MIRA INFORM REPORT

 

 

Report Date :

09.12.2014

 

IDENTIFICATION DETAILS

 

Name :

HUY TUAN JSC

 

 

Registered Office :

68A Group 3 Quarter 7 Bai Chay Ward, Ha Long, Quang Ninh

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2013

 

 

Date of Incorporation :

09.06.2010

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Engaged in trading of Frozen seafood’s such as Fish & crustaceans

 

 

No of Employees :

18

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Vietnam

A2

A2

 

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 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 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 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, 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 relatively stable in 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 has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

 

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

Organization Name

:

HUY TUAN JSC (1)

Address

:

68A Group 3 Quarter 7 Bai Chay Ward, Ha Long, Quang Ninh

Country

:

Vietnam

Phone (S)

:

[+84] 33-3623968

Facsimile

:

[+84] 33-3637568

Primary Business Activity

:

Engaged in trading of Frozen seafood’s such as Fish & crustaceans

 

Registered Legal Address

:

68A Group 3 Quarter 7 Bai Chay Ward, Ha Long, Quang Ninh

Operational Address

:

68A Group 3 Quarter 7 Bai Chay Ward, Ha Long, Quang Ninh

Issuing Authority

:

Dept. of Planning & Investment - Quang Ninh

License Number

:

5701407875

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

9 Jun, 2010

Employees

:

18

Capital

:

US$ 1,424,637

Note

:

(1) Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Nguyen Hong Thai

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Trinh Xuan Dao

Vietnamese

Chief Accountant

-

2

Ms. Nguyen Hong Ha

Vietnamese

Deputy Managing Director

-

3

Mr. Nguyen Hong Thai

Vietnamese

Managing Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI03801463

Name

:

Mr. Trinh Xuan Dao

 

Date of Birth

:

1970

 

Management Details - 2

Personal Unique Identifier

:

MI03536847

Name

:

Ms. Nguyen Hong Ha

 

Date of Birth

:

1961

 

Management Details - 3

Personal Unique Identifier

:

MI03536838

Name

:

Mr. Nguyen Hong Thai

 

Date of Birth

:

1964

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03536838

Name

:

Mr. Nguyen Hong Thai

Date of Birth

:

1964

 

2

 

 

Personal Unique Identifier

:

MI03536847

Name

:

Ms. Nguyen Hong Ha

Date of Birth

:

1961

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing HUY TUAN JSC'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

 

 

CIVIL 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

:

₫ 30,000,000,000

Paid-up Capital

:

₫ 12,000,000,000

 

Date

Authorized Capital - History

9 Jun, 2010

4,800,000,000

2014

30,000,000,000

 

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. Nguyen Hong Thai

Vietnam

n/a

11,280,000,000

94.00

2

Mr. Do Dinh Chieu

Vietnam

n/a

360,000,000

3.00

3

Ms. Nguyen Hong Ha

Vietnam

n/a

360,000,000

3.00

Total

n/a

12,000,000,000

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

International Sales (Export)

100%

 

Annual Purchases Analysis

Percentage

Imports

100%

 

PAYMENT TERMS

Selling

Type

Terms

Export

Letter of Credit (At-sight)

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

 

Purchasing

Type

Terms

Import

Letter of Credit (At-sight)

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

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2013 Annual  

210,356

601,761

33,811

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

Current Assets(*)

6,292,000,000

Non Current Assets(*)

6,398,000,000

Share Capital(*)

12,000,000,000

Other long term assets 

Total Assets(*)

12,690,000,000

Total Liabilities(*)

690,000,000

Current Liabilities(*)

690,000,000

Long term liabilities 

Shareholders Funds(*)

12,000,000,000

 

Current assets & short term investments

6,292,000,000

Cash & cash equivalents

44,000,000

Cash

44,000,000

Accounts receivable

6,248,000,000

Accounts receivable trade

908,000,000

Others receivables

5,340,000,000

Long term assets

6,398,000,000

Fixed assets

1,289,000,000

Tangible fixed assets

1,289,000,000

Cost

1,289,000,000

Other long term assets

5,109,000,000

Total assets

12,690,000,000

Liabilities

690,000,000

Current liabilities

690,000,000

Taxes and payable to state budget

646,000,000

Other payables

44,000,000

Owner's equity

12,000,000,000

Business capital

12,000,000,000

Total resources

12,690,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

Turnover(*)

4,436,000,000

Profit (Loss) Before Tax(*)

951,000,000

Profit After Tax attributable to Shareholders(*)

713,000,000

 

Gross sales

4,436,000,000

Net income

4,436,000,000

Gross margin

4,436,000,000

Income from financial activities

55,000,000

General & administration expenses

3,553,000,000

Net income from operating activities

938,000,000

Extraordinary income

13,000,000

Extraordinary gains

13,000,000

Net profit before tax

951,000,000

Income tax

238,000,000

Net profit after tax

713,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2013 Annual

Profitability 

Profit Margin (%)

16.07

Return on Equity (%)

5.94

Return on Assets (%)

5.62

Leverage 

Total Debt Equity (Times)

0.06

Current Debt Equity (Times)

0.06

Total Asset To Total Equity

1.06

Asset Management 

Total Assets Turnover (Times)

0.35

Fixed Assets Turnover (Times)

0.69

Liquidity 

Current Ratio

9.12

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 basic 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

 

Country

:

Vietnam

Business Entity Name

:

HUY TUAN JSC

Acronym

:

HT

Primary Business Activity

:

Trader

Primary Industry

:

Food Products

 

Office Contact Details

Operating Address

:

68A Group 3 Quarter 7 Bai Chay Ward, Ha Long, Quang Ninh

Tel

:

[+84] 33-3623968

Fax

:

[+84] 33-3637568

 

Tax / VAT Details

Tax Issuing Authority

:

Ministry of Finance

Local Name Used

:

Gia Trj Gia Tang (Value Added Tax)

Acronym

:

GTGT / VAT

GTGT / VAT Number

:

5701407875

 

Primary Products

Products / Materials / Services Description

Activity

Frozen seafoods

Trading

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fresh/Frozen Fish/Seafoods, NEC

2092

Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fish & crustaceans

0300

Trading

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HUY TUAN JSC is Trading - General products.

Key product include :

Frozen seafoods

 

Supplementary Business

In addition to the core business, HUY TUAN JSC also is engaged in the following areas of business:

Exporting

Exporting - Natural food items, Unprocessed (Meats, Produce or Seafood)

Importing

Importing - Natural food items, Unprocessed (Meats, Produce or Seafood)

 

BANK DETAILS

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

32404058

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE - QUANG NINH

SWIFT Code

:

ICBVVNVX

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

China

Medium

Importing, Exporting

 

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name

:

HUY TUAN JSC - HA LONG, QUANG NINH

Primary Use

:

Office & Administration facilities

Building Size

:

200 Square meters

Address

:

68A Group 3 Quarter 7 Bai Chay Ward, Ha Long, Quang Ninh

Country

:

Vietnam

Ownership of Property

:

Rented / Leased

Status

:

Operational

 

PREVIOUS CONTACT DETAILS

Company Address

:

Group 05 Quarter 07 Bai Chay Ward, Ha Long, Quang Ninh

 

Company Address

:

200 Nguyen Van Cu St, Hong Hai, Ha Long, Quang Ninh

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.93

UK Pound

1

Rs.96.37

Euro

1

Rs.76.10

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

MNL

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.