|
|
|
MIRA INFORM REPORT
|
Report No. : |
504992 |
|
Report Date : |
30.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
MINH DANG CO LTD |
|
|
|
|
Registered Office : |
83 Provincial Rd 8, My Xuyen Dist, Soc Trang |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
December 2016 |
|
|
|
|
Date of Incorporation : |
05.12.2005 |
|
|
|
|
Com. Reg. No.: |
2200258144 |
|
|
|
|
Legal Form : |
Company Limited |
|
|
|
|
Line of Business : |
Processing and Preserving of Fish, Crustaceans and Molluscs |
|
|
|
|
No. of Employees : |
500 [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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
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
|
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. Vietnam exceeded its 2017 GDP growth target of
6.7% with growth of 6.8%, primarily due to unexpected increases in 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 (which the EU has not yet ratified), 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 signed the Comprehensive
and Progressive Agreement for the Transpacific Partnership in 2018 and
continued to pursue 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 despite the recent speed-up in economic growth the government
remains cautious about the risk of external shocks.
|
Source
: CIA |
Company
Summary
|
|
|
Business Name |
MD CO LTD MINH DANG SEAFOOD |
|
Country |
VIET NAM |
|
Company Registration Number |
2200258144 |
|
Main Activity Code |
1020 |
|
Main Activity Description |
Processing and preserving of fish, crustaceans and
molluscs |
|
Company Status |
Normal (Active) |
|
Latest Turnover Figure |
- |
|
Latest Shareholder Equity Figure |
42.686.000.000 |
Basic
Information
|
|
|
Business Name |
MD CO LTD MINH DANG SEAFOOD |
|
Registered Company Name |
MINH DANG CO LTD |
|
Company Registration Number |
2200258144 |
|
Country |
VIET NAM |
|
VAT Registration Number |
2200258144 |
|
VAT Registration Date |
2005-12-05 |
|
Date of Company Registration |
2009-07-20 |
|
Date of Starting Operations |
2009-07-20 |
|
Commercial Court |
|
|
Legal Form |
Company Limited |
|
Type of Ownership |
Registered ownership by Subject Business Entity |
|
Company Status |
Normal (Active) |
|
Principal Activity Code |
|
|
Principal Activity Description |
|
|
Contact Telephone Number |
[+84] 299-3851351, [+84] 299-3851998 |
Main
Address
|
||
|
Address |
Country |
Telephone |
|
83 Provincial Rd 8, My Xuyen Dist, Soc Trang |
VIET NAM |
[+84] 299-3851351, [+84] 299- 3851998 |
Other
Address
|
|
No other addresses for this company. |
Previous
Address
|
|
No previous addresses for this company. |
Activities
|
|
Activity Code Activity Description |
|
1020 Processing and
preserving of fish, crustaceans and molluscs |
Email
Addresses
|
Web
Pages
|
Employee
Information
|
|
Date Reported Number of Employees |
|
2018 500 |
Banker
Information
|
|
Banker Name Banker Address Phone Number |
|
BANK FOR AGRICULTURE & RURAL DEVELOPMENT OF
VIETNAM |
Advisors
Information
|
|
No advisor information for this company. |
Miscellaneous
Information
|
|
|
Fax Number |
[+84] 299-3852915 |
|
Export Countries |
Europe |
|
Import Countries |
|
|
Additional Business Information |
Core Business; The primary business focus of
MINH DANG CO LTD is Manufacturing - Finished products. Key products include:
Cephalopods, Cuttlefish, Octopus, Processed seafoods, Seafood products,
Shrimp, Squid, An integral part of the core business includes: Distribution, Supplementary Business In addition to the core
business, MINH DANG CO LTD also is engaged in the following areas of
business: 1. Exporting, Exporting - Natural food items, Unprocessed (Meats, Produce or Seafood), 2. Trading, Trading
- Natural food items, Unprocessed (Meats, Produce
or Seafood). |
|
Additional Rating Information |
Good Credit Quality: Credit can proceed on a
favorable basis but in strict adherence to financig terms. Proposed Credit Limit:
USD $979,000, Revision of Credit Limit: Annual, Risk Index: Low. |
|
Additional Payment Information |
Selling Type; Local
Terms; Cash on delivery
(COD), Credit - Unsecured 30~60
days. Type; Export Terms; Telegraphic Transfer (T/T) - Received at time of transaction, Letter
of Credit (At-sight). Purchasing Type;
Local Terms; Credit
- Unsecured 30~60
days, Cash on delivery (COD) |
|
Additional Financial Information |
Financial Statements were prepared as at 31.12.16,
31.12.15 and 31.12.14. Based on the corporate laws of Vietnam, legal entities which are a Private Company
with Limited Liability are not required to make public
disclosure of their annual financials. Although basic financials were
obtained for reference. |
|
Number of Employees at Address |
500 |
|
Number of Employees at Group |
|
|
Number of Employees at Factory |
|
Additional
Miscellaneous Information
|
|
|
Name in Local Language |
CÔNG TY TNHH MINH ĐĂNG |
|
Registered Legal Address |
83 Provincial Rd 8, My Xuyen Dist, Soc Trang |
|
Issuing Authority |
DEPT. OF PLANNING & INVESTMENT - Soc Trang |
|
Legal Form - Category |
Private Company with Limited Liability |
|
Capital |
US$ 1,317,420 |
|
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) 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 Issuing Authority |
MINISTRY OF FINANCE. |
|
Previous Business License/S |
License Date; License No. ; 28 Nov,
2005: 5902000166. |
|
Domestic Sales and Purchases (Annual Sales
Analysis; Percentage) (Annual Purchases Analysis; Percentage) |
Domestic Sales; 20%, International Sales
(Export); 80%, Local Purchases; 100%. |
|
Director Date of Birth |
Name: Ms. Nhung Cam Thi Nguyen: 1961 |
|
Reputation |
Reference checking for the purpose of establishing
MINH DANG CO LTD'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. |
|
Local Branches and Management |
Branch: MINH DANG CO
LTD - DISTRICT 3, HO CHI MINH, Branch Address: 590/6C Cach Mang Thang Tam Ward 11, District 3, Ho Chi Minh. |
|
Office and Facilities |
Name: MINH DANG CO LTD - MY XUYEN DIST, SOC TRANG, Primary Use: Office & Administration facilities, Address: 934
Provincial Rd 8, My Xuyen Dist, Soc Trang, Country: Vietnam, Status: Operational. |
|
Quality Accreditation (Name) |
HAZARD ANALYSIS CRITICAL CONTROL POINT (HACCP). |
|
SWIFT Code |
This bank does not have a SWIFT Code |
Primary
Products
|
|
|
Products / Materials / Services Description |
Activity |
|
Cephalopods |
Manufacturing, Exporting |
|
Cuttlefish |
Manufacturing, Exporting |
|
Octopus |
Manufacturing, Exporting |
|
Processed seafoods |
Manufacturing, Exporting |
|
Seafood products |
Manufacturing, Exporting |
|
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 |
405.936.000.000 |
353.289.000.000 |
366.066.000.000 |
|
Operating Costs |
370.940.000.000 |
311.918.000.000 |
326.078.000.000 |
|
Operating Profit |
34.996.000.000 |
41.371.000.000 |
39.988.000.000 |
|
Wages & Salaries |
- |
- |
- |
|
Pension Costs |
- |
- |
- |
|
Depreciation |
- |
- |
- |
|
Amortisation |
- |
- |
- |
|
Financial Income |
3.582.000.000 |
4.861.000.000 |
4.754.000.000 |
|
Financial Expenses |
5.867.000.000 |
10.582.000.000 |
10.107.000.000 |
|
Extraordinary Income |
1.674.000.000 |
1.049.000.000 |
3.209.000.000 |
|
Extraordinary Costs |
26.389.000.000 |
31.576.000.000 |
36.679.000.000 |
|
Profit before Tax |
7.995.000.000 |
5.123.000.000 |
1.164.000.000 |
|
Tax |
28.000.000 |
- |
58.000.000 |
|
Profit after Tax |
7.967.000.000 |
5.123.000.000 |
1.106.000.000 |
|
Dividends |
- |
- |
- |
|
Minority Interests |
- |
- |
- |
|
Other Appropriations |
- |
- |
- |
|
Retained Profit |
7.967.000.000 |
5.123.000.000 |
1.106.000.000 |
Balance
Sheet
|
|||
|
Land & Buildings |
0 |
0 |
0 |
|
Plant & Machinery |
0 |
0 |
0 |
|
Other Tangible Assets |
0 |
0 |
0 |
|
Total Tangible Assets |
23.137.000.000 |
20.216.000.000 |
23.891.000.000 |
|
Goodwill |
0 |
0 |
0 |
|
Other Intangible Assets |
0 |
0 |
0 |
|
Total Intangible Assets |
6.283.000.000 |
6.283.000.000 |
6.283.000.000 |
|
Investments |
0 |
0 |
0 |
|
Loans to Group |
0 |
0 |
0 |
|
Other Loans |
0 |
0 |
0 |
|
Miscellaneous Fixed Assets |
14.388.000.000 |
5.091.000.000 |
1.312.000.000 |
|
Total Other Fixed Assets |
14.388.000.000 |
5.091.000.000 |
1.312.000.000 |
|
Total Fixed Assets |
43.808.000.000 |
31.590.000.000 |
31.486.000.000 |
|
Raw Materials |
0 |
0 |
0 |
|
Work in Progress |
0 |
0 |
0 |
|
Finished Goods |
0 |
0 |
0 |
|
Other Inventories |
0 |
0 |
0 |
|
Total Inventories |
48.126.000.000 |
54.089.000.000 |
63.392.000.000 |
|
Trade Receivables |
66.676.000.000 |
53.512.000.000 |
38.904.000.000 |
|
Group Receivables |
0 |
0 |
0 |
|
Receivables Due after 1 year |
0 |
0 |
0 |
|
Miscellaneous Receivables |
4.255.000.000 |
2.860.000.000 |
6.580.000.000 |
|
Total Receivables |
70.931.000.000 |
56.372.000.000 |
45.484.000.000 |
|
Cash |
31.449.000.000 |
35.140.000.000 |
40.494.000.000 |
|
Other Current Assets |
0 |
0 |
0 |
|
Total Current Assets |
150.506.000.000 |
145.601.000.000 |
149.370.000.000 |
|
Total Assets |
194.314.000.000 |
177.191.000.000 |
180.856.000.000 |
|
Trade Payables |
24.979.000.000 |
25.647.000.000 |
22.881.000.000 |
|
Bank Liabilities |
0 |
0 |
0 |
|
Other Loans or Finance |
117.526.000.000 |
109.491.000.000 |
111.882.000.000 |
|
Group Payables |
0 |
0 |
0 |
|
Miscellaneous Liabilities |
9.122.000.000 |
5.815.000.000 |
3.887.000.000 |
|
Total Current Liabilities |
151.627.000.000 |
140.953.000.000 |
138.650.000.000 |
|
Trade Payables After 1 Year |
0 |
0 |
0 |
|
Bank Liabilities After 1 Year |
0 |
0 |
0 |
|
Other Loans or Finance due after 1 year |
0 |
0 |
10.126.000.000 |
|
Group Payables After 1 Year |
0 |
0 |
0 |
|
Miscellaneous Liabilities Due After 1 Year |
0 |
0 |
0 |
|
Total Long Term Liabilities |
0 |
0 |
10.126.000.000 |
|
Total Liabilities |
151.627.000.000 |
140.953.000.000 |
148.776.000.000 |
|
Called Up Share Capital |
30.000.000.000 |
30.000.000.000 |
30.000.000.000 |
|
Share Premium |
0 |
0 |
0 |
|
Revenue Reserves |
12.686.000.000 |
6.238.000.000 |
2.080.000.000 |
|
Other Reserves |
0 |
0 |
0 |
|
Total Shareholders Equity |
42.686.000.000 |
36.238.000.000 |
32.080.000.000 |
Other
Financials
|
|||
|
Contingent Liabilities |
|||
|
Working Capital |
-1.121.000.000 |
4.648.000.000 |
10.720.000.000 |
|
Net Worth |
36.403.000.000 |
29.955.000.000 |
25.797.000.000 |
Ratios
|
|||
|
Pre Tax Profit Margin |
1.97 |
1.45 |
0.32 |
|
Return On Capital Employed |
|
|
2.76 |
|
Return On Total Assets Employed |
4.11 |
2.89 |
0.64 |
|
Return On Net Assets Employed |
18.73 |
14.14 |
3.63 |
|
Sales / Net Working Capital |
-362.12 |
76.01 |
34.15 |
|
Stock Turnover Ratio |
11.86 |
15.31 |
17.32 |
|
Debtor Days |
59.95 |
55.29 |
38.79 |
|
Creditor Days |
22.46 |
26.5 |
22.81 |
|
Current Ratio |
0.99 |
1.03 |
1.08 |
|
Liquidity Ratio Or Acid Test |
0.68 |
0.65 |
0.62 |
|
Current Debt Ratio |
3.55 |
3.89 |
4.32 |
|
Gearing |
|||
|
Equity In Percentage |
22.7 |
21.2 |
18.38 |
|
Total Debt Ratio |
3.55 |
3.89 |
4.64 |
Additional
Financials
|
|
Gross Profit |
Current
Directors
|
Name |
Gender |
Position |
|
Nhung Cam Thi Nguyen |
Female |
Managing Director |
|
Duyen My Tuong Nong |
Female |
Chief Accountant |
Previous
Directors
|
|
No previous directors for this company. |
Share
Capital Structure
|
|
Nominal Share Capital 30.000.000.000 |
|
Issued Share Capital 30.000.000.000 |
Shareholders
|
||
|
Shareholder |
Address |
% Shares Held |
|
Nhung Cam Thi Nguyen |
Vietnam |
90 |
|
Gia Thinh Nguyen Luu |
Vietnam |
5 |
|
Tri Thi Nguyen Luu |
Vietnam |
5 |
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 66.78 |
|
|
1 |
INR 92.89 |
|
Euro |
1 |
INR 80.74 |
|
VND |
1 |
INR 0.0029 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
TPT |
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.