MIRA INFORM REPORT

Report Date :

09.05.2013

IDENTIFICATION DETAILS

Name :	MINH KHUE FISHERY JOINT STOCK COMPANY
Registered Office :	No. 31 Hoa Binh Boulevard, Tran Phu Ward, Mong Cai City, Quang Ninh Province
Country :	Vietnam
Date of Incorporation :	2007
Com. Reg. No.:	5700645820
Legal Form :	Joint stock company
Line of Business :	Producing and farming aquatic species
No. of Employees :	10

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 22% in 2012, while industry's share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 40% of GDP. 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 hurt Vietnam's export-oriented economy, with GDP in 2012 growing at 5%, the slowest rate of growth since 1999. In 2012, however, exports increased by more than 18%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in new development assistance for 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the Government shifted policy away from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress had been made by early 2013. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses. In September 2012, the official bad debt ratio climbed to 8.8%, though some independent analysts believe it could be higher than 15%.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
Translated English Name	MINH KHUE FISHERY JOINT STOCK COMPANY
Registered Vietnamese Name	CONG TY CO PHAN THUY SAN MINH KHUE
Type of Business	Joint stock company
Year Established	2007
Business Registration No.	5700645820
Latest Date of Adjustment	05 Nov 2012
Place of Registration	Quang Ninh Department of Planning and Investment
Chartered capital	VND 9,000,000,000
Status	Unlisted
Tax code	5700645820
Total Employees	10
Size	Small
Note:  The subject only registers Vietnamese Name. According to its staff, the subject often uses this name in foreign transactions.

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Address: No. 70 Dong Tri Str., Tran Phu Ward, Mong Cai City, Quang Ninh Province, Vietnam Changed to: No. 31, Hoa Binh Boulevard, Tran Phu Ward, Mong Cai City, Quang Ninh Province, Vietnam	2012

ADDRESSES
Head Office
Address	No. 31 Hoa Binh Boulevard, Tran Phu Ward, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3776818
Fax	(84-33) 3773685
Note: Besides, the subject has an aquaculture farm in Van Don Economic Zone, Van Don District, Quang Ninh Province.

DIRECTORS
NAME	Ms. DANG THU NGAN
Position	Director
Date of Birth	15 Dec 1978
ID Number/Passport	101056578
ID Issue Date	17 Aug 2002
ID Issue Place	Police of Quang Ninh Province
Resident	Group 10 - Area 6, Tran Hung Dao Ward, Ha Long City, Quang Ninh Province, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject registers in many different activities but mainly involves in following activities:
- Producing and farming aquatic species.
- Producing and trading feed for cattle, poultry and fisheries.
- Import and export rights.

IMPORT & EXPORT ACTIVITIES

IMPORT:

Note: N/A

EXPORT:

Note: N/A

BANKERS
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM MONG CAI BRANCH
Address	No.2 Van Don, Mong Cai City, Quang Ninh Province, Vietnam
Telephone	(84-33) 3882193
Fax	(84-33) 3881676

SHAREHOLDERS
1. NAME	Ms. DANG THU NGAN
Position	Director
Date of Birth	15 Dec 1978
ID Number/Passport	101056578
Issued on	17 Aug 2002
Issued Place	Police of Quang Ninh Province
Resident	Group 10 - Area 6, Tran Hung Dao Ward, Ha Long City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
Number of Shares	50,000
Value of shares	VND 5,000,000,000
Percentage	55.56%
2. NAME	Ms. PHAM THI LUNG
ID Number/Passport	100975564
Issued Place	Police of Quang Ninh Province
Resident	Group 24 - Area 4, Ha Khanh Ward, Ha Long City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
Number of Shares	30,000
Value of shares	VND 3,000,000,000
Percentage	33.33%
3. NAME	Ms. TRUONG THI VUI
ID Number/Passport	100836724
Issued Place	Police of Quang Ninh Province
Resident	Group 45 Yet Kieu Ward, Ha Long City, Quang Ninh Province, Vietnam
Nationality	Vietnamese
Number of Shares	10,000
Value of shares	VND 1,000,000,000
Percentage	11.11%

FINANCIAL DATA

Unfortunately, we could not access to the subject’s financial data.

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	Average
Development trend	Developing
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	TT
Sale Methods	To contracts
Public opinion	Normal

INTERPRETATION ON THE SCORES

The subject company was established in 2007 as a limited liability company in Quang Ninh province. Currently, the subject is operating under business registration No. 5700645820 (same as the tax code) granted by Quang Ninh Department of Planning and Investment with chartered capital of VND 9 billion by contribution of 3 people of which Ms. Dang Thu Ngan - the subject's director owns more than 50% shares.

Its headquarter is located at No. 31 Hoa Binh Boulevard, Tran Phu Ward, Mong Cai City, Quang Ninh Province. Besides, it has an aquaculture farm in Van Don district, Quang Ninh province - a new economic zone with favorable conditions of natural resources, geographic location and transportation. Now, the subject focuses on two main business fields: producing, farming aquatic species and export-import activities. According to Ms. Khuyen - an accountant of the subject, almost export-import transactions are paid under T/T advance payment term. She refused to reveal detail information. According to some articles, we know that the subject is temporarily importing some goods such as: frozen chicken feet and wings and others, after these items will be re-exported to other countries.

Financially, we are so sorry we could not collect the subject's financial data. Currently, the subject's director has been abroad and management board is hardly available in the office. Therefore, we would comment much about it.

In short, the subject is still being developing period. Its operation is rather busy. The subject has capacity to meet only small financial commitments. Caution is needed for others.

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

INDUSTRY DATA
Industry code	GDP 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.54.16
UK Pound	1	Rs.83.88
Euro	1	Rs.70.99

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.