MIRA INFORM REPORT

Report Date :

19.03.2014

IDENTIFICATION DETAILS

Name :	AGRIFEED VIETNAM JSC
Registered Office :	32 Lane 167/3 Gia Quat St Thuong Thanh Ward, Long Bien Dist, Hanoi
Country :	Vietnam
Financials (as on) :	2012
Date of Incorporation :	16.11.2010
Legal Form :	Joint Stock Company
Line of Business :	Manufacturer of Agricultural Products
No. of Employees :	30

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 :	Slow but correct
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 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

Company Details
Organization Name	:	AGRIFEED VIETNAM JSC
Address	:	32 Lane 167/3 Gia Quat St Thuong Thanh Ward, Long Bien Dist, Hanoi
Country	:	Vietnam
Primary Business Activity	:	Manufacturer
Key Industry	:	Agricultural Products

DIRECTORS/MANAGEMENT

 Key Person

Legal Title	:	Chairman
Name	:	Ms. Nguyen Van Cuong
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Nguyen Van Cuong	Vietnamese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03649770
Name	:	Ms. Nguyen Van Cuong
Date of Birth	:	1971

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03649770
Name	:	Ms. Nguyen Van Cuong
Date of Birth	:	1971
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the AGRIFEED VIETNAM JSC'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

LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

Capital

:

US$ 477,327

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital	:	10,000,000,000
Paid-up Capital	:	10,000,000,000

SHAREHOLDERS

Total number of shareholders	:	6
Total number of shares	:	n/a

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Mr. Cao Van Uyen	Vietnam	n/a	3,000,000,000	30.00
2	Ms. Nguyen Van Cuong	Vietnam	n/a	1,750,000,000	17.50
3	Ms. Vo Thi Cam	Vietnam	n/a	1,750,000,000	17.50
4	Mr. Nguyen Chau Thang	Vietnam	n/a	1,500,000,000	15.00
5	Mr. Le Trung Thanh	Vietnam	n/a	1,000,000,000	10.00
6	Ms. Do Thi Thu	Vietnam	n/a	1,000,000,000	10.00
Total			n/a	10,000,000,000	100.00

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000048 USD United States Dollars

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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	95%
Imports	5%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days

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
2012 Annual (*)	3,306,320	957,375	14,454

Note: (*)

Financials listed are the most recent available for this company.

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual
Current Assets	10,121,000,000
Non Current Assets	9,816,000,000
Non Current Liabilities	5,000,000
Share Capital	10,000,000,000
Other long term assets
Total Assets	19,937,000,000
Total Liabilities	10,686,000,000
Current Liabilities	10,681,000,000
Long term liabilities
Shareholders Funds	9,251,000,000
Assets
Current Assets & Short-term Investments	10,121,000,000
Cash & Cash Equivalents	1,167,000,000
Cash	1,167,000,000
Accounts Receivable	3,558,000,000
Accounts Receivable Trade	3,006,000,000
Trade Prepayment	535,000,000
Others Receivables	17,000,000
Inventories	3,738,000,000
Other Short-term Asset	1,658,000,000
VAT Deductible	1,658,000,000
Long-term Assets	9,816,000,000
Fixed Assets	9,179,000,000
Tangible Fixed Assets	9,179,000,000
Cost	9,868,000,000
Accumulated Depreciation	689,000,000
Other Long-term Assets	637,000,000
Total Assets	19,937,000,000
Liabilities and Owner's Equity
Total Liabilities	10,686,000,000
Current Liabilities	10,681,000,000
Short-term Borrowings	4,812,000,000
Accounts Payables-Trade	3,567,000,000
Advances From Customers	2,088,000,000
Taxes and Payable To State Budget	2,000,000
Payable To Employees	212,000,000
Long-term Liabilities	5,000,000
Long-term Borrowings	5,000,000
Owner's Equity	9,251,000,000
Business Capital	10,000,000,000
Retained Earnings	(749,000,000)
Total Resources	19,937,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual
Turnover	68,853,000,000
Profit (Loss) Before Tax	301,000,000
Profit After Tax attributable to Shareholders	301,000,000
Gross Sales	68,853,000,000
Less Deductions	4,285,000,000
Net Income	64,568,000,000
Cost of Goods Sold	61,076,000,000
Gross Margin	3,492,000,000
Income From Financial Activities	16,000,000
Expenses From Financial Activities	215,000,000
In Which: Interest Expenses	215,000,000
Selling Expenses	2,992,000,000
General & Administration Expenses	0
Net Income From Operating Activities	301,000,000
Extraordinary Income	0
Extraordinary Expenses	0
Extraordinary Gains	0
Net Profit Before Tax	301,000,000
Income Tax	0
Income Tax Delay	0
Net Profit After Tax	301,000,000

Financial Ratios

Financial Highlights	2012 Annual
Profitability
Profit Margin (%)	0.44
Return on Equity (%)	3.25
Return on Assets (%)	1.51
Leverage
Total Debt Equity (Times)	1.16
Current Debt Equity (Times)	1.15
Long Term Debt to Equity	0.00
Total Asset To Total Equity	2.16
Asset Management
Total Assets Turnover (Times)	3.45
Fixed Assets Turnover (Times)	7.01
Liquidity
Current Ratio	0.95

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 financials were obtained for reference.

FOREIGN EXCHANGE RATES

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000048 USD United States Dollars

ADDITIONAL INFORMATION

Key Facts
Registered Legal Address	:	32 Lane 167/3 Gia Quat St Thuong Thanh Ward, Long Bien Dist, Hanoi
Operational Address	:	32 Lane 167/3 Gia Quat St Thuong Thanh Ward, Long Bien Dist, Hanoi
Issuing Authority	:	Dept. of Planning & Investment - Hanoi
License Number	:	0105006947
License Status	:	License exists – Normal.
Legal Form - Category	:	Joint Stock Company
Legal Form	:	Joint Stock Company
Legal Form - Abbreviation	:	JSC
Operational Status of Business	:	Normal
Date of Registration	:	16 Nov, 2010
Employees	:	30

Report Details
Country	:	Vietnam
Business Entity Name	:	AGRIFEED VIETNAM JSC
Primary Business Activity	:	Manufacturer
Primary Industry	:	Agricultural Products
Office Contact Details
Operating Address	:	32 Lane 167/3 Gia Quat St Thuong Thanh Ward, Long Bien Dist, Hanoi
Mobile	:	[+84]-975695987 ^(*)
Tax / VAT Details
Tax Issuing Authority	:	Ministry of Finance
Local Name Used	:	Gia Trj Gia Tang (Value Added Tax)
Acronym	:	GTGT / VAT
GTGT / VAT Number	:	0105006947
Date of Issuance	:	16 Nov, 2010

Note (*):

There exists no known land telephone line that is being used by the Subject Business Entity (SBE) in connection to their business, which is uncommon in normal / regular businesses. The SBE ONLY operates using a Mobile phone as the primary point of contact.
In such scenarios, there is no ability to legally associate any relationship between the SBE and the person/s answering the mobile phone.
Caution is advised.

 Primary Products

Products / Materials / Services Description	Activity
Agricultural feeds	Manufacturing
Animal feed	Manufacturing

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Prepared feeds, nspf	2048	Manufacturing

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Preparations of a kind used in animal feeding	2309909000	Manufacturing
Preparations used in animal feeding	2309	Manufacturing
Products chiefly used as food for animals or as ingredients in such food	0511993000	Manufacturing

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of AGRIFEED VIETNAM JSC is Manufacturing - Finished products.

Key products include:

Agricultural feeds

Animal feed

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, AGRIFEED VIETNAM JSC also is engaged in the following areas of business:

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	P1072025
Branch	:	Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM, CHUONG DUONG
SWIFT Code	:	BFTVVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
India	Medium	Importing
Malaysia	Medium	Importing
Thailand	Medium	Importing

OFFICE & FACILITIES

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

Name	:	AGRIFEED VIETNAM JSC - LONG BIEN DIST, HANOI
Primary Use	:	Office & Administration facilities
Address	:	32 Lane 167/3 Gia Quat St Thuong Thanh Ward, Long Bien Dist, Hanoi
Country	:	Vietnam
Status	:	Operational

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.95
UK Pound	1	Rs.101.37
Euro	1	Rs.84.89

INFORMATION DETAILS

Report Prepared by :

NIS

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.