MIRA INFORM REPORT

 

 

Report Date :

11.10.2014

 

IDENTIFICATION DETAILS

 

Name :

MINH PHU SEAFOOD CORP

 

 

Registered Office :

Industrial Zone Ward 8, Ca Mau, Ca Mau

 

 

Country :

Vietnam

 

 

Financials (as on) :

2013

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Vietnam

B1

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

VIETNAM - ECONOMIC OVERVIEW

 

Vietnam is a densely-populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 40% of GDP. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession hurt Vietnam's export-oriented economy, with GDP in 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained relatively stable in 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

 

 

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

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

 

 

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

 

2

 

 

Personal Unique Identifier

:

MI03614809

Name

:

Mr. Chu Van An

Date of Birth

:

2 May, 1953

Date of Appointment

:

12 May, 2006

 

3

 

 

Personal Unique Identifier

:

MI03616266

Name

:

Mr. Jean-Eric Jacquemin

Date of Birth

:

11 May, 1961

Date of Appointment

:

10 Apr, 2010

 

4

 

 

Personal Unique Identifier

:

MI03614821

Name

:

Mr. Le Ngoc Anh

Date of Birth

:

20 Apr, 1973

 

5

 

 

Personal Unique Identifier

:

MI03614818

Name

:

Mr. Le Van Diep

Date of Birth

:

26 Dec, 1972

 

6

 

 

Personal Unique Identifier

:

MI03614695

Name

:

Mr. Le Van Quang

Date of Birth

:

28 Oct, 1958

Date of Appointment

:

12 May, 2006

 

7

 

 

Personal Unique Identifier

:

MI03614812

Name

:

Mr. Nguyen Tan Anh

Date of Birth

:

9 Jun, 1974

 

8

 

 

Personal Unique Identifier

:

MI03616643

Name

:

Mr. Nguyen Xuan Toan

 

9

 

 

Personal Unique Identifier

:

MI03616639

Name

:

Mr. Phan Van Dung

Date of Birth

:

26 Oct, 1960

 

10

 

 

Personal Unique Identifier

:

MI03614814

Name

:

Mr. Thai Hoang Hung

Date of Birth

:

1964

 

11

 

 

Personal Unique Identifier

:

MI03616644

Name

:

Mrs. Mai Thi Hoang Minh

Date of Birth

:

9 Sep, 1965

 

12

 

 

Personal Unique Identifier

:

MI03614806

Name

:

Ms. Chu Thi Binh

Date of Birth

:

1964

Date of Appointment

:

12 May, 2006

 

13

 

 

Personal Unique Identifier

:

MI03616264

Name

:

Ms. Dinh Anh Tuyet

Date of Birth

:

22 Sep, 1973

Date of Appointment

:

7 May, 2007

 

 

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

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing 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

 

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

 

DEBT

 

No Record Found

 

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

 

CIVIL LITIGATION

 

No Record Found

 

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

 

PERFORMANCE DEFAULTS

 

No Record Found

 

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

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital

:

US$ 33,415,440

 

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

 

Currency

:

VND - Vietnam Dong

 

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Ms. Chu Thi Binh

Vietnam

17,731,000

177,310,000,000

25.33

2

Mr. Le Van Quang

Vietnam

16,191,000

161,910,000,000

23.13

3

RED RIVER HOLDING LTD

Vietnam

6,727,000

67,270,000,000

9.61

4

VIETNAM INVESTMENT FUND

Vietnam

5,061,000

50,610,000,000

7.23

5

Public shareholding traded via Stock Exchange

n/a

4,956,000

49,560,000,000

7.08

6

VIETNAM INVESTMENT FUND I LP

Vietnam

4,809,000

48,090,000,000

6.87

7

LONG PHUNG INVEST

Vietnam

4,151,000

41,510,000,000

5.93

8

Mr. Pham Ngoc Hong Thu

Vietnam

4,039,000

40,390,000,000

5.77

9

Mr. Le Thi Diu Minh

Vietnam

3,199,000

31,990,000,000

4.57

10

Mr. Le Van Diep

Vietnam

1,995,000

19,950,000,000

2.85

11

Mr. Chu Van An

Vietnam

1,127,000

11,270,000,000

1.61

12

Mr. Nguyen Viet Hong

Vietnam

7,000

70,000,000

0.01

13

Ms. Dinh Anh Tuyet

Vietnam

7,000

70,000,000

0.01

Total

70,000,000

700,000,000,000

100.00

 

 

 

 

PAYMENT INFORMATION

 

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

Year

Imports

Exports

Total

2011

n/a

323,066,615

323,066,615

2012

n/a

363,385,696

363,385,696

2013

n/a

504,839,885

504,839,885

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

5%

International Sales (Export)

95%

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

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

 

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

2010

n/a

251,062,304

251,062,304

 

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

 

 

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

10

-

-

-

-

1

-

1

Joint-Ventures

-

-

-

-

-

-

-

-

Minority shareholdings

-

-

-

-

-

-

-

-

Affiliates

-

-

-

-

-

-

-

-

Liaison/ Representative Offices

-

-

-

-

-

-

-

-

 

 

 

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 PHU SEAFOOD SUPPLY CHAIN CO LTD

Global Identifier

:

P3103700

Country

:

Vietnam

Relationship

:

Subsidiary

 

 

 

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

2012 Annual

382,511,259

301,082,073

762,465

2013 Annual

531,410,406

362,173,296

13,933,670

2014 2nd Qtr

301,120,461

425,905,325

22,135,126

 

Sales Trend – Analysis

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

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

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

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

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

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

-

 

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

2011 Annual

340,070,121

303,670,956

13,619,676

 

 

FINANCIAL STATEMENT – DETAILED

 

Type: Consolidated

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 2nd Qtr

Current Assets(*)

4,388,614,632,763

5,871,492,742,171

7,154,782,889,736

Non Current Assets(*)

1,881,317,171,189

1,766,050,328,721

1,767,252,225,726

Non Current Liabilities(*)

832,289,772,173

25,428,644,875

27,265,039,299

Share Capital(*)

700,000,000,000

700,000,000,000

700,000,000,000

Other long term assets 

Total Assets(*)

6,269,931,803,952

7,637,543,070,892

8,922,035,115,462

Total Liabilities(*)

4,889,148,610,669

5,616,869,798,116

6,562,607,256,508

Current Liabilities(*)

4,056,858,838,496

5,591,441,153,241

6,535,342,217,209

Long term liabilities 

Shareholders Funds(*)

1,380,783,193,283

2,020,673,272,776

2,359,427,858,954

 

Assets 

Current assets

4,388,614,632,763

5,871,492,742,171

7,154,782,889,736

Cash and cash equivalents

1,298,619,003,857

2,000,246,094,247

185,622,830,350

Cash

31,485,118,507

58,852,319,487

185,622,830,350

Cash equivalents

1,267,133,885,350

1,941,393,774,760

-

I. Short-term investments

128,384,747,714

150,798,172,049

1,138,981,074,389

II. Short-term investments

138,167,027,714

159,502,772,049

1,147,685,674,389

Allowance for diminution in the value of short-term investments

(9,782,280,000)

(8,704,600,000)

(8,704,600,000)

Accounts receivable - short-term

577,285,119,435

989,180,822,486

1,007,022,235,542

Accounts receivable - trade

534,722,242,679

918,956,697,117

933,560,819,526

Prepayments to suppliers

23,369,903,794

33,241,562,032

19,372,578,948

Other receivables

28,275,058,286

41,892,458,223

57,436,256,738

Allowance for doubtful debts

(9,082,085,324)

(4,909,894,886)

(3,347,419,670)

I. Inventories

2,228,389,598,540

2,464,315,121,644

4,727,995,209,078

II. Inventories

2,301,566,070,320

2,491,281,852,992

4,768,101,197,652

Allowance for inventories

(73,176,471,780)

(26,966,731,348)

(40,105,988,574)

I. Other current assets

155,936,163,217

266,952,531,745

95,161,540,377

Short-term prepayments

1,495,455,602

1,059,123,928

1,529,192,606

Deductible value added tax

92,657,134,536

206,639,654,930

83,981,600,471

Taxes receivable from State Treasury

8,942,525,760

4,372,613,224

2,563,658,070

II. Other current assets

52,841,047,319

54,881,139,663

7,087,089,230

Long-term assets

1,881,317,171,189

1,766,050,328,721

1,767,252,225,726

Accounts receivable - long-term

112,489,382,844

75,821,969,160

65,742,792,192

Fixed assets

1,645,650,809,029

1,558,974,233,263

1,564,409,015,275

Tangible fixed assets

1,291,876,203,564

1,191,585,752,778

1,162,903,506,565

I. Cost

1,676,913,350,862

1,714,268,447,115

1,764,042,145,239

Accumulated depreciation

(385,037,147,298)

(522,682,694,337)

(601,138,638,674)

Intangible fixed assets

99,024,434,708

136,657,557,882

135,496,374,899

II. Cost

104,256,753,082

143,799,476,671

144,037,099,697

Accumulated amortisation

(5,232,318,374)

(7,141,918,789)

(8,540,724,798)

Construction in progress

254,750,170,757

230,730,922,603

266,009,133,811

Long-term investments

9,068,753,530

9,180,000,000

13,080,000,000

Investments in associates

2,180,000,000

2,180,000,000

6,080,000,000

Other long-term investments

7,000,000,000

7,000,000,000

7,000,000,000

Allowance for diminution in the value of long-term investments

(111,246,470)

-

-

Other long-term assets

114,108,225,786

122,074,126,298

124,020,418,259

Long-term prepayments

91,057,013,097

96,524,729,137

91,365,281,963

Deferred tax assets

6,319,694,503

11,906,774,675

20,556,961,660

Goodwill

16,731,518,186

13,642,622,486

12,098,174,636

Total Assets

6,269,931,803,952

7,637,543,070,892

8,922,035,115,462

Resources 

Liabilities

4,889,148,610,669

5,616,869,798,116

6,562,607,256,508

Current liabilities

4,056,858,838,496

5,591,441,153,241

6,535,342,217,209

Short-term borrowings

3,449,058,871,964

4,715,626,675,338

5,652,737,120,314

Accounts payable - trade

135,868,027,758

532,434,499,874

383,306,361,618

Advances from customers

8,525,302,719

16,797,187,237

24,839,224,024

Taxes payable to State Treasury

18,446,907,372

16,889,617,525

54,468,683,191

Payables to employees

38,688,257,921

108,358,151,736

80,842,164,536

Accrued expenses

105,484,633,458

103,767,152,783

136,149,623,135

Other payables

211,370,253,272

22,991,839,708

133,424,274,282

Bonus and welfare fund

89,416,584,032

74,576,029,040

69,574,766,109

Long-term liabilities

832,289,772,173

25,428,644,875

27,265,039,299

Long-term borrowings

828,632,880,684

-

-

Deferred tax liabilities

-

22,068,981,770

23,723,161,776

Provision for severance allowance

3,656,891,489

3,359,663,105

3,541,877,523

Equity

1,310,050,470,480

1,584,345,602,431

1,826,557,473,907

Share capital

700,000,000,000

700,000,000,000

700,000,000,000

Capital surplus

177,876,869,236

177,876,869,236

177,876,869,236

Other reserves

-

79,806,684,935

79,806,684,935

Treasury shares

-

(18,537,405,861)

(29,525,445,861)

Foreign exchange differences

88,506,239,451

93,674,067,633

97,851,183,847

Investment and development fund

58,470,998,521

32,423,167,608

33,808,832,373

Financial reserve

13,769,908,805

13,769,908,805

17,889,263,172

Retained profits

271,426,454,467

505,332,310,075

748,850,086,205

Minority Interest

70,732,722,803

436,327,670,345

532,870,385,047

Total Resources

6,269,931,803,952

7,637,543,070,892

8,922,035,115,462

Note: (*)

Financial Highlights

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 2nd Qtr

Turnover(*)

7,965,666,905,962

11,206,430,460,422

6,307,991,866,984

Profit (Loss) Before Tax(*)

34,451,035,448

365,755,740,545

509,148,221,807

Profit After Tax attributable to Shareholders(*)

15,878,066,864

293,834,489,125

463,695,478,645

 

Total revenue

7,965,666,905,962

11,206,430,460,422

6,307,991,866,984

Less revenue deductions

(29,164,778,420)

(94,480,405,091)

(63,780,280,717)

Net revenue

7,936,502,127,542

11,111,950,055,331

6,244,211,586,267

Cost of sales

(7,050,386,436,392)

(9,955,628,683,286)

(5,311,059,534,900)

Gross profit

886,115,691,150

1,156,321,372,045

933,152,051,367

Financial income

62,860,638,501

113,758,468,639

49,076,804,138

Financial expenses

(419,351,062,292)

(305,521,702,030)

(125,275,088,852)

In which: interest expense

(412,791,349,076)

(249,916,093,514)

(81,248,668,905)

Selling expenses

(403,716,071,737)

(478,047,143,198)

(284,880,548,581)

General and administration expenses

(89,631,724,753)

(110,604,902,548)

(65,701,577,638)

Net operating profit

36,277,470,869

375,906,092,908

506,371,640,434

Other income

3,937,090,474

6,074,024,049

2,963,223,458

Other expenses

(5,763,525,895)

(16,224,376,412)

(186,642,085)

Results of other activities

(1,826,435,421)

(10,150,352,363)

2,776,581,373

Profit before tax

34,451,035,448

365,755,740,545

509,148,221,807

Income tax expense - current

(9,301,474,368)

(55,439,349,822)

(52,448,750,141)

Income tax expense - deferred

(9,271,494,216)

(16,481,901,598)

6,996,006,979

Net profit after tax

15,878,066,864

293,834,489,125

463,695,478,645

Attributable to 

Minority interest

(961,777,658)

23,696,346,513

96,078,590,678

Equity holders of the Company

16,839,844,522

270,138,142,612

367,616,887,967

Basic earnings per share

241

3,882

5,309

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

2014 2nd Qtr

Growth % 

Year-on-Year Growth

12.45

40.68

-

Profitability 

Profit Margin (%)

0.20

2.62

7.35

Return on Equity (%)

1.15

14.54

19.65

Return on Assets (%)

0.25

3.85

5.20

Leverage 

Total Debt Equity (Times)

3.54

2.78

2.78

Current Debt Equity (Times)

2.94

2.77

2.77

Long Term Debt to Equity

0.60

0.01

0.01

Total Asset To Total Equity

4.54

3.78

3.78

Asset Management 

Total Assets Turnover (Times)

1.27

1.47

0.71

Fixed Assets Turnover (Times)

4.23

6.35

3.57

Liquidity 

Current Ratio

1.08

1.05

1.09

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000048 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

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

 

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

 

 Primary Products

Products / Materials / Services Description

Activity

Cooked shrimps

Manufacturing, Exporting

Frozen seafoods

Manufacturing, Exporting

Processed seafoods

Manufacturing, Exporting

Shrimps, breaded

Manufacturing, Exporting

Sushi

Manufacturing, Exporting

 

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

Shrimps and prawns, prepared or preserved

1605201050

Manufacturing, Exporting

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Tempura products

Primary

Manufacturing, Exporting

 

 

 

 

 

 

 

CORE BUSINESS DESCRIPTION

Core Business

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

Key products include:

Cooked shrimps

Frozen seafoods

Processed seafoods

Shrimps, breaded

Sushi

Tempura products


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

 

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

 

AUDITORS

Auditor Name

KPMG CO LTD

 

OFFICE & FACILITIES

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

 

Name

:

MINH PHU SEAFOOD CORP - CA MAU, CA MAU

Primary Use

:

Office & Administration facilities

Address

:

Industrial Zone Ward 8, Ca Mau, Ca Mau

Country

:

Vietnam

Status

:

Operational

 

 

QUALITY ACCREDITATION

Quality Accreditation Listings

#

Name

Accreditation Category

1

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

9001:2000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

15 Aug, 1997

020504

12 May, 2006

6103000072

 

 

NOTES & COMMENTS

 

N/A

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.16

UK Pound

1

Rs.98.62

Euro

1

Rs.77.67

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIT

 

               

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

 

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

New Business

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.