MIRA INFORM REPORT

Report Date :

25.04.2011

IDENTIFICATION DETAILS

Name :	ANTIN VIETNAM COMPANY LIMITED
Registered Office :	No. 170/59 Tan Chanh Hiep 10 Str - Quarter 4 - Tan Chanh Hiep Ward - Dist 12 - Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	31.12.2010
Date of Incorporation :	03.11.2009
Com. Reg. No.:	0309503834
Legal Form :	Limited Liability Company
Line of Business :	trading feed and feed materials

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
Vietnam	b1	b1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUBJECT IDENTIFICATION & LEGAL FORM

English Name	ANTIN VIETNAM COMPANY LIMITED
Vietnamese Name	CONG TY TNHH AN TIN VIETNAM
Trade name	ANTIN VIETNAM COMPANY LIMITED
Type of Business	Limited liability company
Year Established	2009
Business Registration No.	0309503834
Date of Registration	November 03^rd 2009
Place of Registration	Business Registration Office of Ho Chi Minh City
Current registered capital	1,000,000,000 VND
Tax code	0309503834
Total Employees	10
Size	Small

company ADDRESSES

Head Office
Address	No. 170/59 Tan Chanh Hiep 10 Str - Quarter 4 - Tan Chanh Hiep Ward - Dist 12 - Ho Chi Minh City - Vietnam
Telephone	(84-8) 35043431
Fax	(84-8) 37152175
Email	ngoc@antinvietnam.com
Notes: The full correct address of the Subject is as above.

DIRECTORS

NAME	Ms. HO THI BICH NGOC
Position	Director
ID Number/Passport	205182821
Resident	No.485/12 Quater 4 - Tan Thoi Hiep Ward – District 12 - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Tel/Mobil phone	(84) 915878675
Email	ngoc@antinvietnam.com

BUSINESS NATURE AND ACTIVITIES

The subject specialized in trading feed and feed materials.

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products	Products
· Market	India, France
EXPORT:
· Types of products	N/A

BANKERS

SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK HOC MON BRANCH
Address	No.19/4A Ly Thuong Kiet Hoc Mon ward - Hoc Mon District - Ho Chi Minh City - Vietnam
Telephone	(84-8) 38910179
Fax	(84-8) 37103545

SHAREHOLDERS

1. NAME	Ms. HO THI BICH NGOC
Position	Director
ID Number/Passport	205182821
Resident	No.485/12 Quater 4, Tan Thoi Hiep Ward – District 12 - Ho Chi Minh City - Vietnam
Email	ngoc@antinvietnam.com
Mobile phone	(84) 915878675
Nationality	Vietnamese
Value of shares	600,000,000 VND
Percentage	60%
2. NAME	Mr. DO QUANG LONG
ID Number/Passport	205294579
Resident	No.485/12, Quater 4, Tan Thoi Hiep St Ward – District 12 - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Value of shares	400,000,000 VND
Percentage	40%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010
Number of weeks	52
ASSETS
A – CURRENT ASSETS	790,267,051
I. Cash and cash equivalents	662,522,042
1. Cash	661,102,145
2. Cash equivalents	1,419,897
II. Short-term investments	0
1. Short-term investments	0
2. Provisions for devaluation of short-term investments	0
III. Accounts receivable	0
1. Receivable from customers	0
2. Prepayments to suppliers	0
3. Inter-company receivable	0
4. Receivable according to the progress of construction	0
5. Other receivable	0
6. Provisions for bad debts	0
IV. Inventories	54,309,250
1. Inventories	54,309,250
2. Provisions for devaluation of inventories	0
V. Other Current Assets	73,435,759
1. Short-term prepaid expenses	13,045,445
2. VAT to be deducted	14,465,814
3. Taxes and other accounts receivable from the State	0
4. Other current assets	45,924,500
B. LONG-TERM ASSETS	0
I. Long term account receivable	0
1. Long term account receivable from customers	0
2. Working capital in affiliates	0
3. Long-term inter-company receivable	0
4. Other long-term receivable	0
5. Provisions for bad debts from customers	0
II. Fixed assets	0
1. Tangible assets	0
- Historical costs	0
- Accumulated depreciation	0
2. Financial leasehold assets	0
- Historical costs	0
- Accumulated depreciation	0
3. Intangible assets	0
- Initial costs	0
- Accumulated amortization	0
4. Construction-in-progress	0
III. Investment property	0
Historical costs	0
Accumulated depreciation	0
IV. Long-term investments	0
1. Investments in affiliates	0
2. Investments in business concerns and joint ventures	0
3. Other long-term investments	0
4. Provisions for devaluation of long-term investments	0
V. Other long-term assets	0
1. Long-term prepaid expenses	0
2. Deferred income tax assets	0
3. Other long-term assets	0
TOTAL ASSETS	790,267,051
LIABILITIES
A- LIABILITIES	53,290,620
I. Current liabilities	53,290,620
1. Short-term debts and loans	0
2. Payable to suppliers	47,551,250
3. Advances from customers	0
4. Taxes and other obligations to the State Budget	5,739,370
5. Payable to employees	0
6. Accrued expenses	0
7. Inter-company payable	0
8. Payable according to the progress of construction contracts	0
9. Other payable	0
10. Provisions for short-term accounts payable	0
II. Long-Term Liabilities	0
1. Long-term accounts payable to suppliers	0
2. Long-term inter-company payable	0
3. Other long-term payable	0
4. Long-term debts and loans	0
5. Deferred income tax payable	0
6. Provisions for unemployment allowances	0
7. Provisions for long-term accounts payable	0
B- OWNER’S EQUITY	736,976,431
I. OWNER’S EQUITY	736,976,431
1. Capital	1,000,000,000
2. Share premiums	0
3. Other sources of capital	0
4. Treasury stocks	0
5. Differences on asset revaluation	0
6. Foreign exchange differences	0
7. Business promotion fund	0
8. Financial reserved fund	0
9. Other funds	0
10. Retained earnings	-263,023,569
11. Construction investment fund	0
II. Other sources and funds	0
1. Bonus and welfare funds	0
2. Sources of expenditure	0
3. Fund to form fixed assets	0
MINORITY’S INTEREST	0
TOTAL LIABILITIES AND OWNER’S EQUITY	790,267,051

PROFIT & LOSS STATEMENT
Description	FY2010
1. Total Sale	140,073,232
2. Deduction item	0
3. Net sale	140,073,232
4. Costs of goods sold	108,027,725
5. Gross profit	32,045,507
6. Financial income	188,630
7. Financial expenses	0
- In which: Loan interest expenses	0
8. Selling expenses	16,512,374
9. Administrative overheads	278,745,332
10. Net operating profit	-263,023,569
11. Other income	0
12. Other expenses	0
13. Other profit /(loss)	0
14. Total accounting profit before tax	-263,023,569
15. Current corporate income tax	0
16. Deferred corporate income tax	0
18. Profit after tax	-263,023,569

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	Average Industry
Current liquidity ratio	14.83	1.94
Quick liquidity ratio	13.81	0.98
Inventory circle	1.99	9.29
Average receive period	0.00	54.01
Utilizing asset performance	0.18	2.21
Liability by total asset	6.74	58.72
Liability by owner equity	7.23	256.76
Ebit / Total asset (ROA)	-33.28	7.90
Ebit / Owner's equity (ROE)	-35.69	25.68
Ebit / Total sale (NPM)	-187.78	4.18
Gross profit / Total sale (GPM)	22.88	15.30
Note: The Average Industry was calculated by Vietnam Credit based on our owned statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Normal
Liquidity	Medium/High
Payment status	Normal
Financial Situation	Average
Development trend	Stable
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Direct or through the bank
Sale Methods	Wholesaler
Public opinion	Normal

CREDIT INQUIRY: USD 125,000 Against DA term

Only acceptable if close term.

INTERPRETATION ON THE SCORES

The subject is limited liability company which was established in the end of 2009. The subject officially operating in 2010. The subject is operating under the Business Registration No. 0309503834 issued by Business Registration Office of Ho Chi Minh City. Its registered capital is VND 1,000,000,000.
Head office of the subject is located at No. No. 170/59 Tan Chanh Hiep 10 Str - Quarter 4 - Tan Chanh Hiep Ward - Dist 12 - Ho Chi Minh City – Vietnam.

The subject specializes in trading feed and feed material. Products of the subject are mainly imported from India. Main customers of the subject are companies processing of animal feed.
According to information which is collected from our source, the subject is managed by Ms. Ho Thi Bich Ngoc and some French citizens. Activities of the subject fairy busy. Facilities and premises of the subject are normal. The subject has about 10 employees.

According to financial statement in 2010, sale and profit are low. However, the subject is young company in this field so it is acceptable.

In general, the subject is small company. Caution needed with transaction of the subject

APPENDIXES

INDUSTRY DATA
Industry code	Growth speed (%)		Total employees 2009 (Thousand)		Total enterprises	Annual average capital of enterprises
	Predict 2010	2009
Agriculture, Forestry and Fishing	2.8	3.0	24,788.5		2,399	50,530
Trade and Services	7.5	11	10,517.9		79,181	1,754,973
Construction	7	11.3	2,692.8		17,783	248,268
Manufacturing	12	7.6	7,591.2		30,786	967,068
ECONOMIC INDICATORS
			2010	2009		2008
Population (Million person)			86.93	86.02		86.1
Gross Domestic Products (US$ billion)			102.2	91		84.9
GDP Growth (%)			6.78	5.32		6.2
GDP Per Capita (US$)			1,160	1,080		1,040
Inflation (% Change in Composite CPI)			11.75	6.88		24.4
SERVICE TRADE PERFORMANCE
Billion USD			2010	2009		2008
Exports			71.6	56.6		62.9
Imports			84	68.8		76.6
Trade Balance			-12.4	-12.2		-14.6

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.30
UK Pound	1	Rs.72.92
Euro	1	Rs.64.69

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	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
----	NB	New Business	----

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.