MIRA INFORM REPORT

 

 

Report Date :

26.12.2014

 

IDENTIFICATION DETAILS

 

Name :

VAN Y CORP

 

 

Registered Office :

Lot C Binh Thanh Industrial Park National Rd 30, Thanh Binh, Dong Thap

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2013

 

 

Date of Incorporation :

18.05.2009

 

 

Legal Form :

Corporation

 

 

Line of Business :

Manufacturer of Seafood & Fishing Industry

 

 

No. of Employees :

1,600

 

 

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

 

Organization Name

:

VAN Y CORP

Address

:

Lot C Binh Thanh Industrial Park National Rd 30, Thanh Binh, Dong Thap

Country

:

Vietnam

Phone (S)

:

[+84] 67-3541717

Facsimile

:

[+84] 67-3541992

Primary Business Activity

:

Manufacturer

Key Industry

:

Seafood & Fishing Industry

 

Registered Legal Address

:

Lot C Binh Thanh Industrial Park National Rd 30, Thanh Binh, Dong Thap

Operational Address

:

Lot C Binh Thanh Industrial Park National Rd 30, Thanh Binh, Dong Thap

Issuing Authority

:

Department of Planning and Investment - National

License Number

:

1400914137

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

:

18 May, 2009

Employees

:

1,600

Capital

:

US$ 8,465,919

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. Tran Van Hung

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Nguyen Thuy An

Vietnamese

Chief Accountant

-

2

Ms. Nguyen Thi Y.

Vietnamese

Managing Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI03808203

Name

:

Ms. Nguyen Thuy An

 

Date of Birth

:

1983

 

Management Details - 2

Personal Unique Identifier

:

MI03808195

Name

:

Ms. Nguyen Thi Y.

 

Date of Birth

:

1961

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03808202

Name

:

Mr. Tran Van Hung

Date of Birth

:

1955

 

2

 

 

Personal Unique Identifier

:

MI03808195

Name

:

Ms. Nguyen Thi Y.

Date of Birth

:

1961

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing VAN Y CORP'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

:

₫ 179,000,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

4

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

HUNG CA CO LTD

Vietnam

n/a

n/a

49.00

2

Mr. Tran Van Hung

Vietnam

n/a

n/a

19.00

3

HOAN CHAU INVESTMENT CO LTD

Vietnam

n/a

n/a

16.00

4

Ms. Nguyen Thi Y.

Vietnam

n/a

n/a

16.00

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%

 

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~90 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 30~90 days

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/A

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2012 Annual  

26,885,913

27,203,277

590,166

2013 Annual  

32,064,355

28,221,427

580,328

 

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

-

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

2012 Annual

2013 Annual

Current Assets(*)

326,339,000,000

369,586,000,000

Non Current Assets(*)

240,160,000,000

225,550,000,000

Non Current Liabilities(*)

74,341,000,000

60,178,000,000

Share Capital(*)

179,000,000,000

179,000,000,000

Other long term assets 

Total Assets(*)

566,499,000,000

595,136,000,000

Current Liabilities(*)

310,587,000,000

350,238,000,000

Long term liabilities 

Shareholders Funds(*)

384,928,000,000

410,416,000,000

 

Assets 

Current assets & short term investments

326,339,000,000

369,586,000,000

Cash & cash equivalents

2,704,000,000

12,496,000,000

Cash

2,704,000,000

12,496,000,000

Accounts receivable

106,512,000,000

118,493,000,000

Accounts receivable trade

51,855,000,000

72,524,000,000

Trade prepayment

25,421,000,000

16,996,000,000

Inter company receivables

2,800,000,000

27,820,000,000

Others receivables

26,436,000,000

1,153,000,000

Inventories

211,558,000,000

233,732,000,000

I. Other short term asset

5,565,000,000

4,865,000,000

VAT deductible

5,532,000,000

4,529,000,000

II. Other short term asset

33,000,000

336,000,000

Long term assets

240,160,000,000

225,550,000,000

Fixed assets

223,035,000,000

215,639,000,000

Tangible fixed assets

203,364,000,000

196,847,000,000

I. Cost

245,885,000,000

255,188,000,000

I. Accumulated depreciation

42,521,000,000

58,341,000,000

Intangible fixed assets

18,123,000,000

17,467,000,000

II. Cost

20,417,000,000

19,363,000,000

II. Accumulated depreciation

2,294,000,000

1,896,000,000

Construction in progress

1,548,000,000

1,325,000,000

Long term investments

-

1,000,000

Invest to subsidiary company

-

1,000,000

Other long term assets

17,125,000,000

9,910,000,000

Long term prepayments

17,125,000,000

9,886,000,000

Asset of income tax delay

-

24,000,000

Total assets

566,499,000,000

595,136,000,000

Liabilities

384,928,000,000

410,416,000,000

Current liabilities

310,587,000,000

350,238,000,000

Short term borrowings

266,086,000,000

312,335,000,000

Accounts payables-trade

28,369,000,000

14,280,000,000

Advances from customers

10,281,000,000

6,514,000,000

Taxes and payable to state budget

1,000,000

1,151,000,000

Payable to employees

5,331,000,000

9,103,000,000

Other payables

519,000,000

6,855,000,000

Long term liabilities

74,341,000,000

60,178,000,000

Long term borrowings

74,178,000,000

60,178,000,000

Provision funds for unemployment

163,000,000

-

Owners equity

181,571,000,000

184,720,000,000

Business capital

179,000,000,000

179,000,000,000

Foreign exchange differences

626,000,000

1,294,000,000

Retained earnings

1,945,000,000

4,426,000,000

Total resources

566,499,000,000

595,136,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

Turnover(*)

559,890,000,000

676,176,000,000

Profit (Loss) Before Tax(*)

12,290,000,000

12,238,000,000

Profit After Tax attributable to Shareholders(*)

12,290,000,000

12,238,000,000

 

Gross sales

559,890,000,000

676,176,000,000

Less deductions

14,518,000,000

45,000,000

Net income

545,372,000,000

676,131,000,000

Cost of goods sold

490,679,000,000

609,518,000,000

Gross margin

54,693,000,000

66,613,000,000

Income from financial activities

567,000,000

1,235,000,000

Expenses from financial activities

17,575,000,000

19,124,000,000

In which: Interest expenses

0

18,439,000,000

Selling expenses

16,964,000,000

34,155,000,000

General & administration expenses

6,073,000,000

6,418,000,000

Net income from operating activities

14,648,000,000

8,151,000,000

Extraordinary income

0

4,087,000,000

Extraordinary expenses

2,358,000,000

0

Extraordinary gains

(2,358,000,000)

4,087,000,000

Net profit before tax

12,290,000,000

12,238,000,000

Net profit after tax

12,290,000,000

12,238,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

20.77

Profitability 

Profit Margin (%)

2.20

1.81

Return on Equity (%)

3.19

2.98

Return on Assets (%)

2.17

2.06

Leverage 

Current Debt Equity (Times)

0.81

0.85

Long Term Debt to Equity

0.19

0.15

Total Asset To Total Equity

1.47

1.45

Asset Management 

Total Assets Turnover (Times)

0.99

1.14

Fixed Assets Turnover (Times)

2.33

3.00

Liquidity 

Current Ratio

1.05

1.06

 

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

:

VAN Y CORP

Primary Business Activity

:

Manufacturer

Primary Industry

:

Seafood & Fishing Industry

 

Office Contact Details

Operating Address

:

Lot C Binh Thanh Industrial Park National Rd 30, Thanh Binh, Dong Thap

Tel

:

[+84] 67-3541717

 

:

[+84] 67-3541899

 

:

[+84] 67-3541971

 

:

[+84] 67-3541739

Fax

:

[+84] 67-3541992

 

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

:

1400914137

 

 

Primary Products

 

Products / Materials / Services Description

Activity

Fish

Manufacturing, Exporting

Seafood

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2012

n/a

24,197,322

24,197,322

2013

n/a

28,857,919

28,857,919

 

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, fresh or chilled (no fillets or other meat)

0302

Manufacturing, Exporting

Fish, live

0301

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of VAN Y CORP is Manufacturing - Finished products.

Key products include :

Fish

Seafood


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, VAN Y CORP also is engaged in the following areas of business:

Exporting

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

 

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

:

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 - DONG THAP

SWIFT Code

:

ICBVVNVX

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Europe

Medium

Exporting

 

OFFICE & FACILITIES

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

Name

:

VAN Y CORP - THANH BINH, DONG THAP

Primary Use

:

Office & Administration facilities

Address

:

Lot C Binh Thanh Industrial Park National Rd 30, Thanh Binh, Dong Thap

Country

:

Vietnam

Status

:

Operational

 

 

NOTES & COMMENTS

 

N/A

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.45

UK Pound

1

Rs.98.88

Euro

1

Rs.77.62

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

 

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