MIRA INFORM REPORT

Report No. :	354520
Report Date :	18.12.2015

IDENTIFICATION DETAILS

Name :	QUANG NINH SEAPRODUCTS IMPORT EXPORT

Registered Office :	35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh

Country :	Vietnam

Financials (as on) :	December 2014

Date of Incorporation :	20.10.2011

Legal Form :	Joint Stock Company

Line of Business :	Manufacturer of Seafood & Fishing Industry.

No. of Employee :	200

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 – 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

Company Details
Organization Name	:	QUANG NINH SEAPRODUCTS IMPORT EXPORT JSC ⁽¹⁾
Name in Local Language	:	CÔNG TY CỔ PHẦN XUẤT NHẬP KHẨU THUỶ SẢN QUẢNG NINH
Address	:	35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh
Country	:	Vietnam
Phone (S)	:	[+84] 33-3829851
Facsimile	:	[+84] 33-6258030
Email	:	spef41.qn@hn.vnn.vn
Website	:	http://www.quangninhseaprodex.com.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Seafood & Fishing Industry

Key Facts

Registered Legal Address

35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh

Operational Address

35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh

Trading Name / DBA

QUANG NINH SEAPRODEX
QUANGNINH SEAPRODUCTS IMPORT-EXPORT

License Status

License exists - Normal.

Issuing Authority

Dept. of Planning & Investment - Quang Ninh

License Number

5700100714

Legal Form - Category

Joint Stock Company

Legal Form

Joint Stock Company

Legal Form - Abbreviation

JSC

Operational Status of Business

Normal

Date of Registration

20 Oct, 2011

Employees

200

Capital

US$ 456,172

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
30 Aug, 2000	2203000764

Note

¹⁾
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Do Quang Sang
Local Name	:	ĐỖ QUANG SÁNG
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Le Xuan Cau	Vietnamese	Deputy Managing Director	-
2	Mr. Nguyen Huy Cuong	Vietnamese	Representative	-
3	Ms. Ngo Thi Hoa	Vietnamese	Chief Accountant	-
4	Mr. Vu Quang Huy	Vietnamese	Deputy Managing Director	-
5	Mr. Do Quang Sang	Vietnamese	Managing Director	-
6	Mr. Nguyen Thuong Uyen	Vietnamese	Deputy Managing Director	-

Management Details – 1

Personal Unique Identifier	:	MI03565905
Name	:	Mr. Le Xuan Cau
Date of Birth	:	1951

Management Details – 2

Personal Unique Identifier	:	MI03682951
Name	:	Mr. Nguyen Huy Cuong
Mobile No.	:	84-936406196

Management Details – 3

Personal Unique Identifier	:	MI03565909
Name	:	Ms. Ngo Thi Hoa
Date of Birth	:	1977

Management Details – 4

Personal Unique Identifier	:	MI03565907
Name	:	Mr. Vu Quang Huy
Date of Birth	:	1957

Management Details – 5

Personal Unique Identifier	:	MI03565852
Name	:	Mr. Do Quang Sang
Name in local language	:	ĐỖ QUANG SÁNG
Date of Birth	:	1950

Management Details – 6

Personal Unique Identifier	:	MI03565906
Name	:	Mr. Nguyen Thuong Uyen
Date of Birth	:	1972

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03565852
Name	:	Mr. Do Quang Sang
Name in local language	:	ĐỖ QUANG SÁNG
Date of Birth	:	1950

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing QUANG NINH SEAPRODUCTS IMPORT EXPORT 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	:	₫ 10,018,000,000
Paid-up Capital	:	₫ 10,018,000,000

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	7,806,025,600	77.92
2	Mr. Chau Hoa	Vietnam	n/a	1,150,066,400	11.48
3	Mr. Do Quang Sang	Vietnam	n/a	909,634,400	9.08
4	Mr. Vu Quang Huy	Vietnam	n/a	152,273,600	1.52
Total			n/a	10,018,000,000	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

Sales Trend - Analysis

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

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

Year	Imports	Exports	Total
2012	n/a	20,352,193	20,352,193
2013	n/a	158,753,533	158,753,533
2014	n/a	76,284,417	76,284,417

DOMESTIC SALES & PURCHASES
Annual Sales Analysis	Percentage
Domestic Sales	20%
International Sales (Export)	80%

Annual Purchases Analysis	Percentage
Local Purchases	50%
Imports	50%

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

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

Year	Imports	Exports	Total
2010	n/a	5,037,891	5,037,891
2011	n/a	15,946,855	15,946,855

INTERNATIONAL TRADE - Activity & Markets

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

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

Financials - Summary (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	40,704,386	4,529,918	60,793
2013 Annual	198,441,917	4,480,112	60,081
2014 Annual	95,355,521	5,228,107	68,295

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2010 Annual	10,075,782	4,162,545	58,132
2011 Annual	31,893,711	5,218,051	46,759

FINANCIAL STATEMENT - DETAILED

BALANCE SHEET

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Current Assets(*)	65,103,000,000	66,372,000,000	83,848,000,000
Non Current Assets(*)	29,231,000,000	28,105,000,000	26,693,000,000
Non Current Liabilities(*)	10,056,000,000	7,385,000,000	7,203,000,000
Share Capital(*)	10,018,000,000	10,018,000,000	10,018,000,000
Other long term assets
Total Assets(*)	94,334,000,000	94,477,000,000	110,541,000,000
Total Liabilities(*)	80,939,000,000	80,925,000,000	96,119,000,000
Current Liabilities(*)	70,883,000,000	73,540,000,000	88,916,000,000
Long term liabilities
Shareholders Funds(*)	13,395,000,000	13,552,000,000	14,422,000,000

Current assets & short term investments	65,103,000,000	66,372,000,000	83,848,000,000
Cash & cash equivalents	2,384,000,000	5,538,000,000	713,000,000
Cash	2,384,000,000	5,538,000,000	713,000,000
Accounts receivable	20,306,000,000	18,318,000,000	17,033,000,000
Accounts receivable trade	11,589,000,000	10,289,000,000	9,169,000,000
Trade prepayment	4,079,000,000	1,761,000,000	1,681,000,000
Others receivables	4,638,000,000	6,268,000,000	6,183,000,000
I. Inventories	40,868,000,000	40,939,000,000	53,378,000,000
II. Inventories	40,868,000,000	40,939,000,000	53,378,000,000
I. Other short term asset	1,545,000,000	1,577,000,000	12,724,000,000
Prepaid expenses	944,000,000	866,000,000	327,000,000
VAT deductible	107,000,000	107,000,000	107,000,000
Other tax receivables	-	12,000,000	-
II. Other short term asset	494,000,000	592,000,000	12,290,000,000
Long term assets	29,231,000,000	28,105,000,000	26,693,000,000
Fixed assets	27,560,000,000	26,719,000,000	25,419,000,000
Tangible fixed assets	27,196,000,000	26,355,000,000	25,055,000,000
I. Cost	50,787,000,000	49,539,000,000	49,666,000,000
I. Accumulated depreciation	23,591,000,000	23,184,000,000	24,611,000,000
Construction in progress	364,000,000	364,000,000	364,000,000
Investment immovable property	1,192,000,000	1,151,000,000	1,117,000,000
II. Cost	1,616,000,000	1,616,000,000	1,616,000,000
II. Accumulated depreciation	424,000,000	465,000,000	499,000,000
Other long term assets	479,000,000	235,000,000	157,000,000
Long term prepayments	479,000,000	235,000,000	157,000,000
Total assets	94,334,000,000	94,477,000,000	110,541,000,000
Liabilities	80,939,000,000	80,925,000,000	96,119,000,000
Current liabilities	70,883,000,000	73,540,000,000	88,916,000,000
Short term borrowings	49,000,000,000	67,458,000,000	81,354,000,000
Accounts payables-trade	4,466,000,000	829,000,000	4,499,000,000
Advances from customers	14,623,000,000	2,770,000,000	-
Taxes and payable to state budget	575,000,000	372,000,000	863,000,000
Payable to employees	1,202,000,000	1,218,000,000	1,141,000,000
Inter company payable	-	129,000,000	-
Other payables	835,000,000	764,000,000	633,000,000
I. Bonus and welfare funds	182,000,000	-	426,000,000
Long term liabilities	10,056,000,000	7,385,000,000	7,203,000,000
Long term other payables	10,000,000	-	-
Long term borrowings	-	7,385,000,000	-
Deffered revenue	10,046,000,000	-	7,203,000,000
I. Owner's equity	13,395,000,000	13,552,000,000	14,422,000,000
II. Owner's equity	13,395,000,000	13,552,000,000	14,422,000,000
Business capital	10,018,000,000	10,018,000,000	10,018,000,000
Share capital's surplus	2,608,000,000	2,608,000,000	2,608,000,000
Business development funds	57,000,000	57,000,000	57,000,000
Financial reserved funds	391,000,000	391,000,000	391,000,000
Retained earnings	321,000,000	478,000,000	1,348,000,000
Total resources	94,334,000,000	94,477,000,000	110,541,000,000

Note: (*)

Financial Highlights

INCOME STATEMENT

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Turnover(*)	847,655,000,000	4,184,761,000,000	2,016,159,000,000
Profit (Loss) Before Tax(*)	1,535,000,000	1,689,000,000	1,851,000,000
Profit After Tax attributable to Shareholders(*)	1,266,000,000	1,267,000,000	1,444,000,000

Gross sales	847,655,000,000	4,184,761,000,000	2,016,159,000,000
Less deductions	238,000,000	-	-
Net income	847,417,000,000	4,184,761,000,000	2,016,159,000,000
Cost of goods sold	821,630,000,000	4,153,515,000,000	1,990,902,000,000
Gross margin	25,787,000,000	31,246,000,000	25,257,000,000
Income from financial activities	61,000,000	55,000,000	134,000,000
Expenses from financial activities	8,010,000,000	6,091,000,000	6,347,000,000
In which: Interest expenses	-	6,026,000,000	6,347,000,000
Selling expenses	12,879,000,000	18,453,000,000	13,095,000,000
General & administration expenses	3,414,000,000	4,707,000,000	4,563,000,000
Net income from operating activities	1,545,000,000	2,050,000,000	1,386,000,000
Extraordinary income	63,000,000	562,000,000	1,004,000,000
Extraordinary expenses	73,000,000	923,000,000	539,000,000
Extraordinary gains	(10,000,000)	(361,000,000)	465,000,000
Net profit before tax	1,535,000,000	1,689,000,000	1,851,000,000
Income tax	269,000,000	422,000,000	407,000,000
Net profit after tax	1,266,000,000	1,267,000,000	1,444,000,000

Note: (*)

Financial Highlights

FINANCIAL RATIOS

Financial Highlights	2012 Annual	2013 Annual	2014 Annual
Growth %
Year-on-Year Growth	27.59	393.69	(51.82)
Profitability
Profit Margin (%)	0.15	0.03	0.07
Return on Equity (%)	9.45	9.35	10.01
Return on Assets (%)	1.34	1.34	1.31
Leverage
Total Debt Equity (Times)	6.04	5.97	6.66
Current Debt Equity (Times)	5.29	5.43	6.17
Long Term Debt to Equity	0.75	0.54	0.50
Total Asset To Total Equity	7.04	6.97	7.66
Asset Management
Total Assets Turnover (Times)	8.99	44.29	18.24
Fixed Assets Turnover (Times)	29.00	148.90	75.53
Liquidity
Current Ratio	0.92	0.90	0.94

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

Report Details

Country	:	Vietnam
Business Entity Name	:	QUANG NINH SEAPRODUCTS IMPORT EXPORT JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Seafood & Fishing Industry
Office Contact Details
Operating Address	:	35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh
Tel	:	[+84] 33-3829851
	:	[+84] 33-3825190
	:	[+84] 33-6258213
	:	[+84] 33-3825196
Fax	:	[+84] 33-6258030
	:	[+84] 33-3826683
Email	:	spef41.qn@hn.vnn.vn spef41@hn.vnn.vn
Website Details
Website	:	http://www.quangninhseaprodex.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	:	5700100714

Primary Products

Products / Materials / Services Description	Activity
Fish fillet	Manufacturing, Exporting
Frozen fish	Manufacturing, Exporting
Frozen shrimps	Manufacturing, Exporting
Seafood products	Manufacturing, Exporting
Shrimp meat	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Business Svcs, NEC	7389	Service
Fish & Seafoods	5146	Manufacturing, Exporting
Food and Kindred Products	2000	Manufacturing, Exporting
Fresh/Frozen Fish/Seafoods, NEC	2092	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 nesoi, frozen	0304207500	Manufacturing, Exporting
Fish, frozen (no fish fillets or other fish meat)	0303	Manufacturing, Exporting
Food preparations	2106	Manufacturing, Exporting
Shrimps and prawns, prepared nesoi, frozen	1605201030	Manufacturing, Exporting
Squid fillets, frozen	0307490010	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Shrimps, breaded	Primary	Manufacturing, Exporting
Squid steak	Primary	Manufacturing, Exporting
Squid sushi	Primary	Manufacturing, Exporting
Squid, frozen	Primary	Manufacturing, Exporting
Food processing	Secondary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of QUANG NINH SEAPRODUCTS IMPORT EXPORT JSC is Manufacturing - Finished products.

Key products include :

Fish fillet

Frozen fish

Frozen shrimps

Seafood products

Shrimp meat

Shrimps, breaded

Squid steak

Squid sushi

Squid, frozen

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, QUANG NINH SEAPRODUCTS IMPORT EXPORT JSC also is engaged in the following areas of business:

Exporting

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

Importing

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

Service

Specialized professional services

OTHER LICENSES

Issuing Authority	:	Ministry of Industry & Trade
License Name	:	Import license
License Number	:	49/BCT-XNK(MS-TPDL)

BANK DETAILS

Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM
Global Identifier	:	32400483
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	QUANG NINH
SWIFT Code	:	BIDVVNVX

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

OFFICE & FACILITIES

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

Name	:	QUANG NINH SEAPRODUCTS IMPORT EXPORT JSC - HA LONG, QUANG NINH
Primary Use	:	Office & Administration facilities
Address	:	35 Ben Tau St Bach Dang Ward, Ha Long, Quang Ninh
Country	:	Vietnam
Status	:	Operational

COMPANY HISTORY

Date	Details
2000 - Aug	Incorporated to continue a government enterprise XI NGHIEP XUAT KHAU THUY SAN QUANG NINH which was originally established in 1983.

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.85
UK Pound	1	Rs.100.58
Euro	1	Rs.73.16
VND	1	Rs.0.0029

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

INFORMATION DETAILS

Analysis Done by :	HNA

Report Prepared by :	ANK

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.