MIRA INFORM REPORT

 

 

Report Date :

02.06.2014

 

IDENTIFICATION DETAILS

 

Name :

MINH PHU SEAFOOD CORP

 

 

Registered Office :

Industrial Zone Ward 8, Ca Mau, Ca Mau

 

 

Country :

Vietnam

 

 

Financials (as on) :

2013 (Quarterly)

 

 

Date of Incorporation :

23.06.2010

 

 

Legal Form :

Public Listed Company

 

 

Line of Business :

Manufacturer of Food Products

 

 

No. of Employees :

11,000

 

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 31st, 2014

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

:

MINH PHU SEAFOOD CORP

Address

:

Industrial Zone Ward 8, Ca Mau, Ca Mau

Country

:

Vietnam

Phone (S)

:

[+84] 780-3838262

Facsimile

:

[+84] 780-3833119

Email

:

minhphu@minhphu.com

Website

:

http://www.minhphu.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Food Products

 

Key Facts

 

Registered Legal Address

:

Industrial Zone Ward 8, Ca Mau, Ca Mau

Operational Address

:

Industrial Zone Ward 8, Ca Mau, Ca Mau

Issuing Authority

:

Dept. of Planning & Investment - Ca Mau

License Number

:

2000393273

License Status

:

License exists - Normal.

Legal Form - Category

:

Public Listed Company

Legal Form

:

Corporation

Legal Form - Abbreviation

:

CORP

Operational Status of Business

:

Normal

Date of Registration

:

23 Jun, 2010

Employees

:

11,000

Capital

:

US$ 33,194,092

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

MINH PHU SEAFOOD CORP

Primary Business Activity

:

Manufacturer

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

Industrial Zone Ward 8, Ca Mau, Ca Mau

Tel

:

[+84] 780-3838262

 

:

[+84] 780-3820044

Fax

:

[+84] 780-3833119

 

:

[+84] 780-3668795

Email

:

minhphu@minhphu.com

Website Details

Website

:

http://www.minhphu.com

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

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

:

2000393273

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Le Van Quang

Nationality

:

Vietnamese

 

 

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Chu Van An

Vietnamese

Deputy Managing Director

-

2

Mr. Le Ngoc Anh

Vietnamese

Deputy Managing Director

-

3

Mr. Nguyen Tan Anh

Vietnamese

Deputy Managing Director

-

4

Ms. Chu Thi Binh

Vietnamese

Deputy Managing Director

-

5

Mr. Le Van Diep

Vietnamese

Deputy Managing Director

-

6

Mr. Bui Anh Dung

Vietnamese

Deputy Managing Director

-

7

Mr. Phan Van Dung

Vietnamese

Non-Executive Director

-

8

Mr. Thai Hoang Hung

Vietnamese

Deputy Managing Director

-

9

Mrs. Mai Thi Hoang Minh

Vietnamese

Non-Executive Director

-

10

Mr. Le Van Quang

Vietnamese

Managing Director

-

11

Mr. Nguyen Xuan Toan

Vietnamese

Non-Executive Director

-

12

Mr. Luu Minh Trung

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03614809

Name

:

Mr. Chu Van An

 

Date of Birth

:

2 May, 1953

Date of appointment

:

12 May, 2006

 

 

Management Details - 2

Personal Unique Identifier

:

MI03614821

Name

:

Mr. Le Ngoc Anh

 

Date of Birth

:

20 Apr, 1973

 

 

Management Details - 3

Personal Unique Identifier

:

MI03614812

Name

:

Mr. Nguyen Tan Anh

 

Date of Birth

:

9 Jun, 1974

 

 

Management Details - 4

Personal Unique Identifier

:

MI03614806

Name

:

Ms. Chu Thi Binh

 

Date of Birth

:

1964

Date of appointment

:

12 May, 2006

 

 

Management Details - 5

Personal Unique Identifier

:

MI03614818

Name

:

Mr. Le Van Diep

 

Date of Birth

:

26 Dec, 1972

 

 

Management Details - 6

Personal Unique Identifier

:

MI03614819

Name

:

Mr. Bui Anh Dung

 

Date of Birth

:

1 Jan, 1975

 

 

Management Details - 7

Personal Unique Identifier

:

MI03616639

Name

:

Mr. Phan Van Dung

 

Date of Birth

:

26 Oct, 1960

 

 

Management Details - 8

Personal Unique Identifier

:

MI03614814

Name

:

Mr. Thai Hoang Hung

 

Date of Birth

:

1964

 

 

Management Details - 9

Personal Unique Identifier

:

MI03616644

Name

:

Mrs. Mai Thi Hoang Minh

 

Date of Birth

:

9 Sep, 1965

 

 

Management Details - 10

Personal Unique Identifier

:

MI03614695

Name

:

Mr. Le Van Quang

 

Date of Birth

:

28 Oct, 1958

Date of appointment

:

12 May, 2006

 

 

Management Details - 11

Personal Unique Identifier

:

MI03616643

Name

:

Mr. Nguyen Xuan Toan

 

 

 

Management Details - 12

Personal Unique Identifier

:

MI03614822

Name

:

Mr. Luu Minh Trung

 

Date of Birth

:

1972

 

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03614819

Name

:

Mr. Bui Anh Dung

Date of Birth

:

1 Jan, 1975

Nationality

:

Vietnamese

 

2

 

 

Personal Unique Identifier

:

MI03614809

Name

:

Mr. Chu Van An

Date of Birth

:

2 May, 1953

Nationality

:

Vietnamese

Date of Appointment

:

12 May, 2006

 

3

 

 

Personal Unique Identifier

:

MI03616266

Name

:

Mr. Jean-eric Jacquemin

Date of Birth

:

11 May, 1961

Nationality

:

French

Date of Appointment

:

10 Apr, 2010

 

4

 

 

Personal Unique Identifier

:

MI03614821

Name

:

Mr. Le Ngoc Anh

Date of Birth

:

20 Apr, 1973

Nationality

:

Vietnamese

 

5

 

 

Personal Unique Identifier

:

MI03614818

Name

:

Mr. Le Van Diep

Date of Birth

:

26 Dec, 1972

Nationality

:

Vietnamese

 

6

 

 

Personal Unique Identifier

:

MI03614695

Name

:

Mr. Le Van Quang

Date of Birth

:

28 Oct, 1958

Nationality

:

Vietnamese

Date of Appointment

:

12 May, 2006

 

7

 

 

Personal Unique Identifier

:

MI03614812

Name

:

Mr. Nguyen Tan Anh

Date of Birth

:

9 Jun, 1974

Nationality

:

Vietnamese

 

8

 

 

Personal Unique Identifier

:

MI03616643

Name

:

Mr. Nguyen Xuan Toan

Nationality

:

Vietnamese

 

9

 

 

Personal Unique Identifier

:

MI03616639

Name

:

Mr. Phan Van Dung

Date of Birth

:

26 Oct, 1960

Nationality

:

Vietnamese

 

10

 

 

Personal Unique Identifier

:

MI03614814

Name

:

Mr. Thai Hoang Hung

Date of Birth

:

1964

Nationality

:

Vietnamese

 

11

 

 

Personal Unique Identifier

:

MI03616644

Name

:

Mrs. Mai Thi Hoang Minh

Date of Birth

:

9 Sep, 1965

Nationality

:

Vietnamese

 

12

 

 

Personal Unique Identifier

:

MI03614806

Name

:

Ms. Chu Thi Binh

Date of Birth

:

1964

Nationality

:

Vietnamese

Date of Appointment

:

12 May, 2006

 

13

 

 

Personal Unique Identifier

:

MI03616264

Name

:

Ms. Dinh Anh Tuyet

Date of Birth

:

22 Sep, 1973

Nationality

:

Vietnamese

Date of Appointment

:

7 May, 2007

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the MINH PHU SEAFOOD CORP's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

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DEBT

 

No Record Found

 

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LITIGATION

 

No Record Found

 

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PERFORMANCE DEFAULTS

 

No Record Found

 

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ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

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SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Share Value

:

10,000

Authorized Capital

:

700,000,000,000

Paid-up Capital

:

700,000,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

Public shareholding traded via Stock Exchange

Total number of shares

:

70,000,000

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Ms. Chu Thi Binh

Vietnam

17,472,000

174,720,000,000

24.96

2

Mr. Le Van Quang

Vietnam

15,960,000

159,600,000,000

22.80

3

Public shareholding traded via Stock Exchange

Vietnam

10,171,000

101,710,000,000

14.53

4

Mr. Le Thi Diu Minh

Vietnam

6,601,000

66,010,000,000

9.43

5

RED RIVER HOLDING

Vietnam

6,335,000

63,350,000,000

9.05

6

VIETNAM INVESTMENT FUND

Vietnam

4,767,000

47,670,000,000

6.81

7

LONG PHUNG INVEST

Vietnam

4,088,000

40,880,000,000

5.84

8

VIETNAM INVESTMENT FUND II

Vietnam

3,500,000

35,000,000,000

5.00

9

Mr. Chu Van An

Vietnam

1,106,000

11,060,000,000

1.58

Total

70,000,000

700,000,000,000

100.00

 

 

PAYMENT INFORMATION

 

 

PAYMENT TERMS

 

Selling

 

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 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 - Secured with Post-dated checks 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 MINH PHU SEAFOOD CORP:

 

 

TYPE

DOMESTIC

INTERNATIONAL

TOTAL

Africa

Asia / Pacific

Europe

Middle-East

North America

South America

TOTAL

Subsidiaries

9

-

-

-

-

1

-

1

Joint-Ventures

-

-

-

-

-

-

-

-

Minority shareholdings

-

-

-

-

-

-

-

-

Affiliates

-

-

-

-

-

-

-

-

 

 

Domestic

 

 

 

Business Entity Name

:

MINH PHAT SEAFOOD PROCESSING CO LTD

Global Identifier

:

P2960518

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

Thanh Dien Village Ly Van Lam Commune, Ca Mau, Ca Mau

Primary Business Activity

:

Manufacturer

Industry

:

Seafood & Fishing Industry

 

 

 

 

 

Business Entity Name

:

MINH PHU - HAU GIANG SEAFOOD PROCESSING CO LTD

Global Identifier

:

P2901193

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

Song Hau Industrial Zone Lot 9 Rd 3A, Chau Thanh, Hau Giang

Primary Business Activity

:

Manufacturer

Industry

:

Seafood & Fishing Industry

 

 

 

 

 

Business Entity Name

:

MINH PHU - KIEN GIANG SEAFOOD CO LTD

Global Identifier

:

P2960519

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

Cang Hamlet Hoa Dien Commune Kien Luong District, Kien Giang

Primary Business Activity

:

Manufacturer

Industry

:

Seafood & Fishing Industry

 

 

 

 

 

Business Entity Name

:

MINH PHU - LOC AN AQUALCULTURE CO LTD

Global Identifier

:

P2960526

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

Loc An Commune Dat Do District, Ba Ria-Vung Tau

Primary Business Activity

:

Manufacturer

Industry

:

Seafood & Fishing Industry

 

 

 

 

 

Business Entity Name

:

MINH PHU AQUATIC LARVAE CO LTD

Global Identifier

:

P2960520

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

An Hai Commune, Ninh Phuoc Dist, Ninh Thuan

Primary Business Activity

:

Manufacturer

Industry

:

Seafood & Fishing Industry

 

 

 

 

 

Business Entity Name

:

MINH PHU BIO PRODUCTION CO LTD

Global Identifier

:

P2960522

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

Hamlet 1 Tri Phai Commune Thoi Binh District, Ca Mau

Primary Business Activity

:

Manufacturer

Industry

:

Chemicals

 

 

 

 

 

Business Entity Name

:

MINH PHU HOA DIEN AQUACULTURE ONE MEMBER CO

Global Identifier

:

P2962040

Country

:

Vietnam

Relationship

:

Subsidiary

Primary Business Activity

:

Manufacturer

Industry

:

Seafood & Fishing Industry

 

 

 

 

 

Business Entity Name

:

MINH PHU ORGANIC SHRIMP FARMING CO LTD

Global Identifier

:

P2960525

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

Ho Gui Hamlet Tam Giang Dong Commune Nam Can District, Ca Mau

Primary Business Activity

:

Manufacturer

Industry

:

Seafood & Fishing Industry

 

 

 

 

 

Business Entity Name

:

MINH QUI SEAFOOD PROCESSING CO LTD

Global Identifier

:

P2960517

Country

:

Vietnam

Relationship

:

Subsidiary

Operational Address

:

Industrial Zone Ward 8, Ca Mau, Ca Mau

Primary Business Activity

:

Manufacturer

Industry

:

Seafood & Fishing Industry

 

 

 

 

 

 

International

 

 

 

Business Entity Name

:

MSEAFOOD CORP

Global Identifier

:

P2961997

Country

:

USA

Relationship

:

Subsidiary

Operational Address

:

California

Primary Business Activity

:

Trader

Industry

:

Seafood & Fishing Industry

 

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

340,070,121

303,670,956

13,619,676

2012 Annual  

382,511,259

301,082,073

762,465

2013 3rd Qtr  

173,877,984

301,688,199

6,471,538

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

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FINANCIALS - SUMMARY (Currency: USD - US Dollar)

 

Year

Sales

Assets

Net Income

2008 Annual

175,115,860

136,725,295

-2,297,761

2009 Annual

175,424,538

124,572,275

13,613,449

2010 Annual

264,276,109

199,836,041

16,145,562

 

 

FINANCIAL STATEMENT - DETAILED

 

 

 

Type: Consolidated

 

Balance Sheet

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 3rd Qtr

Current Assets

4,269,271,984,792

4,388,614,632,763

4,591,536,755,678

Non Current Assets

2,056,194,027,466

1,881,317,171,189

1,770,491,141,803

Non Current Liabilities

1,142,724,230,943

832,289,772,173

284,844,535,609

Share Capital

700,000,000,000

700,000,000,000

700,000,000,000

Other long term assets 

Total Assets

6,325,466,012,258

6,269,931,803,952

6,362,027,897,481

Total Liabilities

4,707,852,603,427

4,889,148,610,669

4,850,243,713,596

Current Liabilities

3,565,128,372,484

4,056,858,838,496

4,565,399,177,987

Long term liabilities 

Shareholders Funds

1,617,613,408,831

1,380,783,193,283

1,511,784,183,885

 

Current Assets

4,269,271,984,792

4,388,614,632,763

4,591,536,755,678

Cash And Cash Equivalents

1,092,050,143,361

1,298,619,003,857

842,021,029,860

Cash

107,660,976,207

31,485,118,507

50,521,029,860

Cash Equivalents

984,389,167,154

1,267,133,885,350

791,500,000,000

i. Short-Term Investments

79,837,226,370

128,384,747,714

308,526,598,311

ii. Short-Term Investments

89,761,306,370

138,167,027,714

318,138,718,311

Provision For Diminution In The Value Of Short-Term Investments

(9,924,080,000)

(9,782,280,000)

(9,612,120,000)

Account Receivables

472,712,160,466

577,285,119,435

937,357,974,849

Trade Accounts Receivable

440,462,646,656

534,722,242,679

895,446,343,899

Prepayments To Suppliers

46,649,799,035

23,369,903,794

14,541,514,673

Others Receivables

19,018,384,867

28,275,058,286

35,708,762,905

Provision For Doubtful Debts

(13,418,670,092)

(9,082,085,324)

(8,338,646,628)

i. Inventories

2,408,809,317,557

2,228,389,598,540

2,318,333,531,075

ii. Inventories

2,462,562,328,071

2,301,566,070,320

2,339,047,751,611

Provision For Obsolecence Inventories

(53,753,010,514)

(73,176,471,780)

(20,714,220,536)

i. Other Current Assets

215,863,137,038

155,936,163,217

185,297,621,583

Short-Term Prepayments

3,358,294,400

1,495,455,602

2,167,336,926

Value Added Taxed Deductibles

155,420,150,276

92,657,134,536

125,869,326,880

Taxes And Other Receivables From The State Budget

8,763,287,256

8,942,525,760

1,268,458,067

ii. Other Current Assets

48,321,405,106

52,841,047,319

55,992,499,710

Non Current Assets

2,056,194,027,466

1,881,317,171,189

1,770,491,141,803

Non-Current Account Receivables

92,225,592,536

112,489,382,844

114,157,157,124

Other Long-Term Receivables

-

112,489,382,844

114,157,157,124

Fixed Assets

1,648,678,615,293

1,645,650,809,029

1,550,932,993,553

Tangible Fixed Assets

1,323,306,403,936

1,291,876,203,564

1,176,183,624,495

i. Cost

1,561,336,531,019

1,676,913,350,862

1,655,710,649,220

i. Accumulated Depreciation

(238,030,127,083)

(385,037,147,298)

(479,527,024,725)

Intangible Fixed Assets

57,062,190,693

99,024,434,708

101,425,541,499

ii. Cost

60,896,179,479

104,256,753,082

107,994,474,830

Accumulated Amortisation

(3,833,988,786)

(5,232,318,374)

(6,568,933,331)

Construction In Progress

268,310,020,664

254,750,170,757

273,323,827,559

Goodwill

19,820,413,886

16,731,518,186

14,414,846,411

Investment Properties

-

-

-

iii. Cost

-

-

-

ii. Accumulated Depreciation

-

-

-

Long-Term Investments

160,168,753,530

9,068,753,530

(8,835,027,735)

Investment In Joint Ventures And Associates

2,180,000,000

2,180,000,000

2,180,000,000

Other Long-Term Investments

207,000,000,000

7,000,000,000

7,000,000,000

Provision For Diminution In The Value Of Long-Term Investments

(49,011,246,470)

(111,246,470)

(18,015,027,735)

Other Non-Current Assets

135,300,652,221

97,376,707,600

99,821,172,450

Long-Term Prepayments

105,904,990,453

91,057,013,097

98,263,421,985

Deferred Income Tax Assets

24,839,504,113

6,319,694,503

1,557,750,465

Other Long-Term Assets

4,556,157,655

-

-

Total Assets

6,325,466,012,258

6,269,931,803,952

6,362,027,897,481

Liabilities

4,707,852,603,427

4,889,148,610,669

4,850,243,713,596

Current Liabilities

3,565,128,372,484

4,056,858,838,496

4,565,399,177,987

Short-Term Loans And Borrowings

2,936,239,690,612

3,449,058,871,964

4,064,198,224,590

Trade Accounts Payable

313,623,931,737

135,868,027,758

214,739,597,230

Advances From Customers

7,607,282,515

8,525,302,719

10,064,558,439

Tax And Payables To The State Budget

64,218,324,764

18,446,907,372

32,114,258,553

Payables To Employees

52,666,140,501

38,688,257,921

56,102,781,483

Accrued Expenses

91,187,673,067

105,484,633,458

80,186,903,065

Other Current Liabilities

35,041,880,688

211,370,253,272

30,689,855,016

i. Bonus And Welfare Funds

64,543,448,600

89,416,584,032

77,302,999,611

Non-Current Liabilities

1,142,724,230,943

832,289,772,173

284,844,535,609

Long-Term Loans And Borrowings

1,129,764,991,861

828,632,880,684

279,934,451,784

Deferred Income Tax Liabilities

9,248,315,394

-

1,529,885,001

Provision For Severance Allowances

3,710,923,688

3,656,891,489

3,380,198,824

i. Owners' Equity

1,538,891,403,059

1,310,050,470,480

1,435,670,018,164

ii. Owners' Equity

1,538,891,403,059

1,310,050,470,480

1,435,670,018,164

Contributed Capital

700,000,000,000

700,000,000,000

700,000,000,000

Share Premiums

177,876,869,236

177,876,869,236

177,876,869,236

Treasury Shares

-

-

(18,537,405,861)

Foreign Exchange Rate Differences

88,506,239,451

88,506,239,451

95,295,274,592

Investment And Development Fund

41,298,066,764

58,470,998,521

40,197,429,163

Financial Reserve Fund

-

13,769,908,805

13,769,908,805

Retained Earnings

531,210,227,608

271,426,454,467

427,067,942,229

Reserves And Other Funds

-

-

-

ii. Bonus And Welfare Funds

-

-

-

Minority Interest

78,722,005,772

70,732,722,803

76,114,165,721

Total Resources

6,325,466,012,258

6,269,931,803,952

6,362,027,897,481

 

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

2013 3rd Qtr

Turnover

7,083,660,612,588

7,965,666,905,962

3,666,754,582,649

Profit (Loss) Before Tax

337,467,259,451

34,451,035,448

169,020,116,462

Profit After Tax attributable to Shareholders

283,697,844,304

15,878,066,864

136,472,367,065

 

Revenue

7,083,660,612,588

7,965,666,905,962

3,666,754,582,649

Less Deductions

45,134,289,780

29,164,778,420

19,292,756,890

Net Revenue

7,038,526,322,808

7,936,502,127,542

3,647,461,825,759

Cost Of Goods Sold

5,989,259,197,437

7,050,386,436,392

3,247,669,377,331

Gross Profit / (Loss)

1,049,267,125,371

886,115,691,150

399,792,448,428

Financial Income

99,386,100,773

62,860,638,501

33,312,032,197

Financial Expenses

402,046,481,459

419,351,062,292

79,717,211,802

In Which: Borrowing Costs

-

412,791,349,076

64,616,574,784

Selling Expenses

317,523,408,035

403,716,071,737

157,081,031,527

General And Administration Expenses

98,280,361,276

89,631,724,753

28,575,108,999

Net Operating Profit / (Loss)

330,802,975,374

36,277,470,869

167,731,128,297

Other Incomes

8,239,870,443

3,937,090,474

1,558,711,726

Other Expenses

1,575,586,366

5,763,525,895

269,723,561

Net Other Income

6,664,284,077

(1,826,435,421)

1,288,988,165

Net Accounting Profit / (Loss) Before Tax

337,467,259,451

34,451,035,448

169,020,116,462

Business Income Tax - Current

52,822,946,649

9,301,474,368

32,547,749,397

Business Income Tax - Deferred

946,468,498

9,271,494,216

-

Profit / (Loss) After Tax

283,697,844,304

15,878,066,864

136,472,367,065

Allocation To: 

Minority Interest

8,299,668,203

(961,777,658)

4,608,189,433

Profit After Tax Of Parent Company's Shareholders

275,398,176,101

16,839,844,522

131,864,177,632

Basic Earnings Per Share

3,934

241

1,901

 

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

2013 3rd Qtr

Growth % 

Year-on-Year Growth

37.53

12.45

-

Profitability 

Profit Margin (%)

4.00

0.20

3.72

Return on Equity (%)

17.54

1.15

9.03

Return on Assets (%)

4.49

0.25

2.15

Leverage 

Total Debt Equity (Times)

2.91

3.54

3.21

Current Debt Equity (Times)

2.20

2.94

3.02

Long Term Debt to Equity

0.71

0.60

0.19

Total Asset To Total Equity

3.91

4.54

4.21

Asset Management 

Total Assets Turnover (Times)

1.12

1.27

0.58

Fixed Assets Turnover (Times)

3.45

4.23

2.07

Liquidity 

Current Ratio

1.20

1.08

1.01

 

 

FOREIGN EXCHANGE RATES

 

Na

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Frozen seafoods

Manufacturing, Exporting

Seafood products

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2010

n/a

251,062,304

251,062,304

2011

n/a

323,066,615

323,066,615

2012

n/a

363,385,696

363,385,696

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Food products, nspf

2099

Manufacturing, Exporting

Fresh/Frozen Fish/Seafoods, NEC

2092

Manufacturing, Exporting

 

 

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

 

 

Product/Service Description

Code

Activity

Fish meat, frozen

0304909000

Manufacturing, Exporting

Food preparations

2106

Manufacturing, Exporting

 

 

 

 

CORE BUSINESS DESCRIPTION

 

 

 

Core Business

 

The primary business focus of MINH PHU SEAFOOD CORP is Manufacturing - Finished products.

Key products include :

Seafood products

Frozen seafoods


An integral part of the core business includes:

Distribution

 

 

 

Supplementary Business

 

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

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

 

 

 

 

DOMESTIC SALES & PURCHASES

 

 

 

Annual Sales Analysis

Percentage

Domestic Sales

5%

International Sales (Export)

95%

 

 

 

 

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

 

 

 

 

STOCK EXCHANGE LISTING DETAILS

 

 

 

Country

:

Vietnam

Name of Stock Exchange

:

Name

Acronym

HOCHIMINH STOCK EXCHANGE

HOSE

Stock Symbol / No.

:

MPC

Date of listing

:

13 Dec, 2007

 

 

 

 

BANK DETAILS

 

 

 

Bank Name

:

HSBC BANK (VIETNAM) LTD

Global Identifier

:

32403760

Branch

:

District 1,Ho Chi Minh

Branch Address

:

HSBC BANK (VIETNAM) LTD - HO CHI MINH

SWIFT Code

:

HSBCVNVX

 

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 - CA MAU

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM

Global Identifier

:

32400483

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - CA MAU

SWIFT Code

:

BIDVVNVX

 

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

SWIFT Code

:

ICBVVNVX

 

 

 

LOCAL BRANCHES & MANAGEMENT

 

 

 

Branch

:

MINH PHU SEAFOOD CORP - DISTRICT 3, HO CHI MINH

Branch Address

:

6Fl, 21 Le Quy Don St Ward 6, District 3, Ho Chi Minh

 

 

 

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

 

 

 

Year

Imports

Exports

Total

2008

n/a

166,360,067

166,360,067

2009

n/a

166,653,311

166,653,311

 

 

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Exporting

North America

Medium

Exporting

Australia

Medium

Exporting

Canada

Medium

Exporting

Indonesia

Medium

Importing

Japan

Medium

Exporting

Thailand

Medium

Importing

USA

Medium

Exporting

 

 

 

AUDITORS

 

 

 

 

Auditor Name

KPMG CO LTD

 

 

 

 

OFFICE & FACILITIES

 

 

 

Name

:

MINH PHU SEAFOOD CORP - CA MAU, CA MAU

Address

:

Industrial Zone Ward 8, Ca Mau, Ca Mau

Country

:

Vietnam

Status

:

Operational

 

 

 

 

APPROVED SIGNATURES

 

 

 

The Company Director/s listed below maintain the legal right to sign on behalf of the company:

Name

Mr. Le Van Diep

Mr. Le Van Quang

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

 

 

License Date     

License No.

15 Aug, 1997

020504

12 May, 2006

6103000072

 

 

NOTES & COMMENTS

 

Na

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.03

UK Pound

1

Rs.98.91

Euro

1

Rs.80.34

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.