MIRA INFORM REPORT

Report Date :

11.05.2012

IDENTIFICATION DETAILS

Name :	CONDAO SEAPRODUCTS & IMPORT EXPORT JOINT STOCK COMPANY
Registered Office :	40 Le Hong Phong, Vung Tau City, Ba Ria-Vung Tau Province
Country :	Viet Nam
Financials (as on) :	31.12.2011
Date of Incorporation :	1989
Com. Reg. No.:	3500121495
Legal Form :	Joint stock company
Line of Business :	Export and import of Sea products, ship building and repairing etc
No. of Employees :	457

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 – September 30, 2011

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Viet Nam	B1	B1

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
English Name	CONDAO SEAPRODUCTS & IMPORT EXPORT JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN THUY SAN VA XUAT NHAP KHAU CON DAO
Short name	COIMEX
Type of Business	Joint stock company
Year Established	1989
Business Registration No.	3500121495
Date of Registration	16 Mar 2010
Place of Registration	Planning and Investment Department of Vung Tau City
Chartered capital	VND 80,086,200,000
Status	Listed
Stock symbol	COIMEX
Stock Market	OTC
Tax code	3500121495
Total Employees	457

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 4903000267, issuance on June 30th, 2006 Changed to: 3500121495	16 Mar 2010

ADDRESSES
Head Office
Address	40 Le Hong Phong, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam
Telephone	(84-64) 3839362 / 3839914 - 3839326 / 3837834
Fax	(84-64) 3839360
Email	Coimexco-cty@hcm.vnn.vn
Website	www.coimexvn.com
Branch in Ho Chi Minh
Address	No. 28B Ho Bieu Chanh Str Ward 11, Phu Nhuan District, Ho Chi Minh City, Vietnam
Thanh Hoa Fish, Shrimp for Breeding Farm
Address	No. 363 Tam Vu I Hamlet - Thanh Hoa Commune, Phung Hiep District, Hau Giang Province, Vietnam
Seaproducts Processing Enterprise Coimex - 01
Address	No. 335 Tran Phu Str., Ward 5, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam
Seaproducts Processing Enterprise
Address	No. 1738 30/4 Str - Ward 12, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam
Honcau Fish Sauce Factory
Address	No. 80 Bach Dang Str Ward 5, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam

DIRECTORS
1. NAME	Mr. LE VAN KHANG
Position	Chairman cum General Director
Date of Birth	15 Jul 1949
ID Number/Passport	273240578
ID Issue Date	07 Oct 2003
ID Issue Place	Police Station of Ba Ria - Vung Tau Province
Resident	No. 60/9 Pham Hong Thai Ward 7, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam
Nationality	Vietnamese
2. NAME	Mr. TRUONG BACH THE
Position	Deputy General Director
Date of Birth	05 Jul 1966
ID Number/Passport	273060992
Resident	No. 55 Truong Cong Dinh Ward 1, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam
Nationality	Vietnam
Tel/Mobil phone	(84-64) 3839362
3. NAME	Mr. HUYNH CONG MAO
Position	Deputy General Director
Date of Birth	07 May 1966
ID Number/Passport	271453666
Resident	No. 60/40 Hung Vuong Ward 4, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam
Nationality	Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject is focusing on main business activities:
• Fishing: goat – fish, lizard-fish, big-eye snapper, threadfin bream, ray, yellow-stripe trawled, cuttle-fish, squid, leather jacket.
• Aquaculture: uses new technology applying for breeding 2 kinds of Clown and Grey Featherback Fish
• Sea products processing: surimi business (fish meat paste, meat fish gel), fish meal powder, imitation lobster, shrimp, crab claw business (surimi imitation)
• International trade: import export and trading of all kinds of permitted goods.
• Ship building and repairing

IMPORT & EXPORT ACTIVITIES
IMPORT:
· Types of products	Equipment, line products and consumption goods
· Market	America, France, Argentina, Singapore, China
· Mode of payment	T/T, L/C
EXPORT:
· Types of products	Seafood
· Market	EU Countries, Japan, Russia
· Mode of payment	L/C, T/T

BANKERS
1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM VUNG TAU BRANCH
Address	No 27 - 29 Tran Hung Dao, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam
Telephone	(84-64) 3859168 / 3859874
Fax	(84-64) 3859859
2. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE BA RIA BRANCH
Address	No.14 – 16 Nguyen Huu ThoT/xã Bà Rịa, Ba Ria District, Ba Ria-Vung Tau Province, Vietnam
Telephone	(84-64) 3716730

SHAREHOLDERS
1. NAME	KIEN GIANG SEA PRODUCT CORPORATION
Business Registration	5603000085
Date of Registration	15 May 2007
Place of Registration	Kien Giang Department of Planning and Investment
Registered Capital	VND 301,000,000,000
Tax code	1700106613
Address	No. 39 Dinh Tien Hoang Str Vinh Thanh Van Ward, Rach Gia City, Kien Giang Province, Vietnam
Tel	(84-77) 3872707/ 3879446/ 3920619
Fax	(84-77) 3862677
Number of shares	1,142,700
Value of shares	VND 11,427,000,000
Percentage	14.3%
Representative person	Ms. NGUYEN THI THU HA
ID No.	023062132
Resident	No. 188/18 Thanh Thai, Ward 12, Dist 10, Hochiminh City, Vietnam
2. NAME	Mr. HUYNH VAN LONG
Date of Birth	1953
ID Number/Passport	020481836
Issued on	30 Aug 1993
Issued Place	Hochiminh Police Station
Resident	No. 144, Nguyen Van Cu Str, Nguyen Cu Trinh Ward,, 1 District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	500,000
Value of shares	VND 5,000,000,000
Percentage	6.2%
3. NAME	Mr. LE VAN KHANG
Position	Chairman cum General Director
Date of Birth	15 Jul 1949
ID Number/Passport	273240578
Issued on	07 Oct 2003
Issued Place	Police Station of Ba Ria - Vung Tau Province
Resident	No. 60/9 Pham Hong Thai Ward 7, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam
Nationality	Vietnamese
Number of Shares	221,784
Value of shares	VND 2,217,840,000
Percentage	2.8%
4. NAME	Mr. HUYNH CONG MAO
Position	Deputy General Director
Date of Birth	07 May 1966
ID Number/Passport	271453666
Resident	No. 60/40 Hung Vuong Ward 4, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam
Nationality	Vietnamese
Number of Shares	129,502
Value of shares	VND 1,295,020,000
Percentage	1.6%
5. NAME	Mr. LAM QUANG THO
ID Number/Passport	273177995
Resident	No. 109/19 Vo Thi Sau Ward 2, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam
Nationality	Vietnamese
Number of Shares	122,000
Value of shares	VND 1,220,000,000
Percentage	1.5%
6. NAME	Mr. TRUONG BACH THE
Position	Deputy General Director
Date of Birth	05 Jul 1966
ID Number/Passport	273060992
Resident	No. 55 Truong Cong Dinh Ward 1, Vung Tau City, Ba Ria-Vung Tau Province, Vietnam
Work phone	(84-64) 3839362
Nationality	Vietnam
Number of Shares	88,452
Value of shares	VND 884,520,000
Percentage	1.1%
7. NAME	Mr. NGUYEN VIET CUONG
ID Number/Passport	380914599
Issued on	23 Jun 1994
Issued Place	Minh Hai Department Of Public Security
Resident	35 Ly Bon, Ward 2, Ca Mau City, Ca Mau Province, Vietnam
Mobile phone	+84 903903370
Nationality	Vietnamese
Number of Shares	1,129,457
Value of shares	VND 11,294,570,000
Percentage	14.1%
8. NAME	STATE CAPITAL
Number of shares	2,747,549
Value of shares	VND 27,475,490,000
Percentage	34.3%
Representative person	Mr. TRUONG BACH THE
Position	Deputy Director
Date of Birth	05 Jul 1966
ID Number/Passport	273060992
Resident	No. 55 Truong Cong Dinh Ward 1 - Vung Tau City - Ba Ria-Vung Tau Province - Vietnam
9. NAME	142 OTHER SHAREHOLDERS
Number of shares	1,927,176
Value of shares	VND 19,271,760,000
Percentage	24.1%

FINANCIAL DATA
The financial statement of subject is audited by AASCs
BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2011	31/12/2010
Number of weeks	52	52
Audited situation	Audited	Audited
Consolidated situation	Consolidated	Consolidated
ASSETS
A – CURRENT ASSETS	151,660,272,516	142,267,510,801
I. Cash and cash equivalents	23,504,706,519	18,034,787,166
1. Cash	17,504,706,519	18,034,787,166
2. Cash equivalents	6,000,000,000	0
II. Short-term investments	17,352,638,890	14,032,836,110
1. Short-term investments	17,352,638,890	14,032,836,110
2. Provisions for devaluation of short-term investments	0	0
III. Accounts receivable	53,753,337,445	53,730,278,950
1. Receivable from customers	32,181,386,979	31,725,813,616
2. Prepayments to suppliers	19,236,872,938	20,329,285,735
3. Inter-company receivable	0	0
4. Receivable according to the progress of construction	0	0
5. Other receivable	2,335,077,528	1,675,179,599
6. Provisions for bad debts	0	0
IV. Inventories	41,004,493,144	39,413,104,149
1. Inventories	41,004,493,144	39,413,104,149
2. Provisions for devaluation of inventories	0	0
V. Other Current Assets	16,045,096,518	17,056,504,426
1. Short-term prepaid expenses	1,078,171,797	377,617,462
2. VAT to be deducted	8,952,356,787	8,579,424,166
3. Taxes and other accounts receivable from the State	26,683	355,771,906
4. Other current assets	6,014,541,251	7,743,690,892
B. LONG-TERM ASSETS	122,369,255,448	122,760,422,196
I. Long term account 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	80,137,923,630	80,477,167,262
1. Tangible assets	73,470,354,118	74,849,991,902
- Historical costs	128,103,706,770	117,399,714,138
- Accumulated depreciation	-54,633,352,652	-42,549,722,236
2. Financial leasehold assets	0	0
- Historical costs	0	0
- Accumulated depreciation	0	0
3. Intangible assets	706,406,171	706,406,171
- Initial costs	706,406,171	706,406,171
- Accumulated amortization	0	0
4. Construction-in-progress	5,961,163,341	4,920,769,189
III. Investment property	0	0
Historical costs	0	0
Accumulated depreciation	0	0
IV. Long-term investments	40,264,784,787	39,612,043,275
1. Investments in affiliates	0	0
2. Investments in business concerns and joint ventures	27,988,284,787	27,335,543,275
3. Other long-term investments	12,276,500,000	12,276,500,000
4. Provisions for devaluation of long-term investments	0	0
V. Other long-term assets	1,966,547,031	2,671,211,659
1. Long-term prepaid expenses	1,966,547,031	2,671,211,659
2. Deferred income tax assets	0	0
3. Other long-term assets	0	0
VI. Goodwill	0	0
1. Goodwill	0	0
TOTAL ASSETS	274,029,527,964	265,027,932,997
LIABILITIES

A- LIABILITIES	132,529,303,999	119,699,319,097
I. Current liabilities	132,118,788,910	118,245,101,391
1. Short-term debts and loans	17,030,105,160	8,521,831,180
2. Payable to suppliers	63,114,898,442	59,636,601,254
3. Advances from customers	10,252,252,156	23,522,289,503
4. Taxes and other obligations to the State Budget	9,075,521,133	5,154,551,398
5. Payable to employees	8,074,014,689	7,972,522,677
6. Accrued expenses	8,165,382,514	2,092,641,714
7. Inter-company payable	0	0
8. Payable according to the progress of construction contracts	0	0
9. Other payable	16,406,614,816	11344663665
10. Provisions for short-term accounts payable	0	0
II. Long-Term Liabilities	410,515,089	1,454,217,706
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	368,982,400	1,423,415,600
5. Deferred income tax payable	0	0
6. Provisions for unemployment allowances	41,532,689	30,802,106
7. Provisions for long-term accounts payable	0	0
B- OWNER’S EQUITY	120,745,957,585	125,568,351,761
I. OWNER’S EQUITY	118,268,352,375	123,733,407,511
1. Capital	80,086,200,000	80,086,200,000
2. Share premiums	8,778,885,000	8,778,885,000
3. Other sources of capital	0	0
4. Treasury stocks	0	0
5. Differences on asset revaluation	0	0
6. Foreign exchange differences	-173,486,955	-231,908,439
7. Business promotion fund	3,961,732,173	2,724,793,851
8. Financial reserved fund	3,250,263,326	2,659,806,474
9. Other funds	0	0
10. Retained earnings	22,364,758,831	29,715,630,625
11. Construction investment fund	0	0
II. Other sources and funds	2,477,605,210	1,834,944,250
1. Bonus and welfare funds	2,477,605,210	1,834,944,250
2. Sources of expenditure	0	0
3. Fund to form fixed assets	0	0
MINORITY’S INTEREST	20,754,266,380	19,760,262,139
TOTAL LIABILITIES AND OWNER’S EQUITY	274,029,527,964	265,027,932,997
PROFIT & LOSS STATEMENT
Description	FY2011	FY2010
1. Total Sales	1,015,839,334,523	943,265,322,190
2. Deduction item	1,646,906,000	2,720,250,000
3. Net revenue	1,014,192,428,523	940,545,072,190
4. Costs of goods sold	883,649,003,412	814,948,215,255
5. Gross profit	130,543,425,111	125,596,856,935
6. Financial income	9,872,930,016	3,904,447,907
7. Financial expenses	4,061,674,696	3,029,237,436
- In which: Loan interest expenses	1,630,684,768	903,444,343
8. Selling expenses	87,101,680,382	79,997,803,424
9. Administrative overheads	23,423,359,503	17,882,526,882
10. Net operating profit	25,829,640,546	28,591,737,100
11. Other income	2,070,571,770	1,001,209,793
12. Other expenses	971,001,562	1,224,807,018
13. Other profit /(loss)	1,099,570,208	-223,597,225
14. Total accounting profit before tax	26,929,210,754	28,368,139,875
15. Current corporate income tax	4,473,852,003	4,363,309,405
16. Deferred corporate income tax	0	0
17. Interest from subsidiaries/related companies	6,871,045,438	4,691,580,471
18. Profit after tax	29,326,404,189	28,696,410,941

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2011	FY2010	Average Industry
Current liquidity ratio	1.15	1.20	1.32
Quick liquidity ratio	0.84	0.87	0.69
Inventory circle	21.98	20.68	4.18
Average receive period	19.35	20.85	69.24
Utilizing asset performance	3.70	3.55	1.47
Liability by total assets	48.36	45.16	64.25
Liability by owner's equity	109.76	95.33	263.88
Ebit / Total assets (ROA)	10.42	11.04	9.37
Ebit / Owner's equity (ROE)	23.65	23.31	32.97
Ebit / Total revenue (NPM)	2.81	3.10	6.94
Gross profit / Total revenue (GPM)	12.85	13.32	13.08
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data

CASH FLOW STATEMENT
(Indirect method)
Items	FY2011	FY2010
I. Cash flows from operating activities
1. Profit before tax	33,800,256,192	33,059,720,346
2. Adjustments
- Depreciation and amortization	12,164,281,453	10,558,050,258
- Provisions	0	0
- Unrealized foreign exchange difference	0	0
- Gain/loss from investing activities	-4,171,242,877	-1,190,972,049
- Interest expense	1,630,684,768	803,444,343
3. Operating profit before movements in working capital	43,423,979,536	43,230,242,898
- (Increase)/Decrease in receivables	-40,245,893	-9,906,028,784
- (Increase)/Decrease in inventories	-1,591,388,995	-6,375,544,633
- Increase/(Decrease) in accounts payable	22,215,212,437	18,688,239,318
- (Increase)/Decrease in prepaid expenses	4,110,293	971,741,427
- Interest paid	-1,630,684,768	-803,444,343
- Corporate income tax paid	-1,363,555,471	-1,360,511,815
- Other cash inflows	1,729,149,641	2,242,880,363
- Other cash outflows	0	-339,625,059
Net cash from (used in) operating activities	62,746,576,780	46,347,949,372
II. Cash flows from investing activities
1. Acquisition of fixed assets and other long - term assets	-10,437,725,192	-11,747,344,282
2. Proceeds from fixed assets and long - term assets disposal	363,742,500	1,001,181,818
3. Cash outflow for lending, buying debt instruments of other companies	-17,352,638,890	-8,039,148,000
4. Cash recovered from lending, selling debt instruments of other companies	20,032,836,110	8,049,148,000
5. Investment in other entities	0	0
6. Cash recovered from investments in other entities	9,828,743,926	0
7. Interest income, dividend and profit paid	4,014,551,384	1,005,968,343
Net cash from (used in) investing activities	6,449,509,838	-9,730,194,121
III. Cash flows from financing activities
1. Proceeds from issuing stocks, receiving capital from owners	0	10,000,000,000
2. Capital withdrawal, buying back issued stocks	0	0
3. Proceeds from borrowings	193,269,567,068	97,892,093,360
4. Repayment of borrowings	-236,189,836,233	-129,048,929,584
5. Repayment of obligations under finance leased	0	0
6. Dividends paid	-20,805,898,100	-9,267,782,000
Net cash from (used in) financing activities	-63,726,167,265	-30,424,618,224

PAYMENT HISTORY & PERFORMANCE EXPERIENCES
Trade Morality	Good
Liquidity	Medium
Payment status	Average
Financial Situation	Above Average
Development trend	Stable
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	L/C, T/T
Sale Methods	To contracts

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.53.33
UK Pound	1	Rs.86.10
Euro	1	Rs.69.06

INFORMATION DETAILS

Report Prepared by :

PDT

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.