MIRA INFORM REPORT

Report Date :

01.11.2013

IDENTIFICATION DETAILS

Name :	QUANGNINH SEAFOODS PROCESSING AND EXPORTING CO LTD

Registered Office :	Section 1 Hai Yen Ward, Mong Cai, Quang Ninh

Country :	Vietnam

Date of Incorporation :	25.08.2011

Legal Form :	Private Company with Limited Liability

Line of Business :	Trader of seafood & fishing industry

No. of Employees :	220

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 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 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

REGISTERED NAME & COMPANY SUMMARY

Company Details

Organization Name	:	QUANGNINH SEAFOODS PROCESSING AND EXPORTING CO LTD
Address	:	Section 1 Hai Yen Ward, Mong Cai, Quang Ninh
Country	:	Vietnam
Phone (S)	:	[+84] 33-3786837
Facsimile	:	[+84] 33-3786838
Primary Business Activity	:	Trader
Key Industry	:	Seafood & Fishing Industry

Key Facts

Registered Legal Address	:	Section 1 Hai Yen Ward, Mong Cai, Quang Ninh
Operational Address	:	Section 1 Hai Yen Ward, Mong Cai, Quang Ninh
Trading Name	:	QUANGNINH SEAFOODS
Issuing Authority	:	Dept. of Planning & Investment - Quang Ninh
License Number	:	5701473691
License Status	:	License exists - Normal.
Legal Form - Category	:	Private Company with Limited Liability
Legal Form	:	Company Limited
Legal Form - Abbreviation	:	CO LTD
Operational Status of Business	:	Normal
Date of Registration	:	25 Aug, 2011
Employees	:	120
Capital	:	US$ 1,610,580

Report Details

Country	:	Vietnam
Business Entity Name	:	QUANGNINH SEAFOODS PROCESSING AND EXPORTING CO LTD
Primary Business Activity	:	Trader
Primary Industry	:	Seafood & Fishing Industry
Office Contact Details
Operating Address	:	Section 1 Hai Yen Ward, Mong Cai, Quang Ninh
Tel	:	[+84] 33-3786837
Fax	:	[+84] 33-3786838

DIRECTORS/MANAGEMENT

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Phan Pham Thi Le Ha	Vietnamese	Accountant	-
2	Mr. Nguyen Van Xuan	Vietnamese	Vice Director	-

Management Details - 1

Personal Unique Identifier	:	MI03551945
Name	:	Ms. Phan Pham Thi Le Ha
Date of Birth	:	1966

Management Details - 2

Personal Unique Identifier	:	MI03551944
Name	:	Mr. Nguyen Van Xuan
Date of Birth	:	1981

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03551938
Name	:	Mr. Vo Ngoc Thach
Date of Birth	:	1964
Nationality	:	Vietnamese

NEGATIVE INFORMATION

	REPUTATION
	Due to the recent incorporation of the QUANGNINH SEAFOODS PROCESSING AND EXPORTING CO LTD, and the relatively small nature of its business, no meaningful points of reference in terms of reputation within the respective industry was possible.

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT

No Record Found

LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

34,000,000,000

SHAREHOLDERS

Total number of shareholders	:	4
Total number of shares	:	n/a

Currency

VND - Vietnam Dong

No.	Shareholders	Country	Shares
No.	Shareholders	Country	Number	Amount (VND)	%
1	Mr. Vo Ngoc Thach	Vietnam	n/a	n/a	35.00
2	CAMRANH SEAFOODS PROCESSING AND EXPORTING CO LTD	Vietnam	n/a	n/a	29.00
3	Mr. Vo Quoc Nam	Vietnam	n/a	n/a	18.00
4	Ms. Vo Thi Ngoc Phuong	Vietnam	n/a	n/a	18.00
Total			n/a	n/a	100.00

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

PAYMENT INFORMATION

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

GROUP STRUCTURE & AFFILIATED COMPANIES

FINANCIAL INFORMATION

	FINANCIAL STATEMENT - DETAILED
	Based on the corporate laws of Vietnam, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Therefore no financials are available for this entity.

FOREIGN EXCHANGE RATES

Today's Exchange rate

1.00 VND
Vietnam Dong

0.000047 USD
United States Dollars

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Frozen seafoods	Trading, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fish & Seafoods	5146	Trading, Exporting
Fresh/Frozen Fish/Seafoods, NEC	2092	Trading, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fish & crustaceans	0300	Trading, Exporting
Fish nesoi fillets nesoi, frozen	0304206085	Trading, Exporting


	CORE BUSINESS DESCRIPTION

	Core Business
	The primary business focus of QUANGNINH SEAFOODS PROCESSING AND EXPORTING CO LTD is Trading - Finished products. Key product include : Frozen seafoods

	Supplementary Business
	In addition to the core business, QUANGNINH SEAFOODS PROCESSING AND EXPORTING CO LTD also is engaged in the following areas of business: Exporting Exporting - Finished products

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
International Sales (Export)	60%
Domestic Sales	40%

Annual Purchases Analysis	Percentage
Local Purchases	100%

BANK DETAILS

Bank Name	:	SAIGON THUONG TIN COMMERCIAL BANK (SACOMBANK)
Global Identifier	:	P0024801
Branch	:	District 3,Ho Chi Minh
Branch Address	:	SAIGON THUONG TIN COMMERCIAL BANK (SACOMBANK) - QUANG NINH
SWIFT Code	:	SGTTVNVX

Bank Name	:	VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT
Global Identifier	:	32408794
Branch	:	Tu Liem,Hanoi
Branch Address	:	VIETNAM BANK FOR AGRICULTURE
SWIFT Code	:	VBAAVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	QUANGNINH SEAFOODS PROCESSING AND EXPORTING CO LTD - LE CHAN DIST, HAIPHONG
Branch Address	:	Rm 1-2, 5Fl, 739 Nguyen Van Linh St Kenh Duong Ward, Le Chan Dist, Haiphong

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Exporting
Europe	Medium	Exporting

OFFICE & FACILITIES

Name	:	QUANGNINH SEAFOODS PROCESSING AND EXPORTING CO LTD - MONG CAI, QUANG NINH
Building Size	:	11,000 Square meters
Address	:	Section 1 Hai Yen Ward, Mong Cai, Quang Ninh
Country	:	Vietnam
Ownership of Property	:	Rented / Leased
Status	:	Operational

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.41
UK Pound	1	Rs.98.29
Euro	1	Rs.84.12

INFORMATION DETAILS

Report Prepared by :

NIS

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.