MIRA INFORM REPORT

Report Date :

18.06.2008

IDENTIFICATION DETAILS

Name :	WOOSUNG VINA LIMITED LIABILITY COMPANY
Registered Office :	Bau Xeo Industrial Zone, Song Trau Commune, Trang Bom Dist, Dong Nai Province.
Country :	Vietnam
Financials (as on) :	31.12.2007
Date of Incorporation :	2002
Com. Reg. No.:	471023000010
Legal Form :	100% Foreign Capital Company
Line of Business :	Manufacturing and Trading Feeds for Fish and Shrimp

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	No Complaints
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM
Registered English Name	WOOSUNG VINA LIMITED LIABILITY COMPANY
Vietnamese Name	CONG TY TNHH WOOSUNG VINA
Trade name	WOOSUNG VINA CO., LTD
Type of Business	100% Foreign Capital Company
Founded	2002
Current Business Registration	No. 471023000010
Issuance on	January 15^th, 2007
Issuance by	Dong Nai Provincial People’s Committee
Former Business Registration	No. 37/ GP- DN
Issuance on	January 22^nd 2002
Issuance by	Planning and Investment Department of Dong Nai Province
Investment Capital	15,000,000 USD
Legal Capital	5,650,000 USD
Tax code	3600526311
Total Employees	140
ADDRESSES
Head Office:
Address	Bau Xeo Industrial Zone, Song Trau Commune, Trang Bom Dist, Dong Nai Province.
Country	Vietnam
Tel	(84-0613) 923354
Fax	(84-0613) 923350
Email	woosung@hcm.vnn.vn
DIRECTORS
1. NAME	Mr. CHA JEONG HO
Position	General Director
ID Card	QD0010344
Date of birth	September 17^th, 1959
Tel	0907 353 337
Nationality	Korean
2. NAME	Mr. KIM JONG COOK
Position	Managing Director
Date of birth	April 15^th, 1971
Tel	0919 255 391
Nationality	Korean
BUSINESS NATURE AND ACTIVITIES
The subject registers and operates in the following business activities: - Manufacturing and trading feeds for fish and shrimp
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports materials from many countries such as Korea, Chile, India, Peru.
EXPORT: The subject’s products are sold in domestic market.
BANKERS
1. CITI BANK – HOCHIMINH BRANCH
Address	Hochiminh city, Vietnam
Tel	(84-8) 824 2118
Fax	(84-8) 824 2267
2. SHINHANVINA BANK
Address	No. 3-5, Ho Tung Mau Str, Dist 1, Hochiminh City, Vietnam
Tel	(84-8) 829-1581
Fax	(84-8) 821-3923
USD Account No.	238-67-088849
VND Account No.	238-07-013327
3. WOORI BANK
Address	R1808 Sun Wah Tower, 115 Nguyen Hue Str, Dist 1, Hochiminh City, Vietnam
Tel	(84-4) 821 9839
Fax	(84-4) 821 9838
USD Account No.	DDA912040657
VND Account No.	DDA912040665
SHAREHOLDER(S)
1. Name	WOOSUNG FEED CO., LTD
Address	62-1, Ojeong-Dong, Daedeok-Gu, Daejeon, 306-785
Country	Korea
Tel	+82-42-670-1606
Fax	+82-42-670-1765
Website	www.woosungfeed.co.kr/
Shares	4,150,000 USD
2. Name	WOOSUNG CO., LTD
Country	Korea
Shares	1,000,000 USD
3. Name	WOOSUNG TRANSFORTATION CO., LTD
Country	Korea
Shares	500,000 USD
FINANCIAL DATA
BALANCE SHEET
Unit: 1,000,000 VND
Balance sheet date		31/12/2007	31/12/2006	31/12/2005
Number of weeks		52	52	52
ASSETS
A – CURRENT ASSETS		94,419	40,802	33,298
I. Cash and cash equivalents		24,997	10,260	1,847
1.Cash		24,997	10,260	1,847
2.Cash equivalents		0	0	0
II. Short-term investments		0	0	0
1. Short-term investments		0	0	0
2. Provisions for devaluation of short-term investments		0	0	0
III. Accounts receivable		20,460	3,926	141
1. Receivable from customers		16,880	3,298	0
2. Prepayments to suppliers		177	617	0
3. Inter-company receivable		0	0	0
4. Receivable according to the progress of construction		0	0	0
5. Other receivable		3,403	11	141
6. Provisions for bad debts		0	0	0
IV. Inventories		48,556	26,109	30,651
1. Inventories		49,640	27,569	32,485
2. Provisions for devaluation of inventories		-1,084	-1,460	-1,834
V. Other Current Assets		406	507	659
1. Short-term prepaid expenses		111	36	59
2. VAT to be deducted		163	262	263
3. Taxes and other accounts receivable from the State		33	10	0
4. Other current assets		99	199	337
B. LONG-TERM ASSETS		108,623	83,275	94,751
I. Long term account receivable		0	0	0
1. Long term account receivable from customers		0	0	0
2. Working capital in affiliates		0	0	0
3. Long-term inter-company receivable		0	0	0
4. Other long-term receivable		0	0	0
5. Provisions for bad debts from customers		0	0	0
II. Fixed assets		108,585	83,237	94,508
1. Tangible assets		108,573	83,193	94,471
Historical costs		157,787	118,450	117,775
Accumulated depreciation		-49,214	-35,257	-23,304
2. Financial leasehold assets		0	0	0
Historical costs		0	0	0
Accumulated depreciation		0	0	0
3. Intangible assets		12	24	37
Initial costs		64	64	64
Accumulated amortization		-52	-40	-27
4. Construction-in-progress		0	20	0
III. Investment property		0	0	0
Historical costs		0	0	0
Accumulated depreciation		0	0	0
IV. Long-term investments		0	0	0
1. Investments in affiliates		0	0	0
2. Investments in business concerns and joint ventures		0	0	0
3. Other long-term investments		0	0	0
4. Provisions for devaluation of long-term investments		0	0	0
VI. Other long-term assets		38	38	243
1. Long-term prepaid expenses		0	0	238
2. Deferred income tax assets		0	0	0
3. Other long-term assets		38	38	5
TOTAL ASSETS		203,042	124,077	128,049
LIABILITIES
A- LIABILITIES		181,962	127,039	115,919
I. Current liabilities		129,843	70,008	45,080
1. Short-term debts and loans		77,253	40,268	31,037
2. Payable to suppliers		17,508	6,740	734
3. Advances from customers		1,679	255	150
4. Taxes and other obligations to the State Budget		0	0	85
5. Payable to employees		608	574	508
6. Accrued expenses		32,762	22,075	12,522
7. Inter-company payable		0	0	0
8. Payable according to the progress of construction contracts		0	0	0
9. Other payable		33	96	44
10. Provisions for short-term accounts payable		0	0	0
II. Long-Term Liabilities		52,119	57,031	70,839
1. Long-term accounts payable to suppliers		0	0	0
2. Long-term inter-company payable		0	0	0
3. Other long-term payable		0	0	0
4. Long-term debts and loans		51,687	56,756	70,648
5. Deferred income tax payable		0	0	0
6. Provisions for unemployment allowances		432	275	191
7. Provisions for long-term accounts payable		0	0	0
B- OWNER'S EQUITY		21,080	-2,962	12,130
I. Owner's equity		21,080	-2,962	12,130
1. Capital		88,770	48,693	48,693
2. Share premiums		0	0	0
3. Other sources of capital		0	0	0
4. Treasury stocks		0	0	0
5. Differences on asset revaluation		0	0	0
6. Foreign exchange differences		0	0	0
7. Business promotion fund		0	0	0
8. Financial reserved fund		0	0	0
9. Other funds		0	0	0
10.Retained earnings		-67,690	-51,655	-36,563
11. Construction investment fund		0	0	0
II. Other sources and funds		0	0	0
1. Bonus and welfare funds		0	0	0
2. Sources of expenditure		0	0	0
3. Fund to form fixed assets		0	0	0
TOTAL LIABILITIES AND OWNER'S EQUITY		203,042	124,077	128,049
PROFIT & LOSS STATEMENT
Description		FY 2007	FY 2006	FY 2005
Revenue		278,099	147,257	N/A
Deductions Items		0	595	-
- Discount		0	595	-
- Devaluation		0	0	-
- Return of sold goods		0	0	-
- Turnover tax, Luxury tax & Export tax		0	0	-
Net Revenue		278,099	146,662	-
Costs of goods sold		248,977	130,052	-
Gross profit		29,122	16,610	-
Financial income		712	115	-
Financial expenses		7,773	8,683	-
In which: Loan interest expenses		0	0	-
Selling expenses		21,106	10,710	-
Administrative overheads		17,269	12,597	-
Net operating profit		-16,314	-15,265	-
Other income		440	767	-
Other expenses		161	594	-
Other profit /(loss)		279	173	-
Total accounting profit before tax		-16,035	-15,092	-
Current corporate income tax		0	0	-
Deferred corporate income tax		0	0	-
Profit after tax		-16,035	-15,092	-
FINANCIAL FACTORS
Description		2007	2006	2005
Current liquidity ratio		0.73	0.58	N/A
Quick Liquidity ratio		0.35	0.21	-
Inventory circle		6.67	4.58	-
Average receive period		26.85	9.77	-
Utilizing Asset Performance		1.37	1.18	-
Liability/ Total Asset (%)		89.62	102.39	-
Liability/ Owner's equity (%)		863.20	-4,288.96	-
Income before tax/ Total asset (%) ROA		-7.90	-12.16	-
Income before tax/ Owner's equity (%) ROE		-76.07	509.52	-
Income before tax/ Total revenue (%) NPM		-5.77	-10.25	-
Gross Profit / Total revenue (%) GPM		10.47	11.28	-
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Relative
Liquidity	Not strong
Payment status	Average
Financial Situation	Above average
Development trend	Fairy good
Litigation data	No recorded
Bankruptcy	No recorded
Payment Methods	L/C, T/T
Sale Methods	Direct to clients
INTERPRETATION ON THE SCORES
The subject is a 100% foreign capital company with total current invested capital of 15,000,000 USD and legal capital of 5,650,000 USD. It was established in 2002 in Dong Nai Province with total employees now about 140 employees. The subject specializes in manufacture and trading in feeds for Shrimp and Fish. It was licensed in 2002 and began to produce experimental products on June 20th, 2003. The premises and facilities of the subject are fair. Its management capability is fairly good. The subject is situated in industrial park with plenty of advantages in manufacturing. Its productivity now is above 20,000 tons of products per year. The subject mainly uses materials and equipments from oversea countries such as Korea, India, Peru, Chile. The products are being distributed through nation-wide distribution network, but the main market of company is southern Vietnam with product’s brands of Jumbo, Woosung, fishtop, Dream, Time… . In 2007, the subject attained total revenue of VND 278,099 Million. Its position in the Industry is fairly good. Aquaculture in Vietnam is expanding quickly so the subject has a bright prospect of development. In general, the subject’s financial status is not very healthy and operation status is relative good. The subject still has capacity of satisfying payments of interest and due liabilities. The subject has capacity to meet the small and normal financial commitments.
CREDIT INQUIRY: 500,000 USD against DA terms
The Subject has capacity to meet this credit inquiry 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%)

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