MIRA INFORM REPORT

 

 

Report No. :

338143

Report Date :

04.09.2015

 

IDENTIFICATION DETAILS

 

Name :

PHUONG NAM AGRICULTURE FORESTRY SEAFOOD JSC (1)

 

 

Registered Office :

234 Ngo Tat To St Ward 22, Binh Tan Dist, Ho Chi Minh

 

 

Country :

Vietnam

 

 

Date of Incorporation :

12.01.2015

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Food Products.

 

 

No. of Employees :

2,000

 

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

 

--

NB

New Business

 

--

 

Status :

New Business

Payment Behaviour :

Unknown

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

:

PHUONG NAM AGRICULTURE FORESTRY SEAFOOD JSC (1)

Name in Local Language

:

CÔNG TY CỔ PHẦN NÔNG LÂM HẢI SẢN PHƯƠNG NAM

Address

:

234 Ngo Tat To St Ward 22, Binh Tan Dist, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-38404668

Facsimile

:

[+84] 8-38404098

Email

:

sales@phuongnamseafood.vn

Website

:

http://phuongnamseafood.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Food Products

 

Key Facts

Registered Legal Address

:

234 Ngo Tat To St Ward 22, Binh Tan Dist, Ho Chi Minh

Operational Address

:

234 Ngo Tat To St Ward 22, Binh Tan Dist, Ho Chi Minh

Name History

:

PHUONG NAM SEAFOOD JSC

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0313088235

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

12 Jan, 2015

Employees

:

2,000

Capital

 

US$ 2,329,373

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.

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Chairman

Name

:

Mr. Pham Hung Long

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Pham Hung Long

Vietnamese

Managing Director

-

2

Ms. Dang Le Hong Truc

Vietnamese

Chief Accountant

-

 

Management Details - 1

Personal Unique Identifier

:

MI03894398

Name

:

Mr. Pham Hung Long

Date of Birth

:

1988

 

Management Details - 2

Personal Unique Identifier

:

MI03894410

Name

:

Ms. Dang Le Hong Truc

Date of Birth

:

1986

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03894398

Name

:

Mr. Pham Hung Long

Date of Birth

:

1988

 

 

NEGATIVE INFORMATION

 

REPUTATION

Due to the recent incorporation of the PHUONG NAM AGRICULTURE FORESTRY SEAFOOD JSC, and the relatively small nature of its business, no meaningful points of reference in terms of reputation within the respective industry was possible.

 

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

:

₫ 50,000,000,000

Paid-up Capital

:

₫ 50,000,000,000

 

SHAREHOLDERS

Total number of shareholders

:

3

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Pham Hung Long

Vietnam

n/a

20,000,000,000

40.00

2

Mr. Tran Thi Yen

Vietnam

n/a

20,000,000,000

40.00

3

Mr. Nguyen Huu Tiep

Vietnam

n/a

10,000,000,000

20.00

Total

n/a

50,000,000,000

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

10%

International Sales (Export)

90%

 

 

Annual Purchases Analysis

Percentage

Local Purchases

70%

Imports

30%

 

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

Import

Letter of Credit (At-sight)

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/A

 

 

FINANCIAL INFORMATION

 

FINANCIAL STATEMENT - DETAILED

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. Therefore no financials are available for this entity.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

ADDITIONAL INFORMATION

 

Report Details

Country

:

Vietnam

Business Entity Name

:

PHUONG NAM AGRICULTURE FORESTRY SEAFOOD JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Food Products

Office Contact Details

Operating Address

:

234 Ngo Tat To St Ward 22, Binh Tan Dist, Ho Chi Minh

Tel

:

[+84] 8-38404668

Fax

:

[+84] 8-38404098

Email

:

sales@phuongnamseafood.vn
emailsales@phuongnamseafood.vn

Factory Contact Details

Address

:

Km 2127 National Rd 1A Ward 7, Soc Trang, Soc Trang

Website Details

Website

:

http://phuongnamseafood.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

:

0313088235

Date of Issuance

:

12 Jan, 2015

 

Primary Products

Products / Materials / Services Description

Activity

Cooked shrimps

Manufacturing, Exporting

Shrimps, breaded

Manufacturing, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Canned and cured fish and seafoods

2091

Manufacturing, Exporting

Fish & Seafoods

5146

Trading

Food and Kindred Products

2000

Manufacturing, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Fish & crustaceans

0300

Trading

Shrimp and prawn products containing fish meat/prepared meals

1605200590

Manufacturing, Exporting

Shrimps and prawns, breaded, frozen

1605201020

Manufacturing, Exporting

Shrimps and prawns, prepared nesoi, frozen

1605201030

Manufacturing, Exporting

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Raw shrimps

Secondary

Trading

 

CORE BUSINESS DESCRIPTION

 

Core Business

The primary business focus of PHUONG NAM AGRICULTURE FORESTRY SEAFOOD JSC is Manufacturing - Finished products.

Key products include :

Cooked shrimps

Shrimps, breaded


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, PHUONG NAM AGRICULTURE FORESTRY SEAFOOD JSC also is engaged in the following areas of business:

Exporting

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

Exporting - Finished products

Importing

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

 

BANK DETAILS

 

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

32400479

Branch

:

Hoan Kiem,Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM - HO CHI MINH

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

LIEN VIET JOINT STOCK COMMERCIAL BANK

Global Identifier

:

P1164622

Branch

:

District 1,Ho Chi Minh

Branch Address

:

LIEN VIET POST JOINT STOCK COMMERCIAL BANK - HO CHI MINH

SWIFT Code

:

This bank does not have a SWIFT Code

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Exporting

Middle-East

Medium

Exporting

North America

Medium

Exporting

Canada

Medium

Exporting

India

Medium

Importing

Japan

Medium

Exporting

Korea, North (DPRK)

Medium

Exporting

Thailand

Medium

Importing

USA

Medium

Exporting

 

OFFICE & FACILITIES

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

Name

:

PHUONG NAM AGRICULTURE FORESTRY SEAFOOD JSC - BINH TAN DIST, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

234 Ngo Tat To St Ward 22, Binh Tan Dist, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

FACTORIES, SIZE, & LOCATIONS

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

Address

:

Km 2127 National Rd 1A Ward 7, Soc Trang, Soc Trang

 

 

NOTES & COMMENTS

 

N/A

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.23

UK Pound

1

Rs.101.23

Euro

1

Rs.74.33

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

TPT

 

               

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.