MIRA INFORM REPORT

Report Date :

25.10.2012

IDENTIFICATION DETAILS

Name :	QUANG MINH CORPORATION JOINT STOCK COMPANY
Registered Office :	M- Floor, Sofitel Plaza Ha Noi Hotel, No 1, Thanh Nien Street, Truc Bach Ward, Ba Dinh District, Ha Noi City
Country :	Vietnam
Financials (as on) :	31.12.2011
Year of Establishment :	2002
Com. Reg. No.:	0101205275
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and trading animal feeds
No. of Employees :	1,000

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

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^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Vietnam	B1	B1

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

VIETNAM - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
English Name	QUANG MINH CORPORATION JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN TAP DOAN QUANG MINH
Short name	QUANG MINH CORP., JSC
Type of Business	Joint stock company
Year Established	2002
Business Registration No.	0101205275
The first Date of Registration	19 May 2010
Place of Registration	Hanoi Planning and Investment Department
Chartered capital	VND 989,000,000,000
Status	Unlisted
Tax code	0101205275
Total Employees	1,000
Size	Large

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Chartered capital: VND 668,000,000,000 Changed to: VND 989,000,000,000	26 Oct 2011
2	Subject has got former Chartered capital: VND 368,000,000,000 in May 2010 Changed to: VND 668,000,000,000	10 Mar 2011
3	Subject has got former Registered English Name: QUANG MINH TECHNOLOGICAL DEVELOPMENT AND INVESTMENT COMPANY LIMITED Changed to: QUANG MINH CORPORATION JOINT STOCK COMPANY	19 May 2010
4	Subject has got former Abbreviated Name: QUANG MINH CO., LTD Changed to: QUANG MINH CORP.,JSC	19 May 2010
5	Subject has got former Type of Business: Limited Liability Company Changed to: Joint Stock Company	19 May 2010
6	Subject has got former Business Registration No: 0102004382 issued on 21st Jan 2002 Changed to: 0101205275	19 May 2010
7	Subject has got former Registered Vietnamese Name: CONG TY TNHH DAU TU VA PHAT TRIEN CONG NGHE QUANG MINH Changed to: CONG TY CO PHAN TAP DOAN QUANG MINH	19 May 2010
8	Subject has got former Address: No. 499 Tran Khat Chan Str., Thanh Nhan Ward, Hai Ba Trung Dist, Hanoi city Changed to: No. 434 Tran Khat Chan Str., Pho Hue Ward, Hai Ba Trung Dist, Hanoi City	01 Jun 2009
9	Subject has got former Address: No. 434, Tran Khat Chan Street, Pho Hue Ward, Hai Ba Trung District, Ha Noi City, Viet Nam Changed to: Room 01 & 02, M Floor, Sofitel Plaza Ha Noi Hotel, No. 1, Thanh Nien Street, Truc Bach Ward, Ba Dinh District, Ha Noi CIty, Viet Nam	N/A

ADDRESSES
Head Office
Address	M- Floor, Sofitel Plaza Ha Noi Hotel, No 1, Thanh Nien Street, Truc Bach Ward, Ba Dinh District, Ha Noi City, Vietnam
Telephone	(84-4)36225123
Fax	(84-4)36241559
Email	info@qmcgroup.vn
Website	http://www.qmcgroup.vn
Brand in Dong Nai
Address	Tam Phuoc, Long Thanh District, Dong Nai Province, Vietnam
Brand in Quang Ninh
Address	Cai Lan Industrial Park, Bai Chay Ward, Quang Ninh Province, Vietnam
Telephone	(84-33) 3515066
Fax	(84-33) 3512438

SUBSIDIARIES AND RELATED COMPANIES
1. QUANG MINH VEGETABLE OIL JOINT STOCK COMPANY
Business Registration	0900269500
Date of Registration	27 Jun 2011
Place of Registration	Hung Yen Department of Planning and Investment
Registered Capital	VND 416,150,000,000
Tax code	0900269500
Address	Luong Hoi Hamlet, Luong Bang Town , Kim Dong District, Hung Yen Province, Vietnam
Tel	(84-321) 3821 888
Fax	(84-321) 3811 999
2. QUANG MINH NUTRITION JOINT STOCK COMPANY
Business Registration	1000420278
Date of Registration	16 May 2011
Place of Registration	Thai Binh Department of Planning and Investment
Registered Capital	VND 60,000,000,000
Tax code	1000420278
Address	Lot DT, Nguyen Mau Kien Road, Phuc Khanh Industrial Park, Thai Binh Province, Vietnam
Tel	(84-36) 3615 888
Fax	(84-36) 3615 666

DIRECTORS
1. NAME	Mr. TRAN THANH QUANG
Position	General Director
Date of Birth	14 Feb 1973
ID Number/Passport	012491376
ID Issue Date	06 May 2010
ID Issue Place	Ha noi Police Station
Resident	No. 31-C2, Nam Thang Long Urban, Phu Thuong Ward, Tay Ho District, Ha Noi City, Vietnam
Current resident	No. 31 - C2, Nam Thang Long Urban, Phu Thuong Ward, Tay Ho District, Ha Noi City, Vietnam
Nationality	Vietnamese
2. NAME	Mr. TRAN VAN TOAN
Position	Deputy General Director
Date of Birth	09 Jul 1978
ID Number/Passport	013039761
ID Issue Date	28 Feb 2008
ID Issue Place	Hanoi Police station
Current resident	Zoom 714 - Building 5 Phap Van – Tu Hiep New Urban Area - Hoang Liet Ward, Hoang Mai District, Ha Noi City, Vietnam
Nationality	Vietnamese
Tel/Mobile phone	+84 983366577
3. NAME	Ms. LUU THI HONG YEN
Position	Chief Accountant
Nationality	Vietnamese
Tel/Mobile phone	(84-4) 36225123 EXT 18

BUSINESS NATURE AND ACTIVITIES

The subject is operating in the following business activities:
- Manufacturing and trading animal feeds;
- Trading agricultural products;
- Processing food and cooking oil.

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Grain of wheat, soy bean, grain of corn and some agricultural products.
· Market	USA, India and South American countries
· Ratio	100%
· Mode of payment	L/C, T/T, D/P
EXPORT:
· Types of products	Cooking oil
· Market	Korea, China, Malaysia, ...

BANKERS
1. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK NGUYEN CO THACH BRANCH
Address	C3 Building, My Dinh Urban Area, Nguyen Co Thach Str, Tu Liem District, Ha Noi City, Vietnam
Telephone	(84-4) 62871702/03/04
Fax	(84-4) 62871976
2. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT BACH KHOA BRANCH
Address	92 Vo Thi Sau, Hai Ba Trung District, Ha Noi City, Vietnam
Telephone	(84-4) 6226956

SHAREHOLDERS
1. NAME	Mr. TRAN THANH QUANG
Position	General Director
Date of Birth	14 Feb 1973
ID Number/Passport	012491376
Issued on	06 May 2010
Issued Place	Ha noi Police Station
Resident	No. 31-C2, Nam Thang Long Urban, Phu Thuong Ward, Tay Ho District, Ha Noi City, Vietnam
Current Resident	No. 31 - C2, Nam Thang Long Urban, Phu Thuong Ward, Tay Ho District, Ha Noi City, Vietnam
Nationality	Vietnamese
Number of Shares	74,150,000
Value of shares	VND 741,750,000,000
Percentage	75%
2. NAME	Mr. TRAN THANH VINH
ID Number/Passport	151137056
Resident	Song Tien Hamlet, Vu Tien Commune, Vu Thu District, Thai Binh Province, Vietnam
Nationality	Vietnamese
Number of Shares	12,362,500
Value of shares	VND 123,625,000,000
Percentage	12.5%
3. NAME	Mr. TRAN VAN TOAN
Date of Birth	01 Jan 1978
ID Number/Passport	013036761
Issued Place	Police station of Ha Noi City
Resident	Hoang Liet Ward, Hoang Mai District, Ha Noi City, Vietnam
Mobile phone	++84 983 366 577
Nationality	Vietnamese
Number of Shares	12,362,500
Value of shares	VND 123,625,000,000
Percentage	12.5%

FINANCIAL DATA
Note: The financial data of FY 2010 was audited and consolidated; hence, it has some differences from the previous data.
BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2011	31/12/2010	31/12/2009
Number of weeks	52	52	52
Status	Audited & Consolidated	Audited & Consolidated	N/A
ASSETS
A – CURRENT ASSETS	2,718,433,644,406	1,313,964,392,161	410,642,108,204
I. Cash and cash equivalents	39,884,319,867	13,341,964,101	20,790,846,940
1. Cash	39,884,319,867	13,341,964,101	20,790,846,940
2. Cash equivalents	0	0
II. Short-term investments	152,000,000,000	0
1. Short-term investments	152,000,000,000	0
2. Provisions for devaluation of short-term investments	0	0
III. Accounts receivable	795,099,643,169	493,968,565,386	248,677,056,104
1. Receivable from customers	652,874,457,434	399,446,166,825	126,044,587,731
2. Prepayments to suppliers	142,225,185,735	81,522,398,561	122,371,285,607
3. Inter-company receivable	0	0
4. Receivable according to the progress of construction	0	0
5. Other receivable	0	13,000,000,000	261,182,766
6. Provisions for bad debts	0	0
IV. Inventories	1,594,117,518,032	795,691,743,948	124,796,765,626
1. Inventories	1,594,117,518,032	795,691,743,948	124,796,765,626
2. Provisions for devaluation of inventories	0	0
V. Other Current Assets	137,332,163,338	10,962,118,726	16,377,439,534
1. Short-term prepaid expenses	0	0
2. VAT to be deducted	0	10,382,118,726
3. Taxes and other accounts receivable from the State	0	0
4. Other current assets	137,332,163,338	580,000,000	16,377,439,534
B. LONG-TERM ASSETS	832,641,266,260	647,718,879,498	80,484,396,594
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	761,141,266,260	647,718,879,498	67,784,803,330
1. Tangible assets	534,769,153,159	292,872,972,377	36,195,866,718
- Historical costs	588,652,945,640	321,661,613,710	40,139,674,780
- Accumulated depreciation	-53,883,792,481	-28,788,641,333	-3,943,808,062
2. Financial leasehold assets	0	0
- Historical costs	0	0
- Accumulated depreciation	0	0
3. Intangible assets	135,024,745,012	11,932,798,447
- Initial costs	136,510,050,934	11,990,815,500
- Accumulated amortization	-1,485,305,922	-58,017,053
4. Construction-in-progress	91,347,368,089	342,913,108,674	31,588,936,612
III. Investment property	0	0
Historical costs	0	0
Accumulated depreciation	0	0
IV. Long-term investments	71,500,000,000	0	10,000,000,000
1. Investments in affiliates	71,500,000,000	0
2. Investments in business concerns and joint ventures	0	0
3. Other long-term investments	0	0	10,000,000,000
4. Provisions for devaluation of long-term investments	0	0
V. Other long-term assets	0	0	2,699,593,264
1. Long-term prepaid expenses	0	0	648,168,342
2. Deferred income tax assets	0	0
3. Other long-term assets	0	0	2,051,424,922
VI. Goodwill	0	0
1. Goodwill	0	0
TOTAL ASSETS	3,551,074,910,666	1,961,683,271,659	491,126,504,798
LIABILITIES
A- LIABILITIES	2,265,642,521,523	1,389,520,748,057	312,972,508,196
I. Current liabilities	2,118,684,392,675	997,251,621,724	302,001,411,354
1. Short-term debts and loans	1,062,871,526,747	732,686,868,157	274,898,865,070
2. Payable to suppliers	1,018,596,823,719	238,762,833,195	22,081,835,326
3. Advances from customers	5,762,237,695	21,764,764,395	1,663,841,808
4. Taxes and other obligations to the State Budget	30,059,111,783	3,381,458,738	3,356,869,150
5. Payable to employees	1,394,692,731	655,697,239
6. Accrued expenses	0	0
7. Inter-company payable	0	0
8. Payable according to the progress of construction contracts	0	0
9. Other payable	0	0
10. Provisions for short-term accounts payable	0	0
II. Long-Term Liabilities	146,958,128,848	392,269,126,333	10,971,096,842
1. Long-term accounts payable to suppliers	0	0
2. Long-term inter-company payable	0	0
3. Other long-term payable	0	41,800,000,000
4. Long-term debts and loans	146,958,128,848	350,469,126,333	10,971,096,842
5. Deferred income tax payable	0	0
6. Provisions for unemployment allowances	0	0
7. Provisions for long-term accounts payable	0	0
B- OWNER’S EQUITY	1,213,627,354,155	525,868,659,023	178,153,996,602
I. OWNER’S EQUITY	1,213,627,354,155	525,868,659,023	178,153,996,602
1. Capital	989,000,000,000	368,000,000,000	180,000,000,000
2. Share premiums	0	0
3. Other sources of capital	0	61,651,292,123
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	224,627,354,155	96,217,366,900	-1,846,003,398
11. Construction investment fund	0	0
II. Other sources and funds	0	0
1. Bonus and welfare funds (Elder form)	0	0
2. Sources of expenditure	0	0
3. Fund to form fixed assets	0	0
MINORITY’S INTEREST	71,805,034,988	46,293,864,579
TOTAL LIABILITIES AND OWNER’S EQUITY	3,551,074,910,666	1,961,683,271,659	491,126,504,798

PROFIT & LOSS STATEMENT
Description	FY2011	FY2010	FY2009
1. Total Sales	6,610,579,537,325	2,661,564,199,592	815,029,493,234
2. Deduction item	0	0
3. Net revenue	6,610,579,537,325	2,661,564,199,592	815,029,493,234
4. Costs of goods sold	5,928,455,400,619	2,365,744,439,966	780,599,530,245
5. Gross profit	682,124,136,706	295,819,759,626	34,429,962,989
6. Financial income	14,526,504,474	3,554,579,941	2,053,881,869
7. Financial expenses	198,533,781,787	71,307,243,955	25,129,556,424
- In which: Loan interest expenses	174,092,678,570	53,885,379,810	16,814,742,367
8. Selling expenses	51,671,234,649	0
9. Administrative overheads	144,008,920,685	83,905,666,844	13,699,761,342
10. Net operating profit	302,436,704,059	144,161,428,768	-2,345,472,908
11. Other income	9,298,975,736	12,035,886,997	3,437,729,273
12. Other expenses	80,315,220	4,925,100,510	476,194,087
13. Other profit /(loss)	9,218,660,516	7,110,786,487	2,961,535,186
14. Total accounting profit before tax	311,655,364,575	151,272,215,255	616,062,278
15. Current corporate income tax	77,520,975,431	37,818,053,814	107,810,899
16. Deferred corporate income tax	0	0
17. Interest from subsidiaries/related companies	0	0
18. Profit after tax	234,134,389,144	113,454,161,441	508,251,379

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2011	FY2010	FY2009	Average Industry
Current liquidity ratio	1.28	1.32	1.36	1.21
Quick liquidity ratio	0.53	0.52	0.95	0.41
Inventory circle	4.96	2.97	6.39	4.09
Average receive period	43.90	67.74	111.37	35.22
Utilizing asset performance	1.86	1.36	1.66	1.99
Liability by total assets	63.80	70.83	63.73	64.75
Liability by owner's equity	186.68	264.23	175.68	199.02
Ebit / Total assets (ROA)	13.68	10.46	3.55	12.59
Ebit / Owner's equity (ROE)	40.02	39.01	9.78	36.14
Ebit / Total revenue (NPM)	7.35	7.71	2.14	6.48
Gross profit / Total revenue (GPM)	10.32	11.11	4.22	12.11
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Fair
Liquidity	Medium
Payment status	Above Average
Financial Situation	Above Average
Development trend	Positive
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	L/C, T/T, D/P
Sale Methods	Wholesaler
Public opinion	Good

INTERPRETATION ON THE SCORES

The subject is founded in 2002. Its precursor is Quang Minh Technological Development and Investment Company Limited. In May, 2010, The subject changed type of business into joint stock company. Since then, the subject has a new name "Quang Minh Corporation Joint Stock Company". Currently, the subject has been operating under the business registration No. 0101205275 (the same tax code), granted by Department of Planning and Investment of Hanoi City. Its scales are large with the chartered capital of VND 989 billion and the employees of 1,000 people. The head office is located at Room 01 & 02, M floor, Sofitel Plaza Hotel, No.1 Thanh Nien Road, Truc Back Ward, Ba Dinh District, Hanoi. Besides, the subject has two brands in Quang Ninh and Dong Nai province.

At the beginning of operation, the subject focuses on manufacturing and trading animal and poultry feed, but now its main products are vegetable oils (brand name: OilLa, Mr Bean, Soon Soon…) and agricultural products. In plant of 2012, the company will manufacture 5,000 tons oil per month and 60,000 tons oil in this year, at the same time will export over 36,000 tons

Financially, following is chart which shows total sales, profit after tax, total assets and owner's equity of the subject from 2009 to 2011

The above chart shows that, total assets, owner’s equity, total sales and profit after tax of the subject increased strongly year by year. The total assets reached more than VND 3,551 billion in 2011 – up 81% in comparison with the year 2010. Specially, total sales of subject reached VND 6,610 billion in 2011, increased strongly with 148% against 2010. Profitability was good.

Based on the financial ratios on recent year, we see that, they were fairly good. The liquidity ratios have downtrend. But it is still better than the average industry. In addition, inventories were high to make the low quick liquidity ratio. Liability over total assets and owner’s equity were improved, fell from 70.83% in 2010 to 63.8% in 2011 and from 264.23% in 2010 to 186.68% in 2011. They were lower than average industry ratios. Thus, its self financing and solvency are strongly. In 2011, utilizing assets performance was very good, raised from 1.36 times in 2010 to 1.86 times in 2011 and better than other companies in this field.

In general, the subject is a large sized company in the industry and the business activities are fairly good. It is capable for small and medium financial commitments.

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

INDUSTRY DATA
Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,887		24,362.9	95,227
Industry and Construction	5.53	7.70	95,217		10,718.9	3,641,376
Trade and Services	6.69	7.52	187,195		15,270.2	6,957,082
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.53.59
UK Pound	1	Rs.85.81
Euro	1	Rs.69.91

INFORMATION DETAILS

Report Prepared by :

PRL

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.