MIRA INFORM REPORT

Report Date :

04.02.2008

IDENTIFICATION DETAILS

Name :	LOI NONG COMPANY LIMITED
Registered Office :	Lot B06-4, Duc Hoa 1 - Hanh Phuc Industrial Zone, Duc Hoa Dist, Long An Province
Country :	Vietnam
Date of Incorporation :	2005
Com. Reg. No.:	5002000578
Legal Form :	Liability Company Limited
Line of Business :	Manufacturing, Consigning, Importing-Exporting, Processing, Packaging and Trading in Pesticide, Fertilizer and Chemicals, Cosmetics, Animal and Aquatic Feed

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 :	Usually Correct
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM

English name	LOI NONG COMPANY LIMITED
Vietnamese name	CONG TY TNHH LOI NONG
Abbreviated name	LOI NONG CO., LTD
Type of business	Liability Company Limited
Founded	2005
Business Registration	5002000578
Date of Issuance	June 08^th, 2005
Place of Issuance	Long An Planning and Investment Department
Registered capital	5,000,000,000 VND
Tax code	1100672293
Total employees	100 People
Qualification	Normal
Notes	The correct name of the Subject is as above. The given name is not quite correct.

ADDRESSES

Head Office
Address	Lot B06-4, Duc Hoa 1 - Hanh Phuc Industrial Zone, Duc Hoa Dist, Long An Province
Country	Vietnam
Tel	(84-72) 779978
Fax	(84-72) 779977 / 779 901

DIRECTORS

1. NAME	Mr. TRAN BINH LUAN
Position	Director
ID	023146587
Nationality	Vietnamese
3. NAME	Mr. TRAN MINH PHUONG
Position	Deputy Director
Date of birth	December 29^th 1949
Qualification	Bachelor
Current resident	No. 130/18, Ho Ba Kien Str, Ward 15, Dist 10, Hochiminh City
Former Resident	No. 132/248/9A, To Hien Thanh Str, Ward 15, Dist 10, Hochiminh City
Nationality	Vietnamese
Cell phone	+84 903815774
Note: Mr. Tran Minh Phuong is also Deputy director of An Nong Company Limited

BUSINESS NATURE AND ACTIVITIES

The subject’s is specialized in manufacturing, consigning, importing-exporting, processing, packaging and trading in pesticide, fertilizer and chemicals, cosmetics, animal and aquatic feed.

IMPORT & EXPORT ACTIVITIES

IMPORT: The main goods source is imported from China, Belgium, India, Italy, and Germany.

EXPORT: N/A

BANKERS

1. EASTERN ASIA COMMERCIAL JOINT STOCK BANK - BINH DUONG BRANCH
Address	24A Nguyen Van Tiet, Lai Thieu Town, Thuan An Dist, Binh Duong Province
Country	Vietnam
Tel	(84-650) 717575
Fax	(84-650) 717574

SHAREHOLDER (S)

1. NAME	Mr. TRAN BINH LUAN
Position	Director
ID	023146587
Nationality	Vietnamese
3. NAME	Mr. TRAN MINH PHUONG
Position	Deputy Director
Date of birth	December 29^th 1949
Qualification	Bachelor
Current resident	No. 130/18, Ho Ba Kiend Str, Ward 15, Dist 10, Hochiminh City
Nationality	Vietnamese
Cell phone	+84 903815774

PAYMENT HISTORY AND EXPERIENCES

Trade Morality	Normal
Current Payment Status	Normal
Financial Situation	Normal
Legal Action	No recorded
Bankruptcy	No recorded
Reputation	Normal
Modes of Payment	Through its corresponding bank by telegraphic transfer (T/T), document against acceptance (D/A 60 days or D/A 90 days) or document against payment (D/P)
Sales methods	Directly to clients or through its agents

FINANCIAL DATA

The subject have just operated in middle 2007, the financial data is not available.

INTERPRETATION ON THE SCORES

Loi Nong Company Limited was established in middle 2005 with registration capital of 5 billion VND. It has built factory within two years. In August of 2007, the subject’s factory was put into operation. There are now 100 employees working for the subject.

Address of Loi Nong is near the place of An Nong Company Limited. The given fax is also belonged to An Nong company. These two companies have separated legal from but in fact they have the same business operations and management board.

The subject is now specialized in processing, packaging and trading in pesticide, herbicide and crop protection chemicals. The subject imports goods from China, India and Belgium… Its products are distributed in domestic market. However, the main markets are Southwest provinces.

The premises and facilities of the subject are large. Its management capability is fair. The position of the subject in the industry is medium.

In overview, being a new established company, business activities of the subject are ranked at medium scale. It hopes potential development in the future. The subject has ability to face with small business commitments. Caution needed for big business transactions

The company’s stability is expected to be IMPAIRED by adverse changes in circumstances and economic conditions.

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