MIRA INFORM REPORT

Report Date :

25.01.2013

IDENTIFICATION DETAILS

Name :	QUANGNINH SEAFOODS PROCESSING AND EXPORTING COMPANY LIMITED
Registered Office :	Area 1, Hai Yen Ward, Mong Cai City, Quang Ninh Province
Country :	Vietnam
Date of Incorporation :	2008
Com. Reg. No.:	5701473691
Legal Form :	Limited liability company
Line of Business :	The subject specializes in processing, preservation of fish and fishery products.
No. of Employees :	300

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 :	Unknown
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)
Vietnam	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	QUANGNINH SEAFOODS PROCESSING AND EXPORTING COMPANY LIMITED
Registered Vietnamese Name	CONG TY TNHH CHE BIEN VA XUAT KHAU THUY SAN QUANG NINH
Registered Short name	QUANGNINH SEAFOODS CO.,LTD
Type of Business	Limited liability company
Year Established	2008
Business Registration No.	5701473691
Date of Registration	28 Mar 2011
Place of Registration	Quang Ninh Department of Planning and Investment
Chartered capital	VND 34,000,000,000
Status	Unlisted
Tax code	5701473691
Total Employees	300

Note: The correct name of subject is as above.

ADDRESSES

Head Office and Factory
Address	Area 1, Hai Yen Ward, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3786837
Fax	(84-33) 3786838
Email	info@quangninhseafoods.com.vn
Website	www.camranhseafoods.com.vn
Representative office in Hai Phong
Address	5th Floor, No. 739 Nguyen Van Linh Street , Le Chan District, Hai Phong City, Vietnam
Telephone	(84-31) 3272922 / 3272921
Fax	(84-31) 3272920

DIRECTORS

1. NAME	Mr. VO NGOC THACH
Position	Director
Date of Birth	13 Apr 1964
ID Number/Passport	220270892
ID Issue Date	29 Jul 2010
ID Issue Place	Police Department of Khanh Hoa Province
Resident	Thuan Phat Group, Cam Thuan Ward, Cam Ranh District, Khanh Hoa Province, Vietnam
Current resident	Area 1, Hai Yen Ward, Mong Cai City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
2. NAME	Ms. NGUYEN THI HONG PHUONG
Position	Deputy Director
ID Number/Passport	225432145
Resident	14/1 Cluster 7, Cam Linh Ward, Cam Ranh District, Khanh Hoa Province, Vietnam
Nationality	Vietnamese
Tel/Mobile phone	+84 914119091

BUSINESS NATURE AND ACTIVITIES

The subject specializes in processing, preservation of fish and fishery products.

IMPORT & EXPORT ACTIVITIES

IMPORT:
Types of products	Raw material
Market	All countries in the world such as India, Brazil, Korea, USA.....
EXPORT:
Market	China

BANKERS

1. SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK QUANG NINH BRANCH
Address	No.607 Le Thanh Ton, Ha Long City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3696789
Fax	(84-33) 3696966
2. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK MONG CAI BRANCH
Address	No. 7 Hung Vuong Tran Phu Ward, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3777088
Fax	(84-33) 3777077

SHAREHOLDERS

1. NAME	CAMRANH SEAFOODS PROCESSING & EXPORTING COMPANY LIMITED
Business Registration	4200284035
Date of Registration	14 Oct 2010
Place of Registration	Khanh Hoa Department of Planning and Investment
Registered Capital	VND 65,000,000,000
Tax code	4200284035
Address	National Road No. 1A Cam Thinh Dong Commune, Cam Ranh District, Khanh Hoa Province, Vietnam
Tel	(84-58) 3865383 /129 /384
Fax	(84-58) 3865143
Email	info@camranhseafoods.com.vn
Website	http://www.camranhseafoods.com.vn
Value of shares	VND 10,000,000,000
Percentage	29%
2. NAME	Mr. VO NGOC THACH
Position	Director
Date of Birth	13 Apr 1964
ID Number/Passport	220270892
Issued on	29 Jul 2010
Issued Place	Police Department of Khanh Hoa Province
Resident	Thuan Phat Group, Cam Thuan Ward, Cam Ranh District, Khanh Hoa Province, Vietnam
Current Resident	Area 1, Hai Yen Ward, Mong Cai City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 12,000,000,000
Percentage	35%
3. NAME	Mr. VO QUOC NAM
ID Number/Passport	B1270961
Resident	Linh Phu Group Cam Linh Ward, Cam Ranh District, Khanh Hoa Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 6,000,000,000
Percentage	18%
4. NAME	Ms. VO THI NGOC PHUONG
ID Number/Passport	225249589
Resident	Linh Phu Group, Cam Linh Ward, Cam Ranh District, Khanh Hoa Province, Vietnam
Nationality	Vietnamese
Value of shares	VND 6,000,000,000
Percentage	18%

FINANCIAL DATA

N/A

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Fair
Liquidity	N/A
Payment status	N/A
Financial Situation	Below Average
Development trend	Developing
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	T/T, L/C
Sale Methods	To contracts

INTERPRETATION ON THE SCORES

In 2008, CAMRANH SEAFOODS PROCESSING & EXPORTING COMPANY LIMITED (short name CAMRANH SEAFOODS CO.,LTD) built SEAFOODS PROCESSING AND EXPORTING FACTORY at Hai Yen Ward, Mong Cai City, Quang Ninh Province, Vietnam with total area of 99,000 m2. Total invested capital was VND 106 billion. That factory consists of 2 workshops:

- Frozen shrimp processing workshop with export capacity of 100 tons raw material / day

- Fish processing workshop with export capacity of 100 tons raw material / day

In 2011, QUANGNINH SEAFOODS CO.,LTD was officially established according to business registration number 5701473691, granted by Planning and Investment Department of Quang Ninh Province with chartered capital of VND 34 billon.

The subject specializes in processing, preservation of fish and fishery products. Besides, the subject also does outwork for other companies in the industry. In addition head office at Quang Ninh, the subject also has a representative at Hai Phong City. This office is where the realization of import and export activities. It imports raw material from all countries in the world. Then, the finished products are distributed to domestic market and exported to China.

Both CAMRANH SEAFOODS CO., LTD and QUANGNINH SEAFOODS CO., LTD are working under the family scale and they are owned by family of Mr. Vo Ngoc Thach – director of the subject.

In general, the subject is a new company in industry. With current capital, the subject can meet small transactions.

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)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,887		24,362.9	95,227
Industry and Construction	5.53	7.70	95,217		10,718.9	3,641,376
Trade and Services	6.69	7.52	187,195		15,270.2	6,957,082
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.53.85
UK Pound	1	Rs.85.25
Euro	1	Rs.71.72

INFORMATION DETAILS

Report Prepared by :

SDA

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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