|
|
|
MIRA INFORM REPORT
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Report No. : |
504035 |
|
Report Date : |
25.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
QUANG NINH SEAPRODUCTS IMPORT - EXPORT JSC |
|
|
|
|
Registered Office : |
35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
December 2016 |
|
|
|
|
Date of Incorporation : |
04.09.1998 |
|
|
|
|
Com. Reg. No.: |
504035 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
· Manufacture of tobacco products · Wholesale of other food, including fish, crustaceans and molluscs ·
Marine fishing |
|
|
|
|
No. of Employees : |
200 [2018] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Vietnam |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
VIETNAM - ECONOMIC
OVERVIEW
Vietnam is a densely populated developing country that has been transitioning since 1986 from the rigidities of a centrally planned, highly agrarian economy to a more industrial and market based economy, and it has raised incomes substantially. In 2016 and 2017, Vietnam missed its yearly growth target of 6.7% due to environmental issues – drought and salinization - impacting the agricultural sector, and low oil prices affecting the extractive sector. However, annual GDP growth reached 6.3%, reflecting strengthening domestic demand and strong manufacturing exports.
Vietnam has a young population, stable political system, commitment to sustainable growth, relatively low inflation, stable currency, strong FDI inflows, and strong manufacturing sector. In addition, the country is committed to continuing its global economic integration. Vietnam joined the WTO in January 2007 and concluded several free trade agreements in 2015-16, including the EU-Vietnam Free Trade Agreement, the Korean Free Trade Agreement, and the Eurasian Economic Union Free Trade Agreement. In 2017, Vietnam successfully chaired the Asia-Pacific Economic Cooperation (APEC) Conference with its key priorities including inclusive growth, innovation, strengthening small and medium enterprises, food security and climate change. Seeking to diversify its opportunities, Vietnam also continued to pursue other multilateral relationships, including the Comprehensive and Progressive Agreement for the Transpacific Partnership and the Regional Comprehensive Economic Partnership.
To continue its trajectory of strong economic growth, the government acknowledges the need to spark a second wave’ of reforms, including reforming state-owned-enterprises, reducing red tape, increasing business sector transparency, reducing the level of non-performing loans in the banking sector, and increasing financial sector transparency. Vietnam’s public debt to GDP ratio is nearing the government mandated ceiling of 65%.
In 2016, Vietnam cancelled its civilian nuclear energy development program, citing public concerns about safety and the high cost of the program; it faces growing pressure on energy infrastructure. Overall, the country’s infrastructure fails to meet the needs of an expanding middle class. Vietnam has demonstrated a commitment to sustainable growth over the last several years, but the recent slowdown in economic growth could test the government’s resolve.
|
Source : CIA |
Company
name
QUANG NINH
SEAPRODUCTS IMPORT - EXPORT JSC
Company Summary
|
Business
Name |
QUANG
NINH SEAPRODEX QUANGNINH SEAPRODUCTS IMPORT-EXPORT |
|
Country |
VIET NAM |
|
Company
Registration Number |
5700100714 |
|
Main
Activity Code |
1200 |
|
Main
Activity Description |
Manufacture
of tobacco products |
|
Company
Status |
Normal
(Active) |
|
Latest
Turnover Figure |
198.441.917 |
|
Latest
Shareholder Equity Figure |
19.968.000.000 |
Basic Information
|
Business
Name |
QUANG NINH
SEAPRODEX QUANGNINH SEAPRODUCTS IMPORT-EXPORT |
|
Registered
Company Name |
QUANG
NINH SEAPRODUCTS IMPORT - EXPORT JSC |
|
Company
Registration Number |
5700100714 |
|
Country |
VIET NAM |
|
VAT
Registration Number |
5700100714 |
|
VAT
Registration Date |
1998-09-04 |
|
Date of
Company Registration |
2011-10-20 |
|
Date of
Starting Operations |
2011-10-20 |
|
Legal
Form |
Joint
Stock Company |
|
Type of
Ownership |
Registered
ownership by Subject Business Entity |
|
Company
Status |
Normal
(Active) |
|
Contact Telephone
Number |
[+84]
203-3829851 [+84] 203-3825190 [+84] 203-6258213, [+84] 203-3825196 |
Main Address
|
Address |
Country |
Telephone |
|
35 Ben
Tau St Bach Dang Ward, Ha Long, Quang Ninh |
VIET NAM |
[+84] 203-3829851
[+84] 2033825190 [+84] 203-6258213, [+84] 203-3825196 |
Other Address
No other
addresses for this company.
Previous Address
No
previous addresses for this company.
Activities
|
Activity
Code |
Activity
Description |
|
1200 |
Manufacture
of tobacco products |
|
4638 |
Wholesale
of other food, including fish, crustaceans and molluscs |
|
0311 |
Marine
fishing |
Email Addresses
Web Pages
http://www.quangninhseaprodex.com.vn
Employee Information
|
Date
Reported |
Number
of Employees |
|
2018 |
200 |
Banker Information
|
Banker
Name |
Banker
Address |
|
JOINT
STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM |
Quang
Ninh |
Advisors Information
No advisor information for this company.
Miscellaneous Information
|
Fax
Number |
[+84] 203-6258030 [+84] 203-3826683 |
|
Export
Countries |
Asia / Pacific, China, Japan, Korea, South (Republic of Korea). |
|
Import
Countries |
Asia / Pacific, Indonesia, Japan. |
|
Additional
Business Information |
Core Business The primary business focus of QUANG NINH SEAPRODUCTS
IMPORT - EXPORT JSC is Manufacturing - Finished products. Key products
include : Fish fillet, Frozen fish, Frozen shrimps, Seafood products, Shrimp
meat, Shrimps, breaded, Squid steak, Squid sushi Squid, frozen An integral
part of the core business includes : Distribution. Supplementary Business In
addition to the core business, QUANG NINH SEAPRODUCTS IMPORT - EXPORT JSC
also is engaged in the following areas of business: 1. Exporting Exporting -
Natural food items, Unprocessed (Meats, Produce or Seafood) 2. Importing :
Importing - Natural food items, Unprocessed (Meats, Produce or Seafood) 3.
Service : Specialized professional services. |
|
Additional
Payment Information |
Selling Type Terms Local Cash on delivery (COD) Credit - Secured with
Post-dated checks 30~60 days. Export Telegraphic Transfer (T/T) - Received at
time of transaction Letter of Credit (At-sight) Purchasing Type Terms Import
Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of
transaction Local Credit - Secured with Post-dated checks 30~60 days Cash on
delivery (COD). |
|
Additional
Financial Information |
Financial Statement Were Prepared As At 2016-12-31, 2015-12-31 And
2014-12-31. 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. |
|
Number
of Employees at Address |
200 |
Additional Miscellaneous Information
|
Primary
Business Activity |
Manufacture |
|
Key
Industry |
Seafood & Fishing Industry |
|
Issuing
Authority |
DEPT. OF PLANNING & INVESTMENT - Quang Ninh |
|
Note |
(1) In Vietnam, when changes occur in the statutory of an existing
company, a new business license number is issued which links the new changes
to a new license number. Such changes have occurred with the Subject Business
Entity. Accordingly, there are two different "Dates of
Registration", one being the original Date of Registration, and the
other being the most recent Date of issuance of the new License. Details of
the various previous License dates (if available) and the corresponding
License numbers, are listed in PREVIOUS BUSINESS LICENSE/S below. |
|
Tax /
VAT Details |
Tax Issuing Authority: MINISTRY OF FINANCE, Local Name Used: Gia Trj
Gia Tang (Value Added Tax), Acronym: GTGT / VAT. |
|
Previous
Business License/S |
License Date License No. 30 Aug, 2000 2203000764. |
|
Detailed
Product Classification & Activity(Products / Materials / Services
Description : Ranking : Activity) |
Shrimps, breaded Primary Manufacturing, Exporting. Squid steak Primary
Manufacturing, Exporting. Squid sushi Primary Manufacturing, Exporting. Squid, frozen Primary
Manufacturing, Exporting. Food processing Secondary Service. |
|
Domestic
Sales & Purchases(Annual Sales Analysis: Percentage) |
Domestic Sales 20%. International Sales (Export) 80%. Local Purchases
50%. Imports 50%. |
|
Other
Licenses |
Issuing Authority : MINISTRY OF INDUSTRY & TRADE License Name :
Import / Export license License Number : 49/BCT-XNK(MS-TPDL). |
|
Reputation |
Reference checking for the purpose of establishing QUANG NINH
SEAPRODUCTS IMPORT - EXPORT JSC's reputation within the respective industry
failed to reveal any adverse information. |
|
Nega-Scan
- Adverse Data Monitoring |
Dishonored checks , Debt, Civil litigation, Performance defaults,
Adverse local media coverage / adverse filing history No record found |
|
Bank
Details |
Bank Name : VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT
Global Identifier : 32408794 Branch : VIETNAM BANK FOR AGRICULTURE Branch
Address : Quang Ninh SWIFT Code : VBAAVNVX. Bank Name : VIETNAM TECHNOLOGICAL
& COMMERCIAL JOINT STOCK BANK Global Identifier : 32408999 Branch :
VIETNAM TECHNOLOGICAL Branch Address : Quang Ninh SWIFT Code : VTCBVNVX. |
|
International
Trade - Statistics(Year : Imports : Exports : Total) |
2010 n/a 5,037,891 5,037,891. 2011 n/a 15,946,855 15,946,855. 2012 n/a
20,352,193 20,352,193. 2013 n/a 158,753,533 158,753,533. |
|
Office
& Facilities |
The following information relates to the Business Entity's office as
listed above: Name : QUANG NINH SEAPRODUCTS IMPORT - EXPORT JSC - HA LONG,
QUANG NINH. Primary Use : Office & Administration facilities . Other Use
: This facility is also used for Manufacturing . Address : 35 Ben Tau St Bach
Dang Ward, Ha Long, Quang Ninh. Country : Vietnam. Status : Operational. |
|
Company
History |
Date Details 2000 - Aug Incorporated to continue a government
enterprise XI NGHIEP XUAT KHAU THUY SAN QUANG NINH which was originally
established in 1983. |
|
Quality
Accreditation |
Quality Accreditation Listings # Name Accreditation Category 1 HAZARD
ANALYSIS CRITICAL CONTROL POINT (HACCP) - 2 INTERNATIONAL STANDARDS
ORGANIZATION (ISO) 22000:2005. |
|
Approved
Signatures |
The Company Director/s listed below maintain the legal right to sign
on behalf of the company: Name Mr. Sang Quang Do. |
|
Associations |
QUANG NINH SEAPRODUCTS IMPORT - EXPORT JSC are members of the
following associations: Domestic Associations : Association Name : VIETNAM
ASSOCIATION OF SEAFOOD EXPORTERS & PRODUCERS -VASEP. VIETNAM CHAMBER OF
COMMERCE & INDUSTRY - VCCI. |
|
Registered
Legal Address |
35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh |
|
Capital |
US$ 438,940 |
|
Directors
Information |
1. Name: Mr. Sang Quang Do, Date of Birth: 1950. 2. Name: Mr. Cau Xuan
Le, Date of Birth; 1951. 3. Name: Ms. Hoa Thi Ngo, Date of Birth: 1977. 4.
Name: Mr. Uyen Thuong Nguyen, Date of Birth: 1972. 5. Name: Mr. Huy Quang Vu Date of Birth: 1957. |
|
Primary Products |
|
|
Products / Materials / Services Description Activity |
|
|
Fish
fillet |
Manufacturing, Exporting |
|
Frozen
fish |
Manufacturing, Exporting |
|
Frozen
shrimps |
Manufacturing, Exporting |
|
Seafood
products |
Manufacturing, Exporting |
|
Shrimp meat |
Manufacturing, Exporting |
Financials
|
Financial
Year |
2016-12 |
2015-12 |
2014-12 |
|
Number
of Weeks |
52 |
52 |
52 |
|
Currency |
VND |
VND |
VND |
|
Consolidated
Accounts |
No |
No |
No |
|
Profit
and Loss Revenue |
4.493.787.000.000 |
4.123.042.000.000 |
2.016.159.000.000 |
|
Operating
Costs |
4.482.815.000.000 |
4.113.771.000.000 |
2.008.505.000.000 |
|
Operating
Profit |
10.972.000.000 |
9.271.000.000 |
9.271.000.000 |
|
Wages
& Salaries |
- |
- |
- |
|
Pension
Costs |
- |
- |
- |
|
Depreciation |
- |
- |
- |
|
Amortisation |
- |
- |
- |
|
Financial
Income |
495.000.000 |
482.000.000 |
134.000.000 |
|
Financial
Expenses |
7.259.000.000 |
7.467.000.000 |
6.347.000.000 |
|
Extraordinary
Income |
39.000.000 |
- |
1.051.000.000 |
|
Extraordinary
Costs |
252.000.000 |
314.000.000 |
539.000.000 |
|
Profit
before Tax |
3.995.000.000 |
1.972.000.000 |
1.954.000.000 |
|
Tax |
2.982.000.000 |
500.000.000 |
430.000.000 |
|
Profit
after Tax |
1.013.000.000 |
1.472.000.000 |
1.524.000.000 |
|
Dividends |
- |
- |
- |
|
Minority
Interests |
- |
- |
- |
|
Other
Appropriations |
- |
- |
- |
|
Retained
Profit |
1.013.000.000 |
1.472.000.000 |
1.524.000.000 |
|
|
|
|
|
|
Balance
Sheet |
|
|
|
|
Land
& Buildings |
0 |
0 |
0 |
|
Plant
& Machinery |
26.437.000.000 |
28.084.000.000 |
25.168.000.000 |
|
Other
Tangible Assets |
0 |
0 |
364.000.000 |
|
Total
Tangible Assets |
26.437.000.000 |
28.084.000.000 |
25.532.000.000 |
|
Goodwill |
0 |
0 |
0 |
|
Other
Intangible Assets |
0 |
0 |
0 |
|
Total Intangible
Assets |
0 |
0 |
0 |
|
Investments |
3.105.000.000 |
1.061.000.000 |
1.122.000.000 |
|
Loans to
Group |
0 |
0 |
0 |
|
Other
Loans |
0 |
0 |
0 |
|
Miscellaneous
Fixed Assets |
10.000.000.000 |
0 |
11.523.000.000 |
|
Total
Other Fixed Assets |
13.105.000.000 |
1.061.000.000 |
12.645.000.000 |
|
Total
Fixed Assets |
39.542.000.000 |
29.145.000.000 |
38.177.000.000 |
|
Raw
Materials |
0 |
0 |
0 |
|
Work in
Progress |
0 |
0 |
0 |
|
Finished
Goods |
0 |
0 |
0 |
|
Other
Inventories |
62.362.000.000 |
63.812.000.000 |
53.322.000.000 |
|
Total
Inventories |
62.362.000.000 |
63.812.000.000 |
53.322.000.000 |
|
Trade
Receivables |
42.005.000.000 |
42.528.000.000 |
17.033.000.000 |
|
Group
Receivables |
0 |
0 |
0 |
|
Receivables
Due after 1 year |
0 |
0 |
0 |
|
Miscellaneous
Receivables |
0 |
2.800.000.000 |
0 |
|
Total
Receivables |
42.005.000.000 |
45.328.000.000 |
17.033.000.000 |
|
Cash |
3.581.000.000 |
750.000.000 |
714.000.000 |
|
Other
Current Assets |
947.000.000 |
9.518.000.000 |
1.357.000.000 |
|
Total
Current Assets |
108.895.000.000 |
119.408.000.000 |
72.426.000.000 |
|
Total
Assets |
148.437.000.000 |
148.553.000.000 |
110.603.000.000 |
|
Trade
Payables |
3.609.000.000 |
10.444.000.000 |
4.499.000.000 |
|
Bank
Liabilities |
0 |
0 |
0 |
|
Other Loans
or Finance |
87.010.000.000 |
91.890.000.000 |
81.353.000.000 |
|
Group
Payables |
0 |
0 |
0 |
|
Miscellaneous
Liabilities |
29.196.000.000 |
24.723.000.000 |
2.637.000.000 |
|
Total
Current Liabilities |
119.815.000.000 |
127.057.000.000 |
88.489.000.000 |
|
Trade
Payables After 1 Year |
0 |
0 |
0 |
|
Bank
Liabilities After 1 Year |
0 |
0 |
0 |
|
Other
Loans or Finance due after 1 year |
1.794.000.000 |
0 |
0 |
|
Group
Payables After 1 Year |
0 |
0 |
0 |
|
Miscellaneous
Liabilities Due After 1 Year |
6.860.000.000 |
7.032.000.000 |
7.203.000.000 |
|
Total
Long Term Liabilities |
8.654.000.000 |
7.032.000.000 |
7.203.000.000 |
|
Total
Liabilities |
128.469.000.000 |
134.089.000.000 |
95.692.000.000 |
|
Called
Up Share Capital |
12.627.000.000 |
12.626.000.000 |
12.626.000.000 |
|
Share
Premium |
0 |
0 |
0 |
|
Revenue
Reserves |
3.605.000.000 |
1.390.000.000 |
1.407.000.000 |
|
Other
Reserves |
3.736.000.000 |
448.000.000 |
877.000.000 |
|
Total
Shareholders Equity |
19.968.000.000 |
14.464.000.000 |
14.910.000.000 |
|
Other
Financials Contingent
Liabilities |
|
|
|
|
Working
Capital |
-10.920.000.000 |
-7.649.000.000 |
-16.063.000.000 |
|
Net
Worth |
0 |
0 |
0 |
|
|
|
|
|
|
Ratios |
|
|
|
|
Pre Tax
Profit Margin |
0.09 |
0.05 |
0.1 |
|
Return On
Capital Employed |
13.96 |
9.17 |
8.84 |
|
Return
On Total Assets Employed |
2.69 |
1.33 |
1.77 |
|
Return
On Net Assets Employed |
20.01 |
13.63 |
13.11 |
|
Sales /
Net Working Capital |
-411.52 |
-539.03 |
-125.52 |
|
Stock
Turnover Ratio |
1.39 |
1.55 |
2.64 |
|
Debtor
Days |
3.41 |
3.76 |
3.08 |
|
Creditor
Days |
0.29 |
0.92 |
0.81 |
|
Current
Ratio |
0.91 |
0.94 |
0.82 |
|
Liquidity
Ratio Or Acid Test |
0.39 |
0.44 |
0.22 |
|
Current
Debt Ratio |
6 |
8.78 |
5.93 |
Current Directors
|
Name |
Gender |
Address |
Date of
Birth |
Position |
|
Sang
Quang Do |
Male |
|
|
Chairman Director Managing
Director |
|
Cau Xuan
Le |
Male |
|
|
Deputy
Managing Director |
|
Hoa Thi
Ngo |
Female |
|
|
Chief
Accountant |
|
Luong
Cong Nguyen |
Male |
|
|
Representative |
|
Uyen
Thuong Nguyen |
Male |
|
|
Deputy
Managing Director |
|
Huy
Quang Vu |
Unknown |
|
|
Deputy
Managing Director |
Previous
Directors
No
previous directors for this company.
Share Capital Structure
|
Nominal
Share Capital |
10.000.000.000 |
|
Issued
Share Capital |
10.000.000.000 |
Shareholders
|
Shareholder |
Address |
% Shares
Held |
|
UNDISCLOSED
SHAREHOLDERS |
n/a |
74.5 |
|
Mr. Hoa
Chau |
Vietnam |
11.48 |
|
Mr. Sang
Quang Do |
Vietnam |
9.08 |
|
Mr. Uyen
Thuong Nguyen |
Vietnam |
2.12 |
|
Mr. Huy
Quang Vu |
Vietnam |
1.52 |
|
Mr. Cau
Xuan Le |
Vietnam |
1.3 |
Group
Structure
No group
structure information for this company
Negative
Information
No
negative information for this company
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.36 |
|
|
1 |
INR 92.51 |
|
Euro |
1 |
INR 81.05 |
|
VND |
1 |
INR 0.0029 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.