MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	EURASIA SEAFOOD COMPANY LIMITED
Registered Office :	No. 40/9/2 Road 27, Son Ky Ward, Tan Phu District, Ho Chi Minh City,
Country :	Vietnam
Date of Incorporation :	24.08.2012
Com. Reg. No.:	0311944025
Legal Form :	One member liability limited company
Line of Business :	Wholesale of food
No. of Employees :	15

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 :	Slow but correct
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 (31.03.2012)	Current Rating (30.06.2012)
Viet Nam	B1	B1

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

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
Registered English Name	EURASIA SEAFOOD COMPANY LIMITED
Registered Vietnamese Name	CONG TY TNHH MOT THANH VIEN HAI SAN A AU
Registered Short name	EURASIA SEAFOOD CO., LTD
Type of Business	One member liability limited company
Year Established	2012
Business Registration No.	0311944025
Date of Registration	24 Aug 2012
Place of Registration	Business Registration Office - Planning and Investment Department of Hochiminh City
Chartered capital	VND 3,000,000,000
Tax code	0311944025
Total Employees	15

ADDRESSES
Head Office
Address	No. 40/9/2 Road 27, Son Ky Ward, Tan Phu District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 6660 8261
Fax	(84-8) 6267 3354

DIRECTORS
1. NAME	Mr. VO HUU NGHIA
Position	Legal Director
Date of Birth	05 Mar 1967
ID Number/Passport	022518796
ID Issue Date	04 Nov 2011
ID Issue Place	Police station of Hochiminh City
Resident	No. 34/12B Ba Hom Street, Ward 13, District 6, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Qualification	Management
2. NAME	Mr. VO HUU TRI
Position	Director
Resident	Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Tel/Mobile phone	+ 84 913 152 364, 919 897 576, 944 181 958
Qualification	Management

BUSINESS NATURE AND ACTIVITIES

- Wholesale of food

- Processing and preserving of other fishery

- Wholesale of agricultural raw materials (except wood, bamboo) and live animals

- Wholesale of waste and scrap and other products n.e.c

- Wholesale of other household products

IMPORT & EXPORT ACTIVITIES
IMPORT:
Note: N/A
EXPORT:
· Types of products	USA, Japan and EU

BANKERS
VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK – CHO LON BRANCH
Address	No. 466 Tran Hung Dao Street, Ward 2, District 5, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3924 4885
Fax	(84-8) 3924 4889

SHAREHOLDERS
NAME	Mr. VO HUU NGHIA
Position	Legal Director
Date of Birth	05 Mar 1967
ID Number/Passport	022518796
Issued on	04 Nov 2011
Issued Place	Police station of Hochiminh City
Resident	No. 34/12B Ba Hom Street, Ward 13, District 6, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 3,000,000,000
Percentage	100%

FINANCIAL DATA

Subject has just been established, therefore its finance report isn’t available.

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	Limited
Development trend	N/A
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Direct payment or through its corresponding bank
Sale Methods	To contracts

INTERPRETATION ON THE SCORES

Subject - EURASIA SEAFOOD COMPANY LIMITED - has just been established since Aug 2012 as One Member Liability Limited Company. Subject is now operating under Business Registration No. 0311944025 and registered capital of VND 3 billion.

Although Mr. Vo Huu Nghia is Legal Representative of subject, Mr. Vo Huu Tri - brother of Mr. Vo Huu Nghia - is owner and runs subject.

Currently, subject is in first stage establishment, it is focusing on import and export aquatic products. Its products aren’t supplied for domestic market. Its products are distributed for international market such as USA, Japan and some countries in EU.

Subject locates at No. 40/9/2, Road 27, Son Ky Ward, Tan Phu District, Ho Chi Minh City, Vietnam. We have a visit to subject, the premise and facility of subject is under average. It doesn’t look like a company or an enterprise. It is private house of Director’s family. We don’t also see any employees at here. According to Mr.Tri, subject has about 15 employees, but all of them are working outside office.

In general, subject is a new and small company; therefore its business activities and its market share are limited. Its position and competition capability in the industry is unremarkable. Its management capability is normal. In our opinion, caution needed for any business transactions with subject.

------------ APPENDIX 1 ----------

INDUSTRY DATA
Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2012	2011
Agriculture, Forestry and Fishing	2.72	4.00	8,887		24,362.9	95,227
Industry and Construction	4.52	5.53	95,217		10,718.9	3,641,376
Trade and Services	6.42	6.69	187,195		15,270.2	6,957,082
ECONOMIC INDICATORS
			2012	2011		2010
Population (Million person)			88.78	87.84		86.93
Gross Domestic Products (USD billion)			136	119		102.2
GDP Growth (%)			5.03	5.89		6.78
GDP Per Capita (USD/person/year)			1,540	1,300		1,160
Inflation (% Change in Composite CPI)			9.21	18.58		11.75
State Budget Deficit compared with GDP (%)			4.8	4.9		5.8
SERVICE TRADE PERFORMANCE
Billion USD			2012	2011		2010
Exports			114.6	96.3		72.2
Imports			114.3	105.8		84.8
Trade Balance			0.3	-9.5		-12.6

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.33
UK Pound	1	Rs.82.72
Euro	1	Rs.69.81

INFORMATION DETAILS

Report Prepared by :

NLM

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.