MIRA INFORM REPORT

Report Date :

16.05.2014

IDENTIFICATION DETAILS

Name :	NEW WIND SEAFOOD CO LTD
Registered Office :	Tan Thoi Hiep Industrial Zone Lot 1-2 Hiep Thanh Ward, District 12, Ho Chi Minh
Country :	Vietnam
Date of Incorporation :	30.06.2011
Legal Form :	Company Limited
Line of Business :	Manufacturer and Exporter of Seafood products
No. of Employees :	380

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Vietnam	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	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	:	NEW WIND SEAFOOD CO LTD
Address	:	Tan Thoi Hiep Industrial Zone Lot 1-2 Hiep Thanh Ward, District 12, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-37175040
Facsimile	:	[+84] 8-37170981
Email	:	info@newwindseafood.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Seafood & Fishing Industry

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Nguyen Hai Trieu
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Nguyen Trung Lap	Vietnamese	Deputy Managing Director	-
2	Mr. Nguyen Ngoc Tuan	Vietnamese	Chief Accountant	-
3	Mr. Nguyen Van Thanh	Vietnamese	Deputy Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03582010
Name	:	Mr. Nguyen Trung Lap
Date of Birth	:	1960

Management Details - 2

Personal Unique Identifier	:	MI03582027
Name	:	Mr. Nguyen Ngoc Tuan
Date of Birth	:	1965

Management Details - 3

Personal Unique Identifier	:	MI03582020
Name	:	Mr. Nguyen Van Thanh
Date of Birth	:	1965

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI00894618
Name	:	Mr. Nguyen Hai Trieu
Date of Birth	:	1964
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the NEW WIND SEAFOOD CO LTD'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

:

US$ 1,050,000

CAPITAL (Currency: USD - US Dollar)

Authorized Capital

:

1,050,000

SHAREHOLDERS

Total number of shareholders	:	2
Total number of shares	:	n/a

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	CUU LONG GIANG CO LTD	Vietnam	n/a	n/a	70.00
2	NORTHERN VIKING TECHNOLOGIES PTE LTD	Singapore	n/a	n/a	30.00
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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	2%
International Sales (Export)	98%

Annual Purchases Analysis	Percentage
Local Purchases	80%
Imports	20%

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

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	CUU LONG GIANG CO LTD
Global Identifier	:	P2928585
Legal Form Category	:	Private Company with Limited Liability
Country	:	Vietnam

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

N/a

ADDITIONAL INFORMATION

Key Facts

Registered Legal Address

:

Tan Thoi Hiep Industrial Zone Lot 1-2 Hiep Thanh Ward, District 12, Ho Chi Minh

Operational Address

:

Tan Thoi Hiep Industrial Zone Lot 1-2 Hiep Thanh Ward, District 12, Ho Chi Minh

Name History

:

Business Entity Name	Effective Date
VIETNAM NORTHERN VIKING TECHNOLOGY CO LTD	21 Mar, 2000
NEW WIND SEAFOOD CO LTD	30 Jun, 2011

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

412022000149

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

:

30 Jun, 2011

Employees

:

380

Report Details
Country	:	Vietnam
Business Entity Name	:	NEW WIND SEAFOOD CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Seafood & Fishing Industry
Office Contact Details
Operating Address	:	Tan Thoi Hiep Industrial Zone Lot 1-2 Hiep Thanh Ward, District 12, Ho Chi Minh
Tel	:	[+84] 8-37175040
	:	[+84] 8-37175037
Fax	:	[+84] 8-37170981
Email	:	info@newwindseafood.vn
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	:	0301954754

Primary Products

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

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fish & Seafoods	5146	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fish prepared or preserved	1604206090	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of NEW WIND SEAFOOD CO LTD is Manufacturing - Finished products.

Key product include :

Seafood products

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, NEW WIND SEAFOOD CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Finished products

BANK DETAILS

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

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Indonesia	Medium	Importing
Myanmar	Medium	Importing

OFFICE & FACILITIES

Name	:	NEW WIND SEAFOOD CO LTD - DISTRICT 12, HO CHI MINH
Address	:	Tan Thoi Hiep Industrial Zone Lot 1-2 Hiep Thanh Ward, District 12, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
21 Mar, 2000	51/GP-KCN-HCM

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.47
UK Pound	1	Rs.99.70
Euro	1	Rs.81.55

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.