MIRA INFORM REPORT

 

 

Report Date :

03.07.2014

 

IDENTIFICATION DETAILS

 

Name :

SOC TRANG SEAFOOD JSC

 

 

Registered Office :

220 National Rd 1A Ward 7, Soc Trang, Soc Trang

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2012

 

 

Date of Incorporation :

05.05.2011

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer & Exporter of Food Products including Canned fish, Cured fish  Processed seafoods, Shrimps, breaded  & Sushi

 

 

No. of Employees

2,800

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Vietnam

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 policy away 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

:

SOC TRANG SEAFOOD JSC

Address

:

220 National Rd 1A Ward 7, Soc Trang, Soc Trang

Country

:

Vietnam

Phone (S)

:

[+84] 79-3822367

Facsimile

:

[+84] 79-3823620

Email

:

stapimex@hcm.vnn.vn

Website

:

http://www.stapimex.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Food Products

 

Key Facts

Registered Legal Address

:

220 National Rd 1A Ward 7, Soc Trang, Soc Trang

Operational Address

:

220 National Rd 1A Ward 7, Soc Trang, Soc Trang

Trading Name

:

STAPIMEX

Name History

:

Business Entity Name

Effective Date

CONG TY THUY SAN XUAT NHAP KHAU TONG HOP SOC TRANG

17 Nov, 1996

CONG TY CO PHAN THUY SAN SOC TRANG

8 May, 2006

Issuing Authority

:

Dept. of Planning & Investment - Soc Trang

License Number

:

2200108445

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

:

5 May, 2011

Employees

:

2,800

Capital

:

US$ 3,675,060

 

Report Details

 

Country

:

Vietnam

Business Entity Name

:

SOC TRANG SEAFOOD JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

220 National Rd 1A Ward 7, Soc Trang, Soc Trang

Tel

:

[+84] 79-3822367

 

:

[+84] 79-3822164

Fax

:

[+84] 79-3823620

 

:

[+84] 79-3821801

Email

:

stapimex@hcm.vnn.vn

Website Details

Website

:

http://www.stapimex.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. Ha Huu Tri

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Au Chau Phuong

Vietnamese

Chief Accountant

-

2

Mr. Ha Huu Tri

Vietnamese

Deputy Managing Director

-

3

Mr. Nguyen Van Mang

Vietnamese

Deputy Managing Director

-

4

Mr. Tran Van Pham

Vietnamese

Managing Director

-

5

Mr. Ta Van Vung

Vietnamese

Deputy Managing Director

-

Management Details - 1

Personal Unique Identifier

:

MI03048308

Name

:

Ms. Au Chau Phuong

 

Management Details - 2

Personal Unique Identifier

:

MI03048284

Name

:

Mr. Ha Huu Tri

 

Date of Birth

:

1959

Management Details - 3

Personal Unique Identifier

:

MI03048301

Name

:

Mr. Nguyen Van Mang

 

Date of Birth

:

1967

Management Details - 4

Personal Unique Identifier

:

MI03048278

Name

:

Mr. Tran Van Pham

 

Date of Birth

:

1967

Country

University / College name

Qualification

Major

Vietnam

N/a

Master's Degree

N/a

Management Details - 5

Personal Unique Identifier

:

MI03618142

Name

:

Mr. Ta Van Vung

 

Date of Birth

:

1971

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03048284

Name

:

Mr. Ha Huu Tri

Date of Birth

:

1959

Nationality

:

Vietnamese

 

2

 

 

Personal Unique Identifier

:

MI03048301

Name

:

Mr. Nguyen Van Mang

Date of Birth

:

1967

Nationality

:

Vietnamese

3

 

 

Personal Unique Identifier

:

MI03048278

Name

:

Mr. Tran Van Pham

Date of Birth

:

1967

Nationality

:

Vietnamese

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the SOC TRANG SEAFOOD 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

:

77,500,000,000

 

SHAREHOLDERS

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

UNDISCLOSED SHAREHOLDERS

n/a

n/a

n/a

58.23

2

STATE CAPITAL INVESTMENT CORP

Vietnam

n/a

n/a

34.77

3

VIETNAM PUBLIC COMMERCIAL JOINT STOCK BANK

Vietnam

n/a

n/a

7.00

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

 

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

Year

Imports

Exports

Total

2010

n/a

80,930,272

80,930,272

2011

n/a

80,212,693

80,212,693

2012

n/a

85,854,213

85,854,213

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

International Sales (Export)

80%

Domestic Sales

20%

Annual Purchases Analysis

Percentage

Local Purchases

30%

Imports

70%

 

PAYMENT TERMS

Selling

Type

Terms

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

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

SOC TRANG SEAFOOD JSC - SOC TRANG, SOC TRANG

Branch Address

:

101 Nguyen Chi Thanh St Ward 6, Soc Trang, Soc Trang

Branch

:

SOC TRANG SEAFOOD JSC - MY TU DIST, SOC TRANG

Branch Address

:

An Hiep Industrial Zone, My Tu Dist, Soc Trang

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual

80,930,272

28,737,301

1,268,138

2011 Annual

100,265,867

32,475,660

1,197,984

2012 Annual (*)

107,317,767

34,273,981

717,371

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

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

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

 

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

386,566,000,000

516,255,000,000

553,293,000,000

Non Current Assets

173,524,000,000

160,213,000,000

160,451,000,000

Non Current Liabilities

14,332,000,000

711,000,000

-

Share Capital

77,500,000,000

77,500,000,000

77,500,000,000

Other long term assets 

Total Assets

560,090,000,000

676,468,000,000

713,744,000,000

Total Liabilities

329,973,000,000

438,747,000,000

483,507,000,000

Current Liabilities

315,641,000,000

438,036,000,000

483,507,000,000

Long term liabilities 

Shareholders Funds

230,117,000,000

237,721,000,000

230,237,000,000

Current assets & short term investments

-

516,255,000,000

553,293,000,000

Cash & cash equivalents

-

7,635,000,000

7,124,000,000

Cash

-

7,635,000,000

7,124,000,000

Short term investments

-

789,000,000

-

Short term securities investments

-

789,000,000

-

Accounts receivable

-

135,126,000,000

183,179,000,000

Accounts receivable trade

-

126,894,000,000

169,949,000,000

Trade prepayment

-

23,795,000,000

24,671,000,000

Others receivables

-

909,000,000

2,640,000,000

Provision for bad debts

-

(16,472,000,000)

(14,081,000,000)

i. Inventories

-

368,948,000,000

349,343,000,000

ii. Inventories

-

368,948,000,000

349,343,000,000

i. Other short term asset

-

3,757,000,000

13,647,000,000

VAT deductible

-

3,440,000,000

4,938,000,000

ii. Other short term asset

-

317,000,000

8,709,000,000

Long term assets

-

160,213,000,000

160,451,000,000

Fixed assets

-

153,561,000,000

154,069,000,000

Tangible fixed assets

-

125,794,000,000

126,073,000,000

i. Cost

-

273,316,000,000

293,953,000,000

i. Accumulated depreciation

-

147,522,000,000

167,880,000,000

Intangible fixed assets

-

15,019,000,000

14,998,000,000

ii. Cost

-

15,095,000,000

15,095,000,000

ii. Accumulated depreciation

-

76,000,000

97,000,000

Construction in progress

-

12,748,000,000

12,998,000,000

Long term investments

-

5,000,000,000

5,000,000,000

Other long term investments

-

5,000,000,000

5,000,000,000

Other long term assets

-

1,652,000,000

1,382,000,000

Long term prepayments

-

1,652,000,000

1,382,000,000

Total assets

-

676,468,000,000

713,744,000,000

Liabilities

-

438,747,000,000

483,507,000,000

Current liabilities

-

438,036,000,000

483,507,000,000

Short term borrowings

-

397,199,000,000

443,595,000,000

Accounts payables-trade

-

16,988,000,000

20,297,000,000

Advances from customers

-

1,205,000,000

206,000,000

Taxes and payable to state budget

-

50,000,000

1,250,000,000

Payable to employees

-

19,337,000,000

5,372,000,000

Accrued expenses payable

-

480,000,000

1,915,000,000

Other payables

-

2,777,000,000

5,867,000,000

i. Bonus and welfare funds

-

-

5,005,000,000

Long term liabilities

-

711,000,000

-

Provision funds for unemployment

-

711,000,000

-

i. Owners equity

-

237,721,000,000

230,237,000,000

ii. Owners equity

-

234,790,000,000

230,237,000,000

Business capital

-

77,500,000,000

77,500,000,000

Share capitals surplus

-

107,650,000,000

107,650,000,000

Shares

-

(2,695,000,000)

(2,695,000,000)

Foreign exchange differences

-

(708,000,000)

-

Business development funds

-

16,859,000,000

19,354,000,000

Financial reserved funds

-

11,232,000,000

12,479,000,000

Retained earnings

-

24,952,000,000

15,949,000,000

Budget sources

-

2,931,000,000

-

ii. Bonus and welfare funds

-

2,931,000,000

-

Total resources

-

676,468,000,000

713,744,000,000

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

1,577,331,000,000

2,088,538,000,000

2,234,856,000,000

Profit (Loss) Before Tax

25,832,000,000

25,577,000,000

15,489,000,000

Profit After Tax attributable to Shareholders

24,716,000,000

24,954,000,000

14,939,000,000

Gross sales

-

2,088,538,000,000

2,234,856,000,000

Less deductions

-

35,144,000,000

39,610,000,000

Net income

-

2,053,394,000,000

2,195,246,000,000

Cost of goods sold

-

1,949,020,000,000

2,070,114,000,000

Gross margin

-

104,374,000,000

125,132,000,000

Income from financial activities

-

56,944,000,000

18,152,000,000

Expenses from financial activities

-

47,205,000,000

29,485,000,000

In which: Interest expenses

-

41,177,000,000

24,686,000,000

Selling expenses

-

74,306,000,000

84,015,000,000

General & administration expenses

-

14,312,000,000

14,935,000,000

Net income from operating activities

-

25,495,000,000

14,849,000,000

Extraordinary income

-

280,000,000

917,000,000

Extraordinary expenses

-

198,000,000

277,000,000

Extraordinary gains

-

82,000,000

640,000,000

Net profit before tax

-

25,577,000,000

15,489,000,000

Income tax

-

623,000,000

550,000,000

Net profit after tax

-

24,954,000,000

14,939,000,000

 

Financial Ratios

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

32.41

7.01

Profitability 

Profit Margin (%)

1.57

1.19

0.67

Return on Equity (%)

10.74

10.50

6.49

Return on Assets (%)

4.41

3.69

2.09

Leverage 

Total Debt Equity (Times)

1.43

1.85

2.10

Current Debt Equity (Times)

1.37

1.84

2.10

Long Term Debt to Equity

0.06

0.00

-

Total Asset To Total Equity

2.43

2.85

3.10

Asset Management 

Total Assets Turnover (Times)

2.82

3.09

3.13

Fixed Assets Turnover (Times)

9.09

13.04

13.93

Liquidity 

Current Ratio

1.22

1.18

1.14

 

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.

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Canned fish

Manufacturing, Exporting

Cured fish

Manufacturing, Exporting

Processed seafood’s

Manufacturing, Exporting

Shrimps, breaded

Manufacturing, Exporting

Sushi

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Business Svcs, NEC

7389

Service

Canned and cured fish and seafood

2091

Manufacturing, Exporting

Fish & Seafood

5146

Trading

Food and Kindred Products

2000

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 & crustaceans

0300

Trading

Food preparations

2106

Manufacturing, Exporting

Shrimps and prawns, breaded, frozen

1605201020

Manufacturing, Exporting

Shrimps and prawns, prepared nesoi, frozen

1605201030

Manufacturing, Exporting

Shrimps and prawns, prepared or preserved

1605201050

Manufacturing, Exporting

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Seafood processing

Secondary

Service

Shrimp

Secondary

Trading

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of SOC TRANG SEAFOOD JSC is Manufacturing - Finished products.

Key products include:

Canned fish

Cured fish

Processed seafoods

Shrimps, breaded

Sushi


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, SOC TRANG SEAFOOD JSC also is engaged in the following areas of business:

Exporting

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

Exporting - Finished products

Importing

Importing - Raw materials

Trading

Trading - General products

 

BANK DETAILS

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

31-33 Ngo Quyen Hanoi (Head Office)

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 - SOC TRANG, SOC TRANG

SWIFT Code

:

ICBVVNVX

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Exporting

North America

Medium

Exporting

Canada

Medium

Exporting

Japan

Medium

Exporting

USA

Medium

Exporting

 

OFFICE & FACILITIES

Name

:

SOC TRANG SEAFOOD JSC - SOC TRANG, SOC TRANG

Address

:

220 National Rd 1A Ward 7, Soc Trang, Soc Trang

Country

:

Vietnam

Status

:

Operational

 

COMPANY HISTORY

Date

Details

2006 - May

Changed its legal form category from Government-owned Enterprise to Joint Stock Company.

 

QUALITY ACCREDITATION

Quality Accreditation Listings

#

Name

Accreditation Category

1

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

9001:2000

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

17 Nov, 1996

100675

8 May, 2006

5903000041

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.97

UK Pound

1

Rs.102.90

Euro

1

Rs.82.02

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

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.