MIRA INFORM REPORT

Report Date :

30.11.2007

IDENTIFICATION DETAILS

Name :	TAN AN FOODS PROCESSING EXPORT COMPANY LIMITED
Registered Office :	No. 202, Xuan Cau Hamlet, Loi Binh Nhon Commune, Tan An Town, Long An Province
Country :	Vietnam
Date of Incorporation :	1998
Legal Form :	Liability Limited Company
Line of Business :	Manufacturing and trading cashew nut, agriculture products.

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 :	Regular
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
English Name	TAN AN FOODS PROCESSING EXPORT COMPANY LIMITED
Vietnamese name	CONG TY TNHH CHE BIEN NONG SAN THUC PHAM XUAT KHAU TAN AN
Trade Name	TANIMEX CO., LTD
Type of Business	Liability limited company
Foundation	1998
Business registration No	041211
Issued on	May 16^th, 2002
Place of Issuance	Planning and investment department of Long An Province
Registered Capital	13,000,000,000 VND
Tax Code	1100120045
Total Employees	2,000 employees
Qualification	Average
ADDRESS
Head Office
Address	No. 202, Xuan Cau Hamlet, Loi Binh Nhon Commune, Tan An Town, Long An Province
Country	Vietnam
Tel	(84-72) 824937/ 834892/ 522827
Fax	(84-72) 824745
Email	tanimexcoltd@fmail.vnn.vn
Website	www.tanimexco.com
DIRECTORS
1. NAME	Mr. NGUYEN DUC THANH
Position	Director
Date of birth	1950
ID No	300596051
Issued on	September 23^rd, 1988
Issued by	Police station of Long An Province
Resident	No. 32, Street 10, Binh Quan 2 Quarter, Ward 4, Tan Town, Long An Province
Nationality	Vietnamese
2. NAME	Mr. VO VAN HONG
Position	Deputy director
ID No	300578969
Resident	No. 202, Xuan Cau Hamlet, Loi Binh Nhon Commune, Tan An Town, Long An Province
Nationality	Vietnamese
3. NAME	Mr. BUI KHAC NHA
Position	Import export manager
Resident	Long An Province
Nationality	Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject is specializing in manufacturing and trading cashew nut, agriculture products
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports materials from Indonesia and Singapore
EXPORT: The subject exported its products to America, China, Japan, EU and Middle East countries
BANKERS
1. INCOMBANK
Address	No. 396, National Road 1, Tan An Town, Long An Province
Tel	84-72 829425
2. VIETCOMBANK
3. HONG KONG AND SHANGHAI BANK
SHAREHOLDERS
1. Name	Ms. HA THI TUYET VAN
Position	Shareholder
ID No	300004151
Resident	No. 32, Street 10, Binh Quan 2 Quarter, Ward 4, Tan Town, Long An Province
Nationality	Vietnamese
Share	40%
Value	5,200,000,000 VND
2. NAME	Mr. VO VAN HONG
Position	Deputy director
ID No	300578969
Resident	No. 202, Xuan Cau Hamlet, Loi Binh Nhon Commune, Tan An Town, Long An Province
Nationality	Vietnamese
Share	20%
Value	2,600,000,000 VND
3. Name	Ms. NGUYEN THI HONG NHA
Position	Shareholder
ID No	280064702
Resident	No. 43, Do Huu Vi Str, Lai Thieu Town, Thuan An Distr, Binh Duong Province
Nationality	Vietnamese
Share	20%
Value	2,600,000,000 VND
4. Name	Mr. HUYNH VAN ANH DUNG
Position	Shareholder
ID No	300379502
Resident	No. 37, Pham Van Chieu Str, Ward 6, Tan An Town, Long An Province
Nationality	Vietnamese
Share	20%
Value	2,600,000,000 VND
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Above average
Liquidity	Fairly good
Previous Payments	Fairly prompt
Payment status	Prompt
Past Financial Situation	Fairly good
Current Financial Situation	Good
Litigation Data	No recorded
Bankruptcy	No recorded
Public opinion	Fairly good
Payment Methods	Through its bank, L.C, T.T
FINANCIAL DATA
Unit: 1,000,000 VND
Description		2006	2005	2004
A. Working assets & short-term Investment		76,500	54,232	22,396
B. Fixed assets & Long term investment		8,520	5,176	2,385
TOTAL ASSETS		85,020	59,408	24,781
A. Payable loans		65,900	44,245	15,108
B. Owner’s Equity		19,120	15,163	9,673
TOTAL LIABILITY AND EQUITY		85,020	59,408	24,781
Total revenue		467,800	439,093	149,937
Deductions Items		0	0	0
Net revenue		467,800	439,093	149,937
Net income from business activities		8,800	11,665	10,696
Net income from financial operation		0	-4,020	-3,058
Irregular Profit		0	0	0
Total pre-tax profit		8,800	7,645	7,638
INTERPRETATION
Tan An Food Processing Export Company Limited has the shortened name of TANIMEX CO., LTD. The subject was original found in 1998 under the current business registration of 041211 issued by Planning and investment department of Long An Province. Tanimex company limited is now specializing in manufacturing and trading cashew nuts. It has branches in Binh Duong, Long An and Tien Giang Provinces to purchase materials for its production. It has about 2,000 employees in total for its operation. The subject’s products are export to America, Australia, Japan, China, Middle East and some of EU countries. The subject has granted GMP, HACCP, ISO 9001:2000 for its qualify management systems. Recently, its operation is fairly good. Its management capability is fairly good. Its annual revenue and profit are increased gradually. It has prospect of development in the future with stable material source and market share.
The company has ADEQUATE capacity to meet financial commitments but less stability than higher rated companies.

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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%)

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