |
|
4. Costs of goods sold |
821,629,520,343 |
182,602,769,583 |
|
5. Gross profit |
25,786,325,443 |
13,773,780,551 |
|
6. Financial income |
46,810,206 |
27,864,589 |
|
7. Financial expenses |
8,010,415,939 |
4,916,767,760 |
|
- In which: Loan interest expenses |
0 |
4,916,767,760 |
|
8. Selling expenses |
12,878,975,053 |
3,776,103,202 |
|
9. Administrative overheads |
3,421,783,085 |
3,799,138,856 |
|
10. Net operating profit |
1,521,961,572 |
1,309,635,322 |
|
11. Other income |
27,272,727 |
312,817,981 |
|
12. Other expenses |
6,422,454 |
112,227,050 |
|
13. Other profit /(loss) |
20,850,273 |
200,590,931 |
|
14. Total accounting profit before tax |
1,542,811,845 |
1,510,226,253 |
|
15. Current corporate income tax |
269,992,073 |
377,556,563 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
|
18. Profit after tax |
1,272,819,772 |
1,132,669,690 |
|
|
|||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2012 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
0.86 |
0.80 |
1.24 |
|
Quick liquidity ratio |
0.25 |
0.17 |
0.64 |
|
Inventory circle |
20.36 |
4.39 |
5.02 |
|
Average receive period |
5.21 |
12.67 |
82.74 |
|
Utilizing asset performance |
9.83 |
2.42 |
1.36 |
|
Liability by total assets |
88.81 |
87.32 |
69.39 |
|
Liability by owner's equity |
793.77 |
688.63 |
260.95 |
|
Ebit / Total assets (ROA) |
1.79 |
7.92 |
15.09 |
|
Ebit / Owner's equity (ROE) |
16.00 |
62.48 |
49.87 |
|
Ebit / Total revenue (NPM) |
0.18 |
3.27 |
14.92 |
|
Gross profit / Total revenue (GPM) |
3.04 |
7.01 |
20.48 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T, L/C, DA |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Good |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
Founded
in 1983 as a state owned company, the subject company has been equitized in
2000 under the name of QUANG NINH SEAPRODUCTS IMPORT-EXPORT JOINT STOCK COMPANY.
Currently, the subject has been operating following business registration No.
5700100714 dated on 20th Oct 2011 by Quang Ninh Department of
Planning and Investment. Besides
the head office located at No. 35 Ben Tau Str., Ha Long City, Quang Ninh Province,
Vietnam, the subject has two representative offices (one in Mong Cai City,
Quang Ninh which is in charge of export activities and another in Hai Phong
Province – in charge of import). The subject has two restaurants named BIEN
MO and BIEN MO 2, which are all famous in the region. The
subject is specialized in processing and trading in seafood products such as
shrimp, squid, sea fish. Besides, it also operates in field of real
estate, restaurants services;
temporary import and re-export and sometimes it also processes frozen canvas
to export. In field of processing seafood products, the subject's materials
are mainly purchases in domestic market, sometimes, it imports some kinds of
main materials (squid and fish) from ASEAN countries such as Malaysia,
Indonesia. Its products are mainly exported to Japan, Korea, England, the USA
and China. In
recent years, the subject's premises and facilities hardly change. Total
employees are relative stable with about 250 people. The subject still
maintains the current chartered capital and has no planning to increase in
the next time. Financially,
the latest financial statement of the company shows a strong growth in total
sales, which increased 331.6% from VND 196 billion in 2010 to more than VND
847 billion in 2012. However, the profit before tax rose very little due to
high cost of goods sold and expenses. The subject should manage its costs and
operation expenses strictly to improve furthermore NMP and other
profitability ratios. In
term of the subject’s capital structure, the debt rates remained at high
level in relation with the average industry indexes, which indicates that the
subject’s self-financing capability was not good. The liabilities,
particularly current liabilities covered the whole current assets making the
current liquidity ratio not good. Moreover, due to too large amount of
inventories in the current assets (about 70.9% in 2012), the quick ratio
maintained at low level (0.25 times in 2012 and 0.17 times in 2010). However,
the average receive period was prompt and the operations ratios were
considered as good compared to the other companies in the same field. In general, the
subject is a medium business scale company in the industry. It has a long
time of operation in field of seafood processing. Its operation situation is
relatively stable. Currently, the subject has capability to meet normal
financial commitments. However, caution is needed for bigger business
transactions with it. |
----------- APPENDIX ----------
INDUSTRY DATA
|
||||||
|
|
||||||
|
Industry code |
GDP growth speed
by price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture, Forestry
and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
ECONOMIC INDICATORS
|
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population
(Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic
Products (USD billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita
(USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (%
Change in Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget
Deficit compared with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.29 |
|
|
1 |
Rs.91.18 |
|
Euro |
1 |
Rs.78.71 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.