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MIRA INFORM REPORT
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Report No. : |
494865 |
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Report Date : |
12.03.2018 |
IDENTIFICATION DETAILS
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Name : |
CAN THO IMPORT EXPORT
FISHERY LIMITED CO |
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|
|
|
Registered Office : |
Tra Noc 1 Industrial Zone Lot 4 Tra Noc Ward, Binh
Thuy Dist, Can Tho |
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Country : |
Vietnam |
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Financials (as on) : |
December 2016 |
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Date of Incorporation : |
21.02.2008 |
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Com. Reg. No.: |
1800693299 |
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Legal Form : |
Private Company with Limited Liability |
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Line of Business : |
Processing and Preserving of Fish, Crustaceans and Molluscs |
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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 |
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Payment Behaviour : |
Slow but correct |
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|
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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 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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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
Summary
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|
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Business Name |
CAFISH |
|
Country |
VIET NAM |
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Company Registration Number |
1800693299 |
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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 |
69.590.000.000 |
Basic
Information
|
|
|
Business Name |
CAFISH |
|
Registered Company Name |
CAN THO IMPORT EXPORT FISHERY LIMITED CO |
|
Company Registration Number |
1800693299 |
|
Country |
VIET NAM |
|
VAT Registration Number |
1800693299 |
|
VAT Registration Date |
2008-02-21 |
|
Date of Company Registration |
2015-11-09 |
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Date of Starting Operations |
2015-11-09 |
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Commercial Court |
|
|
Legal Form |
Private Company with Limited Liability |
|
Type of Ownership |
Registered ownership by Subject Business Entity |
|
Company Status |
Normal (Active) |
|
Principal Activity Code |
|
|
Principal Activity Description |
|
|
Contact Telephone Number |
[+84] 710-3743868 [+84] 710-3743865 [+84]
710-3744277 |
Main
Address
|
||
|
Address |
Country |
Telephone |
|
Tra Noc 1 Industrial Zone Lot 4 Tra Noc Ward, Binh
Thuy Dist, Can Tho |
VIET NAM |
[+84] 710-3743868 [+84] 710- 3743865 [+84] 710-3744277 |
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
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||
|
Banker Name |
Banker Address |
Phone Number |
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JOINT STOCK COMMERCIAL BANK FOR INVESTMENT &
DEVELOPMENT OF VIETNAM |
Can Tho, Hau Giang |
BIDVVNVX |
Advisors
Information
|
|
No advisor information for this company. |
Miscellaneous
Information
|
|
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Fax Number |
[+84] 710-3743869 |
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Export Countries |
Asia / Pacific, Europe, North America, Japan, USA. |
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Import Countries |
Asia / Pacific, Japan |
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Additional Business Information |
Core Business: The
primary business focus of CAN THO IMPORT EXPORT FISHERY LIMITED CO is Manufacturing - Finished products. Key products include:
Fish fillet, Processed fish, Processed seafoods. An integral part of the core
business includes: Distribution. Supplementary Business: In addition to the core business,
CAN THO IMPORT EXPORT FISHERY LIMITED CO also is engaged in the following areas of business: 1.
Exporting: Exporting - Natural food items, Unprocessed (Meats, Produce or
Seafood), Exporting - Finished products. 2. Importing: Importing - Natural food items, Unprocessed (Meats, Produce or Seafood), Importing - Raw materials. |
|
Additional Rating Information |
Good Credit Quality: Credit can proceed on a
favorable basis but in strict adherence to financig terms. Revision of Credit
Limit: Annual. Risk Index: Low. |
|
Additional Payment Information |
Selling: Local: Cash on delivery (COD), Credit -
Unsecured 30~60 days; Export: Telegraphic Transfer (T/T) - Received at
time of transaction, Letter of Credit (At-sight). Purchasing: Import: Letter
of Credit (At-sight), Telegraphic Transfer (T/T) - Executed at time of
transaction; Local: Credit - Unsecured 30~60 days, Cash on delivery
(COD). |
|
Additional Financial Information |
Financial statement were prepared as at 2016-12-01,
2015-12-01 and 2014-12-01. 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
|
|
|
Issuing Authority |
Dept. Of Planning & Investment - Can Tho |
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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. In Vietnam, when changes occur in the statutory
records 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. |
|
Previous Business License/S |
License Date: 20 Feb, 2008, License No.:
5702001629 |
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Primary Products (Products / Materials Fish fillet: Manufacturing, Exporting, Processed fish: Manufacturing,
Exporting, Processed seafoods: / Services Description: Activity) Manufacturing, Exporting. |
|
|
Domestic Sales & Purchases |
Annual Sales Analysis: Domestic Sales: 20%, International
Sales (Export): 80%. Annual Purchases Analysis: Local Purchases: 60%,
Imports: 40%. |
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Reputation |
Reference checking for the purpose
of establishing CAN THO IMPORT EXPORT FISHERY LIMITED CO'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 |
1. Bank Name: VIETNAM
BANK FOR AGRICULTURE
& RURAL DEVELOPMENT, Global Identifier:
32408794, Branch: VIETNAM BANK FOR AGRICULTURE, Branch Address: Ninh
Kieu Dist, Can Tho, SWIFT Code: VBAAVNVX. 2. Bank
Name: VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY
& TRADE, Global Identifier: 32404058, Branch: VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY
AND TRADE - CAN THO, Branch Address: Can Tho, SWIFT Code:
ICBVVNVX. 3. Bank Name: VIETNAM MARITIME COMMERCIAL JOINT STOCK BANK JSC, Global
Identifier: 32404826, Branch: VIETNAM MARITIME
COMMERCIAL JOINT STOCK BANK JSC -
CAN THO, CAN THO, Branch Address: 40 Phan Dinh Phung St, Can
Tho, Can Tho, SWIFT Code: MCOBVNVX. |
|
International Trade - Statistics (Currency: USD - US Dollar) |
Year: 2013, Imports: n/a, Exports: 43,089,270,
Total: 43,089,270 |
|
Quality Accreditation (Name: Accreditation Category) |
Quality Accreditation
Listings: 1. BRITISH RETAIL CONSORTIUM (BRC); 2. HAZARD
ANALYSIS CRITICAL CONTROL POINT (HACCP). |
|
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 |
920.628.000.000 |
1.172.378.000.000 |
1.527.743.000.000 |
|
Operating Costs |
920.628.000.000 |
1.095.503.000.000 |
1.447.099.000.000 |
|
Operating Profit |
- |
76.875.000.000 |
80.644.000.000 |
|
Wages & Salaries |
- |
- |
- |
|
Pension Costs |
- |
- |
- |
|
Depreciation |
- |
- |
- |
|
Amortisation |
- |
- |
- |
|
Financial Income |
5.585.000.000 |
5.368.000.000 |
5.801.000.000 |
|
Financial Expenses |
7.077.000.000 |
8.629.000.000 |
6.708.000.000 |
|
Extraordinary Income |
798.000.000 |
39.000.000 |
152.000.000 |
|
Extraordinary Costs |
57.417.000.000 |
47.910.000.000 |
61.184.000.000 |
|
Profit before Tax |
-58.111.000.000 |
25.743.000.000 |
18.705.000.000 |
|
Tax |
2.415.000.000 |
1.956.000.000 |
1.420.000.000 |
|
Profit after Tax |
-60.526.000.000 |
23.787.000.000 |
17.285.000.000 |
|
Dividends |
- |
- |
- |
|
Minority Interests |
- |
- |
- |
|
Other Appropriations |
- |
- |
- |
|
Retained Profit |
-60.526.000.000 |
23.787.000.000 |
17.285.000.000 |
Balance
Sheet
|
|||
|
Land & Buildings |
0 |
0 |
0 |
|
Plant & Machinery |
0 |
0 |
0 |
|
Other Tangible Assets |
29.234.000.000 |
15.871.000.000 |
21.068.000.000 |
|
Total Tangible Assets |
29.234.000.000 |
15.871.000.000 |
21.068.000.000 |
|
Goodwill |
0 |
0 |
0 |
|
Other Intangible Assets |
23.000.000 |
159.000.000 |
92.000.000 |
|
Total Intangible Assets |
23.000.000 |
159.000.000 |
92.000.000 |
|
Investments |
0 |
0 |
0 |
|
Loans to Group |
0 |
0 |
0 |
|
Other Loans |
0 |
0 |
0 |
|
Miscellaneous Fixed Assets |
2.489.000.000 |
0 |
0 |
|
Total Other Fixed Assets |
2.489.000.000 |
0 |
0 |
|
Total Fixed Assets |
31.746.000.000 |
18.958.000.000 |
21.790.000.000 |
|
Raw Materials |
0 |
0 |
0 |
|
Work in Progress |
0 |
0 |
0 |
|
Finished Goods |
0 |
0 |
0 |
|
Other Inventories |
0 |
0 |
0 |
|
Total Inventories |
29.001.000.000 |
36.273.000.000 |
14.193.000.000 |
|
Trade Receivables |
72.876.000.000 |
51.767.000.000 |
31.406.000.000 |
|
Group Receivables |
0 |
0 |
0 |
|
Receivables Due after 1 year |
0 |
0 |
0 |
|
Miscellaneous Receivables |
0 |
0 |
0 |
|
Total Receivables |
72.876.000.000 |
51.767.000.000 |
31.406.000.000 |
|
Cash |
5.510.000.000 |
6.763.000.000 |
10.547.000.000 |
|
Other Current Assets |
5.205.000.000 |
0 |
0 |
|
Total Current Assets |
112.592.000.000 |
98.293.000.000 |
56.146.000.000 |
|
Total Assets |
144.338.000.000 |
117.251.000.000 |
80.430.000.000 |
|
Trade Payables |
20.358.000.000 |
4.517.000.000 |
6.979.000.000 |
|
Bank Liabilities |
0 |
0 |
0 |
|
Other Loans or Finance |
0 |
48.690.000.000 |
7.260.000.000 |
|
Group Payables |
0 |
0 |
0 |
|
Miscellaneous Liabilities |
18.009.000.000 |
19.741.000.000 |
20.898.000.000 |
|
Total Current Liabilities |
74.748.000.000 |
73.518.000.000 |
35.137.000.000 |
|
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 |
0 |
|
Group Payables After 1 Year |
0 |
0 |
0 |
|
Miscellaneous Liabilities Due After 1 Year |
0 |
0 |
0 |
|
Total Long Term Liabilities |
0 |
0 |
0 |
|
Total Liabilities |
74.748.000.000 |
73.518.000.000 |
35.137.000.000 |
|
Called Up Share Capital |
30.000.000.000 |
30.000.000.000 |
30.000.000.000 |
|
Share Premium |
0 |
0 |
0 |
|
Revenue Reserves |
28.431.000.000 |
4.832.000.000 |
8.329.000.000 |
|
Other Reserves |
11.159.000.000 |
8.901.000.000 |
6.964.000.000 |
|
Total Shareholders Equity |
69.590.000.000 |
43.733.000.000 |
45.293.000.000 |
Other
Financials
|
|||
|
Contingent Liabilities |
|||
|
Working Capital |
37.844.000.000 |
24.775.000.000 |
21.009.000.000 |
|
Net Worth |
69.567.000.000 |
43.574.000.000 |
45.201.000.000 |
Ratios
|
|||
|
Pre Tax Profit Margin |
-6.31 |
2.2 |
1.22 |
|
Return On Capital Employed |
|||
|
Return On Total Assets Employed |
-40.26 |
21.96 |
23.26 |
|
Return On Net Assets Employed |
-83.5 |
58.86 |
41.3 |
|
Sales / Net Working Capital |
24.33 |
47.32 |
72.72 |
|
Stock Turnover Ratio |
3.15 |
3.09 |
0.93 |
|
Debtor Days |
28.89 |
16.12 |
7.5 |
|
Creditor Days |
8.07 |
1.41 |
1.67 |
|
Current Ratio |
1.51 |
1.34 |
1.6 |
|
Liquidity Ratio Or Acid Test |
1.12 |
0.84 |
1.19 |
|
Current Debt Ratio |
1.07 |
1.68 |
0.78 |
|
Gearing |
|||
|
Equity In Percentage |
48.22 |
37.35 |
56.38 |
|
Total Debt Ratio |
1.07 |
1.68 |
0.78 |
Additional
Financials
|
|
Gross Profit |
Current
Directors
|
||
|
Name |
Gender |
Position |
|
Dong Van Doan |
Male |
Managing Director Director |
|
Do Ninh Bui |
Male |
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 |
|
Mr. Dong Van Doan |
Vietnam |
51 |
|
Ms. Thanh Tuyen Thi Tran |
Vietnam |
49 |
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 65.07 |
|
|
1 |
INR 89.85 |
|
Euro |
1 |
INR 80.16 |
|
VND |
1 |
INR 0.0029 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.