MIRA INFORM REPORT

 

 

Report No. :

352240

Report Date :

07.12.2015

 

IDENTIFICATION DETAILS

 

Name :

ANH MINH FISHERIES JSC

 

 

Registered Office :

146 Le Lai St May Chai Ward, Ngo Quyen Dist, Haiphong

 

 

Country :

Vietnam

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

27.01.2010

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Trader of food products

 

 

No. of Employee :

40

 

 

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

 

Maximum Credit Limit :

USD $200,000  

 

Status :

Satisfactory

 

 

Payment Behaviour :

No complaints

 

 

Litigation :

Clear

 

 

NOTES :

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

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Vietnam

A2

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. Agriculture's share of economic output has shrunk from about 25% in 2000 to 18% in 2014, while industry's share increased from 36% to 38% in the same period. State-owned enterprises now account for only about 40% of GDP.

Vietnamese authorities have reaffirmed their commitment to economic modernization and a more open economy. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam joined the 12-nation Trans-Pacific Partnership free trade agreement negotiations in 2010.

Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value has remained relatively stable since then. 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.

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 to restructure public investment, state-owned enterprises, and the banking sector, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses.

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Company Details

Organization Name

:

ANH MINH FISHERIES JSC (1)

Name in Local Language

:

CÔNG TY CỔ PHẦN THỦY SẢN ANH MINH

Address

:

146 Le Lai St May Chai Ward, Ngo Quyen Dist, Haiphong

Country

:

Vietnam

Phone (S)

:

[+84] 31-3654910

Facsimile

:

[+84] 31-3654910

Email

:

anhminhfishery@yahoo.com

Website

:

http://thuysananhminh.com.vn

Primary Business Activity

:

Trader

Key Industry

:

Food Products

 

Key Facts

Registered Legal Address

:

146 Le Lai St May Chai Ward, Ngo Quyen Dist, Haiphong

Operational Address

:

146 Le Lai St May Chai Ward, Ngo Quyen Dist, Haiphong

License Status

:

License exists - Normal.

Issuing Authority

:

HAIPHONG ECONOMIC ZONE AUTHORITY - HaiPhong

License Number

:

0200819893

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

27 Jan, 2010

Employees

:

40

Capital

:

US$ 910,705

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

14 Jun, 2008

0203004426

Note

:

(1) 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.

 

 

CREDIT RECOMMENDATION

 

Current Credit Limit: USD $200,000  based on  90 days

 

 

DIRECTORS/MANAGEMENT

 

Key Person

 

Legal Title

:

Managing Director

Name

:

Mr. Quyen Duc Nguyen

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Thu Hien Thi Hoang

Vietnamese

Deputy Managing Director

-

2

Ms. Thu Huong Thi Le

Vietnamese

Chief Accountant

-

3

Mr. Quyen Duc Nguyen

Vietnamese

Managing Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI03929855

Name

:

Ms. Thu Hien Thi Hoang

 

Management Details - 2

Personal Unique Identifier

:

MI03929856

Name

:

Ms. Thu Huong Thi Le

 

Management Details - 3

Personal Unique Identifier

:

MI03929824

Name

:

Mr. Quyen Duc Nguyen

Date of Birth

:

1972

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03929824

Name

:

Mr. Quyen Duc Nguyen

Date of Birth

:

1972

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing ANH MINH FISHERIES JSC's reputation within the respective industry failed to reveal any adverse information.

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

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 (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 20,000,000,000

Paid-up Capital

:

₫ 20,000,000,000

 

Date

Authorized Capital - History

14 Jun, 2008

2,000,000,000

2013

10,000,000,000

2014

20,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

4

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Quyen Duc Nguyen

Vietnam

n/a

8,000,000,000

40.00

2

Mr. Tinh Thi Pham

Vietnam

n/a

6,000,000,000

30.00

3

Mr. Thanh Van Pham

Vietnam

n/a

4,000,000,000

20.00

4

Mr. Duyen Trung Do

Vietnam

n/a

2,000,000,000

10.00

Total

n/a

20,000,000,000

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

80%

International Sales (Export)

20%

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

3,633,577

3,102,380

-139,402

2013 Annual  

9,330,195

2,956,787

-343,511

2014 Annual  

12,931,525

4,680,660

55,572

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

 

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Current Assets(*)

61,113,000,000

56,220,000,000

62,242,000,000

Non Current Assets(*)

3,493,000,000

6,133,000,000

36,724,000,000

Non Current Liabilities(*)

59,600,000,000

59,300,000,000

76,330,000,000

Share Capital(*)

2,000,000,000

10,000,000,000

20,000,000,000

Other long term assets 

Total Assets(*)

64,606,000,000

62,353,000,000

98,966,000,000

Total Liabilities(*)

65,846,000,000

64,873,000,000

90,773,000,000

Current Liabilities(*)

6,246,000,000

5,573,000,000

14,443,000,000

Long term liabilities 

Shareholders Funds(*)

(1,240,000,000)

(2,520,000,000)

8,193,000,000

 

Current assets & short term investments

61,113,000,000

56,220,000,000

62,242,000,000

Cash & cash equivalents

339,000,000

1,480,000,000

1,782,000,000

Cash

339,000,000

1,480,000,000

1,782,000,000

Accounts receivable

577,000,000

9,730,000,000

11,308,000,000

Accounts receivable trade

577,000,000

5,658,000,000

1,995,000,000

Trade prepayment

-

4,072,000,000

7,217,000,000

Others receivables

-

-

2,096,000,000

Inventories

60,128,000,000

44,399,000,000

49,036,000,000

I. Other short term asset

69,000,000

611,000,000

116,000,000

Prepaid expenses

-

-

22,000,000

VAT deductible

20,000,000

484,000,000

88,000,000

II. Other short term asset

49,000,000

127,000,000

6,000,000

Long term assets

3,493,000,000

6,133,000,000

36,724,000,000

Fixed assets

3,451,000,000

3,280,000,000

13,885,000,000

Tangible fixed assets

3,451,000,000

3,280,000,000

13,885,000,000

Cost

3,794,000,000

4,073,000,000

16,010,000,000

Accumulated depreciation

343,000,000

793,000,000

2,125,000,000

Long term investments

-

2,841,000,000

2,841,000,000

Other long term investments

-

2,841,000,000

2,841,000,000

Other long term assets

42,000,000

12,000,000

19,998,000,000

Total assets

64,606,000,000

62,353,000,000

98,966,000,000

Liabilities

65,846,000,000

64,873,000,000

90,773,000,000

Current liabilities

6,246,000,000

5,573,000,000

14,443,000,000

Short term borrowings

5,075,000,000

5,260,000,000

9,999,000,000

Accounts payables-trade

725,000,000

-

-

Taxes and payable to state budget

446,000,000

313,000,000

2,298,000,000

Accrued expenses payable

-

-

2,146,000,000

Long term liabilities

59,600,000,000

59,300,000,000

76,330,000,000

Long term other payables

59,600,000,000

59,300,000,000

76,330,000,000

Owner's equity

(1,240,000,000)

(2,520,000,000)

8,193,000,000

Business capital

2,000,000,000

10,000,000,000

20,000,000,000

Retained earnings

(3,240,000,000)

(12,520,000,000)

(11,807,000,000)

Total resources

64,606,000,000

62,353,000,000

98,966,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Turnover(*)

75,668,000,000

196,756,000,000

273,419,000,000

Profit (Loss) Before Tax(*)

(2,903,000,000)

(7,244,000,000)

1,175,000,000

Profit After Tax attributable to Shareholders(*)

(2,903,000,000)

(7,244,000,000)

1,175,000,000

 

Gross sales

75,668,000,000

196,756,000,000

273,419,000,000

Net income

75,668,000,000

196,756,000,000

273,419,000,000

Cost of goods sold

75,790,000,000

197,755,000,000

262,411,000,000

Gross margin

(122,000,000)

(999,000,000)

11,008,000,000

Income from financial activities

4,000,000

29,000,000

3,000,000

Expenses from financial activities

1,328,000,000

1,221,000,000

1,415,000,000

Selling expenses

1,365,000,000

4,343,000,000

0

General & administration expenses

0

0

8,355,000,000

Net income from operating activities

(2,811,000,000)

(6,534,000,000)

1,241,000,000

Extraordinary income

0

2,000,000

0

Extraordinary expenses

92,000,000

712,000,000

66,000,000

Extraordinary gains

(92,000,000)

(710,000,000)

(66,000,000)

Net profit before tax

(2,903,000,000)

(7,244,000,000)

1,175,000,000

Net profit after tax

(2,903,000,000)

(7,244,000,000)

1,175,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

-

160.03

38.96

Profitability 

Profit Margin (%)

(3.84)

(3.68)

0.43

Return on Equity (%)

234.11

287.46

14.34

Return on Assets (%)

(4.49)

(11.62)

1.19

Leverage 

Total Debt Equity (Times)

(53.10)

(25.74)

11.08

Current Debt Equity (Times)

(5.04)

(2.21)

1.76

Long Term Debt to Equity

(48.06)

(23.53)

9.32

Total Asset To Total Equity

(52.10)

(24.74)

12.08

Asset Management 

Total Assets Turnover (Times)

1.17

3.16

2.76

Fixed Assets Turnover (Times)

21.66

32.08

7.45

Liquidity 

Current Ratio

9.78

10.09

4.31

 

Based on the corporate laws of Vietnam, legal entities which are a Joint Stock Company 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

=

0.000046 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

 

Country

:

Vietnam

Business Entity Name

:

ANH MINH FISHERIES JSC

Primary Business Activity

:

Trader

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

146 Le Lai St May Chai Ward, Ngo Quyen Dist, Haiphong

Tel

:

[+84] 31-3654910

 

:

[+84] 31-3759539

Fax

:

[+84] 31-3654910

Email

:

anhminhfishery@yahoo.com

Website Details

Website

:

http://thuysananhminh.com.vn

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

:

0200819893

 

Primary Products

Products / Materials / Services Description

Activity

Frozen cuttle fish

Trading

Frozen dolphin fish

Trading

Frozen fish

Trading

Frozen salmon head

Trading

Frozen saury

Trading

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Business Svcs, NEC

7389

Service

Fish & Seafoods

5146

Trading

Fresh/Frozen Fish/Seafoods, NEC

2092

Trading

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

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

0304

Trading

Fish, frozen (no fish fillets or other fish meat)

0303

Trading

Fish, prepared or preserved

1604206000

Trading

Food preparations

2106

Service

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

 

Products / Materials / Services Description

Ranking

Activity

Frozen seafoods

Primary

Trading

Frozen squid

Primary

Trading

Scads,frozen

Primary

Trading

Spanish mackerel

Primary

Trading

Spotted spanish mackerel

Primary

Trading

Fish processing

Secondary

Service

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of ANH MINH FISHERIES JSC is Trading - Finished products.

Key products include :

Frozen cuttle fish

Frozen dolphin fish

Frozen fish

Frozen salmon head

Frozen saury

Frozen seafoods

Frozen squid

Scads,frozen

Spanish mackerel

Spotted spanish mackerel

 

Supplementary Business

In addition to the core business, ANH MINH FISHERIES JSC also is engaged in the following areas of business:

Exporting

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

Importing

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

Service

Specialized professional services, including:

Fish processing

 

 

LOCAL BRANCHES & MANAGEMENT

 

Branch

:

ANH MINH FISHERIES JSC - DA NANG

Branch Address

:

Lot C2-4 & C2-5 Pham Van Xao St Son Tra, Da Nang

 

 

 

INTERNATIONAL TRADE

 

 - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

North America

Medium

Exporting

Canada

Medium

Exporting

India

Medium

Importing

Japan

Medium

Importing, Exporting

Korea, South (Republic of Korea)

Medium

Importing

Taiwan

Medium

Importing

 

 

OFFICE & FACILITIES

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

Name

:

ANH MINH FISHERIES JSC - NGO QUYEN DIST, HAIPHONG

Primary Use

:

Office & Administration facilities

Address

:

146 Le Lai St May Chai Ward, Ngo Quyen Dist, Haiphong

Country

:

Vietnam

Status

:

Operational

 

 

WAREHOUSING FACILITIES

 

Name

:

ANH MINH FISHERIES JSC - NGO QUYEN DIST, HAIPHONG

Address

:

3 Ngo Quyen St, Ngo Quyen Dist, Haiphong

Country

:

Vietnam

Status

:

Operational

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.84

UK Pound

1

Rs.101.04

Euro

1

Rs.73.05

VND

1

Rs. 0.0030

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ASH

 

 

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.