MIRA INFORM REPORT

 

 

Report No. :

342550

Report Date :

01.10.2015

 

IDENTIFICATION DETAILS

 

Name :

CJ FRESHWAY VIETNAM CO LTD

 

 

Registered Office :

Unit 1501, 15Fl 2Bis - 4 - 6 Le Thanh Ton St Ben Nghe Ward,  District 1, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2014

 

 

Date of Incorporation :

15.06.2013

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Trader of Food Products.

 

 

No. of Employee :

15

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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 WorldTRADE 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 managedCURRENCY, 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 publicINVESTMENT, 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

:

CJ FRESHWAY VIETNAM CO LTD (1)

Name in Local Language

:

CÔNG TY TNHH CJ FRESHWAY VIỆT NAM

Address

:

Unit 1501, 15Fl 2Bis - 4 - 6 Le Thanh Ton St Ben Nghe Ward,

District 1, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-35210677

Facsimile

:

[+84] 8-35210675

Primary Business Activity

:

Trader

Key Industry

:

Food Products

 

 

Key Facts

 

Registered Legal Address

:

Unit 1501, 15Fl 2Bis - 4 - 6 Le Thanh Ton St Ben Nghe Ward,

 District 1, Ho Chi Minh

Operational Address

:

Unit 1501, 15Fl 2Bis - 4 - 6 Le Thanh Ton St Ben Nghe Ward,

District 1, Ho Chi Minh

License Status

:

License exists - Normal.

Issuing Authority

:

People's Committee - Ho Chi Minh

License Number

:

411043002247

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

:

15 Jun, 2013

Employees

:

15

Capital

:

n/a (2)

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.

 

(2) Not applicable.
According to the corporate statutory laws for this type of Legal Form - Category(Private Company with Limited Liability) in Vietnam, there is no requirement for Authorized Capital.

 

 

DIRECTORS/MANAGEMENT

 

Key Person

 

Legal Title

:

Managing Director

Name

:

Mr. Dong-Keun Shin

Nationality

:

Korean

 

 

COMPANY MANAGEMENT

 

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Tran Thi Hong Van

Vietnamese

Chief Accountant

-

 

 

Management Details – 1

 

Personal Unique Identifier

:

MI03908326

Name

:

Ms. Tran Thi Hong Van

Date of Birth

:

1980

 

 

COMPANY DIRECTORS

 

 

1

 

 

Personal Unique Identifier

:

MI03908320

Name

:

Mr. Dong-Keun Shin

Date of Birth

:

1974

 

 

 

NEGATIVE INFORMATION

 

REPUTATION

Although CJ FRESHWAY VIETNAM CO LTD has been recently incorporated, it is owned by CJ FRESHWAY CORP which is a Public Listed Company in Korea, South (Republic of Korea) and maintains a good reputation within their industry.

 

 

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

 

SHAREHOLDERS

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

CJ FRESHWAY CORP

Korea, South (Republic of Korea)

n/a

n/a

100.00

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

70%

International Sales (Export)

30%

 

 

Annual Purchases Analysis

Percentage

Local Purchases

99%

Imports

1%

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

DIRECT / INDIRECT CORPORATE PARENT DETAILS

 

Direct Corporate Parent

:

CJ FRESHWAY CORP

Global Identifier

:

P1170226

Legal Form Category

:

Public Listed Company

Country

:

Korea, South (Republic of Korea)

Operational Address

:

330 Dongho-ro Chung-gu Seoul 100400

Primary Business Activity

:

Importer

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

 

As a Private Company with Limited Liability in Vietnam, there is no legal requirements for the Subject Business Entity ("SBE") to make any public disclosure of their own financials. However, the SBE is owned by a Public Listed Company , which is required to disclosure their consolidated financial statements.
Hence the financials listed below are those of the SBE's Direct Corporate Parent - CJ FRESHWAY CORP

 

Year

Turnover

Assets

Net Income

2013 Annual  

1,704,175,921

560,269,928

-6,747,328

2014 3rd Qtr  

1,161,644,482

583,362,287

8,558,239

 

 

Sales Trend – Analysis

 

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

-

-

-

 

 

Missing Financials

Reasons

2015, 3rd Qtr

Financials not yet released.

 

 

FINANCIAL STATEMENT - DETAILED

 

As a Private Company with Limited Liability in Vietnam, there is no legal requirements for the Subject Business Entity ("SBE") to make any public disclosure of their own financials. However, the SBE is owned by a Public Listed Company , which is required to disclosure their consolidated financial statements.
Hence the financials listed below are those of the SBE's Direct Corporate Parent - CJ FRESHWAY CORP

Balance Sheet

Currency

:

KRW

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

2014 3rd Qtr

Assets 

Current Assets(*)

320,209,681,189

345,078,182,547

 

Non Current Assets(*)

273,222,623,376

300,377,185,981

Total Assets(*)

593,432,304,565

645,455,368,528

Liabilities 

Current Liabilities(*)

295,831,110,322

389,376,831,801

Non Current Liabilities(*)

109,847,960,197

58,825,000,014

Total Liabilities(*)

405,679,070,519

448,201,831,815

Shareholder's Equity 

Shareholders Funds(*)

187,753,234,046

197,253,536,713

Total Assets

593,432,304,565

645,455,368,528

Current Assets

320,209,681,189

345,078,182,547

Cash & Cash Equivalents

7,244,662,644

8,138,714,665

Current Financial Instruments

100,000,000

200,000,000

Trade Receivables

220,015,560,265

247,169,886,240

Short-Term Receivables

21,092,125,032

12,576,080,935

Other Current Financial Instruments

9,251,789,453

11,640,176,596

Other Current Assets

3,790,114,290

10,177,558,071

Inventories

57,991,467,880

55,175,766,040

Assets to be Sold

723,961,625

-

Non-Current Assets

273,222,623,376

300,377,185,981

Marketable Financial Instruments

116,352,622

100,000,000

Investment Related Companies

23,577,321,886

40,361,688,814

Tangibles

70,076,861,237

72,758,776,629

Intangibles

8,060,307,471

13,527,023,295

Investment Real Estates

161,892,674,690

160,088,458,638

Non-Current Financial Instruments

7,098,763,768

11,851,765,253

Other Non-Current Assets

2,400,341,702

1,689,473,352

Total Liabilities

405,679,070,519

448,201,831,815

Current Liabilities

295,831,110,322

389,376,831,801

Trade Payables

200,614,047,550

219,568,070,227

Short-Term Borrowings

50,167,085,399

60,980,681,942

Account Payables

25,525,488,312

31,688,223,901

Current Portion of Long-Term Debts

-

49,975,023,903

Other Current Financial Debts

13,515,820,407

17,035,636,190

Other Current Liabilities

6,008,668,654

5,955,281,743

Deferred Income Tax

-

4,173,913,895

Non-Current Liabilities

109,847,960,197

58,825,000,014

Long-Term Borrowings

40,000,000,000

40,000,000,000

Debentures

49,922,167,518

-

Confirmed Salaries

8,881,744,773

10,280,711,750

Deferred Income Tax Credit

4,613,399,936

3,262,814,244

Long-Term Account Payables

6,430,647,970

5,055,124,020

Other Non-Current Liabilities

-

226,350,000

Capital Stock

10,849,100,000

10,851,600,000

Capital Surplus

50,316,974,902

50,352,262,402

Others

86,658,812,049

86,652,149,549

Profit Surplus

39,928,347,095

49,397,524,762

Total Equity

187,753,234,046

197,253,536,713

Liabilities & Shareholder's Equity

593,432,304,565

645,455,368,528

Note: (*)

Financial Highlights

 

 

Income Statement

Currency

:

KRW

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

2014 3rd Qtr

Turnover(*)

1,805,046,093,685

1,285,289,920,323

Profit (Loss) Before Tax(*)

(364,313,200)

12,422,292,142

Profit After Tax attributable to Shareholders(*)

(7,146,702,697)

9,469,177,667

 

Sales

1,805,046,093,685

1,285,289,920,323

Cost of Sold Goods

1,668,884,856,596

1,138,553,997,542

Gross Profit

136,161,237,089

146,735,922,781

Selling & Administration Expenses

125,974,543,824

126,176,666,175

Operating Income

10,186,693,265

20,559,256,606

Other Operating Income

4,595,196,891

623,512,309

Other Operating Expenses

7,947,293,011

5,039,521,695

Finance Income

6,317,179,872

8,722,909,246

Finance Expenses

13,516,090,217

12,443,864,324

Income Before Taxes

(364,313,200)

12,422,292,142

Income Taxes Expenses

6,782,389,497

2,953,114,475

Net Income

(7,146,702,697)

9,469,177,667

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2013 Annual

2014 3rd Qtr

Growth % 

Year-on-Year Growth

2.57

-

Profitability 

Profit Margin (%)

(0.40)

0.74

Return on Equity (%)

(3.81)

4.80

Return on Assets (%)

(1.20)

1.47

Leverage 

Total Debt Equity (Times)

2.16

2.27

Current Debt Equity (Times)

1.58

1.97

Long Term Debt to Equity

0.59

0.30

Total Asset To Total Equity

3.16

3.27

Asset Management 

Total Assets Turnover (Times)

3.04

1.99

Fixed Assets Turnover (Times)

6.61

4.28

Liquidity 

Current Ratio

1.08

0.89

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000045 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Report Details

 

Country

:

Vietnam

Business Entity Name

:

CJ FRESHWAY VIETNAM CO LTD

Primary Business Activity

:

Trader

Primary Industry

:

Food Products

 

Office Contact Details

 

Operating Address

:

Unit 1501, 15Fl 2Bis - 4 - 6 Le Thanh Ton St Ben Nghe Ward, District 1, Ho Chi Minh

Tel

:

[+84] 8-35210677

 

:

[+84] 8-35210676

Fax

:

[+84] 8-35210675

 

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

:

0312338771

 

 

Primary Products

Products / Materials / Services Description

Activity

Food additives

Trading

Food products

Trading

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Food products, nspf

2099

Trading

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Food preparations

2106

Trading

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of CJ FRESHWAY VIETNAM CO LTD is Trading - Finished products.

Key products include :

Food products

Food additives

 

 

Supplementary Business

In addition to the core business, CJ FRESHWAY VIETNAM CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

 

 

BANK DETAILS

Bank Name

:

SHINHAN BANK

Global Identifier

:

32406827

Branch

:

District 1,Ho Chi Minh

Branch Address

:

7Fl YOCO Office Bldg 41 Nguyen Thi Minh Khai St District 1 Ho Chi Minh (Head Office)

SWIFT Code

:

SHBKVNVX

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Korea, South (Republic of Korea)

Medium

Importing, Exporting

 

OFFICE & FACILITIES

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

Name

:

CJ FRESHWAY VIETNAM CO LTD - DISTRICT 1, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

Unit 1501, 15Fl 2Bis - 4 - 6 Le Thanh Ton St Ben Nghe Ward, District 1, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

NOTES & COMMENTS

 

N/a

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.55

UK Pound

1

Rs.99.17

Euro

1

Rs.73.08

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

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