MIRA INFORM REPORT

Report Date :

08.07.2013

IDENTIFICATION DETAILS

Name :	GREENFEED VIETNAM CORPORATION
Registered Office :	Nhut Chanh Commune, Ben Luc District, Long An Province
Country :	Vietnam
Financials (as on) :	31.12.2012
Date of Incorporation :	2003
Legal Form :	Joint Stock Company
Line of Business :	Specializing in Producing and trading feeds for animal, poultry and fish.
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 :	Good
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 22% in 2012, while industry's share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 40% of GDP. 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 hurt Vietnam's export-oriented economy, with GDP in 2012 growing at 5%, the slowest rate of growth since 1999. In 2012, however, exports increased by more than 18%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in new development assistance for 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the Government shifted policy away from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress had been made by early 2013. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses. In September 2012, the official bad debt ratio climbed to 8.8%, though some independent analysts believe it could be higher than 15%.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
English Name	GREENFEED VIETNAM CORPORATION
Vietnamese Name	CONG TY CO PHAN GREENFEED VIET NAM
Short name	GREENFEED VN
Type of Business	Joint stock company
Year Established	2003
Investment Certificate No	501032000106
Date Of Issuance	30 May 2008
Place of Issuance	People's Committee of Long An Province
Registered Investment Capital	VND 2,461,313,000,000
Chartered capital	VND 281,350,030,000
Status	Unlisted
Tax code	1100598642
Total Employees	1,000
Size	Large

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Chartered capital: VND 275,442,880,000 Changed to: VND 281,350,030,000	2012
2	Subject has got former Registered Investment Capital: VND 1,357,920,000,000 Changed to: VND 2,461,313,000,000	2012
3	Subject has got former Chartered capital: VND 237,644,000,000 Changed to: VND 275,442,880,000	01 Dec 2010
4	Subject has got former Registered English Name: GREENFEED (VIETNAM) COMPANY LIMITED Changed to: GREENFEED VIETNAM CORPORATION	02 Jan 2009
5	Subject has got former Registered Vietnamese Name: CONG TY TNHH GREENFEED (VIET NAM) Changed to: CONG TY CO PHAN GREENFEED VIET NAM	02 Jan 2009
6	Subject has got former Investment Certificate No: 25/GP-LA, issued in 2003 Changed to: 501032000106 by People's Committee of Long An Province	30 May 2008

ADDRESSES
Head Office- Factory
Address	Nhut Chanh Commune, Ben Luc District, Long An Province, Vietnam
Telephone	(84-72) 3 632 881/ 3 632 882/ 3 632 883/ 3 632 884
Fax	(84-72) 3 632 877
Email	info@greenfeed.com.vn
Website	http://www.greenfeed.com.vn
Factory Address
Address	No.3 Str. - Block D Pho Noi A Industrial Zone, Hung Yen Province, Vietnam
Telephone	(84-321) 3 967 460
Fax	(84-321) 3 967 461
Note: Inaugurated in April 2013. Capacity: 300,000 tons/year
Factory Address
Address	Lot A1 Vo Thi Sau, Nhon Binh Industrial Zones, Binh Dinh Province, Vietnam
Telephone	(84-56) 3 848 318
Fax	(84-56) 3 848 318
Factory Address
Address	Suong Hamlet - Suong Commune Tbongkhmum District, Kampong Cham , Cambodia
Telephone	(855)429424456
Fax	(855) 42942445
Factory Address
Address	Song May Industrial Zone, Trang Bom District, Dong Nai Province, Vietnam
Note: Tax code: 1100598642-019 BRN: 47212000774
Factory Address
Address	Nhon Hoa IP, An Nhon District, Binh Dinh Province, Vietnam
Note: Total area: 3.2ha Capacity 300,000 tons/ year. Augurated in Mar 2013
Branch in Nghe An
Address	Bac Vinh IP , Vinh City, Nghe An Province, Vietnam
Telephone	(84-38) 3 510 099
Branch in Can Tho
Address	Highway 91, Thoi An Village - Thoi Thuan Commune, Thot Not District, Can Tho City, Vietnam
Telephone	(84-710) 3 855 822
Fax	(84-710) 3 855 844
Branch in Vinh Long
Address	No. 11, Hung Quoi Hamlet, Thanh Duc Commune Pho Co Dieu - Ward 3 - Vinh Long Town, Long Ho District, Vinh Long Province, Vietnam
Telephone	(84-70)3 880 073
Fax	(84-70) 3 880 074
Branch in Tien Giang
Address	181B, Ap 5 Trung An Commune, My Tho City, Tien Giang Province, Vietnam
Telephone	(84-73) 3 858 506
Fax	(84-73) 3 858 505
Branch in Ben Tre
Address	No. 86 Nghia Huan hamlet, My Thanh commune, Giong Trom District, Ben Tre Province, Vietnam
Telephone	(84-75) 3 836 772
Fax	(84-75) 3 836 771
Branch in Ha Nam
Address	Chau Son IZ, Le Hong Phong ward, Phu Ly City, Ha Nam Province, Vietnam
Telephone	(84-351) 3 848 550
Fax	(84-351) 3 848 551
Branch in Phu Tho
Address	Lot 2 Thuy Van IZ, Viet Tri City, Phu Tho Province, Vietnam
Telephone	(84-210) 3 954 834
Fax	(84-210) 3 954 835
Branch in Soc Trang
Address	An Trach Hamlet - An Hiep Commune , My Tu District, Soc Trang Province, Vietnam
Telephone	(84-79) 3832299
Fax	(84-79) 3832304
Other
Address	Hamlet 10 Xuan Tay Commune, Cam My District, Dong Nai Province, Vietnam
Note: CAM MY SOWS FARM Tax code: 1100598642-014 BRN:47112000003

SUBSIDIARIES AND RELATED COMPANIES
CONG TY TNHH GREENFARM DAK NONG
Business Registration	632.000.001
Tax code	6400034861
Address	Duc An Town, Dak Song District, Dak Nong Province, Vietnam
General Director	Mr. BUI QUANG NGHIA

DIRECTORS
1. NAME	Mr. LY ANH DUNG
Position	Chairman
Date of Birth	05 Aug 1966
Nationality	Vietnamese
2. NAME	Mr. TRAN NGOC CHI
Position	General Director
Date of Birth	03 Nov 1972
ID Number/Passport	024798565
ID Issue Date	24 Aug 2007
ID Issue Place	Ho Chi Minh Police Station
Nationality	Vietnamese
3. NAME	Mr. DO CAO BANG
Position	Deputy General Director
Nationality	Vietnamese
Tel/Mobile phone	(84-72) 3632881, ext:210
Email	bang.dc@greenfeed.com.vn
4. NAME	Ms. NGUYEN THI HOANG OANH
Position	Purchasing Director
Resident	Long An Province, Vietnam
Nationality	Vietnamese
Tel/Mobile phone	(84-72) 3632881, ext:109
5. NAME	Ms. MAI THI THU HONG
Position	Chief Accountant
Nationality	Vietnamese
Tel/Mobile phone	(84-72) 3632881, ext: 201
Email	hong.mtt@greenfeed.com.vn

BUSINESS NATURE AND ACTIVITIES

The subject is specializing in:
- Producing and trading feeds for animal, poultry and fish.
- Speeding up business cooperation in the field of veterinary medicine, breeding animals and transferring efficient breeding process.
- Operating several sows farms which provide breed piglet and fish for farmers.

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Materials
· Market	USA, Thailand, India, Australia, Holland, Brazil, China, Argentina, Norway, etc.
· Mode of payment	LC
EXPORT:
· Types of products	Materials
· Market	Cambodia (5%), and mainly supplied for domestic market (95%).
· Mode of payment	LC, TT
Note: The subject exports materials to factory in Cambodia for manufacturing

BANKERS
1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM TAY SAI GON BRANCH
Address	No.2-4-6 plot C Str.,Tan Tao industrial park, Binh Tan District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 37505376
2. VIETNAM PROSPERITY JOINT STOCK COMMERCIAL BANK CONG HOA BRANCH
Address	No.29 Cong Hoa Street, Ward 4, Tan Binh District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 62966501 /02 /03
Fax	(84-8) 62966500
3. VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK DONG NAI BRANCH
Address	No.881 Highway 15, Tam Hiep Ward, Bien Hoa City, Dong Nai Province, Vietnam
Telephone	(84-61) 3915185
Fax	(84-61) 3915187
4. HSBC VIETNAM LTD
Address	6 Floor, No. 235 Dong Khoi Str., Ben Nghe ward, 1 District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 38292288
5. AUSTRALIA AND NEW ZEALAND BANK (ANZ BANK) - HCMC BRANCH
Address	No.11 Me Linh Str., 1 District, Ho Chi Minh City, Vietnam
Telephone	(84-8) 38246491
Fax	(84-8) 38299 316
6. SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK BEN LUC TRANSACTION
Address	42 Nguyen Huu Tho str., Ben Luc District, Long An Province, Vietnam
Telephone	(84-72) 3633443
Fax	(84-72) 3633442

SHAREHOLDERS
1. NAME	GREENFEED (THAILAND) CO., LTD
Business Registration	10554500789
Date of Registration	19 Jun 2002
Place of Registration	Registries of Trade and associations Kingdom of Thailand Bangkok
Address	Thailand
Percentage	3.38%
2. NAME	ORIENTAL FORD HOLDING LIMITED
Business Registration	1021285
Date of Registration	23 Jan 2006
Place of Registration	Business Registration Organ of Hong Kong
Address	Hong Kong
Percentage	62.68%
3. NAME	Mr. LY ANH DUNG
Position	Chairman
Date of Birth	05 Aug 1966
Nationality	Vietnamese
Percentage	4.31%
4. NAME	Mr. TRAN NGOC CHI
Position	General Director
Date of Birth	03 Nov 1972
ID Number/Passport	024798565
Issued on	24 Aug 2007
Issued Place	Ho Chi Minh Police Station
Nationality	Vietnamese
Percentage	4.65%
5. NAME	Mr. BUI QUANG NGHIA
Date of Birth	01 Apr 1969
ID Number/Passport	023324187
Issued on	02 Jan 2003
Issued Place	Ho Chi Minh Police Station
Nationality	Vietnamese
Percentage	3.66%
6. NAME	EPSOM COMPANY LIMITED
Percentage	21.32%

FINANCIAL DATA
BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2012	31/12/2011	31/12/2010
Number of weeks	52	52	52
Audit status	Unknown	Unknown	Unknown
ASSETS
A – CURRENT ASSETS	1,367,023,000,000	1,462,968,000,000	1,012,038,000,000
I. Cash and cash equivalents	140,624,000,000	446,619,000,000	253,188,000,000
1. Cash	140,624,000,000	446,619,000,000	253,188,000,000
2. Cash equivalents	0	0	0
II. Short-term investments	0	0	0
1. Short-term investments	0	0	0
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	435,596,000,000	323,834,000,000	183,296,000,000
1. Receivable from customers	362,674,000,000	272,803,000,000	166,084,000,000
2. Prepayments to suppliers	22,360,000,000	17,723,000,000	9,681,000,000
3. Inter-company receivable	0	30,197,000,000	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	55,742,000,000	7,819,000,000	11,739,000,000
6. Provisions for bad debts	-5,180,000,000	-4,708,000,000	-4,208,000,000
IV. Inventories	721,481,000,000	647,762,000,000	541,892,000,000
1. Inventories	721,739,000,000	648,353,000,000	542,466,000,000
2. Provisions for devaluation of inventories	-258,000,000	-591,000,000	-574,000,000
V. Other Current Assets	69,322,000,000	44,753,000,000	33,662,000,000
1. Short-term prepaid expenses	13,864,000,000	9,965,000,000	4,111,000,000
2. VAT to be deducted	33,250,000,000	13,346,000,000	8,163,000,000
3. Taxes and other accounts receivable from the State	10,733,000,000	0	0
4. Other current assets	11,475,000,000	21,442,000,000	21,388,000,000
B. LONG-TERM ASSETS	809,136,000,000	515,992,000,000	507,874,000,000
I. Long term accounts receivable	131,000,000	230,000,000	388,000,000
1. Long term account receivable from customers	0	0	0
2. Working capital in affiliates	0	0	0
3. Long-term inter-company receivable	0	0	0
4. Other long-term receivable	131,000,000	230,000,000	388,000,000
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	591,615,000,000	405,777,000,000	370,693,000,000
1. Tangible assets	349,080,000,000	345,835,000,000	296,015,000,000
- Historical costs	604,625,000,000	541,555,000,000	450,264,000,000
- Accumulated depreciation	-255,545,000,000	-195,720,000,000	-154,249,000,000
2. Financial leasehold assets	6,308,000,000	28,294,000,000	31,573,000,000
- Historical costs	9,167,000,000	40,410,000,000	40,331,000,000
- Accumulated depreciation	-2,859,000,000	-12,116,000,000	-8,758,000,000
3. Intangible assets	24,693,000,000	23,889,000,000	23,717,000,000
- Initial costs	31,227,000,000	29,164,000,000	28,180,000,000
- Accumulated amortization	-6,534,000,000	-5,275,000,000	-4,463,000,000
4. Construction-in-progress	211,534,000,000	7,759,000,000	19,388,000,000
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	136,478,000,000	93,301,000,000	126,953,000,000
1. Investments in affiliates	162,223,000,000	129,046,000,000	128,108,000,000
2. Investments in business concerns and joint ventures	0	0	0
3. Other long-term investments	10,000,000,000	0	0
4. Provisions for devaluation of long-term investments	-35,745,000,000	-35,745,000,000	-1,155,000,000
V. Other long-term assets	80,912,000,000	16,684,000,000	9,840,000,000
1. Long-term prepaid expenses	57,566,000,000	4,106,000,000	3,830,000,000
2. Deferred income tax assets	20,808,000,000	7,517,000,000	830,000,000
3. Other long-term assets	2,538,000,000	5,061,000,000	5,180,000,000
VI. Goodwill		0
1. Goodwill		0
TOTAL ASSETS	2,176,159,000,000	1,978,960,000,000	1,519,912,000,000
LIABILITIES
A- LIABILITIES	1,381,384,000,000	1,373,435,000,000	1,002,694,000,000
I. Current liabilities	1,158,453,000,000	1,246,491,000,000	886,548,000,000
1. Short-term debts and loans	311,826,000,000	532,101,000,000	497,482,000,000
2. Payable to suppliers	528,554,000,000	482,537,000,000	285,658,000,000
3. Advances from customers	12,108,000,000	11,627,000,000	21,200,000,000
4. Taxes and other obligations to the State Budget	70,495,000,000	21,524,000,000	23,288,000,000
5. Payable to employees	4,537,000,000	6,997,000,000	315,000,000
6. Accrued expenses	218,232,000,000	181,357,000,000	55,748,000,000
7. Inter-company payable	1,677,000,000	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	9,419,000,000	10,348,000,000	2,857,000,000
10. Provisions for short-term accounts payable	0	0	0
11. Bonus and welfare funds	1,605,000,000
II. Long-Term Liabilities	222,931,000,000	126,944,000,000	116,146,000,000
1. Long-term accounts payable to suppliers	0	0	0
2. Long-term inter-company payable	0	0	0
3. Other long-term payable	35,000,000	25,000,000	20,000,000
4. Long-term debts and loans	215,297,000,000	119,597,000,000	111,627,000,000
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	7,599,000,000	7,322,000,000	4,499,000,000
7. Provisions for long-term accounts payable	0	0	0
8. Unearned Revenue	0
9. Science and technology development fund	0
B- OWNER’S EQUITY	794,775,000,000	605,525,000,000	517,218,000,000
I. OWNER’S EQUITY	794,775,000,000	566,943,000,000	498,605,000,000
1. Capital	296,106,000,000	275,443,000,000	275,443,000,000
2. Share premiums	60,668,000,000	60,668,000,000	60,668,000,000
3. Other sources of capital	0	0	0
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	0	-11,000,000	1,868,000,000
7. Business promotion fund	0	0	0
8. Financial reserved fund	0	0	0
9. Other funds	0	0	0
10. Retained earnings	438,001,000,000	230,843,000,000	160,626,000,000
11. Construction investment fund	0	0	0
12. Business arrangement supporting fund	0
II. Other sources and funds	0	38,582,000,000	18,613,000,000
1. Bonus and welfare funds (Elder form)	0	38,582,000,000	18,613,000,000
2. Sources of expenditure	0	0	0
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	2,176,159,000,000	1,978,960,000,000	1,519,912,000,000

PROFIT & LOSS STATEMENT
Description	FY2012	FY2011	FY2010
1. Total Sales	7,990,038,000,000	5,178,913,000,000	3,190,498,000,000
2. Deduction item	539,251,000,000	331,106,000,000	164,258,000,000
3. Net revenue	7,450,787,000,000	4,847,807,000,000	3,026,240,000,000
4. Costs of goods sold	6,642,116,000,000	4,271,232,000,000	2,624,804,000,000
5. Gross profit	808,671,000,000	576,575,000,000	401,436,000,000
6. Financial income	10,740,000,000	16,824,000,000	8,640,000,000
7. Financial expenses	70,789,000,000	93,460,000,000	85,971,000,000
- In which: Loan interest expenses	47,351,000,000	61,855,000,000	0
8. Selling expenses	288,671,000,000	185,849,000,000	98,285,000,000
9. Administrative overheads	101,264,000,000	86,632,000,000	68,162,000,000
10. Net operating profit	358,687,000,000	227,458,000,000	157,658,000,000
11. Other income	6,950,000,000	26,110,000,000	9,516,000,000
12. Other expenses	17,799,000,000	36,936,000,000	15,598,000,000
13. Other profit /(loss)	-10,849,000,000	-10,826,000,000	-6,082,000,000
14. Total accounting profit before tax	347,838,000,000	216,632,000,000	151,576,000,000
15. Current corporate income tax	64,911,000,000	45,034,000,000	24,301,000,000
16. Deferred corporate income tax	0	238,000,000	0
17. Interest from subsidiaries/related companies		0
18. Profit after tax	282,927,000,000	171,360,000,000	127,275,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2012	FY2011	FY2010	Average Industry
Current liquidity ratio	1.18	1.17	1.14	1.43
Quick liquidity ratio	0.56	0.65	0.53	0.56
Inventory circle	9.21	6.59	4.84	5.64
Average receive period	21.34	24.38	22.11	27.24
Utilizing asset performance	3.42	2.45	1.99	2.27
Liability by total assets	63.48	69.40	65.97	58.03
Liability by owner's equity	173.81	226.82	193.86	169.12
Ebit / Total assets (ROA)	18.16	14.07	9.97	16.77
Ebit / Owner's equity (ROE)	49.72	45.99	29.31	41.49
Ebit / Total revenue (NPM)	4.95	5.38	4.75	7.21
Gross profit / Total revenue (GPM)	10.12	11.13	12.58	12.54
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Normal
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
Sale Methods	Wholesaler
Public opinion	Good

INTERPRETATION ON THE SCORES

GREENFEED VN is a well-known and big feed manufacturer in Vietnam. It was established in 2003 under investment license No. 25/GP-LA. In May 2008, the subject’s license was changed to No. 501032000106 granted by People’s Committee of Long An Province. Now, the subject is a joint stock company named GREENFEED VIETNAM CORPORATION. Its shareholders are domestic individuals and foreign companies.

The head office is located in Nhut Chanh Commune, Ben Luc District, Long An Province. Since establishment, business scale has been expanded continuously. Recently, it launched two new feed mills in Hung Yen province and Binh Dinh province, which increased number of factories to 6 feed mills in total including 5 factories in Vietnam and one factory in Cambodia. Besides, it has branches and over 2000 distribution agents across 64 provinces in Vietnam and some provinces in Cambodia. It also received many awards, such as: “Friend of Vietnamese Farmers”, “Vietnam Golden Rice Flower”, ISO 9001:2000 Certificate of Quality Management System in 2006, ISO 14001:2004 Certificate of Environment Management System in 2009, Global G.A.P, Vietnam feed livestock industry award in 2011, etc.

The subject is specialized in manufacturing and trading feeds for animal, poultry and fish. Besides, it is also trading veterinary medicine, breeding animals and transferring efficient breeding process. Its products have become famous with brands of feed for animal including Greenfeed (5star), HiGain, FCR 1.5, EurofWean and feeds for fish including AquaGreen, SuperWhite.

 Based on the above financial data and bellowing chart, we see that its financial situation improved year by year. Over the last seven years, total assets increased by 321%, liabilities went up by 224.9% and the owner’s equity raised by 767.63%. Equity capital is enhanced year on year, together with acceptable liability ratios showing fairly good self-financing capability.

According to profit and loss statement of subject company in recent years, total sales increase strongly in the year 2012; it reached VND 7,990 billion, up by 54.2% against 2011 and 150% against 2010.

Vietnam Feed industry has high growth rate and promising industry. According to statistics of Ministry of Agriculture and Rural development, Vietnam animal feed output rose from 10.6 million tons in 2010 to 11.5 million tons in 2011 and 12.7 million tons in 2012. Feed demand will continue to increase in the next time. However, 70% of market share held by FDI and joint venture companies like CARGILL, CP, JAPFA, EMIVEST, etc. The subject is a large company whose position is remarkable in the field. Its facilities and premises are fairly standard. With current capacity, the subject has ability to meet small and medium financial commitments.

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

INDUSTRY DATA
Industry code	GDP growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2012	2011
Agriculture, Forestry and Fishing	2.72	4.00	8,887		24,362.9	95,227
Industry and Construction	4.52	5.53	95,217		10,718.9	3,641,376
Trade and Services	6.42	6.69	187,195		15,270.2	6,957,082
ECONOMIC INDICATORS
			2012	2011		2010
Population (Million person)			88.78	87.84		86.93
Gross Domestic Products (USD billion)			136	119		102.2
GDP Growth (%)			5.03	5.89		6.78
GDP Per Capita (USD/person/year)			1,540	1,300		1,160
Inflation (% Change in Composite CPI)			9.21	18.58		11.75
State Budget Deficit compared with GDP (%)			4.8	4.9		5.8
SERVICE TRADE PERFORMANCE
Billion USD			2012	2011		2010
Exports			114.6	96.3		72.2
Imports			114.3	105.8		84.8
Trade Balance			0.3	-9.5		-12.6

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.34
UK Pound	1	Rs.90.78
Euro	1	Rs.77.81

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%)

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.