MIRA INFORM REPORT

Report Date :

11.01.2012

IDENTIFICATION DETAILS

Name :	SEAVINA JOINT STOCK COMPANY

Registered Office :	No.74, Nguyen Duc Canh Cai Khe Ward, Ninh Kieu District, Can Tho City,

Country :	Vietnam

Financials (as on) :	31.12.2010

Date of Incorporation :	08.06.2010

Com. Reg. No.:	1801141886

Legal Form :	Joint stock company

Line of Business :	Processing and Exporting Seafood

No. of Employees :	More than 800

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Vietnam

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

SUBJECT IDENTIFICATION & LEGAL FORM

English Name		SEAVINA JOINT STOCK COMPANY
Vietnamese Name		CONG TY CP SEAVINA
Short name		SEAVINA
Type of Business		Joint stock company
Year Established		2010
Business Registration No.		1801141886
Date of Registration		08 Jun 2010
Place of Registration		Planning and Investment Department of Can Tho City
Current registered capital		VND 40,000,000,000
Status		Unlisted
Tax code		1801141886
Total Employees		More than 800
Size		Medium

COMPANY ADDRESSES

Head Office
Address		No.74, Nguyen Duc Canh Cai Khe Ward, Ninh Kieu District, Can Tho City, Vietnam
Telephone		(84-710) 3600 061/ 062/ 063/064

Factory Address
Address		Tra Noc Industrial Zone Phuoc Thoi Ward, O Mon District, Can Tho City, Vietnam
Telephone		(84-710) 3600063 / 3744950
Fax		(84-710) 3744086
Email		info@seavina.com.vn
Website		www.seavina.com.vn

DIRECTORS

1. NAME		Mr. VO DINH BIEN
Position		Legal Director
Date of Birth		09 Aug 1967
ID Number/Passport		361065296
Resident		No.24/25A Tran Viet Chau Str An Hoa Ward, Ninh Kieu District, Can Tho City, Vietnam
Nationality		Vietnamese

2. NAME		Mr. NGUYEN VIET BINH
Position		Director
ID Number/Passport		361794925
Resident		No. 38/15 Truong Dinh Str An Cu Ward, Ninh Kieu District, Can Tho City, Vietnam
Nationality		Vietnamese

3. NAME		Mr. VO HUYNH TUNG
Position		Deputy Director , in charge of production
Nationality		Vietnamese

4. NAME		Ms. NGUYEN THI KIM OANH
Position		Financial Director
Nationality		Vietnamese

BUSINESS NATURE AND ACTIVITIES

-Processing and exporting seafood

IMPORT & EXPORT ACTIVITIES


IMPORT: N/A

EXPORT:
· Types of products		Seafood
· Market		Europe, Korea, Canada, South America
· Ratio		100%
· Mode of payment		DP, L/C

BANKERS


1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM TRA NOC TRANSACTION
Address		Lot 31A, Tra Noc Industry Area, Binh Thuy District, Can Tho City, Vietnam
Telephone		(84-710) 3842668

SHAREHOLDERS


1. NAME		Mr. NGUYEN VIET BINH
Position		Director
ID Number/Passport		361794925
Resident		No. 38/15 Truong Dinh Str An Cu Ward, Ninh Kieu District, Can Tho City, Vietnam
Nationality		Vietnamese
Number of Shares		11,150,000
Value of shares		VND 500,000,000
Percentage		1.25%

2. NAME		Mr. NGO QUANG TRUONG
Date of Birth		01 Jan 1973
ID Number/Passport		361446381
Issued on		29 Mar 2007
Issued Place		Can Tho Public Security
Resident		No.02, Tran Van Kheo Cai Khe Ward, Ninh Kieu District, Can Tho City, Vietnam
Current Resident		No.02, Tran Van Kheo Cai Khe Ward, Ninh Kieu District, Can Tho City, Vietnam
Nationality		Vietnamese
Number of Shares		3,200,000
Value of shares		VND 32,000,000,000
Percentage		80%

3. NAME		Mr. NGO VAN LICH
ID Number/Passport		360909561
Resident		No. 2 Tran Van Kheo Str Cai Khe Ward, Ninh Kieu District, Can Tho City, Vietnam
Nationality		Vietnamese
Number of Shares		500,000
Value of shares		VND 5,000,000,000
Percentage		12.5%

4. NAME		Mr. NGO QUANG THUY
ID Number/Passport		361740593
Resident		No.2 Tran Van Keo Str Cai Khe Ward, Ninh Kieu District, Can Tho City, Vietnam
Nationality		Vietnamese
Number of Shares		200,000
Value of shares		VND 2,000,000,000
Percentage		5%

5. NAME		Ms. TRAN CAM NHUNG
ID Number/Passport		361746228
Resident		No. 117/12A Hoang Van Thu Str An Cu Ward, Ninh Kieu District, Can Tho City, Vietnam
Nationality		Vietnamese
Number of Shares		30,000
Value of shares		VND 300,000,000
Percentage		0.75%

6. NAME		Ms. PHAN THI THANH TRAM
ID Number/Passport		362195490
Resident		No. 4 Thanh Phuoc Hamlet Trung Thanh Commune, Co Do District, Can Tho City, Vietnam
Nationality		Vietnamese
Number of Shares		20,000
Value of shares		VND 200,000,000
Percentage		0.5%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010
Number of weeks	-
ASSETS
A – CURRENT ASSETS	80,890,757,355
I. Cash and cash equivalents	687,838,452
1. Cash	687,838,452
2. Cash equivalents	0
II. Short-term investments	0
1. Short-term investments	0
2. Provisions for devaluation of short-term investments	0
III. Accounts receivable	16,845,578,468
1. Receivable from customers	10,437,036,668
2. Prepayments to suppliers	6,407,771,800
3. Inter-company receivable	0
4. Receivable according to the progress of construction	0
5. Other receivable	770,000
6. Provisions for bad debts	0
IV. Inventories	53,890,694,580
1. Inventories	53,890,694,580
2. Provisions for devaluation of inventories	0
V. Other Current Assets	9,466,645,855
1. Short-term prepaid expenses	805,099,380
2. VAT to be deducted	8,638,026,475
3. Taxes and other accounts receivable from the State	0
4. Other current assets	23,520,000
B. LONG-TERM ASSETS	48,417,828,936
I. Long term accounts receivable	0
1. Long term account receivable from customers	0
2. Working capital in affiliates	0
3. Long-term inter-company receivable	0
4. Other long-term receivable	0
5. Provisions for bad debts from customers	0
II. Fixed assets	48,121,827,791
1. Tangible assets	37,067,510,593
- Historical costs	37,196,246,295
- Accumulated depreciation	-128,735,702
2. Financial leasehold assets	0
- Historical costs	0
- Accumulated depreciation	0
3. Intangible assets	909,090,909
- Initial costs	909,090,909
- Accumulated amortization	0
4. Construction-in-progress	10,145,226,289
III. Investment property	0
Historical costs	0
Accumulated depreciation	0
IV. Long-term investments	0
1. Investments in affiliates	0
2. Investments in business concerns and joint ventures	0
3. Other long-term investments	0
4. Provisions for devaluation of long-term investments	0
V. Other long-term assets	296,001,145
1. Long-term prepaid expenses	296,001,145
2. Deferred income tax assets	0
3. Other long-term assets	0
VI. Goodwill
1. Goodwill
TOTAL ASSETS	129,308,586,291

LIABILITIES
A- LIABILITIES	88,253,444,174
I. Current liabilities	65,253,444,174
1. Short-term debts and loans	50,000,000,000
2. Payable to suppliers	9,125,713,697
3. Advances from customers	5,178,289,428
4. Taxes and other obligations to the State Budget	358,277,406
5. Payable to employees	446,021,526
6. Accrued expenses	0
7. Inter-company payable	0
8. Payable according to the progress of construction contracts	0
9. Other payable	145,142,117
10. Provisions for short-term accounts payable	0
II. Long-Term Liabilities	23,000,000,000
1. Long-term accounts payable to suppliers	0
2. Long-term inter-company payable	0
3. Other long-term payable	0
4. Long-term debts and loans	23,000,000,000
5. Deferred income tax payable	0
6. Provisions for unemployment allowances	0
7. Provisions for long-term accounts payable	0
B- OWNER’S EQUITY	41,055,142,117
I. OWNER’S EQUITY	41,055,142,117
1. Capital	40,000,000,000
2. Share premiums	0
3. Other sources of capital	0
4. Treasury stocks	0
5. Differences on asset revaluation	0
6. Foreign exchange differences	0
7. Business promotion fund	0
8. Financial reserved fund	0
9. Other funds	0
10. Retained earnings	1,055,142,117
11. Construction investment fund	0
II. Other sources and funds	0
1. Bonus and welfare funds	0
2. Sources of expenditure	0
3. Fund to form fixed assets	0
MINORITY’S INTEREST
TOTAL LIABILITIES AND OWNER’S EQUITY	129,308,586,291


PROFIT & LOSS STATEMENT

Description	FY2010
1. Total Sales	44,528,481,438
2. Deduction item	0
3. Net revenue	44,528,481,438
4. Costs of goods sold	40,860,356,605
5. Gross profit	3,668,124,833
6. Financial income	233,462,890
7. Financial expenses	1,236,598,600
- In which: Loan interest expenses	1,236,598,600
8. Selling expenses	753,416,890
9. Administrative overheads	504,716,077
10. Net operating profit	1,406,856,156
11. Other income	0
12. Other expenses	0
13. Other profit /(loss)	0
14. Total accounting profit before tax	1,406,856,156
15. Current corporate income tax	351,714,039
16. Deferred corporate income tax	0
17. Interest from subsidiaries/related companies
18. Profit after tax	1,055,142,117


FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS

Description	FY2010	Average Industry
Current liquidity ratio	1.24	1.45
Quick liquidity ratio	0.41	0.93
Inventory circle	0.76	7.42
Average receive period	138.08	68.87
Utilizing asset performance	0.34	1.66
Liability by total assets	68.25	63.62
Liability by owner's equity	214.96	289.65
Ebit / Total assets (ROA)	2.04	8.16
Ebit / Owner's equity (ROE)	6.44	27.66
Ebit / Total revenue (NPM)	5.94	5.74
Gross profit / Total revenue (GPM)	8.24	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		T/T, L/C
Sale Methods		To contracts
Public opinion		Good

CREDIT INQUIRY: 125,000 USD Against D/A in terms.

Acceptable

INTERPRETATION ON THE SCORES

Founded in 2010, SEAVINA JOINT STOCK COMPANY was granted the Business Registration No. 1801141886 (same to tax code), dated 08 June 2010, by Planning and Investment Department of Can Tho City. The subject has registered capital of VND 40,000,000,000.

The subject is principally engaged in processing and exporting seafood. Its products include of raw, cooked, value added products of shrimp and pangasius. Materials are supplied in domestic market. The company’s products are totally exported to Europe, Korea, Canada and South America.
Subject company has head office at No.74, Nguyen Duc Canh Cai Khe Ward, Ninh Kieu District, Can Tho City, Vietnam. The factory for manufacture is located in Tra Noc Industrial Zone, Phuoc Thoi Ward, O Mon District, Can Tho City. Premise and facilities of the subject are fair. Management capacity is acceptable. Legally, the subject’s director is Mr. Vo Dinh Bien. He does not manage the firm directly. Most of business is managed by Mr. Nguyen Viet Binh and others in the board of directors.

The subject expands scale business day by day. It recruits employees continuously and now the subject has more than 800 employees after more than one year of operation.

On the hand of finance, subject company’s strengthen is not considered good. Both of liquidity ratios are lower than average. The subject’s activities ratios were poor. Inventory circle and Utilizing asset performance were too modest while Average receive period was longer much than other firms in the field business show that the subject had managed its debt ineffectively. Moreover, profitability of the subject also limited. In 2010 the subject only had VND 1,055 million of profit after tax.

In short, the subject is a new company and now it has to face with a lot of difficulties like other companies operating in the field business of processing seafood in Vietnam. Financial capacity of the subject is also limited and it is reliable to meet small and normal financial committees. Caution needed for big business transaction with the subject.

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.52.22
UK Pound	1	Rs.80.83
Euro	1	Rs.66.79

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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

MIRA INFORM REPORT

SUBJECT IDENTIFICATION & LEGAL FORM

COMPANY ADDRESSES

DIRECTORS

BUSINESS NATURE AND ACTIVITIES

IMPORT & EXPORT ACTIVITIES

BANKERS

SHAREHOLDERS

FINANCIAL DATA

Unit: One VND

ASSETS

LIABILITIES

PROFIT & LOSS STATEMENT

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS

PAYMENT HISTORY & PERFORMANCE

EXPERIENCES

INTERPRETATION ON THE SCORES

APPENDIX

Unit