MIRA INFORM REPORT

Report Date :

01.04.2014

IDENTIFICATION DETAILS

Name :	CONNELL BROS (VIETNAM) CO LTD
Registered Office :	14Fl A&B Bldg 76 Le Lai Ben Nghe Ward, District 1, Ho Chi Minh
Country :	Vietnam
Financials (as on) :	2011
Date of Incorporation :	15.08.2008
Legal Form :	Private Company with Limited Liability
Line of Business :	Importer of Chemicals
No. of Employees :	90

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	:	CONNELL BROS (VIETNAM) CO LTD
Address	:	14Fl A&B Bldg 76 Le Lai Ben Nghe Ward, District 1, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-38248282
Facsimile	:	[+84] 8-38248383
Email	:	kimloan@cbcvn.com
Website	:	http://www.connellbrothers.com
Primary Business Activity	:	Importer
Key Industry	:	Chemicals

Key Facts

Registered Legal Address	:	14Fl A&B Bldg 76 Le Lai Ben Nghe Ward, District 1, Ho Chi Minh
Operational Address	:	14Fl A&B Bldg 76 Le Lai Ben Nghe Ward, District 1, Ho Chi Minh
Trading Name	:	CBC-VN CONNELL BROTHERS (VIETNAM)
Issuing Authority	:	Dept. of Planning & Investment - Ho Chi Minh
License Number	:	411043000863
License Status	:	License exists - Normal.
Legal Form - Category	:	Private Company with Limited Liability
Legal Form	:	Company Limited
Legal Form - Abbreviation	:	CO LTD
Operational Status of Business	:	Normal
Date of Registration	:	15 Oct, 2008
Employees	:	90
Capital	:	US$ 1,000,000

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Morten Peder Porsild
Nationality	:	Danish

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Trinh Tuan Kiet	Vietnamese	Director	Finance
2	Ms. Vo Thi Kim Loan	Vietnamese	Officer	-
3	Mr. Vo Thi Hong Yen	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03436661
Name	:	Mr. Trinh Tuan Kiet
Date of Birth	:	1964

Management Details - 2

Personal Unique Identifier	:	MI03436665
Name	:	Ms. Vo Thi Kim Loan

Management Details - 3

Personal Unique Identifier	:	MI03659159
Name	:	Mr. Vo Thi Hong Yen
Date of Birth	:	1982

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03659138
Name	:	Mr. Morten Peder Porsild
Date of Birth	:	1968
Nationality	:	Danish

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the CONNELL BROS (VIETNAM) CO LTD'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 (Currency: USD - US Dollar)

Authorized Capital

:

1,000,000

SHAREHOLDERS

Total number of shareholders	:	1
Total number of shares	:	n/a

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	CONNELL BROS CO LTD	USA	n/a	n/a	100.00
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

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Imports	100%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD)

Purchasing

Type	Terms
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	CONNELL BROS CO LTD
Global Identifier	:	P0013185
Legal Form Category	:	Private Company with Limited Liability
Country	:	USA
Operational Address	:	27Fl, 345 California St San Francisco California 94104
Primary Business Activity	:	Manufacturer
Indirect Parent	:	WILBUR-ELLIS CO
Global Identifier	:	P0001252
Legal Form Category	:	Private Company with Limited Liability
Country	:	USA
Operational Address	:	27Fl, 345 California St San Francisco California 94104
Primary Business Activity	:	Trader

RELATED PARTIES (Subsidiaries, Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to CONNELL BROS (VIETNAM) CO LTD:

TYPE	INTERNATIONAL
	Africa	Asia / Pacific	Europe	Middle-East	North America	South America	TOTAL
Subsidiaries	-	-	-	-	-	-	-
Joint-Ventures	-	-	-	-	-	-	-
Minority shareholdings	-	-	-	-	-	-	-
Affiliates	-	1	-	-	-	-	1

International

Business Entity Name	:	CONNELL BROS COMPANY AUSTRALASIA PTY LTD
Global Identifier	:	P2986714
Country	:	Australia
Relationship	:	Affiliate
Operational Address	:	Suite 3/32 Windorah St, Stafford, QLD 4053
Primary Business Activity	:	Importer
Industry	:	Chemicals

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual (*)	9,906,481	5,573,212	206,913

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	2011 Annual
Non Current Assets	4,561,000,000
Share Capital	17,002,000,000
Other long term assets
Total Assets	116,090,000,000
Total Liabilities	94,760,000,000
Current Liabilities	94,760,000,000
Long term liabilities
Shareholders Funds	21,330,000,000
Current assets & short term investments	109,537,000,000
Cash & cash equivalents	12,309,000,000
Cash	12,309,000,000
Accounts receivable	40,055,000,000
Accounts receivable trade	42,096,000,000
Trade prepayment	1,175,000,000
Provision for bad debts	(3,216,000,000)
i. Inventories	52,580,000,000
ii. Inventories	57,217,000,000
Provision for decline in inventory	(4,637,000,000)
Other short term asset	173,000,000
Prepaid expenses	832,000,000
VAT deductible	3,588,000,000
Long term assets	6,553,000,000
Fixed assets	4,561,000,000
Tangible fixed assets	4,062,000,000
i. Cost	4,990,000,000
i. Accumulated depreciation	928,000,000
Intangible fixed assets	499,000,000
ii. Cost	513,000,000
ii. Accumulated depreciation	14,000,000
Other long term assets	1,542,000,000
Asset of income tax delay	450,000,000
Total assets	116,090,000,000
Liabilities	94,760,000,000
Current liabilities	94,760,000,000
Short term borrowings	45,000,000,000
Accounts payables-trade	42,580,000,000
Advances from customers	20,000,000
Taxes and payable to state budget	2,492,000,000
Payable to employees	4,493,000,000
Other payables	175,000,000
i. Owner's equity	21,330,000,000
ii. Owner's equity	21,330,000,000
Business capital	17,002,000,000
Retained earnings	4,328,000,000
Total resources	116,090,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual
Turnover	206,352,000,000
Profit (Loss) Before Tax	6,352,000,000
Profit After Tax attributable to Shareholders	4,310,000,000
Gross sales	206,352,000,000
Less deductions	310,000,000
Net income	206,042,000,000
Cost of goods sold	170,073,000,000
Gross margin	35,969,000,000
Income from financial activities	4,751,000,000
Expenses from financial activities	2,389,000,000
Selling expenses	26,271,000,000
General & administration expenses	12,653,000,000
Net income from operating activities	(593,000,000)
Extraordinary income	6,945,000,000
Extraordinary gains	6,945,000,000
Net profit before tax	6,352,000,000
Income tax	2,492,000,000
Income tax delay	450,000,000
Net profit after tax	4,310,000,000

Financial Ratios

Financial Highlights	2011 Annual
Profitability
Profit Margin (%)	2.09
Return on Equity (%)	20.21
Return on Assets (%)	3.71
Leverage
Total Debt Equity (Times)	4.44
Current Debt Equity (Times)	4.44
Total Asset To Total Equity	5.44
Asset Management
Total Assets Turnover (Times)	1.78
Fixed Assets Turnover (Times)	45.24

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

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Report Details

Country	:	Vietnam
Business Entity Name	:	CONNELL BROS (VIETNAM) CO LTD
Primary Business Activity	:	Importer
Primary Industry	:	Chemicals
Office Contact Details
Operating Address	:	14Fl A&B Bldg 76 Le Lai Ben Nghe Ward, District 1, Ho Chi Minh
Tel	:	[+84] 8-38248282
	:	[+84] 8-38990596
Fax	:	[+84] 8-38248383
	:	[+84] 8-38990597
Email	:	kimloan@cbcvn.com cbcvn.info@wecocbc.com
Website Details
Website	:	http://www.connellbrothers.com
Status	:	Normal - operational
Country of Registration	:	USA
Ownership Type	:	Registered ownership by a related third party
Owner Country	:	USA
Owner Name	:	CONNELL BROS CO LTD
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	:	0306104694

Primary Products

Products / Materials / Services Description	Activity
Adhesives	Importing
Chemicals	Importing
Coatings	Importing
Food ingredients	Importing
Household care products	Importing

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Adhesives and sealants	2891	Importing
Chemical preparations, nspf	2899	Importing
Chemicals and Allied Products	2800	Importing
Plastics products, nspf	3089	Importing
Rubber & Misc. Plastics	3000	Importing
Toilet preparations	2844	Importing

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Articles of plastics (inc polymers & resins)	3926	Importing
Chemical products and preparations of the chemical or allied industries	3824909060	Importing
Ink,nesoi	3215905000	Importing
Miscellaneous chemical products	3800	Importing
Oils & resinoids, perfumery, cosmetic or toilet preparations	3300	Importing
Plastics & articles thereof	3900	Importing
Rubbers & articles thereof	4000	Importing

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Inks	Primary	Importing
Lube oil	Primary	Importing
Personal care	Primary	Importing
Plastics	Primary	Importing
Rubber	Primary	Importing

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of CONNELL BROS (VIETNAM) CO LTD is Importing - Finished products.

Key products include :

Coatings

Adhesives

Chemicals

Food ingredients

Household care products

Inks

Lube oil

Personal care

Plastics

Rubber

Supplementary Business

In addition to the core business, CONNELL BROS (VIETNAM) CO LTD also is engaged in the following areas of business:

Trading

Trading - Finished products

OTHER LICENSES

Issuing Authority	:	Ministry of Finance
License Name	:	Branch - Tax Number
License Number	:	0306104694-001

BANK DETAILS

Bank Name	:	BANK OF TOKYO-MITSUBISHI UFJ LTD, THE
Global Identifier	:	P0927171
Branch	:	District 1,Ho Chi Minh
Branch Address	:	BANK OF TOKYO-MITSUBISHI UFJ LTD, THE - HO CHI MINH
SWIFT Code	:	BOTKVNVX

LOCAL BRANCHES & MANAGEMENT

Branch	:	CONNELL BROS (VIETNAM) CO LTD - HAI BA TRUNG DIST, HANOI
Branch Address	:	Rm 06-02 Prime Centre 53 Quang Trung, Hai Ba Trung Dist, Hanoi
Branch Tel	:	84-4-39449550
Branch Fax	:	84-4-39449551
License Number	:	01114001375
Date of Registration	:	3 Aug, 2011

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
Europe	Medium	Importing
North America	High	Importing
China	Medium	Importing
Thailand	Medium	Importing
USA	High	Importing

OFFICE & FACILITIES

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

Name	:	CONNELL BROS (VIETNAM) CO LTD - DISTRICT 1, HO CHI MINH
Primary Use	:	Office & Administration facilities
Address	:	14Fl A&B Bldg 76 Le Lai Ben Nghe Ward, District 1, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

PREVIOUS CONTACT DETAILS

Company Address	:	13Fl Golden Bldg 473 Dien Bien Phu Ward 25, Binh Thanh, Ho Chi Minh
Date of Relocation	:	1 Jan, 2011

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.10
UK Pound	1	Rs.99.85
Euro	1	Rs.82.58

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.