|
|
|
MIRA INFORM REPORT
|
Report No. : |
509006 |
|
Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
MINH PHU HAU GIANG SEAFOOD JSC |
|
|
|
|
Formerly Known As : |
MINH PHU - HAU GIANG SEAFOOD
PROCESSING CO LTD MINH PHU - HAU GIANG SEAFOOD
PROCESSING CORP |
|
|
|
|
Registered Office : |
Song Hau Industrial Zone - 1st Phase Lot 9 Rd 3A,
Chau Thanh, Hau Giang |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
December, 2016 |
|
|
|
|
Date of Incorporation : |
29.12.2006 |
|
|
|
|
Com. Reg. No.: |
6300033769 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Subject is engaged in Manufacture of
oils and fats. |
|
|
|
|
No. of Employees : |
7,200 |
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 : |
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. 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
name Summary
|
Business
Name |
MINH
PHU - HAU GIANG SEAFOOD/ MINH PHU SEAFOOD |
|
Country |
VIET
NAM |
|
Company
Registration Number |
6300033769 |
|
Main
Activity Code |
1041 |
|
Main
Activity Description |
Manufacture
of oils and fats |
|
Company
Status |
Normal
(Active) |
|
Latest
Turnover Figure |
- |
|
Latest
Shareholder Equity Figure |
1.076.906.000.000 |
Basic
Information
|
Business
Name |
MINH
PHU - HAU GIANG SEAFOOD/ MINH PHU SEAFOOD |
|
Registered
Company Name |
MINH
PHU HAU GIANG SEAFOOD JSC |
|
Company
Registration Number |
6300033769 |
|
Country |
VIET
NAM |
|
VAT
Registration Number |
6300033769 |
|
VAT
Registration Date |
2007-04-18 |
|
Date
of Company Registration |
2017-06-06 |
|
Date
of Starting Operations |
2017-06-06 |
|
Commercial
Court |
|
|
Legal
Form |
Joint
Stock Company |
|
Type
of Ownership |
|
|
Company
Status |
Normal
(Active) |
|
Principal
Activity Code |
|
|
Principal
Activity Description |
|
|
Contact
Telephone Number |
[+84]
293-2228788 |
Main
Address
|
Address |
Country |
Telephone |
|
Song
Hau Industrial Zone - 1st Phase Lot 9 Rd 3A, Chau Thanh, Hau Giang |
VIET
NAM |
[+84]
293-2228788 |
Other
Address
|
No
other addresses for this company. |
Previous
Address
|
Address
Country |
|
Song Hau Industrial Zone - GD1 Lot 9 Rd 3A, Chau Thanh,
Hau Giang VIET NAM |
Activities
|
Activity Code
Activity Description |
|
1041 Manufacture of oils and fats |
Email
Addresses
Web
Pages
|
No
web pages for this company. |
Previous
Names
|
Previous Name Date
Changed from Previous Name |
|
MINH PHU - HAU GIANG SEAFOOD 2013-11-18 PROCESSING
CO LTD |
|
MINH PHU - HAU GIANG SEAFOOD
PROCESSING CORP |
Employee
Information
|
Date Reported Number of Employees |
|
2018
7,200 |
Banker
Information
|
Banker Name Banker
Address |
|
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM 4 Lac Long Quan St, Ca Mau, Ca Mau |
Advisors
Information
|
No
advisor information for this company. |
Miscellaneous
Information
|
Fax
Number |
[+84]
293-2229399 |
|
Export
Countries |
Asia
/ Pacific, Japan, Korea, South (Republic of Korea), Taiwan |
|
Import
Countries |
Asia
/ Pacific, South America, Ecuador, India |
|
Additional
Business Information |
Core
Business: The primary business focus of MINH PHU HAU GIANG SEAFOOD JSC is
Manufacturing - Finished products. Key products include: Crustaceans, Fish,
Fish feed Fish oils, Livestock feed, Molluscs, Seafood, Shrimp, Shrimp feeds,
An integral part of the core business includes: Distribution. Supplementary
Business: In addition to the core business, MINH PHU HAU GIANG SEAFOOD JSC
also is engaged in the following areas of business: 1. Exporting, Exporting -
Finished products, 2. Importing, Importing - Natural food items, Unprocessed
(Meats, Produce or Seafood). |
|
Additional
Payment Information |
Selling: Type: Local Terms:
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: Import Terms:
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
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 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 |
7,200 |
|
Number
of Employees at Group |
|
|
Number
of Employees at Factory |
|
Additional
Miscellaneous Information
|
Primary
Business Activity |
Manufacturer |
|
Key
Industry |
Seafood
& Fishing Industry |
|
Registered
Legal Address |
Song
Hau Industrial Zone - 1st Phase Lot 9 Rd 3A, Chau Thanh, Hau Giang |
|
Name
History (Business Entity Name: Effective Date) |
MINH PHU - HAU GIANG SEAFOOD PROCESSING CO LTD: 29
Dec, 2006 MINH PHU - HAU
GIANG SEAFOOD PROCESSING CORP: 18
Nov, 2013 MINH PHU HAU GIANG SEAFOOD JSC: 2016 |
|
Issuing
Authority |
DEPT.
OF PLANNING & INVESTMENT - Hau Giang |
|
Capital |
US$
38,018,066 |
|
Note |
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 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. 29 Dec, 2006: 642041000003 18 Nov, 2013: 642032000014 |
|
Primary
Products (Products / Materials Crustaceans, Fish, Fish feed, Fish oils,
Livestock feed: Manufacturing, Exporting. /
Services Description: Activity) |
|
|
Domestic
Sales & Purchases |
Annual
Sales Analysis: Percentage Domestic Sales: 40% International Sales (Export):
60% Annual Purchases Analysis: Percentage Local Purchases: 90% Imports: 10% |
|
Reputation |
Reference checking for the purpose of
establishing MINH PHU HAU GIANG SEAFOOD 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: JOINT STOCK COMMERCIAL BANK FOR FOREIGN
TRADE OF VIETNAM Global Identifier: 32400479 Branch: JOINT
STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM - CA MAU, CA MAU Branch Address: 4 Lac Long Quan St, Ca Mau, Ca Mau SWIFT Code:
BFTVVNVX Bank Name: VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK Global Identifier: P2461558 Branch: VIETNAM
INTERNATIONAL COMMERCIAL JOINT
STOCK BANK - CA MAU, CA
MAU Branch Address: Ca Mau, Ca
Mau SWIFT Code: VNIBVNVX Bank Name: VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY
& TRADE Global Identifier: 32404058 Branch: CA MAU SWIFT Code: ICBVVNVX |
|
Office
& Facilities |
The
following information relates to the Business Entity's office as listed
above: Name: MINH PHU HAU GIANG SEAFOOD JSC - CHAU THANH,
HAU GIANG Primary Use: Office
& Administration facilities Other
Use: This facility is also used for Manufacturing Address: Song Hau
Industrial Zone - 1st Phase Lot 9 Rd 3A, Chau Thanh, Hau Giang Country:
Vietnam Status: Operational |
Financial
|
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 |
6.016.149.000.000 |
6.214.310.000.000 |
8.063.477.000.000 |
|
Operating
Costs |
5.721.261.000.000 |
6.094.877.000.000 |
7.323.530.000.000 |
|
Operating
Profit |
294.888.000.000 |
119.433.000.000 |
739.947.000.000 |
|
Wages
& Salaries |
- |
- |
- |
|
Pension
Costs |
- |
- |
- |
|
Depreciation |
- |
- |
- |
|
Amortisation |
- |
- |
- |
|
Financial
Income |
26.370.000.000 |
111.179.000.000 |
36.834.000.000 |
|
Financial
Expenses |
97.086.000.000 |
155.378.000.000 |
90.405.000.000 |
|
Extraordinary
Income |
675.000.000 |
5.022.000.000 |
326.000.000 |
|
Extraordinary
Costs |
199.502.000.000 |
219.045.000.000 |
183.123.000.000 |
|
Profit
before Tax |
25.345.000.000 |
-138.789.000.000 |
503.579.000.000 |
|
Tax |
850.000.000 |
3.745.000.000 |
198.000.000 |
|
Profit
after Tax |
24.495.000.000 |
-142.534.000.000 |
503.381.000.000 |
|
Dividends |
- |
- |
- |
|
Minority
Interests |
- |
- |
- |
|
Other
Appropriations |
- |
- |
- |
|
Retained
Profit |
24.495.000.000 |
-142.534.000.000 |
503.381.000.000 |
Balance Sheet
|
Land
& Buildings |
0 |
0 |
0 |
|
Plant
& Machinery |
0 |
0 |
0 |
|
Other
Tangible Assets |
649.928.000.000 |
738.163.000.000 |
723.365.000.000 |
|
Total
Tangible Assets |
649.928.000.000 |
738.163.000.000 |
723.365.000.000 |
|
Goodwill |
0 |
0 |
0 |
|
Other
Intangible Assets |
90.491.000.000 |
94.743.000.000 |
97.147.000.000 |
|
Total
Intangible Assets |
90.491.000.000 |
94.743.000.000 |
97.147.000.000 |
|
Investments |
99.900.000.000 |
105.271.000.000 |
0 |
|
Loans
to Group |
0 |
0 |
0 |
|
Other
Loans |
0 |
0 |
0 |
|
Miscellaneous
Fixed Assets |
86.881.000.000 |
87.520.000.000 |
197.041.000.000 |
|
Total
Other Fixed Assets |
186.781.000.000 |
192.791.000.000 |
197.041.000.000 |
|
Total
Fixed Assets |
927.200.000.000 |
1.025.697.000.000 |
1.017.553.000.000 |
|
Raw
Materials |
0 |
0 |
0 |
|
Work
in Progress |
0 |
0 |
0 |
|
Finished
Goods |
0 |
0 |
0 |
|
Other
Inventories |
0 |
0 |
0 |
|
Total
Inventories |
1.197.783.000.000 |
1.305.815.000.000 |
1.577.671.000.000 |
|
Trade
Receivables |
856.147.000.000 |
557.835.000.000 |
1.257.221.000.000 |
|
Group
Receivables |
0 |
0 |
0 |
|
Receivables
Due after 1 year |
0 |
0 |
0 |
|
Miscellaneous
Receivables |
0 |
0 |
0 |
|
Total
Receivables |
856.147.000.000 |
557.835.000.000 |
1.257.221.000.000 |
|
Cash |
263.815.000.000 |
213.127.000.000 |
4.696.000.000 |
|
Other
Current Assets |
68.473.000.000 |
95.997.000.000 |
414.513.000.000 |
|
Total
Current Assets |
2.386.218.000.000 |
2.172.774.000.000 |
3.254.101.000.000 |
|
Total
Assets |
3.313.418.000.000 |
3.198.471.000.000 |
4.271.654.000.000 |
|
Trade
Payables |
409.578.000.000 |
4.534.000.000 |
441.504.000.000 |
|
Bank
Liabilities |
0 |
0 |
0 |
|
Other
Loans or Finance |
756.453.000.000 |
86.354.000.000 |
2.541.271.000.000 |
|
Group
Payables |
0 |
0 |
0 |
|
Miscellaneous
Liabilities |
73.204.000.000 |
1.059.955.000.000 |
93.933.000.000 |
|
Total
Current Liabilities |
1.239.235.000.000 |
1.150.843.000.000 |
3.076.708.000.000 |
|
Trade
Payables After 1 Year |
0 |
0 |
0 |
|
Bank
Liabilities After 1 Year |
0 |
0 |
0 |
|
Other
Loans or Finance due after 1 year |
993.000.000.000 |
4.217.000.000 |
0 |
|
Group
Payables After 1 Year |
0 |
0 |
0 |
|
Miscellaneous
Liabilities Due After 1 Year |
4.277.000.000 |
991.000.000.000 |
0 |
|
Total
Long Term Liabilities |
997.277.000.000 |
995.217.000.000 |
0 |
|
Total
Liabilities |
2.236.512.000.000 |
2.146.060.000.000 |
3.076.708.000.000 |
|
Called
Up Share Capital |
866.667.000.000 |
866.667.000.000 |
866.667.000.000 |
|
Share
Premium |
118.232.000.000 |
118.232.000.000 |
118.232.000.000 |
|
Revenue
Reserves |
84.797.000.000 |
60.302.000.000 |
202.837.000.000 |
|
Other
Reserves |
7.210.000.000 |
7.210.000.000 |
7.210.000.000 |
|
Total
Shareholders Equity |
1.076.906.000.000 |
1.052.411.000.000 |
1.194.946.000.000 |
Other
Financials
|
Contingent
Liabilities |
|||
|
Working
Capital |
1.146.983.000.000 |
1.021.931.000.000 |
177.393.000.000 |
|
Net
Worth |
986.415.000.000 |
957.668.000.000 |
1.097.799.000.000 |
Ratios
|
Pre
Tax Profit Margin |
0.42 |
-2.23 |
6.25 |
|
Return
On Capital Employed |
1.22 |
-6.78 |
|
|
Return
On Total Assets Employed |
0.76 |
-4.34 |
11.79 |
|
Return
On Net Assets Employed |
2.35 |
-13.19 |
42.14 |
|
Sales
/ Net Working Capital |
5.25 |
6.08 |
45.46 |
|
Stock
Turnover Ratio |
19.91 |
21.01 |
19.57 |
|
Debtor
Days |
51.94 |
32.76 |
56.91 |
|
Creditor
Days |
24.85 |
0.27 |
19.99 |
|
Current
Ratio |
1.93 |
1.89 |
1.06 |
|
Liquidity
Ratio Or Acid Test |
0.96 |
0.75 |
0.54 |
|
Current
Debt Ratio |
1.15 |
1.09 |
2.57 |
|
Gearing |
|||
|
Equity
In Percentage |
33.41 |
33.91 |
28.62 |
|
Total
Debt Ratio |
2.08 |
2.04 |
2.57 |
Additional
Financials
|
Gross
Profit |
Current
Directors
|
Name |
Gender |
Address |
Position |
|
Quang
Van Le |
Female |
Vietnamese |
Chairman |
|
Binh
Thi Chu |
Female |
Vietnamese |
Managing
Director |
|
Toan
Bao Le |
Male |
Vietnamese |
Chief
Accountant |
|
Trung
Huynh |
Male |
Vietnamese |
Deputy
Managing Director |
|
Di
Van Nguyen |
Male |
Vietnamese |
Deputy
Director |
|
Nhan
Van Nguyen |
Male |
Vietnamese |
Deputy
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 866.666.670.000 |
|
Issued Share Capital 866.666.670.000 |
Shareholders
|
Shareholder |
Address |
%
Shares Held |
|
MINH
PHU SEAFOOD JSC |
Vietnam |
67.5 |
|
Undisclosed
Shareholders |
|
32.5 |
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 |
|
MINH
PHU SEAFOOD JSC |
Active |
Industrial
Zone Ward 8 Ca Mau Ca Mau |
Subsidaries
|
Name Status Registration Address Number |
|
No
subsidaries for this company. |
Affiliates
|
Name |
Status |
Registration
Number |
Address |
|
MINH
PHAT SEAFOOD PROCESSING CO LTD |
Active |
Thanh
Dien Village Ly Van Lam Commune, Ca Mau, Ca Mau |
|
|
MINH
PHU - KIEN GIANG SEAFOOD CO LTD |
Active |
Cang Hamlet Hoa Dien Commune Kien Luong
District, Kien Giang |
|
|
MINH
PHU AQUATIC LARVAE CO LTD |
Active |
An
Hai Commune, Ninh Phuoc Dist, Ninh Thuan |
|
|
MINH
QUI SEAFOOD PROCESSING CO LTD |
Active |
Industrial
Zone Ward 8, Ca Mau, Ca Mau |
|
|
MSEAFOOD
CORP |
Active |
17934
Point Sur St, Fountain Valley, California 92708 |
|
Negative
Information
|
No
negative information for this company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.38 |
|
|
1 |
INR 91.39 |
|
Euro |
1 |
INR 79.89 |
|
VND |
1 |
INR 0.0030 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
KET |
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.