MIRA INFORM REPORT

 

 

Report No. :

344972

Report Date :

12.12.2015

 

IDENTIFICATION DETAILS

 

Name :

NGOC TRI SEAFOOD JSC                   

 

 

Registered Office :

Village 3 Lang Tron Ward, Gia Rai, Bac Lieu

 

 

Country :

Vietnam

 

 

Financials (as on) :

2014

 

 

Date of Incorporation :

13.11.2009

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Subject is manufacturer of food products

 

 

No. of Employee :

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 – 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

 

Organization Name

:

NGOC TRI SEAFOOD JSC

Name in Local Language

:

CÔNG TY CỔ PHẦN CHẾ BIẾNTHỰC PHẨM NGỌC TRÍ

Address

:

Village 3 Lang Tron Ward, Gia Rai, Bac Lieu

Country

:

Vietnam

Phone (S)

:

[+84] 79-3628333

Facsimile

:

[+84] 79-3612666

Email

:

info@ngoctriseafood.com.vn

Website

:

http://www.ngoctriseafood.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Food Products

 

Key Facts

Registered Legal Address

:

Village 3 Lang Tron Ward, Gia Rai, Bac Lieu

Operational Address

:

Village 3 Lang Tron Ward, Gia Rai, Bac Lieu

Trading Name / DBA

:

NGOC TRI SEAFOOD

License Status

:

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Bac Lieu

License Number

:

1900420552

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

13 Nov, 2009

Employees

:

400

Capital

:

US$ 2,086,362

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Do Ngoc Tai

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Lam Pham Tu Khanh

Vietnamese

Chief Accountant

-

2

Mr. Nguyen Tri Luong

Vietnamese

Deputy Managing Director

-

3

Mr. Do Ngoc Tai

Vietnamese

Managing Director

-

4

Mr. Do Ngoc Tuoi

Vietnamese

Deputy Managing Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI03914296

Name

:

Ms. Lam Pham Tu Khanh

Management Details - 2

Personal Unique Identifier

:

MI03914293

Name

:

Mr. Nguyen Tri Luong

Management Details - 3

Personal Unique Identifier

:

MI03460639

Name

:

Mr. Do Ngoc Tai

Date of Birth

:

1973

Management Details - 4

Personal Unique Identifier

:

MI03914294

Name

:

Mr. Do Ngoc Tuoi

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03460639

Name

:

Mr. Do Ngoc Tai

Date of Birth

:

1973

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing NGOC TRI SEAFOOD 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

:

₫ 46,302,000,000

Paid-up Capital

:

₫ 46,302,000,000

 

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. Do Ngoc Tai

Vietnam

n/a

28,957,270,800

62.54

2

Mr. Do Ngoc Tuoi

Vietnam

n/a

4,630,200,000

10.00

3

Mr. Nguyen Tri Luong

Vietnam

n/a

4,630,200,000

10.00

4

Ms. Pham Bich Hong

Vietnam

n/a

3,241,140,000

7.00

5

Ms. Tran Thi Kia

Vietnam

n/a

3,241,140,000

7.00

6

Ms. Pham Thi Khanh

Vietnam

n/a

1,602,049,200

3.46

Total

n/a

46,302,000,000

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

10%

International Sales (Export)

90%

Annual Purchases Analysis

Percentage

Local Purchases

100%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~90 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 30~90 days

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2013 Annual  

40,532,073

12,721,114

591,803

2014 Annual  

49,903,280

18,398,333

817,032

 

Sales Trend – Analysis

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

-

-

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

2013 Annual

2014 Annual

Current Assets(*)

242,144,000,000

352,063,000,000

Non Current Assets(*)

26,120,000,000

36,944,000,000

Share Capital(*)

46,302,000,000

46,302,000,000

Other long term assets 

Total Assets(*)

268,264,000,000

389,007,000,000

Total Liabilities(*)

204,655,000,000

311,323,000,000

Long term liabilities 

Shareholders Funds(*)

63,609,000,000

77,684,000,000

 

Current Assets & Short Term Investments

242,144,000,000

352,063,000,000

Cash & Cash Equivalents

31,318,000,000

24,453,000,000

Cash

31,318,000,000

24,453,000,000

Short Term Investments

1,065,000,000

765,000,000

Short Term Securities Investments

1,065,000,000

765,000,000

Accounts Receivable

145,491,000,000

182,406,000,000

Accounts Receivable Trade

107,334,000,000

182,036,000,000

Trade Prepayment

38,157,000,000

389,000,000

Others Receivables

-

31,000,000

Provision for Bad Debts

-

(50,000,000)

Inventories

57,950,000,000

141,077,000,000

Other Short Term Asset

6,320,000,000

3,362,000,000

Prepaid Expenses

254,000,000

-

Vat Deductible

4,054,000,000

1,860,000,000

Other Tax Receivables

716,000,000

145,000,000

i. Other Short Term Asset

1,296,000,000

1,357,000,000

Long Term Assets

26,120,000,000

36,944,000,000

Fixed Assets

26,120,000,000

21,974,000,000

Tangible Fixed Assets

24,220,000,000

20,074,000,000

Cost

36,727,000,000

37,180,000,000

Accumulated Depreciation

12,507,000,000

17,106,000,000

Intangible Fixed Assets

1,900,000,000

1,900,000,000

i. Cost

1,900,000,000

1,900,000,000

Long Term Investments

-

14,970,000,000

Other Long Term Investments

-

14,970,000,000

Total Assets

268,264,000,000

389,007,000,000

Liabilities

204,655,000,000

311,323,000,000

Current Liabilities

204,655,000,000

311,323,000,000

Short Term Borrowings

152,337,000,000

276,127,000,000

Accounts Payables-Trade

47,242,000,000

21,383,000,000

Advances From Customers

2,211,000,000

6,469,000,000

Taxes and Payable to State Budget

(8,000,000)

970,000,000

Payable to Employees

1,304,000,000

1,550,000,000

Accrued Expenses Payable

904,000,000

1,953,000,000

Other Payables

7,000,000

104,000,000

Bonus and Welfare Funds

658,000,000

2,767,000,000

Owners' Equity

63,609,000,000

77,684,000,000

Business Capital

46,302,000,000

46,302,000,000

Foreign Exchange Differences

1,461,000,000

-

Retained Earnings

15,846,000,000

31,382,000,000

Total Resources

268,264,000,000

389,007,000,000

Note: (*)

Financial Highlights

 

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

2014 Annual

Turnover(*)

854,744,000,000

1,055,135,000,000

Profit (Loss) Before Tax(*)

12,480,000,000

18,211,000,000

Profit After Tax attributable to Shareholders(*)

12,480,000,000

17,275,000,000

 

Gross Sales

854,744,000,000

1,055,135,000,000

Less Deductions

357,000,000

9,148,000,000

Net Income

854,388,000,000

1,045,987,000,000

Cost of Goods Sold

788,897,000,000

982,717,000,000

Gross Margin

65,490,000,000

63,270,000,000

Income from Financial Activities

611,000,000

2,328,000,000

Expenses from Financial Activities

5,486,000,000

7,487,000,000

In Which: Interest Expenses

5,052,000,000

5,811,000,000

Selling Expenses

29,327,000,000

31,718,000,000

General & Administration Expenses

18,808,000,000

7,880,000,000

Net Income From Operating Activities

12,480,000,000

18,513,000,000

Extraordinary Income

0

20,000,000

Extraordinary Expenses

0

322,000,000

Extraordinary Gains

0

(302,000,000)

Net Profit Before Tax

12,480,000,000

18,211,000,000

Income Tax

0

936,000,000

Net Profit After Tax

12,480,000,000

17,275,000,000

Note: (*)

Financial Highlights

 

 

Financial Ratios

Financial Highlights

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

-

23.44

Profitability 

Profit Margin (%)

1.46

1.64

Return on Equity (%)

19.62

22.24

Return on Assets (%)

4.65

4.44

Leverage 

Total Debt Equity (Times)

3.22

4.01

Total Asset To Total Equity

4.22

5.01

Asset Management 

Total Assets Turnover (Times)

3.19

2.71

Fixed Assets Turnover (Times)

32.72

28.56

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

=

0.000045 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Country

:

Vietnam

Business Entity Name

:

NGOC TRI SEAFOOD JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

Village 3 Lang Tron Ward, Gia Rai, Bac Lieu

Tel

:

[+84] 79-3628333

 

:

[+84] 79-3622088

Fax

:

[+84] 79-3612666

Email

:

info@ngoctriseafood.com.vn

Website Details

Website

:

http://www.ngoctriseafood.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

:

1900420552

 

Primary Products

Products / Materials / Services Description

Activity

Cooked shrimps

Manufacturing, Exporting

Fish fillet

Manufacturing, Exporting

Pangasius breaded fillets

Manufacturing, Exporting

Pangasius steaks

Manufacturing, Exporting

Peeled shrimps

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fish & Seafoods

5146

Trading, Exporting

Food and Kindred Products

2000

Manufacturing, Exporting

Fresh/Frozen Fish/Seafoods, NEC

2092

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Crustaceans molluscs etc prepared or preserved

1605

Manufacturing, Exporting

Fish & crustaceans

0300

Trading, Exporting

Fish fillets, frozen

0304206080

Manufacturing, Exporting

Food preparations

2106

Manufacturing, Exporting

Shrimps and prawns, breaded, frozen

1605201020

Manufacturing, Exporting

Shrimps and prawns, peeled, frozen

0306130040

Manufacturing, Exporting

Shrimps and prawns, prepared nesoi, frozen

1605201030

Manufacturing, Exporting

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Prepared frozen fish

Primary

Manufacturing, Exporting

Shrimps, breaded

Primary

Manufacturing, Exporting

Squid rings

Primary

Manufacturing, Exporting

Fresh fish

Secondary

Trading, Exporting

Seafood

Secondary

Trading, Exporting

Shrimp

Secondary

Trading, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of NGOC TRI SEAFOOD JSC is Manufacturing - Finished products.

Key products include :

Cooked shrimps

Fish fillet

Pangasius breaded fillets

Pangasius steaks

Peeled shrimps

Prepared frozen fish

Shrimps, breaded

Squid rings


An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, NGOC TRI SEAFOOD JSC also is engaged in the following areas of business:

Exporting

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

Exporting - Finished products

Trading

Trading - Finished products

 

 

BANK DETAILS

Bank Name

:

BANK FOR AGRICULTURE & RURAL DEVELOPMENT OF VIETNAM

Global Identifier

:

P1014462

Branch

:

Cho Lon

Branch Address

:

Cho Lon (Head Office)

SWIFT Code

:

This bank does not have a SWIFT Code

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

32400479

Branch

:

Hoan Kiem,Hanoi

Branch Address

:

198 Tran Quang Khai St Ly Thai To Ward Hoan Kiem Hanoi (Head Office)

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK

Global Identifier

:

32408823

Branch

:

District 1,Ho Chi Minh

Branch Address

:

8Fl Vincom Center Bldg 72 Le Thanh Ton St Ben Nghe Ward District 1 Ho Chi Minh (Head Office)

SWIFT Code

:

EBVIVNVX

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

NGOC TRI SEAFOOD JSC - SOC TRANG, SOC TRANG

Branch Address

:

187 Nguyen Hue K2, Soc Trang, Soc Trang

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

Europe

Medium

Exporting

North America

Medium

Exporting

Canada

Medium

Exporting

Japan

Medium

Exporting

Korea, South (Republic of Korea)

Medium

Exporting

USA

Medium

Exporting

 

 

OFFICE & FACILITIES

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

Name

:

NGOC TRI SEAFOOD JSC - GIA RAI, BAC LIEU

Primary Use

:

Office & Administration facilities

Address

:

Village 3 Lang Tron Ward, Gia Rai, Bac Lieu

Country

:

Vietnam

Status

:

Operational

 

 

NOTES & COMMENTS

 

N/a

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.79

UK Pound

1

Rs.101.10

Euro

1

Rs.73.10

VND

1

Rs. 0.0030

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

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.