MIRA INFORM REPORT

 

 

Report Date :

20.10.2014

 

IDENTIFICATION DETAILS

 

Name :

DAI THANH SEAFOODS CO LTD

 

 

Registered Office :

Dong Hoa Hamlet Song Thuan Commune, Chau Thanh, Tien Giang

 

 

Country :

Vietnam

 

 

Date of Incorporation :

16.03.2009

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Manufacturer of Food Products

 

 

No. of Employees :

1,400

 

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

:

DAI THANH SEAFOODS CO LTD

Address

:

Dong Hoa Hamlet Song Thuan Commune, Chau Thanh, Tien Giang

Country

:

Vietnam

Phone (S)

:

[+84] 73-3611115

Facsimile

:

[+84] 73-3611101

Email

:

contact@daithanhseafoods.com

Website

:

http://www.daithanhseafoods.com/

Primary Business Activity

:

Manufacturer

Key Industry

:

Food Products

 

 

DIRECTORS/MANAGEMENT

 

 Key Person

Legal Title

:

Managing Director

Name

:

Mr. Ha Van Tinh

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Tran Thi Hong

Vietnamese

Vice Director

-

2

Mr. Chau Van Ho

Vietnamese

Chief Accountant

-

3

Mr. Tran Van Tung

Vietnamese

Vice Director

-

Management Details - 1

Personal Unique Identifier

:

MI03618777

Name

:

Ms. Tran Thi Hong

 

Management Details - 2

Personal Unique Identifier

:

MI03618780

Name

:

Mr. Chau Van Ho

 

Date of Birth

:

1955

Management Details - 3

Personal Unique Identifier

:

MI03618779

Name

:

Mr. Tran Van Tung

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03618688

Name

:

Mr. Ha Van Tinh

Date of Birth

:

1967

Identification Number(s)

National ID No

:

310677837

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing DAI THANH SEAFOODS CO LTD's reputation within the respective industry failed to reveal any adverse information.

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital

:

US$ 16,132,329

 

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 340,200,000,000

Date

Authorized Capital - History

29 Sep, 2006

140,200,000,000

22 May, 2013

340,200,000,000

 

SHAREHOLDERS

Total number of shareholders

:

9

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Ha Van Tinh

Vietnam

n/a

n/a

11.69

2

Mr. Le Thi Kim Anh

Vietnam

n/a

n/a

11.69

3

Mr. Ta Van Be

Vietnam

n/a

n/a

11.69

4

Mr. Tran Thi Hong

Vietnam

n/a

n/a

11.69

5

Mr. Tran Thi Man

Vietnam

n/a

n/a

11.69

6

Mr. Tran Thi Thu Nga

Vietnam

n/a

n/a

11.69

7

Mr. Tran Van Tung

Vietnam

n/a

n/a

11.69

8

Mr. Vo Quoc Cong

Vietnam

n/a

n/a

11.69

9

HIEP THANH CO LTD

Vietnam

n/a

n/a

6.48

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

2011

n/a

46,566,423

46,566,423

2012

n/a

61,890,240

61,890,240

2013

n/a

69,062,115

69,062,115

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

10%

International Sales (Export)

90%

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - 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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual

51,740,470

40,043,159

646,183

2012 Annual

68,766,933

38,638,998

455,998

2013 Annual

76,735,684

40,826,599

530,110

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

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

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

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Current Assets(*)

710,637,000,000

675,981,000,000

695,996,000,000

Non Current Assets(*)

123,462,000,000

128,663,000,000

164,959,000,000

Non Current Liabilities(*)

6,790,000,000

-

0

Share Capital(*)

140,200,000,000

140,200,000,000

340,200,000,000

Other long term assets 

Total Assets(*)

834,099,000,000

804,644,000,000

860,955,000,000

Total Liabilities(*)

315,810,000,000

327,808,000,000

494,425,000,000

Current Liabilities(*)

309,020,000,000

327,808,000,000

494,425,000,000

Long term liabilities 

Shareholders Funds(*)

518,289,000,000

476,836,000,000

366,530,000,000

 

Current assets and short term investments

710,637,000,000

675,981,000,000

695,996,000,000

Cash and cash equivalents

16,117,000,000

34,479,000,000

38,688,000,000

Cash

16,117,000,000

34,479,000,000

38,688,000,000

Short term investments

-

-

1,000,000,000

Short term securities investments

-

-

1,000,000,000

Accounts receivable

172,435,000,000

160,709,000,000

228,600,000,000

Accounts receivable trade

114,438,000,000

146,218,000,000

180,212,000,000

Trade prepayment

3,345,000,000

3,891,000,000

47,460,000,000

Inter company receivables

52,791,000,000

-

-

Others receivables

1,861,000,000

10,600,000,000

928,000,000

Inventories

507,939,000,000

471,689,000,000

361,693,000,000

i. Other short term asset

14,146,000,000

9,104,000,000

66,015,000,000

Prepaid expenses

582,000,000

189,000,000

109,000,000

VAT deductible

3,045,000,000

8,915,000,000

8,041,000,000

Other tax receivables

19,000,000

-

-

ii. Other short term asset

10,500,000,000

-

57,865,000,000

Long term assets

123,462,000,000

128,663,000,000

164,959,000,000

Fixed assets

114,902,000,000

118,887,000,000

118,638,000,000

Tangible fixed assets

98,716,000,000

102,295,000,000

104,822,000,000

i. Cost

127,290,000,000

144,469,000,000

162,236,000,000

i. Accumulated depreciation

28,574,000,000

42,174,000,000

57,414,000,000

Intangible fixed assets

7,441,000,000

7,417,000,000

11,032,000,000

ii. Cost

7,441,000,000

7,441,000,000

11,088,000,000

ii. Accumulated depreciation

-

24,000,000

56,000,000

Construction in progress

8,745,000,000

9,175,000,000

2,784,000,000

Other long term assets

8,560,000,000

9,776,000,000

46,321,000,000

Long term prepayments

8,560,000,000

9,776,000,000

46,321,000,000

Total assets

834,099,000,000

804,644,000,000

860,955,000,000

Liabilities

315,810,000,000

327,808,000,000

494,425,000,000

Current liabilities

309,020,000,000

327,808,000,000

494,425,000,000

Short term borrowings

191,259,000,000

226,849,000,000

342,460,000,000

Accounts payables-trade

90,358,000,000

75,554,000,000

122,180,000,000

Advances from customers

9,347,000,000

1,957,000,000

21,638,000,000

Taxes and payable to state budget

746,000,000

853,000,000

1,164,000,000

Payable to employees

1,355,000,000

2,710,000,000

2,264,000,000

Inter company payable

15,955,000,000

15,721,000,000

-

Other payables

-

-

56,000,000

i. Bonus and welfare funds

-

4,164,000,000

4,663,000,000

Long term liabilities

6,790,000,000

-

-

Long term borrowings

6,790,000,000

-

-

i. Owner's equity

518,289,000,000

476,836,000,000

366,530,000,000

ii. Owner's equity

517,583,000,000

476,836,000,000

366,530,000,000

Business capital

140,200,000,000

140,200,000,000

340,200,000,000

Other owner's equity

348,350,000,000

310,050,000,000

-

Retained earnings

29,033,000,000

26,586,000,000

26,330,000,000

Budget sources

706,000,000

-

-

ii. Bonus and welfare funds

706,000,000

-

-

Total resources

834,099,000,000

804,644,000,000

860,955,000,000

 

Note: (*)

Financial Highlights

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Turnover(*)

1,077,754,000,000

1,432,048,000,000

1,618,209,000,000

Profit (Loss) Before Tax(*)

14,774,000,000

10,261,000,000

12,620,000,000

Profit After Tax attributable to Shareholders(*)

13,460,000,000

9,496,000,000

11,179,000,000

 

Gross sales

1,077,754,000,000

1,432,048,000,000

1,618,209,000,000

Less deductions

2,925,000,000

6,029,000,000

1,208,000,000

Net income

1,074,829,000,000

1,426,019,000,000

1,617,001,000,000

Cost of goods sold

991,250,000,000

1,315,264,000,000

1,489,518,000,000

Gross margin

83,579,000,000

110,755,000,000

127,483,000,000

Income from financial activities

17,332,000,000

2,026,000,000

5,267,000,000

Expenses from financial activities

15,971,000,000

9,037,000,000

11,587,000,000

In which: Interest expenses

-

7,429,000,000

9,723,000,000

Selling expenses

58,601,000,000

85,122,000,000

99,963,000,000

General and administration expenses

11,684,000,000

8,810,000,000

9,653,000,000

Net income from operating activities

14,655,000,000

9,812,000,000

11,547,000,000

Extraordinary income

140,000,000

449,000,000

1,607,000,000

Extraordinary expenses

21,000,000

-

534,000,000

Extraordinary gains

119,000,000

449,000,000

1,073,000,000

Net profit before tax

14,774,000,000

10,261,000,000

12,620,000,000

Income tax

1,314,000,000

765,000,000

1,441,000,000

Net profit after tax

13,460,000,000

9,496,000,000

11,179,000,000

 

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights

2011 Annual

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

32.87

13.00

Profitability 

Profit Margin (%)

1.25

0.66

0.69

Return on Equity (%)

2.60

1.99

3.05

Return on Assets (%)

1.61

1.18

1.30

Leverage 

Total Debt Equity (Times)

0.61

0.69

1.35

Current Debt Equity (Times)

0.60

0.69

1.35

Long Term Debt to Equity

0.01

-

-

Total Asset To Total Equity

1.61

1.69

2.35

Asset Management 

Total Assets Turnover (Times)

1.29

1.78

1.88

Fixed Assets Turnover (Times)

8.73

11.13

9.81

Liquidity 

Current Ratio

2.30

2.06

1.41

Based on the corporate laws of Vietnam, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000048 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Key Facts

Registered Legal Address

:

Dong Hoa Hamlet Song Thuan Commune, Chau Thanh, Tien Giang

Operational Address

:

Dong Hoa Hamlet Song Thuan Commune, Chau Thanh, Tien Giang

Trading Name

:

DAI THANH SEAFOODS

Issuing Authority

:

Dept. of Planning & Investment - Tien Giang

License Number

:

1200631935

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

16 Mar, 2009

Employees

:

1,400

 

Report Details

Country

:

Vietnam

Business Entity Name

:

DAI THANH SEAFOODS CO LTD

Acronym

:

DATHACO

Primary Business Activity

:

Manufacturer

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

Dong Hoa Hamlet Song Thuan Commune, Chau Thanh, Tien Giang

Tel

:

[+84] 73-3611115

 

:

[+84] 73-3619078

Fax

:

[+84] 73-3611101

Email

:

contact@daithanhseafoods.com

Website Details

Website

:

http://www.daithanhseafoods.com/

Status

:

Normal - operational

Country of Registration

:

Vietnam

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

:

1200631935

 

 Primary Products

Products / Materials / Services Description

Activity

Canned fish

Manufacturing, Exporting

Canned seafoods

Manufacturing, Exporting

Cured fish

Manufacturing, Exporting

Cured seafoods

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Canned and cured fish and seafoods

2091

Manufacturing, Exporting

Fish & Seafoods

5146

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Ed. prep. of meat, fish, crustaceans, etc

1600

Manufacturing, Exporting

Fish prepared or preserved

1604206090

Manufacturing, Exporting

Prep or pres fish; caviar & caviar substitutes

1604

Manufacturing, Exporting

 

 

 

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of DAI THANH SEAFOODS CO LTD is Manufacturing - Finished products.

Key products include:

·         Canned fish

·         Cured fish

·         Canned seafoods

·         Cured seafoods


An integral part of the core business includes:

·         Distribution

Supplementary Business

In addition to the core business, DAI THANH SEAFOODS CO LTD also is engaged in the following areas of business:

1.     Exporting

·         Exporting - Finished products

 

BANK DETAILS

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 - TIEN GIANG

SWIFT Code

:

BIDVVNVX

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Europe

Medium

Exporting

 

OFFICE & FACILITIES

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

Name

:

DAI THANH SEAFOODS CO LTD - CHAU THANH, TIEN GIANG

Primary Use

:

Office & Administration facilities

Address

:

Dong Hoa Hamlet Song Thuan Commune, Chau Thanh, Tien Giang

Country

:

Vietnam

Status

:

Operational

 

QUALITY ACCREDITATION

Quality Accreditation Listings

#

Name

Accreditation Category

1

HAZARD ANALYSIS CRITICAL CONTROL POINT (HACCP)

-

2

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

22000

 

 

 

 

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

29 Sep, 2006

5302000303

 

 

NOTES & COMMENTS

 

N/a

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.61

UK Pound

1

Rs.99.11

Euro

1

Rs.78.89

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

PDT

 

               

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.