MIRA INFORM REPORT

 

 

Report Date :

31.10.2013

 

IDENTIFICATION DETAILS

 

Name :

CUU LONG FISH IMPORT EXPORT CORP

 

 

Registered Office :

Sa Dec Industrial Zone Lot III-9 Area C, Dong Thap

 

 

Country :

Viet Nam

 

 

Financials (as on) :

10.02.2010

 

 

Date of Incorporation :

2012

 

 

Legal Form :

Corporation

 

 

Line of Business :

Manufacturer of Food Products

 

 

No. of Employees :

3,000

 

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 :

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

 

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 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

:

CUU LONG FISH IMPORT EXPORT CORP

Address

:

Sa Dec Industrial Zone Lot III-9 Area C, Dong Thap

Country

:

Vietnam

Phone (S)

:

[+84] 67-3764959

Facsimile

:

[+84] 67-3763626

Email

:

vietthao@clpangafish.com.vn

Website

:

http://www.clpangafish.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Food Products

 

Key Facts

 

Registered Legal Address

:

Sa Dec Industrial Zone Lot III-9 Area C, Dong Thap

Operational Address

:

Sa Dec Industrial Zone Lot III-9 Area C, Dong Thap

Trading Name

:

CLPANGAFISH

Issuing Authority

:

Dept. of Planning & Investment - Dong Thap

License Number

:

1400571715

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Corporation

Legal Form - Abbreviation

:

CORP

Operational Status of Business

:

Normal

Date of Registration

:

10 Feb, 2010

Employees

:

3,000

Capital

:

US$ 3,218,791

 

 

Report Details

 

 

 

 

 

 

Country

:

Vietnam

Business Entity Name

:

CUU LONG FISH IMPORT EXPORT CORP

Primary Business Activity

:

Manufacturer

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

Sa Dec Industrial Zone Lot III-9 Area C, Dong Thap

Tel

:

[+84] 67-3764959

 

:

[+84] 8-54104749

Fax

:

[+84] 67-3763626

 

:

[+84] 8-54104914

Email

:

vietthao@clpangafish.com.vn

Website Details

Website

:

http://www.clpangafish.com.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Tran Tuan Khai

Nationality

:

Vietnamese

 

 

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Cong Bang

Vietnamese

Chief Accountant

-

2

Ms. Do Yen Chi

Vietnamese

Deputy Managing Director

-

3

Mr. Tran Tuan Khai

Vietnamese

Managing Director

-

4

Mr. Chau Van Viet

Vietnamese

Deputy Managing Director

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03038919

Name

:

Mr. Nguyen Cong Bang

 

Date of Birth

:

1964

 

 

Management Details - 2

Personal Unique Identifier

:

MI03551966

Name

:

Ms. Do Yen Chi

 

Date of Birth

:

1973

 

 

Management Details - 3

Personal Unique Identifier

:

MI03038708

Name

:

Mr. Tran Tuan Khai

 

Date of Birth

:

1975

 

 

Management Details - 4

Personal Unique Identifier

:

MI03038917

Name

:

Mr. Chau Van Viet

 

Date of Birth

:

1956

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03038708

Name

:

Mr. Tran Tuan Khai

Date of Birth

:

1975

Nationality

:

Vietnamese

 

NEGATIVE 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 (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

67,950,000,000

 

 

SHAREHOLDERS

 

 

Total number of shareholders

:

4

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Tran Tuan Khai

Vietnam

n/a

n/a

66.96

2

Ms. Le Thi Le

Vietnam

n/a

n/a

24.43

3

Ms. Le Thi Phuong

Vietnam

n/a

n/a

5.30

4

Ms. Tran Thi Thu Van

Vietnam

n/a

n/a

3.31

Total

n/a

n/a

100.00

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

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

2010

n/a

12,174,012

12,174,012

 

Supplementary Business

In addition to the core business, CUU LONG FISH IMPORT EXPORT CORP also is engaged in the following areas of business:

1.                  Exporting

·                     Exporting - Finished products

2.                  Importing

·                     Importing - Raw materials

3.                  Service

·                     Specialized professional services, including:

§                     Fish farming

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

50%

International Sales (Export)

50%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

30%

Imports

70%

 

 

 

 

PAYMENT TERMS

 

 

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Export

Letter of Credit (At-sight)

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

 

 

 

Purchasing

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Import

Letter of Credit (At-sight)

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual  

24,348,025

26,557,055

1,187,943

2011 Annual  

39,706,097

27,409,217

4,968,603

2012 Annual  

37,005,742

45,289,191

1,844,352

 

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

2010 Annual

2011 Annual

2012 Annual

Current Assets

319,397,000,000

322,051,000,000

679,915,000,000

Non Current Assets

198,200,000,000

248,883,000,000

263,217,000,000

Non Current Liabilities

89,658,000,000

64,404,000,000

81,004,000,000

Share Capital

67,950,000,000

67,950,000,000

67,950,000,000

Other long term assets 

Total Assets

517,597,000,000

570,934,000,000

943,132,000,000

Total Liabilities

424,830,000,000

386,670,000,000

743,307,000,000

Current Liabilities

335,172,000,000

322,266,000,000

662,303,000,000

Long term liabilities 

Shareholders Funds

92,767,000,000

184,264,000,000

199,825,000,000

 

Current assets & short term investments

319,397,000,000

322,051,000,000

679,915,000,000

Cash & cash equivalents

19,008,000,000

20,774,000,000

14,117,000,000

Cash

19,008,000,000

20,774,000,000

14,117,000,000

Accounts receivable

35,039,000,000

104,379,000,000

139,215,000,000

Accounts receivable trade

25,137,000,000

74,564,000,000

120,863,000,000

Trade prepayment

8,144,000,000

26,438,000,000

18,972,000,000

Others receivables

1,758,000,000

3,377,000,000

2,380,000,000

Provision For Bad Debts

-

-

(3,000,000,000)

Inventories

260,534,000,000

183,720,000,000

508,997,000,000

Other short term asset

4,816,000,000

13,178,000,000

17,586,000,000

Prepaid expenses

3,159,000,000

9,569,000,000

412,000,000

VAT deductible

519,000,000

776,000,000

16,499,000,000

Other tax receivables

11,000,000

654,000,000

561,000,000

Other short term asset *

1,127,000,000

2,179,000,000

114,000,000

Long term assets

198,200,000,000

248,883,000,000

263,217,000,000

Fixed assets

198,200,000,000

247,281,000,000

262,429,000,000

Tangible fixed assets

64,739,000,000

174,564,000,000

196,166,000,000

Cost

85,864,000,000

208,782,000,000

254,075,000,000

Accumulated depreciation

21,125,000,000

34,218,000,000

57,909,000,000

Intangible fixed assets

33,028,000,000

39,519,000,000

53,412,000,000

Cost *

36,208,000,000

44,364,000,000

61,219,000,000

Accumulated depreciation *

3,180,000,000

4,845,000,000

7,807,000,000

Construction in progress

100,433,000,000

33,198,000,000

12,851,000,000

Other Long Term Assets

-

1,602,000,000

788,000,000

Long Term Prepayments

-

1,602,000,000

788,000,000

Total assets

517,597,000,000

570,934,000,000

943,132,000,000

Liabilities

424,830,000,000

386,670,000,000

743,307,000,000

Current liabilities

335,172,000,000

322,266,000,000

662,303,000,000

Short term borrowings

214,361,000,000

293,452,000,000

596,845,000,000

Accounts payables-trade

54,145,000,000

21,953,000,000

58,801,000,000

Advances from customers

37,641,000,000

2,354,000,000

5,578,000,000

Other payables

29,025,000,000

4,507,000,000

1,079,000,000

Long term liabilities

89,658,000,000

64,404,000,000

81,004,000,000

Long Term Other Payables

-

-

80,900,000,000

Long term borrowings

89,658,000,000

64,404,000,000

-

Payable Income Tax Delay

-

-

104,000,000

Owner's equity

92,767,000,000

184,264,000,000

199,825,000,000

Business capital

67,950,000,000

67,950,000,000

67,950,000,000

Other Owner's Equity

-

-

112,050,000,000

Business Development Funds

-

-

120,000,000

Retained earnings

24,817,000,000

116,314,000,000

19,705,000,000

Total resources

517,597,000,000

570,934,000,000

943,132,000,000

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

474,543,000,000

827,078,000,000

770,632,000,000

Profit (Loss) Before Tax

23,153,000,000

104,057,000,000

38,554,000,000

Profit After Tax attributable to Shareholders

23,153,000,000

103,496,000,000

38,408,000,000

 

Gross sales

474,543,000,000

827,078,000,000

770,632,000,000

Less deductions

9,626,000,000

9,752,000,000

5,059,000,000

Net income

464,917,000,000

817,326,000,000

765,573,000,000

Cost of goods sold

399,383,000,000

618,572,000,000

633,813,000,000

Gross margin

65,534,000,000

198,754,000,000

131,760,000,000

Income from financial activities

2,109,000,000

6,209,000,000

1,331,000,000

Expenses from financial activities

26,230,000,000

59,469,000,000

46,684,000,000

Selling expenses

2,193,000,000

33,498,000,000

37,085,000,000

General & administration expenses

15,415,000,000

6,586,000,000

10,408,000,000

Net income from operating activities

23,805,000,000

105,410,000,000

38,914,000,000

Extraordinary income

-

125,000,000

218,000,000

Extraordinary expenses

652,000,000

1,478,000,000

578,000,000

Extraordinary gains

(652,000,000)

(1,353,000,000)

(360,000,000)

Net profit before tax

23,153,000,000

104,057,000,000

38,554,000,000

Income tax

-

561,000,000

146,000,000

Net profit after tax

23,153,000,000

103,496,000,000

38,408,000,000

 

Financial Ratios

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

74.29

(6.82)

Profitability 

Profit Margin (%)

4.88

12.51

4.98

Return on Equity (%)

24.96

56.17

19.22

Return on Assets (%)

4.47

18.13

4.07

Leverage 

Total Debt Equity (Times)

4.58

2.10

3.72

Current Debt Equity (Times)

3.61

1.75

3.31

Long Term Debt to Equity

0.97

0.35

0.41

Total Asset To Total Equity

5.58

3.10

4.72

Asset Management 

Total Assets Turnover (Times)

0.92

1.45

0.82

Fixed Assets Turnover (Times)

2.39

3.32

2.93

Liquidity 

Current Ratio

0.95

1.00

1.03

 

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company 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

 

Primary Products

Products / Materials / Services Description

Activity

Breaded fish

Manufacturing, Exporting

Fish ball

Manufacturing, Exporting

Fish fillet

Manufacturing, Exporting

Fish roll

Manufacturing, Exporting

Fish steaks

Manufacturing, Exporting

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Fish Hatchery & Preserve

0921

Service

Fishing, Hunting, and Trapping

0900

Service

Food products, nspf

2099

Manufacturing, Exporting

Fresh/Frozen Fish/Seafoods, NEC

2092

Manufacturing, Exporting

Miscellaneous marine products, nspf

0919

Manufacturing, Exporting

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

9900

Service

Fish balls, cakes and puddings

1604203000

Manufacturing, Exporting

Fish fillets & other fish meat, fresh, chilled or frozen

0304

Manufacturing, Exporting

Food preparations

2106

Manufacturing, Exporting

Prep or pres fish; caviar & caviar substitutes

1604

Manufacturing, Exporting

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Products / Materials / Services Description

Ranking

Activity

Processed fish

Primary

Manufacturing, Exporting

Processing aquatic products

Primary

Manufacturing, Exporting

Fish farming

Secondary

Service

Fish processing

Secondary

Service

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of CUU LONG FISH IMPORT EXPORT CORP is Manufacturing - Finished products.

Key products include :

·                     Breaded fish

·                     Fish ball

·                     Fish fillet

·                     Fish roll

·                     Fish steaks

·                     Processed fish

·                     Processing aquatic products


An integral part of the core business includes:

·                     Distribution

 

 

 

REPUTATION

 

 

 

Reference checking for the purpose of establishing the CUU LONG FISH IMPORT EXPORT CORP's reputation within the respective industry failed to reveal any adverse information.

 

 

BANK DETAILS

 

 

 

Bank Name

:

LIEN VIET JOINT STOCK COMMERCIAL BANK

Global Identifier

:

P1164622

Branch

:

District 1,Ho Chi Minh

Branch Address

:

LIEN VIET POST JOINT STOCK COMMERCIAL BANK - AN GIANG

SWIFT Code

:

This bank does not have a SWIFT Code

 

Bank Name

:

TIEN PHONG COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P1088722

Branch

:

Cau Giay Dist,Hanoi

Branch Address

:

TIEN PHONG COMMERCIAL JOINT STOCK BANK - AN GIANG

SWIFT Code

:

This bank does not have a SWIFT Code

 

Bank Name

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408823

Branch

:

District 1,Ho Chi Minh

Branch Address

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK CO - CHAU THANH, AN GIANG

SWIFT Code

:

EBVIVNVX

 

LOCAL BRANCHES & MANAGEMENT

 

Branch

:

CUU LONG FISH IMPORT EXPORT CORP - DISTRICT 7, HO CHI MINH

Branch Address

:

5Fl Khai Hoan Bldg 1 R4, 91-92-93-94 Hung Gia IV Bui Bang Doan St Phu My Hung, District 7, Ho Chi Minh

Branch Tel

:

84-8-54104797

Branch Fax

:

84-8-54104914

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Importing, Exporting

North America

Medium

Importing

South America

Medium

Importing

Argentina

Medium

Importing

Australia

Medium

Importing

France

Medium

Importing

Malaysia

Medium

Importing

Singapore

Medium

Importing

Thailand

Medium

Importing

USA

Medium

Importing

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

CUU LONG FISH IMPORT EXPORT CORP - DONG THAP

Address

:

Sa Dec Industrial Zone Lot III-9 Area C, Dong Thap

Country

:

Vietnam

Other Use

:

Factory

Status

:

Operational

 

 

 

 

QUALITY ACCREDITATION

 

 

 

Quality Accreditation Listings

 

#

Name

Accreditation Category

1

HAZARD ANALYSIS CRITICAL CONTROL POINT (HACCP)

-

2

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

9001:2000

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

22 Nov, 2006

5103000053

 

 

 

NOTES & COMMENTS

 

N/a

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.49

UK Pound

1

Rs.98.71

Euro

1

Rs.84.49

 

 

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.