MIRA INFORM REPORT

Report Date :

21.01.2011

IDENTIFICATION DETAILS

Name :	VIET MY AGRICULTURAL PRODUCT COMPANY LIMITED
Registered Office :	No 15- D1 Dai Kim New Urban Area - Hoang Mai District - Ha Noi City
Country :	Vietnam
Financials (as on) :	31.12.2009
Date of Incorporation :	16.07.2009
Com. Reg. No.:	0102039862
Legal Form :	Limited Liability Company
Line of Business :	Trader of Oil Seeds, Grains and Cereals, Species and Favors, etc

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 :	Moderate
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
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

Registered English Name	VIET MY AGRICULTURAL PRODUCT COMPANY LIMITED
Registered Vietnamese Name	CONG TY TNHH NONG SAN VIET MY
Registered Short name	VIMAG CO., LTD
Type of Business	Limited liability company
Year Established	2009
Business Registration No.	0102039862
Date of Registration	16 Jul 2009
Place of Registration	Ha Noi Department of Planning and Investment
Current registered capital	15,000,000,000 VND
Status	Unlisted
Tax code	0104058357
Total Employees	18

company ADDRESSES

Head Office
Address	No 15- D1 Dai Kim New Urban Area - Hoang Mai District - Ha Noi City - Vietnam
Telephone	(84-4)3 6410337/3 5400975
Fax	(84-4)3 5400522
Email	ceo.vimag@gmail.com
Website	http://vimag.com.vn/
Registration Address
Address	No 102, Lot D6, DAI KIM NEW URBAN AREA - Hoang Mai District - Ha Noi City - Vietnam
Telephone	0983201178
Warehouse Address
Address	Xuan Mai Town - Chuong My District - Ha Noi City - Vietnam
Warehouse Address
Address	Pho Noi Town - My Hao District - Hung Yen Province - Vietnam
Warehouse Address
Address	Phu Xuyen Town - Phu Xuyen District - Ha Noi City - Vietnam

DIRECTORS

1. NAME	Ms. CAO THI MUNG
Position	Chairman - Director
Date of Birth	20 Nov 1978
ID Number/Passport	012226094
Issued on		14 Dec 2006
Issued Place		Ha Noi Department of Public Security
Resident	No 406-A4- 29 Lac Trung Collective-Vinh Tuy Ward - Hai Ba Trung District - Ha Noi City - Vietnam
Nationality	Vietnamese
2. NAME	Mr. CAO VAN BUNG
Position	Vice - Director
ID Number/Passport	012298275
Resident	E130 Collective- Nhan Chinh Ward - Thanh Xuan District - Ha Noi City - Vietnam
Nationality	Vietnamese
3. NAME	Ms. NGUYEN THI HANG
Position	Chief Accountant
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

VIMAG trades and specializes on:
- Oil Seeds (Sesame seeds, Soybean, Peanut…)
- Grains and Cereals (Wheat, Barley, Malt…)
- Species and Favors (Chilly, Pepper, Coffee…)
- Feed Grains and Ingredients (Soybean Meal, DDGS, Feed Corn, Feed Wheat…)
- Feed Grains and Ingredients (Soybean Meal, DDGS, Feed Corn, Feed Wheat…)

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products	feed ingredients; agriculture products
· Market	USA, Argentina; Russia, Ukraine; India, China
· Mode of payment	L/C, T/T
EXPORT:
· Types of products	The subject does not export

BANKERS

VIETNAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HUNG VUONG TRANSACTION
Address	1th Flr. CC 2A Building Bac Linh Dam Urban - Hoang Mai District - Ha Noi City - Vietnam
Telephone	(84-4) 36414790

SHAREHOLDERS

1. NAME	Ms. CAO THI MUNG
Position	Chairman - Director
Date of Birth	20 Nov 1978
ID Number/Passport	012226094
Issued on	14 Dec 2006
Issued Place	Ha Noi Department of Public Security
Resident	No 406-A4 29 Lac Trung Collective-Vinh Tuy Ward - Hai Ba Trung District - Ha Noi City - Vietnam
Nationality	Vietnamese
Value of shares	9,000,000,000 VND
Percentage	60%
2. NAME	Mr. CAO VAN BUNG
Position	Vice - Director
ID Number/Passport	012298275
Issued Place	Ha Noi Department of Public Security
Resident	E130 Collective- Nhan Chinh Ward - Thanh Xuan District - Ha Noi City - Vietnam
Nationality	Vietnamese
Value of shares	6,000,000,000 VND
Percentage	40%
Note: Ms. Cao Thi Mung and Mr. Cao Van Bung are sister and brother

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2009
Number of weeks	-
ASSETS
A – CURRENT ASSETS	11,208,470,011
I. Cash and cash equivalents	1,806,816,705
1. Cash	-
2. Cash equivalents	-
II. Short-term investments	0
1. Short-term investments	0
2. Provisions for devaluation of short-term investments	0
III. Accounts receivable	4,615,846,192
1. Receivable from customers	3,956,855,450
2. Prepayments to suppliers	658,990,742
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	4,644,866,164
1. Inventories	4,644,866,164
2. Provisions for devaluation of inventories	0
V. Other Current Assets	140,940,950
1. Short-term prepaid expenses	0
2. VAT to be deducted	140,940,950
3. Taxes and other accounts receivable from the State	0
4. Other current assets	0
B. LONG-TERM ASSETS	777,514,875
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	777,514,875
1. Tangible assets	777,514,875
- Historical costs	787,514,875
- Accumulated depreciation	-10,000,000
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
VI. 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	11,985,984,886
LIABILITIES
A- LIABILITIES	3,999,976,972
I. Current liabilities	3,999,976,972
1. Short-term debts and loans	3,108,336,230
2. Payable to suppliers	891,640,742
3. Advances from customers	0
4. Taxes and other obligations to the State Budget	0
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	7,986,007,914
I. OWNER’S EQUITY	7,986,007,914
1. Capital	7,000,000,000
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	986,007,914
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
TOTAL LIABILITIES AND OWNER’S EQUITY	11,985,984,886

PROFIT & LOSS STATEMENT
Description	FY2009
1. Total Sale	23,525,000,000
2. Deduction item	0
3. Net Sale	23,525,000,000
4. Costs of goods sold	21,651,250,000
5. Gross profit	1,873,750,000
6. Financial income	4,462,332
7. Financial expenses	41,150,550
- In which: Loan interest expenses	41,150,550
8. Selling expenses
9. Administrative overheads	522,384,564
10. Net operating profit	1,314,677,218
11. Other income	0
12. Other expenses	0
13. Other profit /(loss)	0
14. Total accounting profit before tax	1,314,677,218
15. Current corporate income tax	328,669,304
16. Deferred corporate income tax	0
17. Profit after tax	986,007,914

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2009	Average Industry
Current liquidity ratio	2.80	1.66
Quick liquidity ratio	1.64	0.86
Inventory circle	4.66	10.26
Average receive period	71.62	49.31
Utilizing asset performance	1.96	2.82
Liability by total asset	33.37	63.75
Liability by owner equity	50.09	250.11
Ebit / Total asset (ROA)	11.31	8.88
Ebit / Owner's equity (ROE)	16.98	24.57
Ebit / Total Sale (NPM)	5.76	4.07
Gross profit / Total Sale (GPM)	7.96	12.58
Note: The Average Industry was calculated by Vietnam Credit based on our owned statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Normal
Liquidity	Above average
Payment status	Above Average
Financial Situation	Average
Development trend	Even
Litigation data	No
Bankruptcy	No
Payment Methods	L/C; T/T
Sale Methods	Wholesaler

CREDIT INQUIRY: 125,000 USD against DA term

Caution needed with this transaction!

INTERPRETATION ON THE SCORES

Viet My Agricultural Product Company Limited was established in 2009 as a limited liability company under business registration number 0102039862 issued by Ha Noi department of planning and investment. Subject Company is founded and managed by Ms Cao Thi Mung, current registered capital of the subject is VND 15 billion. The subject’s current registered address is located at No 102 Lot D6 DAI KIM NEW URBAN AREA - Hoang Mai District - Ha City – Vietnam and head office is located at No 15- D1 Dai Kim New Urban Area - Hoang Mai District - Ha Noi City – Vietnam. Besides, it has three warehouses. Now the subject has about 18 employees and it is fairly busy.

Although the subject is small and new company in field of trading agricultural products, it has gotten glorious achievements. According to financial data, after 4 month formally operate, its turnover reach to VND 23.525 billion and profit after tax reach to VND 986 million. Its financial situation is stable, financial leverage ratio is fairly good in comparison with average industry.

In general, the subject is a small and new company and its position is humble, however the subject is on the way of development, enhancing scale business. No caution needed with small financial transaction.

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
			2009	2008		2007
Population (Million person)			87	86.1		85.1
Gross Domestic Products (US$ billion)			91	84.9		71.2
GDP Growth (%)			5.32	6.2		8.5
GDP Per Capita (US$)			1,080	1,040		814
Inflation (% Change in Composite CPI)			6.88	24.4		8.3
SERVICE TRADE PERFORMANCE
Billion USD			2009	2008		2007
Exports			56.6	62.9		48.6
Imports			68.8	76.6		58.9
Trade Balance			-12.2	-14.6		-10.3

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.58
UK Pound	1	Rs.72.73
Euro	1	Rs.61.45

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

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.