MIRA INFORM REPORT

Report Date :

29.07.2008

IDENTIFICATION DETAILS

Name :	SUNJIN VINA COMPANY LIMITED
Registered Office :	Lot II-11, Ho Nai Industrial Park, Trang Bom Dist, Dong Nai Province
Country :	Vietnam
Financials (as on) :	31.12.2006
Date of Incorporation :	2004
Com. Reg. No.:	472043000073
Legal Form :	Foreign Invested Enterprise
Line of Business :	Manufacture and Trading in Animal Feeds

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

SUBJECT IDENTIFICATION & LEGAL FORM

English Name	SUNJIN VINA COMPANY LIMITED
Vietnamese name	CONG TY TNHH SUNJIN VINA
Trade Name	SUNJIN VINA CO., LTD
Type of Business	Foreign Invested Enterprise
Year Established	2004
New Business Registration No	No.472043000073
Issuance on	February 12^th 2007
Issuance by	Industrial Zones Management Board of Dong Nai province
Former Investment license	No. 264/GP-KCN-DN
Issuance on	January 07^th 2004
Issuance by	Planning and Investment Department of Dong Nai Province
Current Investment capital	9,000,000 USD
Current Legal capital	4,000,000 USD
Former Investment capital	7,000,000 USD
Former Legal capital	3,000,000 USD
Investment duration	50 years
Tax Code	3600665280
Total Employees	70
Note: The subject changed investment license to business registration pursuant to new business laws of Vietnam.

ADDRESSES

Head Office and factory:
Address	Lot II-11, Ho Nai Industrial Park, Trang Bom Dist, Dong Nai Province
Country	Vietnam
Tel	(84-61) 3985 995 - 3985991
Fax	(84-61) 3985990/ 3985989
Total Employees
Hanoi Branch
Address	No. 5, Group 111, Hoang Cau, O Cho Dua ward, Dong Da Dist, Hanoi City
Country	Vietnam
Tel	(84-4) 275 0040
Fax	(84-4) 2750036
Tax code	3600665280-001
License	77/GP-UBND
Business function	Trading in animal feeds

DIRECTORS

1. NAME	MR. SAIL CHANG
Position	General Director
ID No	C0398060
Resident	Dong Nai Province
Nationality	Korean
2.NAME	Mr. BEA KEU HWAN
Position	Deputy Director
Resident	Dong Nai Province
Nationality	Korean
3. NAME	Mr. LIM SUNG HAN
Position	Director of Hanoi Branch
Resident	Hanoi City
Nationality	Korean

BUSINESS NATURE AND ACTIVITIES

The subject registers and operates in the following business activities:

- Manufacture and trading in animal feeds

IMPORT & EXPORT ACTIVITIES

IMPORT: The subject imports materials and equipment from Korea and China

EXPORT: N/A

BANKERS

1. SHINHAN BANK
Adresse	No. 41 Nguyen Thi Minh Khai Str, Ben Nghe Ward, Dist 1, Hochiminh City
Country	Vietnam
Tel	(84-8) 8230012
Fax	(84-8) 8230009

SHAREHOLDER(S)

The subject is a foreign invested company. Following is its investor:
1. Name	SUNJIN CO., LTD
Address	114-1, Sadong-ri, Taewol-myon Ichon, Kyonggi-do 467-850
Country	South Korea
Tel	82/2/471-9315
Share	100%

FINANCIAL DATA

BALANCE SHEET
Unit: Million VND
Balance sheet date				31/12/2006		31/12/2005
Number of weeks				52		52
ASSETS
A -	CURRENT ASSETS		43,836			18,985
I.	Cash and cash equivalents		4,904			8,789
1.	Cash		4,904			8,789
2.	Cash equivalents		0			0
II.	Short-term investments		0			381
1.	Short-term investments		0			381
2.	Provisions for short-term investment of short- term investments in securities		0			0
III.	Accounts receivables		15,071			1,207
1.	Receivable from customers		9,473			963
2.	Repayments to suppliers		0			0
3.	Inter- company receivable		5,101			0
4.	Receivable according to the process of construction contracts		0			0
5.	Other receivable		497			244
6.	Provisions for credit risk		0			0
IV.	Inventories		23,059			8,315
1.	Inventories		23,059			8,315
2.	Provisions for devaluation of inventories		0			0
V.	Other current assets		802			293
1.	Short-term repaid expenses		67			122
2.	Taxes receivable		392			171
3.	Other current assets		343			0
B -	LONG TERM ASSETS		58,640			66,939
I.	Long term accounts receivable		0			0
1.	Long term accounts receivable from customers		0			0
2.	Long term inter- company receivable		0			0
3.	Other long term receivable		0			0
4.	Provisions for bad debts		0			0
II.	Fixed assets		54,952			60,540
1.	Tangible assets		0			0
	Historical costs		0			0
	Accumulated depreciation		0			0
2.	Financial leasehold assets		54,711			60,540
	Historical costs		54,711			60,540
	Accumulated depreciation		0			0
3.	In-tangible assets		0			0
	Historical costs		0			0
	Accumulated depreciation		0			0
4.	Construction in progress		241			0
III.	Investment property		0			0
	History 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 investments in securities		0			0
V.	Other long term assets		3,688			6,399
1.	Long term repaid expenses		3,688			6,399
2.	Deferred income tax		0			0
3.	Other long term assets		0			0
	TOTAL ASSETS		102,476			85,924
LIABILITIES
A -	LIABILITIES	83,901			57,257
I.	Short term liabilities	83,901			17,570
1.	Short term debts and loans	71,525			12,150
2.	Payable to suppliers	11,097			4,764
3.	Advances from customers	131			0
4.	Taxes and other obligations to the State Budget	643			29
5.	Payable to employees	505			627
6.	Accrued expenses	0			0
7.	Inter- company payable	0			0
8.	Payable according to the progress of construction contracts	0			0
9.	Other payables	0			0
II.	Long term liabilities	0			39,687
1.	Long term account 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			39,687
5.	Deferred income tax	0			0
B -	OWNER’S EQUITY	18,575			28,667
I.	Owner’s equity	18,575			28,667
1.	Capital	47,208			47,208
2.	Share premiums	0			0
3.	Treasury stocks	0			0
4.	Differences on asset re-valuation	0			0
5.	Foreign exchange differences	0			0
6.	Business promotion fund	0			0
7.	Financial reserved fund	0			0
8.	Other funds	0			0
9.	Retained earnings	-28,633			-18,541
II.	Other sources and funds	0			0
1.	Bonus and welfare funds	0			0
2.	Sources of expenditure	0			0
3.	Funds to form fixed assets	0			0
	TOTAL LIABLITIES AND OWNER’S EQUITY	102,476			85,924
PROFIT & LOSE ACCOUNT (INCOME STATEMENT)
	Description	F/Y 2006			F/Y 2005
1.	Sales	137,901			-
2.	Deductions	11,990			-
3.	Net sales	125,911			-
4.	Costs of goods sold	111,247			-
5.	Gross profit	14,664			-
6.	Financial income	295			-
7.	Financial expenses	4,526			-
	- In which : Loan interest expenses	3,315			-
8.	Selling expenses	10,310			-
9.	Administrative overheads	10,578			-
10.	Net operating profit	-10,455			-
11.	Other income	364			-
12.	Other expenses	1			-
13.	Other profits	363			-
14.	Profit (loss) before tax	-10,092			-
15.	Income tax	0			-
16.	Profit (loss) after tax	-10,092			-

FINANCIAL FACTORS

Description	FY 2006	FY 2005
Current Liquidity Ratio	0.52	-
Quick Liquidity Ratio	0.25	-
Inventory Circle	7.09	-
Average Receive Period	43.69	-
Utilizing Asset Performance	1.23	-
Liability / Total Asset (%)	81.87	-
Liability / Owner's Equity (%)	451.69	-
Ebit / Total Asset (%) ROA	-6.61	--
Ebit / Owner's Equity (%) ROE	-36.48	-
Ebit / Total Revenue (%) NPM	-4.91	-
Gross Profit / Total Revenue (%) GPM	10.63	-

PAYMENT HISTORY AND EXPERIENCES

Trade Morality	Average
Liquidity	Low
Payment status	Normal
Financial Situation	Relative
Development trend	Fair
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

The Sunjin Vina Co., Ltd is a 100% foreign investment company that was established in 2004. It is invested from Korean partner with total current investment of USD 9 million. The subject investment license (No. 264/GP-KCN-DN) was issued on January 07th 2004. It has just revised business registration number pursuant to new business laws of FID enterprises. In 2005, it was officially operated.

The subject company is specialized in processing and trading animal feed for pig, poultry, shrimp, fish,… and supplying breeding animal. This field of business seems potential in Vietnam but having hard competition, especially for a new company like the subject. In this field, there are many big and long history companies such as Cargill, Proconco, American Feed, and so on. Besides, the epidemics always affect much to the companies in this field. The subject now supplies 100% for local market of Vietnam, mainly in Southern Vietnam. But, its market share seems normal.

Premises and facilities of the subject are rather standard. The design capacity of the subject factory is about 12,000 tones per month. In some first years, the subject’s business result seems normal. But it is supported much from parent company.

Management capacity of the subject is normal. Competition capacity of the subject is not remarkable. Currently, the subject is facing with hard competition from other manufacturers and the changes in Vietnam economy.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.42.54
UK Pound	1	Rs.84.86
Euro	1	Rs.66.95

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%)

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