MIRA INFORM REPORT

Report Date :

31.10.2008

IDENTIFICATION DETAILS

Name :	GENTRACO FEED JOINT STOCK COMPANY
Registered Office :	No. 72, Nguyen Thai Hoc Str, Thot Not Town, Thot Not Dist, Can Tho Province
Country :	Vietnam
Financials (as on) :	31.12.2007
Date of Incorporation :	2007
Com. Reg. No.:	5703000379
Legal Form :	Joint Stock Company
Line of Business :	Purchasing, Milling, Processing and Trading Agricultural Product, Food, Foodstuff Trading, Import – Export Agricultural Product, Food Material for Cattle, Aquatic Processing and Trading Rice and Material from Rice

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	GENTRACO FEED JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN THUY SAN GENTRACO
Abbreviation Name	GENTRACO-FEED
Type of Business	Joint Stock Company
Founded	2007
Business Registration	No.5703000379
Issuance on	December 31^st, 2007 (last revised on May 14^th, 2008)
Issuance by	Can Tho province Department of Planning and Investment
Registered Capital	44,000,000,000 VND
Tax code	1800688429
Total Employees	About 100 employees
ADDRESSES
Head Office:
Address	No. 72, Nguyen Thai Hoc Str, Thot Not Town, Thot Not Dist, Can Tho Province
Country	Vietnam
Tel	(84-710) 3611366/ 6284789
Fax	(84-710) 3853744
An Giang province branch:
Address	Hamlet 2, Quoc Thai Commune, An Phu District, An Giang province
Country	Vietnam
Business Registration	No.5213000367
Tax Code	1800688429-002
Tel	(84-76) 3527113
Dak Nong province branch:
Address	No. 70, Hamlet 2, Truc Son Commue, Cu Jut Dictrict, Daknong province
Country	Vietnam
Business Registration	No.6313000045
Tax Code	1800688429-001
Tel	(84-501) 3882097
Chief of branch	Mr. NGUYEN BA PHUOC
DIRECTORS
1. NAME	Mr. NGUYEN TRUNG KIEN
Position	Chairman
ID No	361592011
Issued on	June 12^th, 1992
Issued by	Police station of Can Tho Province
Resident	No. 37, Ngo Gia Tu Str, Can Tho City, Can Tho Province
Nationality	Vietnamese
2. NAME	Mr. LE QUANG TAM
Position	Director
Date of Birth	January 16^th, 1978
ID No.	361801187
Issued on	January 11^th, 2000
Issued by	Can Tho Department of Police
Resident	No. 90/34, Hung Vuong Str, Thoi Binh Ward, Ninh Kieu Dist, Can Tho city
Nationality	Vietnamese
3. NAME	Mr. DIEP HOANG SON
Position	Vice Director
ID No	361549648
Resident	49/1, Vinh Lan Hamlet, Vinh Trinh, Vinh Thanh Dict., Can Tho City
Nationality	Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject focuses on the main business activities: Purchasing, milling, processing and trading agricultural product, food, foodstuff Trading, import – export agricultural product, food material for cattle, aquatic Processing and trading rice and material from rice
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports machinery and material India, Brazil, Singapore…
EXPORT: N.A
BANKERS
1. VIETNAM BANK FOR AGRICULTURAL AND RURAL DEVELOPMENT
Address	Thanh Loi 1 Hamlet, Trung An Str, Thot Not Dist, Can Tho province, Vietnam
Tel	(84-710) 3857329
2. VIETNAM MARITIME STOCK BANK
Address	No. 40, Phan Dinh Phung Str, Ninh Kieu Dist, Can Tho City, Vietnam
Tel	(84-710) 3824 792
Fax	(84-710) 3820 279
3. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Address	No.7, Hoa Binh Str, Can Tho City, Vietnam
Tel	(84-710) 3820445/ 3824354
Fax	(84-710) 3820694
SHAREHOLDER(S)
The subject is a Joint stock Company. Following is its foundation shareholders:
1. NAME	GENTRACO CORPORATION
Vietnamese Name	CONG TY CO PHAN GENTRACO
Address	No. 121, Nguyen Thai Hoc Str, Thot Not Town, Thot Not Dist, Can Tho province
Business Registration	No. 5703000077
Share	90.91%
Value	40,000,000,000 VND

2 NAME	Mr. NGUYEN TRUNG KIEN
Position	Chairman
ID No.	361592011
Issued on	June 12^th, 1992
Issued by	Police station of Can Tho Province
Resident	No. 37, Ngo Gia Tu Str, Can Tho City, Can Tho Province
Nationality	Vietnamese
Share	0.68%
Value	300,000,000 VND
3 NAME	Mr. CAO PHUOC LONG
Position	Shareholder
ID No.	022751972
Resident	No. 194, Nguyen Dinh Chieu Str, Ward 6, Dist. 3, Hochiminh City
Nationality	Vietnamese
Share	0.68%
Value	300,000,000 VND
4 NAME	Ms. NGUYEN THI HONG PHUC
Position	Shareholder
ID No.	362222430
Resident	No. 18/31, Xo Viet Nghe Tinh Street, Can Tho City
Nationality	Vietnamese
Share	0.68%
Value	300,000,000 VND
5. NAME	Mr. TRAN THANH VAN
Position	Shareholder
ID No	361121127
Resident	No. 373, Group 16, National Road 61, Thot Not Dist., Can Tho City
Nationality	Vietnamese
Share	0.68%
Value	300,000,000 VND

6.NAME	Mr. VO XUAN HONG
Position	Shareholder
ID No	022593919
Resident	No. B8-92, Hung Thai, Phu My Hung Ward, Dist. 7, Hochiminh City
Nationality	Vietnamese
Share	0.68%
Value	300,000,000 VND
7. NAME	Mr. NGUYEN HOANG MINH
Position	Shareholder
ID No	361567563
Resident	No. A6, Cao Thang Str, Can Tho City
Nationality	Vietnamese
Share	0.68%
Value	300,000,000 VND
8. NAME	Mr. TRAN HUU DUC
Position	Shareholder
ID No	360997230
Resident	No. 250, Nguyen Trung Truc Str, Thot Not Town, Thot Not Dict, Can Tho City
Nationality	Vietnamese
Share	0.68%
Value	300,000,000 VND
9. NAME	Ms. HUYNH THI NGOC GIAU
Position	Shareholder
ID No	023699888
Resident	No. 153, Xuan Hong Str, Ward 12, Dist. Tan Binh, Hochiminh City
Nationality	Vietnamese
Share	0.68%
Value	300,000,000 VND
10. NAME	Mr. NGUYEN VAN TONG
Position	Shareholder
ID No	360339816
Resident	No. 487, Long Thanh A Hamlet, Thot Not Town, Thot Not Dist., Can Tho City
Nationality	Vietnamese
Share	0.68%
Value	300,000,000 VND
11. NAME	Ms. LUU THI LAN
Position	Shareholder
ID No	361735078
Resident	No. 13, Ho Xuan Huong Str, Can Tho City
Nationality	Vietnamese
Share	0.34%
Value	150,000,000 VND
12. NAME	Ms. DANG THI THUY DUONG
Position	Shareholder
ID No	361648350
Resident	No. 76, Thoi Hoa Hamlet, Thot Thuan, Thot Not Dist., Can Tho City
Nationality	Vietnamese
Share	0.34%
Value	150,000,000 VND
13. NAME	Mr. LE QUANG TAM
Position	Director
Date of Birth	January 16^th, 1978
ID No.	361801187
Issued on	January 11^th, 2000
Issued by	Can Tho Department of Police
Resident	No. 90/34, Hung Vuong Str, Thoi Binh Ward, Ninh Kieu Dist, Can Tho city
Nationality	Vietname
Share	0.34%
Value	150,000,000 VND
14. NAME	Mr. DIEP HOANG SON
Position	Vice Director
ID No	361549648
Resident	49/1, Vinh Lan Hamlet, Vinh Trinh, Vinh Thanh Dist., Can Tho City
Nationality	Vietnamese
Share	0.34%
Value	150,000,000 VND
15. NAME	Mr. TRAN PHUOC THO
Position	Shareholder
ID No	360989785
Resident	Long Thanh A Hamlet, Thot Not Town, Thot Not Dist., Can Tho City
Nationality	Vietnamese
Share	0.34%
Value	150,000,000 VND
16. NAME	Mr. NHAN HUU TAM
Position	Shareholder
ID No	361051251
Resident	No. 411, Phung Thanh Hamlet, Thot Not Town, Thot Not Dist., Can Tho City
Nationality	Vietnamese
Share	0.34%
Value	150,000,000 VND
17. NAME	Ms. TRAN VO TO LOAN
Position	Shareholder
ID No	361744205
Resident	Thoi Hoa Hamlet. Thoi Thuan, Thot Not Dist., Can Tho City
Nationality	Vietnamese
Share	0.34%
Value	150,000,000 VND

FINANCIAL DATA
The subject was established in December 2007. Its finance is not available. However, it is subsidiary company of Gentraco Corporation and formerly it was a branch of Gentraco Corporation. Following is the financial data of Gentraco Corporation for reference
BALANCE SHEET
Unit: VND
Balance sheet date			31/12/2007	31/12/2006
Number of weeks			52	52
ASSETS
A – CURRENT ASSETS			397,979,087,498	234,588,012,030
I. Cash and cash equivalents			9,923,628,476	35,154,822,561
1.Cash			9,923,628,476	35,154,822,561
2.Cash equivalents			0	0
II. Short-term investments			26,814,971,499	569,740,373
1. Short-term investments			28,286,289,957	569,740,373
2. Provisions for devaluation of short-term investments			-1,471,318,458	0
III. Accounts receivable			322,449,412,006	155,442,734,472
1. Receivable from customers			50,340,635,136	55,376,495,820
2. Prepayments to suppliers			36,099,204,936	6,476,180,111
3. Inter-company receivable			224,333,262,920	87,914,832,779
4. Receivable according to the progress of construction			0	0
5. Other receivable			12,216,634,897	13,273,629,954
6. Provisions for bad debts			-540,325,883	-7,598,404,192
IV. Inventories			27,311,687,165	33,883,727,884
1. Inventories			27,311,687,165	33,883,727,884
2. Provisions for devaluation of inventories			0	0
V. Other Current Assets			11,479,388,352	9,536,986,740
1. Short-term prepaid expenses			17,484,211	254,865,581
2. VAT to be deducted			0	3,110,933,572
3. Taxes and other accounts receivable from the State			0	1,517,623,552
4. Other current assets			11,461,904,141	4,653,564,035
B. LONG-TERM ASSETS			24,593,849,532	46,425,623,082
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			14,069,187,430	28,321,513,149
1. Tangible assets			5,023,792,218	14,701,103,581
Historical costs			8,238,228,310	27,223,237,924
Accumulated depreciation			3,214,436,092	12,522,134,343
2. Financial leasehold assets			0	0
Historical costs			0	0
Accumulated depreciation			0	0
3. Intangible assets			1,790,558,766	11,348,566,746
Initial costs			1,889,850,439	11,531,671,501
Accumulated amortization			99,291,673	183,104,755
4. Construction-in-progress			7,254,836,446	2,271,842,822
III. Investment property			217,844,328	3,859,518,255
Historical costs			685,743,778	4,304,559,777
Accumulated depreciation			467,899,450	445,041,522
IV. Long-term investments			9,694,568,529	13,926,337,529
1. Investments in affiliates			0	7,650,000,000
2. Investments in business concerns and joint ventures			7,650,000,000	0
3. Other long-term investments			2,044,568,529	6,276,337,529
4. Provisions for devaluation of long-term investments			0	0
VI. Other long-term assets			612,249,245	318,254,149
1. Long-term prepaid expenses			612,249,245	318,254,149
2. Deferred income tax assets			0	0
3. Other long-term assets			0	0
TOTAL ASSETS			422,572,937,030	281,013,635,112
LIABILITIES
A- LIABILITIES			353,853,090,781	212,916,496,923
I. Current liabilities			324,674,500,146	210,006,828,883
1. Short-term debts and loans			310,453,715,614	190,038,373,718
2. Payable to suppliers			3,081,286,961	4,403,896,665
3. Advances from customers			2,075,698,394	12,531,288,842
4. Taxes and other obligations to the State Budget			-761,820,512	566,629,457
5. Payable to employees			0	723,887,710
6. Accrued expenses			4,231,675,607	0
7. Inter-company payable			0	0
8. Payable according to the progress of construction contracts			0	0
9. Other payable			5,593,944,082	1,742,752,491
10. Provisions for short-term accounts payable			0	0
II. Long-Term Liabilities			29,178,590,635	2,909,668,040
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			29,030,734,468	2,797,716,108
5. Deferred income tax payable			0	0
6. Provisions for unemployment allowances			147,856,167	111,951,932
7. Provisions for long-term accounts payable			0	0
B- OWNER'S EQUITY			68,719,846,249	68,097,138,189
I. Owner's equity			68,302,325,161	67,757,470,098
1. Capital			50,792,400,000	50,792,400,000
2. Share premiums			1,035,818,562	860,018,562
3. Other sources of capital			0	0
4. Treasury stocks			-1,567,679,552	-1,560,879,552
5. Differences on asset revaluation			0	0
6. Foreign exchange differences			0	0
7. Business promotion fund			7,267,749	7,267,749
8. Financial reserved fund			3,719,728,334	2,959,178,634
9. Other funds			0	0
10.Retained earnings			14,314,790,068	14,699,484,705
11. Construction investment fund			0	0
II. Other sources and funds			417,521,088	339,668,091
1. Bonus and welfare funds			417,521,088	339,668,091
2. Sources of expenditure			0	0
3. Fund to form fixed assets			0	0
TOTAL LIABILITIES AND OWNER'S EQUITY			422,572,937,030	281,013,635,112
PROFIT & LOSE STATEMENT
Description		FY 2007
Revenue		1,264,827,679,207
Deductions Items		0
Net Revenue		1,264,827,679,207
Costs of goods sold		1,183,160,652,846
Gross profit		81,667,026,361
Financial income		20,436,465,071
Financial expenses		29,433,507,158
In which: Loan interest expenses
Selling expenses		54,640,273,220
Administrative overheads		13,494,195,280
Net operating profit		4,535,515,774
Other income		1,302,838,205
Other expenses		849,882,012
Other profit /(loss)		452,956,193
Total accounting profit before tax		4,988,471,967
Current corporate income tax		583,078,708
Deferred corporate income tax		0
Profit after tax		4,405,393,259
FINANCIAL FACTORS
Description		2007
Current liquidity ratio		1.23
Quick Liquidity ratio		1.14
Inventory circle		38.67
Average receive period		93.05
Utilizing Asset Performance		2.99
Liability/ Total Asset (%)		83.74
Liability/ Owner's equity (%)		514.92
Ebit/ Total asset (%) ROA		1.18
Ebit / Owner's equity (%) ROE		7.26
Ebit / Total revenue (%) NPM		0.39
Gross Profit / Total revenue (%) GPM		6.46
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Average
Liquidity	N/A
Payment status	Acceptable
Financial Situation	Average
Development trend	Seem even
Litigation data	No recorded
Bankruptcy	No recorded
Payment Methods	L/C
Sale Methods	Direct to its clients
INTERPRETATION ON THE SCORES
Gentraco Feed Joint Stock Company was established in the end of 2007. It is subsidiary company of Gentraco Corporation. Formerly, it was a material processing branch for food aquatic of Gentraco Corporation. It was transferred from branch into joint stock company. It received business registration No. 5703000379 on December 31^st, 2007 with legal capital of 44,000,000,000 VND, in which Gentraco Corporation hold 90.91 per cent of stakes in the subject. Gentraco Corporation is one of the leading rice exporters in Vietnam. Gentraco Corporation has been exported rice to many countries all over the world. Gentraco Corporation products are now present at main markets of Russia, most Southeast Asian countries, Middle East and African countries for years. From 2002 to 2005 Gentraco Corporation had been in the 5th of Vietnamese rice exporters and 4th grade in 2006. As per evaluation of Vietnam Food Association, Gentraco Corporation is reputable supplier with high volume in recent years. The subject focuses on purchasing, milling, processing and trading agricultural products, food, foodstuff, food material for cattle, aquatic. The subject imports machinery and material from India, Brazil, Singapore… Its products are not for export. It major supplies products to clients in Southern and Middle Southern provinces. The premises and facilities of the subject are above average. The subject is located in Can Tho City which enjoys fertile soil conditions. It is supported of Gentraco Corporation which has business experience in the field such as market, supply source…It has 2 branches in An Giang and Dak Nong province. Its management capacity is normal. Currently, the subject has about 100 employees. In general, the subject is now gradually stable. It is the way to develop. The future prospect seems bright. The subject has capacity to meet small and normal business commitments.
CREDIT INQUIRY: 500,000 USD. DA
The subject has capacity to meet this credit inquiry with guarantee of parent company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.25
UK Pound	1	Rs.80.36
Euro	1	Rs.62.84

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