October 2012
CAMAU FROZEN SEAFOOD PROCESSING
IMPORT EXPORT CORPORATION
(CAMIMEX)
CONTENTS
1. SECTOR OVERVIEW
2. COMPANY DETAILS
a) Development milestone
b) Land and Location
c) Farming
d) Products
e) Markets
f)
Processing Capacity
g) Shareholder structure and Management
3. INVESTMENT RATIONALE
4. PARNERSHIP OPPORTUNITY
2
1. SECTOR OVERVIEW
 Shrimp sector plays an important role of
Vietnam export, accounted 40% of total
seafood exporting each year;
Vietnam
Shrimp
Turnover
(VND bn)
 Japan is the biggest Importer of Vietnam
shrimp.
Since
mid-May
2012,
Japan
officially inspected Ethoxyquin residue on
30% of shrimp consignments originated
from Vietnam with maximum residue limits
(MRLs) of 0.01 ppm. This is a big challenge
with Camimex compepitors, but a chance
for Camimex to increase exporting volumn
to Japan market;
Vietnam
Shrimp
Importers,
Jan-Jun 2012
 In the first half of 2012, Vietnam shrimp
sector has total more than US$1 billion of
export value. In which, Japan, US and EU
were three leading importers, representing
a proportion of 61% in total earnings.
3
2. COMPANY DETAILS – Development milestones
2011_
 The State completed its divestment from Camimex;
 Raising Chartered capital to VND 132mn;
2009 _
 State reduced its stake to 43%;
 Raising Chartered capital to VND 115mn;
2008 _
 Invest USD 850,000 to establish a subsidiary at US
named CMX Food Inc, in charge of distributing
Camimex’s products in US;
 Raising Chartered capital to VND 93mn;
2007_
 Raising Chartered capital to VND 82mn;
2006_
 Equitization and operating as a Joint Stock Company
with Chartered capital VND 65bn. State owns 65%;
 Extend factory capacity to 10,000 tons/year
2002_
 Extend factory capacity to 7,000 tons/year
1996_
 Sign exclusive contract worth $15mn/year with a Swiss
distributor to sell organic shrimp;
1993_
 Invest in seafood processing factory with capacity 600
tons/year;
1977_
 Founded in 1977 as a 100% state-owned cold storage
factory;
4
2. COMPANY DETAILS – Land & Location
 ADVANTAGOUS
LOCATION
:
located in Ca Mau City where the
natural environment suits organic
and
extensive
shrimp
farming.
Therefore, shrimp from this region
has
higher
quality
and
lower
chemicals/antibiotics than shrimp
from other areas.
 LARGE
LAND
HOLDINGS
:
Camimex has land use rights over
10,000 hectares, of which 6,000 is
water surface area suitable for
organic farming, plus another 650
hectares for extensive farming. The
company is currently operating on
just 10% of its total farmable area
and has a lot of chance to increase
that ratio.
5
2. COMPANY DETAILS
– Diversify Farming with exclusive Organic
 ORGANIC FARMING: Using large area, about 40% for shrimp raising and
remaining 60% for tree planting. The environment becomes naturally
fertilized and no industrial food is added. Shrimp has highest quality, less
risk of disease and can be exported at high price. Camimex has 6,500ha
with raw material output 1.100 tones/year.
 EXTENSIVE FARMING: A certain amount of baby shrimps is added to the
pond on regular basis . This way requires less investment and can harvest
shrimp every time during the year. Camimex has 250ha in Ca Mau..
 INDUSTRIAL FARMING: High density of shrimps (120 shrimps per sqm)
with industrial food. High investment, high yield (up to 8 tons per hectare).
A pond can be harvested every 3-4 months. Camimex has 250ha in Kien
Giang (of which 50ha is used).
 POST LARVAE: Camimex has their own post larvae feeding area (5ha) at
Camau which supplies baby shirmp both for their farms and contracted
farmers. Shrimp parents are caught from the sea. Now Camimex supplies
14 mn post parvae per year and expects to 60mn next year.
6
2. COMPANY DETAILS – Processing capacity
 3 Processing lines: total capacity 10,000 tons/year. Self-
 An additional processing line
farming provide about 30% shrimp for processing. Remaining
(focus
on
added
is purchased through contracted agents or directly from
shirmp) is being built on
farmers. Farmers, ponds and agents are all coded for
company-owned
traceability system.
capacity
7,000
land
value
with
tons/year.
About VND 50bn has been
injected and construction for
processing area is almost
finished.
7
2. COMPANY DETAILS – Products
Black
Tiger
Head-on
Shell-on
Black Tiger
Head-less
Shell-on
Black
Tiger
Peeled
Deveined
Tail-on
Nobashi
Vannamei
Head-on
Shell-on
Shrimp
Gyoza
Vannamei
Headless
Shell-on
Shrimp
Wantan
Vannamei
Peeled
Deveined
Tail-off
Potato
Wrapped
Shrimp
Shushi
Shrimp
Four
Colour
Haukau
8
2. COMPANY DETAILS – Markets
 EXPAND JAPAN MARKET: In the
second quarter of this year, a
series
of
additional
quality
standards have been introduced
US
$44mn
by the Japanese government,
US
$19mn
which
have
hit
Vietnam’s
industrial shrimp exports to that
market;
EU
$17mn
EU
$17mn
Vietnam
$2mn
Japan
$6mn
Others
$10mn
Japan
$7mn
Vietnam
$6mn
Others
$13mn
US
$9mn
Others
$7mn
lies
an
opportunity for the organic and
Market structure 2011
extensive shrimp on which this
company exclusively focuses;
EU
$17mn
Japan
$4mn
herein
 EXCLUSIVE CONTRACT: worth
$15m/year (= c. VND 310bn) to
Vietnam
$3mn
sell
organic
shrimps
to
a
distributor in Switzerland, who
pays a high price and is flexible
on shipment terms.
Selling Turnover
9
2. COMPANY DETAILS – SH structure & Management
Mr. Nguyen An Ninh – BOD member - CEO
He has more than 20 years of experience in the shrimp
business, including farming, processing and exporting
Mr. Bui Si Tuan - Chairman
He has more than 15 years of experience in the shrimp
business, and finance
Shareholder Structure
10
3. INVESTMENT RATIONALE
1
Advantageous locations
6
2
Strong growth potentials
in term of expand
volume, revenue and
profit
Large land holdings
3
5
Assertive and savvy
management
Vertically integrated
4
Exclusive contract to sell
organic shrimp
11
4. PARNERSHIP OPPORTUNITY
 Target  end of 2013 nearly double processing capacity
 Fund raising : VND 200bn;
 Purpose:
 VND 70bn for working capital;
 VND 80bn for new factory; and
 VND 50bn for farm expansion.
 Shares are preferable. Convertible bond can be negotiated;
12