MIRA INFORM REPORT

Report Date :

04.06.2008

IDENTIFICATION DETAILS

Name :	NGOC LONG ANIMAL FEED AND TRANSPORT SERVICE COMPANY LIMITED
Formerly Known As :	NGOC LONG TRANSPORT COMPANY LIMITED
Registered Office :	Binh Thuan 2 hamlet, Thuan Giao commune, Thuan An dist, Binh Duong province
Country :	Vietnam
Financials (as on) :	2006
Date of Incorporation :	2001
Com. Reg. No.:	4602001467
Legal Form :	Limited Liability Company
Line of Business :	Manufacturing Animal Feed and Supply Transport Services.

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

Current English Name	NGOC LONG ANIMAL FEED AND TRANSPORT SERVICE COMPANY LIMITED
Current Vietnamese Name	CONG TY TNHH THUC AN CHAN NUOI VA DICH VU VAN TAI NGOC LONG
Trade Name	NGOC LONG ANIMAL FEED AND TRANSPORT SERVICE CO., LTD
Abbreviated Name	NAFATS CO., LTD
Former English Name	NGOC LONG TRANSPORT COMPANY LIMITED
Former Vietnamese Name	CONG TY TNHH VAN TAI NGOC LONG
Type of Business	Limited Liability Company
Founded	2001
Current Business Registration	No. 4602001467
Issuance on	March 23^rd 2005
Issuance by	Planning and Investment Department of Binh Duong province
Former Business Registration	No. 4102007036
Issuance on	October 25^th 2001
Issuance by	Planning and Investment Department of Hochiminh city
Current Registered Capital	5,000,000,000 VND
Former Registered Capital	1,700,000,000 VND
Tax code	0302449680
Total Employees	150 employees

ADDRESSES

Current Head Office and Factory:
Address	Binh Thuan 2 hamlet, Thuan Giao commune, Thuan An dist, Binh Duong province
Country	Vietnam
Tel	(84-650) 717692
Fax	(84-650) 717760
Current Branch in HCMC:
Address	F13 Van Thanh Bac, Street D2, Ward 25, Binh Thanh dist, Hochiminh city
Country	Vietnam
Tel	(84-8) 5125687
Fax	(84-8) 5125685
Notes	Formerly, this address is the head office of the Subject.
Former Factory:
Address	E3 Lot E, Song Thanh 1 Industrial Park, Di An dist, Binh Duong province
Country	Vietnam
Note: + Formerly, the subject’s head office located in Hochiminh city and its factory located in Song Than 1 Industrial Park. From March 2005, the subject moved all head office and factory to new address at Binh Thuan 2 hamlet, Thuan Giao commune, Thuan An dist, Binh Duong province. + Now, former head office at F13 Van Thanh Bac, Street D2, Ward 25, Binh Thanh dist, Hochiminh city is still used as a branch in Hochiminh city of the subject. This branch is only focus on supply transport services. This is also private house of the subject’s director.

DIRECTORS

1. NAME	Mr. LE KHAC MIENG
Position	Director
Date of Birth	August 25^th 1950
ID No.	022202459
Issued on	August 21^st 1991
Issued by	Police Station of Hochiminh city
Registered Resident	No. 433/2 No Trang Long street, Ward 13, Binh Thanh dist, Hochiminh city
Current Resident	F13 Van Thanh Bac, Street D2, Ward 25, Binh Thanh dist, Hochiminh city
Nationality	Vietnamese
2. NAME	Mr. LE PHUC CUONG
Position	Sales Manager
ID No.	191135369
Registered Resident	7/73 Phan Dinh Phung, Thua Thien Hue province
Current Resident	Binh Duong province
Nationality	Vietnamese
Cell Phone	++84 918 683 557
3. NAME	Ms. LE THANH NGA
Position	Financial Manager
Resident	No. 433/2 No Trang Long street, Ward 13, Binh Thanh dist, Hochiminh city
Nationality	Vietnamese
Cell Phone	++84 918 030 562
4. NAME	Mr. NGUYEN HOANG THAI DUONG
Position	Chief of Hochiminh city Branch
Resident	Hochiminh city
Nationality	Vietnamese
Cell Phone	++84 918 770 725

BUSINESS NATURE AND ACTIVITIES

The subject is specializing in manufacturing animal feed and supply transport services.

The subject registers in following business items:

- Transport of goods by sea and road

- Shipping and customs service

- Packaging and stevedoring cargo

- Trading in foodstuff, material of animal feed

- Manufacturing animal feed

IMPORT & EXPORT ACTIVITIES

IMPORT: The subject imports materials mainly from India and Argentina

EXPORT: N/A

BANKERS

1. SGN COMMERCIAL JOINT STOCK BANK (SACOMBANK)
Address	No. 278 Nam Ky Khoi Nghia Str, Ward 8, Dist 3, Hochiminh city
Country	Vietnam
Tel	(84-8) 9320420 - 9320643
Fax	(84-8) 9322488
Telex	813603SGTT/VT
Swift	SGTTVNVX
2. VIETNAM BANK FOR AGRICULTURAL AND RURAL DEVELOPMENT – Branch in Binh Duong
Address	No. 01 Pasteur Street, Lai Thieu Town, Thuan An District, Binh Duong Province
Country	Vietnam
Tel	(84-650) 755270 - 822229
Fax	(84-650) 753752

SHAREHOLDER(S)

The subject is a Limited Liability Company. Current its registered capital is 5,000,000,000 VND. Following is its shareholders:
1. NAME	Mr. LE KHAC MIENG
Position	Director
Date of Birth	August 25^th 1950
ID No.	022202459
Issued on	August 21^st 1991
Issued by	Police Station of Hochiminh city
Registered Resident	No. 433/2 No Trang Long street, Ward 13, Binh Thanh dist, Hochiminh city
Current Resident	F13 Van Thanh Bac, Street D2, Ward 25, Binh Thanh dist, Hochiminh city
Nationality	Vietnamese
Share	46 %
Value	2,300,000,000 VND
2. NAME	Mr. LE NGOC HAI
Position	Shareholder
ID No.	171381617
Resident	Hoang Lu commune, Hoang Hoa dist, Thanh Hoa province
Nationality	Vietnamese
Share	12 %
Value	600,000,000 VND
3. NAME	Mr. LE PHUC CUONG
Position	Sales Manager
ID No.	191135369
Registered Resident	7/73 Phan Dinh Phung, Thua Thien Hue province
Current Resident	Binh Duong province
Nationality	Vietnamese
Share	2 %
Value	100,000,000 VND
4. NAME	Mr. LE VAN SU
Position	Shareholders
ID No.	172068611
Resident	Nghia Phu hamlet, Hoang Lu commune, Hoang Hoa dist, Thanh Hoa province
Nationality	Vietnamese
Share	8 %
Value	400,000,000 VND
5. NAME	Mr. NGUYEN VAN NIEM
Position	Shareholder
ID No.	171602421
Resident	433/11 No Trang Long street, Ward 13, Binh Thanh dist, Hochiminh city
Nationality	Vietnamese
Share	1 %
Value	50,000,000 VND
6. NAME	Mr. DO LOC
Position	Shareholder
Resident	61 Ho Van Hue str, Ward 9, Phu Nhuan dist, Hochiminh city
Nationality	Vietnamese
Share	10 %
Value	500,000,000 VND
7. NAME	Mr. NGUYEN VAN PHONG
Position	Shareholder
Resident	44C/49A Quarter 2, Tan Thuan Dong ward, Dist 7, Hochiminh city
Nationality	Vietnamese
Share	2 %
Value	100,000,000 VND
8. NAME	Mr. NGUYEN VAN KHAC
Position	Shareholder
Resident	150A Vo Thi Sau street, Ward 8, Dist 3, Hochiminh city
Nationality	Vietnamese
Share	2 %
Value	100,000,000 VND
9. NAME	Mr. LE TRUNG KIEN
Position	Shareholder
ID No	171764695
Resident	423/27 Nguyen Xi street, Ward 11, Binh Thanh dist, Hochiminh city
Nationality	Vietnamese
Share	4 %
Value	200,000,000 VND
10. NAME	Mr. DUONG THI QUYNH HOANG
Position	Shareholder
Resident	500/66/27B Doan Van Bo street, Ward 14, Dist 4, Hochiminh city
Nationality	Vietnamese
Share	1 %
Value	50,000,000 VND
11. NAME	MS. NGUYEN THI HUYEN
Position	Shareholder
Resident	35/1 Group 1, Dong hamlet, Dong Hoa commune, Di An dist, Hochiminh city
Nationality	Vietnamese
Share	1 %
Value	50,000,000 VND
12. NAME	Ms. LE THANH NGA
Position	Financial Manager
Resident	No. 433/2 No Trang Long street, Ward 13, Binh Thanh dist, Hochiminh city
Nationality	Vietnamese
Share	3 %
Value	150,000,000 VND
13. NAME	Ms. LUONG THI NHUNG
Position	Shareholder
Resident	Hamlet 1, Tan Long commune, Phu Giao dist, Binh Duong province
Nationality	Vietnamese
Share	4 %
Value	200,000,000 VND
14. NAME	Ms. LE THI THUY MAI
Position	Shareholder
Resident	No. 433/2 No Trang Long street, Ward 13, Binh Thanh dist, Hochiminh city
Nationality	Vietnamese
Share	2 %
Value	100,000,000 VND
15. NAME	Mr. LE VAN SY
Position	Shareholder
Resident	Nghia Phu small village, Hoang Lu commune, Hoang Hoa dist, Thanh Hoa province
Nationality	Vietnamese
Share	1 %
Value	50,000,000 VND
16. NAME	Mr. TRAN VAN LUU
Position	Shareholder
Resident	Hamlet 1, Tan Long commune, Phu Giao dist, Binh Duong province
Nationality	Vietnamese
Share	1 %
Value	50,000,000 VND
Following is former shareholders of the subject (when its registered capital was 1,700,000,000VND):
1. NAME	Mr. LE KHAC MIENG
Position	Director
Date of Birth	August 25^th 1950
ID No.	022202459
Issued on	August 21^st 1991
Issued by	Police Station of Hochiminh city
Registered Resident	No. 433/2 No Trang Long street, Ward 13, Binh Thanh dist, Hochiminh city
Current Resident	F13 Van Thanh Bac, Street D2, Ward 25, Binh Thanh dist, Hochiminh city
Nationality	Vietnamese
Share	52.941 %
Value	900,000,000 VND
2. NAME	Mr. LE NGOC HAI
Position	Shareholder
ID No.	171381617
Resident	Hoang Lu commune, Hoang Hoa dist, Thanh Hoa province
Nationality	Vietnamese
Share	11.765 %
Value	200,000,000 VND
3. NAME	Mr. LE PHUC CUONG
Position	Sales Manager
ID No.	191135369
Registered Resident	7/73 Phan Dinh Phung, Thua Thien Hue province
Current Resident	Binh Duong province
Nationality	Vietnamese
Share	11.765 %
Value	200,000,000 VND
4. NAME	Mr. LE TRUNG KIEN
Position	Shareholder
ID No.	171764695
Resident	423/27 Nguyen Xi street, Ward 11, Binh Thanh dist, Hochiminh city
Nationality	Vietnamese
Share	5.882 %
Value	100,000,000 VND
5. NAME	Mr. LE VAN SU
Position	Shareholders
ID No.	172068611
Resident	Nghia Phu hamlet, Hoang Lu commune, Hoang Hoa dist, Thanh Hoa province
Nationality	Vietnamese
Share	11.765 %
Value	200,000,000 VND
6. NAME	Mr. NGUYEN VAN NIEM
Position	Shareholder
ID No.	171602421
Resident	433/11 No Trang Long street, Ward 13, Binh Thanh dist, Hochiminh city
Nationality	Vietnamese
Share	5.882 %
Value	100,000,000 VND

FINANCIAL DATA

BALANCE SHEET
Unit: 1,000,000 VND
Description	2006	2005
Current assets & Short-term investment
9,823	5,034
Fixed assets & Long-term investment	4,913	4,011
Total assets	14,736	9,045
Payable	9,467	4,217
Owner’s Equity	5,269	4,828
Total Liability and Equity	14,736	9,045
PROFIT & LOSE STATEMENT
Description	FY 2006	FY 2005
Total revenue	27,349	14,141
Deduction Items	0	0
Net revenue	27,349	14,141
Net income from business activities	444	52
Net income from financial operation	0	0
Irregular Profit	0	0
Total pre-tax profit	444	52

PAYMENT HISTORY AND EXPERIENCES

Trade Morality	Average
Liquidity	Average
Payment status	Normal
Financial Situation	Average
Development trend	Average
Litigation data	No Recorded
Bankruptcy	No Recorded
Payment Methods	Direct payment or through its corresponding banks.
Sale Methods	Directly to clients or through its agents.
INTERPRETATION ON THE SCORES
NAFATS CO., LTD is a limited liability company, which was found in 2001 in Hochiminh city. The subject is specializing in manufacturing animal feed and supply transport service. Originally, the subject was named Ngoc Long Transport Co., Ltd and focused in supply transport service. Up to 2004, the subject’s factory manufacturing animal feed in Song Than 1 Industry Park, Binh Duong province started operation and the subject has changed name into “Ngoc Long Animal feed and Transport service Co., Ltd”. In March 2005, the subject moved all head office and factory to new address at Binh Thuan 2 hamlet, Thuan Giao commune, Thuan An dist, Binh Duong province. Now, former head office at F13 Van Thanh Bac, Street D2, Ward 25, Binh Thanh dist, Hochiminh city is still used as a branch in Hochiminh city of the subject. This is also private house of the subject’s director. This branch only specializes in supply transport services including transport of goods by sea and road, shipping and customs service, packaging and stevedoring cargo. Main product of the subject’s factory in Binh Duong province is feed for fish. Materials for production of the subject are mainly imported from India and Argentina. Its products are absolutely distributed in domestic market. Current its market share in animal feed is gradually stable. However, the subject is also facing with many other competitors. The management capacity of the subject is normal. All of manager positions are belonged member in family. The premise and facilities of the subject are average. Business results of the subject are acceptable. Turnover and profit increases year by year. The subject has capacity to meet small and normal financial commitments. Caution needed for any medium or big transactions.
This credit inquiry is big for the Subject. In our opinion, the Subject is only has capacity to meet the credit amount of below 140,000 USD with close term.

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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