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MIRA INFORM REPORT
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Report No. : |
496185 |
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Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
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Name : |
CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC |
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|
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Registered Office : |
40 Le Hong Phong St Ward 4, Vung Tau, Ba Ria-Vung
Tau |
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Country : |
Vietnam |
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Financials (as on) : |
December, 2016 |
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Date of Incorporation : |
30.06.2006 |
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Com. Reg. No.: |
3500121495 |
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|
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Legal Form : |
Joint Stock Company |
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Line of Business : |
·
Wholesale of other food,
including fish, crustaceans and molluscs ·
Manufacture of other
general-purpose machinery n.e.c. ·
Growing of cereals (except
rice), leguminous crops and oil seeds ·
Wholesale of fruit and
vegetables |
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|
|
|
No. of Employees : |
349 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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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.
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Source
: CIA |
Company
name and Summary
|
Business Name |
COIMEX |
|
Country |
VIET NAM |
|
Company Registration Number |
3500121495 |
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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 |
104.413.000.000 |
Basic
Information
|
Business Name |
COIMEX |
|
Registered Company Name |
CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC |
|
Company Registration Number |
3500121495 |
|
Country |
VIET NAM |
|
VAT Registration Number |
3500121495 |
|
VAT Registration Date |
1998-09-19 |
|
Date of Company Registration |
2006-06-30 |
|
Date of Starting Operations |
2006-06-30 |
|
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] 254-3837834, [+84] 254-3839507 |
Main
Address
|
Address |
Country |
Telephone |
|
40 Le Hong Phong St Ward 4, Vung Tau, Ba Ria-Vung
Tau |
VIET NAM |
[+84] 254-3837834, [+84] 254- 3839507 |
Other
Address
|
Address |
Country |
Telephone |
|
1738, 30/4 St Ward 12, Vung Tau, Ba Ria-Vung Tau |
VIET NAM |
|
|
335 Tran Phu St Ward 5, Vung Tau, Ba Ria-Vung Tau |
VIET NAM |
|
|
80 Bach Dang St Ward 5, Vung Tau, Ba Ria-Vung Tau |
VIET NAM |
|
|
Tam Vu 1 Hamlet Thach Hoa Commune, Phung Hiep
Dist, Hau Giang |
VIET NAM |
|
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363 Tam Vu 1 Hamlet Thanh Hoa Commune, Phung Hiep Dist, Hau Giang |
VIET NAM |
|
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28B Ho Bieu Chanh Ward 11, Phu Nhuan, Ho Chi Minh |
VIET NAM |
|
Previous
Address
|
Address Country |
|
No previous addresses for this company. |
Activities
|
Activity Code |
Activity Description |
|
4638 |
Wholesale of other food, including fish,
crustaceans and molluscs |
|
2829 |
Manufacture of other general-purpose machinery
n.e.c. |
|
0111 |
Growing of cereals (except rice), leguminous crops
and oil seeds |
|
4631 |
Wholesale of fruit and vegetables |
Email
Addresses
Web
Pages
Employee
Information
|
Date Reported Number of Employees |
|
2018 349 |
Banker
Information
|
Banker Name Banker Address Phone Number |
|
No banker information for this company. |
Advisors
Information
|
Auditor Name Solicitor
Name |
|
No advisor information for this company. |
Miscellaneous
Information
|
Fax Number |
[+84] 254-3839360 |
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Export Countries |
Asia / Pacific, Europe, Australia, Hong Kong,
Korea, South (Republic of Korea), Russia, Singapore. |
|
Import Countries |
Asia / Pacific |
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Additional Business Information |
The primary business focus of CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC is Manufacturing
- Finished products. Key products include : Aquaculture products.
Sauce, Fish sauce, Seafood products, Surimi. An integral part of the core
business includes : Distribution. Supplementary Business In addition to the core business, CON DAO SEAPRODUCTS AND IMPORT EXPORT JSC also is engaged in the following areas of business : 1.
Exporting Exporting - Finished products 2. Importing 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 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
And 2015-12-31. 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 |
349 |
|
Number of Employees at Group |
|
|
Number of Employees at Factory |
|
Additional
Miscellaneous Information
|
Primary Business Activity |
Manufacturer |
|
Key Industry |
Food Products |
|
Issuing Authority |
DEPT. OF PLANNING & INVESTMENT - Vung Tau |
|
Note |
(1) 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. |
|
Tax Issuing Authority |
MINISTRY OF FINANCE |
|
Previous Business License/S |
License Date License No. n/a 4903000267 17 Sep,
1992 578/QD-UBT 9 Dec, 2005 4747/QD-UBND |
|
Domestic Sales & Purchases(Annual Sales
Analysis, Percentage) |
Domestic Sales 10%. International Sales (Export)
90%. Local Purchases 80%. Imports 20%. |
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Reputation |
Reference checking for the purpose
of establishing CON DAO SEAPRODUCTS AND 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. |
|
Company History(Date, Details) |
1992 - Sep Established as State-owned Company.
2006 - Jun Officially privatized to become Joint stock Company. |
|
Production Capacity(Item, Year, Current Capacity,
Unit Measure) |
Fish sauce 2012 600,000 Liters. |
|
Previous Contact Details |
Telephone Number : 84-64-3839362 Telephone Number :
84-64-3837794 Fax Number : 84-64-3839360 Telephone Number : 84-64-3839914. |
|
Financials - Summary(Year : Turnover : Assets :
Net Income) |
2010 Annual 46,834,479 11,653,822 1,009,184 . 2011
Annual 48,768,123 13,155,545 1,407,873 . 2012 Annual 45,734,864 11,090,649 621,475. |
|
Primary Products (Products / Materials / Services Description: Activity) |
Aquaculture products: Manufacturing, Exporting,
Fish sauce: Manufacturing, Exporting, Sauce: Manufacturing, Exporting,
Seafood products: Manufacturing, Exporting, Surimi: Manufacturing, Exporting. |
Financials
|
Financial Year |
2016-12 |
2015-12 |
|
Number of Weeks |
52 |
52 |
|
Currency |
VND |
VND |
|
Consolidated Accounts |
No |
No |
Profit and Loss
|
Revenue |
483.827.000.000 |
549.571.000.000 |
|
Operating Costs |
429.338.000.000 |
494.903.000.000 |
|
Operating Profit |
54.489.000.000 |
54.668.000.000 |
|
Wages & Salaries |
- |
- |
|
Pension Costs |
- |
- |
|
Depreciation |
- |
- |
|
Amortisation |
- |
- |
|
Financial Income |
5.701.000.000 |
8.559.000.000 |
|
Financial Expenses |
12.529.000.000 |
6.216.000.000 |
|
Extraordinary Income |
777.000.000 |
412.000.000 |
|
Extraordinary Costs |
39.927.000.000 |
51.867.000.000 |
|
Profit before Tax |
8.511.000.000 |
5.556.000.000 |
|
Tax |
- |
- |
|
Profit after Tax |
8.511.000.000 |
5.556.000.000 |
|
Dividends |
- |
- |
|
Minority Interests |
- |
- |
|
Other Appropriations |
- |
- |
|
Retained Profit |
8.511.000.000 |
5.556.000.000 |
Balance Sheet
|
Land & Buildings |
0 |
0 |
|
Plant & Machinery |
0 |
0 |
|
Other Tangible Assets |
38.649.000.000 |
43.072.000.000 |
|
Total Tangible Assets |
38.649.000.000 |
43.072.000.000 |
|
Goodwill |
0 |
0 |
|
Other Intangible Assets |
1.661.000.000 |
2.173.000.000 |
|
Total Intangible Assets |
1.661.000.000 |
2.173.000.000 |
|
Investments |
41.213.000.000 |
41.340.000.000 |
|
Loans to Group |
0 |
0 |
|
Other Loans |
0 |
0 |
|
Miscellaneous Fixed Assets |
25.085.000.000 |
21.758.000.000 |
|
Total Other Fixed Assets |
66.298.000.000 |
63.098.000.000 |
|
Total Fixed Assets |
106.608.000.000 |
108.343.000.000 |
|
Raw Materials |
0 |
0 |
|
Work in Progress |
0 |
0 |
|
Finished Goods |
0 |
0 |
|
Other Inventories |
25.910.000.000 |
33.091.000.000 |
|
Total Inventories |
25.910.000.000 |
33.091.000.000 |
|
Trade Receivables |
36.874.000.000 |
40.176.000.000 |
|
Group Receivables |
0 |
0 |
|
Receivables Due after 1 year |
0 |
0 |
|
Miscellaneous Receivables |
405.000.000 |
630.000.000 |
|
Total Receivables |
37.279.000.000 |
40.806.000.000 |
|
Cash |
8.254.000.000 |
1.547.000.000 |
|
Other Current Assets |
3.873.000.000 |
3.934.000.000 |
|
Total Current Assets |
75.316.000.000 |
79.378.000.000 |
|
Total Assets |
181.924.000.000 |
187.721.000.000 |
|
Trade Payables |
23.219.000.000 |
27.053.000.000 |
|
Bank Liabilities |
0 |
0 |
|
Other Loans or Finance |
33.023.000.000 |
31.703.000.000 |
|
Group Payables |
0 |
0 |
|
Miscellaneous Liabilities |
16.176.000.000 |
16.131.000.000 |
|
Total Current Liabilities |
72.418.000.000 |
74.887.000.000 |
|
Trade Payables After 1 Year |
0 |
0 |
|
Bank Liabilities After 1 Year |
0 |
0 |
|
Other Loans or Finance due after 1 year |
3.698.000.000 |
1.645.000.000 |
|
Group Payables After 1 Year |
0 |
0 |
|
Miscellaneous Liabilities Due After 1 Year |
1.395.000.000 |
18.000.000.000 |
|
Total Long Term Liabilities |
5.093.000.000 |
19.645.000.000 |
|
Total Liabilities |
77.511.000.000 |
94.532.000.000 |
|
Called Up Share Capital |
80.086.000.000 |
80.086.000.000 |
|
Share Premium |
0 |
0 |
|
Revenue Reserves |
4.566.000.000 |
4.566.000.000 |
|
Other Reserves |
19.761.000.000 |
8.537.000.000 |
|
Total Shareholders Equity |
104.413.000.000 |
93.189.000.000 |
Other
Financials
|
Contingent Liabilities |
||
|
Working Capital |
2.898.000.000 |
4.491.000.000 |
|
Net Worth |
102.752.000.000 |
91.016.000.000 |
Ratios
|
Pre Tax Profit Margin |
1.76 |
1.01 |
|
Return On Capital Employed |
7.77 |
4.92 |
|
Return On Total Assets Employed |
4.68 |
2.96 |
|
Return On Net Assets Employed |
8.15 |
5.96 |
|
Sales / Net Working Capital |
166.95 |
122.37 |
|
Stock Turnover Ratio |
5.36 |
6.02 |
|
Debtor Days |
27.82 |
26.68 |
|
Creditor Days |
17.52 |
17.97 |
|
Current Ratio |
1.04 |
1.06 |
|
Liquidity Ratio Or Acid Test |
0.68 |
0.62 |
|
Current Debt Ratio |
0.69 |
0.8 |
|
Gearing |
||
|
Equity In Percentage |
57.92 |
50.22 |
|
Total Debt Ratio |
0.74 |
1.01 |
Additional
Financials
|
Gross Profit |
Current
Directors
|
Name |
Gender |
Date of Birth |
Position |
|
The Bach Truong |
Male |
1966-01-01 |
Managing Director |
Previous
Directors
|
Name |
Gender |
Address |
Date of Birth |
Position |
Resignation Date |
|
No previous directors for this company. |
|||||
Share
Capital Structure
|
Nominal Share Capital 80.086.200.000 |
|
Issued Share Capital 80.086.200.000 |
Shareholders
|
Shareholder |
Address |
% Shares Held |
|
Undisclosed Shareholders |
|
38.17 |
|
GOVERNMENT OF THE SOCIALIST REPUBLIC OF
VIETNAM |
Vietnam |
34.31 |
|
KIEN GIANG SEAFOOD JSC |
Vietnam |
14.27 |
|
Mr. Long Van Huynh |
Vietnam |
6.24 |
|
Mr. Khang Van Le |
Vietnam |
2.77 |
|
Mr. Mao Cong Huynh |
Vietnam |
1.62 |
|
Mr. Tho Quang LaM |
Vietnam |
1.52 |
|
Mr. The Bach Truong |
Vietnam |
1.1 |
Ultimate
Holding Parent
|
Name |
Type |
OfficeType |
Status |
RegistrationNumber |
VatNumber |
Address |
PhoneNumber |
|
No Ultimate Holding Parent for this company. |
|||||||
Immediate
Holding Parent
|
Name Status Registration
Address Number |
|
No Immediate Holding Parent for this company. |
Subsidaries
|
Name |
Status |
Registration Number |
Address |
|
CON DAO SEAPRODUCTS & IMPORT EXPORT JSC HO CHI MINH BRANCH |
Active |
Ward 3, 35/1 Vu Huy Tan St, Binh Thanh, Ho Chi
Minh |
|
|
VUNG TAU COMMERCIAL PORT JSC |
Active |
973, 30/4 St Ward 11, Vung Tau, Vung Tau |
|
Affiliates
|
Name |
Status |
Registration Address Number |
|
SAO BIEN SEAFOOD JSC |
Active |
Group 1 Duyen Hai Town, Huyen Hai, Tra Vinh |
|
TAC CAU SEA PRODUCTS JSC |
Active |
Khu Cang Ca Tac Cau Minh Phong Binh
An, Chau Thanh, Kien Giang |
Negative
Information
|
No negative information for this company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.87 |
|
|
1 |
INR 90.48 |
|
Euro |
1 |
INR 79.48 |
|
VND |
1 |
INR 0.0029 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
DNS |
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.