MIRA INFORM REPORT

Report No. :	354790
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	AN MY FISH JSC

Registered Office :	Lot A2-A3 Phu Hoa Industrial Zone Phu Hoa Town, Thoai Son, An Giang

Country :	Vietnam

Financials (as on) :	31.12.2014

Date of Incorporation :	17.09.2002

Legal Form :	Joint Stock Company

Line of Business :	Manufacturer of Food Products

No. of Employees :	1,000

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 :	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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. Agriculture's share of economic output has shrunk from about 25% in 2000 to 18% in 2014, while industry's share increased from 36% to 38% in the same period. State-owned enterprises now account for only about 40% of GDP.

Vietnamese authorities have reaffirmed their commitment to economic modernization and a more open economy. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam joined the 12-nation Trans-Pacific Partnership free trade agreement negotiations in 2010.

Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value has remained relatively stable since then. 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.

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 to restructure public investment, state-owned enterprises, and the banking sector, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Organization Name	:	AN MY FISH JSC ⁽¹⁾
Name in Local Language	:	CÔNG TY CỔ PHẦN XUẤT NHẬP KHẨU THUỶ SẢN AN MỸ
Address	:	Lot A2-A3 Phu Hoa Industrial Zone Phu Hoa Town, Thoai Son, An Giang
Country	:	Vietnam
Phone (S)	:	[+84] 76-3721888
Facsimile	:	[+84] 76-3721999
Email	:	panga@anmyfish.com.vn
Website	:	http://www.anmyfish.com.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Food Products

Registered Legal Address

Lot A2-A3 Phu Hoa Industrial Zone Phu Hoa Town, Thoai Son, An Giang

Operational Address

Lot A2-A3 Phu Hoa Industrial Zone Phu Hoa Town, Thoai Son, An Giang

Trading Name / DBA

AN MY FISH CO

License Status

License exists - Normal.

Issuing Authority

Dept. of Planning & Investment - An Giang

License Number

1600903460

Legal Form - Category

Joint Stock Company

Legal Form

Joint Stock Company

Legal Form - Abbreviation

JSC

Operational Status of Business

Normal

Date of Registration

17 Sep, 2012

Employees

1,000

Capital

US$ 4,098,174

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
23 Aug, 2007	5203000074

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Ms. Tran Thi Thuy
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Vo Thi Kim Loan	Vietnamese	Chief Accountant	-
2	Mr. Nguyen Anh Thu	Vietnamese	Deputy Managing Director	-
3	Ms. Tran Thi Thuy	Vietnamese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03131672
Name	:	Ms. Vo Thi Kim Loan
Email	:	vtkloan@anmyfish.com.vn
Tel	:	84-76-3721888
Date of Birth	:	1978
Date of appointment	:	2007

Country	University / College name	Qualification	Major
Vietnam	NHA TRANG UNIVERSITY	Bachelor's Degree	Accounting

Management Details - 2

Personal Unique Identifier	:	MI03131663
Name	:	Mr. Nguyen Anh Thu
Email	:	nathu@anmyfish.com.vn
Tel	:	84-76-3721888
Date of Birth	:	1977
Date of appointment	:	2008

Country	University / College name	Qualification	Major
Vietnam	UNIVERSITY OF ECONOMIC HO CHI MINH CITY	Bachelor's Degree	n/a
India	ACADEMY NISIET OF INDIA	Bachelor's Degree	Management Science

Previous Positions
Country	Company name	Position
Vietnam	AN GIANG IMPORT-EXPORT CO	Vice Manager

Management Details - 3

Personal Unique Identifier	:	MI03131660
Name	:	Ms. Tran Thi Thuy
Email	:	ttthuy@anmyfish.com.vn
Date of Birth	:	1967
Date of appointment	:	2007

Country	University / College name	Qualification	Major
Vietnam	UNIVERSITY OF ECONOMIC HO CHI MINH CITY	Bachelor's Degree	Accounting

Previous Positions
Country	Company name	Position
Vietnam	AN MY TRADING AND SERVICES CO LTD	Director
Vietnam	CUU LONG AN GIANG STOCK COMPANY	Chief Accountant

COMPANY DIRECTORS

Personal Unique Identifier

MI03131660

Name

Ms. Tran Thi Thuy

ttthuy@anmyfish.com.vn

Date of Birth

1967

Date of Appointment

2007

Country	University / College name	Qualification	Major
Vietnam	UNIVERSITY OF ECONOMIC HO CHI MINH CITY	Bachelor's Degree	Accounting

Previous Positions
Country	Company name	Position
Vietnam	AN MY TRADING AND SERVICES CO LTD	Director
Vietnam	CUU LONG AN GIANG STOCK COMPANY	Chief Accountant

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing AN MY FISH 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	:	₫ 90,000,000,000
Paid-up Capital	:	₫ 90,000,000,000

Date	Authorized Capital - History
2011	70,000,000,000
Jan, 2012	79,800,000,000
Dec, 2012	90,000,000,000

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	Ms. Tran Thi Thuy	Vietnam	n/a	62,460,000,000	69.40
2	Ms. Tran Thi Thu Van	Vietnam	n/a	18,450,000,000	20.50
3	Ms. Le Thi Le	Vietnam	n/a	5,670,000,000	6.30
4	Ms. Le Thi Phuong	Vietnam	n/a	3,420,000,000	3.80
Total			n/a	90,000,000,000	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	10%
International Sales (Export)	90%

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

N/A

FINANCIAL INFORMATION

Financials - Summary (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	22,767,767	21,343,686	486,827
2013 Annual	26,707,160	19,032,497	789,403
2014 Annual	25,651,450	19,752,076	1,507,312

Sales Trend - Analysis

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

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2011 Annual	27,448,824	21,874,748	776,236

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Current Assets(*)	291,231,000,000	262,343,000,000	267,225,000,000
Non Current Assets(*)	153,244,000,000	139,016,000,000	150,405,000,000
Non Current Liabilities(*)	46,556,000,000	7,000,000,000	13,605,000,000
Share Capital(*)	90,000,000,000	90,000,000,000	-
Other long term assets
Total Assets(*)	444,475,000,000	401,359,000,000	417,630,000,000
Total Liabilities(*)	320,911,000,000	262,819,000,000	260,742,000,000
Current Liabilities(*)	274,355,000,000	255,819,000,000	247,137,000,000
Long term liabilities
Shareholders Funds(*)	123,564,000,000	138,540,000,000	156,888,000,000

Current assets & short term investments	291,231,000,000	262,343,000,000	267,225,000,000
Cash & cash equivalents	6,425,000,000	6,900,000,000	1,791,000,000
Cash	6,425,000,000	6,900,000,000	1,791,000,000
Accounts receivable	59,123,000,000	36,528,000,000	46,683,000,000
Accounts receivable trade	49,250,000,000	36,528,000,000	44,756,000,000
Trade prepayment	9,374,000,000	1,477,000,000	2,386,000,000
Inter company receivables	-	95,000,000	5,000,000
Others receivables	2,619,000,000	3,079,000,000	4,328,000,000
Provision for bad debts	(2,120,000,000)	(3,037,000,000)	(4,792,000,000)
Inventories	225,249,000,000	218,675,000,000	218,370,000,000
I. Other short term asset	434,000,000	240,000,000	381,000,000
Prepaid expenses	15,000,000	39,000,000	34,000,000
II. Other short term asset	419,000,000	201,000,000	130,000,000
Long term assets	153,244,000,000	139,016,000,000	150,405,000,000
Fixed assets	151,866,000,000	138,113,000,000	146,639,000,000
Tangible fixed assets	105,548,000,000	91,795,000,000	78,207,000,000
I. Cost	154,184,000,000	154,600,000,000	154,052,000,000
Accumulated depreciation	48,636,000,000	62,805,000,000	75,845,000,000
Intangible fixed assets	45,051,000,000	45,051,000,000	67,229,000,000
II. Cost	45,051,000,000	45,051,000,000	67,229,000,000
Construction in progress	1,267,000,000	1,267,000,000	1,203,000,000
Other long term assets	1,378,000,000	903,000,000	3,766,000,000
Long term prepayments	1,378,000,000	903,000,000	3,757,000,000
Total assets	444,475,000,000	401,359,000,000	417,630,000,000
Liabilities	320,911,000,000	262,819,000,000	260,742,000,000
Current liabilities	274,355,000,000	255,819,000,000	247,137,000,000
Short term borrowings	220,551,000,000	213,273,000,000	191,891,000,000
Accounts payables-trade	42,623,000,000	35,916,000,000	49,157,000,000
Advances from customers	2,019,000,000	1,506,000,000	1,764,000,000
Taxes and payable to state budget	30,000,000	667,000,000	71,000,000
Payable to employees	2,014,000,000	3,284,000,000	2,759,000,000
Accrued expenses payable	190,000,000	32,100,000	271,000,000
Inter company payable	-	100,000,000	-
Other payables	6,928,000,000	362,000,000	630,000,000
Bonus and welfare funds	-	390,000,000	595,000,000
Long term liabilities	46,556,000,000	7,000,000,000	13,605,000,000
Long term borrowings	46,556,000,000	7,000,000,000	13,600,000,000
Owner's equity	123,564,000,000	138,540,000,000	156,888,000,000
Business capital	90,000,000,000	90,000,000,000	-
Business development funds	-	451,000,000	1,106,000,000
Financial reserved funds	-	451,000,000	1,197,000,000
Retained earnings	33,564,000,000	47,638,000,000	64,586,000,000
Total resources	444,475,000,000	401,359,000,000	417,630,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Turnover(*)	474,131,000,000	563,203,000,000	542,364,000,000
Profit (Loss) Before Tax(*)	10,149,000,000	17,405,000,000	32,903,000,000
Profit After Tax attributable to Shareholders(*)	10,138,000,000	16,647,000,000	31,870,000,000

Gross sales	474,131,000,000	563,203,000,000	542,364,000,000
Less deductions	1,675,000,000	306,000,000	1,148,000,000
Net income	472,456,000,000	562,897,000,000	541,216,000,000
Cost of goods sold	397,128,000,000	485,067,000,000	435,521,000,000
Gross margin	75,328,000,000	77,830,000,000	105,695,000,000
Income from financial activities	726,000,000	1,805,000,000	1,057,000,000
Expenses from financial activities	29,828,000,000	19,670,000,000	13,666,000,000
In which: Interest expenses	-	-	10,525,000,000
Selling expenses	29,641,000,000	36,781,000,000	54,419,000,000
General & administration expenses	6,376,000,000	5,516,000,000	4,852,000,000
Net income from operating activities	10,209,000,000	17,668,000,000	33,815,000,000
Extraordinary income	900,000,000	14,000,000	1,000,000
Extraordinary expenses	960,000,000	277,000,000	913,000,000
Extraordinary gains	(60,000,000)	(263,000,000)	(912,000,000)
Net profit before tax	10,149,000,000	17,405,000,000	32,903,000,000
Income tax	11,000,000	758,000,000	1,033,000,000
Net profit after tax	10,138,000,000	16,647,000,000	31,870,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Growth %
Year-on-Year Growth	(17.08)	18.79	(3.70)
Profitability
Profit Margin (%)	2.14	2.96	5.88
Return on Equity (%)	8.20	12.02	20.31
Return on Assets (%)	2.28	4.15	7.63
Leverage
Total Debt Equity (Times)	2.60	1.90	1.66
Current Debt Equity (Times)	2.22	1.85	1.58
Long Term Debt to Equity	0.38	0.05	0.09
Total Asset To Total Equity	3.60	2.90	2.66
Asset Management
Total Assets Turnover (Times)	1.07	1.40	1.30
Fixed Assets Turnover (Times)	3.09	4.05	3.61
Liquidity
Current Ratio	1.06	1.03	1.08

Based on the corporate laws of Vietnam, legal entities which are a 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

0.000046 USD
United States Dollars

ADDITIONAL INFORMATION

Country	:	Vietnam
Business Entity Name	:	AN MY FISH JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Food Products
Office Contact Details
Operating Address	:	Lot A2-A3 Phu Hoa Industrial Zone Phu Hoa Town, Thoai Son, An Giang
Tel	:	[+84] 76-3721888
Fax	:	[+84] 76-3721999
Email	:	panga@anmyfish.com.vn
Website Details
Website	:	http://www.anmyfish.com.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	:	1600903460

Primary Products

Products / Materials / Services Description	Activity
Breaded fish	Manufacturing, Exporting
Fish roll	Manufacturing, Exporting
Fish steaks	Manufacturing, Exporting
Frozen fish fillets	Manufacturing, Exporting
Frozen seafood products	Manufacturing, Exporting

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

Year	Imports	Exports	Total
2011	n/a	24,703,941	24,703,941
2012	n/a	20,490,990	20,490,990
2013	n/a	24,036,444	24,036,444

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fish Hatchery & Preserve	0921	Service
Fishing, Hunting, and Trapping	0900	Service
Food and Kindred Products	2000	Manufacturing, Exporting
Fresh/Frozen Fish/Seafoods, NEC	2092	Manufacturing, Exporting
Packaged Frozen Foods	5142	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 fillets & other fish meat, fresh, chilled or frozen	0304	Manufacturing, Exporting
Fish fillets nesoi, frozen	0304207500	Manufacturing, Exporting
Fish meat, frozen	0304909000	Manufacturing, Exporting
Food preparations	2106	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Frozen seafoods	Primary	Manufacturing, Exporting
Shirmp	Primary	Manufacturing, Exporting
Squid	Primary	Manufacturing, Exporting
Tilapia	Primary	Manufacturing, Exporting
Fish farming	Secondary	Service
Fish processing	Secondary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of AN MY FISH JSC is Manufacturing - Finished products.

Key products include :

Fish roll

Breaded fish

Fish steaks

Frozen fish fillets

Frozen seafoods

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, AN MY FISH 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 - Natural food items, Unprocessed (Meats, Produce or Seafood)

Service

Specialized professional services, including:

Fish farming

BANK DETAILS

Bank Name	:	SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0388625
Branch	:	District 3,Ho Chi Minh
Branch Address	:	SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK - AN GIANG
SWIFT Code	:	SGTTVNVX

Bank Name	:	VIET NAM INT'L COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0741176
Branch	:	Dong Da,Hanoi
Branch Address	:	VIET NAM INT'L COMMERCIAL JOINT STOCK BANK - AN GIANG
SWIFT Code	:	VNIBVNVX

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

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
France	Medium	Exporting
Germany	Medium	Exporting
India	Medium	Importing
Italy	Medium	Exporting
Malaysia	Medium	Importing
Netherlands	Medium	Exporting
Norway	Medium	Exporting
Poland	Medium	Exporting
Portugal	Medium	Exporting
Spain	Medium	Exporting
Thailand	Medium	Importing
USA	Medium	Exporting
United Kingdom	Medium	Exporting

OFFICE & FACILITIES

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

Name	:	AN MY FISH JSC - THOAI SON, AN GIANG
Primary Use	:	Office & Administration facilities
Other Use	:	This facility is also used for Manufacturing
Land Size	:	45,000 Square meters
Address	:	Lot A2-A3 Phu Hoa Industrial Zone Phu Hoa Town, Thoai Son, An Giang
Country	:	Vietnam
Status	:	Operational

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.65
UK Pound	1	Rs.99.61
Euro	1	Rs.72.33
VND	1	Rs.0.0029

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KIN

Report Prepared by :	NIT

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.