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MIRA INFORM REPORT
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Report No. : |
495658 |
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Report Date : |
12.03.2018 |
IDENTIFICATION DETAILS
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Name : |
NGOC TRI SEAFOOD JSC |
|
|
|
|
Registered Office : |
Hamlet 3 Village Phong Thanh Dong A Commune, Gia
Rai, Bac Lieu |
|
|
|
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Country : |
Vietnam |
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|
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|
Financials (as on) : |
December 2016 |
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|
|
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Date of Incorporation : |
09.11.2009 |
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|
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Com. Reg. No.: |
1900420552 |
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|
|
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Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Wholesale of Other Food, including Fish,
Crustaceans and Molluscs |
|
|
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|
No. of Employees : |
400 [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 : |
No Complaints |
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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 |
|
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
Summary
|
|
|
Business Name |
NGOC TRI SEAFOOD JSC |
|
Country |
VIET NAM |
|
Company Registration Number |
1900420552 |
|
Main Activity Code |
4638 |
|
Main Activity Description |
Wholesale of other food, including fish,
crustaceans and molluscs |
|
Company Status |
Normal (Active) |
|
Latest Turnover Figure |
- |
|
Latest Shareholder Equity Figure |
103.163.000.000 |
Basic
Information
|
|
|
Business Name |
NGOC TRI SEAFOOD JSC |
|
Registered Company Name |
NGOC TRI SEAFOOD JSC |
|
Company Registration Number |
1900420552 |
|
Country |
VIET NAM |
|
VAT Registration Number |
1900420552 |
|
VAT Registration Date |
2009-11-09 |
|
Date of Company Registration |
2009-11-13 |
|
Date of Starting Operations |
2009-11-13 |
|
Commercial Court |
|
|
Legal Form |
Joint Stock Company |
|
Type of Ownership |
Registered ownership by Subject Business Entity |
|
Company Status |
Normal (Active) |
|
Principal Activity Code |
|
|
Principal Activity Description |
|
|
Contact Telephone Number |
[+84] 299-3628333 [+84] 299-3622088 |
Main
Address
|
||
|
Address |
Country |
Telephone |
|
Hamlet 3 Village Phong Thanh Dong A Commune, Gia
Rai, Bac Lieu |
VIET NAM |
[+84] 299-3628333 [+84] 299- 3622088 |
Other
Address
|
||
|
Address |
Country |
Telephone |
|
187 Nguyen Hue Ward 1, Soc Trang, Soc Trang |
VIET NAM |
|
Previous
Address
|
|
No previous addresses for this company. |
Activities
|
|
Activity Code
Activity Description |
|
4638 Wholesale of other food,
including fish, crustaceans and molluscs |
Email
Addresses
|
Web
Pages
|
Employee
Information
|
|
Date Reported Number of Employees |
|
2018 400 |
Banker
Information
|
||
|
Banker Name |
Banker Address |
Phone Number |
|
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF
VIETNAM |
Bac Lieu |
BFTVVNVX |
Advisors
Information
|
|
No advisor information for this company. |
Miscellaneous
Information
|
|
|
Fax Number |
[+84] 299-3612666 |
|
Export Countries |
Asia / Pacific
Europe Middle-East North
America Japan Korea,
South (Republic of Korea) USA United Arab Emirates |
|
Import Countries |
Asia / Pacific India |
|
Additional Business Information |
Core Business The
primary business focus
of NGOC TRI
SEAFOOD JSC Manufacturing - Finished products. Key products include : Fish
fillet Cooked shrimps Pangasius breaded fillets Pangasius steaks Peeled shrimps Prepared frozen fish
Shrimps, breaded Squid rings An integral part of the core business includes: Distribution Supplementary Business In addition to the core business, NGOC TRI 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 - Raw materials Trading Trading - Finished products |
|
Additional Rating Information |
Revision of Credit Limit : Annual Risk Index : Low
Good Credit Quality: Credit can proceed on a favorable basis but in strict
adherence to financig terms. |
|
Additional Payment Information |
Selling Type Terms Local
Cash on delivery (COD) Credit
- Unsecured 30~90 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 -
Unsecured 30~90 days Cash on delivery (COD) |
|
Additional Financial Information |
Financial statement were prepared as on
2016-12-01, 2015-12-01. 2014-12-01, 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 |
400 |
|
Number of Employees at Group |
|
|
Number of Employees at Factory |
|
Additional
Miscellaneous Information
|
|
|
Issuing Authority |
DEPT. OF PLANNING & INVESTMENT - Bac Lieu |
|
Capital |
US$ 2,034,087 |
|
Primary Products |
Products / Materials / Services Description
Activity Cooked shrimps Manufacturing, Exporting Fish fillet Manufacturing,
Exporting Pangasius breaded fillets Manufacturing, Exporting Pangasius steaks
Manufacturing, Exporting Peeled shrimps Manufacturing, Exporting |
|
Domestic Sales & Purchases |
Annual Sales Analysis Percentage Domestic Sales
20% International Sales (Export) 80% Annual Purchases Analysis Percentage
Local Purchases 10% Imports 90% |
|
Reputation |
Reference checking for the purpose of establishing NGOC TRI SEAFOOD JSC'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 |
|
Bank Details |
Bank Name : JOINT STOCK COMMERCIAL BANK FOR INVESTMENT &
DEVELOPMENT OF VIETNAM
Global |
|
|
Identifier : 3240048Branch : BAC LIEU SWIFT Code :
BIDVVNVX Bank Name : VIETNAM BANK FOR |
|
|
AGRICULTURE & RURAL DEVELOPMENT Global
Identifier : 32408794 Branch : BAC LIEU SWIFT Code : |
|
|
VBAAVNVX Bank Name : VIETNAM JOINT
STOCK COMMERCIAL BANK FOR
INDUSTRY & TRADE Global |
|
|
Identifier : 32404058 Branch : BAC LIEU SWIFT Code
: ICBVVNVX |
|
Shareholders |
Total number of shareholders : 6 Total number of
shares : n/a |
|
Quality Accreditation |
Quality Accreditation
Listings # Name Accreditation
Category 1 HAZARD ANALYSIS
CRITICAL CONTROL POINT (HACCP) - 2 GOOD MANUFACTURING PRACTICE
(GMP) - |
|
Previous Contact Details |
Telephone Number : 84-79-3622088 Telephone Number
: 84-79-3628333 Fax Number : 84-79-3612666 |
|
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 |
1.225.111.000.000 |
1.093.925.000.000 |
1.045.987.000.000 |
|
Operating Costs |
1.211.910.000.000 |
1.078.773.000.000 |
1.022.315.000.000 |
|
Operating Profit |
13.201.000.000 |
15.152.000.000 |
23.672.000.000 |
|
Wages & Salaries |
- |
- |
- |
|
Pension Costs |
- |
- |
- |
|
Depreciation |
- |
- |
- |
|
Amortisation |
- |
- |
- |
|
Financial Income |
5.946.000.000 |
11.128.000.000 |
2.328.000.000 |
|
Financial Expenses |
11.547.000.000 |
22.233.000.000 |
7.487.000.000 |
|
Extraordinary Income |
- |
- |
20.000.000 |
|
Extraordinary Costs |
- |
58.000.000 |
322.000.000 |
|
Profit before Tax |
7.600.000.000 |
3.989.000.000 |
18.211.000.000 |
|
Tax |
- |
- |
936.000.000 |
|
Profit after Tax |
7.600.000.000 |
3.989.000.000 |
17.275.000.000 |
|
Dividends |
- |
- |
- |
|
Minority Interests |
- |
- |
- |
|
Other Appropriations |
- |
- |
- |
|
Retained Profit |
7.600.000.000 |
3.989.000.000 |
17.275.000.000 |
Balance
Sheet
|
|||
|
Land & Buildings |
0 |
0 |
0 |
|
Plant & Machinery |
0 |
0 |
0 |
|
Other Tangible Assets |
12.310.000.000 |
15.950.000.000 |
20.074.000.000 |
|
Total Tangible Assets |
12.310.000.000 |
15.950.000.000 |
20.074.000.000 |
|
Goodwill |
0 |
0 |
0 |
|
Other Intangible Assets |
0 |
0 |
1.900.000.000 |
|
Total Intangible Assets |
0 |
0 |
1.900.000.000 |
|
Investments |
2.165.000.000 |
1.899.000.000 |
14.970.000.000 |
|
Loans to Group |
0 |
0 |
0 |
|
Other Loans |
0 |
0 |
0 |
|
Miscellaneous Fixed Assets |
0 |
0 |
0 |
|
Total Other Fixed Assets |
2.165.000.000 |
1.899.000.000 |
14.970.000.000 |
|
Total Fixed Assets |
14.475.000.000 |
17.849.000.000 |
36.944.000.000 |
|
Raw Materials |
0 |
0 |
0 |
|
Work in Progress |
0 |
0 |
0 |
|
Finished Goods |
0 |
0 |
0 |
|
Other Inventories |
0 |
0 |
141.077.000.000 |
|
Total Inventories |
0 |
0 |
141.077.000.000 |
|
Trade Receivables |
122.006.000.000 |
107.094.000.000 |
182.406.000.000 |
|
Group Receivables |
0 |
0 |
0 |
|
Receivables Due after 1 year |
0 |
0 |
0 |
|
Miscellaneous Receivables |
0 |
0 |
0 |
|
Total Receivables |
122.006.000.000 |
107.094.000.000 |
182.406.000.000 |
|
Cash |
27.855.000.000 |
44.860.000.000 |
24.453.000.000 |
|
Other Current Assets |
194.973.000.000 |
142.009.000.000 |
4.127.000.000 |
|
Total Current Assets |
344.834.000.000 |
293.963.000.000 |
352.063.000.000 |
|
Total Assets |
359.309.000.000 |
311.812.000.000 |
389.007.000.000 |
|
Trade Payables |
20.388.000.000 |
24.472.000.000 |
21.383.000.000 |
|
Bank Liabilities |
0 |
0 |
0 |
|
Other Loans or Finance |
230.521.000.000 |
196.873.000.000 |
276.127.000.000 |
|
Group Payables |
0 |
0 |
0 |
|
Miscellaneous Liabilities |
5.237.000.000 |
8.796.000.000 |
13.813.000.000 |
|
Total Current Liabilities |
256.146.000.000 |
230.141.000.000 |
311.323.000.000 |
|
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 |
256.146.000.000 |
230.141.000.000 |
311.323.000.000 |
|
Called Up Share Capital |
46.302.000.000 |
46.302.000.000 |
46.302.000.000 |
|
Share Premium |
0 |
0 |
0 |
|
Revenue Reserves |
56.861.000.000 |
35.369.000.000 |
31.382.000.000 |
|
Other Reserves |
0 |
0 |
0 |
|
Total Shareholders Equity |
103.163.000.000 |
81.671.000.000 |
77.684.000.000 |
Other
Financials
|
|||
|
Contingent Liabilities |
|||
|
Working Capital |
88.688.000.000 |
63.822.000.000 |
40.740.000.000 |
|
Net Worth |
0 |
0 |
75.784.000.000 |
Ratios
|
|||
|
Pre Tax Profit Margin |
0.62 |
0.36 |
1.74 |
|
Return On Capital Employed |
|||
|
Return On Total Assets Employed |
2.12 |
1.28 |
4.68 |
|
Return On Net Assets Employed |
7.37 |
4.88 |
23.44 |
|
Sales / Net Working Capital |
13.81 |
17.14 |
25.67 |
|
Stock Turnover Ratio |
|
|
13.49 |
|
Debtor Days |
36.35 |
35.73 |
63.65 |
|
Creditor Days |
6.07 |
8.17 |
7.46 |
|
Current Ratio |
1.35 |
1.28 |
1.13 |
|
Liquidity Ratio Or Acid Test |
|
|
0.68 |
|
Current Debt Ratio |
2.48 |
2.82 |
4.01 |
|
Gearing |
|||
|
Equity In Percentage |
|
|
20.07 |
|
Total Debt Ratio |
2.48 |
2.82 |
4.01 |
Additional
Financials
|
|
Gross Profit |
Current
Directors
|
||||
|
Name |
Gender |
Address |
Date of Birth |
Position |
|
Tai Ngoc Do |
Male |
So 187 Nguyen Hue-Phuong 1- Thanh pho, Soc Trang,
Soc Trang |
1973-01-01 |
Chairman Managing Director |
|
Tu Thanh Pham Lam |
Female |
|
|
Chief Accountant |
|
Luong Tri Nguyen |
Male |
|
1966-01-01 |
Deputy Managing Director |
Previous
Directors
|
|
No previous directors for this company. |
Share
Capital Structure
|
|
Nominal Share Capital 46.302.000.000 |
|
Issued Share Capital |
Shareholders
|
||
|
Shareholder |
Address |
% Shares Held |
|
Mr. Tai Ngoc Do |
Vietnam |
62.54 |
|
Mr. Luong Tri Nguyen |
Vietnam |
10 |
|
Mr. Tuoi Ngoc Do |
Vietnam |
10 |
|
Ms. Hong Binh Pham |
Vietnam |
7 |
|
Ms. Kia Thi Tran |
Vietnam |
7 |
|
Ms. Khanh Thi Pham |
Vietnam |
3.46 |
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
: |
PRA |
|
|
|
|
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.