MIRA INFORM REPORT

Report Date :

05.09.2012

IDENTIFICATION DETAILS

Name :	ANIMEX SAIGON JOINT STOCK COMPANY
Registered Office :	No. 89A Nguyen Dinh Chieu Street, Ward 6, District 3, Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2009
Year of Establishment :	1993
Com. Reg. No.:	4103002169
Legal Form :	Joint Stock Company
Line of Business :	Exporting of agricultural products (rice, coffee beans, cashew nuts, copra, dried/salted chill, tapioca chips, pepper, maize, chili, pearl barley, ginger, turmeric, crocus, sesame, onion, saffron etc…), aquatic products (frozen shrimp, fish, cuttlefish, scallop, baby clam, swimming crab, dried skinned squid), animal and poultry products (frozen meat: pork, beef, chicken, duck, wet-salted buffalo & cow hide, buffalo horn tips).
No. of Employees :	50

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 :	Unknown
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^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Viet Nam	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

VIET NAM - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep 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 has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
Registered English Name	ANIMEX SAIGON JOINT STOCK COMPANY
Registered Vietnamese Name	CONG TY CO PHAN NONG HAI SUC SAN SAI GON
Trade name	ANIMEX SAIGON JOINT STOCK COMPANY
Registered Short name	ANIMEX SAIGON
Type of Business	Joint stock company
Year Established	1993
Business Registration No.	4103002169
Date of Registration	12 Mar 2004
Date of latest adjustment (9^th)	30 Dec 2008
Place of Registration	Business Registration Office – Planning and Investment Department of Ho Chi Minh City
Chartered capital	VND 36,000,000,000
Tax code	0303207388
Total Employees	50
Size	Small

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Registered English Name: VIETNAM NATIONAL LIVESTOCK AND POULTRY IMPORT - EXPORT CO. NO.1 Changed to: ANIMEX SAI GON JOINT STOCK COMPANY	12 Mar 2004
2	Subject has got former Registered Vietnamese Name: CONG TY XUAT NHAP KHAU SUC SAN GIA CAM 1 Changed to: CONG TY CO PHAN NONG HAI SUC SAN SAI GON	12 Mar 2004
3	Subject has got former Type of Business: State owned Company Changed to: Joint stock company	12 Mar 2004
4	Subject has got former Business Registration No. 102604 issued on 20 Apr 1993 Changed to: 4103002169	12 Mar 2004
5	Subject has got former chartered capital: VND 34,000,000,000 Changed to: VND 36,000,000,000	-

ADDRESSES
Head Office
Address	No. 89A Nguyen Dinh Chieu Street, Ward 6, District 3, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3930 3506, 3930 4175, 3930 5056
Fax	(84-8) 3930 3724
Email	animexsg@hcm.vnn.vn
Branch in Ho Chi Minh
Address	No. 36 Vuon Lai Street, Tan Thanh Ward, Tan Phu District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3810 4227, 3810 4226, 3810 4228
Fax	(84-8) 3842 5838

DIRECTORS
Position	Chairman cum General Director
Education	Bachelor
Date of Birth	02 Nov 1957
ID Number/Passport	020588323
ID Issue Date	13 Dec 2004
ID Issue Place	Police Station of Ho chi minh City
Resident	No. 60B Le Thi Rieng Street, Ben Thanh Ward, District 1, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Email	ltvinh@fidecovn.com
Qualification	Management
Years of experience	1981 – 1983: worked for Dong Nai Statistics Department. 1983- 1989: worked for Import- Export Department of Imexco. 1989 – 1995: Chief of Import- Export Department of Imexco. 1995 – 2003: Assistant for GD of FIDECO. 2003 – 04/2009: Project Management Manager of FIDECO. 2004- 2006: Member of BOD of FIDECO. 2006 – present: Member of BOd/ Deputy General Director of FIDECO. Current position: - Member of BOD of FIDECO. - Deputy General Director of FIDECO. - General Director of Chon thanh Industrial Park Corporation - Chairman of Animex.
2. NAME	Mr. TRINH THI HONG NGOC
Position	Vice General Director
Resident	Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Qualification	Management
3. NAME	Ms. NGHIEM (THI) PHI OANH
Position	Chief of Administration & Human Resource Department
Nationality	Vietnamese
Tel/Mobile phone	+84 903 176 399
4. NAME	Mr. LE THI HOA
Position	Chief Accountant
Resident	Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Qualification	Bachelor

BUSINESS NATURE AND ACTIVITIES

Following is the subject main businesses:

· Exporting of agricultural products (rice, coffee beans, cashew nuts, copra, dried/salted chill, tapioca chips, pepper, maize, chili, pearl barley, ginger, turmeric, crocus, sesame, onion, saffron etc…), aquatic products (frozen shrimp, fish, cuttlefish, scallop, baby clam, swimming crab, dried skinned squid), animal and poultry products (frozen meat: pork, beef, chicken, duck, wet-salted buffalo & cow hide, buffalo horn tips).

· Importing of animal feed ingredients & supplements (soybean meal, groundnut meal), veterinary products, raw materials for foodstuff processing, breeding chicks & pigs, dairy products, cold-storage & freezer equipment, other commodities for production and human consumption.

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Goods and materials
· Market	Indonesia, USA
· Mode of payment	T/T, L/C
EXPORT:
· Types of products	Agro products
· Market	USA, Japan, Philippines,
· Mode of payment	T/T, L/C

BANKERS
1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM BINH TAY BRANCH
Address	No.129-129A Hau Giang, No5 ward, District 6, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3960 0478
Fax	(84-8) 3960 6217
2. ASIA COMMERCIAL BANK TRUONG CHINH BRANCH
Address	No.85 - 87 Xuan Hong, No.12 ward, Tan Binh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3811 5422
Fax	(84-8) 3811 5432
3. VIETIN BANK BRANH NO. 2
Address	79A Ham Nghi Street, Nguyen Thai Binh Ward, District 1, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3829 0491
Fax	(84-8) 3914 1936
4. EASTERN ASIA COMMERCIAL JOINT STOCK BANK
Address	503 Truong Chinh Str, Tan Binh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3849 6324
Fax	(84-8) 3810 5750
SWIFT Code	EACBVNVX

SHAREHOLDERS
1. NAME	STATE OWNED SHARES
Value of shares	VND 2,400,000,000
Percentage	6.667%
Representative	Mr. HA MINH NHAT
ID Number/Passport	011009427
Resident	No. 16 Le Dai Hanh Street, Thua Thien-Hue Province, Vietnam
Nationality	Vietnamese
2. NAME	Mr. DANG HONG KY
Date of Birth	04 Jun 1962
ID Number/Passport	022535178
Issued Place	Police Station of Ho chi minh City
Resident	187/8 Luong Nhu Hoc Street, Ward 11, District 5, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 260,000,000
Percentage	0.722%
3. NAME	Ms. LE THI MY QUANG
Date of Birth	04 Jun 1964
ID Number/Passport	022077513
Issued Place	Police station of Ho Chi Minh City
Resident	No.170 Hung Vuong Str, Ward 12, District 5, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 285,000,000
Percentage	0.792%
4. NAME	Ms. LE THI THANH MAI
Date of Birth	04 Jun 1965
ID Number/Passport	022759608
Issued Place	Police Station of Ho chi minh City
Resident	No.18 Nguyen Van Mai, Ward 8, District 3, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 323,000,000
Percentage	0.897%
5. NAME	Mr. PHAM DINH LONG
Date of Birth	04 Jul 1955
ID Number/Passport	020056485
Issued on	13 Jul 1995
Issued Place	Police station of Ho Chi Minh City
Resident	No. 288/C7 Nam Ky Khoi Nghia Street, Ward 8, District 3, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Value of shares	VND 227,000,000
Percentage	0.631%
6. NAME	79 other shareholders
Value of shares	VND 20,505,000,000
Percentage	56.958%

FINANCIAL DATA
BALANCE SHEET
Unit: Million VND
Balance sheet date	31/12/2009	31/12/2008	31/12/2007
Number of weeks	52	52	52
ASSETS
A – CURRENT ASSETS	40,129	35,346	40,294
I. Cash and cash equivalents	1,860	264	2,139
1. Cash	1,860	264	2,139
2. Cash equivalents	0	0	0
II. Short-term investments	0	0	0
1. Short-term investments	0	0	0
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	37,110	17,285	34,687
1. Receivable from customers	22,858	12,592	18,207
2. Prepayments to suppliers	13,752	4,677	15,971
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	500	16	1,009
6. Provisions for bad debts	0	0	-500
IV. Inventories	1,124	17,508	2,401
1. Inventories	1,124	17,508	2,401
2. Provisions for devaluation of inventories	0	0	0
V. Other Current Assets	35	289	1,067
1. Short-term prepaid expenses	9	22	10
2. VAT to be deducted	0	354	1,041
3. Taxes and other accounts receivable from the State	26	0	0
4. Other current assets	0	-87	16
B. LONG-TERM ASSETS	41,208	37,625	17,081
I. Long term accounts receivable	3,899	0	0
1. Long term account receivable from customers	266	0	0
2. Working capital in affiliates	0	0	0
3. Long-term inter-company receivable	3,633	0	0
4. Other long-term receivable	0	0	0
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	1,441	1,817	1,242
1. Tangible assets	1,416	1,817	1,242
- Historical costs	7,801	7,786	7,028
- Accumulated depreciation	-6,385	-5,969	-5,786
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	0	0	0
- Initial costs	0	0	0
- Accumulated amortization	0	0	0
4. Construction-in-progress	25	0	0
III. Investment property	15,192	15,516	15,839
Historical costs	16,162	16,162	16,162
Accumulated depreciation	-970	-646	-323
IV. Long-term investments	20,676	20,000	0
1. Investments in affiliates	20,676	20,000	0
2. Investments in business concerns and joint ventures	0	0	0
3. Other long-term investments	0	0	0
4. Provisions for devaluation of long-term investments	0	0	0
V. Other long-term assets	0	292	0
1. Long-term prepaid expenses	0	292	0
2. Deferred income tax assets	0	0	0
3. Other long-term assets	0	0	0
TOTAL ASSETS	81,337	72,971	57,375
LIABILITIES
A- LIABILITIES	22,722	14,421	28,655
I. Current liabilities	22,417	14,331	28,568
1. Short-term debts and loans	20,000	13,187	21,860
2. Payable to suppliers	1,389	792	71
3. Advances from customers	781	110	374
4. Taxes and other obligations to the State Budget	211	45	61
5. Payable to employees	0	0	0
6. Accrued expenses	0	0	1
7. Inter-company payable	0	160	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	36	37	6,201
10. Provisions for short-term accounts payable	0	0	0
II. Long-Term Liabilities	305	90	87
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	305	79	87
4. Long-term debts and loans	0	0	0
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	0	11	0
7. Provisions for long-term accounts payable	0	0	0
B- OWNER’S EQUITY	58,615	58,550	28,720
I. OWNER’S EQUITY	58,615	58,550	28,614
1. Capital	36,000	36,000	24,000
2. Share premiums	21,640	21,640	3,400
3. Other sources of capital	-359	0	0
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	0	0	0
7. Business promotion fund	889	417	888
8. Financial reserved fund	326	493	326
9. Other funds	0	0	0
10. Retained earnings	119	0	0
11. Construction investment fund	0	0	0
II. Other sources and funds	0	0	106
1. Bonus and welfare funds (Elder form)	0	0	106
2. Sources of expenditure	0	0	0
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	81,337	72,971	57,375

PROFIT & LOSS STATEMENT
Description	FY2009	FY2008	FY2007
1. Total Sales	161,101	215,631	229,766
2. Deduction item		0	0
3. Net revenue	161,101	215,631	229,766
4. Costs of goods sold	153,144	200,853	216,632
5. Gross profit	7,957	14,778	13,134
6. Financial income	2,415	2,448	3,447
7. Financial expenses	1,792	4,180	5,272
- In which: Loan interest expenses	1,615	2,910	4,933
8. Selling expenses	4,952	7,448	8,970
9. Administrative overheads	3,057	1,968	2,810
10. Net operating profit	571	3,630	-471
11. Other income	794	481	10,291
12. Other expenses	769	373	5,850
13. Other profit /(loss)	25	108	4,441
14. Total accounting profit before tax	596	3,738	3,970
15. Current corporate income tax	152	1,051	1,188
16. Deferred corporate income tax	0	0	0
18. Profit after tax	444	2,687	2,782

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2009	FY2008	FY2007	Average Industry
Current liquidity ratio	1.79	2.47	1.41	1.29
Quick liquidity ratio	1.74	1.24	1.33	0.90
Inventory circle	136.25	20.18	90.23	16.60
Average receive period	84.08	29.26	55.10	61.82
Utilizing asset performance	1.98	2.96	4.00	2.31
Liability by total assets	27.94	19.76	49.94	66.08
Liability by owner's equity	38.76	24.63	99.77	252.07
Ebit / Total assets (ROA)	2.72	7.67	13.45	6.85
Ebit / Owner's equity (ROE)	3.77	9.56	26.86	25.35
Ebit / Total revenue (NPM)	1.37	2.60	3.36	4.35
Gross profit / Total revenue (GPM)	4.94	6.85	5.72	8.03
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
Liquidity	N/A
Payment status	N/A
Financial Situation	Average
Development trend	N/A
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	T/T, L/C
Sale Methods	Retailer and Wholesaler

INTERPRETATION ON THE SCORES

Originally, ANIMEX SAIGON was a state owned company, directly under of Vietnam National Livestock Corporation (VINALIVESCO). Subject was found in April 1993. In October 2003, Ministry of Agriculture and Rural Development according to a decision No. 471/QD/BNN-TCCCPP has changed subject to joint stock company. And subject official operated as a joint stock company on March 12th 2004 with new trade name ANIMEX SAIGON JOINT STOCK COMPANY. At present, its is operating under business registration No. 4103002169 issued by Planning and Investment Department of Ho Chi Minh City and registered capital is VND 36 billion.

Subject is operating in many fields such as exporting the items of animal, poultry, agricultural and aquatic products; importing the items of veterinary products, ingredients and supplements for animal feed, raw materials and machinery for foodstuff processing, dairy products and various kinds of manufactured foodstuff, goods for production and daily consumption.

Some main import markets of the subject are Indonesia, USA. The subject now has export activities with the countries of USA, Japan, Philippines. At the moment, the subject concentrates on trading, importing animal feed and exporting agricultural products.

The subject is a member of Vietnam Food Association. The management capability of the subject is improved after rearrangement. The subject has good experience in import & export of various kinds of goods. The competitive capability of the subject is average. Generally, the subject has prospect of future development.

------------ APPENDIX ----------

INDUSTRY DATA
Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2009		Total employees 2010 (Thous.pers.)	Annual average capital of enterprises 2009 (billion dongs)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,749		23,896.3	81,559
Industry and Construction	5.53	7.70	85,115		10,630	2,751,975
Trade and Services	6.69	7.52	154,978		14,522	4,939,069
ECONOMIC INDICATORS
			2011	2010		2009
Population (Million person)			87.84	86.93		86.02
Gross Domestic Products (USD billion)			119	102.2		91
GDP Growth (%)			5.89	6.78		5.32
GDP Per Capita (USD/person/year)			1,300	1,160		1,080
Inflation (% Change in Composite CPI)			18.58	11.75		6.88
State Budget Deficit compared with GDP (%)			4.9	5.8		6.9
SERVICE TRADE PERFORMANCE
Billion USD			2011	2010		2009
Exports			96.3	72.2		57.1
Imports			105.8	84.8		69.9
Trade Balance			-9.5	-12.6		-12.8

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.54
UK Pound	1	Rs.88.23
Euro	1	Rs.70.02

INFORMATION DETAILS

Report Prepared by :

PRL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.