MIRA INFORM REPORT

 

 

Report No. :

342368

Report Date :

03.10.2015

 

IDENTIFICATION DETAILS

 

Name :

TG FISHERY HOLDINGS CORP

 

 

Registered Office :

Block IV-8 Zone A1 Sa Dec Industrial Zone An Hoa Ward, Sa Dec, Dong Thap

 

 

Country :

Vietnam

 

 

Financials (as on) :

December 2014

 

 

Date of Incorporation :

05.05.2014

 

 

Legal Form :

Corporation

 

 

Line of Business :

Manufacturer of Food Products.

 

 

No. of Employee :

1,200

 

 

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

 

Company Details

Organization Name

:

TG FISHERY HOLDINGS CORP

Name in Local Language

:

CÔNG TY CỔ PHẦN THỦY SẢN TRƯỜNG GIANG

Address

:

Block IV-8 Zone A1 Sa Dec Industrial Zone An Hoa Ward, Sa Dec, Dong Thap

Country

:

Vietnam

Phone (S)

:

[+84] 67-3761361

Facsimile

:

[+84] 67-3761350

Email

:

mekongbay_sales@truonggiangfish.com.vn

Website

:

http://www.truonggiangfish.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Food Products

 

 

Key Facts

 

Registered Legal Address

:

Block IV-8 Zone A1 Sa Dec Industrial Zone An Hoa Ward, Sa Dec, Dong Thap

Operational Address

:

Block IV-8 Zone A1 Sa Dec Industrial Zone An Hoa Ward, Sa Dec, Dong Thap

License Status

 

License exists - Normal.

Issuing Authority

:

Dept. of Planning & Investment - Dong Thap

License Number

:

1400572765

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Corporation

Legal Form - Abbreviation

:

CORP

Operational Status of Business

:

Normal

Date of Registration

:

5 May, 2014

Employees

:

1,200

Capital

 

US$ 5,002,346

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

15 Nov, 2006

5103000052

 

 

DIRECTORS/MANAGEMENT

 

Key Person

 

Legal Title

:

Managing Director

Name

:

Mr. Ty Ba Le

Nationality

:

Vietnamese

 

 

COMPANY MANAGEMENT

 

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Van Hang

Vietnamese

Deputy Managing Director

-

2

Mr. Trung Thanh Le

Vietnamese

Chief Accountant

-

3

Mr. Ty Ba Le

Vietnamese

Managing Director

-

 

 

 

Management Details - 1

Personal Unique Identifier

:

MI03908529

Name

:

Mr. Van Hang

 

 

Management Details - 2

Personal Unique Identifier

:

MI03908530

Name

:

Mr. Trung Thanh Le

 

 

Management Details - 3

Personal Unique Identifier

:

MI03908519

Name

:

Mr. Ty Ba Le

Date of Birth

:

1959

 

 

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03908519

Name

:

Mr. Ty Ba Le

Date of Birth

:

1959

 

 

 

NEGATIVE INFORMATION

 

REPUTATION

 

Reference checking for the purpose of establishing TG FISHERY HOLDINGS CORP'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

:

₫ 110,900,000,000

 

Date

Authorized Capital - History

15 Nov, 2006

60,000,000,000

5 May, 2014

80,000,000,000

12 May, 2015

110,900,000,000

 

 

SHAREHOLDERS

Total number of shareholders

:

n/a

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

OCEAN PACKERS INC

Canada

n/a

n/a

49.19

2

Mr. Ty Ba Le

Vietnam

n/a

n/a

32.24

3

Mr. Anh Van Ngo

Vietnam

n/a

n/a

13.30

4

Mr. Van Hang

Vietnam

n/a

n/a

4.46

5

Undisclosed Shareholders

n/a

n/a

n/a

0.81

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

20%

International Sales (Export)

80%

 

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

Turnover

Assets

Net Income

2013 Annual  

28,132,325

16,429,321

504,361

2014 Annual  

35,531,603

21,646,976

788,466

 

Sales Trend – Analysis

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

-

-

-

-

-

-

-

-

-

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FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

2014 Annual

Current Assets(*)

265,327,000,000

369,301,000,000

Non Current Assets(*)

81,136,000,000

88,394,000,000

Non Current Liabilities(*)

3,144,000,000

5,332,000,000

Share Capital(*)

60,000,000,000

80,000,000,000

Other long term assets 

Total Assets(*)

346,463,000,000

457,695,000,000

Total Liabilities(*)

264,531,000,000

359,092,000,000

Current Liabilities(*)

261,387,000,000

353,760,000,000

Long term liabilities 

Shareholders Funds(*)

81,932,000,000

98,603,000,000

 

Current assets & short term investments

265,327,000,000

369,301,000,000

Cash & cash equivalents

12,853,000,000

2,691,000,000

Cash

12,853,000,000

2,691,000,000

Accounts receivable

72,230,000,000

72,308,000,000

Accounts receivable trade

61,080,000,000

68,478,000,000

Trade prepayment

5,693,000,000

2,701,000,000

Others receivables

5,846,000,000

4,840,000,000

Provision for bad debts

(389,000,000)

(3,711,000,000)

Inventories

166,911,000,000

272,602,000,000

i.Other short term asset

13,333,000,000

21,700,000,000

Prepaid expenses

1,186,000,000

1,396,000,000

VAT deductible

6,835,000,000

15,615,000,000

Other tax receivables

543,000,000

661,000,000

ii.Other short term asset

4,769,000,000

4,028,000,000

Long term assets

81,136,000,000

88,394,000,000

Fixed assets

68,930,000,000

74,521,000,000

Tangible fixed assets

67,678,000,000

74,521,000,000

Cost

94,189,000,000

108,980,000,000

Accumulated depreciation

26,511,000,000

34,459,000,000

Construction in progress

1,252,000,000

-

i.Other long term assets

12,206,000,000

13,873,000,000

Long term prepayments

11,823,000,000

13,490,000,000

ii.Other long term assets

383,000,000

383,000,000

Total assets

346,463,000,000

457,695,000,000

Liabilities

264,531,000,000

359,092,000,000

Current liabilities

261,387,000,000

353,760,000,000

Short term borrowings

157,395,000,000

240,438,000,000

Accounts payables-trade

78,837,000,000

92,302,000,000

Advances from customers

11,557,000,000

2,775,000,000

Taxes and payable to state budget

720,000,000

1,010,000,000

Payable to employees

7,540,000,000

10,032,000,000

Accrued expenses payable

785,000,000

1,413,000,000

Other payables

4,553,000,000

5,790,000,000

Long term liabilities

3,144,000,000

5,332,000,000

Long term other payables

100,000,000

100,000,000

Long term borrowings

2,000,000,000

5,232,000,000

Deffered revenue

1,044,000,000

-

Owner's equity

81,932,000,000

98,603,000,000

Business capital

60,000,000,000

80,000,000,000

Retained earnings

21,932,000,000

18,603,000,000

Total resources

346,463,000,000

457,695,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2013 Annual

2014 Annual

Turnover(*)

593,257,000,000

751,266,000,000

Profit (Loss) Before Tax(*)

11,612,000,000

18,290,000,000

Profit After Tax attributable to Shareholders(*)

10,636,000,000

16,671,000,000

 

Gross sales

593,257,000,000

751,266,000,000

Less deductions

4,583,000,000

817,000,000

Net income

588,674,000,000

750,449,000,000

Cost of goods sold

523,733,000,000

661,308,000,000

Gross margin

64,941,000,000

89,141,000,000

Income from financial activities

1,963,000,000

1,466,000,000

Expenses from financial activities

14,460,000,000

15,827,000,000

In which: Interest expenses

11,932,000,000

12,980,000,000

Selling expenses

34,436,000,000

42,946,000,000

General & administration expenses

6,400,000,000

14,627,000,000

Net income from operating activities

11,608,000,000

17,207,000,000

Extraordinary income

843,000,000

1,743,000,000

Extraordinary expenses

839,000,000

660,000,000

Extraordinary gains

4,000,000

1,083,000,000

Net profit before tax

11,612,000,000

18,290,000,000

Income tax

976,000,000

1,619,000,000

Net profit after tax

10,636,000,000

16,671,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2013 Annual

2014 Annual

Growth % 

Year-on-Year Growth

-

26.63

Profitability 

Profit Margin (%)

1.79

2.22

Return on Equity (%)

12.98

16.91

Return on Assets (%)

3.07

3.64

Leverage 

Total Debt Equity (Times)

3.23

3.64

Current Debt Equity (Times)

3.19

3.59

Long Term Debt to Equity

0.04

0.05

Total Asset To Total Equity

4.23

4.64

Asset Management 

Total Assets Turnover (Times)

1.71

1.64

Fixed Assets Turnover (Times)

7.31

8.50

Liquidity 

Current Ratio

1.02

1.04

 

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

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

TG FISHERY HOLDINGS CORP

Primary Business Activity

:

Manufacturer

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

Block IV-8 Zone A1 Sa Dec Industrial Zone An Hoa Ward, Sa Dec, Dong Thap

Tel

:

[+84] 67-3761361

 

:

[+84] 67-3761355

Fax

:

[+84] 67-3761350

Email

:

mekongbay_sales@truonggiangfish.com.vn

Website Details

Website

:

http://www.truonggiangfish.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

:

1400572765

Date of Issuance

:

27 Nov, 2006

 

 

Primary Products

 

Products / Materials / Services Description

Activity

Seafood products

Manufacturing, Exporting

 

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

Year

Imports

Exports

Total

2013

n/a

22,505,860

22,505,860

2014

n/a

28,425,282

28,425,282

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Fish & Seafoods

5146

Manufacturing, Exporting

Fresh/Frozen Fish/Seafoods, NEC

2092

Manufacturing, Exporting

Miscellaneous marine products, nspf

0919

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

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

0303

Manufacturing, Exporting

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of TG FISHERY HOLDINGS CORP is Manufacturing - Finished products.

Key product include :

Seafood products


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, TG FISHERY HOLDINGS CORP also is engaged in the following areas of business:

Exporting

Exporting - Finished products

 

BANK DETAILS

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

32404058

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE - SA DEC

SWIFT Code

:

ICBVVNVX

 

 

LOCAL BRANCHES & MANAGEMENT

 

Branch

:

TG FISHERY HOLDINGS CORP - DISTRICT 11, HO CHI MINH

Branch Address

:

351/102 Le Dai Hanh St Ward 13, District 11, Ho Chi Minh

 

 

 

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

Germany

Medium

Exporting

Hong Kong

Medium

Exporting

 

 

OFFICE & FACILITIES

 

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

Name

:

TG FISHERY HOLDINGS CORP - SA DEC, DONG THAP

Primary Use

:

Office & Administration facilities

Address

:

Block IV-8 Zone A1 Sa Dec Industrial Zone An Hoa Ward, Sa Dec, Dong Thap

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 :

HNA

 

 

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.