MIRA INFORM REPORT

Report Date :

16.04.2007

IDENTIFICATION DETAILS

Name :	GREEN FIELDS JOINT STOCK COMPANY
Registered Office :	Lot G3.1+G4, Duc Hoa 1-Hanh Phuc Industrial Zone, Duc Hoa Dong Village, Duc Hoa Dist, Long An Province
Country :	Vietnam
Date of Incorporation :	2004
Legal Form :	Joint Stock Company
Line of Business :	Producing, Processing, Packaging, trading in pesticide, fertilizer Producing, Processing, Packaging, trading in mosquito-repellent coil. Trading in machinery, equipment, seeds, foods

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Status :	Moderate
Payment Behaviour :	Usually correct
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
English Name					GREEN FIELDS JOINT STOCK COMPANY
Vietnamese Name					CONG TY CO PHAN DONG XANH
Trade Name					GREEN FIELDS JOINT STOCK COMPANY
Founded					2004
Type of Business					Joint Stock Company
Business registration					No. 5003000077
Date of Issuance					November 18^th 2004
Place of Issuance					Planning and Investment Department of Long An Province
Registered Capital					25,865,000,000 VND
Tax code					1100649008
Total Employees					50 employees
Qualification					Qualified
Notes: Business registration of the subject was adjusted first time, on February 8^th 2007.
The subject is a subsidiary operating as factory of Green Fields Trading Company limited (Green Fields Co., Ltd) which is specializing in trading in pesticides established since 1999 in Hochiminh City. Following is some information about Green Fields Co., ltd:
English Name				GREEN FIELDS COMPANY LIMITED
Vietnamese Name				CONG TY TNHH THUONG MAI DONG XANH
Trade Name				GREEN FIELDS CO., LTD
Founded				1999
Type of Business				Liability Limited Company
Established Decision				No. 3111/GP-UB
Date of Issuance				December 30^th1999
Place of Issuance				People’s Committee of HoChiMinh City
Business registration				No. 073949
Date of Issuance				December 30^th 1999
Current Registered Capital				6,800,000,000 VND
Former Registered Capital				2,400,000,000 VND
Tax code				0301888815
Total Employees				30 employees
Qualification				Normal
Address				No. 89, Binh Tri Dong B Ward, Binh Tan Dist, Hochiminh City
Director				Mr. PHAM BACH VAN
ADDRESSES
Head Office & Factory Location
Address	Lot G3.1+G4, Duc Hoa 1-Hanh Phuc Industrial Zone, Duc Hoa Dong Village, Duc Hoa Dist, Long An Province
Country	Vietnam
Tel	(84-72) 779253
Fax	(84-72) 779254
Hochiminh City Office
Address	No. 89, Binh Tri Dong B Ward, Binh Tan Dist, Hochiminh City
Country	Vietnam
Tel	(84-8) 750 8675
Fax	(84-8) 751 3732
Email	dongxanh@hcm.fpt.vn
Note: This is head office of Green Fields co., ltd. Business transactions of the subject are mainly carried out here.
DIRECTORS
1. NAME	Mr. PHAM VAN NUNG
Position	General Director – Chairman
DOB	October 12^th 1958
ID No.	024332204
Issued on	November 15^th 2004
Issued by	Police Station of Hochiminh City
Resident	No.19, Road No.9, Rada Phu Lam Living Quarter, Ward 13, Dist 6, Hochiminh City
Nationality	Vietnamese
2. NAME		Mr. PHAM BACH VAN
Position		Director
ID No.		024171235
Resident		No. 492, Au Co Str, Ward 10, Tan Binh Dist, Hochiminh City
Nationality		Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject specializes in producing in pesticide.
The subject registered in following activities:
Producing, Processing, Packaging, trading in pesticide, fertilizer Producing, Processing, Packaging, trading in mosquito-repellent coil. Trading in machinery, equipment, seeds, foods Merchandise exchange and transport by cars. Leasing out warehouse.
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports materials from India, China and Taiwan
EXPORT: N/A
BANKERS
1. BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM - PHU LAM BRANCH
Address			No. 411, Kinh Duong Vuong Str, Ward 12, Dist 6, Hochiminh city
Country			Vietnam
Tel			(84-8) 750 8751
Fax			(84-8) 667 0789
SHAREHOLDERS
The Subject is a Joint Stock Company. Its shareholders are as follows:
1. NAME	Mr. PHAM VAN NUNG
Position	General Director
DOB	October 12^th 1958
ID No.	024332204
Issued on	November 15^th 2004
Issued by	Police Station of Hochiminh City
Resident	No.19, Road No.9, Rada Phu Lam Living Quarter, Ward 13, Dist 6, Hochiminh City
Nationality	Vietnamese
Share	43.1%
2. NAME		Mr. PHAM BACH VAN
Position		Director
ID No.		024171235
Resident		No. 492, Au Co Str, Ward 10, Tan Binh Dist, Hochiminh City
Nationality		Vietnamese
Shares		11.02%
3. NAME		Mr. LE VAN SUU
Position		Shareholder
ID No.		024281958
Resident		No.69, road No.3, Binh Tri Dong B Ward, Binh Tan Dist, Hochiminh City
Nationality		Vietnamese
Shares		15.27%
And other shareholders take 7,918 left shares, valued 7,918,000,000 VND.
PAYMENT HISTORY AND EXPERIENCES
Trade Morality					Normal
Liquidity					Above average
Previous Payment Status					Normal
Current Payment Status					Average
Past Financial Situation					Normal
Current Financial Situation					Above average
Legal Action					No recorded
Bankruptcy					No recorded
Reputation					Normal
Methods of Payment					Direct payment or through its corresponding bank. Foreign remittance by letter of credit (l/c)
Sales methods					Most of the subject products are distributed by Green Fields Co., Ltd
FINANCIAL DATA
The Subject was established at the end of 2004, we tried to collect the financial data but not available.
INTERPRETATION
Green Fields Joint stock company was established in 2004. It is a subsidiary operating as a factory of Green Field Trading company limited which has been established since 1999 in Hochiminh City. The subject is now specializing in producing pesticides. The subject is operating on the medium scale with the workforce of about 50 employees. Products of the subject are mainly consumed through its parent company - Green Fields Co., ltd. Its market share is fairly good and stable. Its products haven’t been exported yet. Consumed market of the subject mainly includes Western provinces. They are agricultural provinces so demand for the subject’s products is large. The subject has much support from its parent company. Green Fields co., ltd is a private company specializes in trading in pesticide. At the moment, it is expanding activities to the Hochiminh, Dong Nai and all Southern provinces. The company has relations with many companies. This event creates considerable experiences to help them increase market share. Green Fields has gained a stable market share. Premises and facilities of the subject are normal. Its management capability is normal as well. Position of the subject in the industry is medium. Number of companies in pesticides industry is increasing much so Green Fields has more and more difficulties in competition. In general, operation and financial base of the subject is healthy. The production operations of the subject are relatively busy. The subject operates fair effectively and may have prospect development in future.

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/normal.	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%)

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