MIRA INFORM REPORT

Report Date :

30.12.2008

IDENTIFICATION DETAILS

Name :	AB MAURI VIETNAM LIMITED
Formerly Known As :	MAURI-LA NGA FOODSTUFF FERMENTATION COMPANY
Registered Office :	Hamlet 4, La Nga commune, Dinh Quan Dist., Dong Nai Province
Country :	Vietnam
Financials (as on) :	31.12.2007
Year of Establishment :	1995
Legal Form :	Joint Venture Company
Line of Business :	Producing and Supplying Foodstuff Ferment and Additive Substances for Foodstuff Processing.

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 :	Good
Payment Behaviour :	No Complaints
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM

Current English Name	AB MAURI VIETNAM LIMITED
Current Vietnamese Name	CONG TY TNHH AB MAURI VIETNAM
Current Trade name	AB MAURI VIETNAM LTD
Former English Name	MAURI-LA NGA FOODSTUFF FERMENTATION COMPANY
Former Vietnamese name	CONG TY MEN THUC PHAM MAURI LA NGA
Former Trade name	MAURI-LA NGA FERMENTATION CO., LTD
Type of Business	Joint Venture Company
Founded	1995
Former Investment License	471023000130
Issuance on	November 1^st, 2008
Issuance by	Ministry of Planning and Investment
Former Investment License	No. 1146/GPBKH
Issuance on	March 01^st, 1995
Issuance by	Ministry of Planning and Investment
Current Investment Capital	22,640,000 USD
Legal Capital	9,019,400 USD
Former Investment Capital	17,964,000 USD
Tax code	3600234943
Total Employees	About 400 persons
ADDRESSES
Head Office:
Address	Hamlet 4, La Nga commune, Dinh Quan Dist., Dong Nai Province
Country	Vietnam
Email	maurilanga@bdvn.vnd.net
Tel	(84-61) 385 3070 / 3065
Fax	(84-61) 385 3069
Branch in Hochiminh City
Address	No.06 Dinh Bo Linh Str., Ward 26, Binh Thanh Dist, Hochiminh city
Country	Vietnam
Tel	(84-8) 3511 2580/ 3511 2581
Fax	(84-8) 3511 2582
Tax Code	3600234943-003
Branch in Hanoi
Address	No.3, Lane 34, Nguyen Hong Str, Dong Da Dist, Hanoi city
Country	Vietnam
Tax Code	3600234943-001
Note : This branch has temporarity stopped business with the limited time.
Representative Office in Da Nang
Address	No.144, Nguyen Tri Phuong Str, Da Nang City, Vietnam
Tel	(84-511) 3 646 079
Fax	(84-511) 3 646 079
Representative Office in Vinh Long
Address	No. 28A, Hung Dao Vuong Str, Ward 1, Vinh Long Town, Vinh Long Province
Tel	(84-70) 3 833 384
Fax	(84-70) 3 833 384
DIRECTORS
1. NAME	Mr. SUNDARAM SENTHILNATHAN
Position	General Director
Qualification	Management
Resident	Dong Nai Province, Vietnam
Nationality	Britisher
BUSINESS NATURE AND ACTIVITIES
The subject is specialized in producing and supplying foodstuff ferment and additive substances for foodstuff processing.
IMPORT & EXPORT ACTIVITIES
IMPORT: The Subject imports materials for processing from principal markets such as Australia, Malaysia, Denmark and Germany.
EXPORT: The export markets of the subject are about 20 countries including some principal markets such as Cambodia, Laos, Thailand, Myanmar, Philippines, USA, Australia, and some in Africa.
BANKERS
1. VIETCOMBANK - BRANCH IN DONG NAI
Address	No. 77C, Hung Dao Vuong Str, Bien Hoa City, Dong Nai Province
Tel	(84-61) 3822539
Fax	(84-61) 3824191
Swift	BFTVVNVX 012
SHAREHOLDER(S)
The subject is a Joint Venture Company. Following is its investors:
1. Foreign Partner:
Name	MAURI FERMENTATION VIETNAM PTY LTD
Address	67 Epping Road North Ryde Sydney, NSW Australia
Country	Australia
Share	66.20%
Note: Before, Mauri Fermentation Vietnam PTY LTD belong Burns Philp Group of Australia. But now, it is belonged to ABF of British.
2. Vietnam Partner:
English name	VIETNAM SUGAR CANE AND SUGAR CORP
Vietnamese name	TONG CONG TY MIA DUONG 2
Trade name	VINASUGAR 2
Type of business	State owned company
Address	No. 34-35, Van Don Road, Dist. 4, Hochiminh City
Tel	(84-8) 3825 9526/ 3940 0653
Fax	(84-8) 3826 0535
Share	33.80%
Following is its former Vietnam partner:
English name	LANGA SUGAR CANE AND SUGAR JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN MIA DUONG LA NGA
Address	Hamlet 4, La Nga Commune, Dinh Quan Dist, Dong Nai Province
Country	Vietnam
Business Registration	No.  4703000006
Issued on	March 23th, 2000
Issued by	Dong Nai Province Planning and Investment Department
FINANCIAL DATA
BALANCE SHEET
Unit: Million VND
Balance sheet date			31/12/2007	31/12/2006
Number of weeks			52	52
ASSETS
A – CURRENT ASSETS			140,243	113,190
I. Cash and cash equivalents			61,431	44,154
1.Cash			61,431	44,154
2.Cash equivalents			0	0
II. Short-term investments			0	0
1. Short-term investments			0	0
2. Provisions for devaluation of short-term investments			0	0
III. Accounts receivable			44,629	39,708
1. Receivable from customers			45,022	39,638
2. Prepayments to suppliers			1,552	1,917
3. Inter-company receivable			0	0
4. Receivable according to the progress of construction			0	0
5. Other receivable			18	18
6. Provisions for bad debts			-1,963	-1,865
IV. Inventories			32,606	28,328
1. Inventories			34,087	29,809
2. Provisions for devaluation of inventories			-1,481	-1,481
V. Other Current Assets			1,577	1000
1. Short-term prepaid expenses			602	325
2. VAT to be deducted			0	0
3. Taxes and other accounts receivable from the State			193	59
4. Other current assets			782	616
B. LONG-TERM ASSETS			162,766	155,100
I. Long term account receivable			0	0
1. Long term account receivable from customers			0	0
2. Working capital in affiliates			0	0
3. Long-term inter-company receivable			0	0
4. Other long-term receivable			0	0
5. Provisions for bad debts from customers			0	0
II. Fixed assets			162,739	155,100
1. Tangible assets			134,190	139,349
Historical costs			228,522	217,223
Accumulated depreciation			-94,332	-77,874
2. Financial leasehold assets			0	0
Historical costs			0	0
Accumulated depreciation			0	0
3. Intangible assets			16,864	15,671
Initial costs			24,545	22,474
Accumulated amortization			-7,681	-6,803
4. Construction-in-progress			11,685	80
III. Investment property			0	0
Historical costs			0	0
Accumulated depreciation			0	0
IV. Long-term investments			0	0
1. Investments in affiliates			0	0
2. Investments in business concerns and joint ventures			0	0
3. Other long-term investments			0	0
4. Provisions for devaluation of long-term investments			0	0
VI. Other long-term assets			27	0
1. Long-term prepaid expenses			27	0
2. Deferred income tax assets			0	0
3. Other long-term assets			0	0
TOTAL ASSETS			303,009	268,290
LIABILITIES
A- LIABILITIES			29,931	33,867
I. Current liabilities			27,528	31,993
1. Short-term debts and loans			0	0
2. Payable to suppliers			19,606	22,744
3. Advances from customers			70	604
4. Taxes and other obligations to the State Budget			1,849	1,749
5. Payable to employees			100	62
6. Accrued expenses			5,760	6,455
7. Inter-company payable			0	0
8. Payable according to the progress of construction contracts			0	0
9. Other payable			143	379
10. Provisions for short-term accounts payable			0	0
II. Long-Term Liabilities			2,403	1,874
1. Long-term accounts payable to suppliers			0	0
2. Long-term inter-company payable			0	0
3. Other long-term payable			0	0
4. Long-term debts and loans			0	0
5. Deferred income tax payable			0	0
6. Provisions for unemployment allowances			2,403	1,874
7. Provisions for long-term accounts payable			0	0
B- OWNER'S EQUITY			273,078	234,423
I. Owner's equity			273,078	234,423
1. Capital			100,424	100,424
2. Share premiums			0	0
3. Other sources of capital			0	0
4. Treasury stocks			0	0
5. Differences on asset revaluation			0	0
6. Foreign exchange differences			0	0
7. Business promotion fund			0	0
8. Financial reserved fund			0	0
9. Other funds			0	0
10.Retained earnings			172,654	133,999
11. Construction investment fund			0	0
II. Other sources and funds			0	0
1. Bonus and welfare funds			0	0
2. Sources of expenditure			0	0
3. Fund to form fixed assets			0	0
TOTAL LIABILITIES AND OWNER'S EQUITY			303,009	268,290
PROFIT & LOSS STATEMENT
Description		FY 2007		FY 2006
Revenue		290,775		N/A
Deductions Items		0		-
Net Revenue		290,775		-
Costs of goods sold		179,802		-
Gross profit		110,973		-
Financial income		1,662		-
Financial expenses		999		-
In which: Loan interest expenses		0		-
Selling expenses		18,418		-
Administrative overheads		19,133		-
Net operating profit		74,085		-
Other income		1,007		-
Other expenses		0		-
Other profit /(loss)		1,007		-
Total accounting profit before tax		75,092		-
Current corporate income tax		3,819		-
Deferred corporate income tax		0		-
Profit after tax		71,273		-
FINANCIAL FACTORS
Description		2007		2006
Current liquidity ratio		5.09		3.54
Quick Liquidity ratio		3.91		2.65
Inventory circle		5.90		0.00
Average receive period		56.02		-
Utilizing Asset Performance		0.96		0.00
Liability/ Total Asset (%)		9.88		12.62
Liability/ Owner's equity (%)		10.96		14.45
Ebit/ Total asset (%) ROA		24.78		0.00
Ebit/ Owner's equity (%) ROE		27.50		0.00
Ebit/ Total revenue (%) NPM		25.82		-
Gross Profit / Total revenue (%) GPM		38.16		-
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Fair
Liquidity	Fairly good
Payment status	Relative good
Financial Situation	Fair
Development trend	Developing
Litigation data	No recorded
Bankruptcy	No recorded
Payment Methods	L/C, T/T
Sale Methods	Directly to clients or through its agents
INTERPRETATION ON THE SCORES
Mauri-La Nga Fermentation Co., Ltd is a joint venture company which was founded in 1995 .In November 2008 the subject has just changed its name to AB Mauri Vietnam Limited. The subject specializes in producing and supplying foodstuff ferment and additive substances for foodstuff processing. Now, the shareholders of the subject are Vietnam Sugar Cane and Sugar Corp and Mauri Fermentation Vietnam PTYLTD. But this foreign shareholder of the subject belong ABF Group of British which is famous group now. ABF is a highly diversified group of companies who enjoy a high degree of autonomity in the running of their specific businesses. They operate in one of four sectors: Sugar & Agriculture; Retail; Grocery; Ingredients. With this change, the subject has increased the investment capital by 22,640,000 USD. In the end 2007 and the beginning 2008, source of waste water of the subject caused environmental pollution, causing serious damage to fish of the families at Tri An Lake, Dong Nai Province. So the subject is still facing many difficulties in this problem. The annual revenue of the subject is increased. But in 2008, the subject has also a little difficult because the global economy is in a crisis and Vietnam is affected much. ^In overview, the subject is a fair big scale company in this field. It can meet the small and medium financial commitments.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.50
UK Pound	1	Rs.70.02
Euro	1	Rs.67.95

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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