MIRA INFORM REPORT

Report Date :

13.04.2012

IDENTIFICATION DETAILS

Name :	ORANA VIET NAM CO., LTD

Registered Office :	Lot 3, Road D4, Area A5 (Former address: Lot3/5, Area F1), Tan Thoi Hiep Industrial Zone, Hiep Thanh Ward, District 12, Ho Chi Minh City

Country :	Vietnam

Financials (as on) :	31.12.2010

Year of Establishment :	2002

Legal Form :	Limited liability company

Line of Business :	Manufacturing and supplying fruit based raw materials.

No. of Employees :	90

RATING & COMMENTS

MIRA’s Rating :

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Viet Nam

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

SUBJECT IDENTIFICATION & LEGAL FORM

Current legal status
Registration English Name		ORANA VIET NAM CO., LTD
Registration Vietnamese Name		CONG TY LIEN DOANH ORANA VIET NAM
Type of Business		Limited liability company
Year Established		2002
Investment Certificate No		412022000280
Date of latest (03^rd) adjustment		20 Jan 2012
Place of Issuance		Ho Chi Minh city Export Processing and Industrial Zones Authority
Registered Investment Capital		USD 3,360,287
Chartered capital		USD 419,162
Investment Duration		46 years
Tax code		0302675288
Total Employees		90
Note: The given name “ CRANA VIETNAM CO LTD” is not correct

Historical Identification & Legal form

List

Changed Items

Date of changes

Subject has got former Investment Certificate No: 139/GP-KCN-HCM

Changed to: 412022000280

15 Jan 2009


ADDRESSES

Head Office
Address		Lot 3, Road D4, Area A5 (Former address: Lot3/5, Area F1), Tan Thoi Hiep Industrial Zone, Hiep Thanh Ward, District 12, Ho Chi Minh City, Vietnam
Telephone		(84-8) 3717 6310 – 73717 6312
Fax		(84-8) 3717 6311
Email		oranavn@hcm.vnn.vn
Note: The given tel and fax numbers “38248271/2 & 38258425” are former numbers of subject

DIRECTORS

*NAME*		*Mr. NGUYEN HUU CHUNG*
Position		Former General Director
ID Number/Passport		020085141
ID Issue Date		05 Jan 2000
ID Issue Place		Hochiminh Police Station
Resident		No 26/68 Nguyen Binh Khiem str Dakao ward, 1^st District, Ho Chi Minh City, Vietnam
Nationality		Vietnamese
Tel/Mobil phone		+84 903813951
Email		nhc@orana.com.vn

1. NAME		Ms. LENE CHRISTENSEN
Position		General Director
Date of Birth		27 Mar 1967
ID Number/Passport		203463469
ID Issue Date		06 Aug 2008
ID Issue Place		Denmark
Resident		Lindevej 35 Stuen, 5250 Odense SV , Denmark
Current resident		River Garden, 170 Nguyen Van Huong Str, Thao Dien Ward , District 2, Ho Chi Minh City, Vietnam
Nationality		Danish
Tel/Mobil phone		+84(0) 1226769109
Email		lch@orana.dk

2. NAME		Mr. NIELS OLAF OSTERBERG
Position		Chairman
Date of Birth		27 May 1954
ID Number/Passport		204861905
ID Issue Date		15 Sep 2011
ID Issue Place		Denmark
Resident		Planen 1, DK-5300 Kerteminde , Denmark
Nationality		Danish

3. NAME		Ms. DO THI ANH
Position		Chief Accountant
Nationality		Vietnamese

BUSINESS NATURE AND ACTIVITIES

Manufacturing and supplying fruit based raw materials. It is able to supply various products to the catering sector, hereunder:
• Whipping Cream
• Portion Packed Jam
• Jam in Bulk
• Pasteurised Juice / Breakfast Juice in Bulk

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Market		China, Thailand, Denmark, and Brazil

EXPORT:
· Market		Philippines, Japan, Malaysia, Kuwait, Middle East countries…


BANKERS

1. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK - PASTER BRANCH
Address		24-26 Pasteur Str, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam
Telephone		(84-8) 38212155
Fax		(84-8) 38212153
SWIFT Code		VTCBVNVX

2. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM HOCHIMINH CITY BRANCH
Address		No. 134 Nguyen Cong Tru Street, District 1, Ho Chi Minh City, Vietnam
Telephone		(84-08) 3823 0125 /3829 7384
Fax		(84-08) 3829 8862
SWIFT Code		BIDVVNVX310

SHAREHOLDERS

1. NAME		ORANA A/S
Establishment Decision No:		21624306
Date Of Issuance		14 Apr 1999
Place Of Issuance		Denmark
Address		Rynkebyvej 2435350 Rynkeby, Denmark
Tel		+ 45 63 62 35 75
Fax		+ 45 65 39 15 74
Representative of Capital		Mr. NIELS OLAF OSTERBERG
Capital		189,461.12 USD
Percentage		45.2%

2. NAME		PHU CONG MINH PRODUCING TRADING SERVICES COMPANY LIMITED
Business Registration		4102011110
Date of Registration		07 Aug 2002
Place of Registration		Business Registration Office - Planning and Investment Department of Ho Chi Minh City
Registered Capital		USD 25,000,000,000
Address		No.9 Tran Doan Khanh Str, Dakao Ward, District 1, Ho Chi Minh City, Vietnam
Tel		(84-8) 8293838
Fax		(84-8) 8242901
Representative of Capital		Mr. NGUYEN HUU CHI
Capital		41,496.93 USD
Percentage		9.9%

3. NAME		THE INDUSTRIALIZATION FUND FOR DEVELOPING COUNTRIES (IFU)
Establishment Decision No:		CVR No. 23 59 86 12
Date Of Issuance		07 Jun 1967
Place Of Issuance		Denmark
Address		Fredericiagade 27 1310, Denmark
Tel		+45 33 63 75 00
Fax		+45 33 63 75 99
Representative of Capital		Mr. ANDERS PALUDAN MULLER
Capital		188,203.95 USD
Percentage		44.9%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010	31/12/2009
Number of weeks	52	52
ASSETS
A – CURRENT ASSETS	71,774,048,067	46,815,000,000
I. Cash and cash equivalents	7,312,925,727	9,091,000,000
1. Cash	7,312,925,727	6,091,000,000
2. Cash equivalents	0	3,000,000,000
II. Short-term investments	0	0
1. Short-term investments	0	0
2. Provisions for devaluation of short-term investments	0	0
III. Accounts receivable	34,484,771,162	9,911,000,000
1. Receivable from customers	3,829,078,139	4,321,000,000
2. Prepayments to suppliers	101,565,953	797,000,000
3. Inter-company receivable	24,741,436,595	409,000,000
4. Receivable according to the progress of construction	0	0
5. Other receivable	5,812,690,475	4,384,000,000
6. Provisions for bad debts	0	0
IV. Inventories	27,858,013,807	26,983,000,000
1. Inventories	28,091,446,857	27,018,000,000
2. Provisions for devaluation of inventories	-233,433,050	-35,000,000
V. Other Current Assets	2,118,337,371	830,000,000
1. Short-term prepaid expenses	438,548,651	152,000,000
2. VAT to be deducted	1,092,388,020	0
3. Taxes and other accounts receivable from the State	0	0
4. Other current assets	587,400,700	678,000,000
B. LONG-TERM ASSETS	32,982,080,487	25,740,000,000
I. Long term accounts 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	28,849,312,199	22,346,000,000
1. Tangible assets	20,511,557,699	22,000,000,000
- Historical costs	32,192,676,210	30,693,000,000
- Accumulated depreciation	-11,681,118,511	-8,693,000,000
2. Financial leasehold assets	0	0
- Historical costs	0	0
- Accumulated depreciation	0	0
3. Intangible assets	5,556,784	17,000,000
- Initial costs	55,567,750	56,000,000
- Accumulated amortization	-50,010,966	-39,000,000
4. Construction-in-progress	8,332,197,716	329,000,000
III. Investment property	0	0
Historical costs	0	0
Accumulated depreciation	0	0
IV. Long-term investments	0	0
1. Investments in affiliates	0	0
2. Investments in business concerns and joint ventures	0	0
3. Other long-term investments	0	0
4. Provisions for devaluation of long-term investments	0	0
V. Other long-term assets	4,132,768,288	3,394,000,000
1. Long-term prepaid expenses	2,157,855,952	1,838,000,000
2. Deferred income tax assets	1,974,912,336	1,556,000,000
3. Other long-term assets	0	0
VI. Goodwill	0
1. Goodwill	0
TOTAL ASSETS	104,756,128,554	72,555,000,000

LIABILITIES
A- LIABILITIES	74,836,039,733	45,402,000,000
I. Current liabilities	56,489,278,534	39,243,000,000
1. Short-term debts and loans	16,319,762,570	11,579,000,000
2. Payable to suppliers	5,424,556,726	1,690,000,000
3. Advances from customers	5,591,972,615	0
4. Taxes and other obligations to the State Budget	0	5,163,000,000
5. Payable to employees	0	235,000,000
6. Accrued expenses	21,854,109,922	15,064,000,000
7. Inter-company payable	6,883,955,223	4,699,000,000
8. Payable according to the progress of construction contracts	0	0
9. Other payable	414,921,478	813,000,000
10. Provisions for short-term accounts payable	0	0
II. Long-Term Liabilities	18,346,761,199	6,159,000,000
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	18,180,764,590	5,894,000,000
5. Deferred income tax payable	165,996,609	0
6. Provisions for unemployment allowances	0	265,000,000
7. Provisions for long-term accounts payable	0	0
B- OWNER’S EQUITY	29,920,088,821	27,153,000,000
I. OWNER’S EQUITY	29,920,088,821	27,153,000,000
1. Capital	4,706,829,118	6,453,000,000
2. Share premiums	0	0
3. Other sources of capital	0	0
4. Treasury stocks	0	0
5. Differences on asset revaluation	0	0
6. Foreign exchange differences	0	0
7. Business promotion fund	0	0
8. Financial reserved fund	0	0
9. Other funds	0	0
10. Retained earnings	25,213,259,703	20,700,000,000
11. Construction investment fund	0	0
II. Other sources and funds	0	0
1. Bonus and welfare funds	0	0
2. Sources of expenditure	0	0
3. Fund to form fixed assets	0	0
MINORITY’S INTEREST	0
TOTAL LIABILITIES AND OWNER’S EQUITY	104,756,128,554	72,555,000,000


PROFIT & LOSS STATEMENT

Description	FY2010	FY2009
1. Total Sales	108,875,231,907	100,775,000,000
2. Deduction item	231,511,780	50,000,000
3. Net revenue	108,643,720,127	100,725,000,000
4. Costs of goods sold	83,945,278,360	76,001,000,000
5. Gross profit	24,698,441,767	24,724,000,000
6. Financial income	212,613,027	1,089,000,000
7. Financial expenses	2,394,346,785	4,101,000,000
- In which: Loan interest expenses	1,295,767,274
8. Selling expenses	8,243,777,348	7,221,000,000
9. Administrative overheads	9,945,246,155	8,519,000,000
10. Net operating profit	4,327,684,506	5,972,000,000
11. Other income	80,655,411	916,000,000
12. Other expenses	43,820,387	235,000,000
13. Other profit /(loss)	36,835,024	681,000,000
14. Total accounting profit before tax	4,364,519,530	6,653,000,000
15. Current corporate income tax	269,466,363	395,000,000
16. Deferred corporate income tax	418,652,336	79,000,000
17. Interest from subsidiaries/related companies
18. Profit after tax	4,513,705,503	6,337,000,000


FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS

Description	FY2010	FY2009	Average Industry
Current liquidity ratio	1.27	1.19	1.70
Quick liquidity ratio	0.78	0.51	1.05
Inventory circle	3.06	2.82	7.68
Average receive period	115.86	35.91	37.77
Utilizing asset performance	1.04	1.39	1.72
Liability by total assets	71.44	62.58	51.74
Liability by owner's equity	250.12	167.21	145.40
Ebit / Total assets (ROA)	5.40	9.17	14.18
Ebit / Owner's equity (ROE)	18.92	24.50	31.73
Ebit / Total revenue (NPM)	5.20	6.60	10.11
Gross profit / Total revenue (GPM)	22.69	24.53	20.29
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality		Fair
Liquidity		Low/Medium
Payment status		Average
Financial Situation		Normal
Development trend		Positive
Litigation data		No Record
Bankruptcy		No Record
Payment Methods		Direct payment or through its corresponding bank, (L/C, T/T, D/P)
Sale Methods		Other

INTERPRETATION ON THE SCORES

ORANA VIETNAM CO.,LTD is a joint venture company which was established in 2002 to establish a production plant, and R&D centre in Vietnam. The subject is producing Fruit Topping and fruit based raw materials and semi-manufactures to the beverage industry, dairies. The subject also produces Halal certified Mango Fruit Topping for Ice Cream and Kiwi Fruit Topping.

Orana Vietnam’s factory located in Tan Thoi Hiep Industrial Zone in Ho Chi Minh City has favorable environment for the company complying with international standards. An innovative wastewater treatment system using sun collector and an evaporator have been installed. With stable process of production, the subject was granted ISO 9001:2000 certified in July 2004. All fruit based raw materials used in the products sold by Orana are in conformance with WHO recommendations and apply with current EU legislation.

The Vietnam partner- PHU CONG MINH is a company with a decade long history of food processing that has the origin from pork, beef and poultry. PCM’s trademark of Le Cochon d’Or is well known within the ranks of international restaurants, five star hotels, airlines catering, bakeries and food processing companies.

The strong points of the subject are good fund of knowledge of local market and more than 70 years of experience in the business of fruit and taste of Orana A/S, one of the largest Danish suppliers of fruit based raw materials.

The presence of Orana Vietnam has resulted in the development of a wide range of exotic fruit based raw materials such as Durian, Sweet Sop/Sour Sop, Dragon Fruit, Jackfruit, etc. The company has been grown up quickly in Vietnam. Its annual revenue is stable.

According to Ms. DO THI ANH, its turnover 2011 was about VND127 billion and profit was about VND4 billion.

In general, the subject has gained a fairly good reputation in the industry. The financial and operation bases of the subject are normal. Its business activities are fairly busy. Currently, the subject is operating effectively. It has capacity to meet all normal financial commitments.

------------ APPENDIX ----------

INDUSTRY DATA

Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2009		Total employees 2010 (Thous.pers.)	Annual average capital of enterprises 2009 (billion dongs)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,749		23,896.3	81,559
Industry and Construction	5.53	7.70	85,115		10,630	2,751,975
Trade and Services	6.69	7.52	154,978		14,522	4,939,069

ECONOMIC INDICATORS

			2011	2010		2009
Population (Million person)			87.84	86.93		86.02
Gross Domestic Products (USD billion)			119	102.2		91
GDP Growth (%)			5.89	6.78		5.32
GDP Per Capita (USD/person/year)			1,300	1,160		1,080
Inflation (% Change in Composite CPI)			18.58	11.75		6.88
State Budget Deficit compared with GDP (%)			4.9	5.8		6.9

SERVICE TRADE PERFORMANCE

Billion USD			2011	2010		2009
Exports			96.3	72.2		57.1
Imports			105.8	84.8		69.9
Trade Balance			-9.5	-12.6		-12.8

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.44
UK Pound	1	Rs.81.96
Euro	1	Rs.67.60

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%)

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

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

MIRA INFORM REPORT

SUBJECT IDENTIFICATION & LEGAL FORM

Current legal status

ADDRESSES

DIRECTORS

BUSINESS NATURE AND ACTIVITIES

IMPORT & EXPORT ACTIVITIES

BANKERS

SHAREHOLDERS

FINANCIAL DATA

Unit: One VND

ASSETS

LIABILITIES

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

INTERPRETATION ON THE SCORES

INDUSTRY DATA

ECONOMIC INDICATORS

SERVICE TRADE PERFORMANCE

Unit