MIRA INFORM REPORT

Report Date :

18.12.2013

IDENTIFICATION DETAILS

Name :	AN PHUOC GARMENT EMBROIDERY & SHOES CO LTD
Registered Office :	100/11-12 An Duong Vuong St, District 5, Ho Chi Minh
Country :	Vietnam
Financials (as on) :	2012
Date of Incorporation :	11.02.2010
Legal Form :	Private Company with Limited Liability
Line of Business :	Manufacturer of Garments & Accessories
No. of Employees :	5,000

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 22% in 2012, while industry's share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 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 2012 growing at 5%, the slowest rate of growth since 1999. In 2012, however, exports increased by more than 18%, 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 stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in new development assistance for 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 had been made by early 2013. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses. In September 2012, the official bad debt ratio climbed to 8.8%, though some independent analysts believe it could be higher than 15%

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Details

Organization Name	:	AN PHUOC GARMENT EMBROIDERY & SHOES CO LTD
Address	:	100/11-12 An Duong Vuong St, District 5, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-38350751
Facsimile	:	[+84] 8-38350058
Email	:	info@anphuoc.com.vn
Website	:	www.anphuoc.com.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Garments & Accessories

Key Facts

Registered Legal Address

:

100/11-12-13 An Duong Vuong St Ward 9, District 5, Ho Chi Minh

Operational Address

:

100/11-12 An Duong Vuong St, District 5, Ho Chi Minh

Trading Name

:

AN PHUOC

Name History

:

Business Entity Name	Effective Date
AN PHUOC GARMENT EMBROIDERY & SHOES CO LTD	n/a
AN PHUOC GARMENT EMBROIDERY CO LTD	26 Apr, 1993

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0301241545

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

:

11 Feb, 2010

Employees

:

5,000

Capital

:

US$ 21,316,497

Note

:

Report Details

Country	:	Vietnam
Business Entity Name	:	AN PHUOC GARMENT EMBROIDERY & SHOES CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Garments & Accessories
Office Contact Details
Operating Address	:	100/11-12 An Duong Vuong St, District 5, Ho Chi Minh
Tel	:	[+84] 8-38350751
	:	[+84] 8-38350927
	:	[+84] 8-38331429
	:	[+84] 8-38350059
Fax	:	[+84] 8-38350058
Email	:	info@anphuoc.com.vn sales@anphuoc.com.vn
Website Details
Website	:	http://www.anphuoc.com.vn
Status	:	Normal - operational
Country of Registration	:	Vietnam
Ownership Type	:	Registered ownership by Subject Business Entity

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Ms. Nguyen Thi Dien
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Nguyen Thi Dien	Vietnamese	Managing Director	-
2	Ms. Nguyen Thi Thu Thao	Vietnamese	Assist. Managing Director	-
3	Ms. Nguyen Thi Thanh Truc	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI00764324
Name	:	Ms. Nguyen Thi Dien
Date of Birth	:	1954

Management Details - 2

Personal Unique Identifier	:	MI03597675
Name	:	Ms. Nguyen Thi Thu Thao
Date of Birth	:	1963

Management Details - 3

Personal Unique Identifier	:	MI03597688
Name	:	Ms. Nguyen Thi Thanh Truc
Date of Birth	:	1969

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI00764324
Name	:	Ms. Nguyen Thi Dien
Date of Birth	:	1954
Nationality	:	Vietnamese

NEGATIVE 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: VND - Vietnam Dong)

Authorized Capital	:	450,000,000,000
Paid-up Capital	:	450,000,000,000

Date	Paid-up Capital - History
2010	150,000,000,000
2011	450,000,000,000

SHAREHOLDERS

Total number of shareholders	:	3
Total number of shares	:	n/a

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Mr. Giang Van Thinh	Vietnam	n/a	247,050,000,000	54.90
2	Ms. Nguyen Thi Dien	Vietnam	n/a	200,700,000,000	44.60
3	Ms. Nguyen Thi Nhu Thao	Vietnam	n/a	2,250,000,000	0.50
Total			n/a	450,000,000,000	100.00

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000047 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	60%
International Sales (Export)	40%

Annual Purchases Analysis	Percentage
Local Purchases	30%
Imports	70%

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

RELATED PARTIES (Subsidiaries , Joint-ventures & Affiliates)

The following provides a summary of the number of businesses that are related to AN PHUOC GARMENT EMBROIDERY & SHOES 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	:	PIERRE CARDIN INC
Global Identifier	:	P0086989
Country	:	France
Relationship	:	Affiliate
Operational Address	:	Sarl de Gestion Pierre Cardin 59 Fauborg St-Honore, Paris 75008
Primary Business Activity	:	Manufacturer
Industry	:	Leather Goods, Tanned & Imitation

ASSOCIATIONS

AN PHUOC GARMENT EMBROIDERY & SHOES CO LTD are members of the following associations:

Domestic Associations

Association Name

VIETNAM CHAMBER OF COMMERCE & INDUSTRY - VCCI

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2010 Annual	19,381,683	30,744,228	583,171
2011 Annual	28,469,899	45,714,498	541,911
2012 Annual	29,617,146	53,137,722	1,268,688

Sales Trend – Analysis

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

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Current Assets	376,968,000,000	676,100,000,000	841,002,000,000
Non Current Assets	222,237,000,000	276,133,000,000	265,573,000,000
Non Current Liabilities	93,879,000,000	144,334,000,000	120,870,000,000
Share Capital	150,000,000,000	450,000,000,000	450,000,000,000
Other long term assets
Total Assets	599,205,000,000	952,233,000,000	1,106,575,000,000
Total Liabilities	437,515,000,000	485,269,000,000	596,105,000,000
Current Liabilities	343,636,000,000	340,935,000,000	475,235,000,000
Long term liabilities
Shareholders Funds	161,690,000,000	466,964,000,000	510,470,000,000
A. Current assets & short term investments	376,968,000,000	676,100,000,000	841,002,000,000
Cash & cash equivalents	8,884,000,000	10,956,000,000	19,760,000,000
Cash	8,884,000,000	10,956,000,000	19,760,000,000
Accounts receivable	95,298,000,000	162,945,000,000	243,867,000,000
Accounts receivable trade	45,383,000,000	40,445,000,000	89,729,000,000
Trade prepayment	32,022,000,000	49,609,000,000	70,345,000,000
Others receivables	17,893,000,000	74,750,000,000	85,652,000,000
Provision for bad debts	-	(1,859,000,000)	(1,859,000,000)
Inventories	263,382,000,000	499,876,000,000	574,956,000,000
Other short term asset	1,643,000,000	894,000,000	1,352,000,000
Prepaid expenses	1,671,000,000	869,000,000	514,000,000
VAT deductible	5,067,000,000	550,000,000	151,000,000
Other tax receivables	1,023,000,000	10,000,000	402,000,000
B. Long term assets	222,237,000,000	276,133,000,000	265,573,000,000
Fixed assets	186,044,000,000	190,694,000,000	179,993,000,000
Tangible fixed assets	145,528,000,000	103,624,000,000	107,099,000,000
Cost (Tangible fixed assets)	204,291,000,000	182,970,000,000	204,445,000,000
Accumulated depreciation (Tangible fixed assets)	58,763,000,000	79,346,000,000	97,346,000,000
Finance lease assets	949,000,000	14,313,000,000	18,312,000,000
Cost (Finance lease assets)	2,278,000,000	17,217,000,000	20,528,000,000
Accumulated depreciation (Finance lease assets)	1,329,000,000	2,904,000,000	2,216,000,000
Intangible fixed assets	36,392,000,000	70,371,000,000	52,403,000,000
Cost (Intangible fixed assets)	36,508,000,000	70,508,000,000	53,509,000,000
Accumulated depreciation (Intangible fixed assets)	116,000,000	137,000,000	1,106,000,000
Construction in progress	3,175,000,000	2,386,000,000	2,179,000,000
Long term investments	28,945,000,000	69,857,000,000	69,857,000,000
Invest to subsidiary company	28,357,000,000	28,357,000,000	28,357,000,000
Invest to joint venture company	588,000,000	41,500,000,000	41,500,000,000
Other long term assets	6,235,000,000	13,017,000,000	13,733,000,000
Long term prepayments	1,013,000,000	2,565,000,000	1,990,000,000
Total assets	599,205,000,000	952,233,000,000	1,106,575,000,000
A. Liabilities	437,515,000,000	485,269,000,000	596,105,000,000
I. Current liabilities	343,636,000,000	340,935,000,000	475,235,000,000
Short term borrowings	166,383,000,000	280,406,000,000	385,998,000,000
Accounts payables-trade	63,041,000,000	24,133,000,000	38,337,000,000
Advances from customers	47,745,000,000	12,394,000,000	20,463,000,000
Taxes and payable to state budget	181,000,000	6,978,000,000	14,426,000,000
Payable to employees	12,167,000,000	1,941,000,000	8,614,000,000
Accrued expenses payable	-	9,908,000,000	-
Other payables	54,119,000,000	5,175,000,000	7,397,000,000
II. Long term liabilities	93,879,000,000	144,334,000,000	120,870,000,000
Long term borrowings	93,933,000,000	143,231,000,000	120,267,000,000
Provision funds for unemployment	(54,000,000)	1,103,000,000	603,000,000
B. Owner's equity	161,690,000,000	466,964,000,000	510,470,000,000
Owner's equity	162,038,000,000	466,813,000,000	510,319,000,000
Business capital	150,000,000,000	450,000,000,000	450,000,000,000
Foreign exchange differences	-	(3,615,000,000)	-
Business development funds	329,000,000	1,326,000,000	1,326,000,000
Financial reserved funds	165,000,000	663,000,000	663,000,000
Retained earnings	11,544,000,000	18,439,000,000	58,330,000,000
Budget sources	(348,000,000)	151,000,000	151,000,000
Bonus and welfare funds	(348,000,000)	151,000,000	151,000,000
Total resources	599,205,000,000	952,233,000,000	1,106,575,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Turnover	377,749,000,000	593,028,000,000	616,767,000,000
Profit (Loss) Before Tax	15,154,000,000	15,977,000,000	32,024,000,000
Profit After Tax attributable to Shareholders	11,366,000,000	11,288,000,000	26,420,000,000
Gross sales	377,749,000,000	593,028,000,000	616,767,000,000
Net income	377,749,000,000	593,028,000,000	616,767,000,000
Cost of goods sold	252,601,000,000	375,499,000,000	403,972,000,000
Gross margin	125,148,000,000	217,529,000,000	212,795,000,000
Income from financial activities	37,000,000	3,159,000,000	83,000,000
Expenses from financial activities	23,255,000,000	69,500,000,000	72,037,000,000
In which: Interest expenses	23,255,000,000	67,121,000,000	72,037,000,000
Selling expenses	61,203,000,000	104,414,000,000	93,334,000,000
General & administration expenses	23,267,000,000	30,761,000,000	26,807,000,000
Net income from operating activities	17,460,000,000	16,013,000,000	20,700,000,000
Extraordinary income	1,379,000,000	14,135,000,000	17,903,000,000
Extraordinary expenses	3,685,000,000	14,171,000,000	6,579,000,000
Extraordinary gains	(2,306,000,000)	(36,000,000)	11,324,000,000
Net profit before tax	15,154,000,000	15,977,000,000	32,024,000,000
Income tax	3,788,000,000	4,689,000,000	5,604,000,000
Net profit after tax	11,366,000,000	11,288,000,000	26,420,000,000

Financial Ratios

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Growth %
Year-on-Year Growth	-	56.99	4.00
Profitability
Profit Margin (%)	3.01	1.90	4.28
Return on Equity (%)	7.03	2.42	5.18
Return on Assets (%)	1.90	1.19	2.39
Leverage
Total Debt Equity (Times)	2.71	1.04	1.17
Current Debt Equity (Times)	2.13	0.73	0.93
Long Term Debt to Equity	0.58	0.31	0.24
Total Asset To Total Equity	3.71	2.04	2.17
Asset Management
Total Assets Turnover (Times)	0.63	0.62	0.56
Fixed Assets Turnover (Times)	1.70	2.15	2.32
Liquidity
Current Ratio	1.10	1.98	1.77

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

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000047 USD United States Dollars

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Brassieres	Manufacturing, Exporting
Children's clothes	Manufacturing, Exporting
Embroidered footwear	Manufacturing, Exporting
Garment accessories	Manufacturing, Exporting
Jackets	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Apparel and accessories, nspf	2389	Manufacturing, Exporting
Apparel/Other Textile Products	2300	Manufacturing, Exporting
Brassieres and allied garments	2342	Manufacturing, Exporting
Children's outerwear, nspf	2369	Manufacturing, Exporting
Dresses/Blouses/Shirts, child	2361	Manufacturing, Exporting
Footwear	5139	Manufacturing, Exporting
Footwear, nspf	3149	Manufacturing, Exporting
Sporting/Rec Goods & Supplies	5091	Manufacturing, Exporting
Textile machines, nspf, and parts and attachments, nspf	3552	Importing
Women's and misses' blouses and shirts	2331	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Articles of apparel & clothing accessories-knitted or crocheted	6100	Manufacturing, Exporting
Articles of apparel & clothing accessories-not knitted or crocheted	6200	Manufacturing, Exporting
Brassieres and similar articles and parts thereof, whether or not knitted or crocheted except of cotton or manmade fibers	6212100030	Manufacturing, Exporting
Brassieres and similar articles and parts thereof, whether or not knitted or crocheted, of cotton	6212100010	Manufacturing, Exporting
Footwear	6405	Manufacturing, Exporting
Garments nesoi, knitted or crocheted	6114	Manufacturing, Exporting
Made-up articles of textile materials	6307	Manufacturing, Exporting
Made-up clothing access nesoi, garment etc parts	6217	Manufacturing, Exporting
Other made up clothing: parts, of coats and jackets, of cotton	6217900025	Manufacturing, Exporting
Other made up clothing: parts, of coats and jackets, of man-made fibers	6217900035	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Ladies fashion garments	Primary	Manufacturing, Exporting
Ladies' underwear	Primary	Manufacturing, Exporting
Shirts	Primary	Manufacturing, Exporting
Sports shoes	Primary	Manufacturing, Exporting
Trousers	Primary	Manufacturing, Exporting
Fibers	Secondary	Importing
Machines	Secondary	Importing

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of AN PHUOC GARMENT EMBROIDERY & SHOES CO LTD is Manufacturing - Finished products.

Key products include :

Brassieres

Children's clothes

Embroidered footwear

Garment accessories

Jackets

Ladies fashion garments

Ladies' underwear

Shirts

Sports shoes

Trousers

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, AN PHUOC GARMENT EMBROIDERY & SHOES CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

Trading

Trading - Finished products

REPUTATION

Reference checking for the purpose of establishing the AN PHUOC GARMENT EMBROIDERY & SHOES CO LTD's reputation within the respective industry failed to reveal any adverse information.

BANK DETAILS

Bank Name	:	AN BINH COMMERCIAL JOINT STOCK BANK JSC
Global Identifier	:	P1155469
Branch	:	District 1,Ho Chi Minh
Branch Address	:	170 Hai Ba Trung St Dakao Ward District 1 Ho Chi Minh (Head Office)
SWIFT Code	:	ABBKVNVX
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM
Global Identifier	:	32400483
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - BA THANG HAI
SWIFT Code	:	BIDVVNVX
Bank Name	:	MILITARY COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0387295
Branch	:	Dong Da,Hanoi
Branch Address	:	MILITARY COMMERCIAL JOINT STOCK BANK, SAIGON
SWIFT Code	:	MSCBVNVX
Bank Name	:	SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0388625
Branch	:	District 3,Ho Chi Minh
Branch Address	:	SAI GON THUONG TIN COMMERCIAL JOINT STOCK BANK - HOA VIET
SWIFT Code	:	SGTTVNVX
Bank Name	:	VIETNAM BANK FOR AGRICULTURE & RURAL DEVELOPMENT
Global Identifier	:	32408794
Branch	:	Tu Liem,Hanoi
Branch Address	:	VIETNAM BANK FOR AGRICULTURE
SWIFT Code	:	VBAAVNVX
Bank Name	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE
Global Identifier	:	32404058
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY
SWIFT Code	:	ICBVVNVX

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Exporting
China	Medium	Importing
Hong Kong	Medium	Importing, Exporting
Japan	Medium	Importing, Exporting
Malaysia	Medium	Importing
Taiwan	Medium	Importing, Exporting

COMPETITORS

The following is a representative list of local competitors:

Competitors

AN LAC FOOTWEAR CO

BINH MINH GARMENT STOCK CO

CHO LON GARMENT MANUFACTURED EXPORT IMPORT CO LTD

CUONG PHAT CERAMICS CO LTD

EVERGLORY FOOTWEAR CO LTD

GIA DINH SHOES CO

HANOI TRADE & CARPETS GARMENTS CO

PHU NHUAN EMBROIDERY IMPORT EXPORT CO

VIET TAN GARMENT EXPORT CO LTD

WOOL EMBROIDERY CARPET EXPORT JOINT STOCK CO

OFFICE & FACILITIES

Name	:	AN PHUOC GARMENT EMBROIDERY & SHOES CO LTD - DISTRICT 5, HO CHI MINH
Address	:	100/11-12 An Duong Vuong St, District 5, Ho Chi Minh
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
26 Apr, 1993	049314

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.96
UK Pound	1	Rs.101.14
Euro	1	Rs.85.33

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.