MIRA INFORM REPORT

Report Date :

18.09.2014

IDENTIFICATION DETAILS

Name :	MEKONG FISHERIES JSC
Registered Office :	Lot 24 Tra Noc Industrial Zone, Binh Thuy Dist, Can Tho
Country :	Vietnam
Financials (as on) :	1.12.2014 (2^nd Quarter)
Date of Incorporation :	01.12.2009
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Seafood & Fishing Industry
No. of Employees	651

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 :	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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Vietnam	A2	A2

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

Company Details
Organization Name	:	MEKONG FISHERIES JSC
Address	:	Lot 24 Tra Noc Industrial Zone, Binh Thuy Dist, Can Tho
Country	:	Vietnam
Phone (S)	:	[+84] 710-3841294
Facsimile	:	[+84] 710-3841192
Email	:	mkf@hcm.vnn.vn
Website	:	http://www.mekongfish.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Seafood & Fishing Industry

Key Facts
Registered Legal Address	:	Lot 24 Tra Noc Industrial Zone, Binh Thuy Dist, Can Tho
Operational Address	:	Lot 24 Tra Noc Industrial Zone, Binh Thuy Dist, Can Tho
Trading Name	:	MEKONG FISH CO
Issuing Authority	:	Dept. of Planning & Investment - Can Tho
License Number	:	1800448811
License Status	:	License exists - Normal.
Legal Form - Category	:	Public Listed Company
Legal Form	:	Joint Stock Company
Legal Form - Abbreviation	:	JSC
Operational Status of Business	:	Normal
Date of Registration	:	1 Dec, 2009
Employees	:	651
Capital	:	US$ 6,034,106

Report Details

Country	:	Vietnam
Business Entity Name	:	MEKONG FISHERIES JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Seafood & Fishing Industry
Office Contact Details
Operating Address	:	Lot 24 Tra Noc Industrial Zone, Binh Thuy Dist, Can Tho
Tel	:	[+84] 710-3841294
	:	[+84] 710-3841560
	:	[+84] 710-3842027
Fax	:	[+84] 710-3841192
	:	[+84] 710-3841560
Email	:	mkf@hcm.vnn.vn mkfmekonscomvn@hcm.vnn.vn salemekongfish@vnn.vn infomkt@vnn.vn
Website Details
Website	:	http://www.mekongfish.vn
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	:	1800448811

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Luong Hoang Manh
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Tang Tuan Anh	Vietnamese	Deputy Managing Director	-
2	Mr. Luong Hoang Duy	Vietnamese	Deputy Managing Director	-
3	Mr. Luong Hoang Manh	Vietnamese	Managing Director	-
4	Ms. Tran Thi Be Nam	Vietnamese	Chief Accountant	-
5	Mr. Nguyen Hoang Nhan	Vietnamese	Vice Chairman	-
6	Ms. Nguyen Chau Hoang Quyen	Vietnamese	Deputy Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03768376
Name	:	Mr. Tang Tuan Anh
Date of Birth	:	1968

Management Details - 2

Personal Unique Identifier	:	MI03768377
Name	:	Mr. Luong Hoang Duy

Management Details - 3

Personal Unique Identifier	:	MI03768350
Name	:	Mr. Luong Hoang Manh
Date of Birth	:	18 Apr, 1959
Identification Number(s)
National ID No	:	361040019

Management Details - 4

Personal Unique Identifier	:	MI03768378
Name	:	Ms. Tran Thi Be Nam
Date of Birth	:	1958

Management Details - 5

Personal Unique Identifier	:	MI03768367
Name	:	Mr. Nguyen Hoang Nhan
Date of Birth	:	1951

Management Details - 6

Personal Unique Identifier	:	MI03768374
Name	:	Ms. Nguyen Chau Hoang Quyen
Date of Birth	:	1982

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03768350
Name	:	Mr. Luong Hoang Manh
Date of Birth	:	18 Apr, 1959
Identification Number(s)
National ID No	:	361040019

NEGATIVE INFORMATION

REPUTATION

The MEKONG FISHERIES JSC maintains a good and well-established reputation in the local market.

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)

Share Value	:	₫ 10,000
Authorized Capital	:	₫ 126,358,400,000
Paid-up Capital	:	₫ 126,358,400,000

Date	Authorized Capital - History
28 Feb, 2002	20,000,000,000
2009	113,400,000,000
25 Oct, 2013	126,358,400,000

SHAREHOLDERS

Total number of shareholders	:	Public shareholding traded via Stock Exchange
Total number of shares	:	12,635,840

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Public shareholding traded via Stock Exchange	n/a	11,017,138	110,171,380,000	87.19
2	Mr. Luong Hoang Manh	Vietnam	769,885	7,698,850,000	6.09
3	Mr. Nguyen Hoang Nhon	Vietnam	304,290	3,042,900,000	2.41
4	Ms. Nguyen Thi Chinh	Vietnam	297,850	2,978,500,000	2.36
5	Ms. Tran Thi Be Nam	Vietnam	212,060	2,120,600,000	1.68
6	Ms. Ngo Thi Tho	Vietnam	34,617	346,170,000	0.27
Total			12,635,840	126,358,400,000	100.00

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

Na

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2012 Annual	23,375,027	13,722,193	672,280
2013 Annual	25,467,835	14,324,247	388,229
2014 2nd Qtr	6,113,446	14,094,481	247,387

Sales Trend – Analysis

2005	2006	2007	2008	2009	2010	2011	2012	2013	2014
-	-	-	-						-

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2008 Annual	24,190,206	18,133,587	145,130
2009 Annual	26,659,071	20,399,929	2,943,568
2010 Annual	26,298,476	17,000,320	2,343,500
2011 Annual	30,754,681	15,841,431	3,072,348

FINANCIAL STATEMENT - DETAILED

Type: Consolidated

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 2nd Qtr
Current Assets(*)	224,235,000,000	235,017,000,000	231,079,739,707
Non Current Assets(*)	61,525,000,000	67,054,000,000	64,068,561,825
Non Current Liabilities(*)	3,097,000,000	3,093,000,000	3,187,346,835
Share Capital(*)	113,399,000,000	126,358,000,000	126,358,000,000
Other long term assets
Total Assets(*)	285,760,000,000	302,071,000,000	295,148,301,532
Total Liabilities(*)	30,440,000,000	43,781,000,000	39,729,809,521
Current Liabilities(*)	27,343,000,000	40,688,000,000	36,542,462,686
Long term liabilities
Shareholders Funds(*)	255,320,000,000	258,290,000,000	255,418,492,011
Current assets & short term investments	224,235,000,000	235,017,000,000	-
Cash & cash equivalents	42,872,000,000	54,687,000,000	-
Cash	3,072,000,000	27,687,000,000	-
Cash equivalents	39,800,000,000	27,000,000,000	-
Short term investments	1,537,000,000	7,114,000,000	-
Short term securities investments	4,135,000,000	9,135,000,000	-
Provision for short term investments	(2,598,000,000)	(2,021,000,000)	-
Accounts receivable	50,224,000,000	64,945,000,000	-
Accounts receivable trade	38,995,000,000	45,852,000,000	-
Trade prepayment	896,000,000	10,000,000	-
Others receivables	10,333,000,000	19,083,000,000	-
Provision for bad debts	-	-	-
Inventories	113,108,000,000	93,331,000,000	-
i. Other short term asset	16,494,000,000	14,940,000,000	-
VAT deductible	1,713,000,000	2,414,000,000	-
Other tax receivables	41,000,000	13,000,000	-
ii. Other short term asset	14,740,000,000	12,513,000,000	-
Long term assets	61,525,000,000	67,054,000,000	-
Fixed assets	57,191,000,000	52,263,000,000	-
Tangible fixed assets	29,444,000,000	26,177,000,000	-
i. Cost	74,912,000,000	78,759,000,000	-
i. Accumulated depreciation	45,468,000,000	52,582,000,000	-
Intangible fixed assets	23,909,000,000	25,062,000,000	-
ii. Cost	26,067,000,000	27,838,000,000	-
ii. Accumulated depreciation	2,158,000,000	2,776,000,000	-
Construction in progress	3,838,000,000	1,024,000,000	-
Long term investments	160,000,000	10,711,000,000	-
Invest to joint venture company	-	10,688,000,000	-
Other long term investments	2,500,000,000	2,500,000,000	-
Provision for long term investments	(2,340,000,000)	(2,477,000,000)	-
Other long term assets	4,174,000,000	4,080,000,000	-
Long term prepayments	3,698,000,000	2,628,000,000	-
Asset of income tax delay	476,000,000	1,452,000,000	-
Total Assets	285,760,000,000	302,071,000,000	-
Liabilities	30,440,000,000	43,781,000,000	-
Current liabilities	27,343,000,000	40,688,000,000	-
Short term borrowings	-	14,293,000,000	-
Accounts payables-trade	12,257,000,000	4,677,000,000	-
Advances from customers	1,702,000,000	2,912,000,000	-
Taxes and payable to state budget	2,399,000,000	2,381,000,000	-
Payable to employees	348,000,000	7,006,000,000	-
Accrued expenses payable	1,904,000,000	5,823,000,000	-
Other payables	821,000,000	919,000,000	-
i. Bonus and welfare funds	7,912,000,000	2,677,000,000	-
Long term liabilities	3,097,000,000	3,093,000,000	-
Long term other payables	3,035,000,000	3,035,000,000	-
Long term borrowings	-	-	-
Payable income tax delay	62,000,000	58,000,000	-
Provision funds for unemployment	-	-	-
Owner's equity	255,320,000,000	258,290,000,000	-
Business capital	113,399,000,000	126,358,000,000	-
Share capital's surplus	152,961,000,000	152,961,000,000	-
Other owner's equity	1,287,000,000	1,288,000,000	-
Shares	(62,528,000,000)	(62,529,000,000)	-
Business development funds	5,838,000,000	5,838,000,000	-
Financial reserved funds	11,473,000,000	11,473,000,000	-
Retained earnings	32,890,000,000	22,901,000,000	-
Budget sources	-	-	-
ii. Bonus and welfare funds	-	-	-
Total Resources	285,760,000,000	302,071,000,000	-

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 2nd Qtr
Turnover(*)	486,777,000,000	537,068,000,000	128,019,831,693
Profit (Loss) Before Tax(*)	17,823,000,000	10,930,000,000	8,358,916,601
Profit After Tax attributable to Shareholders(*)	14,000,000,000	8,187,000,000	5,180,464,690
Gross sales	486,777,000,000	537,068,000,000	-
Less deductions	1,210,000,000	3,581,000,000	-
Net income	485,567,000,000	533,487,000,000	-
Cost of goods sold	432,823,000,000	471,143,000,000	-
Gross margin	52,744,000,000	62,344,000,000	-
Income from financial activities	7,703,000,000	2,991,000,000	-
Expenses from financial activities	3,236,000,000	411,000,000	-
In which: Interest expenses	339,000,000	369,000,000	-
Selling expenses	33,735,000,000	41,051,000,000	-
General & administration expenses	9,977,000,000	12,898,000,000	-
Net income from operating activities	13,499,000,000	10,975,000,000	-
Extraordinary income	16,192,000,000	397,000,000	-
Extraordinary expenses	11,868,000,000	442,000,000	-
Extraordinary gains	4,324,000,000	(45,000,000)	-
Net profit before tax	17,823,000,000	10,930,000,000	-
Income tax	3,368,000,000	3,723,000,000	-
Income tax delay	(455,000,000)	980,000,000	-
Net profit after tax	14,000,000,000	8,187,000,000	-

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual	2014 2nd Qtr
Growth %
Year-on-Year Growth	(24.01)	10.33	-
Profitability
Profit Margin (%)	2.88	1.52	4.05
Return on Equity (%)	5.48	3.17	2.03
Return on Assets (%)	4.90	2.71	1.76
Leverage
Total Debt Equity (Times)	0.12	0.17	0.16
Current Debt Equity (Times)	0.11	0.16	0.14
Long Term Debt to Equity	0.01	0.01	0.01
Total Asset To Total Equity	1.12	1.17	1.16
Asset Management
Total Assets Turnover (Times)	1.70	1.78	0.43
Fixed Assets Turnover (Times)	7.91	8.01	2.00
Liquidity
Current Ratio	8.20	5.78	6.32

FOREIGN EXCHANGE RATES

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000048 USD United States Dollars

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Agricultural products	Manufacturing, Exporting
Baby octopus	Manufacturing, Exporting
Black tiger prawns	Manufacturing, Exporting
Fresh frozen fruits	Manufacturing, Exporting
Frozen vegetables	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Agricultural Production-Crops	0100	Manufacturing, Exporting
Fish & Seafoods	5146	Manufacturing, Exporting
Food and Kindred Products	2000	Manufacturing, Exporting
Fresh Fruits & Vegetables	5148	Manufacturing, Exporting
Fresh/Frozen Fish/Seafoods, NEC	2092	Manufacturing, Exporting
Frozen fruits, fruit juices, and vegetables	2037	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fish meal fit for human consumption	0305100000	Manufacturing, Exporting
Fish, prepared or preserved	1604206000	Manufacturing, Exporting
Food preparations	2106	Manufacturing, Exporting
Fruit nesoi, fresh	0810	Manufacturing, Exporting
Octopus, frozen, dried, salted or in brine	0307590000	Manufacturing, Exporting
Shrimps and prawns, prepared or preserved	1605201050	Manufacturing, Exporting
Vegetables nesoi prepared or preserved nesoi, frozen	2004	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Pangasius breaded fillets	Primary	Manufacturing, Exporting
Pangasius rolls	Primary	Manufacturing, Exporting
Pangasius steaks	Primary	Manufacturing, Exporting
Seafood products	Primary	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of MEKONG FISHERIES JSC is Manufacturing - Finished products.

Key products include :

Agricultural products

Fresh frozen fruits

Black tiger prawns

Frozen vegetables

Pangasius breaded fillets

Pangasius rolls

Pangasius steaks

Seafood products

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, MEKONG FISHERIES JSC also is engaged in the following areas of business:

Exporting

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

Exporting - Finished products

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	10%
International Sales (Export)	90%

Annual Purchases Analysis	Percentage
Local Purchases	100%

STOCK EXCHANGE LISTING DETAILS

Country

:

Vietnam

Name of Stock Exchange

:

Name	Acronym
HOCHIMINH STOCK EXCHANGE	HOSE

Stock Symbol / No.

:

AAM

Date of listing

:

24 Sep, 2009

BANK DETAILS

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 - CAN THO
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 - CAN THO
SWIFT Code	:	ICBVVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Exporting
Europe	Medium	Exporting
North America	Medium	Exporting
Russia	Medium	Exporting
USA	Medium	Exporting
Ukraine	Medium	Exporting

OFFICE & FACILITIES

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

Name	:	MEKONG FISHERIES JSC - BINH THUY DIST, CAN THO
Primary Use	:	Office & Administration facilities
Building Size	:	27,500 Square meters
Address	:	Lot 24 Tra Noc Industrial Zone, Binh Thuy Dist, Can Tho
Country	:	Vietnam
Ownership of Property	:	Rented / Leased
Status	:	Operational

QUALITY ACCREDITATION

Quality Accreditation Listings

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

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
28 Feb, 2002	5703000016

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.95
UK Pound	1	Rs.99.32
Euro	1	Rs.78.97

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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.