MIRA INFORM REPORT

 

 

Report Date :

30.10.2014

 

IDENTIFICATION DETAILS

 

Name :

HUNG CA CO LTD

 

 

Registered Office :

Binh Thanh Industrial Zone Binh Chanh Hamlet Binh Thanh Commune, Thanh Binh, Dong Thap

 

 

Country :

Viet Nam

 

 

Financials (as on) :

01.12.2013

 

 

Date of Incorporation :

10.03.2009

 

 

Legal Form :

Company Limited

 

 

Line of Business :

Manufacturer of Seafood & Fishing Industry

 

 

No. of Employees :

1,500

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Viet Nam

B1

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

VIET NAM - 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

:

HUNG CA CO LTD

Address

:

Binh Thanh Industrial Zone Binh Chanh Hamlet Binh Thanh Commune, Thanh Binh, Dong Thap

Country

:

Vietnam

Phone (S)

:

[+84] 67-3541379

Facsimile

:

[+84] 67-3541345

Email

:

info@hungca.vn

Website

:

http://www.hungca.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Seafood & Fishing Industry

 

Key Facts

Registered Legal Address

:

Binh Thanh Industrial Zone Binh Chanh Hamlet Binh Thanh Commune, Thanh Binh, Dong Thap

Operational Address

:

Binh Thanh Industrial Zone Binh Chanh Hamlet Binh Thanh Commune, Thanh Binh, Dong Thap

Issuing Authority

:

Department of Planning and Investment - National

License Number

:

1400528082

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

:

10 Mar, 2009

Employees

:

1,500

Capital

:

US$ 17,566,974

Note

:

Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Tran Van Hung

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

 

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Nguyen Tan Binh Chung

Vietnamese

Director

Production

2

Mr. Tran Van Han

Vietnamese

Vice Director

-

3

Mr. Tran Van Hau

Vietnamese

Managing Director

-

4

Mr. Le Dat Nhan

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03782749

Name

:

Mr. Nguyen Tan Binh Chung

 

Date of Birth

:

1973

 

Management Details - 2

Personal Unique Identifier

:

MI03782746

Name

:

Mr. Tran Van Han

 

Date of Birth

:

1984

 

Management Details - 3

Personal Unique Identifier

:

MI03782747

Name

:

Mr. Tran Van Hau

 

Date of Birth

:

1981

 

Management Details - 4

Personal Unique Identifier

:

MI03782750

Name

:

Mr. Le Dat Nhan

 

Date of Birth

:

1961

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03782729

Name

:

Mr. Tran Van Hung

Date of Birth

:

1953

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing HUNG CA 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

 

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

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 368,000,000,000

 

SHAREHOLDERS

 

 

Total number of shareholders

:

6

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Tran Van Hung

Vietnam

n/a

n/a

72.40

2

Mr. Tran Van Hau

Vietnam

n/a

n/a

10.60

3

Mr. Tran Van Han

Vietnam

n/a

n/a

7.50

4

Ms. Nguyen Thi Y.

Vietnam

n/a

n/a

6.90

5

Mr. Nguyen Van Sol

Vietnam

n/a

n/a

1.30

6

Mr. Tran Van Minh

Vietnam

n/a

n/a

1.30

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

 

DOMESTIC SALES & PURCHASES

 

Annual Sales Analysis

Percentage

Domestic Sales

10%

International Sales (Export)

90%

Annual Purchases Analysis

Percentage

Local Purchases

90%

Imports

10%

 

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

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

 

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Import

Letter of Credit (At-sight)

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2012 Annual  

74,495,526

79,332,100

3,329,850

2013 Annual  

85,167,599

101,578,000

3,200,290

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

-

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

2012 Annual

2013 Annual

Current Assets(*)

1,406,432,000,000

1,835,126,000,000

Non Current Assets(*)

245,632,000,000

306,960,000,000

Non Current Liabilities(*)

10,944,000,000

14,579,000,000

Share Capital(*)

362,943,000,000

368,000,000,000

Other long term assets 

Total Assets(*)

1,652,064,000,000

2,142,086,000,000

Total Liabilities(*)

1,039,951,000,000

1,481,786,000,000

Current Liabilities(*)

1,029,007,000,000

1,467,207,000,000

Long term liabilities 

Shareholders Funds(*)

612,113,000,000

660,300,000,000

 

Current Assets & Short Term Investments

1,203,982,000,000

1,624,711,000,000

Cash & Cash Equivalents

3,860,000,000

47,179,000,000

Cash

253,000,000

47,179,000,000

Cash Equivalents

3,607,000,000

-

Short Term Investments

1,288,000,000

1,434,000,000

Short Term Securities Investments

1,288,000,000

1,434,000,000

Accounts Receivable

314,630,000,000

329,072,000,000

Accounts Receivable Trade

307,311,000,000

263,943,000,000

Trade Prepayment

3,842,000,000

55,991,000,000

Others Receivables

3,477,000,000

9,138,000,000

Inventories

824,816,000,000

1,201,388,000,000

Other Short Term Asset

28,261,000,000

440,000,000

Vat Deductible

31,127,000,000

42,625,000,000

Other Tax Receivables

-

2,573,000,000

Long Term Assets

448,082,000,000

517,375,000,000

Fixed Assets

245,632,000,000

306,960,000,000

Tangible Fixed Assets

94,175,000,000

87,911,000,000

i.Cost

128,718,000,000

137,697,000,000

i.Accumulated Depreciation

34,543,000,000

49,786,000,000

Finance Lease Assets

13,917,000,000

12,409,000,000

Cost

13,917,000,000

13,917,000,000

ii.Accumulated Depreciation

-

1,508,000,000

Intangible Fixed Assets

97,192,000,000

90,740,000,000

ii.Cost

106,122,000,000

124,079,000,000

Accumulated Depreciation

8,930,000,000

33,339,000,000

Construction In Progress

40,348,000,000

115,900,000,000

Long Term Investments

147,791,000,000

198,865,000,000

Invest To Subsidiary Company

147,791,000,000

198,865,000,000

i.Other Long Term Assets

54,659,000,000

11,550,000,000

Long Term Prepayments

53,177,000,000

10,137,000,000

Asset Of Income Tax Delay

90,000,000

21,000,000

ii.Other Long Term Assets

1,392,000,000

1,392,000,000

Total Assets

1,652,064,000,000

2,142,086,000,000

Liabilities

1,039,951,000,000

1,481,786,000,000

Current Liabilities

1,029,007,000,000

1,467,207,000,000

Short Term Borrowings

787,563,000,000

995,147,000,000

Accounts Payables-Trade

203,086,000,000

381,410,000,000

Advances From Customers

10,155,000,000

749,000,000

Taxes And Payable To State Budget

6,342,000,000

1,302,000,000

Payable To Employees

3,872,000,000

3,520,000,000

Accrued Expenses Payable

1,718,000,000

1,399,000,000

Other Payables

10,164,000,000

77,573,000,000

Bonus And Welfare Funds

6,107,000,000

6,107,000,000

Long Term Liabilities

10,944,000,000

14,579,000,000

Long Term Borrowings

10,910,000,000

6,000,000,000

Payable Income Tax Delay

-

8,579,000,000

Provision Funds For Unemployment

34,000,000

-

Owners Equity

612,113,000,000

660,300,000,000

Business Capital

362,943,000,000

368,000,000,000

Other Owners Equity

-

11,953,000,000

Foreign Exchange Differences

2,242,000,000

-

Business Development Funds

6,107,000,000

6,107,000,000

Financial Reserved Funds

3,054,000,000

3,054,000,000

Retained Earnings

237,767,000,000

271,186,000,000

Total Resources

1,652,064,000,000

2,142,086,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

Turnover(*)

1,551,344,000,000

1,796,022,000,000

Profit (Loss) Before Tax(*)

69,343,000,000

67,647,000,000

Profit After Tax attributable to Shareholders(*)

69,343,000,000

67,488,000,000

 

Gross Sales

1,551,344,000,000

1,796,022,000,000

Less Deductions

26,339,000,000

15,999,000,000

Net Income

1,525,005,000,000

1,780,023,000,000

Cost Of Goods Sold

1,231,730,000,000

1,486,735,000,000

Gross Margin

293,275,000,000

293,288,000,000

Income From Financial Activities

2,817,000,000

6,624,000,000

Expenses From Financial Activities

95,024,000,000

85,403,000,000

In Which: Interest Expenses

-

82,648,000,000

Selling Expenses

93,570,000,000

107,197,000,000

General & Administration Expenses

23,521,000,000

19,769,000,000

Net Income From Operating Activities

83,977,000,000

87,543,000,000

Extraordinary Income

52,362,000,000

1,533,000,000

Extraordinary Expenses

66,996,000,000

21,429,000,000

Extraordinary Gains

(14,634,000,000)

(19,896,000,000)

Net Profit Before Tax

69,343,000,000

67,647,000,000

Income Tax

-

159,000,000

Net Profit After Tax

69,343,000,000

67,488,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

 

Financial Highlights

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

15.77

Profitability 

Profit Margin (%)

4.47

3.76

Return on Equity (%)

11.33

10.22

Return on Assets (%)

4.20

3.15

Leverage 

Total Debt Equity (Times)

1.70

2.24

Current Debt Equity (Times)

1.68

2.22

Long Term Debt to Equity

0.02

0.02

Total Asset To Total Equity

2.70

3.24

Asset Management 

Total Assets Turnover (Times)

0.94

0.84

Fixed Assets Turnover (Times)

6.32

5.85

Liquidity 

Current Ratio

1.37

1.25

 

 

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

 

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

HUNG CA CO LTD

Primary Business Activity

:

Manufacturer

Primary Industry

:

Seafood & Fishing Industry

Office Contact Details

Operating Address

:

Binh Thanh Industrial Zone Binh Chanh Hamlet Binh Thanh Commune, Thanh Binh, Dong Thap

Tel

:

[+84] 67-3541379

 

:

[+84] 67-3541359

Fax

:

[+84] 67-3541345

Email

:

info@hungca.vn

Website Details

Website

:

http://www.hungca.com

Status

:

Normal - operational

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

:

1400528082

 

Primary Products

Products / Materials / Services Description

Activity

Aquaculture farming

Manufacturing, Exporting

Frozen fish

Manufacturing, Exporting

Frozen seafoods

Manufacturing, Exporting

 

 

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

Year

Imports

Exports

Total

2012

n/a

67,045,973

67,045,973

2013

n/a

76,650,839

76,650,839

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fish & Seafoods

5146

Manufacturing, Exporting

Fresh/Frozen Fish/Seafoods, NEC

2092

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fish & crustaceans

0300

Manufacturing, Exporting

Fish fillets & other fish meat, fresh, chilled or frozen

0304

Manufacturing, Exporting

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of HUNG CA CO LTD is Manufacturing - Finished products.

Key products include :

·         Aquaculture farming

·         Frozen fish

·         Frozen seafoods


An integral part of the core business includes:

·         Distribution

 

Supplementary Business

In addition to the core business, HUNG CA CO LTD also is engaged in the following areas of business:

1.     Exporting

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

2.     Importing

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

 

BANK DETAILS

 

Bank Name

:

ASIA COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

DONG THAP BRANCH

SWIFT Code

:

ASCBVNVX

 

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

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408823

Branch

:

District 1,Ho Chi Minh

Branch Address

:

DONG THAP

SWIFT Code

:

EBVIVNVX

 

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

P1243404

Branch Address

:

DONG THAP BRANCH

SWIFT Code

:

This bank does not have a SWIFT Code

 

LOCAL BRANCHES & MANAGEMENT

 

Branch

:

HUNG CA CO LTD - DISTRICT 10, HO CHI MINH

Branch Address

:

20 Lot A Truong Son St Ward 15, District 10, Ho Chi Minh

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Exporting

North America

Medium

Importing, Exporting

Canada

Medium

Exporting

Hong Kong

Medium

Exporting

Russia

Medium

Exporting

Singapore

Medium

Exporting

Thailand

Medium

Importing

USA

Medium

Importing

 

OFFICE & FACILITIES

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

Name

:

HUNG CA CO LTD - THANH BINH, DONG THAP

Primary Use

:

Office & Administration facilities

Address

:

Binh Thanh Industrial Zone Binh Chanh Hamlet Binh Thanh Commune, Thanh Binh, Dong Thap

Country

:

Vietnam

Status

:

Operational

 

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

6 Feb, 2006

5102000266

 

 

 

 

NOTES & COMMENTS

 

N/a

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.31

UK Pound

1

Rs.99.00

Euro

1

Rs.78.14

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.