MIRA INFORM REPORT

Report Date :

27.12.2014

IDENTIFICATION DETAILS

Name :	KIRBY SOUTEAST ASIA CO LTD ^(1)
Registered Office :	199 Dien Bien Phu St Ward 15, Binh Thanh, Ho Chi Minh
Country :	Vietnam
Financials (as on) :	2012
Date of Incorporation :	25.10.2007
Legal Form :	Private Company With Limited Liability
Line of Business :	Manufacturer Construction & Construction Materials.
No. of Employee :	320

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Vietnam	A2	A2

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

Organization Name	:	KIRBY SOUTEAST ASIA CO LTD ^(1)
Address	:	199 Dien Bien Phu St Ward 15, Binh Thanh, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-54221155
Facsimile	:	[+84] 8-54221156
Email	:	sales@kirby.vn
Website	:	http://www.kirby.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Construction & Construction Materials

Registered Legal Address	:	Nhon Trach 3 Industrial Zone T VIII Nhon Trach Ward, Dong Nai
Operational Address	:	199 Dien Bien Phu St Ward 15, Binh Thanh, Ho Chi Minh
Issuing Authority	:	Dept. of Planning & Investment - Dong Nai
License Number	:	472043000275
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	:	25 Oct, 2007
Employees	:	320
Capital	:	US$ 19,059,497
Note	:	^(1) Legal status of the English corporate name The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Dave Anup Kumar
Nationality	:	Indian

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03808045
Name	:	Mr. Dave Anup Kumar
Date of Birth	:	1957

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing KIRBY SOUTEAST ASIA 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

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: USD - US Dollar)

Authorized Capital

:

$ 19,059,497

SHAREHOLDERS

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

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	KIRBY INTERNATIONAL PTE LTD	Singapore	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	40%
International Sales (Export)	60%

Annual Purchases Analysis	Percentage
Local Purchases	40%
Imports	60%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 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 - Secured with Post-dated checks 30~60 days
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	:	KIRBY INTERNATIONAL PTE LTD
Global Identifier	:	P3163282
Legal Form Category	:	Private Company with Limited Liability
Country	:	Singapore

LOCAL BRANCHES & MANAGEMENT

Branch	:	KIRBY SOUTEAST ASIA CO LTD - SON TRA DIST, DA NANG
Branch Address	:	11/3 Nguyen Cong Tru St, Son Tra Dist, Da Nang
Branch	:	KIRBY SOUTEAST ASIA CO LTD - CAU GIAY DIST, HANOI
Branch Address	:	5Fl Charmvit Bldg 117 Tran Duy Hung St, Cau Giay Dist, Hanoi

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual	19,646,519	17,745,079	-3,309,361
2012 Annual (*)	23,791,313	13,885,605	-2,289,881

Sales Trend – Analysis

2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
-	-	-	-	-	-	-	-	-

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	2012 Annual
Current Assets(*)	268,393,000,000	193,696,000,000
Non Current Assets(*)	101,237,000,000	95,467,000,000
Non Current Liabilities(*)	706,000,000	2,291,000,000
Share Capital(*)	207,999,000,000	372,292,000,000
Other long term assets
Total Assets(*)	369,630,000,000	289,163,000,000
Total Liabilities(*)	471,364,000,000	274,290,000,000
Current Liabilities(*)	470,658,000,000	271,999,000,000
Long term liabilities
Shareholders Funds(*)	(101,734,000,000)	14,873,000,000
Assets
Current assets & short term investments	268,393,000,000	193,696,000,000
Cash & cash equivalents	20,816,000,000	7,181,000,000
Cash	20,816,000,000	7,181,000,000
Accounts receivable	69,925,000,000	45,908,000,000
Accounts receivable trade	72,250,000,000	47,647,000,000
Trade prepayment	1,438,000,000	2,867,000,000
Others receivables	242,000,000	5,030,000,000
Provision for bad debts	(4,005,000,000)	(9,636,000,000)
I. Inventories	163,950,000,000	132,306,000,000
II. Inventories	170,741,000,000	139,251,000,000
Provision for decline in inventory	(6,791,000,000)	(6,945,000,000)
I. Other short term asset	13,702,000,000	8,301,000,000
Prepaid expenses	1,325,000,000	2,168,000,000
Vat deductible	11,083,000,000	5,093,000,000
Other tax receivables	4,000,000	4,000,000
II. Other short term asset	1,290,000,000	1,036,000,000
Long term assets	101,237,000,000	95,467,000,000
Fixed assets	99,632,000,000	91,763,000,000
Tangible fixed assets	98,639,000,000	90,493,000,000
I. Cost	130,390,000,000	131,198,000,000
I. Accumulated depreciation	31,751,000,000	40,705,000,000
Intangible fixed assets	993,000,000	1,270,000,000
II. Cost	1,287,000,000	1,873,000,000
Accumulated depreciation	294,000,000	603,000,000
I. Other long term assets	1,605,000,000	3,704,000,000
Long term prepayments	1,605,000,000	-
II. Other long term assets	-	3,704,000,000
Total assets	369,630,000,000	289,163,000,000
Liabilities & Equity
Liabilities	471,364,000,000	274,290,000,000
Current liabilities	470,658,000,000	271,999,000,000
Short term borrowings	120,092,000,000	101,579,000,000
Accounts payables-trade	80,986,000,000	47,312,000,000
Advances from customers	33,193,000,000	41,252,000,000
Taxes and payable to state budget	1,151,000,000	578,000,000
Payable to employees	130,000,000	18,000,000
Accrued expenses payable	14,504,000,000	13,694,000,000
Other payables	200,219,000,000	67,566,000,000
Provision for short term payable	20,383,000,000	-
Long term liabilities	706,000,000	2,291,000,000
Long term other payables	-	504,000,000
Provision funds for unemployment	706,000,000	-
Deffered revenue	-	1,787,000,000
I. Owner's equity	(101,734,000,000)	14,873,000,000
II. Owner's equity	(101,734,000,000)	14,873,000,000
Business capital	207,999,000,000	372,292,000,000
Retained earnings	(309,733,000,000)	(357,419,000,000)
Total resources	369,630,000,000	289,163,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual
Turnover(*)	409,237,000,000	495,446,000,000
Profit (Loss) Before Tax(*)	(68,934,000,000)	(47,686,000,000)
Profit After Tax attributable to Shareholders(*)	(68,934,000,000)	(47,686,000,000)
Gross sales	409,237,000,000	495,446,000,000
Net income	409,237,000,000	495,446,000,000
Cost of goods sold	363,513,000,000	444,348,000,000
Gross margin	45,724,000,000	51,098,000,000
Income from financial activities	7,163,000,000	11,946,000,000
Expenses from financial activities	49,497,000,000	29,335,000,000
In which: Interest expenses	12,682,000,000	15,170,000,000
Selling expenses	48,170,000,000	50,575,000,000
General & administration expenses	27,243,000,000	30,230,000,000
Net income from operating activities	(72,023,000,000)	(47,096,000,000)
Extraordinary income	4,123,000,000	5,705,000,000
Extraordinary expenses	1,034,000,000	6,295,000,000
Extraordinary gains	3,089,000,000	(590,000,000)
Net profit before tax	(68,934,000,000)	(47,686,000,000)
Net profit after tax	(68,934,000,000)	(47,686,000,000)

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual
Growth %
Year-on-Year Growth	-	21.07
Profitability
Profit Margin (%)	(16.84)	(9.62)
Return on Equity (%)	67.76	(320.62)
Return on Assets (%)	(18.65)	(16.49)
Leverage
Total Debt Equity (Times)	(4.63)	18.44
Current Debt Equity (Times)	(4.63)	18.29
Long Term Debt to Equity	(0.01)	0.15
Total Asset To Total Equity	(3.63)	19.44
Asset Management
Total Assets Turnover (Times)	1.11	1.71
Fixed Assets Turnover (Times)	4.04	5.19
Liquidity
Current Ratio	0.57	0.71

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 basic financials were obtained for reference.

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Country	:	Vietnam
Business Entity Name	:	KIRBY SOUTEAST ASIA CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Construction & Construction Materials
Office Contact Details
Operating Address	:	199 Dien Bien Phu St Ward 15, Binh Thanh, Ho Chi Minh
Tel	:	[+84] 8-54221155
Fax	:	[+84] 8-54221156
Email	:	sales@kirby.vn
Factory Contact Details
Address	:	Nhon Trach 3 Industrial Zone T VIII Nhon Trach Ward, Dong Nai
Tel	:	[+84] 61-3569410
Fax	:	[+84] 61-3569403
Website Details
Website	:	http://www.kirby.vn
Status	:	Normal - operational
Country of Registration	:	Vietnam
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	:	3600932923
Date of Issuance	:	31 Oct, 2007

Primary Products

Products / Materials / Services Description	Activity
Building components	Manufacturing, Exporting
Structural steel	Manufacturing, Exporting

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

Year	Imports	Exports	Total
2011	n/a	11,787,912	11,787,912
2012	n/a	14,274,788	14,274,788

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Construction Materials, NEC	5039	Manufacturing, Exporting
Heavy Construction, NEC	1629	Service
Steel Foundries, NEC	3325	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Building services	Secondary	Service

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of KIRBY SOUTEAST ASIA CO LTD is Manufacturing - Finished products.

Key products include :

Structural steel

Building components

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, KIRBY SOUTEAST ASIA CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	HSBC BANK (VIETNAM) LTD
Global Identifier	:	32403760
Branch	:	District 1,Ho Chi Minh
Branch Address	:	HSBC BANK (VIETNAM) LTD - HO CHI MINH
SWIFT Code	:	HSBCVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Importing
Australia	Medium	Exporting
Germany	Medium	Importing
India	Medium	Importing
Japan	Medium	Importing
Korea, South (Republic of Korea)	Medium	Importing
Singapore	Medium	Importing
Taiwan	Medium	Importing

OFFICE & FACILITIES

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

Name	:	KIRBY SOUTEAST ASIA CO LTD - BINH THANH, HO CHI MINH
Primary Use	:	Office & Administration facilities
Address	:	199 Dien Bien Phu St Ward 15, Binh Thanh, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

FACTORIES, SIZE, & LOCATIONS

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

Address

:

Nhon Trach 3 Industrial Zone T VIII Nhon Trach Ward, Dong Nai

PREVIOUS CONTACT DETAILS

Company Address

:

10 Pho Quang St Ward 2, Tan Binh Dist, Ho Chi Minh

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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.