MIRA INFORM REPORT

Report Date :

30.11.2007

IDENTIFICATION DETAILS

Name :	ARYSTA LIFESCIENCE VIETNAM CORP
Registered Office :	No. 26, Road 26, Song Than Industrial Park II, Di An Dist, Binh Duong Province
Country :	Vietnam
Financials (as on) :	31.12.2004
Date of Incorporation :	2000
Legal Form :	Foreign-Owned Company
Line of Business :	Manufacturing, processing, packaging and import – export of pesticides, grow reconcile & grow stimulus and products serving public hygiene.

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	ARYSTA LIFESCIENCE VIETNAM CORP
Vietnamese Name	CONG TY TNHH ARYSTA LIFESCIENCE VIETNAM
Abbreviated Name	ARYSTA LIFESCIENCE VIETNAM
Trade Name	ARYSTA LIFESCIENCE VIETNAM CO., LTD
Former English Name	ARYSTA AGRO VIETNAM CORPORATION
Former Vietnamese Name	CONG TY TNHH ARYSTA AGRO VIETNAM
Former abbreviated Name	ARYSTA AGRO VN CO., LTD
Established	2000
Type of Business	100% Foreign-Owned Company
Current Investment License	No. 75/GPDC3-KCN-BD
Date of last adjustment	July 14^th 2005
Issued by	Management Board of Binh Duong Industrial Parks Authority
Former Investment License	No.75/GP-KCN-BD
Issued on	September 22^nd, 2000
Issued by	Management Board of Binh Duong Industrial Parks Authority
Investment Capital	2,100,000 USD
Registered Capital	1,100,000 USD
Tax Code	3700347429
Total Employees	114 Employees (Including Staffs and Workers)
Qualification	Qualified
Note: Your given name ”Arysta Agro Vietnam Corp” is the subject’s former name. Its name has been changed to Arysta LifeScience Vietnam Co., ltd since July 14^th, 2005.
ADDRESSES
Registered Head office and Factory Location:
Address	No. 26, Road 26, Song Than Industrial Park II, Di An Dist, Binh Duong Province
Country	Vietnam
Tel	(84-650) 710416, 710415
Fax	(84-650) 710413
Note: The subject is located at No 26, Road 26, Song Than IP II, Binh Duong province, but not Song Than IP I as your given address.
Transaction Office in Hochiminh city
Address	Room 6, 4^th Floor, E-Town Building No. 364 Cong Hoa Str, Tan Binh Dist, Hochiminh City
Country	Vietnam
Business Registration	No. 3031/KHĐT-DN
Issued by	Planning and Investment Department of Hochiminh City
Tax Code	3700347429-004
Tel	(84-8) 8122468, 8122467
Fax	(84-8) 8122464
Representative person	Mr. TRAN DUC VAN
ID number	No. 020308067
Transaction Office in Hanoi city
Address	Suite 204A, Thang Long Building, No. 105 Lang Ha Str, Dong Da Dist, Hanoi city
Country	Vietnam
Business Registration	No. 72/GP-UB
Tax Code	3700347429-001
Tel	(84-4) 5623421 – 5623422 - 5623423
Fax	(84-4) 5623424
Email	son@navhn.com.vn
Representative person	Mr. NGUYEN HONG VINH
Branch in Can Tho province:
Address	Block 16A, No. 19/1, Road 1^st, Tra Noc Industrial Zone, Tra Noc Dist, Can Tho City, Can Tho Province
Country	Vietnam
Business Registration	No. 1042/UB
Tax Code	3700347429-003
Tel	(84-71) 842459
Fax	(84-71) 842458
Main operation	Processing & packaging agricultural - pharmaceutical products
Representative person	Mr. NGUYEN MANH HAI
Note: Formerly, this branch was located at No.25 Cach Mang Thang Tam Str, Can Tho City.
Branch in Binh Dinh province:
Address	Suite Ruby 03^rd, Sai Gon Hotel Building, No. 24 Nguyen Hue Str, Quy Nhon City, Binh Dinh Province
Country	Vietnam
Business Registration	No. 1156/UBND-ĐN
Tax Code	3700347429-005
Tel	(84-56) 817070
Fax	(84-56) 817072
DIRECTORS
1. NAME	Mr. KANAMORI HIROYUKI
Position	General Director
Resident	Hochiminh City
Nationality	Japanese
2. NAME	Mr. TRAN DUC VAN
Position	Deputy General Director
Resident	Hochiminh City-Vietnam
Nationality	Vietnamese
3. NAME	Mr. NGUYEN DUY CUONG
Position	Chief of Sales Department
Resident	Hochiminh City
Nationality	Vietnamese
The former director board:
1. NAME	Mr. ITSUO YOSHIBA
Position	General Director
Nationality	Japanese
2. NAME	Mr. TRAN QUOC DAN
Position	Factory Director
Resident	Binh Duong Province-Vietnam
Nationality	Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject is specialized in the following business lines: · Manufacturing, processing, packaging and import – export of pesticides, grow reconcile & grow stimulus and products serving public hygiene.
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports equipment, machines and material from Japan, Singapore, China, India and France…
EXPORT: N/A
BANKERS
1. BANK OF TOKYO, MITSUBISHI UFJ, LTD - BRANCH IN HOCHIMINH CITY
Address		8^thFlr, Land Mark Building, No 5B, Ton Duc Thang Str, Dist 1, Hochiminh city
Tel		(84-8) 8231560
Fax		(84-8) 8231599
Account Number		No. 511 03000 2353040
2. VIETNAM BANK FOR FOREIGN TRADE (VIETCOMBANK)
Address		No.29 Ben Chuong Duong Str, Hochiminh City
Tel		(84-8) 8251317
Fax		(84-8) 8297228
Telex		811234/5 VVB-VT
Swift		BFTVVBVX 007
3. VIETNAM BANK FOR FOREIGN TRADE (VIETCOMBANK)- BRANCH IN SONG THAN II INDUSTRIAL PARK
Address		Song Industrial Park II, Di An Dist, Binh Duong Province
Tel		(84-650) 710722-710723
Fax		(84-650) 710725
4. CITI BANK - BRANCH IN HOCHIMINH CITY
Address		No.115 Nguyen Hue Str, Ben Nghe Ward, Dist 1, Hochiminh city
Tel		(84-8) 8242118
Fax		(84-8) 8242267
Swift		CITIVNVXHCM
Branch Director		Mr. GREG TROTTER
SHAREHOLDERS
This is a 100% foreign owned company. Its investor is as follows:
Name		ARYSTA LIFESCIENCE ASIA PTE LTD
Address		Raffles Quay
Country		Singapore
Tel		65-6220-4177
Fax		65-6220-1561
Website		www.arystalifescience.com
The former investor
Name		NICHIMEN AGRO ASIA PTE LTD
Country		Singapore
FINANCIAL DATA
The full financial statement of the subject are not available. Following is its financial highlight:
Unit: 1,000,000 VND
Description			2006			2005
Current assets & Short term Investment			115,155			80,603
Fixed assets and long-term investment			14,566			15,360
Total Assets			129,721			95,963
Payable			74,864			57,712
Owner’s Equity			54,857			38,251
Total Liability and Equity			129,721			95,963
Total Revenue			207,662			161,233
Deducted items			19,603			7,293
Net Revenue			188,059			153,940
Net Income From business Activities			17,019			11,048
Net Income From Financial Operation			-1,745			-1,051
-Irregular Profit			3,270			1,281
Total pre-tax Profit			18,544			11,278
FINANCIAL DATA
BALANCE SHEET
Unit: 01 VND
Balance Sheet Date				31/12/2004			31/12/2003
Number of Weeks				52			52
ASSETS
A. Current assets & Short term Investment				47,187,963,000			54,917,079,000
I. Cash and cash equivalents				6,468,928,000			2,348,959,000
II. Short term investment				0			0
1. Short-term securities investment				0			0
2. Other short-term investment				0			0
3. Provision for devaluation of short-term investment				0			0
III. Receivables				18,367,172,000			16,360,657,000
1. Receivables from customers				17,087,602,000			12,135,757,000
2. Prepaid for providers				100,235,000			188,664,000
3. Value-added tax deducted				527,336,000			3,073,577,000
4. Internal receivables				388,669,000			297,357,000
5. Other receivables				316,256,000			665,302,000
6. Provision for bad receivables				-52,926,000			0
IV. Inventory				21,954,449,000			35,550,797,000
1. Purchased goods in transit
4,270,349,000	0
2. Inventory raw materials				6,118,559,000			14,151,976,000
3. Inventory appliance				766,227,000			0
4. Cost of production and business in process				756,294,000			1,828,028,000
5. Inventory finished products				10,043,020,000			18,673,170,000
6. Inventory cargoes				0			897,623,000
7. Entrusted goods for sale				0			0
8. Provision for devaluation of stocks				0			0
V. Other current assets				397,414,000			656,666,000
1. Advances
284,309,000	375,412,000
2. Prepaid expenses				0			39,835,000
3. Pending expenses for transfer				0			0
4. Pending assets				0			166,734,000
5. Hypothecation, collateral and short run collateral				113,105,000			74,685,000
VI. Administrative				0			0
1. Administrative expenses for previous year				0			0
2. Administrative expenses for current year				0			0
B. Fixed assets & Long term investment				14,092,484,000			17,997,615,000
I. Fixed assets				14,092,484,000			14,587,061,000
1. Tangible fixed assets				10,445,632,000			10,821,688,000
+ Original cost				13,643,176,000			12,689,449,000
+ Accumulated depreciation value				-3,197,544,000			-1,867,761,000
2. Fixed assets of financing credit				0			0
+ Original cost				0			0
+ Accumulated depreciation value				0			0
3. Intangible fixed assets				3,646,852,000			3,765,373,000
+ Original cost				3,956,677,000			3,956,677,000
+ Accumulated depreciation value				-309,825,000			-191,304,000
II. Long term investment				0			0
1. Long-term securities investment				0			0
2. Joint-venture capital contribution				0			0
3. Other long-term investment				0			0
4. Provision for long-term investment devaluation				0			0
III. Capital construction in process				0			0
IV. Other				0			3,410,554,000
TOTAL ASSETS				61,280,447,000			72,914,694,000
LIABILITIES
A. Payables				40,312,716,000			59,025,937,000
I. Short term payables				38,112,285,000			57,457,187,000
1.Short-term borrowings				3,000,000,000			0
2. Due long-term liabilities				0			0
3. Payable to seller				955,461,000			6,432,814,000
4. Prepayment of buyer				10,409,000			537,000
5. Taxes and accounts dutiable				724,441,000			199,146,000
6. Employee payments				629,808,000			259,971,000
7. Internal payments				32,785,243,000			50,003,229,000
8. Other payables				6,923,000			561,490,000
II. Long term payables				0			0
1. Long-term borrowing				0			0
2. Long-term loans				0			0
III. Other liabilities				2,200,431,000			1,568,750,000
1. Disbursement payable				2,200,431,000			1,568,750,000
2. Pending assets				0			0
3. Receipts long-term collateral and deposit				0			0
B. Owner’s Equity				20,967,731,000			13,888,757,000
I. Capital and Funds				20,967,731,000			13,888,757,000
1. Working capital				15,849,721,000			15,849,721,000
2. Differences from assets revaluation				0			0
3. Exchange rate differences				0			0
4. Business development fund				0			0
5. Reserved fund				0
6. Retained profit				5,118,010,000			-1,960,964,000
7. Construction capital sources				0			0
II. Other administrative and fund sources				0			0
1. Provident funds for unemployment				0			0
2. Welfare and reward funds				0			0
3. Management funds of higher level				0			0
4. Functional operation funds				0			0
5. Fund sources formed by fixed assets				0			0
TOTAL LIABILITY AND EQUITY				61,280,447,000			72,914,694,000
PROFIT & LOSE ACCOUNTS
Description					FY 2004
Total revenue					129,296,199,000
Deductions Items					969,501,000
- Discount					0
- Devaluation of sale price					111,000
- Return of sold goods					969,390,000
- Turnover tax, excise tax, import and export duties to be paid					0
1. Net revenue					128,326,698,000
2. Original rate of goods for sale					98,931,398,000
3. Combined Profit					29,395,300,000
4. Sales costs					9,018,219,000
5. Enterprise administrative costs					11,652,486,000
6. Net income from business activity					8,724,595,000
Income from financial activities					468,570,000
Costs for financial activities					1,591,729,000
7. Net income from financial operation					-1,123,159,000
Irregular income					304,312,000
Irregular expenditure					441,497,000
8. Irregular Profit					-137,185,000
9. Total pre-tax profit					7,464,251,000
10. Income tax					0
11. After tax profit					7,464,251,000
FINANCIAL FACTORS
Description					2004
Current Liquidity Ratio					1.24
Quick Liquidity Ratio					0.66
Inventory Circle					3.44
Average Receivable Period (days)					52.24
Utilizing Asset performance					2.09
Liabilities / Total Assets (%)					65.78
Liabilities / Owner’s Equity (%)					192.26
Income before tax/ Total asset (%) ROA					12.18
Income before tax/ Owner's equity (%) ROE					35.60
Income before tax/ Total revenue (%) NPM					5.77
Gross Profit / Total revenue (%) GPM					22.73
PAYMENT HISTORY AND EXPERIENCES
Trade Morality		Good
Liquidity		Fairly good
Previous Payments		Prompt
Current Payment		Prompt
Past Financial Situation		Fairly good
Current Financial Situation		Fairly good
Legal Action		No record
Bankruptcy		No record
Reputation		Fairly good
Mode of payment		Mostly are directly & through its banking system.
Sell methods		Direct to clients or through its agents.
INTERPRETATION
The subject is a 100% foreign invested company. It is a subsidiary of ARYSTA LIFESCIENCE Corporation in Vietnam. The group is focused on helping its customers cultivate business growth in the global agri-science and life-science marketplace through the development, marketing and distribution of high quality chemical solutions. From its headquarters in Tokyo, Arysta LifeScience markets a portfolio of more than 150 products in more than 125 countries worldwide, with a focus on emerging markets. Formerly, the subject was named Arysta Agro Vietnam Co., ltd. Since July 14^th 2005, the subject has been changed into Arysta Lifescience Vietnam Vo., ltd. In April 2006, Arysta was issued license for establishment a new branch in Binh Dinh province. Currently, the subject is specialized in production of pesticides. However, its Group is doing in many fields in the world, such as: processing, packaging and import – export of grow reconcile & grow stimulus and products serving public hygiene. Although the subject has had a short time of operating in Vietnam, it is supported strongly from its group and developed rapidly. Its products are getting more and more popular in the market. The subject’s main suppliers are Rallis India ltd (Ralli House, Bombay, India), Calliope S.A (BP80, Route D’artix 64150, Nuguex, France), Sumitomo chemical Takeda agro co., ltd (Japan), Pilarqui'm Corp (Taiwan), Liang Lihua Chem company ltd (China). The subject’s premise is fairly good. Its factory is located at Song Than IP II, Binh Duong Province. The subject also has branches in Hanoi, Hochiminh city, Can Tho, and Binh Dinh provinces. The distribution network of the subject is present in many provinces of country through out its agency system. Its current position in the industry is quite good. The business situation of the subject is quite effective. The annual turnover & profit is remarkable. In 2006, total revenue & profit doubled in comparison with 2004. Revenue gained 13 million USD and profit reached over 1million USD. In comparison with other foreign investment enterprises operating in the same field in Vietnam, market share of Arysta Lifescience Vietnam Co., ltd is still smaller than market share of Syngenta and Bayer. In overview, the subject is a new foreign company but the growth rate is quite good. With strong supports from its group, the subject’s future prospect in Vietnam is fairly bright. It has capacity to meet financial commitments. No caution needed for small and normal business transactions with the subject.
The company has ADEQUATE capacity to meet financial commitments.

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%)

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