MIRA INFORM REPORT

Report Date :

19.08.2014

IDENTIFICATION DETAILS

Name :	SOC TRANG SEAFOOD JSC

Registered Office :	220 National Rd 1A Ward 7, Soc Trang, Soc Trang

Country :	Vietnam

Financials (as on) :	December, 2013

Date of Incorporation :	05.05.2011

Legal Form :	Joint Stock Company

Line of Business :	Manufacturer of Food Products

No. of Employees	2,800

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 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 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, 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 relatively stable in 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 has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Organization Name	:	SOC TRANG SEAFOOD JSC
Address	:	220 National Rd 1A Ward 7, Soc Trang, Soc Trang
Country	:	Vietnam
Phone (S)	:	[+84] 79-3822367
Facsimile	:	[+84] 79-3823620
Email	:	stapimex@hcm.vnn.vn
Website	:	http://www.stapimex.com.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Food Products

Registered Legal Address

220 National Rd 1A Ward 7, Soc Trang, Soc Trang

Operational Address

220 National Rd 1A Ward 7, Soc Trang, Soc Trang

Trading Name

STAPIMEX

Name History

Business Entity Name	Effective Date
CONG TY THUY SAN XUAT NHAP KHAU TONG HOP SOC TRANG	17 Nov, 1996
CONG TY CO PHAN THUY SAN SOC TRANG	8 May, 2006

Issuing Authority

Dept. of Planning & Investment - Soc Trang

License Number

2200108445

License Status

License exists - Normal.

Legal Form - Category

Joint Stock Company

Legal Form

Joint Stock Company

Legal Form - Abbreviation

JSC

Operational Status of Business

Normal

Date of Registration

5 May, 2011

Employees

2,800

Capital

US$ 3,655,885

Country	:	Vietnam
Business Entity Name	:	SOC TRANG SEAFOOD JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Food Products
Office Contact Details
Operating Address	:	220 National Rd 1A Ward 7, Soc Trang, Soc Trang
Tel	:	[+84] 79-3822367
	:	[+84] 79-3822164
Fax	:	[+84] 79-3823620
	:	[+84] 79-3821801
Email	:	stapimex@hcm.vnn.vn
Website Details
Website	:	http://www.stapimex.com.vn
Status	:	Normal - operational
Country of Registration	:	Vietnam
Ownership Type	:	Registered ownership by Subject Business Entity

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Ha Huu Tri
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Au Chau Phuong	Vietnamese	Chief Accountant	-
2	Mr. Ha Huu Tri	Vietnamese	Deputy Managing Director	-
3	Mr. Nguyen Van Mang	Vietnamese	Deputy Managing Director	-
4	Mr. Tran Van Pham	Vietnamese	Managing Director	-
5	Mr. Ta Van Vung	Vietnamese	Deputy Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03048308
Name	:	Ms. Au Chau Phuong
Date of Birth	:	1969

Management Details - 2

Personal Unique Identifier	:	MI03048284
Name	:	Mr. Ha Huu Tri
Date of Birth	:	1959

Management Details - 3

Personal Unique Identifier	:	MI03048301
Name	:	Mr. Nguyen Van Mang
Date of Birth	:	1967

Management Details - 4

Personal Unique Identifier	:	MI03048278
Name	:	Mr. Tran Van Pham
Date of Birth	:	1967

Country	University / College name	Qualification	Major
Vietnam	n/a	Master's Degree	n/a

Management Details - 5

Personal Unique Identifier	:	MI03618142
Name	:	Mr. Ta Van Vung
Date of Birth	:	1971

COMPANY DIRECTORS

Personal Unique Identifier

MI03048284

Name

Mr. Ha Huu Tri

Date of Birth

1959

Personal Unique Identifier

MI03048301

Name

Mr. Nguyen Van Mang

Date of Birth

1967

Personal Unique Identifier

MI03048278

Name

Mr. Tran Van Pham

Date of Birth

1967

Country	University / College name	Qualification	Major
Vietnam	n/a	Master's Degree	n/a

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing SOC TRANG SEAFOOD JSC's reputation within the respective industry failed to reveal any adverse information.

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT

No Record Found

CIVIL 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

₫ 77,500,000,000

SHAREHOLDERS

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

Currency

VND - Vietnam Dong

No.	Shareholders	Country	Shares
No.	Shareholders	Country	Number	Amount (VND)	%
1	UNDISCLOSED SHAREHOLDERS	n/a	n/a	n/a	58.23
2	STATE CAPITAL INVESTMENT CORP	Vietnam	n/a	n/a	34.77
3	VIETNAM PUBLIC COMMERCIAL JOINT STOCK BANK	Vietnam	n/a	n/a	7.00
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

International Trade - Statistics (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2011	n/a	80,212,693	80,212,693
2012	n/a	85,854,213	85,854,213
2013	n/a	129,800,357	129,800,357

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
International Sales (Export)	80%
Domestic Sales	20%

Annual Purchases Analysis	Percentage
Local Purchases	70%
Imports	30%

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

Import

Letter of Credit (At-sight)

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

GROUP STRUCTURE & AFFILIATED COMPANIES

LOCAL BRANCHES & MANAGEMENT

Branch	:	SOC TRANG SEAFOOD JSC - SOC TRANG, SOC TRANG
Branch Address	:	101 Nguyen Chi Thanh St Ward 6, Soc Trang, Soc Trang

Branch	:	SOC TRANG SEAFOOD JSC - MY TU DIST, SOC TRANG
Branch Address	:	An Hiep Industrial Zone, My Tu Dist, Soc Trang

FINANCIAL INFORMATION

Financials - Summary (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual	100,265,867	32,475,660	1,197,984
2012 Annual	107,317,767	34,273,981	717,371
2013 Annual	162,250,446	38,742,532	978,514

Sales Trend – Analysis

2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
-	-	-	-	-	-	-

FINANCIALS – SUMMARY

(Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2010 Annual	80,930,272	28,737,301	1,268,138

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Current Assets(*)	516,255,000,000	553,293,000,000	669,724,000,000
Non Current Assets(*)	160,213,000,000	160,451,000,000	147,282,000,000
Non Current Liabilities(*)	711,000,000	-	0
Share Capital(*)	77,500,000,000	77,500,000,000	77,500,000,000
Other long term assets
Total Assets(*)	676,468,000,000	713,744,000,000	817,006,000,000
Total Liabilities(*)	438,747,000,000	483,507,000,000	578,849,000,000
Current Liabilities(*)	438,036,000,000	483,507,000,000	578,849,000,000
Long term liabilities
Shareholders Funds(*)	237,721,000,000	230,237,000,000	238,157,000,000

Current assets & short term investments	516,255,000,000	553,293,000,000	669,724,000,000
Cash & cash equivalents	7,635,000,000	7,124,000,000	194,000,000
Cash	7,635,000,000	7,124,000,000	194,000,000
Short term investments	789,000,000	-	-
Short term securities investments	789,000,000	-	-
Accounts receivable	135,126,000,000	183,179,000,000	345,656,000,000
Accounts receivable trade	126,894,000,000	169,949,000,000	331,006,000,000
Trade prepayment	23,795,000,000	24,671,000,000	27,830,000,000
Others receivables	909,000,000	2,640,000,000	1,459,000,000
Provision for bad debts	(16,472,000,000)	(14,081,000,000)	(14,639,000,000)
i. Inventories	368,948,000,000	349,343,000,000	309,963,000,000
ii. Inventories	368,948,000,000	349,343,000,000	309,963,000,000
i. Other short term asset	3,757,000,000	13,647,000,000	13,911,000,000
VAT deductible	3,440,000,000	4,938,000,000	4,788,000,000
ii. Other short term asset	317,000,000	8,709,000,000	9,123,000,000
Long term assets	160,213,000,000	160,451,000,000	147,282,000,000
Fixed assets	153,561,000,000	154,069,000,000	141,459,000,000
Tangible fixed assets	125,794,000,000	126,073,000,000	113,654,000,000
i. Cost	273,316,000,000	293,953,000,000	293,698,000,000
i. Accumulated depreciation	147,522,000,000	167,880,000,000	180,044,000,000
Intangible fixed assets	15,019,000,000	14,998,000,000	14,985,000,000
ii. Cost	15,095,000,000	15,095,000,000	15,095,000,000
ii. Accumulated depreciation	76,000,000	97,000,000	110,000,000
Construction in progress	12,748,000,000	12,998,000,000	12,820,000,000
Long term investments	5,000,000,000	5,000,000,000	5,000,000,000
Other long term investments	5,000,000,000	5,000,000,000	5,000,000,000
Other long term assets	1,652,000,000	1,382,000,000	823,000,000
Long term prepayments	1,652,000,000	1,382,000,000	823,000,000
Total assets	676,468,000,000	713,744,000,000	817,006,000,000
Liabilities	438,747,000,000	483,507,000,000	578,849,000,000
Current liabilities	438,036,000,000	483,507,000,000	578,849,000,000
Short term borrowings	397,199,000,000	443,595,000,000	387,644,000,000
Accounts payables-trade	16,988,000,000	20,297,000,000	152,931,000,000
Advances from customers	1,205,000,000	206,000,000	4,729,000,000
Taxes and payable to state budget	50,000,000	1,250,000,000	1,413,000,000
Payable to employees	19,337,000,000	5,372,000,000	25,635,000,000
Accrued expenses payable	480,000,000	1,915,000,000	280,000,000
Other payables	2,777,000,000	5,867,000,000	5,720,000,000
i. Bonus and welfare funds	-	5,005,000,000	497,000,000
Long term liabilities	711,000,000	-	-
Provision funds for unemployment	711,000,000	-	-
i. Owners equity	237,721,000,000	230,237,000,000	238,157,000,000
ii. Owners equity	234,790,000,000	230,237,000,000	238,157,000,000
Business capital	77,500,000,000	77,500,000,000	77,500,000,000
Share capitals surplus	107,650,000,000	107,650,000,000	107,650,000,000
Shares	(2,695,000,000)	(2,695,000,000)	(2,695,000,000)
Foreign exchange differences	(708,000,000)	-	-
Business development funds	16,859,000,000	19,354,000,000	20,848,000,000
Financial reserved funds	11,232,000,000	12,479,000,000	13,226,000,000
Retained earnings	24,952,000,000	15,949,000,000	21,628,000,000
Budget sources	2,931,000,000	-	-
ii. Bonus and welfare funds	2,931,000,000	-	-
Total resources	676,468,000,000	713,744,000,000	817,006,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	2,088,538,000,000	2,234,856,000,000	3,421,552,000,000
Profit (Loss) Before Tax(*)	25,577,000,000	15,489,000,000	22,195,000,000
Profit After Tax attributable to Shareholders(*)	24,954,000,000	14,939,000,000	20,635,000,000

Gross sales	2,088,538,000,000	2,234,856,000,000	3,421,552,000,000
Less deductions	35,144,000,000	39,610,000,000	18,258,000,000
Net income	2,053,394,000,000	2,195,246,000,000	3,403,294,000,000
Cost of goods sold	1,949,020,000,000	2,070,114,000,000	3,234,389,000,000
Gross margin	104,374,000,000	125,132,000,000	168,905,000,000
Income from financial activities	56,944,000,000	18,152,000,000	7,650,000,000
Expenses from financial activities	47,205,000,000	29,485,000,000	17,854,000,000
In which: Interest expenses	41,177,000,000	24,686,000,000	12,265,000,000
Selling expenses	74,306,000,000	84,015,000,000	112,417,000,000
General & administration expenses	14,312,000,000	14,935,000,000	24,635,000,000
Net income from operating activities	25,495,000,000	14,849,000,000	21,649,000,000
Extraordinary income	280,000,000	917,000,000	1,416,000,000
Extraordinary expenses	198,000,000	277,000,000	870,000,000
Extraordinary gains	82,000,000	640,000,000	546,000,000
Net profit before tax	25,577,000,000	15,489,000,000	22,195,000,000
Income tax	623,000,000	550,000,000	1,560,000,000
Net profit after tax	24,954,000,000	14,939,000,000	20,635,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	32.41	7.01	53.10
Profitability
Profit Margin (%)	1.19	0.67	0.60
Return on Equity (%)	10.50	6.49	8.66
Return on Assets (%)	3.69	2.09	2.53
Leverage
Total Debt Equity (Times)	1.85	2.10	2.43
Current Debt Equity (Times)	1.84	2.10	2.43
Long Term Debt to Equity	0.00	-	-
Total Asset To Total Equity	2.85	3.10	3.43
Asset Management
Total Assets Turnover (Times)	3.09	3.13	4.19
Fixed Assets Turnover (Times)	13.04	13.93	23.23
Liquidity
Current Ratio	1.18	1.14	1.16

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

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
Canned fish	Manufacturing, Exporting
Cured fish	Manufacturing, Exporting
Processed seafoods	Manufacturing, Exporting
Shrimps, breaded	Manufacturing, Exporting
Sushi	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Business Svcs, NEC	7389	Service
Canned and cured fish and seafoods	2091	Manufacturing, Exporting
Fish & Seafoods	5146	Trading
Food and Kindred Products	2000	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Business services, health, financial/insur. legal/real estate, hotels, and misc repairs	9900	Service
Fish & crustaceans	0300	Trading
Food preparations	2106	Manufacturing, Exporting
Shrimps and prawns, breaded, frozen	1605201020	Manufacturing, Exporting
Shrimps and prawns, prepared nesoi, frozen	1605201030	Manufacturing, Exporting
Shrimps and prawns, prepared or preserved	1605201050	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Seafood processing	Secondary	Service
Shrimp	Secondary	Trading

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of SOC TRANG SEAFOOD JSC is Manufacturing - Finished products.

Key products include :

Canned fish

Cured fish

Processed seafoods

Shrimps, breaded

Sushi

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, SOC TRANG SEAFOOD JSC also is engaged in the following areas of business:

Exporting

Exporting - Natural food items, Unprocessed (Meats, Produce or Seafood)

Exporting - Finished products

Importing

Importing - Raw materials

Trading

Trading - General products

BANK DETAILS

Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	P1072025
Branch	:	Hanoi
Branch Address	:	SOC TRANG
SWIFT Code	:	BFTVVNVX

Bank Name	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE
Global Identifier	:	32404058
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE - SOC TRANG, SOC TRANG
SWIFT Code	:	ICBVVNVX

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2010	n/a	80,930,272	80,930,272

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Exporting
North America	Medium	Exporting
Canada	Medium	Exporting
Japan	Medium	Exporting
USA	Medium	Exporting

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name	:	SOC TRANG SEAFOOD JSC - SOC TRANG, SOC TRANG
Primary Use	:	Office & Administration facilities
Address	:	220 National Rd 1A Ward 7, Soc Trang, Soc Trang
Country	:	Vietnam
Status	:	Operational

COMPANY HISTORY

Date	Details
2006 - May	Changed its legal form category from Government-owned Enterprise to Joint Stock Company.

QUALITY ACCREDITATION

Quality Accreditation Listings

#	Name	Accreditation Category
1	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9001:2000

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
17 Nov, 1996	100675
8 May, 2006	5903000041

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.06
UK Pound	1	Rs.101.84
Euro	1	Rs.81.56

INFORMATION DETAILS

Analysis Done by :	RAS

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.