MIRA INFORM REPORT

Report Date :

26.09.2012

IDENTIFICATION DETAILS

Name :	NEW WIND SEAFOOD COMPANY LIMITED

Registered Office :	Lot 1-2, Area D1 (Old number:Lot 5, Area B1) Tan Thoi Hiep Industrial Park, Hiep Thanh Ward, District 12, Ho Chi Minh City

Country :	Vietnam

Financials (as on) :	31.12.2011

Year of Establishment :	2000

Legal Form :	Limited Liability Company

Line of Business :	Processing and preserving of other fishery

No. of Employees :	500

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Vietnam

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

VIETNAM - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
Registered English Name		NEW WIND SEAFOOD COMPANY LIMITED
Registered Vietnamese Name		CONG TY TNHH THUY SAN GIO MOI
Trade name		NEW WIND SEAFOOD CO., LTD
Type of Business		Limited liability company
Year Established		2000
Investment Certificate No		412022000149
Date Of Issuance		30 Dec 2007
Place of Issuance		HCMC Export Processing & Industrial Zones Authority
Registered Investment Capital		USD 3,430,000
Chartered capital		USD 1,050,000
Tax code		0301954754
Total Employees		500
Note: The given name “NEWWIND SEAFOOD CO LTD” is not exactly.

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Registered English Name: NEW WIND SEAFOOD COMPANY LIMITED Changed to: VIETNAM NORTHERN VIKING TECHNOLOGIES CO. , LTD	30 Jun 2011
2	Subject has got former Registered Vietnamese Name: CONG TY TNHH VIET NAM NORTHERN VIKING TECHNOLOGIES Changed to: CONG TY TNHH THUY SAN GIO MOI	30 Jun 2011
3	Subject has got former Investment Certificate No: 51/GP-KCN-HCM Changed to: 412022000149	30 Dec 2007
4	Subject has got former Registered Investment Capital: USD 2,030,000 Changed to: USD 3,430,000	N/A

ADDRESSES

Head Office
Address		Lot 1-2, Area D1 (Old number:Lot 5, Area B1) Tan Thoi Hiep Industrial Park, Hiep Thanh Ward, District 12, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3717 5038 - 3717 5039 - 3717 5040
Fax		(84-8) 3717 0981
Email		trieu_vnviking@hcm.vnn.vn

DIRECTORS

1. NAME		Mr. BRUCE KOJIRO SATO
Position		Deputy Chairman
Date of Birth		07 Jun 1967
ID Number/Passport		BA 502039
Issued Date		15 Oct 2007
Issued Place		Japan
Resident		252/21, 17^th Floor, Muang-Thai-Phatra, Complex Tower 1, Ratchadapisek Road, Huay Kwang Bangkok 10320, Thailand.
Nationality		Canadian
Qualification		Management

2. NAME		Mr. NGUYEN HAI TRIEU
Position		Chairman
Date of Birth		29 Jul 1964
ID Number/Passport		021580558
Issued Date		10 Apr 2007
Issued Place		Police station of Ho Chi Minh City
Resident		No. 5/45/15 No Trang Long Street, Ward 7, Binh Thanh District, Ho Chi minh City.
Nationality		Vietnamese
Qualification		Management

3. NAME		Mr. NGUYEN NGOC TUAN
Position		Chief Accountant
Nationality		Vietnamese
Current resident		Ho Chi Minh City, Vietnam
Tel/Mobile phone		+84 903 983 443
Qualification		Bachelor of Economics

4. NAME		Mr. NGUYEN TRUNG LAP
Position		Deputy Director
Current resident		Ho Chi Minh City, Vietnam
Nationality		Vietnamese

5. NAME		Mr. NGUYEN VAN THANH
Position		Deputy Director
Current resident		Ho Chi Minh City, Vietnam
Nationality		Vietnamese

6. NAME		Ms. TRAN THI HANH
Position		Deputy Director
Current resident		Ho Chi Minh City, Vietnam
Nationality		Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject registered in:

Processing and preserving of other fishery
Processing and preserving of canned fish, crustaceans and molluscs
Processing and preserving of frozen fish, crustaceans and molluscs

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products		Materials
· Market		Thailand, Myanmar, India

EXPORT:
· Types of products		Products (Main product: Raw breaded Shrimp, Fried Breaded Shrimp, Marinated Shrimp, and breaded fish. Other value added products include Clams, Swimming Crab, Squid and Chinese Dim Sum product)
· Market		mainly to Japan and USA

BANKERS

1. VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK
Address		8th Floor, VinCom Center, No. 72 Le Thanh Ton Street, District 1, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3821 0055
Fax		(84-8) 3829 6063

2. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE TRANSACTION CENTER NO.2
Address		No.79A Ham Nghi Str, Nguyen Thai Binh Ward, District 1, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3829 0715
Fax		(84-8) 3829 5342

SHAREHOLDERS

1. NAME		NORTHERN VIKING TECHNOLOGIES PTE., LTD
Address		220 Tagore Lane, #03-16 Liberty Warehouse, Singapore 787600, Singapore 079906, Singapore
Share Capital		USD 315,000
Percentage		30%

2. NAME		CUU LONG GIANG PRODUCTION & TRADING COMPANY LIMITED
Address		159/2 Phan Van Tri Street, Binh Thanh District, Ho Chi Minh City, Vietnam
Share Capital		USD 735,000
Percentage		70%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2011	31/12/2010	31/12/2009
Number of weeks	52	52	52
ASSETS
A – CURRENT ASSETS	71,922,730,901	58,429,798,696	34,400,969,852
I. Cash and cash equivalents	411,253,625	6,309,323,012	2,734,994,800
1. Cash	411,253,625	6,309,323,012	2,734,994,800
2. Cash equivalents	0	0	0
II. Short-term investments	5,000,000	5,000,000	5,000,000
1. Short-term investments	5,000,000	5,000,000	5,000,000
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	17,280,750,597	12,551,047,578	14,120,101,221
1. Receivable from customers	14,778,418,701	12,551,047,578	14,093,303,707
2. Prepayments to suppliers	2,502,331,896	0	0
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	0	0	26,797,514
6. Provisions for bad debts	0	0	0
IV. Inventories	50,651,915,507	35,220,754,895	13,989,541,268
1. Inventories	50,651,915,507	35,220,754,895	13,989,541,268
2. Provisions for devaluation of inventories	0	0	0
V. Other Current Assets	3,573,811,172	4,343,673,211	3,551,332,563
1. Short-term prepaid expenses	48,615,000	0	0
2. VAT to be deducted	3,133,839,422	3,916,765,211	3,150,449,563
3. Taxes and other accounts receivable from the State	0	0	0
4. Other current assets	391,356,750	426,908,000	400,883,000
B. LONG-TERM ASSETS	9,383,188,792	10,993,803,321	12,272,428,569
I. Long term accounts receivable	0	0	0
1. Long term account receivable from customers	0	0	0
2. Working capital in affiliates	0	0	0
3. Long-term inter-company receivable	0	0	0
4. Other long-term receivable	0	0	0
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	4,904,013,323	6,443,810,420	8,893,688,569
1. Tangible assets	4,904,013,323	6,443,810,420	8,432,250,026
- Historical costs	29,697,334,087	29,687,152,269	29,626,814,959
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	0	0	461,438,543
- Initial costs	0	0	900,367,904
- Accumulated amortization	0	0	-438,929,361
4. Construction-in-progress	0	0	0
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	3,578,740,000	3,578,740,000	3,378,740,000
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	3,578,740,000	3,578,740,000	3,378,740,000
3. Other long-term investments	0	0	0
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	900,435,469	971,252,901	0
1. Long-term prepaid expenses	900,435,469	971,252,901	0
2. Deferred income tax assets	0	0	0
3. Other long-term assets	0	0	0
VI. Goodwill	0	0	0
1. Goodwill	0	0	0
TOTAL ASSETS	81,305,919,693	69,423,602,017	46,673,398,421

LIABILITIES
A- LIABILITIES	63,912,234,277	49,911,323,136	30,515,540,255
I. Current liabilities	63,912,234,277	49,911,323,136	30,515,540,255
1. Short-term debts and loans	41,932,814,518	32,671,993,732	23,201,780,118
2. Payable to suppliers	16,166,601,914	11,672,087,984	4,150,722,707
3. Advances from customers	1,333,482,797	989,350,390	280,855,443
5. Payable to employees	3,280,803,635	3,088,439,253	2,416,442,190
6. Accrued expenses	0	0	0
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	985,905,016	1,209,623,840	88,227,028
10. Provisions for short-term accounts payable	0	0	0
11. Bonus and welfare funds	41,278,226	0	0
II. Long-Term Liabilities	0	0	0
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	0	0	0
4. Long-term debts and loans	0	0	0
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	0	0	0
7. Provisions for long-term accounts payable	0	0	0
8. Unearned Revenue	0	0	0
9. Science and technology development fund	0	0	0
B- OWNER’S EQUITY	17,393,685,416	19,512,278,881	16,157,858,166
I. OWNER’S EQUITY	17,393,685,416	19,512,278,881	16,157,858,166
1. Capital	14,796,884,477	14,796,884,477	14,796,884,477
2. Share premiums	0	0	0
3. Other sources of capital	0	0	0
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	1,151,302,310	428,939,674	-9,166,836
7. Business promotion fund	0	0	0
8. Financial reserved fund	36,174,034	36,174,034	36,174,034
9. Other funds	0	0	0
10. Retained earnings	1,409,324,595	4,192,452,470	1,333,966,491
11. Construction investment fund	0	0	0
12. Business arrangement supporting fund	0	0	0
II. Other sources and funds	0	57,828,226	0
1. Bonus and welfare funds	0	57,828,226	0
2. Sources of expenditure	0	0	0
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	81,305,919,693	69,423,602,017	46,673,398,421


PROFIT & LOSS STATEMENT

Description	FY2011	FY2010	FY2009
1. Total Sales	207,422,264,895	212,201,236,515	207,157,964,454
2. Deduction item	4,747,980,204	5,232,572,953	0
3. Net revenue	202,674,284,691	206,968,663,562	207,157,964,454
4. Costs of goods sold	182,291,453,540	187,464,751,031	188,580,985,465
5. Gross profit	20,382,831,151	19,503,912,531	18,576,978,989
6. Financial income	575,935,810	286,299,200	270,299,200
7. Financial expenses	6,003,001,387	2,003,599,484	1,452,361,018
- In which: Loan interest expenses	2,543,042,400	1,544,423,828	-
8. Selling expenses	9,027,918,228	8,989,730,978	9,585,438,124
9. Administrative overheads	4,720,569,468	4,338,635,253	3,421,890,391
10. Net operating profit	1,207,277,878	4,458,246,016	4,387,588,656
11. Other income	46,000,000	221,377,720	545,774,622
12. Other expenses	2,671,230	127,006,795	51,936,648
13. Other profit /(loss)	43,328,770	94,370,925	493,837,974
14. Total accounting profit before tax	1,250,606,648	4,552,616,941	4,881,426,630
15. Current corporate income tax	145,159,672	666,316,076	742,577,120
16. Deferred corporate income tax	0	0	0
17. Interest from subsidiaries/related companies	0	0	0
18. Profit after tax	1,105,446,976	3,886,300,865	4,138,849,510


FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS

Description	FY2011	FY2010	FY2009	Average Industry
Current liquidity ratio	1.13	1.17	1.13	1.70
Quick liquidity ratio	0.33	0.47	0.67	1.05
Inventory circle	3.60	7.62	13.48	7.68
Average receive period	31.12	22.13	24.88	37.77
Utilizing asset performance	2.49	2.98	4.44	1.72
Liability by total assets	78.61	71.89	65.38	51.74
Liability by owner's equity	367.45	255.79	188.86	145.40
Ebit / Total assets (ROA)	4.67	8.78	10.46	14.18
Ebit / Owner's equity (ROE)	21.81	31.25	30.21	31.73
Ebit / Total revenue (NPM)	1.83	2.87	2.36	10.11
Gross profit / Total revenue (GPM)	9.83	9.19	8.97	20.29
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality		Fair
Liquidity		Low/Medium
Payment status		Average
Financial Situation		Average
Development trend		Even
Litigation data		No
Bankruptcy		No
Payment Methods		Direct payment or through its corresponding bank
Sale Methods		Wholesaler

INTERPRETATION ON THE SCORES

Subject was established in March 2000 with name VIETNAM NORTHERN VIKING TECHNOLOGIES. Subject was established by two companies: Northern Viking Technologies Pte., Ltd from Singapore and Cuu Long Giang Production & Trading Company Limited from Vietnam. Subject is now operating under the Investment Certificate No. 412022000149 and total investment capital of US$3,430,000. Since June 2011, the subject has been renamed NEW WIND SEAFOOD COMPANY LIMITED.

Subject specializes in processing and trading in various kinds of seafood including raw breaded shrimp, fried breaded shrimp, marinated shrimp, and breaded fish. Other value added products include clams, swimming crab, squid and Chinese dim sum product. Besides domestic sources, subject also imports materials mainly from Thailand, Myanmar and India. All of products of the subject are exported to Japan and USA market.

Its factory is equipped with advanced technological lines. Subject located in the total area about 5,702 square meters. Total capacity of the subject is around 2,400 ton/year.

In general, the subject operates fair effective. The main reason is the demand of main customer from Japan decreased. Therefore, the subject is considered fair safe for normal payment commitments. According to the financial data, the business result of the subject is fair. In our opinion, the subject has capacity to meet all small-normal transactions.

------------ 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)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,749		23,896.3	81,559
Industry and Construction	5.53	7.70	85,115		10,630	2,751,975
Trade and Services	6.69	7.52	154,978		14,522	4,939,069

ECONOMIC INDICATORS

			2011	2010		2009
Population (Million person)			87.84	86.93		86.02
Gross Domestic Products (USD billion)			119	102.2		91
GDP Growth (%)			5.89	6.78		5.32
GDP Per Capita (USD/person/year)			1,300	1,160		1,080
Inflation (% Change in Composite CPI)			18.58	11.75		6.88
State Budget Deficit compared with GDP (%)			4.9	5.8		6.9

SERVICE TRADE PERFORMANCE

Billion USD			2011	2010		2009
Exports			96.3	72.2		57.1
Imports			105.8	84.8		69.9
Trade Balance			-9.5	-12.6		-12.8

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.53
UK Pound	1	Rs.86.82
Euro	1	Rs.69.03

INFORMATION DETAILS

Report Prepared by :

PRL

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

Current legal status

ADDRESSES

DIRECTORS

BUSINESS NATURE AND ACTIVITIES

IMPORT & EXPORT ACTIVITIES

BANKERS

SHAREHOLDERS

FINANCIAL DATA

Unit: One VND

ASSETS

LIABILITIES

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

INTERPRETATION ON THE SCORES

INDUSTRY DATA

ECONOMIC INDICATORS

SERVICE TRADE PERFORMANCE

Unit