INITIAL PUBLIC OFFERING OF SHARES THE VIETNAM NATIONAL TEA CORPORATION

Transcription

1 The English version of the prospectus is not an official translation. It is for information purpose only. Equitization steering committee and VINATEA recommend that investors should read information in the prospectus and aution regulations before participating in the auction. INITIAL PUBLIC OFFERING OF SHARES THE VIETNAM NATIONAL TEA CORPORATION LIMITED (VINATEA) THE AUCTIONEER HANOI STOCK EXCHANGE 2 Phan Chu Trinh, Hoan Kiem district, Ha Noi, Viet Nam THE ISSUER THE VIETNAM NATIONAL TEA CORPORATION LIMITED 92, Vo Thi Sau, Hai Ba Trung, Ha Noi, Viet Nam THE ADVISOR VIET CAPITAL SECURITIES Head office: Floor 15, Bitexco Financial Tower, 2 Hai Trieu, Dist.1, HCMC Ha Noi Branch: Floor 6, Capital Tower, 109 Tran Hung Dao, Hoan Kiem district, Ha Noi, Viet Nam August, 2015

2 INFORMATION ABOUT THE INITIAL PUBLIC OFFERING OF SHARES THE VIETNAM NATIONAL TEA CORPORATION LIMITED Name of the issuer: Head office: Charter capital: Total number of shares: Par value: Type of issuing share: Total shares for IPO: Starting price: Auction form: Limited order for domestic investors: Limited order for domestic investors: Subscription quantity: Incremental bidding price: Deposit: THE VIETNAM NATIONAL TEA CORPORATION LIMITED (VINATEA) 92 Vo Thi Sau, Hai Ba Trung, Ha Noi, Viet Nam 370,000,000,000 VND (Three hundred billion VND) 37,000,000 shares (Three hundred million shares) 10,000 VND Ordinary share 11,789,000 shares, equivalent to 31,862% of total charter capital 10,100 VND Public auction Minimum: 100 shares Maximum: 11,789,000 shares Minimum: 100 shares Maximum: 11,789,000 shares Multiples of 100 shares 100 VND (one hundred VND) 10% of total value of share subscription at starting price

3 TABLE OF CONTENTS PART 1: GENERAL INFORMATION AUCTION LEGAL FRAMWORK PARTIES RESPONSIBLE FOR THE INFORMATION OF THE ABBREVIATIONS AND GLOSSARY... 4 PART 2: VIET NAM NATIONAL TEA CORPORATE LIMITED BEFORE EQUITIZATION GENERAL INFORMATION OF THE EQUITIZED COMPANY ENTERPRISE VALUE AND THE STATE S CAPITAL CONTRIBUTION MAJOR ASSETS OF VINATEA FINANCIAL RESULTS 3 YEARS BEFORE EQUITIZATION Business performance of VINATEA Main products Products sold structure Revenues breakdown from 2012 to 2014 and first half year Gross profit margin breakdown Expenses structure Raw Materials Technology Research and development of new products Quality management system Marketing activities Trademark, patent and copyright registration Main current contracts Finacial status and operational performance three years before equitization Financial indicators and operational performance from 2012 to Main finacial indicators from Factors affecting business activites of VINATEA in the last three years Position of The Vietnam National Tea Corporation Limited in the industry Position of VINATEA in the industry Industry prospects Compare the consistency of VINATEA s development strategy with the sector development, the State s policies and global trend PART 3: INVESTMENTS SCHEME AND DEVELOPMENT STRATEGY OF VINATEA AFTER EQUITIZATION OBJECTIVES OF THE EQUITIZATION FORM OF THE EQUITIZATION COMPANY PROFILE AFTER EQUITIZATION General information Business activities of joint stock company Organisational structure after equitization... 40

4 4. CHARTER CAPITAL, STRUCTURE OF CHARTER CAPITAL Charter capital Structure of charter capital DEVELOPMENT STRATEGY AND INVESTMENT PLAN OF VINATEA AFTER EQUITIZATION Development strategy after equitization Investment plan Business plan in the period of PART 4: GENERAL INFORMATION OF THE AUCTION RISKS Economic risks Legal and regulatory risks Risks of consumption market and competitive risks Risks of public offerings Other risks GENERAL INFORMATION ON SHARE OFFERING Method of share offering and payment of share purchase for investors paticipating in auction Auction method and settlement of shares for strategic investors Auction method and settlement of shares for employees UTILIZATION PLAN OF THE PROCEEDS FROM THE INITIAL PUBLIC OFFERING SCHEDULE OF LISTING, REGISTRATION FOR TRADING AFTER EQUITIZATION... 50

5 PART 1: GENERAL INFORMATION 1. AUCTION LEGAL FRAMWORK Enterprise Law No. 60/2005/QH11 of the National Assembly of the Socialist Republic of Vietnam, XI period on November 29, 2005; Securities Law No. 70/2006/QH11 of of the National Assembly of the Socialist Republic of Vietnam, XI period on May 29, 2006; Amendment and supplementation of the Securities Law No. 62/2010/QH12 of the National Assembly of the Socialist Republic of Vietnam, XII period on November 24,2010; Decree No.59/2011/NĐ-CP dated 18/07/2011 of the Government about equitisation of 100% state-owned enterprises into joint stock companies; Decree No.189/2013/NĐ-CP dated 20/11/2013 of the Government amending Decree no 59/2011/ND CP on equitisation of 100% state-owned enterprises; Decree No.71/2013/NĐ-CP dated 11/07/2013 of the Government about investment and management of state capital in state-owned enterprises; Decree No.108/2014/NĐ-CP dated 20/11/2014 of the Government about the staff downsizing policy; Resolution No.15/NQ-CP dated 06/03/2014 of the Government for speeding up equitisation and withdrawal of State Capital from Enterprises; Decision No.51/2014/QĐ-TTg dated 15/9/2014 of the Prime Minister about a number of contents on capital withdrawal, share sale, trading and listing registration on securities market of state-owned enterprises; Circular No. 202/2011/TT-BTC dated 30/12/2011 of the Ministry of Finance guiding the handling of finance and determination of the value of enterprises when the transformation of the 100% state-owned enterprises into joint stock companies under the provisions of decree No.59/2011/ND-CP dated 18/07/2011 of the Government; Circular No. 127/2014/TT-BTC dated 05/09/2014 of the Ministry of Finance guiding the handling of finance and determination of the value of enterprises when the transformation of the 100% state-owned enterprises into joint stock companies under the provisions of decree NO.59/2011/ND-CP dated 18/07/2011 of the Government; Circular No. 196/2011/TT-BTC dated 26/12/2011 of the Ministry of Finance guiding the initial sale of share and the management and use of proceeds from the equitisation 100% state-owned enterprise into joint stock companies; Advisor: Viet Capital Securities Jsc. 1

6 Circular No. 10/2013/TT-BTC dated 18/01/2013 of the Ministry of Finance guiding the mechanism of management and use of fund for support of arrangement of enterprises at the parent company in the economic group, state corporation, parent company in the parent company-subsidiaries conglomerate; Decree No. 91/2010/NĐ-CP dated 20/08/2010 of the Government stating the regulations on redundant employees in case of equitisation of state-owned one member limited companies; Circular No.33/2012/TT-BLĐTBXH dated 20/12/2012 of Ministry of labour, invalids and social affairs guiding the implementation of policies for employees under Decree 59/ND-CP dated 18/7/2010 of the Government about equitisation of 100% state-owned enterprises; Circular No.184/2012/TT-BTC dated 25/10/2012 of Ministry of Finance On guiding a number of contents of Regulation on management and use of Supporting Fund for enterprise arrangement and development issued together with Decision No.21/2012/QD-TTg (Issued by the Ministry of Finance on 25 October 2012); Circular No.38/2010/TT-BLĐTBXH dated 24/12/2010 of Ministry of labour, invalids and social affairs providing guidelines for the implementation of a number of articles of Decree No. 91/210/ND-CP dated August 20th, 2010 providing for the policy on redundant employees upon restructuring the State-owned one member limited liability companies; Decision No.37/2014/QĐ-TTg dated 18/06/2014 of the Prime Minister on criteria, lists for classification of state-owned enterprises; Dispatch No.2130/TTg-ĐMDN dated 15/11/2011 of the Prime Minister restructuring stateowned enterprises under the Ministry of Agriculture and Rural Development; Decision No.2779/QĐ-BNN-ĐMDN dated 25/11/2013 of the Ministry of Agriculture and Rural Development about equitisation of The Vietnam National Tea Corporation Limited; Decision No.2999/QĐ-BNN-ĐMDN dated 19/12/2013 of the Ministry of Agriculture and Rural Development about establishing equitisation steering committee of The Vietnam National Tea Corporation Limited; Decision No.3213/QĐ-BNN-ĐMDN dated 31/12/2013 of the Ministry of Agriculture and Rural Development about establishing supporting group for steering committee of The Vietnam National Tea Corporation Limited; Decision No.1210/QĐ-BNN-ĐMDN dated March 06, 2014 of Ministry of Agriculture and Rural Development about work breakdown structure of steering committee of The Vietnam National Tea Corporation Limited; Advisor: Viet Capital Securities Jsc. 2

7 Decision No.157/QĐ-CVN-HĐTV dated 29/04/2014 of The Vietnam National Tea Corporation Limited about work breakdown structure of supporting group for steering committee of The Vietnam National Tea Corporation Limited; Decision No.21/2012/QD-TTg dated 10/05/2012 of the Government about regulation on management and use of Supporting Fund for enterprise arrangement and development; Decision No.2040/QĐ-BNN-ĐMDN dated 27/08/2012 of Ministry of Agriculture and Rural Development approve Restructuring plan of The Vietnam National Tea Corporation Limited; Decision No.2660/QĐ-BNN-ĐMDN dated 07/11/2013 of Ministry of Agriculture and Rural Development approve divestment plan of The Vietnam National Tea Corporation Limited; Decision No.916/QĐ-BNN-QLDN dated 05/05/2014 of Ministry of Agriculture and Rural Development about implementation of resolution 15; Decision No. 4458a/QĐ-BNN-QLDN dated 17/10/2014 of of Ministry of Agriculture and Rural Development approve enterprise value of The Vietnam National Tea Corporation Limited to equitize at November 31, 2013; Decision No. 864/QĐ-TTg dated 16/6/2015 of the Prime Minister approve Equitization Plan of The Parent Company - Vietnam National Tea Corporation; Decision No.2780/QĐ-BNN-QLDN dated 14/07/2015 of Ministry of Agriculture and Rural Development of modifying and amending Decision No. 4458a/QĐ-BNN-QLDN dated 17/10/2014 of Ministry of Agriculture and Rural Development approve enterprise value of The Vietnam National Tea Corporation Limited to equitize; Service contract No. 32/2014/HĐ-TVHN.VCSC dated 26/12/2014 between The Vietnam National Tea Corporation Limited and Viet Capital Securities about advisory for equitisation plan, auction share, and initial annual meeting; 2. PARTIES RESPONSIBLE FOR THE INFORMATION OF THE 2.1. Representative of the Steering Committee Mr. Nguyen Thien Toan Position: Deputy of Equitization Steering Committee (According to Dispatch 6313/BNN-QLDN dated 07/08/2015 of Ministry of Agriculture and Rural Development about authority in innitial public offering of shares, and delegation of supervision the innitial public offering of shares The prospectus is written by VINATEA and Viet Capital Securities JSC., and is approved by the Steering Committee. Advisor: Viet Capital Securities Jsc. 3

8 2.2. Representative of the Equitized Enterprise: Viet Nam National Tea Corporate Limited Mr. Nguyen Thien Toan Position: Chairman of Members Council, Head of Board of Viet Nam National Tea Corporate Limited. We commit that all the information and data related to Viet Nam National Tea Corporate Limited in this Prospectus is true and correct, sufficient in accordance with applicable law on equitization Representative of the Advisor: Viet Capital Securities Joint Stock Company. Mr. Nguyen Quang Bao Position: Deputy General Director of Viet Capital Securities JSC. (Authorized paper No. 17/2014/QĐ.VCSC dated 1/7/2014 about authorizing Deputy General Director signs on behalf of General Director) This Prospectus is an integral part of initial public offering documents with the preparation by Viet Capital Securities JSC. on the basic of the Service Contract with VINATEA. We assure that the analysis, evaluation, word choices and expressions on this Prospectus have been made in a reasonable and prudent manner under the information and data provided by VINATEA. 3. ABBREVIATIONS AND GLOSSARY VINATEA : Viet Nam National Tea Corporate Limited Equitized Company : Viet Nam National Tea Corporate Limited VCSC : Viet Capital Securities Joint Stock Company Advisor : Viet Capital Securities Joint Stock Company Ltd : Limited Liability Advisor: Viet Capital Securities Jsc. 4

9 PART 2: VIET NAM NATIONAL TEA CORPORATE LIMITED BEFORE EQUITIZATION 1. GENERAL INFORMATION OF THE EQUITIZED COMPANY 1.1. General information - Vietnamese name: TONG CONG TY CHE VIET NAM CONG TY TRACH NHIEM HUU HAN MOT THANH VIEN - English name: THE VIETNAM NATIONAL TEA CORPORATION LIMITED - Trading name: VINATEA Co., Ltd. - Head office: 92 Vo Thi Sau, Hai Ba Trung, Ha Noi - Phone: (84-4) Fax: (84-4) info@vinatea.com.vn - Website: - Logo: - Business licence: No Hanoi Planning and Investment Department issued on 2nd July 2010, 1st change on 31st July Charter capital according to Business licence: 181,927,000,000 VND - Charter capital according to financial report 2014: 317,000,083,616 VND. VINATEA is planning to register new business licence when become joint stock company VINATEA s development history The Viet Nam National Tea Corporation Limited is estalished by restructuring Viet Nam Tea Industrial and Agriculture Enterprises Union, according to Decision No.394/NN-TCCB/QĐ dated December 29, 1995 of the Ministry of Agriculture and Rural Development. Through over 40 years of development, VINATEA has been adjusting its operational business models along with every stage of the country s renewal. In 2005, VINATEA was restructured and operated according to the model of Parent and Subsidiary Corporation. In 2010, the Parent Company - Viet Nam National Tea Corporation was renamed to Viet Nam National Tea Corporation Limited 100%-owned by the Government. Today VINATEA has a solid operated history. VINATEA recently owns high productive tea farms, high-quality tea, modernized processing factories, completely supporting system for producing and doing business. Moreover, VINATEA has high-qualified and full-skilled staff and employees. Advisor: Viet Capital Securities Jsc. 5

10 VINATEA is proud to be an enterprise who have the greatest scale and market share of Viet Nam tea industry Licenced business activities According to business license No Hanoi Planning and Investment Department issued on 2nd July 2010, 1st change on 31st July 2014, business activities of VINATEA as below: - Producing tea, industrial foods, handicrafts, consumer goods; - Trading tea, industrial foods, handicrafts, consumer goods; - Wholesale trading agricultural and forestry materials (except for wood, bamboo) and live animals; - Trading materials, raw materials, machines and equipment related to produce tea and install machines and equipment at tea factories; - Supply investment advisory activities (not include: services in legal, finace, accouting, auditing, taxation and securities); - Trading contruction raw materials; - Trading interior and exterior equipment; - Build industrial and civil construction, irrigation construction, construct roads; - Restaurant and mobile food services; - Supply transportation sevices by car; - Trading civil facilities, industrial electricity, electronics, information technology and telecommunications; - Trading real estates, the right of using real estates of owner, user or lender; - Import and export commodities of company Organisational structure of VINATEA Advisor: Viet Capital Securities Jsc. 6

11 Organisation structure of VINATEA Board Members Superviory Board General Director Deputy Director Deputy Director Deputy Director Deputy Director General Office Department of Planning and Investment Department of Finance and Accouting Department of Technology and KCS Domestic Sales Deparment Russian Office Branch Import and Export Department Kim Anh tea factory Moc Chau Tea Company Yen Bai Tea Company Song Cau Tea Branch Sai Gon Tea Company Hong Tra Trading and Tourism Conpany Huong Tra Commercial Business Company Nam Son Business and General Trading Company 01 Subordinate company Ba Dinh Tea Limited Liability Company (in Russia) 02 Affiliate Companies 1. Nghia Lo Tea Joint Stock Company 2. Lien Son Tea Joint Stock Company 07 Associate Companies 1. Phu Da Company (Associate with Iraq) 2. Ha Tinh Tea Joint Stock Company 3. Kim Anh Tea Joint Stock Company 4. Contruction, Materials and Technical Supplies Joint Stock Company 5. Thai Binh Duong Trading Joint Stock Company 6. Tran Phu Tea Joint Stock Company 7. Thai Nguyen Tea Joint Stock Company Advisor: Viet Capital Securities Jsc. 8

12 Company office a) Company organisational structure of VINATEA: - Board Members - Supervisory Board - Board of General Directors: 01 General Director and 04 Deputy General Directors - Suppoting System + 01 Chief Accountant + 04 Funtional Departments: General Office, Department of Planning and Investment, Department of Finance and Accouting, Department of Technology and KCS; + 06 Business Departments + 01 Branh Office in Russia b) Manufacturing factory and warehouse: - Kim Anh tea factory; Dependent Units There are 07 Dependent Units (Branches): Branch of VINATEA in Ha Noi Hong Tra Trading and Tourism Conpany Branch bussines licence: Branch code first registration at 25/03/2002, 4th change 14/12/2010. Branch address: 92 Vo Thi Sau Street, Thanh Nhan ward, Hai Ba Trung district, Ha Noi Main business activities: - Manufacturing and trading tea, food industrial goods, handicraft goods, consumer goods; - Wholesale of agricultural and forestry raw materials (except wood and bamboo) - Sales of supplies, raw materials, machinery, spare parts, equipment and install tea-processing equipment of tea factories, vehicles (not including design vehicles); - Sales of building materials; - Hotels (excluding bar, karaoke room, dance hall); - Restaurant (not including bars, karaoke rooms, dance halls); - Passenger transport by car; - Real Estate; - Import and export commodities of company. Advisor: Viet Capital Securities Jsc. 9

13 Branch of VINATEA in Ha Noi Huong Tra Trading Company Branch bussines licence: Branch code first registration at 10/05/2002, 2nd change at 14/12/2010. Branch address: No. 46 Tang Bat Ho Street, Hai Ba Trung District, Hanoi The main business activities: - Manufacturing and trading all kinds of tea, food industrial goods, handicraft goods, consumer goods; - Wholesale of agricultural and forestry raw materials (except wood, bamboo); - Import and export commodities of company. Branch of VINATEA in Ha Noi Nam Son Business and General Commercial Company Branch bussines licence: Branch code first registration 10/04/2002, 4th change at 14/12/2010. Branch address: 92 Vo Thi Sau Street, Thanh Nhan ward, Hai Ba Trung District, Hanoi Main business activities: - Manufacturing and trading all kinds of tea, food industrial goods, handicraft goods, consumer goods; - Wholesale of agricultural and forestry raw materials (except wood and bamboo) - Trading supplies, raw materials, machinery, spare parts, equipment and tea-processing equipment installation at the tea factories, vehicles (not including design vehicles); - Trading building materials; - Trading equipment interior and exterior; - Supply passenger transport services by car; - Trading of electrical equipment, industrial electrical, electronics, information technology and telecommunications; - Dealers buy and sell goods on consignment of e-business, information technology and telecommunications; - Import and export commodities of company. Branch of VINATEA Limited Company Sai Gon Tea Company Branch bussines licence: No issued by Ho Chi Minh city Planning and Investment Department, the first registration at 30/10/2000, change at 28/01/2011 Advisor: Viet Capital Securities Jsc. 10

14 Address: 227 Nam Ky Khoi Nghia street, 07 ward, district 3, Ho Chi Minh city Main business activities: - Manufacturing and trading all kinds of tea, food industrial goods, handicraft goods, consumer goods (not working at the office); - Wholesale of agricultural and forestry raw materials (except wood, bamboo) (not working at the office); - Trading supplies, raw materials, machinery, spare parts, installation of equipment and teaprocessing equipment at the tea factories, transport; - Trading building materials; - Hotels (excluding bar, karaoke, disco) (not at the office); - Restaurants (not including bars, karaoke, disco) (not at the office); - Supply passenger transport services by car; - Trading in real estate. Branch of VINATEA in Son La Moc Chau Tea Company Branch bussines licence: No issued by Planning and Investment Department of Son La province, the first registration at 24/12/2008, 2nd change at 14/04/2011. Address: Moc Chau ward, Moc Chau district, Son La province.\ Main business activities: - Farming, purchasing, processing and trading all kinds of tea - Trading agricultural products, forest products and handicrafts, consumer goods - Transportation services, trading technical supplies, machinery and equipment for production and processing of tea. Branch of VINATEA in Thai Nguyen Song Cau Tea Branch Branch bussines licence: No issued by Planning and Investment Department of Thai Nguyen province, the first registration at 16/06/2009, changed at 06/01/2014. Address: Tan Lap hamlet, Song Cau town, Dong Hy district, Thai Nguyen province Business activities - Plant tea; - Produce tea; - Wholesale food (wholesale tea); Advisor: Viet Capital Securities Jsc. 11

15 - Retail sale of foods in specialized stores (retail tea); - Manufacture of machinery and spare parts, tea processing equipment; - Transport goods by road. Branch of VINATEA in Yen Bai Yen Bai Tea Company Branch bussines licence: No issued by Planning and Investment Department of Yen Bai province,, first registration at 18/12/2008, change at 09/04/2011. Address: Block 6, Viet Cuong commune, Tran Yen district, Yen Bai province. Main activities: - Production, sales and export of teas, agriculture, forestry and fishery, food industrial goods, handicraft goods, consumer goods; - Trading supplies, raw materials, machinery, spare parts, equipment and tea-processing equipment installation at the tea factories, transport; - Trading building materials; - Trading interior and exterior equipment; - Hotels (excluding bar, karaoke, dance hall); - Restaurant (not including bars, karaoke, dance hall); - Supply passenger transport services by automobile; - Trading real estate Subordinate company and Affiliate Companies Table: Subordinate company and Affiliate Companies No Companies Nghia Lo Tea Joint Stock Company Lien Son Tea Joint Stock Company Ba Dinh Tea Limited Liability Company Contributed equity ratio Actual contributed equity (million VND) 51.03% 3,617 Business activites Produce, process and refine black tea, green tea 51.19% 1,893 Produce and trading tea 100% 5,718 Trading tea Source: VINATEA Advisor: Viet Capital Securities Jsc. 12

16 Note: Ba Dinh Tea Limited Liability Company has been liquidated according to Dispatch 645/BNN-QLDN of Ministry of Agriculture and Rural Development dated 21/01/ Associate Companies 07 Associate Companies Table: Associate Companies No Associate Companies Ha Tinh Tea Joint Stock Company Kim Anh Tea Joint Stock Company Contruction, Materials and Technical Supplies Joint Stock Company Thai Binh Duong Trading Joint Stock Company Tran Phu Tea Joint Stock Company Thai Nguyen Tea Joint Stock Company Phu Da Company (Associate with Iraq) Contribute d equity ratio Actual contributed equity (million VND) Business activites 17.39% 365 Produce, trade, export green tea 28.87% 3,024 Produce and trade internal and external black tea and green tea 3.75% Construction services 12.96% 140 Trading tea 36.02% % % Produce and process black tea and green tea Produce, process and trade internal and external black tea and green tea Produce and trade exported black tea Source: VINATEA 1.5. Total number of employees will be transferred to the Joint Stock Compamy - There will be people continuing working for VINATEA after the equitization, in details: STT Types of labours Quantity (people) Percentage (%) Total % Labour classification according to location 1 Company office % 2 Song Cau Tea Branch % Advisor: Viet Capital Securities Jsc. 13

17 STT Types of labours Quantity (people) Percentage (%) 3 Yen Bai Tea Company % 4 Moc Chau Tea Company % 5 Sai Gon Tea Company % Labour classification according to qualifications 1, % Bachelor and above % College graduate % High school % Other % 2. ENTERPRISE VALUE AND THE STATE S CAPITAL CONTRIBUTION Decision No. 4458a/QĐ-BNN-QLDN dated October 17, 2014 of of Ministry of Agriculture and Rural Development approve enterprise value of The Vietnam National Tea Corporation Limited to equitize at November 31, Actual value of equitizing enterprise is VND 436,413,306,380, in which actual value of State s capital contribution is VND 317,000,083,616. Assets are not accounted in the enterprise s value (according to book value): Assets handed over to Debt and Asset Trading Corporation including: Fixed assets: VND 2,182,672,877 Materials and goods: VND 163,949,594 Assets handed over to the local council: VND 462,680,618 Disposal assets of Phu Luong tea factory: VND 8,088,185,723 Estimated value of tea processing equipment of Au Lau tea factory that invested by ODA: VND 728,300,000 Asset, that are temporarily not accounted in enterprise s value, is tea field (handed over to farmers): VND 2,555,393,940 Category Table: Enterprise value of VINATEA and the State s capital contribution as at December 21, 2013 Book value After the financial settlement Re-evaluated value Unit: VND Difference = 4-3 A. In-used assets 344,549,882, ,161,155, ,413,306,380 96,252,151,256 Advisor: Viet Capital Securities Jsc. 14

18 (I+II+III+IV) I. Fixed assets and Longterm investments 216,890,708, ,931,274, ,922,956,444 95,991,681, Fixed assets 55,839,695,898 47,412,500,386 95,470,287,077 48,057,786,691 a. Tangible fixed assets 55,811,695,898 47,384,500,386 95,442,287,077 48,057,786,691 b. Intangible fixed assets 28,000,000 28,000,000 28,000, Real estate investments 6,844,151, Long-term financial investments 113,956,432, ,871,044, ,301,751,216 50,430,706, Construction in progress 2,754,445,892 2,754,445,892 2,754,445, Long - term receivables 27,054,476,387 14,735,775,176 14,735,775, Long - term prepaid expenses 10,441,505,837 6,157,508,878 3,660,697,083 (2,496,811,795) II. Current assets and shortterm investments 127,659,174, ,229,880, ,040,819,743 (189,060,677) 1. Cash: 7,175,753,233 7,148,769,913 7,149,589, ,737 + Cash in hand 774,527, ,480, ,479,100 (971) + Cash in bank 6,401,225,837 6,400,289,842 6,401,110, , Short-term Financial investment 900,000, ,021, ,021, Receivables 69,000,559,038 91,473,373,074 91,482,835,101 9,462, Inventories 36,336,033,958 36,425,848,850 36,209,448,489 (216,400,361) 5. Other current asset 14,246,828,351 14,244,867,517 14,261,925,437 17,057,920 III. Goodwill ,530, ,530,193 IV. Value of land using right B. Not-in-used assets - 462,680, ,680,618 - I. Fixed assets and long term investments - 462,680, ,680, Fixed assets - 462,680, ,680, Long-term financial investments Construction in progress Long-term escrow II. Current assets & shortterm investments C. Disposal assets - 10,434,808,194 10,434,808,194 - I. Non-current assets & long term investments - 10,270,858,600 10,270,858, Non-current assets - 10,270,858,600 10,270,858, Long-term prepaid expenses (CCDC) II. Current assets & short term investments - 163,949, ,949, Bad debts Inventories - 163,949, ,949,594 - Advisor: Viet Capital Securities Jsc. 15

19 D. Assets formed from the welfare and bonus funds E. Assets that temporary not accounted in enterprise value (Valuea of tea field handed over to farmers according to Deree 01 and Decree 135) 2,555,393,940 2,555,393,940 TOTAL ENTERPRISE VALUE (A+B+C+D+E) 344,549,882, ,058,643, ,866,189,132 98,807,545,196 In which: TOTAL ENTERPRISE VALUE (A) 344,549,882, ,161,155, ,413,306,380 96,252,151,256 F1. Actual value of Liabilities 172,853,624, ,534,015, ,413,222,764 (11,120,793,035) F2. Professional Fund TOTAL ACTUAL VALUE OF THE STATE S CAPITAL CONTRIBUTION [A- (F1+F2)] 171,696,258, ,627,139, ,000,083, ,372,944,291 According to Decision No. 864/QĐ-TTg dated 16/6/2015 of the Prime Minister approve Equitization Plan of the Parent company - The Vietnam National Tea Corporation Limited and Decision No.2780/QĐ-BNN-QLDN dated 14/07/2015 of Ministry of Agriculture and Rural Development of modifying and amending Decision No. 4458a/QĐ-BNN-QLDN dated 17/10/2014 of Ministry of Agriculture and Rural Development approve enterprise value of The Vietnam National Tea Corporation Limited to equitize at November 31, 2013: Add the value of handed-over tea field according to book value is VND 2,555,393,940 (two billion, five hundred fifty five million, three hundred ninety thee, nine hundred and forty VND) into VINATEA s value to equitize. After the guideline of evaluating the value of tree field is effective, the Ministry of Agriculture and Rural Development re-evaluate the value of the tea field to revaluate the total value of the State s capital contribution as at formly convert into Joint stock company in accordance with Decree No. 59/2011/NĐ-CP dated July 18, 2011 of the Government Thus total actual value of the State s capital contribution is VND 319,555,477, MAJOR ASSETS OF VINATEA 3.1. Fixed assets Advisor: Viet Capital Securities Jsc. 16

20 Fixed assets of VINATEA according to Enterprise Valuation Documents at December 31, 2013 and Annual Report 2014 at December 31, 2014: N o. Assets Historical book value Re-evaluated value Difference Historical book value Cost Accumulated Accumulated Accumulated Accumulated Cost Cost Cost depreciation depreciation depreciation depreciation A In-used assets 124,447 47, ,572 95,470 93,125 48, ,336 93,971 1 Tangible fixed assets 123,942 47, ,067 95,442 93,125 48, ,831 93, Buildings and structures 64,771 29, ,136 73, ,365 43, ,795 71, Machinery and equipment 38,720 13,902 39,204 17, ,896 42,254 18, Transportation 7,001 1,596 10,618 4,180 3,617 2,584 10,618 3, Other fixed assets 13,449 2,699 1, (12,340) (2,366) 1, Intangible fixed assets Value of land using license Software Other B. Not in-used assets 4, , Tangible fixed assets 4, , Buildings and structures 4, , Machinery and equipment C. Disposal assets 15,625 10,271 15,625 10, Tangible fixed assets 15,625 10,271 15,625 10, Buildings and structures 6,566 5,175 6,566 5, Machinery and equipment 8,949 5,095 8,949 5, Other fixed assets D. Assets formed from the welfare and bonus funds Advisor: Viet Capital Securities Jsc. 16

21 E. Assets that temporaryly not accounted in enterprise value (Valuea of tea field handed over to farmers ,191 2,555 12,191 2, Total 144,345 58, , , ,315 50, ,336 93, Lands Currently, VINATEA is managing and utilizing the areas of 3, ha (in which ,32 m2 for general construction, and 3.530,6089 ha for agricultural purpose) at five provinces and cities in Vietnam: 05 areas for general construction purpose in Hanoi, 02 areas for general construction purpose in Ho Chi Minh city, 02 areas for general construction purpose in Son La, 14 areas for general construction purpose in Thai Nguyen, and 04 areas for general construction purpose in Yen Bai. Currently, VINATEA rearranged lands according to legal documents of equitization, the plans of using lands is confirmed and approved by the Councils of Ha Noi, Son La, Thai Nguyen and Yen Bai. These lands are not in any dispute and town planing at the moment. Table: List of current VINATEA lands No. Name Location The area under the current used map (m2) Commision/L easing Current purpose Lease period Value added in the enterprise value Note I VINATEA 35, VINATEA office 92 Vo Thi Sau, Hai Ba Trung, Hanoi 46 Tang Bat Ho, Hai Ba Trung, Hanoi Annual leasing Annual leasing Capital construction Holding office 01/10/ /10/ /10/ /10/ Advisor: Viet Capital Securities Jsc. 17

22 9 Lane 43 Phung Khoang, Trung Van, Tu Liem, Hanoi (New address: 17 Lane 67, Phung Khoang, Trung Van, Tu Liem, Hanii) Annual leasing Office To 01/ Kim Anh Tea Factory Thai Phu, Mai Dinh, Soc Son, Hanoi (land of Mai Dinh mechanics before). Mai Dinh, Soc Son, Hanoi Separate from Kim Anh tea company 6, Annual leasing 16, Annual leasing Business purpose, office Business purpose, office To 01/01/2020 To 01/01/ Saigon Tea Company 59 An Binh, ward 6, District 5, HCM city Annual leasing Office 5 year from 01/01/ Saigon Tea Company is currently using and applying for extended date 225 Nam Ky Khoi Nghia, ward 7, district 3, HCM city Annual leasing Office, and showroom Until II Tuc Tranh Tea Factory Branch Moc Chau Tea Tuc Tranh, Phu Luong, Thai Nguyen 9, Annual leasing 38, until 31/1/ Advisor: Viet Capital Securities Jsc. 18

23 Company 1 To Mua tea factory: Van Ho, Moc Chau, Son La 9, Annual leasing Factory and office 11/5/2004 to 11/5/ Thao Nguyen ward office 28, Annual leasing Office, and factory 0 III Branch Song Cau Tea Branch Company Office, Song Cau, Dong Hy, Thai Nguyen Production team 02 office Hoa Thuong Dong Hy, Thai Nguyen Production team 03 office Hoa Thuong Dong Hy, Thai Nguyen Production team 04 office - Song Cau, Dong Hy, Thai Nguyen 24, , Annual leasing Office 1, Annual leasing Office Annual leasing Office Annual leasing Office 5 Production team 05 office Annual leasing Office 6 7 Production team 07office - Song Cau, Dong Hy, Thai Nguyen Production team 08 office - Song Cau, Dong Hy, Thai 2, Annual leasing Office Annual leasing Office Advisor: Viet Capital Securities Jsc /10/ /02/ /10/ /02/ /10/ /03/ /10/ /03/ /10/ /03/ /10/ /03/ /10/ /03/

24 Nguyen Production team 09 office - Song Cau, Dong Hy, Thai Nguyen Production team 12 office - Song Cau, Dong Hy, Thai Nguyen Production team 13 office - Song Cau, Dong Hy, Thai Nguyen Song Cau tea factory, Song Cau, Dong Hy, Thai Nguyen Khe Mo tea factory, Dong Hy, Thai Nguyen Annual leasing Office Annual leasing Office Annual leasing Office 9, Annual leasing Factory 4, Annual leasing Factory 24/10/ /03/ /10/ /03/ /10/ /03/ /10/ /03/ /10/ /03/ Worker dormitory of Khe Mo factory Annual leasing Canteen 02/10/ /03/ IV Branch Yen Bai Tea Company 36, Real estate at Viet Cuong ward- Tran Yen district-yen Bai province 21, Annual leasing Office and manufacturin g facility 13/01/ /01/ Real estate at Van Hoi ward- Tran Yen district-yen Bai province 8, Annual leasing Capital construction 13/01/ /01/ Real estate at Minh Quan ward - Tran Yen district-yen 5, Annual leasing Canteen 13/01/ /01/ Advisor: Viet Capital Securities Jsc. 20

25 Bai province 4 Real estate at Au Lau ward- Tran Yen district-yen Bai province Annual leasing Manufacturin g facility 13/01/ /01/ TOTAL 134, No. TYPES OF LANDS Area (ha) 1 a b Table: List of VINATEA current argricultural lands before etiquization YEN BAI TEA COMPANY SONG CAU TEA BRANCH MOC CHAU TEA COMPANY VINATEA OFFICE Area (ha) Area (ha) Area (ha) Area (ha) Total current area of agricultural lands 3, , , Agricultural lands (Tea field managing by VINATEA) 1, Tea field which is handed over to farmers according to Decree Tea field which is handed over to farmers according to Decree c Liquidated tea d Waiting liquidated tea Lake area Other area 2, , Road area Source: VINATEA Advisor: Viet Capital Securities Jsc. 21

26 4. FINANCIAL RESULTS 3 YEARS BEFORE EQUITIZATION 4.1. Business performance of VINATEA Main products VINATEA mainly provides types of tea as follow: No. Products Image Main features Finished tea products 1 Oolong tea vacuum packed bag - Weight: 100g - Ingredient: Oolong tea - Feature: vacuum packed bag 2 Tan Cuong Thai Nguyen 6 stars vacuum packed bag - Weight: 500g - Ingredient: Tan Cuong Thai Nguyen tea - Feature: vacuum packed bag 3 Tan Cuong Thai Nguyen tea special - Weight: 500g - Ingredient: Tan Cuong Thai Nguyen tea special - Feature: zip ovan bag 4 Thai tea Long Dinh - Weight: 100g - Ingredient: Finest Thai tea - Feature: 5 Thien Huong tea 150g - Weight: 150g Uneven octagon - Ingredient: high qualitifed Thai Nguyen tea - Feature: Uneven octagon Advisor: Viet Capital Securities Jsc. 22

27 6 Set of Long Dinh tea - Weight: 200g - Ingredient: Oolong tea Thai tea - Feature: hard carton box 7 Tan Cuong Thai Nguyen tea No g - Weight: 500g - Ingredient: Green tea No.1 - Feature: Nilon bag 8 Tan Cuong Thai Nguyen tea No g - Weight: 200g - Ingredient: Green tea No.1 - Feature: Nilon bag 9 Tan Cuong Thai Nguyen tea 5 stars 500g - Weight: 500g - Ingredient: High qualified Tan Cuong Thai Nguyen - Feature: Zip ovan bag 10 Suoi giang tea 100g - Weight: 100g - Ingredient: Snowy Shan tea - Feature: vacuum packed nilon bag 11 Shan tea 100g - Weight: 100g - Ingredient: Shan tea - Feature: vacuum packed nilon bag 12 Lotus tea 80g - Weight: 100g - Ingredient: Lotus tea - Feature: Round iron box 13 OoLong Long Đinh 100g - Weight: 100g - Ingredient: finest Oolong tea - Feature: vacuum packed bag in carton box Advisor: Viet Capital Securities Jsc. 23

28 14 Nhai tea - Weight: 100g - Ingredient: green tea, nhai odour - Feature: Round iron box 15 Long Van 200g - Weight: 200g - Ingredient: Thai Nguyen tea - Feature: uneven octagon 16 Long Van 100g - Weight: 100g - Ingredient: Oolong tea - Feature: Round iron box 17 Long tea - Weight: 100g - Ingredient: Thai tea - Feature: Round iron box 18 Oolong tea brocaded box Semi - finished tea products - Weight: 100g - Ingredient: Oolong tea - Feature: vacuum-packed bag in brocaded box 19 OPA black tea 20 OP black tea 21 F black tea Advisor: Viet Capital Securities Jsc. 24

29 22 BPS black tea Products sold structure The VINATEA products sold structure from 2012 to 2014 and first half year 2015 as below: Table: Products sold structure First half year FY 2012 FY 2013 FY 2014 Products 2015 Ton (%) Ton (%) Ton (%) Ton (%) Total amount of products sold 6, % 5, % 4, % 1, % I. Export tea 4, % 3, % 3, % 1, % II. Home market 2, % 1, % % % tea - Home market tea to 1, % 1, % % % export + Black tea 1, % % % % +Green tea % % % % - Inner sold tea % % % % Source: VINATEA s annual audited reports financial year 2012,2013,2014 and data 2015 Total amount of VINATEA tea sold decreased significantly in the last 3 years. In particular, the total amount of tea sold in 2013 declined by more than 1,500 tons compared to 2012, and the number of 2014 continuously decreased by 350 tons compared to The figure of export tea accounted for the highest proportion of total amount of tea consumed, rougly 70% - 80% of the total amount of tea. The amount of export tea fell from tons in 2012 to tons in This is due to the fact that the political instability in the South China Sea leads to the difficulties of exporting tea to the great market which is China. In Russian market, Vinatea is curently Advisor: Viet Capital Securities Jsc. 25

30 competing harshly in price with Vietnamese private tea enterprises. Vinatea is also facing with the tightening test of chemical residue of exported tea in European market and this results in the significant decrease of the amount of export tea. The amount of home market tea accounted for only 20% to 30% of the total exported amount from 2012 to This data had an obvious downward trend in this period because of the sharp decrease of 900 tons in the amount of black tea that Vinatea sold to inner companies to export. Black tea that Vinatea supplies to inner companies for export purpose is exported to Chinese and Taiwan markets. In this political instability, inner export tea companies find difficulties in shipping to China and this affect significantly to Vinatea s business. The amount of exported green and inner sold tea stay stable around 600 tons and 110 tons per year between 2012 and 2014 respectively and accounted for minor proportions of the total amount of tea Revenues breakdown from 2012 to 2014 and first half year 2015 Revenues Selling goods and provide services Lending offices Table: Revenues from 2012 to 2014 and first half year Unit: Million VND First half year 2015 Value (%) Value (%) Value (%) Value (%) 249, % 233, % 217, % 87, % 5, % 5, % 4, % 2, % Total 255, % 238, % 221, % 90, % Source: VINATEA s annual audited reports financial year 2012,2013,2014 and data 2015 Total revenue generated by Vinatea tends to decline over the period Particularly, total revenue declined by 6,52% to 238,82 billion VND in 2013 mainly due to a decrease of 16,2 billion VND in revenues from selling tea products and from providing tea processing services compared to in In 2014, its revenue kept declining by 16,9 billion VND driven by a decrease of over 16 billion VND in revenues from selling tea products and from providing tea processing services. Apart from its main activities in sale of tea products and tea processing service (revenue generated by this two activities has accounted for about 97% of its total revenue over that period), another source of Vinatea s revenue is from rental income from letting office and building located at 92 Võ Thị Sáu, Thanh Nhàn, Hai Bà Trưng, Hà Nội and at 49 Tăng Bạt Hổ, Phạm Đình Hổ, Hai Bà Trưng, Hà Nội. This source of revenue has only made up of around 2,2% of its total revenue. Advisor: Viet Capital Securities Jsc. 26

31 Gross profit margin breakdown Gross income Table: Gross profit margin breakdown from 2012 to 2014 and first half year 2015 Unit: Million VND First half year 2015 Value % Value % Value % Value % Selling goods and provide ,6% ,0% ,4% ,1% services Lending offices ,4% ,0% ,6% ,9% Total % % % % In contrast with total revenue, Vinatea s gross profit margin (GPM) tend to increase over that period. Particularly, GPM increased by 6,6% to 38,42 billion VND in 2013 mainly due to a decrease of 8,47% in cost of sales. Its GPM remained stable at over 38 billion VND in 2013 and GPM generated from sale of tea product and from tea processing service accounted the most for Vinatea s total GPM. GPM annually generated from this two activities stood at over 30 billion VND annually and account for about 86%-88% of total GPM. GPM generated from letting office and building has only account for 11% - 13% of total GPM over that period Expenses structure Value Table: Expenses from 2012 to 2014 and first half year 2015 Unit: Million VND First half year 2015 %/ %/ %/ %/ Value Value Value revenue revenue revenue revenue Cost of goods sold ,71% ,74% ,72% ,43% In which: Selling goods and provide ,4% ,6% ,6% ,4% services Lending offices 761 0,3% 371 0,2% 374 0,2% 0 0,0% Financial expenses ,93% ,24% ,59% ,19% Selling expenses ,49% ,85% ,40% ,83% Operating expenses ,41% ,18% ,56% ,67% Total ,5% ,0% ,3% ,1% Advisor: Viet Capital Securities Jsc. 27

32 From , the total expenses of VINATEA had an slightly downward trend (about 8% per years). Vinatea s cost of sales declined by 32,5 billion VND compared to in 2012 driven by a decrease in its total revenue. Selling cost and general & administration cost accounted for around 10-12% of total net revenue and tend to decrease annually. Particularly, Selling cost and general & administration cost in 2014 decreased by 1 billion VND and over 5 billion VND respectively compared to in In 2014, financial expenses decreased by 4 billion VND compared to in 2012 since Vinatea paid a significant amount of principal of its long term bank loan. The total expenses of VINATEA is always higher than revenue around 10% is because of the tough competitiveness of the price of buying tea in the farms. Although VINATEA is managing over 1,000 ha of tea lands, the tea lands is handed over to the farmers according to Decree 01/1995/CP and Decree 135/2005/NĐ-CP so that the collection of tea has to follow the competitiveness of the market. Meanwhile, VINATEA spent force and money on guiding the farmers how to taking care and harvesting tea. This is an issue that VINATEA has to struggle in the recent years. In the result, the total expenses of VINATEA is always higher than its revenues Raw Materials VINATEA is currently operating in spacious raw material areas (1,130 ha) in three provinces such as Son La, Yen Bai and Thai Nguyen. However, the problem of handing tea farm over to farmers brought many difficulties to VINATEA in managing, growing and collecting tea, especially in chemicals controlling process. VINATEA with the experiences and reputation had the trust of the tea farmers. Therefore, VINATEA can buy raw materials actively and they are brought by branches of VINATEA directly purchasing from farmers at tea farms. Moc Chau Tea Company is located in Son La province and currently growing tea on 580 ha area. The Moc Chau plateau has cool and fresh climate along with advantageous weather that are appropriate for the growth of tea. In these recent years, tea material named Trung du due to the fact of long-time growing becomes low productive and low quality and not suitable to the consumers tastes. In the period of 2015 to 2017, VINATEA is planning to regrow and replace 200 ha Trung du tea area by Shan tea and Thom tea. This investment will bring up to a plentiful raw material with high quality in the future. Yen Bai Tea Company is operarting in the raw material area of roughly 240 ha in four districts of Yen Bai province. There are a black tea produce factory with two workshops which produce Advisor: Viet Capital Securities Jsc. 28

33 black tea and green tea (in Tran Yen district, Yen Bai province) and a Yen Bai tea produce factory (in Yen Bai province). Yen Bai Tea Company is invested by VINATEA with the purpose of producing exported tea. Song Cau Tea Branch in Thai Nguyen province owns two tea produce factories and over 302 ha raw material area. Song Cau Tea Branch has a consistant tea source because of directly collecting tea from the tea area which VINATEA handed over to the farmers. In recent years, the branch still continues the production of black tea which is one of the most valuable export goods Technology The Vietnam National Tea Corporation Limited constantly pays attention to improving the techonology and employing new techniques to enhance the efficiency of the production process and the quality of the products. Currently, VinaTea has been using the tea processing technology and equipments imported from United Kingdom, Japan, South Korea, India etc. No. Name of fixed assets Producer Started year Number of the assets 1 Máy tách cẫng NANTA Korea Máy tách cẫng Soter Anh England Máy tách cẫng mầu SHIZUOKA-NS80 Japan Máy tách cẫng Shizuoka Japan Máy tách tạp chất nhập ngoại India Hệ thống máy trộn chè (2 thùng trộn) Vietnam Bàn vò 115 cm mô tơ 15HP Vietnam Bàn vò 90 cm mô tơ 10HP Vietnam Máy tách tạp chất sắt tự sản xuất Vietnam Máy tách cẫng ấn độ India Thiết bị điện (Lô) Vietnam Máy sấy Vietnam Source: VINATEA Advisor: Viet Capital Securities Jsc. 29

34 Research and development of new products In the upcoming years, VINATEA will focus on expanding the domestic and international market. The company will put more effort in the research and development in order to create new products with various tastes which would attract the increasingly demanding customers Quality management system VINATEA is now employing the standardized quality management system ISO 9001:2008 in the process of producing, refining black tea and green tea and selling these products. Besides, the Kim Anh Tea Refining Enterprise is following the environment management system of ISO 14001:2004/Cor.1:2009 standard. Being aware of the importance of supplying various products of high quality to create the competitive advantages, VINATEA has been continuously upgrading the management system in accordance with the ISO 9001:2008 and ISO 14001:2004 standard in order to maintain the sustainable growth. VINATEA has Department of Technology and KCS examining inputs and outputs according to ISO system. Department of Technology and KCS will merge with Department of Planning and Investment to Department of General plan after the equitization Marketing activities VinaTea is now concentrating on sustaining the current market and expanding to new markets such as China, Russia, Germany, Pakistan etc. by actively marketing the VINATEA brand in these markets. The company s marketing strategies focus on these followings: - Research and determine the potential customer segments especially in the growing China market. - Promote the brand and sales by participating in expos and advertising using social media. - Improve and perfect the customer care services. VINATEA has been collaborating well with the Vietnam Tea Association and other relevant units to trigger the commercial promotion, enhancing the VinaTea prestige on the global scale. Moreover, the company will utilize the support from the government by intensifying the promotional activites at expos in order to do surveys and thus understand the tea cultures and customs, tax policies, market barriers and exporting issues in the new markets to have high efficienct exports. Advisor: Viet Capital Securities Jsc. 30

35 Trademark, patent and copyright registration Currently, VINATEA has Trademark Registration Certificate No issued by National Office of Intellectual Propery of Vietnam, Ministry of Science and Technology, Vietnam according to Decision No. 1390/QĐ-ĐK dated 11/04/2003 and Decision of expention No /QĐ-SHTT dated 12/03/2012 to 10/01/2022. Moreover, VINATEA also has registered worldwide trademark according to Renewal Certificate No issued by World Intellectual Property Organization (WIPO) registered date 25/04/2015, renew date 25/04/2012 and expired date 25/04/2022. Trademark sample Main current contracts The characteristics of tea export contracts are short term. The contracts are signed and active when tea was produced and the quality, quantity and kind of tea are all detemined. Thus besides contracts listed below VINATEA has unplanted customers who purchase large scale. List of main current contracts in 2015 Name 36/VNTKD2- AKL 32/VNTKD2- AKL + 56/VNTKD2- AKL 35/VNTKD2- AKL 10/VNTKD2- UHL 61/VNTKD2- NBL Contract value (USD) Contract value (VND) Signed date Active time 82,320 1,786 6/5/ ,115 13,890 8/4/ ,013 1,107 20/4/ ,480 5,414 29/1/ ,250 1,199 27/06/ Content Two containers of To Mua green tea Eight containers of Moc Chau pekoe green tea 01 containers of Bat tien tea Four containers of Moc Chau green tea One container of green tea boxes 500gr Partners Aziz Kouchai Company Ltd Usman Haroon Ltd Masood Najeeb Company Ltd Advisor: Viet Capital Securities Jsc. 31