MIRA INFORM REPORT

 

 

Report Date :

17.12.2014

 

IDENTIFICATION DETAILS

 

Name :

FATIFISH CO LTD

 

 

Registered Office :

Lot B3, St 2 My Hiep Industrial Group, Cao Lanh, Dong Thap

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2013

 

 

Date of Incorporation :

06.02.2009

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Manufacturer of Seafood and Fishing Industry.

 

 

No. of Employees :

1,100

 

 

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 – 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

 

Company Details

Organization Name

:

FATIFISH CO LTD

Address

:

Lot B3, St 2 My Hiep Industrial Group, Cao Lanh, Dong Thap

Country

:

Vietnam

Phone (S)

:

[+84] 67-3883555

Facsimile

:

[+84] 67-3883789

Email

:

info@fatifish.com.vn

Website

:

http://www.fatifish.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Seafood & Fishing Industry

 

 

DIRECTORS/MANAGEMENT

 

 Key Person

Legal Title

:

Chairman

Name

:

Mr. Tran Van Hai

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Tran Van Hai

Vietnamese

Managing Director

-

2

Ms. Pham Thi Nga

Vietnamese

Assist. Managing Director

-

3

Mr. Tran Thi Ngoc Thao

Vietnamese

Assist. Managing Director

-

Management Details - 1

Personal Unique Identifier

:

MI03806592

Name

:

Mr. Tran Van Hai

 

Management Details - 2

Personal Unique Identifier

:

MI03806608

Name

:

Ms. Pham Thi Nga

 

Management Details - 3

Personal Unique Identifier

:

MI03806606

Name

:

Mr. Tran Thi Ngoc Thao

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03806592

Name

:

Mr. Tran Van Hai

 

 

NEGATIVE INFORMATION

 

REPUTATION

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

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

DEBT

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

CIVIL LITIGATION

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

PERFORMANCE DEFAULTS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital

:

US$ 8,938,875

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 189,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Tran Van Hai

Vietnam

n/a

n/a

64.41

2

Mr. Tran Thi Ngoc Thao

Vietnam

n/a

n/a

35.59

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

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

10%

International Sales (Export)

90%

Annual Purchases Analysis

Percentage

Local Purchases

100%

Imports

0%

 

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

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/A

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

 

Year

Sales

Assets

Net Income

2011 Annual  

17,495,727

26,126,980

206,769

2012 Annual  

26,580,890

24,695,433

155,489

2013 Annual  

34,637,039

31,688,408

908,902

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

298,758,000,000

251,186,000,000

391,386,000,000

Non Current Assets(*)

245,467,000,000

263,088,000,000

276,862,000,000

Non Current Liabilities(*)

109,000,000,000

95,700,000,000

71,850,000,000

Other long term assets 

Total Assets(*)

544,225,000,000

514,274,000,000

668,248,000,000

Current Liabilities(*)

280,645,000,000

266,295,000,000

388,947,000,000

Long term liabilities 

Shareholders Funds(*)

154,580,000,000

152,279,000,000

207,451,000,000

 

Current assets & short term investments

298,758,000,000

251,186,000,000

391,386,000,000

Cash & cash equivalents

21,695,000,000

25,954,000,000

59,273,000,000

Cash

21,695,000,000

25,954,000,000

59,273,000,000

Short term investments

40,000,000,000

1,500,000,000

2,000,000,000

Short term securities investments

40,000,000,000

1,500,000,000

2,000,000,000

Accounts receivable

78,758,000,000

62,160,000,000

88,956,000,000

Accounts receivable trade

47,566,000,000

61,661,000,000

87,275,000,000

Trade prepayment

30,940,000,000

426,000,000

531,000,000

Others receivables

252,000,000

73,000,000

1,150,000,000

i. Inventories

152,076,000,000

154,378,000,000

229,681,000,000

ii. Inventories

152,076,000,000

154,378,000,000

229,681,000,000

Other short term asset

1,410,000,000

15,000,000

0

Prepaid expenses

298,000,000

59,000,000

1,414,000,000

VAT deductible

4,515,000,000

7,120,000,000

9,991,000,000

Other tax receivables

6,000,000

0

71,000,000

Long term assets

245,467,000,000

263,088,000,000

276,862,000,000

Fixed assets

232,882,000,000

251,804,000,000

262,544,000,000

Tangible fixed assets

73,954,000,000

72,409,000,000

66,190,000,000

i. Cost

83,545,000,000

89,063,000,000

88,421,000,000

i. Accumulated depreciation

9,591,000,000

16,654,000,000

22,231,000,000

Intangible fixed assets

0

73,000,000

31,000,000

ii. Cost

0

125,000,000

125,000,000

ii. Accumulated depreciation

0

52,000,000

94,000,000

Construction in progress

158,928,000,000

179,322,000,000

196,323,000,000

Other long term assets

12,585,000,000

11,284,000,000

14,318,000,000

Long term prepayments

12,585,000,000

11,284,000,000

14,318,000,000

Total assets

544,225,000,000

514,274,000,000

668,248,000,000

Liabilities

389,645,000,000

361,995,000,000

460,797,000,000

Current liabilities

280,645,000,000

266,295,000,000

388,947,000,000

Short term borrowings

220,533,000,000

183,199,000,000

257,978,000,000

Accounts payables-trade

51,586,000,000

77,764,000,000

119,032,000,000

Advances from customers

5,954,000,000

4,223,000,000

10,062,000,000

Taxes and payable to state budget

0

61,000,000

569,000,000

Payable to employees

2,717,000,000

90,000,000

1,000,000

Accrued expenses payable

(1,196,000,000)

119,000,000

39,000,000

Other payables

1,051,000,000

839,000,000

150,000,000

Bonus and welfare funds

0

0

1,116,000,000

Long term liabilities

109,000,000,000

95,700,000,000

71,850,000,000

Long term borrowings

109,000,000,000

95,700,000,000

71,850,000,000

i. Owner's equity

154,580,000,000

152,279,000,000

207,451,000,000

ii. Owner's equity

154,580,000,000

152,279,000,000

207,451,000,000

Business capital

150,000,000,000

150,000,000,000

189,000,000,000

Foreign exchange differences

0

(52,000,000)

569,000,000

Retained earnings

4,580,000,000

2,331,000,000

17,882,000,000

Total resources

544,225,000,000

514,274,000,000

668,248,000,000

Note: (*)

Financial Highlights

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

364,436,000,000

553,538,000,000

730,429,000,000

Profit (Loss) Before Tax(*)

4,307,000,000

3,328,000,000

19,167,000,000

Profit After Tax attributable to Shareholders(*)

4,307,000,000

3,238,000,000

19,167,000,000

 

Gross sales

364,436,000,000

553,538,000,000

730,429,000,000

Less deductions

1,565,000,000

3,087,000,000

5,100,000,000

Net income

362,871,000,000

550,451,000,000

725,329,000,000

Cost of goods sold

322,207,000,000

488,007,000,000

631,937,000,000

Gross margin

40,664,000,000

62,444,000,000

93,392,000,000

Income from financial activities

3,387,000,000

1,885,000,000

3,344,000,000

Expenses from financial activities

13,968,000,000

12,722,000,000

13,335,000,000

In which: Interest expenses

0

12,270,000,000

12,104,000,000

Selling expenses

21,286,000,000

42,564,000,000

57,725,000,000

General & administration expenses

4,320,000,000

5,796,000,000

6,588,000,000

Net income from operating activities

4,477,000,000

3,247,000,000

19,088,000,000

Extraordinary income

464,000,000

81,000,000

2,898,000,000

Extraordinary expenses

634,000,000

0

2,819,000,000

Extraordinary gains

(170,000,000)

81,000,000

79,000,000

Net profit before tax

4,307,000,000

3,328,000,000

19,167,000,000

Income tax

0

90,000,000

0

Income tax delay

0

0

0

Net profit after tax

4,307,000,000

3,238,000,000

19,167,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

51.89

31.96

Profitability 

Profit Margin (%)

1.18

0.58

2.62

Return on Equity (%)

2.79

2.13

9.24

Return on Assets (%)

0.79

0.63

2.87

Leverage 

Current Debt Equity (Times)

1.82

1.75

1.87

Long Term Debt to Equity

0.71

0.63

0.35

Total Asset To Total Equity

3.52

3.38

3.22

Asset Management 

Total Assets Turnover (Times)

0.67

1.08

1.09

Fixed Assets Turnover (Times)

1.48

2.10

2.64

Liquidity 

Current Ratio

1.06

0.94

1.01

 

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 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

 

Key Facts

Registered Legal Address

:

Lot B3, St 2 My Hiep Industrial Group, Cao Lanh, Dong Thap

Operational Address

:

Lot B3, St 2 My Hiep Industrial Group, Cao Lanh, Dong Thap

Issuing Authority

:

Dept. of Planning & Investment - Dong Thap

License Number

:

1400633707

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

:

6 Feb, 2009

Employees

:

1,100

 

 

Report Details

Country

:

Vietnam

Business Entity Name

:

FATIFISH CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Seafood & Fishing Industry

Office Contact Details

Operating Address

:

Lot B3, St 2 My Hiep Industrial Group, Cao Lanh, Dong Thap

Tel

:

[+84] 67-3883555

 

:

[+84] 67-3883666

Fax

:

[+84] 67-3883789

Email

:

info@fatifish.com.vn

Website Details

Website

:

http://www.fatifish.com.vn

Status

:

Normal - operational

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

:

1400633707

Date of Issuance

:

3 Jan, 2008

 

 Primary Products

 

Products / Materials / Services Description

Activity

Fillets

Manufacturing, Exporting

Fresh seafoods

Manufacturing, Exporting

Processed seafoods

Manufacturing, Exporting

Seafood

Manufacturing, Exporting

Whole fish

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fish & Seafoods

5146

Manufacturing, Exporting

Fresh/Frozen Fish/Seafoods, NEC

2092

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fish & crustaceans

0300

Manufacturing, Exporting

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

0304

Manufacturing, Exporting

Food preparations

2106

Manufacturing, Exporting

 

 

 

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of FATIFISH CO LTD is Manufacturing - Finished products.

Key products include:

Fillets

Fresh seafoods

Processed seafoods

Seafood

Whole fish


An integral part of the core business includes:

Distribution

Supplementary Business

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

Exporting

Exporting - Finished products

 

BANK DETAILS

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM, DONG THAP

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

MILITARY COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0387295

Branch

:

Dong Da,Hanoi

Branch Address

:

21 Cat Linh Cat Linh Ward Dong Da Hanoi (Head Office)

SWIFT Code

:

MSCBVNVX

 

Bank Name

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408823

Branch

:

District 1,Ho Chi Minh

Branch Address

:

8Fl Vincom Center Bldg 72 Le Thanh Ton St Ben Nghe Ward District 1 Ho Chi Minh (Head Office)

SWIFT Code

:

EBVIVNVX

 

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

P1243404

SWIFT Code

:

This bank does not have a SWIFT Code

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Africa

Medium

Exporting

Asia / Pacific

Medium

Exporting

Europe

Medium

Exporting

 

OFFICE & FACILITIES

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

 

Name

:

FATIFISH CO LTD - CAO LANH, DONG THAP

Primary Use

:

Office & Administration facilities

Address

:

Lot B3, St 2 My Hiep Industrial Group, Cao Lanh, Dong Thap

Country

:

Vietnam

Status

:

Operational

 

 

 

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

2 Jan, 2008

5102000447

 

 

NOTES & COMMENTS

 

N/A

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.41

UK Pound

1

Rs.99.30

Euro

1

Rs.79.00

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIT

 

               

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.