MIRA INFORM REPORT

Report Date :

19.04.2012

IDENTIFICATION DETAILS

Name :	DAI THANH SEA FOOD
Registered Office :	Dong Hoa hamlet, Song Thuan commune, Chau Thanh District, Tien Giang Province
Country :	Vietnam
Financials (as on) :	31.12.2010
Year of Establishment :	2006
Com. Reg. No.:	1200631935
Legal Form :	Limited Liability Company
Line of Business :	Focuses on processing Pangasius products for export
No. of Employees :	900

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Viet Nam	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
Registered English Name	DAI THANH SEA FOOD
Registered Vietnamese Name	CONG TY TNHH DAI THANH
Registered Short name	DATHACO
Type of Business	Limited liability company
Year Established	2006
Business Registration No.	1200631935
Date of Registration	09 Sep 2010
Place of Registration	Tien Giang Department of Planning and Investment
Current registered capital	VND 110,000,000,000
Status	Unlisted
Tax code	1200631935
Total Employees	900
Note	The correct name of subject is as above.

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 5302000303 (issued 29 Sep 2006) Changed to: 1200631935	09 Sep 2010

ADDRESSES
Head Office
Address	Dong Hoa hamlet, Song Thuan commune, Chau Thanh District, Tien Giang Province, Vietnam
Telephone	(84-73) 3611 115
Fax	(84-73) 3611 101
Email	contact@daithanhseafoods.com
Website	http://www.daithanhseafoods.com

DIRECTORS
NAME	Mr. HA VAN TINH
Position	Director
ID No.	310677837
Issued date	28 Jan 1992
Issued place	Tien Giang Public Security
Current resident	Cho hamlet, Binh Duc commune, Chau Thanh District , Tien Giang Province, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject focuses on processing Pangasius products for export

IMPORT & EXPORT ACTIVITIES
IMPORT:
Note: Currently, the subject does not import
EXPORT:
· Types of products	Products
· Market	EU, America, etc
· Ratio	100%

BANKERS
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM TIEN GIANG BRANCH
Address	No.208A Nam Ky Khoi Nghia Street, My Tho City, Tien Giang Province, Vietnam
Telephone	(84-73) 3877559

SHAREHOLDERS
1. NAME	HIEP THANH LIMITED COMPANY
Business Registration	050825
Tax code	1200252246
Address	Tan Thuan Binh Duc Commune, Chau Thanh District, Tien Giang Province, Vietnam
Tel	84-73 3853044
Value of shares	VND 22,000,000,000
Percentage	20%
2. NAME	Mr. HA VAN TINH
Position	Director
ID No.	310677837
Issued date	28 Jan 1992
Issued place	Tien Giang Public Security
Current resident	Cho hamlet, Binh Duc commune, Chau Thanh District , Tien Giang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 11,000,000,000
Percentage	10%
3. NAME	Mr. TRAN VAN TUNG
ID Number/Passport	310458870
Nationality	Vietnamese
Value of shares	VND 11,000,000,000
Percentage	10%
4. NAME	Mr. TA VAN BE
ID Number/Passport	310914784
Current Resident	Cho hamlet Binh Buc commune, Chau Thanh District, Tien Giang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 11,000,000,000
Percentage	10%
5. NAME	Ms. TRAN THI MAN
ID Number/Passport	310458659
Current Resident	Cho hamlet Binh Duc commune, Chau Thanh District, Tien Giang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 11,000,000,000
Percentage	10%
6. NAME	Ms. TRAN THI HONG
ID Number/Passport	310740916
Current Resident	Tan Thuan hamlet Binh Duc commune, Chau Thanh District, Tien Giang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 11,000,000,000
Percentage	10%
7. NAME	Mr. VO QUOC CONG
ID Number/Passport	310537606
Current Resident	Tay hamlet Nhi Binh commune, Chau Thanh District, Tien Giang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 11,000,000,000
Percentage	10%
8. NAME	Ms. LE THI KIM ANH
ID Number/Passport	310458660
Current Resident	Cho hamlet Binh Duc commune, Chau Thanh District, Tien Giang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 11,000,000,000
Percentage	10%
9. NAME	Ms. TRAN THI THU NGA
ID Number/Passport	310458657
Current Resident	Cho hamlet Binh Duc commune, Chau Thanh District, Tien Giang Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 11,000,000,000
Percentage	10%

FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010	31/12/2009
Number of weeks	52	52
ASSETS
A – CURRENT ASSETS	277,028,572,332	105,804,080,985
I. Cash and cash equivalents	3,198,470,712	2,151,048,670
1. Cash	3,198,470,712	2,151,048,670
2. Cash equivalents	0	0
II. Short-term investments	1,100,000,000	2,468,825,712
1. Short-term investments	1,100,000,000	2,468,825,712
2. Provisions for devaluation of short-term investments	0	0
III. Accounts receivable	124,379,172,379	60,912,105,934
1. Receivable from customers	105,712,634,955	56,793,088,489
2. Prepayments to suppliers	8,166,537,424
3. Inter-company receivable	10,500,000,000	4,119,017,445
4. Receivable according to the progress of construction	0	0
5. Other receivable	0	0
6. Provisions for bad debts	0	0
IV. Inventories	148,024,941,221	40,272,100,669
1. Inventories	148,024,941,221	40,272,100,669
2. Provisions for devaluation of inventories	0	0
V. Other Current Assets	325,988,020	0
1. Short-term prepaid expenses	0	0
2. VAT to be deducted	0	0
3. Taxes and other accounts receivable from the State	0	0
4. Other current assets	325,988,020	0
B. LONG-TERM ASSETS	104,252,043,143	73,887,495,298
I. Long term accounts receivable	0	0
1. Long term account receivable from customers	0	0
2. Working capital in affiliates	0	0
3. Long-term inter-company receivable	0	0
4. Other long-term receivable	0	0
5. Provisions for bad debts from customers	0	0
II. Fixed assets	104,042,043,143	73,677,495,298
1. Tangible assets	88,570,308,368	68,834,833,411
- Historical costs	105,383,405,517	77,578,525,054
- Accumulated depreciation	-16,813,097,149	-8,743,691,643
2. Financial leasehold assets	0	0
- Historical costs	0	0
- Accumulated depreciation	0	0
3. Intangible assets	0	0
- Initial costs	0	0
- Accumulated amortization	0	0
4. Construction-in-progress	15,471,734,775	4,842,661,887
III. Investment property	0	0
Historical costs	0	0
Accumulated depreciation	0	0
IV. Long-term investments	210,000,000	210,000,000
1. Investments in affiliates	210,000,000	210,000,000
2. Investments in business concerns and joint ventures	0	0
3. Other long-term investments	0	0
4. Provisions for devaluation of long-term investments	0	0
V. Other long-term assets	0	0
1. Long-term prepaid expenses	0	0
2. Deferred income tax assets	0	0
3. Other long-term assets	0	0
VI. Goodwill	0	0
1. Goodwill	0	0
TOTAL ASSETS	381,280,615,475	179,691,576,283
LIABILITIES
A- LIABILITIES	210,342,015,434	88,131,597,196
I. Current liabilities	198,452,295,539	81,197,985,901
1. Short-term debts and loans	112,410,341,698	47,023,772,700
2. Payable to suppliers	77,578,078,605	32,382,454,492
3. Advances from customers	0	0
4. Taxes and other obligations to the State Budget	20,772,627	1,524,306,743
5. Payable to employees	8,974,403,280	0
6. Accrued expenses	0	0
7. Inter-company payable	0	0
8. Payable according to the progress of construction contracts	0	0
9. Other payable	-531,300,671	267,451,966
10. Provisions for short-term accounts payable	0	0
II. Long-Term Liabilities	11,889,719,895	6,933,611,295
1. Long-term accounts payable to suppliers	0	0
2. Long-term inter-company payable	0	0
3. Other long-term payable	0	0
4. Long-term debts and loans	11,889,719,895	6,933,611,295
5. Deferred income tax payable	0	0
6. Provisions for unemployment allowances	0	0
7. Provisions for long-term accounts payable	0	0
B- OWNER’S EQUITY	170,938,600,041	91,559,979,087
I. OWNER’S EQUITY	170,345,343,812	91,551,660,905
1. Capital	140,200,000,000	70,000,000,000
2. Share premiums	0	0
3. Other sources of capital	0	0
4. Treasury stocks	0	0
5. Differences on asset revaluation	0	0
6. Foreign exchange differences	0	0
7. Business promotion fund	0	0
8. Financial reserved fund	0	0
9. Other funds	12,223,675,879	2,000,000,000
10. Retained earnings	17,921,667,933	19,551,660,905
11. Construction investment fund	0	0
II. Other sources and funds	593,256,229	8,318,182
1. Bonus and welfare funds	593,256,229	8,318,182
2. Sources of expenditure	0	0
3. Fund to form fixed assets	0	0
MINORITY’S INTEREST	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	381,280,615,475	179,691,576,283

PROFIT & LOSS STATEMENT
Description	FY2010
1. Total Sales	720,261,636,893
2. Deduction item	2,419,527,174
3. Net revenue	717,842,109,719
4. Costs of goods sold	649,256,054,580
5. Gross profit	68,586,055,139
6. Financial income	12,389,291,708
7. Financial expenses	4,090,199,141
- In which: Loan interest expenses
8. Selling expenses
9. Administrative overheads	64,273,069,932
10. Net operating profit	12,612,077,774
11. Other income	59,884,689
12. Other expenses	9,494,377
13. Other profit /(loss)	50,390,312
14. Total accounting profit before tax	12,662,468,086
15. Current corporate income tax	1,582,818,511
16. Deferred corporate income tax	0
17. Interest from subsidiaries/related companies	0
18. Profit after tax	11,079,649,575

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	FY2009	Average Industry
Current liquidity ratio	1.40	1.30	1.45
Quick liquidity ratio	0.65	0.81	0.93
Inventory circle	6.90	-	7.42
Average receive period	63.24	-	68.87
Utilizing asset performance	1.88	-	1.66
Liability by total assets	55.17	49.05	63.62
Liability by owner's equity	123.05	96.26	289.65
Ebit / Total assets (ROA)	3.32	-	8.16
Ebit / Owner's equity (ROE)	7.41	-	27.66
Ebit / Total revenue (NPM)	1.76	-	5.74
Gross profit / Total revenue (GPM)	9.52	-	11.21
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	Medium
Payment status	Average
Financial Situation	Average
Development trend	Stable
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	L/C
Sale Methods	Retailer
Public opinion	Normal

INTERPRETATION ON THE SCORES

The subject is one of the biggest companies in Tien Giang province. It was officially founded in 2006. And it was fully put into operation in 2007.

So far, the subject has been in the industry for around 6 years and got some achievements. Its current registered capital now is 110 billion dong.

Dathaco was built on an area of over 25,000 square meters, located next to the Tien River where the alluvium and preferential clean water suitable for the development of Pangasius farming areas. It focuses on processing Pangasius products for export. All its products are for export to EU and America. Product ranges of subject are Pangasius fillet, whole Pangasius, fillet portion, steak, breaded, rolled, and so on. Now, the subject is one of the leading companies of Vietnam in term of export this kind of fish to EU and America. Taking the advantage of rich sources in the local area, subject does not import materials. The subject co-operates with farmers who breed fish in the area.

On the hand of finance, the subject has a fairly good financial status over the past years. In comparison with other companies in the same industry, subject is ranked as medium. Annual sale of subject is increased year on year and profit is high. End of FY2010, total sale of subject was 720,261,636,893 VND and profit after tax was 11,079,649,575 VND. However, profitability ratios are still lower than the average industry indexes.

As can be seen in the balance sheet, total asset was doubled in FY2010 in relation with that of FY2009. The increase is come from current asset mainly. Along with that, liabilities of subject are also nearly three times higher than the previous year, leading to the un-improvement of liquidity ratios and the debt rate is higher in the year 2010. Other financial ratios are seen acceptable.

To sum up, the subject now is operating busy on the medium scale. Its future prospect is good. The financial situation of the subject is fair and it is suitable for small and normal financial commitments.

APPENDIX

INDUSTRY DATA
Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2009		Total employees 2010 (Thous.pers.)	Annual average capital of enterprises 2009 (billion dongs)
	2010	2009
Agriculture, Forestry and Fishing	2.78	1.82	8,749		23,896.3	81,559
Industry and Construction	7.70	5.52	85,115		10,630	2,751,975
Trade and Services	7.52	6.63	154,978		14,522	4,939,069
ECONOMIC INDICATORS
			2010	2009		2008
Population (Million person)			86.93	86.02		86.1
Gross Domestic Products (US$ billion)			102.2	91		84.9
GDP Growth (%)			6.78	5.32		6.2
GDP Per Capita (US$)			1,160	1,080		1,040
Inflation (% Change in Composite CPI)			11.75	6.88		24.4
SERVICE TRADE PERFORMANCE
Billion USD			2010	2009		2008
Exports			72.2	57.1		62.7
Imports			84.8	69.9		80.7
Trade Balance			-12.6	-12.8		-18

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.50
UK Pound	1	Rs.81.99
Euro	1	Rs. 67.54

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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 and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.