MIRA INFORM REPORT

Report Date :

18.07.2014

IDENTIFICATION DETAILS

Name :	NUTIFARM CORP
Registered Office :	Lot B2-54 Tan Dong Hiep B Industrial Park St 1, Di An Dist, Binh Duong
Country :	Vietnam
Financials (as on) :	December 2013
Date of Incorporation :	10.12.2010
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Food Products
No of Employees :	135

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Vietnam	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 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 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, 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 relatively stable in 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted 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 has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Organization Name	:	NUTIFARM CORP
Address	:	Lot B2-54 Tan Dong Hiep B Industrial Park St 1, Di An Dist, Binh Duong
Country	:	Vietnam
Phone (S)	:	[+84] 650-3727050
Facsimile	:	[+84] 650-3738666
Email	:	nuti@nutifarm.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Food Products

Registered Legal Address	:	Lot B2-54 Tan Dong Hiep B Industrial Park St 1, Di An Dist, Binh Duong
Operational Address	:	Lot B2-54 Tan Dong Hiep B Industrial Park St 1, Di An Dist, Binh Duong
Trading Name	:	NUTIFARM
Issuing Authority	:	Dept. of Planning & Investment - Binh Duong
License Number	:	3700499598
License Status	:	License exists - Normal.
Legal Form - Category	:	Joint Stock Company
Legal Form	:	Corporation
Legal Form - Abbreviation	:	CORP
Operational Status of Business	:	Normal
Date of Registration	:	10 Dec, 2010
Employees	:	135
Capital	:	US$ 2,759,603

Country	:	Vietnam
Business Entity Name	:	NUTIFARM CORP
Primary Business Activity	:	Manufacturer
Primary Industry	:	Food Products
Office Contact Details
Operating Address	:	Lot B2-54 Tan Dong Hiep B Industrial Park St 1, Di An Dist, Binh Duong
Tel	:	[+84] 650-3727050
	:	[+84] 650-3738777
	:	[+84] 650-3738888
Fax	:	[+84] 650-3738666
Email	:	nuti@nutifarm.vn

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Tran Quoc Oai
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Bui Thi My Nu	Vietnamese	Chief Accountant	-
2	Mr. Tran Quoc Oai	Vietnamese	Managing Director	-
3	Mr. Tran Xuan Thang	Vietnamese	Deputy Managing Director	-
4	Mr. Nguyen Tan Trung	Vietnamese	Deputy Managing Director	-

Management Details – 1

Personal Unique Identifier	:	MI03192952
Name	:	Ms. Bui Thi My Nu
Date of Birth	:	1960

Management Details – 2

Personal Unique Identifier	:	MI03192946
Name	:	Mr. Tran Quoc Oai
Date of Birth	:	1962
Identification Number(s)
National ID No	:	023623704

Management Details – 3

Personal Unique Identifier	:	MI03597470
Name	:	Mr. Tran Xuan Thang
Date of Birth	:	1976

Management Details – 4

Personal Unique Identifier	:	MI03192950
Name	:	Mr. Nguyen Tan Trung
Date of Birth	:	1977

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03192946
Name	:	Mr. Tran Quoc Oai
Date of Birth	:	1962
Identification Number(s)
National ID No	:	023623704

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing NUTIFARM CORP's reputation within the respective industry failed to reveal any adverse information.

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT	No Record Found

CIVIL LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 58,500,000,000

SHAREHOLDERS

Total number of shareholders	:	n/a
Total number of shares	:	n/a

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Mr. Tran Quoc Oai	Vietnam	n/a	n/a	88.89
2	Mr. Nguyen Thanh Hung	Vietnam	n/a	n/a	10.26
3	Ms. Bui Thi My Nu	Vietnam	n/a	n/a	0.85
Total			n/a	n/a	100.00

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

PAYMENT INFORMATION

International Trade - Statistics  (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2011	n/a	6,204,109	6,204,109
2012	n/a	5,722,043	5,722,043
2013	n/a	4,322,317	4,322,317

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	80%
International Sales (Export)	20%

Annual Purchases Analysis	Percentage
Local Purchases	60%
Imports	40%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Export	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Received at time of transaction

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual	31,020,547	12,872,012	252,280
2012 Annual	28,610,215	12,643,424	351,939
2013 Annual	21,611,583	10,357,363	305,955

Sales Trend – Analysis

2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
-	-	-	-	-	-	-	-

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Current Assets	224,041,000,000	222,909,000,000	185,605,000,000
Non Current Assets	44,083,000,000	40,386,000,000	32,812,000,000
Non Current Liabilities	44,666,000,000	33,134,000,000	16,186,000,000
Share Capital	45,000,000,000	58,500,000,000	58,500,000,000
Other long term assets
Total Assets	268,124,000,000	263,295,000,000	218,417,000,000
Total Liabilities	210,223,000,000	198,062,000,000	146,940,000,000
Current Liabilities	165,557,000,000	164,928,000,000	130,754,000,000
Long term liabilities
Shareholders Funds	57,901,000,000	65,233,000,000	71,477,000,000
Assets
Current assets & short term investments	224,041,000,000	222,909,000,000	185,605,000,000
Cash & cash equivalents	1,258,000,000	1,082,000,000	1,053,000,000
Cash	1,258,000,000	1,082,000,000	1,053,000,000
Accounts receivable	90,880,000,000	79,743,000,000	64,459,000,000
Accounts receivable trade	53,452,000,000	65,040,000,000	49,751,000,000
Trade prepayment	37,428,000,000	14,003,000,000	14,183,000,000
Others receivables	-	700,000,000	525,000,000
Inventories	127,140,000,000	138,934,000,000	118,634,000,000
I. Other short term asset	4,763,000,000	3,150,000,000	1,459,000,000
Prepaid expenses	24,000,000	24,000,000	24,000,000
VAT deductible	441,000,000	1,477,000,000	-
II. Other short term asset	4,298,000,000	1,649,000,000	1,435,000,000
Long term assets	44,083,000,000	40,386,000,000	32,812,000,000
Fixed assets	44,083,000,000	40,386,000,000	32,812,000,000
Tangible fixed assets	20,044,000,000	19,894,000,000	15,065,000,000
I. Cost	48,057,000,000	55,735,000,000	55,326,000,000
I. Accumulated depreciation	28,013,000,000	35,841,000,000	40,261,000,000
Finance lease assets	12,810,000,000	9,530,000,000	7,059,000,000
II. Cost	15,453,000,000	12,240,000,000	12,240,000,000
II. Accumulated depreciation	2,643,000,000	2,710,000,000	5,181,000,000
Intangible fixed assets	11,229,000,000	10,962,000,000	10,688,000,000
III. Cost	13,670,000,000	13,670,000,000	13,670,000,000
III. Accumulated depreciation	2,441,000,000	2,708,000,000	2,982,000,000
Total assets	268,124,000,000	263,295,000,000	218,417,000,000
Liabilities	210,223,000,000	198,062,000,000	146,940,000,000
Current liabilities	165,557,000,000	164,928,000,000	130,754,000,000
Short term borrowings	159,256,000,000	133,130,000,000	119,309,000,000
Accounts payables-trade	5,345,000,000	30,953,000,000	10,431,000,000
Taxes and payable to state budget	531,000,000	417,000,000	638,000,000
Payable to employees	425,000,000	378,000,000	326,000,000
Other payables	-	50,000,000	50,000,000
Long term liabilities	44,666,000,000	33,134,000,000	16,186,000,000
Account long term inter company payables	-	25,500,000,000	10,500,000,000
Long term borrowings	44,666,000,000	7,634,000,000	5,686,000,000
Owner's equity	57,901,000,000	65,233,000,000	71,477,000,000
Business capital	45,000,000,000	58,500,000,000	58,500,000,000
Retained earnings	12,901,000,000	6,733,000,000	12,977,000,000
Total resources	268,124,000,000	263,295,000,000	218,417,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover	646,158,000,000	595,798,000,000	455,747,000,000
Profit (Loss) Before Tax	5,546,000,000	8,532,000,000	6,975,000,000
Profit After Tax attributable to Shareholders	5,255,000,000	7,329,000,000	6,452,000,000
Gross sales	646,158,000,000	595,798,000,000	455,747,000,000
Net income	646,158,000,000	595,798,000,000	455,747,000,000
Cost of goods sold	604,802,000,000	556,931,000,000	426,068,000,000
Gross margin	41,356,000,000	38,867,000,000	29,679,000,000
Income from financial activities	1,253,000,000	533,000,000	171,000,000
Expenses from financial activities	30,014,000,000	23,210,000,000	17,821,000,000
In which: Interest expenses	18,679,000,000	20,073,000,000	16,166,000,000
Selling expenses	5,579,000,000	5,103,000,000	3,072,000,000
General & administration expenses	2,484,000,000	2,672,000,000	2,282,000,000
Net income from operating activities	4,532,000,000	8,415,000,000	6,675,000,000
Extraordinary income	1,032,000,000	117,000,000	359,000,000
Extraordinary expenses	18,000,000	-	59,000,000
Extraordinary gains	1,014,000,000	117,000,000	300,000,000
Net profit before tax	5,546,000,000	8,532,000,000	6,975,000,000
Income tax	291,000,000	1,203,000,000	523,000,000
Net profit after tax	5,255,000,000	7,329,000,000	6,452,000,000

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	(7.79)	(23.51)
Profitability
Profit Margin (%)	0.81	1.23	1.42
Return on Equity (%)	9.08	11.24	9.03
Return on Assets (%)	1.96	2.78	2.95
Leverage
Total Debt Equity (Times)	3.63	3.04	2.06
Current Debt Equity (Times)	2.86	2.53	1.83
Long Term Debt to Equity	0.77	0.51	0.23
Total Asset To Total Equity	4.63	4.04	3.06
Asset Management
Total Assets Turnover (Times)	2.41	2.26	2.09
Fixed Assets Turnover (Times)	14.66	14.75	13.89
Liquidity
Current Ratio	1.35	1.35	1.42

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

FOREIGN EXCHANGE RATES

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000047 USD United States Dollars

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Animal feed	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Food and Kindred Products	2000	Manufacturing, Exporting
Prepared feeds, nspf	2048	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Food preparations	2106	Manufacturing, Exporting
Mixed feeds or mixed feed ingredients used in animal feedings	2309901050	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of NUTIFARM CORP is Manufacturing - Finished products.

Key product include :

Animal feed

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, NUTIFARM CORP also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	DONG A COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P1007587
Branch	:	Phu Nhuan,Ho Chi Minh
Branch Address	:	DONG A COMMERCIAL JOINT STOCK BANK - BINH DUONG
SWIFT Code	:	EACBVNVX
Bank Name	:	HSBC BANK (VIETNAM) LTD
Global Identifier	:	32403760
Branch	:	District 1,Ho Chi Minh
Branch Address	:	Metropolitan 235 Dong Khoi Ben Nghe Ward District 1 Ho Chi Minh (Head Office)
SWIFT Code	:	HSBCVNVX
Bank Name	:	VIETNAM TECHNOLOGICAL & COMMERCIAL JOINT STOCK BANK
Global Identifier	:	32408999
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	VIETNAM TECHNOLOGICAL
SWIFT Code	:	VTCBVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Importing
North America	Medium	Importing
Australia	Medium	Importing
Cambodia	Medium	Exporting
Germany	Medium	Importing
India	Medium	Importing
Laos	Medium	Exporting
Thailand	Medium	Importing
USA	Medium	Importing

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name	:	NUTIFARM CORP - DI AN DIST, BINH DUONG
Primary Use	:	Office & Administration facilities
Address	:	Lot B2-54 Tan Dong Hiep B Industrial Park St 1, Di An Dist, Binh Duong
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
7 May, 2003	4603000068

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.14
UK Pound	1	Rs. 103.00
Euro	1	Rs. 81.33

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	DPT

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.