MIRA INFORM REPORT

Report No. :	324428
Report Date :	10.06.2015

IDENTIFICATION DETAILS

Name :	SAO TA FOODS JSC
Registered Office :	Km 2132 National Highway 1A Ward 2, Soc Trang, Soc Trang
Country :	Vietnam
Financials (as on) :	2015
Date of Incorporation :	03.11.2010
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Food Products.
No. of Employees :	2,412

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 :	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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Vietnam	A2	A2

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. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries . Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink 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 account for about 40% of GDP. 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 hurt Vietnam's export-oriented economy, with GDP in 2014 growing at 5.4%, one of the slower growth rates since 1999. Exports have grown strongly in 2013-14; several administrative actions brought the trade deficit back into balance. 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. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. 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 the restructuring of 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. Vietnam is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Organization Name	:	SAO TA FOODS JSC
Address	:	Km 2132 National Highway 1A Ward 2, Soc Trang, Soc Trang
Country	:	Vietnam
Phone (S)	:	[+84] 79-3822223
Facsimile	:	[+84] 79-3822122
Email	:	info@fimexvn.com
Website	:	http://www.fimexvn.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Food Products

Registered Legal Address

:

Km 2132 National Highway 1A Ward 2, Soc Trang, Soc Trang

Operational Address

:

Km 2132 National Highway 1A Ward 2, Soc Trang, Soc Trang

Trading Name

:

FIMEX VN

Issuing Authority

:

Dept. of Planning & Investment - Soc Trang

License Number

:

2200208753

License Status

:

License exists - Normal.

Legal Form - Category

:

Public Listed Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

3 Nov, 2010

Employees

:

2,412

Capital

:

US$ 9,178,522

PREVIOUS BUSINESS LICENSE/S

:

License Date	License No.
19 Dec, 2002	5903000012

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Luc Quoc Ho
Local Name	:	Lực Quốc Hồ
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Thoi Van Dinh	Vietnamese	Deputy Managing Director	-
2	Mrs. Kim Ngoc Duong	Vietnamese	Deputy Managing Director	-
3	Mr. Thang Viet Ha	Vietnamese	Vice Chairman	-
4	Mr. Luc Quoc Ho	Vietnamese	Managing Director	-
5	Mr. Hung Ich Ma	Vietnamese	Deputy Managing Director	-
6	Mr. Viet Hoang Pham	Vietnamese	Deputy Managing Director	-
7	Mr. Chang Minh To	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03861593
Name	:	Mr. Thoi Van Dinh
Name in local language	:	Thới Văn Đinh
Date of Birth	:	2 Oct, 1962

Management Details - 2

Personal Unique Identifier	:	MI03861594
Name	:	Mrs. Kim Ngoc Duong
Name in local language	:	Kim Ngọc Dương
Date of Birth	:	18 Aug, 1958

Management Details - 3

Personal Unique Identifier	:	MI03861755
Name	:	Mr. Thang Viet Ha
Date of Birth	:	1964

Management Details - 4

Personal Unique Identifier	:	MI03861591
Name	:	Mr. Luc Quoc Ho
Name in local language	:	Lực Quốc Hồ
Date of Birth	:	7 May, 1956

Management Details - 5

Personal Unique Identifier	:	MI03861592
Name	:	Mr. Hung Ich Ma
Name in local language	:	Hưng Ích Mã
Date of Birth	:	11 Feb, 1970

Management Details - 6

Personal Unique Identifier	:	MI03861595
Name	:	Mr. Viet Hoang Pham
Name in local language	:	Việt Hoàng Phạm
Date of Birth	:	25 Nov, 1964

Management Details - 7

Personal Unique Identifier	:	MI03861596
Name	:	Mr. Chang Minh To
Name in local language	:	Chẳng Minh Tô
Date of Birth	:	12 Jun, 1970

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03861596
Name	:	Mr. Chang Minh To
Name in local language	:	Chẳng Minh Tô
Date of Birth	:	12 Jun, 1970
2
Personal Unique Identifier	:	MI03861592
Name	:	Mr. Hung Ich Ma
Name in local language	:	Hưng Ích Mã
Date of Birth	:	11 Feb, 1970
3
Personal Unique Identifier	:	MI03861591
Name	:	Mr. Luc Quoc Ho
Name in local language	:	Lực Quốc Hồ
Date of Birth	:	7 May, 1956
4
Personal Unique Identifier	:	MI03861757
Name	:	Mr. Tam Thanh Chung
Date of Birth	:	1963
5
Personal Unique Identifier	:	MI03861755
Name	:	Mr. Thang Viet Ha
Date of Birth	:	1964
6
Personal Unique Identifier	:	MI03861593
Name	:	Mr. Thoi Van Dinh
Name in local language	:	Thới Văn Đinh
Date of Birth	:	2 Oct, 1962
7
Personal Unique Identifier	:	MI03861760
Name	:	Mr. Tung Thanh Nguyen
Date of Birth	:	1983
8
Personal Unique Identifier	:	MI03861595
Name	:	Mr. Viet Hoang Pham
Name in local language	:	Việt Hoàng Phạm
Date of Birth	:	25 Nov, 1964
9
Personal Unique Identifier	:	MI03861758
Name	:	Mr. Vu Thanh Hoang
Date of Birth	:	1978
10
Personal Unique Identifier	:	MI03861594
Name	:	Mrs. Kim Ngoc Duong
Name in local language	:	Kim Ngọc Dương
Date of Birth	:	18 Aug, 1958

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing SAO TA FOODS 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)

Share Value	:	₫ 10,000
Authorized Capital	:	₫ 200,000,000,000
Paid-up Capital	:	₫ 200,000,000,000

Date	Authorized Capital - History
19 Dec, 2002	104,000,000,000
22 Nov, 2003	60,000,000,000
2007	79,000,000,000
Feb, 2009	80,000,000,000
Mar, 2013	130,000,000,000
16 Jan, 2015	200,000,000,000

SHAREHOLDERS

Total number of shareholders	:	1,492
Total number of shares	:	20,000,000

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Public shareholding traded via Stock Exchange	n/a	18,010,940	180,109,400,000	90.04
2	SOC TRANG PROVINCIAL PARTY COMMITTEE	Vietnam	1,380,000	13,800,000,000	6.90
3	Mr. Luc Quoc Ho	Vietnam	200,000	2,000,000,000	1.00
4	Mr. Viet Hoang Pham	Vietnam	71,250	712,500,000	0.36
5	Mrs. Kim Ngoc Duong	Vietnam	62,000	620,000,000	0.31
6	Mr. Vu Thanh Hoang	Vietnam	42,110	421,100,000	0.21
7	Mr. Nghiep Van Ngo	Vietnam	42,000	420,000,000	0.21
8	Mr. Chang Minh To	Vietnam	35,600	356,000,000	0.18
9	Mr. Hung Ich Ma	Vietnam	34,550	345,500,000	0.17
10	Mr. Thoi Van Dinh	Vietnam	34,550	345,500,000	0.17
11	Mr. Thang Viet Ha	Vietnam	25,000	250,000,000	0.13
12	Mr. Su Thanh Huynh	Vietnam	18,000	180,000,000	0.09
13	Mr. Tam Thanh Chung	Vietnam	15,000	150,000,000	0.08
14	Mr. Tung Thanh Nguyen	Vietnam	15,000	150,000,000	0.08
15	Mr. Nhan Thanh Pham	Vietnam	14,000	140,000,000	0.07
Total			20,000,000	200,000,000,000	100.00

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	20%
International Sales (Export)	80%

Annual Purchases Analysis	Percentage
Local Purchases	70%
Imports	30%

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

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2013 Annual	103,727,222	35,174,878	1,552,440
2014 Annual	137,175,174	56,277,151	2,969,693
2015 1st Qtr	23,145,325	45,725,978	543,522

Sales Trend – Analysis

2006	2007	2008	2009	2010	2011	2012	2013	2014	2015
-	-	-	-	-	-	-	-		-

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Turnover	Assets	Net Income
2012 Annual	74,376,532	22,039,255	292,778

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2013 Annual	2014 Annual	2015 1st Qtr
Current Assets(*)	605,705,000,000	999,101,600,801	782,385,939,925
Non Current Assets(*)	136,066,000,000	190,799,962,991	213,983,119,952
Non Current Liabilities(*)	530,000,000	7,406,853,000	7,204,320,750
Share Capital(*)	130,000,000,000	200,000,000,000	200,000,000,000
Other long term assets
Total Assets(*)	741,771,000,000	1,189,901,563,792	996,369,059,877
Total Liabilities(*)	506,278,000,000	800,606,729,011	636,856,840,084
Current Liabilities(*)	505,748,000,000	793,199,876,011	629,652,519,334
Long term liabilities
Shareholders Funds(*)	235,493,000,000	389,294,834,781	359,512,219,793
Current assets & short term investments	605,705,000,000	999,101,600,801	782,385,939,925
Cash & cash equivalents	151,574,000,000	261,983,365,391	195,802,153,355
Cash	33,774,000,000	122,583,365,391	9,802,153,335
Cash equivalents	117,800,000,000	139,400,000,000	186,000,000,000
Accounts receivable	131,490,000,000	182,484,764,955	144,068,803,619
Accounts receivable trade	137,488,000,000	167,523,078,695	123,876,082,444
Trade prepayment	21,797,000,000	5,950,151,085	12,895,352,524
Others receivables	1,294,000,000	30,410,746,246	28,696,579,722
Provision for bad debts	(29,089,000,000)	(21,399,211,071)	(21,399,211,071)
i. Inventories	300,126,000,000	531,634,996,663	423,014,563,815
ii. Inventories	300,126,000,000	531,634,996,663	423,014,563,815
i. Other short term asset	22,515,000,000	22,998,473,792	19,500,419,136
Prepaid expenses	3,151,000,000	4,548,008,705	2,635,941,898
VAT deductible	18,632,000,000	10,320,316,994	10,390,268,071
Other tax receivables	14,000,000	7,064,500,600	5,550,173,367
ii. Other short term asset	718,000,000	1,065,647,493	924,035,800
Long term assets	136,066,000,000	190,799,962,991	213,983,119,952
Fixed assets	118,082,000,000	170,206,873,579	186,409,551,707
Tangible fixed assets	91,594,000,000	86,615,427,045	81,408,174,000
i. Cost	296,454,000,000	310,212,443,806	310,421,361,770
i. Accumulated depreciation	(204,860,000,000)	(223,597,016,761)	(229,013,187,770)
Intangible fixed assets	10,529,000,000	10,229,013,892	9,416,817,911
ii. Cost	11,381,000,000	11,381,287,100	10,483,273,100
ii. Accumulated depreciation	(852,000,000)	(1,152,273,208)	(1,066,455,189)
Construction in progress	15,959,000,000	73,362,432,642	95,584,559,796
Long term investments	10,400,000,000	10,400,000,000	10,400,000,000
Other long term investments	10,400,000,000	10,400,000,000	10,400,000,000
Other long term assets	7,584,000,000	10,193,089,412	17,173,568,245
Long term prepayments	7,584,000,000	8,817,718,812	15,798,197,645
Asset of income tax delay	-	1,375,370,600	1,375,370,600
Total assets	741,771,000,000	1,189,901,563,792	996,369,059,877
Liabilities	506,278,000,000	800,606,729,011	636,856,840,084
Current liabilities	505,748,000,000	793,199,876,011	629,652,519,334
Short term borrowings	405,571,000,000	684,932,448,000	543,928,506,000
Accounts payables-trade	71,059,000,000	62,922,513,796	53,270,525,511
Advances from customers	9,000,000	656,065,100	165,691,530
Taxes and payable to state budget	3,287,000,000	6,755,443,884	4,882,520,929
Payable to employees	17,310,000,000	29,629,973,248	14,692,261,539
Accrued expenses payable	3,035,000,000	2,870,055,314	120,000,000
Other payables	4,989,000,000	5,359,339,581	5,183,426,772
i. Bonus and welfare funds	488,000,000	74,037,078	7,409,587,053
Long term liabilities	530,000,000	7,406,853,000	7,204,320,750
Long term other payables	530,000,000	7,406,853,000	7,204,320,750
i. Owner's equity	235,493,000,000	389,294,834,781	359,512,219,793
ii. Owner's equity	235,493,000,000	389,294,834,781	359,512,219,793
Business capital	130,000,000,000	200,000,000,000	200,000,000,000
Share capital's surplus	36,658,000,000	71,343,677,202	71,343,677,202
Shares	(10,535,000,000)	-	-
Business development funds	35,879,000,000	40,789,981,459	58,814,757,562
Financial reserved funds	8,000,000,000	9,636,898,894	12,776,410,793
Retained earnings	35,491,000,000	67,524,277,226	16,577,374,236
Total resources	741,771,000,000	1,189,901,563,792	996,369,059,877

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2013 Annual	2014 Annual	2015 1st Qtr
Turnover(*)	2,187,409,000,000	2,900,377,000,000	504,336,638,515
Profit (Loss) Before Tax(*)	35,585,000,000	78,551,000,000	15,183,762,804
Profit After Tax attributable to Shareholders(*)	32,738,000,000	62,790,000,000	11,843,334,987
Gross sales	2,187,409,000,000	2,900,377,000,000	504,336,638,515
Less deductions	3,016,000,000	19,615,000,000	-
Net income	2,184,393,000,000	2,880,762,000,000	-
Cost of goods sold	2,050,790,000,000	2,652,807,000,000	461,326,609,356
Gross margin	133,603,000,000	227,955,000,000	43,010,029,159
Income from financial activities	11,314,000,000	10,206,000,000	4,157,807,780
Expenses from financial activities	17,674,000,000	18,372,000,000	6,445,140,522
In which: Interest expenses	10,771,000,000	12,978,000,000	3,084,674,332
Selling expenses	61,625,000,000	80,039,000,000	14,963,610,685
General & administration expenses	30,631,000,000	61,602,000,000	8,413,013,768
Net income from operating activities	34,987,000,000	78,148,000,000	17,346,071,964
Extraordinary income	837,000,000	1,546,000,000	2,821,807,545
Extraordinary expenses	239,000,000	1,143,000,000	4,984,116,705
Extraordinary gains	598,000,000	403,000,000	(2,162,309,160)
Net profit before tax	35,585,000,000	78,551,000,000	15,183,762,804
Income tax	2,847,000,000	17,136,000,000	3,340,427,817
Income tax delay	0	1,375,000,000	-
Net profit after tax	32,738,000,000	62,790,000,000	11,843,334,987

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2013 Annual	2014 Annual	2015 1st Qtr
Growth %
Year-on-Year Growth	41.23	32.59	-
Profitability
Profit Margin (%)	1.50	2.16	2.35
Return on Equity (%)	13.90	16.13	3.29
Return on Assets (%)	4.41	5.28	1.19
Leverage
Total Debt Equity (Times)	2.15	2.06	1.77
Current Debt Equity (Times)	2.15	2.04	1.75
Long Term Debt to Equity	0.00	0.02	0.02
Total Asset To Total Equity	3.15	3.06	2.77
Asset Management
Total Assets Turnover (Times)	2.95	2.44	0.51
Fixed Assets Turnover (Times)	16.08	15.20	2.36
Liquidity
Current Ratio	1.20	1.26	1.24

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	:	SAO TA FOODS JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Food Products
Office Contact Details
Operating Address	:	Km 2132 National Highway 1A Ward 2, Soc Trang, Soc Trang
Tel	:	[+84] 79-3822223
	:	[+84] 79-3822201
	:	[+84] 79-3822203
Fax	:	[+84] 79-3822122
	:	[+84] 79-3825665
Email	:	info@fimexvn.com fimexvn@hcm.vnn.vn fimexvninfo@yahoo.com.vn
Factory Contact Details
Address	:	Lot B An Nghiep Industrial Park An Hiep Commune N2 Rd, Chau Thanh Dist, Soc Trang
Website Details
Website	:	http://www.fimexvn.com
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	:	2200208753

Primary Products

Products / Materials / Services Description	Activity
Agricultural products	Manufacturing, Exporting
Frozen shrimps	Manufacturing, Exporting
Processed agricultural product	Manufacturing, Exporting
Processed aquatic products	Manufacturing, Exporting
Processed shrimps	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Fish & Seafoods	5146	Manufacturing, Exporting
Food and Kindred Products	2000	Manufacturing, Exporting
Food products, nspf	2099	Manufacturing, Exporting
Fresh Fruits & Vegetables	5148	Trading, Exporting
Fresh/Frozen Fish/Seafoods, NEC	2092	Manufacturing, Exporting
Potatoes, white or irish	0134	Trading, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Bell peppers, fruits of the genus capsicum, dried, not ground	0904206010	Trading, Exporting
Eggplants (aubergines), fresh or chilled	0709300000	Trading, Exporting
Food preparations	2106	Manufacturing, Exporting
Molluscs and other aquatic invertebrates, prepared or preserved	1605907000	Manufacturing, Exporting
Okra, fresh or chilled	0709901400	Trading, Exporting
Potatoes (except sweet potatoes), fresh or chilled	0701	Trading, Exporting
Shrimps and prawns, prepared nesoi, frozen	1605201030	Manufacturing, Exporting
Vegetables nesoi, fresh or chilled	0709	Trading, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Bell pepper	Secondary	Trading, Exporting
Eggplant	Secondary	Trading, Exporting
Okra	Secondary	Trading, Exporting
Sweet potatoes	Secondary	Trading, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of SAO TA FOODS JSC is Manufacturing - Finished products.

Key products include :

Agricultural products

Frozen shrimps

Processed agricultural product

Processed aquatic products

Processed shrimps

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, SAO TA FOODS JSC also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

STOCK EXCHANGE LISTING DETAILS

Country

:

Vietnam

Name of Stock Exchange

:

Name	Acronym
HOCHIMINH STOCK EXCHANGE	HOSE

Stock Symbol / No.

:

FMC

Date of listing

:

7 Dec, 2006

BANK DETAILS

Bank Name	:	INDOVINA BANK LTD
Global Identifier	:	32404053
Branch	:	Phu Nhuan,Ho Chi Minh
Branch Address	:	97A Nguyen Van Troi St Ward 12 Phu Nhuan Ho Chi Minh (Head Office)
SWIFT Code	:	IABBVNVX
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	32400479
Branch	:	Hoan Kiem,Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM - SOC TRANG, SOC TRANG, 25-27 HAI BA TRUNG ST WARD 1
SWIFT Code	:	BFTVVNVX
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM
Global Identifier	:	32400483
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - SOC TRANG, SOC TRANG
SWIFT Code	:	BIDVVNVX
Bank Name	:	VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P2461558
Branch	:	Ninh Kieu Dist,Can Tho
Branch Address	:	19-21 Tran Van Kheo St Cai Khe Ward Ninh Kieu Dist Can Tho (Head Office)
SWIFT Code	:	VNIBVNVX
Bank Name	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE
Global Identifier	:	32404058
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE - SOC TRANG, SOC TRANG
SWIFT Code	:	ICBVVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Exporting
North America	Medium	Exporting
India	Medium	Importing
Japan	Medium	Exporting
Korea, South (Republic of Korea)	Medium	Exporting
Malaysia	Medium	Importing
Thailand	Medium	Importing
USA	Medium	Exporting

OFFICE & FACILITIES

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

Name	:	SAO TA FOODS JSC - SOC TRANG, SOC TRANG
Primary Use	:	Office & Administration facilities
Address	:	Km 2132 National Highway 1A Ward 2, Soc Trang, Soc Trang
Country	:	Vietnam
Status	:	Operational

FACTORIES, SIZE, & LOCATIONS

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

Name	:	SAO TA FOODS JSC - CHAU THANH DIST, SOC TRANG
Address	:	Lot B An Nghiep Industrial Park An Hiep Commune N2 Rd, Chau Thanh Dist, Soc Trang
Status	:	Operational
Name	:	SAO TA FOODS JSC - CHAU THANH DIST, SOC TRANG
Address	:	Lot B An Nghiep Industrial Park An Hiep Commune N1 Rd, Chau Thanh Dist, Soc Trang
Status	:	Operational

APPROVED SIGNATURES

The Company Director/s listed below maintain the legal right to sign on behalf of the company:

Name

Mr. Chang Minh To

Mr. Luc Quoc Ho

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.94
UK Pound	1	Rs.98.27
Euro	1	Rs.72.37

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TPT

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.