MIRA INFORM REPORT

Report Date :

17.02.2014

IDENTIFICATION DETAILS

Name :	VIET TIEN GARMENT CORP

Registered Office :	7 Le Minh Xuan St Ward 7, Tan Binh, Ho Chi Minh

Country :	Vietnam

Financials (as on) :	2012

Date of Incorporation :	14.09.2011

Legal Form :	Joint Stock Company

Line of Business :	Manufacturer of Garments & Accessories

No. of Employees :	24,500

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
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

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	:	VIET TIEN GARMENT CORP
Address	:	7 Le Minh Xuan St Ward 7, Tan Binh, Ho Chi Minh
Country	:	Vietnam
Phone (S)	:	[+84] 8-38640800
Facsimile	:	[+84] 8-38645085
Email	:	vtec@hcm.vnn.vn
Website	:	http://www.viettien.com.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Garments & Accessories

Key Facts

Registered Legal Address

7 Le Minh Xuan St Ward 7, Tan Binh, Ho Chi Minh

Operational Address

7 Le Minh Xuan St Ward 7, Tan Binh, Ho Chi Minh

Trading Name

CONG TY CO PHAN MAY VIET TIEN
VTEC
VIET TIEN GARMENT JOINT STOCK

Name History

Business Entity Name	Effective Date
VIET TIEN GARMENT FACTORY	1977
VIET TIEN GARMENT IMPORT EXPORT CO	9 Feb, 1991
VIET TIEN GARMENT IMPORT EXPORT CORP	2007
VIET TIEN GARMENT CO	21 Mar, 2007
VIET TIEN GARMENT CORP	2 Jan, 2008

Issuing Authority

Dept. of Planning & Investment - Ho Chi Minh

License Number

0300401524

License Status

License exists - Normal.

Legal Form - Category

Joint Stock Company

Legal Form

Corporation

Legal Form - Abbreviation

CORP

Operational Status of Business

Normal

Date of Registration

14 Sep, 2011

Employees

24,500

Capital

US$ 13,277,637

Report Details

Country	:	Vietnam
Business Entity Name	:	VIET TIEN GARMENT CORP
Primary Business Activity	:	Manufacturer
Primary Industry	:	Garments & Accessories
Office Contact Details
Operating Address	:	7 Le Minh Xuan St Ward 7, Tan Binh, Ho Chi Minh
Tel	:	[+84] 8-38640800
Fax	:	[+84] 8-38645085
Email	:	vtec@hcm.vnn.vn
Website Details
Website	:	http://www.viettien.com.vn
Status	:	Normal - operational
Country of Registration	:	Vietnam
Ownership Type	:	Registered ownership by Subject Business Entity

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Vu Duc Giang
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Nguyen Tram Anh	Vietnamese	Chief Accountant	Finance
2	Mr. Tran Minh Cong	Vietnamese	Deputy Managing Director	-
3	Mr. Phan Van Kiet	Vietnamese	Deputy Managing Director	-
4	Mr. Bui Van Tien	Vietnamese	Managing Director	-
5	Ms. Nguyen Thi Tung	Vietnamese	Deputy Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI01882689
Name	:	Ms. Nguyen Tram Anh
Date of Birth	:	1967

Management Details - 2

Personal Unique Identifier	:	MI01882688
Name	:	Mr. Tran Minh Cong
Date of Birth	:	1966

Management Details - 3

Personal Unique Identifier	:	MI01882687
Name	:	Mr. Phan Van Kiet
Date of Birth	:	1963

Management Details - 4

Personal Unique Identifier	:	MI01882686
Name	:	Mr. Bui Van Tien
Date of Birth	:	1964

Management Details - 5

Personal Unique Identifier	:	MI01882685
Name	:	Ms. Nguyen Thi Tung
Date of Birth	:	1954

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI01882686
Name	:	Mr. Bui Van Tien
Date of Birth	:	1964
Nationality	:	Vietnamese

2
Personal Unique Identifier	:	MI02161969
Name	:	Mr. Vu Duc Giang
Date of Birth	:	1954
Nationality	:	Vietnamese

NEGATIVE INFORMATION

	REPUTATION
	Reference checking for the purpose of establishing the VIET TIEN GARMENT CORP'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: VND - Vietnam Dong)

Authorized Capital	:	280,000,000,000
Paid-up Capital	:	280,000,000,000

Date	Authorized Capital - History
9 Feb, 1991	230,000,000,000
19 Aug, 2011	280,000,000,000

Date	Paid-up Capital - History
9 Feb, 1991	129,461,000,072
2000	230,000,000,000
19 Aug, 2011	280,000,000,000

SHAREHOLDERS

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

No.	Shareholders	Country	Shares
No.	Shareholders	Country	Number	Amount (VND)	%
1	VIETNAM NATIONAL TEXTILE & GARMENT GROUP	Vietnam	n/a	134,064,000,000	47.88
2	Undisclosed Shareholders	n/a	n/a	106,456,000,000	38.02
3	TUNG SHING SEWING MACHINE CO LTD	Hong Kong	n/a	27,832,000,000	9.94
4	SOUTH ISLAND GARMENTS SDN BHD	Malaysia	n/a	11,648,000,000	4.16
Total			n/a	280,000,000,000	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

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 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 - Unsecured 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 VIET TIEN GARMENT CORP:

TYPE	DOMESTIC
TYPE	TOTAL
Subsidiaries	1
Joint-Ventures	10
Minority shareholdings	1
Affiliates	10

Domestic

Business Entity Name	:	BUSINESS COOPERATION CONTRACT ON GUARANTEEING INDUSTRIAL MACHINERY
Global Identifier	:	P0908256
Country	:	Vietnam
Relationship	:	Affiliate
Operational Address	:	27-33 Tran Hung Dao Strasse Thai Binh Ward, District 1, Ho Chi Minh
Primary Business Activity	:	Trader
Industry	:	Machinery

Business Entity Name	:	COTTON SHEET PRODUCTION & TRADE JOINT CO
Global Identifier	:	P0179734
Country	:	Vietnam
Relationship	:	Joint-Venture
Operational Address	:	Sai Dong Townlet, Gia Lam, Hanoi
Primary Business Activity	:	Manufacturer
Industry	:	Textiles & Raw Material

Business Entity Name	:	DUONG LONG FACTORY
Global Identifier	:	P0074320
Country	:	Vietnam
Relationship	:	Affiliate
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	GOLDEN VTEC
Global Identifier	:	32402899
Country	:	Vietnam
Relationship	:	Joint-Venture
Operational Address	:	Phuoc Long B Ward, District 9, Ho Chi Minh
Primary Business Activity	:	Manufacturer
Industry	:	Textiles & Raw Material

Business Entity Name	:	HANOI EVC
Global Identifier	:	P0152358
Country	:	Vietnam
Relationship	:	Joint-Venture
Operational Address	:	Sai Dong St, Gia Lam, Hanoi
Industry	:	Not Applicable

Business Entity Name	:	SAIGON 1 GARMENT CO
Global Identifier	:	32406499
Country	:	Vietnam
Relationship	:	Affiliate
Operational Address	:	107 Tran Hung Dao St, District 5, Ho Chi Minh
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	SAIGON 2 GARMENT CO
Global Identifier	:	32406497
Country	:	Vietnam
Relationship	:	Affiliate
Operational Address	:	15 An Ton St, Tan Binh Dist, Ho Chi Minh
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	SAIGON 3 GARMENT CO
Global Identifier	:	32406433
Country	:	Vietnam
Relationship	:	Affiliate
Operational Address	:	86 Nguyen Thi Minh Khai St Ward 6, District 3, Ho Chi Minh
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	TUNG SHING CLUB
Global Identifier	:	P0157222
Country	:	Vietnam
Relationship	:	Joint-Venture
Industry	:	Not Applicable

Business Entity Name	:	VIET DUONG CO
Global Identifier	:	P0078982
Country	:	Vietnam
Relationship	:	Joint-Venture
Operational Address	:	20 Cong Hoa St Ward 12, Tan Binh, Ho Chi Minh
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	VIET HAI GARMENT JOINT VENTURE ENTERPRISE
Global Identifier	:	P0074272
Country	:	Vietnam
Relationship	:	Affiliate
Operational Address	:	20 BA Gia St, Tan Binh Dist, Ho Chi Minh
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	VIET HUNG GARMENT CO LTD
Global Identifier	:	32409092
Country	:	Vietnam
Relationship	:	Affiliate
Operational Address	:	10/20 Lac Long Quan St, Tan Binh Dist, Ho Chi Minh
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	VIET LONG GARMENT FACTORY
Global Identifier	:	P0074330
Country	:	Vietnam
Relationship	:	Affiliate
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	VIET PHAT CO LTD
Global Identifier	:	P0077235
Country	:	Vietnam
Relationship	:	Joint-Venture
Operational Address	:	451 Bui Dinh Tuy St, Binh Thanh, Ho Chi Minh
Primary Business Activity	:	Service
Industry	:	Construction & Construction Materials

Business Entity Name	:	VIET PHAT FACTORY
Global Identifier	:	P0074326
Country	:	Vietnam
Relationship	:	Affiliate
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	VIET TAN & TAN TIEN GARMENT FACTORY
Global Identifier	:	P0074332
Country	:	Vietnam
Relationship	:	Affiliate
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	VIET THINH GARMENT JSC
Global Identifier	:	P0861628
Country	:	Vietnam
Relationship	:	Minority shareholding
Operational Address	:	Hao Thanh Ward 58 Thoai Ngoc Hau St, Tan Phu Dist, Ho Chi Minh
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	VIET THUAN POLYESTER BUTTON MANUFACTURE JOINT VENTURE CO LTD
Global Identifier	:	P0079012
Country	:	Vietnam
Relationship	:	Joint-Venture
Operational Address	:	20 Cong Hoa St Ward 12, Tan Binh, Ho Chi Minh
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	VIET TIEN TUNG SHING SEWING MACHINE CENTER LTD
Global Identifier	:	P0079030
Country	:	Vietnam
Relationship	:	Joint-Venture
Operational Address	:	27 Tran Hung Dao St, District 1, Ho Chi Minh
Primary Business Activity	:	Manufacturer
Industry	:	Machinery

Business Entity Name	:	VIET TIEN TUNGSHING CORP
Global Identifier	:	P0390536
Country	:	Vietnam
Relationship	:	Joint-Venture
Operational Address	:	719 Tran Hung Dao St Ward 1, District 5, Ho Chi Minh
Primary Business Activity	:	Manufacturer
Industry	:	Machinery

Business Entity Name	:	VIETTIEN GARMENT CORP - HOC MON FACTORY
Global Identifier	:	P2722070
Country	:	Vietnam
Relationship	:	Subsidiary
Operational Address	:	11/7 My Hoa 4 Hamlet, Hoc Mon, Ho Chi Minh
Primary Business Activity	:	Manufacturer
Industry	:	Garments & Accessories

Business Entity Name	:	VTEC - TUNG SHING TECHNOLOGY CENTER
Global Identifier	:	P0993145
Country	:	Vietnam
Relationship	:	Joint-Venture
Primary Business Activity	:	Service
Industry	:	Professional Services

FINANCIAL INFORMATION

Financials - Summary (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2010 Annual	118,697,845	71,272,345	5,655,105
2011 Annual	162,217,427	83,712,962	8,423,572
2012 Annual (*)	187,196,574	93,268,510	8,161,094

Sales Trend – Analysis

2004	2005	2006	2007	2008	2009	2010	2011	2012
-	-

Note: (*)

Financials listed are the most recent available for this company.

FINANCIALS - SUMMARY (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
1991 Annual	1,725,929	n/a	n/a
1994 Annual	26,063,257	n/a	n/a
1995 Annual	27,894,515	n/a	n/a
1996 Annual	31,428,571	n/a	n/a
1997 Annual	32,302,405	n/a	n/a
1999 Annual	95,051,546	n/a	n/a
2000 Annual	45,714,286	n/a	n/a
2003 Annual	32,000,000	n/a	n/a
2006 Annual	108,235,810	62,712,818	3,045,044
2007 Annual	119,339,701	61,686,914	3,190,980
2008 Annual	112,797,165	63,639,807	3,551,206
2009 Annual	107,890,074	57,193,802	4,188,282

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Current Assets	966,565,000,000	1,226,819,000,000	1,381,751,000
Non Current Assets	422,533,000,000	516,922,000,000	560,534,000,000
Non Current Liabilities	72,712,000,000	82,603,000,000	81,541,000,000
Share Capital	230,000,000,000	280,000,000,000	280,000,000
Total Reserves	-	-	-
Other long term assets
Total Assets	1,389,098,000,000	1,743,741,000,000	1,942,285,000,000
Total Liabilities	952,007,000,000	1,194,924,000,000	1,395,574,000,000
Current Liabilities	879,295,000,000	1,112,321,000,000	1,314,033,000,000
Long term liabilities
Shareholders Funds	437,091,000,000	548,817,000,000	546,711,000,000

Assets
Current assets & short term investments	966,565,000,000	1,226,819,000,000	1,381,751,000
Cash & cash equivalents	202,295,000,000	215,863,000,000	258,540,000,000
Cash	183,295,000,000	147,140,000,000	239,040,000,000
Cash equivalents	19,000,000,000	68,723,000,000	19,500,000,000
Short term investments	195,113,000,000	187,866,000,000	208,200,000,000
Short term securities investments	195,113,000,000	187,866,000,000	208,200,000,000
Accounts receivable	167,430,000,000	287,675,000,000	377,232,000,000
Accounts receivable trade	131,845,000,000	230,554,000,000	274,968,000,000
Trade prepayment	15,240,000,000	29,670,000,000	43,761,000,000
Inter company receivables	-	-	-
Others receivables	21,408,000,000	28,550,000,000	59,484,000,000
Provision for bad debts	(1,063,000,000)	(1,099,000,000)	(981,000,000)
i.Inventories	364,682,000,000	497,347,000,000	510,402,000,000
ii.Inventories	372,821,000,000	510,083,000,000	521,966,000,000
Provision for decline in inventory	(8,139,000,000)	(12,736,000,000)	(11,564,000,000)
i.Other short term asset	37,045,000,000	38,068,000,000	27,377,000,000
Prepaid expenses	71,000,000	1,052,000,000	629,000,000
VAT deductible	35,810,000,000	36,828,000,000	26,333,000,000
Other tax receivables	305,000,000	-	78,000,000
ii.Other short term asset	859,000,000	188,000,000	337,000,000
Long term assets	422,533,000,000	516,922,000,000	560,534,000,000
Accounts of long term receivable	-	-	-
Inter - company capital	0	0	-
Other long term receivables	0	0	-
Fixed assets	200,441,000,000	268,325,000,000	282,530,000,000
Tangible fixed assets	189,111,000,000	259,897,000,000	238,894,000,000
i.Cost	491,247,000,000	597,376,000,000	645,919,000,000
i.Accumulated depreciation	302,136,000,000	337,479,000,000	407,025,000,000
Intangible fixed assets	10,763,000,000	8,228,000,000	5,694,000,000
ii.Cost	36,726,000,000	36,726,000,000	36,726,000,000
ii.Accumulated depreciation	25,963,000,000	28,498,000,000	31,032,000,000
Construction in progress	567,000,000	200,000,000	37,942,000,000
Long term investments	203,201,000,000	219,039,000,000	251,464,000,000
Invest to subsidiary company	-	-	-
Invest to joint venture company	146,556,000,000	163,427,000,000	197,359,000,000
Other long term investments	73,403,000,000	75,124,000,000	71,656,000,000
Provision for long term investments	(16,758,000,000)	(19,512,000,000)	(17,551,000,000)
i.Other long term assets	18,891,000,000	29,558,000,000	26,540,000,000
Long term prepayments	14,401,000,000	24,229,000,000	20,262,000,000
Asset of income tax delay	-	421,000,000	-
ii.Other long term assets	4,490,000,000	4,908,000,000	6,278,000,000
Total assets	1,389,098,000,000	1,743,741,000,000	1,942,285,000,000
Liabilities & Owner's Equity
Liabilities	917,967,000,000	1,154,183,000,000	1,349,590,000,000
Current liabilities	879,295,000,000	1,112,321,000,000	1,314,033,000,000
Short term borrowings	235,374,000,000	107,604,000,000	98,848,000,000
Accounts payables-trade	330,899,000,000	447,193,000,000	548,299,000,000
Advances from customers	92,687,000,000	134,852,000,000	98,966,000,000
Taxes and payable to state budget	16,029,000,000	30,070,000,000	29,613,000,000
Payable to employees	107,725,000,000	193,689,000,000	314,888,000,000
Accrued expenses payable	9,817,000,000	5,626,000,000	12,477,000,000
Inter company payable	-	-	-
Other payables	86,764,000,000	193,287,000,000	127,373,000,000
i. Bonus and welfare funds	-	-	83,569,000,000
Long term liabilities	38,672,000,000	41,862,000,000	35,557,000,000
Long term other payables	3,412,000,000	6,678,000,000	2,764,000,000
Long term borrowings	8,934,000,000	5,753,000,000	2,400,000,000
Payable income tax delay	-	29,431,000,000	-
Provision funds for unemployment	26,326,000,000	-	-
Provision for long term payable	-	-	28,067,000,000
Deferred revenue	-	-	2,326,000,000
i.Owner's equity	437,091,000,000	548,817,000,000	546,711,000,000
ii.Owner's equity	387,039,000,000	482,558,000,000	546,711,000,000
Business capital	230,000,000,000	280,000,000,000	280,000,000
Share capital's surplus	2,870,000,000	24,470,000,000	24,470,000,000
Other owner's equity	3,498,000,000	1,694,000,000	1,694,000,000
Foreign exchange differences	3,000,000	-	-
Business development funds	43,578,000,000	82,911,000,000	117,117,000,000
Financial reserved funds	11,812,000,000	19,505,000,000	27,004,000,000
Retained earnings	95,278,000,000	73,978,000,000	96,426,000,000
Budget sources	50,052,000,000	66,259,000,000	-
ii. Bonus and welfare funds	50,052,000,000	66,259,000,000	-
Minority Interest	34,040,000,000	40,741,000,000	45,984,000,000
Total resources	1,389,098,000,000	1,743,741,000,000	1,942,285,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Turnover	2,313,421,000,000	3,378,989,000,000	3,898,305,000,000
Profit (Loss) Before Tax	136,251,000,000	205,534,000,000	205,644,000,000
Profit After Tax attributable to Shareholders	110,218,000,000	175,463,000,000	169,952,000,000

Gross sales	2,313,421,000,000	3,378,989,000,000	3,898,305,000,000
Less deductions	885,000,000	1,041,000,000	1,472,000,000
Net income	2,312,536,000,000	3,377,948,000,000	3,896,833,000,000
Cost of goods sold	1,953,981,000,000	2,876,466,000,000	3,381,946,000,000
Gross margin	358,555,000,000	501,482,000,000	514,887,000,000
Income from financial activities	39,050,000,000	57,600,000,000	27,788,000,000
Expenses from financial activities	25,927,000,000	55,093,000,000	12,016,000,000
In which: Interest expenses	4,831,000,000	6,253,000,000	1,583,000,000
Selling expenses	135,994,000,000	173,586,000,000	193,439,000,000
General & administration expenses	132,773,000,000	178,690,000,000	198,243,000,000
Net income from operating activities	102,911,000,000	151,713,000,000	138,977,000,000
Extraordinary income	35,172,000,000	66,173,000,000	71,663,000,000
Extraordinary expenses	1,832,000,000	12,352,000,000	4,996,000,000
Extraordinary gains	33,340,000,000	53,821,000,000	66,667,000,000
Net profit before tax	136,251,000,000	205,534,000,000	205,644,000,000
Income tax	26,033,000,000	30,492,000,000	35,271,000,000
Income tax delay	-	421,000,000	(421,000,000)
Net profit after tax	110,218,000,000	175,463,000,000	169,952,000,000

Financial Ratios

Financial Highlights	2010 Annual	2011 Annual	2012 Annual
Growth %
Year-on-Year Growth	20.19	46.06	15.37
Profitability
Profit Margin (%)	4.76	5.19	4.36
Return on Equity (%)	25.22	31.97	31.09
Return on Assets (%)	7.93	10.06	8.75
Leverage
Total Debt Equity (Times)	2.18	2.18	2.55
Current Debt Equity (Times)	2.01	2.03	2.40
Long Term Debt to Equity	0.17	0.15	0.15
Total Asset To Total Equity	3.18	3.18	3.55
Asset Management
Total Assets Turnover (Times)	1.67	1.94	2.01
Fixed Assets Turnover (Times)	5.48	6.54	6.95
Liquidity
Current Ratio	1.10	1.10	0.00

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

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Blouses	Manufacturing, Exporting
Cotton fibers	Manufacturing, Exporting
Garments	Manufacturing, Exporting
Jackets	Manufacturing, Exporting
Overcoats	Manufacturing, Exporting

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

Year	Imports	Exports	Total
2010	n/a	83,088,492	83,088,492
2011	n/a	113,552,199	113,552,199
2012	n/a	131,037,602	131,037,602

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Apparel and accessories, nspf	2389	Manufacturing, Exporting
Apparel/Other Textile Products	2300	Exporting, Manufacturing
Finish Cotton Fabrics	2261	Importing
Men's and boys' clothing, nspf	2329	Manufacturing, Exporting
Men's and boys' separate trousers and casual slacks	2325	Manufacturing, Exporting
Men's and boys' shirts	2321	Manufacturing, Exporting
Narrow woven fabrics	2241	Importing
Needles, pins, buttons, and clothing fasteners	3965	Importing
Nonwoven fabrics nspf	2297	Importing
Women's and misses' dresses	2335	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Articles of apparel & clothing accessories-knitted or crocheted	6100	Exporting, Manufacturing
Buttons	9606290000	Importing
Cotton, inc. yarns & woven fabrics thereof	5200	Importing
Fabric of yarns of different colors, not blue denim or jacquard weave, greater than or equal to 85 percent by weight of polyester staple fibers	5512190005	Importing
Garments nesoi, knitted or crocheted	6114	Manufacturing, Exporting
Made-up clothing access nesoi, garment etc parts	6217	Manufacturing, Exporting
Men's or boy's shorts of cotton, not knitted or crocheted nesoi	6203424077	Manufacturing, Exporting
Other made up clothing: parts, of coats and jackets, of cotton	6217900025	Manufacturing, Exporting
T-shirts, singlets, tank tops etc, knit or crocheted	6109	Manufacturing, Exporting
Trousers, breeches and shorts containing 36 percent or more by weight of wool or fine animal hair, of artificial fibers, knitted or crocheted	6203492005	Manufacturing, Exporting

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description	Ranking	Activity
Pullovers	Primary	Manufacturing, Exporting
Shirts	Primary	Manufacturing, Exporting
Sportswear	Primary	Manufacturing, Exporting
Trousers	Primary	Manufacturing, Exporting
Accessories, shirts	Secondary	Importing
Buttons	Secondary	Importing
Cotton fabrics	Secondary	Importing
Cotton, cvc	Secondary	Importing
Fabrics, cotton TC	Secondary	Importing
Fabrics, polynosic	Secondary	Importing
Nylon fabrics	Secondary	Importing
Polyester fabrics	Secondary	Importing


	CORE BUSINESS DESCRIPTION

	Core Business
	The primary business focus of VIET TIEN GARMENT CORP is Manufacturing - Finished products. Key products include : Blouses Cotton fibers Garments Jackets Overcoats Pullovers Shirts Sportswear Trousers An integral part of the core business includes: Distribution

	Supplementary Business
	In addition to the core business, VIET TIEN GARMENT CORP also is engaged in the following areas of business: Exporting Exporting - Finished products Importing Importing - Raw materials Trading Trading - General products

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	30%
International Sales (Export)	70%

Annual Purchases Analysis	Percentage
Local Purchases	40%
Imports	60%

BRANDS & TRADEMARKS

Brands & Trademarks	Application Category
TT-up	n/a
Vee Sendy	n/a
VietTien	n/a

OTHER LICENSES

Issuing Authority	:	People's Committee - Ho Chi Minh
License Name	:	Permit
License Number	:	214/CNN-TCLD
Date of Issuance	:	24 Mar, 1993

BANK DETAILS

Bank Name

ASIA COMMERCIAL JOINT STOCK BANK

Global Identifier

P0075118

Branch

District 3,Ho Chi Minh

Branch Address

District 3Ho Chi Minh

SWIFT Code

ASCBVNVX

Bank Name

CALYON

Global Identifier

P0061666

Branch

District 1,Ho Chi Minh

Branch Address

District 1Ho Chi Minh

SWIFT Code

CAINVNVX

Bank Name

CITIBANK NA

Global Identifier

32401241

Branch

Hoan Kiem,Hanoi

Branch Address

District 1Ho Chi Minh

SWIFT Code

CITIVNVX

Bank Name

CREDIT AGRICOLE CORPORATE & INVESTMENT BANK

Global Identifier

P1357462

Branch Address

CREDIT AGRICOLE CORPORATE

SWIFT Code

This bank does not have a SWIFT Code

Bank Name

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

P1072025

Branch

Hanoi

Branch Address

Ho Chi Minh

SWIFT Code

BFTVVNVX

#	Account Number
1	220 110 37 2017
2	361.111.00.02017
3	362.11.37.0.2017

LOCAL BRANCHES & MANAGEMENT

Branch	:	VIET TIEN GARMENT CORP - THU DUC, HO CHI MINH
Branch Address	:	Xom Moi Hamlet Phuoc Long Village, Thu Duc, Ho Chi Minh
Branch Tel	:	84-8-8966668
Branch Fax	:	84-8-8966671
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - TAN BINH, HO CHI MINH
Branch Address	:	289 Cach Mang Thang Tam, Tan Binh, Ho Chi Minh
Branch Tel	:	84-8-8653568
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 10, HO CHI MINH
Branch Address	:	429 Cach Mang Thang Tam, District 10, Ho Chi Minh
Branch Tel	:	84-8-8562618
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - PHU NHUAN, HO CHI MINH
Branch Address	:	109 Phan Dinh Phung, Phu Nhuan, Ho Chi Minh
Branch Tel	:	84-8-8844008
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 11, HO CHI MINH
Branch Address	:	196 Pho Co Dieu, District 11, Ho Chi Minh
Branch Tel	:	84-8-8552546
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 5, HO CHI MINH
Branch Address	:	49 Van Kiep, District 5, Ho Chi Minh
Branch Tel	:	84-8-8571140
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 5, HO CHI MINH
Branch Address	:	1011 Tran Hung Dao, District 5, Ho Chi Minh
Branch Tel	:	84-8-8363743
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 3, HO CHI MINH
Branch Address	:	441 Dien Bien Phu, District 3, Ho Chi Minh
Branch Tel	:	84-8-8359124
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 3, HO CHI MINH
Branch Address	:	215 A Hai Ba Trung, District 3, Ho Chi Minh
Branch Tel	:	84-8-8222486
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 1, HO CHI MINH
Branch Address	:	72 Tran Quang Khai, District 1, Ho Chi Minh
Branch Tel	:	84-8-8441265
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 1, HO CHI MINH
Branch Address	:	189B Cong Quynh, District 1, Ho Chi Minh
Branch Tel	:	84-8-8903258
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 1, HO CHI MINH
Branch Address	:	143 Nguyen Trai, District 1, Ho Chi Minh
Branch Tel	:	84-8-8358870
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 1, HO CHI MINH
Branch Address	:	135 Nguyen Hue, District 1, Ho Chi Minh
Branch Tel	:	84-8-8293792
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 1, HO CHI MINH
Branch Address	:	135 Nguyen Hue, District 1, Ho Chi Minh
Branch Tel	:	84-8-8293792
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 1, HO CHI MINH
Branch Address	:	252B Le Thanh Ton, District 1, Ho Chi Minh
Branch Tel	:	84-8-8224726
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 1, HO CHI MINH
Branch Address	:	178 Hai Ba Trung, District 1, Ho Chi Minh
Branch Tel	:	84-8-8294350
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - TAN BINH, HO CHI MINH
Branch Address	:	60 Le Minh Xuan, Tan Binh, Ho Chi Minh
Branch Tel	:	84-8-8642710
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 1, HO CHI MINH
Branch Address	:	16 Nguyen Hue, District 1, Ho Chi Minh
Branch Tel	:	84-8-8290046
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - HOAN KIEM, HANOI
Branch Address	:	37 Ngo Quyen, Hoan Kiem, Hanoi
Branch Tel	:	84-4-8256750
Branch Fax	:	84-4-8249220
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - DISTRICT 3, HO CHI MINH
Branch Address	:	180 Nguyen Thi Minh Khai, District 3, Ho Chi Minh
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - TAN BINH, HO CHI MINH
Branch Address	:	318 Cach Mang Thang Tam, Tan Binh, Ho Chi Minh
Branch Tel	:	84-8-8460920
License Status	:	License exists - Normal.

Branch	:	VIET TIEN GARMENT CORP - TAN BINH, HO CHI MINH
Branch Address	:	386 Le Van Sy, Tan Binh, Ho Chi Minh
Branch Tel	:	84-8-8456650
License Status	:	License exists - Normal.

INTERNATIONAL TRADE - Statistics (Currency: USD - US Dollar)

Year	Imports	Exports	Total
1995	n/a	11,700,000	11,700,000
1996	22,000,000	20,500,000	42,500,000
1999	n/a	36,500,000	36,500,000
2000	n/a	41,000,000	41,000,000
2003	n/a	19,200,000	19,200,000
2006	n/a	64,941,486	64,941,486
2007	n/a	83,537,791	83,537,791
2008	n/a	67,678,299	67,678,299
2009	n/a	64,734,044	64,734,044

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Africa	Medium	Exporting
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Importing, Exporting
North America	Medium	Importing, Exporting
Australia	Medium	Importing, Exporting
Canada	Medium	Exporting
China	Medium	Importing
France	Medium	Exporting
Germany	Medium	Importing, Exporting
Hong Kong	Medium	Importing
Indonesia	Medium	Importing
Italy	Medium	Exporting
Japan	Medium	Importing, Exporting
Korea, South (Republic of Korea)	Medium	Importing
Malaysia	Medium	Importing
Poland	Medium	Exporting
Russia	Medium	Exporting
Singapore	Medium	Importing
Taiwan	Medium	Importing, Exporting
USA	Medium	Importing, Exporting

OVERSEAS CUSTOMERS

Name	Global Identifier	Country
HEMBLY GARMENT MFG LTD	P1117331	Italy
JC PENNEY CO INC	T0000928	USA
LI & FUNG TRADING LTD	P1153673	USA
MAST INDUSTRIES INC	T0001057	USA
SAKS FIFTH AVENUE INC	P1065589	USA
WAL-MART STORES INC	P0055323	USA

DOMESTIC CUSTOMERS

Name	Global Identifier
VIETNAM NATIONAL TEXTILE & GARMENT GROUP	32408832

COMPETITORS

The following is a representative list of local competitors:

Competitors

CASHEW PROCESSING CO

IMPORT EXPORT PRODUCTION & PROCESSING CORP

NINH SON EXPORT GOODS PROCESSING CO LTD

QUANG DUC AGROFORESTRY & TRADING CO LTD

FACTORY EQUIPMENT

The firm's factory maintains the following types of equipment:

Equipment Name	Brand	Origin	Year	Qnty
1-Needle Sewing Machine	DDL 5550	Japan	n/a	1600
2-Needle Sewing Machine	DB2-B847	Japan	n/a	200
3-Thread Over-edging Sewing Machine	MO-2504	Japan	n/a	40
4-Needle sewing Machine	1404 PSF	Japan	n/a	40
5-Thread Over-edging Sewing Machine	MO-2316	Japan	n/a	145
Buttonhole Making Machine	LBH-780	Japan	n/a	50
Buttoning Machine	MB-373	Japan	n/a	70
Computerized Embroidery Machine	n/a	n/a	n/a	n/a
Lock Stitch Bar Tacker	Juki LK-1850	Japan	n/a	30
Round Head Buttonhole Making Machine	n/a	Japan	n/a	22
Steam Iron & other Machines	n/a	Japan	n/a	800

TRADE SHOWS

Exhibition	Acronym	Country	Participating Year
Fleming Gulf's 2nd Annual Global Mining Technology Forum - Europe		Vietnam	1998

COMPANY HISTORY

Date	Details
1977	Established as a goverment owned enterprise.
1995 - Jun	Opened a Pierre Cardin shop to produce and sell Pierre Cardin items in Vietnam.
1997	Established a center for computer accessories trading.
1997 - Sep	The company was officially inaugurated.
1999 - Dec	Established three garment factories which are all ISO 9002 certified.
2000	Exported a total of 9,000,000 items which is an increase of 11% in 1999.
2000 - Aug	Opened another workshop which will provide jobs to another 2,000 workers bringing a total staff of 7,000.
2008 - Jan	Changed legal form to joint stock company.


	AWARDS

#	Award Name	Awarded by	Awarded Date
1	Gold Medal in International Fair of Industry Goods	n/a	1997
2	High Quality Vietnamese Goods	n/a	1997
3	Labor Hero Medal Award	n/a	2001

QUALITY ACCREDITATION

Quality Accreditation Listings

#	Name	Accreditation Category
1	SOCIAL ACCOUNTABILITY INTERNATIONAL (SA)	8000
2	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9001:2000
3	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9002

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
5 Sep, 1977	5/9/1977 672/CNN/TCQL
9 Feb, 1991	102570
21 Mar, 2007	4106000342
2 Jan, 2008	4103008950

REAL ESTATE OWNERSHIP

The following property / ies are owned by VIET TIEN GARMENT CORP :

Property Name	:	VIET TIEN GARMENT CORP - TAN BINH, HO CHI MINH
Type of Property	:	Office & Administration
Address	:	7 Le Minh Xuan St Ward 7, Tan Binh, Ho Chi Minh
Office Size	:	55,709 Square meters

NOTES & COMMENTS

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.28
UK Pound	1	Rs.103.67
Euro	1	Rs.85.18

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.

MIRA INFORM REPORT

REGISTERED NAME & COMPANY SUMMARY

DIRECTORS/MANAGEMENT

NEGATIVE INFORMATION

SHARE & SHARE CAPITAL INFORMATION

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

FINANCIAL INFORMATION

NOTES & COMMENTS

Unit