MIRA INFORM REPORT

Report Date :

29.01.2014

IDENTIFICATION DETAILS

Name :	MINH PHU SEAFOOD CORP
Registered Office :	Industrial Zone Ward 8, Ca Mau, Ca Mau
Country :	Vietnam
Financials (as on) :	2013 (Quarterly)
Date of Incorporation :	23.06.2010
Legal Form :	Public Listed Company
Line of Business :	Manufacturer of Food Products
No. of Employees :	11,000

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 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	:	MINH PHU SEAFOOD CORP
Address	:	Industrial Zone Ward 8, Ca Mau, Ca Mau
Country	:	Vietnam
Phone (S)	:	[+84] 780-3838262
Facsimile	:	[+84] 780-3833119
Email	:	minhphu@minhphu.com
Website	:	http://www.minhphu.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Food Products

Key Facts

Registered Legal Address	:	Industrial Zone Ward 8, Ca Mau, Ca Mau
Operational Address	:	Industrial Zone Ward 8, Ca Mau, Ca Mau
Issuing Authority	:	Dept. of Planning & Investment - Ca Mau
License Number	:	2000393273
License Status	:	License exists - Normal.
Legal Form - Category	:	Public Listed Company
Legal Form	:	Corporation
Legal Form - Abbreviation	:	CORP
Operational Status of Business	:	Normal
Date of Registration	:	23 Jun, 2010
Employees	:	11,000
Capital	:	US$ 33,194,092

Report Details

Country	:	Vietnam
Business Entity Name	:	MINH PHU SEAFOOD CORP
Primary Business Activity	:	Manufacturer
Primary Industry	:	Food Products
Office Contact Details
Operating Address	:	Industrial Zone Ward 8, Ca Mau, Ca Mau
Tel	:	[+84] 780-3838262
	:	[+84] 780-3820044
Fax	:	[+84] 780-3833119
	:	[+84] 780-3668795
Email	:	minhphu@minhphu.com
Website Details
Website	:	http://www.minhphu.com
Status	:	Normal - operational
Country of Registration	:	Vietnam
Ownership Type	:	Registered ownership by Subject Business Entity
Tax / VAT Details
Tax Issuing Authority	:	Ministry of Finance
Local Name Used	:	Gia Trj Gia Tang (Value Added Tax)
Acronym	:	GTGT / VAT
GTGT / VAT Number	:	2000393273

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Le Van Quang
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Chu Van An	Vietnamese	Deputy Managing Director	-
2	Mr. Le Ngoc Anh	Vietnamese	Deputy Managing Director	-
3	Mr. Nguyen Tan Anh	Vietnamese	Deputy Managing Director	-
4	Ms. Chu Thi Binh	Vietnamese	Deputy Managing Director	-
5	Mr. Le Van Diep	Vietnamese	Deputy Managing Director	-
6	Mr. Bui Anh Dung	Vietnamese	Deputy Managing Director	-
7	Mr. Phan Van Dung	Vietnamese	Non-Executive Director	-
8	Mr. Thai Hoang Hung	Vietnamese	Deputy Managing Director	-
9	Mrs. Mai Thi Hoang Minh	Vietnamese	Non-Executive Director	-
10	Mr. Le Van Quang	Vietnamese	Managing Director	-
11	Mr. Nguyen Xuan Toan	Vietnamese	Non-Executive Director	-
12	Mr. Luu Minh Trung	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03614809
Name	:	Mr. Chu Van An
Date of Birth	:	2 May, 1953
Date of appointment	:	12 May, 2006

Management Details - 2

Personal Unique Identifier	:	MI03614821
Name	:	Mr. Le Ngoc Anh
Date of Birth	:	20 Apr, 1973

Management Details - 3

Personal Unique Identifier	:	MI03614812
Name	:	Mr. Nguyen Tan Anh
Date of Birth	:	9 Jun, 1974

Management Details - 4

Personal Unique Identifier	:	MI03614806
Name	:	Ms. Chu Thi Binh
Date of Birth	:	1964
Date of appointment	:	12 May, 2006

Management Details - 5

Personal Unique Identifier	:	MI03614818
Name	:	Mr. Le Van Diep
Date of Birth	:	26 Dec, 1972

Management Details - 6

Personal Unique Identifier	:	MI03614819
Name	:	Mr. Bui Anh Dung
Date of Birth	:	1 Jan, 1975

Management Details - 7

Personal Unique Identifier	:	MI03616639
Name	:	Mr. Phan Van Dung
Date of Birth	:	26 Oct, 1960

Management Details - 8

Personal Unique Identifier	:	MI03614814
Name	:	Mr. Thai Hoang Hung
Date of Birth	:	1964

Management Details - 9

Personal Unique Identifier	:	MI03616644
Name	:	Mrs. Mai Thi Hoang Minh
Date of Birth	:	9 Sep, 1965

Management Details - 10

Personal Unique Identifier	:	MI03614695
Name	:	Mr. Le Van Quang
Date of Birth	:	28 Oct, 1958
Date of appointment	:	12 May, 2006

Management Details - 11

Personal Unique Identifier	:	MI03616643
Name	:	Mr. Nguyen Xuan Toan

Management Details - 12

Personal Unique Identifier	:	MI03614822
Name	:	Mr. Luu Minh Trung
Date of Birth	:	1972

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03614819
Name	:	Mr. Bui Anh Dung
Date of Birth	:	1 Jan, 1975
Nationality	:	Vietnamese
2
Personal Unique Identifier	:	MI03614809
Name	:	Mr. Chu Van An
Date of Birth	:	2 May, 1953
Nationality	:	Vietnamese
Date of Appointment	:	12 May, 2006
3
Personal Unique Identifier	:	MI03616266
Name	:	Mr. Jean-eric Jacquemin
Date of Birth	:	11 May, 1961
Nationality	:	French
Date of Appointment	:	10 Apr, 2010
4
Personal Unique Identifier	:	MI03614821
Name	:	Mr. Le Ngoc Anh
Date of Birth	:	20 Apr, 1973
Nationality	:	Vietnamese
5
Personal Unique Identifier	:	MI03614818
Name	:	Mr. Le Van Diep
Date of Birth	:	26 Dec, 1972
Nationality	:	Vietnamese
6
Personal Unique Identifier	:	MI03614695
Name	:	Mr. Le Van Quang
Date of Birth	:	28 Oct, 1958
Nationality	:	Vietnamese
Date of Appointment	:	12 May, 2006
7
Personal Unique Identifier	:	MI03614812
Name	:	Mr. Nguyen Tan Anh
Date of Birth	:	9 Jun, 1974
Nationality	:	Vietnamese
8
Personal Unique Identifier	:	MI03616643
Name	:	Mr. Nguyen Xuan Toan
Nationality	:	Vietnamese
9
Personal Unique Identifier	:	MI03616639
Name	:	Mr. Phan Van Dung
Date of Birth	:	26 Oct, 1960
Nationality	:	Vietnamese
10
Personal Unique Identifier	:	MI03614814
Name	:	Mr. Thai Hoang Hung
Date of Birth	:	1964
Nationality	:	Vietnamese
11
Personal Unique Identifier	:	MI03616644
Name	:	Mrs. Mai Thi Hoang Minh
Date of Birth	:	9 Sep, 1965
Nationality	:	Vietnamese
12
Personal Unique Identifier	:	MI03614806
Name	:	Ms. Chu Thi Binh
Date of Birth	:	1964
Nationality	:	Vietnamese
Date of Appointment	:	12 May, 2006
13
Personal Unique Identifier	:	MI03616264
Name	:	Ms. Dinh Anh Tuyet
Date of Birth	:	22 Sep, 1973
Nationality	:	Vietnamese
Date of Appointment	:	7 May, 2007

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the MINH PHU SEAFOOD CORP'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

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)

Share Value	:	10,000
Authorized Capital	:	700,000,000,000
Paid-up Capital	:	700,000,000,000

SHAREHOLDERS

Total number of shareholders	:	Public shareholding traded via Stock Exchange
Total number of shares	:	70,000,000

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Ms. Chu Thi Binh	Vietnam	17,472,000	174,720,000,000	24.96
2	Mr. Le Van Quang	Vietnam	15,960,000	159,600,000,000	22.80
3	Public shareholding traded via Stock Exchange	Vietnam	10,171,000	101,710,000,000	14.53
4	Mr. Le Thi Diu Minh	Vietnam	6,601,000	66,010,000,000	9.43
5	RED RIVER HOLDING	Vietnam	6,335,000	63,350,000,000	9.05
6	VIETNAM INVESTMENT FUND	Vietnam	4,767,000	47,670,000,000	6.81
7	LONG PHUNG INVEST	Vietnam	4,088,000	40,880,000,000	5.84
8	VIETNAM INVESTMENT FUND II	Vietnam	3,500,000	35,000,000,000	5.00
9	Mr. Chu Van An	Vietnam	1,106,000	11,060,000,000	1.58
Total			70,000,000	700,000,000,000	100.00

PAYMENT INFORMATION

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 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 - Secured with Post-dated checks 30~60 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to MINH PHU SEAFOOD CORP:

TYPE	DOMESTIC	INTERNATIONAL
	TOTAL	Africa	Asia / Pacific	Europe	Middle-East	North America	South America	TOTAL
Subsidiaries	9	-	-	-	-	1	-	1
Joint-Ventures	-	-	-	-	-	-	-	-
Minority shareholdings	-	-	-	-	-	-	-	-
Affiliates	-	-	-	-	-	-	-	-

Domestic

Business Entity Name	:	MINH PHAT SEAFOOD PROCESSING CO LTD
Global Identifier	:	P2960518
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	Thanh Dien Village Ly Van Lam Commune, Ca Mau, Ca Mau
Primary Business Activity	:	Manufacturer
Industry	:	Seafood & Fishing Industry

Business Entity Name	:	MINH PHU - HAU GIANG SEAFOOD PROCESSING CO LTD
Global Identifier	:	P2901193
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	Song Hau Industrial Zone Lot 9 Rd 3A, Chau Thanh, Hau Giang
Primary Business Activity	:	Manufacturer
Industry	:	Seafood & Fishing Industry

Business Entity Name	:	MINH PHU - KIEN GIANG SEAFOOD CO LTD
Global Identifier	:	P2960519
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	Cang Hamlet Hoa Dien Commune Kien Luong District, Kien Giang
Primary Business Activity	:	Manufacturer
Industry	:	Seafood & Fishing Industry

Business Entity Name	:	MINH PHU - LOC AN AQUALCULTURE CO LTD
Global Identifier	:	P2960526
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	Loc An Commune Dat Do District, Ba Ria-Vung Tau
Primary Business Activity	:	Manufacturer
Industry	:	Seafood & Fishing Industry

Business Entity Name	:	MINH PHU AQUATIC LARVAE CO LTD
Global Identifier	:	P2960520
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	An Hai Commune, Ninh Phuoc Dist, Ninh Thuan
Primary Business Activity	:	Manufacturer
Industry	:	Seafood & Fishing Industry

Business Entity Name	:	MINH PHU BIO PRODUCTION CO LTD
Global Identifier	:	P2960522
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	Hamlet 1 Tri Phai Commune Thoi Binh District, Ca Mau
Primary Business Activity	:	Manufacturer
Industry	:	Chemicals

Business Entity Name	:	MINH PHU HOA DIEN AQUACULTURE ONE MEMBER CO
Global Identifier	:	P2962040
Country	:	Vietnam
Relationship	:	Subsidiary
Primary Business Activity	:	Manufacturer
Industry	:	Seafood & Fishing Industry

Business Entity Name	:	MINH PHU ORGANIC SHRIMP FARMING CO LTD
Global Identifier	:	P2960525
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	Ho Gui Hamlet Tam Giang Dong Commune Nam Can District, Ca Mau
Primary Business Activity	:	Manufacturer
Industry	:	Seafood & Fishing Industry

Business Entity Name	:	MINH QUI SEAFOOD PROCESSING CO LTD
Global Identifier	:	P2960517
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	Industrial Zone Ward 8, Ca Mau, Ca Mau
Primary Business Activity	:	Manufacturer
Industry	:	Seafood & Fishing Industry

International

Business Entity Name	:	MSEAFOOD CORP
Global Identifier	:	P2961997
Country	:	USA
Relationship	:	Subsidiary
Operational Address	:	California
Primary Business Activity	:	Trader
Industry	:	Seafood & Fishing Industry

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual	340,070,121	303,670,956	13,619,676
2012 Annual	382,511,259	301,082,073	762,465
2013 3rd Qtr	173,877,984	301,688,199	6,471,538

Sales Trend – Analysis

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

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2008 Annual	175,115,860	136,725,295	-2,297,761
2009 Annual	175,424,538	124,572,275	13,613,449
2010 Annual	264,276,109	199,836,041	16,145,562

FINANCIAL STATEMENT - DETAILED

Type: Consolidated

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 3rd Qtr
Current Assets	4,269,271,984,792	4,388,614,632,763	4,591,536,755,678
Non Current Assets	2,056,194,027,466	1,881,317,171,189	1,770,491,141,803
Non Current Liabilities	1,142,724,230,943	832,289,772,173	284,844,535,609
Share Capital	700,000,000,000	700,000,000,000	700,000,000,000
Other long term assets
Total Assets	6,325,466,012,258	6,269,931,803,952	6,362,027,897,481
Total Liabilities	4,707,852,603,427	4,889,148,610,669	4,850,243,713,596
Current Liabilities	3,565,128,372,484	4,056,858,838,496	4,565,399,177,987
Long term liabilities
Shareholders Funds	1,617,613,408,831	1,380,783,193,283	1,511,784,183,885
Current Assets	4,269,271,984,792	4,388,614,632,763	4,591,536,755,678
Cash And Cash Equivalents	1,092,050,143,361	1,298,619,003,857	842,021,029,860
Cash	107,660,976,207	31,485,118,507	50,521,029,860
Cash Equivalents	984,389,167,154	1,267,133,885,350	791,500,000,000
i. Short-Term Investments	79,837,226,370	128,384,747,714	308,526,598,311
ii. Short-Term Investments	89,761,306,370	138,167,027,714	318,138,718,311
Provision For Diminution In The Value Of Short-Term Investments	(9,924,080,000)	(9,782,280,000)	(9,612,120,000)
Account Receivables	472,712,160,466	577,285,119,435	937,357,974,849
Trade Accounts Receivable	440,462,646,656	534,722,242,679	895,446,343,899
Prepayments To Suppliers	46,649,799,035	23,369,903,794	14,541,514,673
Others Receivables	19,018,384,867	28,275,058,286	35,708,762,905
Provision For Doubtful Debts	(13,418,670,092)	(9,082,085,324)	(8,338,646,628)
i. Inventories	2,408,809,317,557	2,228,389,598,540	2,318,333,531,075
ii. Inventories	2,462,562,328,071	2,301,566,070,320	2,339,047,751,611
Provision For Obsolecence Inventories	(53,753,010,514)	(73,176,471,780)	(20,714,220,536)
i. Other Current Assets	215,863,137,038	155,936,163,217	185,297,621,583
Short-Term Prepayments	3,358,294,400	1,495,455,602	2,167,336,926
Value Added Taxed Deductibles	155,420,150,276	92,657,134,536	125,869,326,880
Taxes And Other Receivables From The State Budget	8,763,287,256	8,942,525,760	1,268,458,067
ii. Other Current Assets	48,321,405,106	52,841,047,319	55,992,499,710
Non Current Assets	2,056,194,027,466	1,881,317,171,189	1,770,491,141,803
Non-Current Account Receivables	92,225,592,536	112,489,382,844	114,157,157,124
Other Long-Term Receivables	-	112,489,382,844	114,157,157,124
Fixed Assets	1,648,678,615,293	1,645,650,809,029	1,550,932,993,553
Tangible Fixed Assets	1,323,306,403,936	1,291,876,203,564	1,176,183,624,495
i. Cost	1,561,336,531,019	1,676,913,350,862	1,655,710,649,220
i. Accumulated Depreciation	(238,030,127,083)	(385,037,147,298)	(479,527,024,725)
Intangible Fixed Assets	57,062,190,693	99,024,434,708	101,425,541,499
ii. Cost	60,896,179,479	104,256,753,082	107,994,474,830
Accumulated Amortisation	(3,833,988,786)	(5,232,318,374)	(6,568,933,331)
Construction In Progress	268,310,020,664	254,750,170,757	273,323,827,559
Goodwill	19,820,413,886	16,731,518,186	14,414,846,411
Investment Properties	-	-	-
iii. Cost	-	-	-
ii. Accumulated Depreciation	-	-	-
Long-Term Investments	160,168,753,530	9,068,753,530	(8,835,027,735)
Investment In Joint Ventures And Associates	2,180,000,000	2,180,000,000	2,180,000,000
Other Long-Term Investments	207,000,000,000	7,000,000,000	7,000,000,000
Provision For Diminution In The Value Of Long-Term Investments	(49,011,246,470)	(111,246,470)	(18,015,027,735)
Other Non-Current Assets	135,300,652,221	97,376,707,600	99,821,172,450
Long-Term Prepayments	105,904,990,453	91,057,013,097	98,263,421,985
Deferred Income Tax Assets	24,839,504,113	6,319,694,503	1,557,750,465
Other Long-Term Assets	4,556,157,655	-	-
Total Assets	6,325,466,012,258	6,269,931,803,952	6,362,027,897,481
Liabilities	4,707,852,603,427	4,889,148,610,669	4,850,243,713,596
Current Liabilities	3,565,128,372,484	4,056,858,838,496	4,565,399,177,987
Short-Term Loans And Borrowings	2,936,239,690,612	3,449,058,871,964	4,064,198,224,590
Trade Accounts Payable	313,623,931,737	135,868,027,758	214,739,597,230
Advances From Customers	7,607,282,515	8,525,302,719	10,064,558,439
Tax And Payables To The State Budget	64,218,324,764	18,446,907,372	32,114,258,553
Payables To Employees	52,666,140,501	38,688,257,921	56,102,781,483
Accrued Expenses	91,187,673,067	105,484,633,458	80,186,903,065
Other Current Liabilities	35,041,880,688	211,370,253,272	30,689,855,016
i. Bonus And Welfare Funds	64,543,448,600	89,416,584,032	77,302,999,611
Non-Current Liabilities	1,142,724,230,943	832,289,772,173	284,844,535,609
Long-Term Loans And Borrowings	1,129,764,991,861	828,632,880,684	279,934,451,784
Deferred Income Tax Liabilities	9,248,315,394	-	1,529,885,001
Provision For Severance Allowances	3,710,923,688	3,656,891,489	3,380,198,824
i. Owners' Equity	1,538,891,403,059	1,310,050,470,480	1,435,670,018,164
ii. Owners' Equity	1,538,891,403,059	1,310,050,470,480	1,435,670,018,164
Contributed Capital	700,000,000,000	700,000,000,000	700,000,000,000
Share Premiums	177,876,869,236	177,876,869,236	177,876,869,236
Treasury Shares	-	-	(18,537,405,861)
Foreign Exchange Rate Differences	88,506,239,451	88,506,239,451	95,295,274,592
Investment And Development Fund	41,298,066,764	58,470,998,521	40,197,429,163
Financial Reserve Fund	-	13,769,908,805	13,769,908,805
Retained Earnings	531,210,227,608	271,426,454,467	427,067,942,229
Reserves And Other Funds	-	-	-
ii. Bonus And Welfare Funds	-	-	-
Minority Interest	78,722,005,772	70,732,722,803	76,114,165,721
Total Resources	6,325,466,012,258	6,269,931,803,952	6,362,027,897,481

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 3rd Qtr
Turnover	7,083,660,612,588	7,965,666,905,962	3,666,754,582,649
Profit (Loss) Before Tax	337,467,259,451	34,451,035,448	169,020,116,462
Profit After Tax attributable to Shareholders	283,697,844,304	15,878,066,864	136,472,367,065
Revenue	7,083,660,612,588	7,965,666,905,962	3,666,754,582,649
Less Deductions	45,134,289,780	29,164,778,420	19,292,756,890
Net Revenue	7,038,526,322,808	7,936,502,127,542	3,647,461,825,759
Cost Of Goods Sold	5,989,259,197,437	7,050,386,436,392	3,247,669,377,331
Gross Profit / (Loss)	1,049,267,125,371	886,115,691,150	399,792,448,428
Financial Income	99,386,100,773	62,860,638,501	33,312,032,197
Financial Expenses	402,046,481,459	419,351,062,292	79,717,211,802
In Which: Borrowing Costs	-	412,791,349,076	64,616,574,784
Selling Expenses	317,523,408,035	403,716,071,737	157,081,031,527
General And Administration Expenses	98,280,361,276	89,631,724,753	28,575,108,999
Net Operating Profit / (Loss)	330,802,975,374	36,277,470,869	167,731,128,297
Other Incomes	8,239,870,443	3,937,090,474	1,558,711,726
Other Expenses	1,575,586,366	5,763,525,895	269,723,561
Net Other Income	6,664,284,077	(1,826,435,421)	1,288,988,165
Net Accounting Profit / (Loss) Before Tax	337,467,259,451	34,451,035,448	169,020,116,462
Business Income Tax - Current	52,822,946,649	9,301,474,368	32,547,749,397
Business Income Tax - Deferred	946,468,498	9,271,494,216	-
Profit / (Loss) After Tax	283,697,844,304	15,878,066,864	136,472,367,065
Allocation To:
Minority Interest	8,299,668,203	(961,777,658)	4,608,189,433
Profit After Tax Of Parent Company's Shareholders	275,398,176,101	16,839,844,522	131,864,177,632
Basic Earnings Per Share	3,934	241	1,901

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 3rd Qtr
Growth %
Year-on-Year Growth	37.53	12.45	-
Profitability
Profit Margin (%)	4.00	0.20	3.72
Return on Equity (%)	17.54	1.15	9.03
Return on Assets (%)	4.49	0.25	2.15
Leverage
Total Debt Equity (Times)	2.91	3.54	3.21
Current Debt Equity (Times)	2.20	2.94	3.02
Long Term Debt to Equity	0.71	0.60	0.19
Total Asset To Total Equity	3.91	4.54	4.21
Asset Management
Total Assets Turnover (Times)	1.12	1.27	0.58
Fixed Assets Turnover (Times)	3.45	4.23	2.07
Liquidity
Current Ratio	1.20	1.08	1.01

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Frozen seafoods	Manufacturing, Exporting
Seafood products	Manufacturing, Exporting

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

Year	Imports	Exports	Total
2010	n/a	251,062,304	251,062,304
2011	n/a	323,066,615	323,066,615
2012	n/a	363,385,696	363,385,696

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Food products, nspf	2099	Manufacturing, Exporting
Fresh/Frozen Fish/Seafoods, NEC	2092	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fish meat, frozen	0304909000	Manufacturing, Exporting
Food preparations	2106	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of MINH PHU SEAFOOD CORP is Manufacturing - Finished products.

Key products include :

Seafood products

Frozen seafoods

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, MINH PHU SEAFOOD CORP also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	5%
International Sales (Export)	95%

Annual Purchases Analysis	Percentage
Local Purchases	90%
Imports	10%

STOCK EXCHANGE LISTING DETAILS

Country

:

Vietnam

Name of Stock Exchange

:

Name	Acronym
HOCHIMINH STOCK EXCHANGE	HOSE

Stock Symbol / No.

:

MPC

Date of listing

:

13 Dec, 2007

BANK DETAILS

Bank Name	:	HSBC BANK (VIETNAM) LTD
Global Identifier	:	32403760
Branch	:	District 1,Ho Chi Minh
Branch Address	:	HSBC BANK (VIETNAM) LTD - HO CHI MINH
SWIFT Code	:	HSBCVNVX
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	P1072025
Branch	:	Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM - CA MAU
SWIFT Code	:	BFTVVNVX
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM
Global Identifier	:	32400483
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - CA MAU
SWIFT Code	:	BIDVVNVX
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
SWIFT Code	:	ICBVVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	MINH PHU SEAFOOD CORP - DISTRICT 3, HO CHI MINH
Branch Address	:	6Fl, 21 Le Quy Don St Ward 6, District 3, Ho Chi Minh

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

Year	Imports	Exports	Total
2008	n/a	166,360,067	166,360,067
2009	n/a	166,653,311	166,653,311

INTERNATIONAL TRADE - Activity & Markets

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

AUDITORS

Auditor Name

KPMG CO LTD

OFFICE & FACILITIES

Name	:	MINH PHU SEAFOOD CORP - CA MAU, CA MAU
Address	:	Industrial Zone Ward 8, Ca Mau, Ca Mau
Country	:	Vietnam
Status	:	Operational

APPROVED SIGNATURES

The Company Director/s listed below maintain the legal right to sign on behalf of the company:

Name

Mr. Le Van Diep

Mr. Le Van Quang

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
15 Aug, 1997	020504
12 May, 2006	6103000072

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.99
UK Pound	1	Rs.104.61
Euro	1	Rs.86.17

INFORMATION DETAILS

Report Prepared by :

NNA

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.