MIRA INFORM REPORT

 

 

Report Date :

07.02.2014

 

IDENTIFICATION DETAILS

 

Name :

QUANG MINH CORP JSC

 

 

Registered Office :

278 Thuy Khue, Tay Ho, Hanoi

 

 

Country :

Vietnam

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

10.03.2011

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of Agricultural Products

 

 

No. of Employees :

500

 

 

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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 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

:

QUANG MINH CORP JSC

Address

:

278 Thuy Khue, Tay Ho, Hanoi

Country

:

Vietnam

Phone (S)

:

[+84] 4-36225123

Facsimile

:

[+84] 4-36241559

Email

:

office@quangminh.com.vn

Website

:

http://www.qmcgroup.vn

Primary Business Activity

:

Trader

Key Industry

:

Agricultural Products

 

Key Facts

 

Registered Legal Address

:

278 Thuy Khue, Tay Ho, Hanoi

Operational Address

:

278 Thuy Khue, Tay Ho, Hanoi

Name History

:

Business Entity Name

Effective Date

QUANG MINH TECHNOLOGYCAL DEVELOPMENT AND INVESTMENT CO LTD

21 Jan, 2002

QUANG MINH CORP JSC

19 May, 2010

Issuing Authority

:

Dept. of Planning & Investment - Hanoi

License Number

:

0101205275

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

:

10 Mar, 2011

Employees

:

500

Capital

:

US$ 47,432,460

 

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

QUANG MINH CORP JSC

Primary Business Activity

:

Trader

Primary Industry

:

Agricultural Products

Office Contact Details

Operating Address

:

278 Thuy Khue, Tay Ho, Hanoi

Tel

:

[+84] 4-36225123

 

:

[+84] 4-39727222

Fax

:

[+84] 4-36241559

Email

:

office@quangminh.com.vn
info@qmcgroup.vn

Website Details

Website

:

http://www.qmcgroup.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 Thanh Quang

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Van Quang

Vietnamese

Deputy Managing Director

-

2

Mr. Tran Thanh Quang

Vietnamese

Managing Director

-

3

Mr. Tran Van Toan

Vietnamese

Deputy Managing Director

-

4

Ms. Luu Thi Hong Yen

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03188398

Name

:

Mr. Nguyen Van Quang

 

Date of Birth

:

1982

 

 

Management Details - 2

Personal Unique Identifier

:

MI02938817

Name

:

Mr. Tran Thanh Quang

 

Date of Birth

:

1973

 

 

Management Details - 3

Personal Unique Identifier

:

MI02938853

Name

:

Mr. Tran Van Toan

 

Date of Birth

:

1978

 

 

Management Details - 4

Personal Unique Identifier

:

MI02938854

Name

:

Ms. Luu Thi Hong Yen

 

Date of Birth

:

1977

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI02938817

Name

:

Mr. Tran Thanh Quang

Date of Birth

:

1973

Nationality

:

Vietnamese

 

2

 

 

Personal Unique Identifier

:

MI02938853

Name

:

Mr. Tran Van Toan

Date of Birth

:

1978

Nationality

:

Vietnamese

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the QUANG MINH CORP 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

 

 

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

:

989,000,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

3

Total number of shares

:

n/a

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Tran Thanh Quang

Vietnam

n/a

n/a

75.00

2

Mr. Tran Thanh Vinh

Vietnam

n/a

n/a

12.50

3

Mr. Tran Van Toan

Vietnam

n/a

n/a

12.50

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

 

 

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

Import

Letter of Credit (At-sight)

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

 

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

 

The following provides a summary of the number of businesses that are related to QUANG MINH CORP JSC:

 

TYPE

DOMESTIC

TOTAL

Subsidiaries

3

Joint-Ventures

-

Minority shareholdings

-

Affiliates

-

 

 

Domestic

 

 

 

Business Entity Name

:

PHUC AN ONE MEMBER CO LTD

Global Identifier

:

P2963983

Country

:

Vietnam

Relationship

:

Subsidiary

 

 

 

 

 

Business Entity Name

:

QUANG MINH NUTRITION CORP

Global Identifier

:

P2402280

Country

:

Vietnam

Relationship

:

Subsidiary

 

 

 

 

 

Business Entity Name

:

QUANG MINH VEGETABLE OIL JSC

Global Identifier

:

P2080883

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

Luong Bang Industrial Zone Luong Hoi Hamlet Kim Dong Town, Hung Yen

Primary Business Activity

:

Manufacturer

Industry

:

Agricultural Products

 

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual  

130,439,354

66,800,513

5,755,208

2011 Annual  

265,126,452

153,782,285

9,791,263

2012 Annual (*)

335,714,773

133,517,570

3,974,279

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

 

Note: (*)

Financials listed are the most recent available for this company.

 

 

FINANCIAL STATEMENT - DETAILED

 

 

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Current Assets

1,021,380,000,000

2,323,743,000,000

2,126,130,000,000

Non Current Assets

280,562,000,000

879,542,000,000

654,328,000,000

Non Current Liabilities

9,740,000,000

33,416,000,000

21,620,000,000

Share Capital

368,000,000,000

989,000,000,000

989,000,000,000

Other long term assets 

Total Assets

1,301,942,000,000

3,203,285,000,000

2,780,458,000,000

Total Liabilities

760,123,000,000

2,010,333,000,000

1,520,478,000,000

Current Liabilities

750,383,000,000

1,976,917,000,000

1,498,858,000,000

Long term liabilities 

Shareholders Funds

541,819,000,000

1,192,952,000,000

1,259,980,000,000

 

Assets 

Current assets & short term investments

1,021,380,000,000

2,323,743,000,000

2,126,130,000,000

Cash & cash equivalents

7,556,000,000

33,882,000,000

10,903,000,000

Cash

7,556,000,000

33,882,000,000

10,903,000,000

Short term investments

-

137,000,000,000

346,013,000,000

Short term securities investments

-

137,000,000,000

346,013,000,000

Accounts receivable

444,432,000,000

673,873,000,000

706,255,000,000

Accounts receivable trade

364,978,000,000

536,314,000,000

258,119,000,000

Trade prepayment

66,454,000,000

137,559,000,000

160,007,000,000

Inter company receivables

-

-

285,206,000,000

Others receivables

13,000,000,000

-

2,923,000,000

Inventories

569,392,000,000

1,341,656,000,000

811,385,000,000

Other short term asset

-

137,332,000,000

251,574,000,000

Long term assets

280,562,000,000

879,542,000,000

654,328,000,000

Accounts of long term receivable

-

197,206,000,000

-

Inter - company capital

-

197,206,000,000

-

Fixed assets

116,962,000,000

196,484,000,000

228,476,000,000

Tangible fixed assets

103,467,000,000

105,582,000,000

97,706,000,000

i. Cost

-

142,151,000,000

144,114,000,000

i. Accumulated depreciation

-

36,569,000,000

46,408,000,000

Intangible fixed assets

-

-

1,157,000,000

ii. Cost

-

-

1,463,000,000

ii. Accumulated depreciation

-

-

306,000,000

Construction in progress

13,495,000,000

90,902,000,000

129,613,000,000

Long term investments

163,600,000,000

485,852,000,000

425,852,000,000

Invest to subsidiary company

-

485,852,000,000

425,852,000,000

Other long term investments

163,600,000,000

-

-

Total assets

1,301,942,000,000

3,203,285,000,000

2,780,458,000,000

Liabilities 

Current liabilities

750,383,000,000

1,976,917,000,000

1,498,858,000,000

Short term borrowings

732,687,000,000

934,784,000,000

245,826,000,000

Accounts payables-trade

14,663,000,000

1,007,787,000,000

1,176,051,000,000

Advances from customers

927,000,000

5,019,000,000

19,352,000,000

Taxes and payable to state budget

2,106,000,000

29,327,000,000

57,240,000,000

Other payables

-

-

389,000,000

Long term liabilities

9,740,000,000

33,416,000,000

21,620,000,000

Long term borrowings

9,740,000,000

33,416,000,000

21,620,000,000

Owner's equity

541,819,000,000

1,192,952,000,000

1,259,980,000,000

Business capital

368,000,000,000

989,000,000,000

989,000,000,000

Other owners equity

61,651,000,000

-

-

Retained earnings

112,168,000,000

203,952,000,000

270,980,000,000

Total resources

1,301,942,000,000

3,203,285,000,000

2,780,458,000,000

 

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

2,542,263,000,000

5,522,584,000,000

6,991,146,000,000

Profit (Loss) Before Tax

149,558,000,000

271,936,000,000

110,350,000,000

Profit After Tax attributable to Shareholders

112,169,000,000

203,952,000,000

82,763,000,000

 

Gross sales

2,542,263,000,000

5,522,584,000,000

6,991,146,000,000

Less deductions

-

-

115,000,000

Net income

2,542,263,000,000

5,522,584,000,000

6,991,031,000,000

Cost of goods sold

2,252,215,000,000

4,934,453,000,000

6,533,492,000,000

Gross margin

290,048,000,000

588,131,000,000

457,539,000,000

Income from financial activities

3,455,000,000

10,826,000,000

35,067,000,000

Expenses from financial activities

69,834,000,000

156,462,000,000

106,230,000,000

In which: Interest expenses

52,412,000,000

135,633,000,000

76,240,000,000

Selling expenses

-

49,261,000,000

171,698,000,000

General & administration expenses

81,222,000,000

129,447,000,000

100,554,000,000

Net income from operating activities

142,447,000,000

263,787,000,000

114,124,000,000

Extraordinary income

12,036,000,000

8,229,000,000

36,507,000,000

Extraordinary expenses

4,925,000,000

80,000,000

40,281,000,000

Extraordinary gains

7,111,000,000

8,149,000,000

(3,774,000,000)

Net profit before tax

149,558,000,000

271,936,000,000

110,350,000,000

Income tax

37,389,000,000

67,984,000,000

27,587,000,000

Net profit after tax

112,169,000,000

203,952,000,000

82,763,000,000

 

 

Financial Ratios

 

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

117.23

26.59

Profitability 

Profit Margin (%)

4.41

3.69

1.18

Return on Equity (%)                       

20.70

17.10

6.57

Return on Assets (%)

8.62

6.37

2.98

Leverage 

Total Debt Equity (Times)

1.40

1.69

1.21

Current Debt Equity (Times)

1.38

1.66

1.19

Long Term Debt to Equity

0.02

0.03

0.02

Total Asset To Total Equity

2.40

2.69

2.21

Asset Management 

Total Assets Turnover (Times)

1.95

1.72

2.51

Fixed Assets Turnover (Times)

9.06

6.28

10.68

Liquidity 

Current Ratio

1.36

1.18

1.42

 

 

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

 

Na

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Agricultural products

Trading

Animal feed

Trading

Cooking oil

Trading

 

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

Year

Imports

Exports

Total

2010

n/a

13,043,935

13,043,935

2011

n/a

26,512,645

26,512,645

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Agricultural Production-Crops

0100

Trading

Prepared feeds, nspf

2048

Trading

Shortening, table oils, margarine and other edible fats and oils, nspf

2079

Trading

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Animal or vegetable fats, oils & waxes

1500

Trading

Preparations of a kind used in animal feeding

2309909500

Trading

Preparations used in animal feeding

2309

Trading

Products chiefly used as food for animals or as ingredients in such food

0511993000

Trading

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of QUANG MINH CORP JSC is Trading - Finished products.

Key products include :

Cooking oil

Agricultural products

Animal feed

 

 

 

Supplementary Business

 

In addition to the core business, QUANG MINH CORP JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

 

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

80%

International Sales (Export)

20%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

10%

Imports

90%

 

 

 

 

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 - HANOI, HOAN KIEM DIST

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT

Global Identifier

:

32408794

Branch

:

Tu Liem,Hanoi

Branch Address

:

HA NAM

SWIFT Code

:

VBAAVNVX

 

Bank Name

:

VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408999

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM TECHNOLOGICAL

SWIFT Code

:

VTCBVNVX

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

QUANG MINH CORP JSC - HO CHI MINH

Branch Address

:

Ho Chi Minh

Primary use of location

:

#1. Branch Office ONLY

 

Branch

:

QUANG MINH CORP JSC - QUANG NINH

Branch Address

:

Quang Ninh

Primary use of location

:

#1. Branch Office ONLY

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Middle-East

Medium

Exporting

North America

Medium

Importing

South America

Medium

Importing

Brazil

Medium

Importing

China

Medium

Importing

India

Medium

Importing

Korea, North (DPRK)

Medium

Exporting

USA

Medium

Importing

United Arab Emirates

Medium

Exporting

 

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

QUANG MINH CORP JSC - TAY HO, HANOI

Address

:

278 Thuy Khue, Tay Ho, Hanoi

Country

:

Vietnam

Status

:

Operational

 

 

 

 

COMPANY HISTORY

 

 

 

Date

Details

2002 - Jan

Incorporated as Limited Liability Company.

2010 - May

Changed its legal form to Joint Stock Company.

 

 

 

 

PREVIOUS CONTACT DETAILS

 

 

 

Company Address

:

499 Tran Khat Chan St, Hai Ba Trung Dist, Hanoi

Date of Relocation

:

2009

 

Company Address

:

5Fl, 434 Tran Khat Chan St, Hai Ba Trung Dist, Hanoi

Date of Relocation

:

2010

 

Company Address

:

Rm 1 & 2 Fl M Sofitel Plaza 1 Thanh Nien St Truc Bach Ward, Ba Dinh, Hanoi

Date of Relocation

:

Jan, 2013

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date

License No.

21 Jan, 2002

0102004382

19 May, 2010

0103046532

 

 

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.50

UK Pound

1

Rs.101.92

Euro

1

Rs.84.50

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.