MIRA INFORM REPORT

Report Date :

13.11.2014

IDENTIFICATION DETAILS

Name :	SAMIL VINA CO. LTD.
Registered Office :	Long Thanh Industrial Zone Tam An Village Rd 5, Long Thanh, Bien Hoa, Dong Nai
Country :	Vietnam
Financials (as on) :	Dec., 2013
Date of Incorporation :	03.07.2008
Legal Form :	Private Company with Limited Liability
Line of Business :	Manufacturing of Textiles and Raw Materials.
No. of Employees :	850

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 :	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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Vietnam	B1	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

Company Details

Organization Name	:	SAMIL VINA CO LTD ^(1)
Address	:	Long Thanh Industrial Zone Tam An Village Rd 5, Long Thanh, Bien Hoa, Dong Nai
Country	:	Vietnam
Phone (S)	:	[+84] 61-3514184
Facsimile	:	[+84] 61-3514161
Primary Business Activity	:	Manufacturer
Key Industry	:	Textiles & Raw Material

Key Facts

Registered Legal Address	:	Long Thanh Industrial Zone Tam An Village Rd 5, Long Thanh, Bien Hoa, Dong Nai
Operational Address	:	Long Thanh Industrial Zone Tam An Village Rd 5, Long Thanh, Bien Hoa, Dong Nai
Issuing Authority	:	Industrial Zone Management Board - Dong Nai
License Number	:	472023000035
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	:	3 Jul, 2008
Employees	:	850
Capital	:	US$ 10,000,000
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. Il-Bong Park
Nationality	:	Korean

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Sang-Hoon Lee	Korean	Director	Finance

Management Details - 1

Personal Unique Identifier	:	MI03787930
Name	:	Mr. Sang-Hoon Lee

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03787926
Name	:	Mr. Il-Bong Park
Date of Birth	:	1962

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing SAMIL VINA 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

:

$ 10,000,000

SHAREHOLDERS

Total number of shareholders	:	2
Total number of shares	:	n/a

Currency

:

USD - US Dollar

w	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	SAMIL KNIT CO LTD	Korea, South (Republic of Korea)	n/a	n/a	70.00
2	HI KNIT CO LTD	Korea, South (Republic of Korea)	n/a	n/a	30.00
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

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

N/A

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2012 Annual	85,191,355	37,000,892	2,165,269
2013 Annual	94,884,838	48,988,363	2,802,340

Sales Trend – Analysis

2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
-	-	-	-	-	-	-	-	-

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual
Current Assets(*)	482,356,000,000	693,109,000,000
Non Current Assets(*)	288,175,000,000	339,962,000,000
Non Current Liabilities(*)	11,584,000,000	15,102,000,000
Share Capital(*)	157,494,000,000	157,494,000,000
Other long term assets
Total Assets(*)	770,531,000,000	1,033,071,000,000
Total Liabilities(*)	658,684,000,000	863,332,000,000
Current Liabilities(*)	647,100,000,000	848,230,000,000
Long term liabilities
Shareholders Funds(*)	111,847,000,000	169,739,000,000
Current assets & short term investments	482,356,000,000	693,109,000,000
Cash & cash equivalents	47,483,000,000	1,243,000,000
Cash	47,483,000,000	1,243,000,000
Short term investments	-	23,660,000,000
Short term securities investments	-	23,660,000,000
Accounts receivable	133,937,000,000	102,056,000,000
Accounts receivable trade	97,508,000,000	76,441,000,000
Trade prepayment	35,433,000,000	15,455,000,000
Others receivables	997,000,000	10,160,000,000
Inventories	278,584,000,000	532,175,000,000
Other short term asset	39,000,000	37,000,000
Prepaid expenses	9,174,000,000	15,579,000,000
VAT deductible	13,141,000,000	18,359,000,000
Long term assets	288,175,000,000	339,962,000,000
Fixed assets	281,789,000,000	306,763,000,000
Tangible fixed assets	225,417,000,000	256,422,000,000
i. Cost	430,438,000,000	475,271,000,000
i. Accumulated depreciation	205,021,000,000	218,849,000,000
Finance lease assets	22,077,000,000	39,556,000,000
ii. Cost	29,391,000,000	51,009,000,000
ii. Accumulated depreciation	7,314,000,000	11,453,000,000
Intangible fixed assets	24,466,000,000	957,000,000
iii. Cost	28,542,000,000	1,151,000,000
iii. Accumulated depreciation	4,076,000,000	194,000,000
Construction in progress	9,828,000,000	9,828,000,000
Other long term assets	3,014,000,000	5,989,000,000
Long term prepayments	3,372,000,000	27,210,000,000
Total Assets	770,531,000,000	1,033,071,000,000
Liabilities	658,684,000,000	863,332,000,000
Current liabilities	647,100,000,000	848,230,000,000
Short term borrowings	211,554,000,000	299,206,000,000
Accounts payables-trade	299,150,000,000	444,448,000,000
Advances from customers	106,639,000,000	61,688,000,000
Taxes and payable to state budget	6,688,000,000	14,541,000,000
Payable to employees	8,022,000,000	9,624,000,000
Accrued expenses payable	359,000,000	3,151,000,000
Other payables	14,689,000,000	15,572,000,000
Long term liabilities	11,584,000,000	15,102,000,000
Long term borrowings	11,584,000,000	15,102,000,000
Owner's equity	111,847,000,000	169,739,000,000
Business capital	157,494,000,000	157,494,000,000
Retained earnings	(45,646,000,000)	12,245,000,000
Total Resources	770,531,000,000	1,033,071,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual	2013 Annual
Turnover(*)	1,774,081,000,000	2,000,940,000,000
Profit (Loss) Before Tax(*)	45,091,000,000	66,916,000,000
Profit After Tax attributable to Shareholders(*)	45,091,000,000	59,096,000,000
Gross sales	1,774,081,000,000	2,000,940,000,000
Net income	1,774,081,000,000	2,000,940,000,000
Cost of goods sold	1,561,657,000,000	1,746,413,000,000
Gross margin	212,424,000,000	254,527,000,000
Income from financial activities	2,759,000,000	3,843,000,000
Expenses from financial activities	21,490,000,000	25,507,000,000
In which: Interest expenses	-	11,250,000,000
Selling expenses	85,876,000,000	90,482,000,000
General & administration expenses	50,727,000,000	78,814,000,000
Net income from operating activities	57,090,000,000	63,567,000,000
Extraordinary income	1,196,000,000	24,451,000,000
Extraordinary expenses	13,196,000,000	21,102,000,000
Extraordinary gains	(12,000,000,000)	3,349,000,000
Net profit before tax	45,091,000,000	66,916,000,000
Income tax	-	7,820,000,000
Net profit after tax	45,091,000,000	59,096,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	12.79
Profitability
Profit Margin (%)	2.54	2.95
Return on Equity (%)	40.31	34.82
Return on Assets (%)	5.85	5.72
Leverage
Total Debt Equity (Times)	5.89	5.09
Current Debt Equity (Times)	5.79	5.00
Long Term Debt to Equity	0.10	0.09
Total Asset To Total Equity	6.89	6.09
Asset Management
Total Assets Turnover (Times)	2.30	1.94
Fixed Assets Turnover (Times)	6.16	5.89
Liquidity
Current Ratio	0.75	0.82

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

Report Details

Country	:	Vietnam
Business Entity Name	:	SAMIL VINA CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Textiles & Raw Material
Office Contact Details
Operating Address	:	Long Thanh Industrial Zone Tam An Village Rd 5, Long Thanh, Bien Hoa, Dong Nai
Tel	:	[+84] 61-3514184
	:	[+84] 61-3514162
	:	[+84] 61-3514160
Fax	:	[+84] 61-3514161
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	:	3600790154

Primary Products

Products / Materials / Services Description	Activity
Fabric	Manufacturing, Exporting
Textile products	Manufacturing, Exporting
Yarns	Manufacturing, Exporting

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

Year	Imports	Exports	Total
2012	n/a	76,672,219	76,672,219
2013	n/a	85,396,354	85,396,354

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Broad woven fabrics, cotton	2211	Manufacturing, Exporting
Circular knit fabrics	2257	Manufacturing, Exporting
Fabricated textile products, nspf	2399	Manufacturing, Exporting
Yarn, spun, of cotton, man-made fibers, and silk	2281	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Textile fabrics (not tire cord) coat etc, plastics	5903	Manufacturing, Exporting
Textile products etc. for specific tech uses	5911	Manufacturing, Exporting
Yarn (no sew thread), manmade staple fiber, retail	5511	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of SAMIL VINA CO LTD is Manufacturing - Finished products.

Key products include :

Fabric

Textile products

Yarns

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, SAMIL VINA CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

DIRECT / INDIRECT CORPORATE PARENT DETAILS

Direct Parent	:	SAMIL KNIT CO LTD
Global Identifier	:	31324919
Legal Form Category	:	Private Company with Limited Liability
Country	:	Korea, South (Republic of Korea)
Operational Address	:	6-7Fl Rio Bldg 790-2 Yeoksam 1-dong Kangnam-gu Seoul 135081
Primary Business Activity	:	Manufacturer

BANK DETAILS

Bank Name	:	SHINHAN BANK
Global Identifier	:	32406827
Branch	:	District 1,Ho Chi Minh
Branch Address	:	SHINHAN BANK - DONG NAI
SWIFT Code	:	SHBKVNVX
Bank Name	:	WOORI BANK
Global Identifier	:	P0271354
Branch	:	Ba Dinh,Hanoi
Branch Address	:	WOORI BANK - HO CHI MINH
SWIFT Code	:	HVBKVN2X

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing, Exporting
Europe	Medium	Exporting
North America	Medium	Exporting
China	Medium	Importing
Korea, South (Republic of Korea)	Medium	Importing, Exporting
USA	Medium	Exporting

OFFICE & FACILITIES

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

Name	:	SAMIL VINA CO LTD - LONG THANH, BIEN HOA
Primary Use	:	Office & Administration facilities
Address	:	Long Thanh Industrial Zone Tam An Village Rd 5, Long Thanh, Bien Hoa, Dong Nai
Country	:	Vietnam
Ownership of Property	:	Rented / Leased
Status	:	Operational

PREVIOUS BUSINaESS LICENSE/S

License Date	License No.
24 Jan, 2006	441/GP/KCN-DN

NOTES & COMMENTS

N/A

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.48
UK Pound	1	Rs.97.92
Euro	1	Rs.76.79

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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