MIRA INFORM
REPORT
|
Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASIA COMMERCIAL JOINT STOCK BANK |
|
|
|
|
Registered Office : |
442 Nguyen Thi Minh Khai Street, Ward 5 - District 3- Ho Chi Minh City
|
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
10.09.2009 |
|
|
|
|
Com. Reg. No.: |
0301452948 |
|
|
|
|
Legal Form : |
Banking |
|
|
|
|
Line of Business : |
Providing Banking Services |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Vietnam |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUBJECT IDENTIFICATION &
LEGAL FORM
Current legal status
|
||
|
English Name |
|
ASIA COMMERCIAL
JOINT STOCK BANK |
|
Vietnamese Name |
|
NGAN HANG THUONG
MAI CO PHAN A CHAU |
|
Trade name |
|
ASIA
COMMERCIAL BANK |
|
Short name |
|
ACB
|
|
Type of Business |
|
Banking |
|
Year Established |
|
1993 |
|
Established
decision No |
|
533/GP-UB |
|
Issued on |
|
13 May 1993 |
|
Issued by |
|
People’s Committee
of Ho Chi Minh City |
|
Operation
license No. |
|
0032/NHGP |
|
Issued on |
|
24 Apr 1993 |
|
Issued by |
|
The State Bank
of Vietnam |
|
Business
Registration No. |
|
0301452948 |
|
Date of
Registration |
|
10 Sep 2009 |
|
Place of Registration |
|
Business
Registration Office- Planning and Investment Department of Ho Chi Minh City |
|
Current
registered capital |
|
9,376,965,060,000
VND |
|
Duration |
|
50
years |
|
Status |
|
Listed
|
|
Stock symbol |
|
ACB
|
|
Stock Market |
|
HNX
- Hanoi Stock Exchange |
|
Tax code |
|
0301452948 |
|
Total Employees |
|
7,619 |
|
Size |
|
Large |
Historical
Identification & Legal form
List Changed Items Date
of changes
1 Subject has got former Registered Investment
Capital: 7,814,137,550,000 VND
Changed to: 9,376,965,060,000 VND 29
Dec 2010
2 Subject has got
former Business Registration No: 059067
Changed to: 0301452948 10
Sep 2009
company ADDRESSES
|
Head Office |
||
|
Address |
|
442 Nguyen Thi Minh
Khai Street, Ward 5 - District 3- Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3929 0999
|
|
Fax |
|
(84-8) 3839 9885
|
|
Email |
|
|
|
Website |
|
|
|
Telex |
|
813158ACBVT |
|
Swift Code |
|
ASCBVNVX |
|
Note: The given address is only the address of ACB’s Dien Bien Phu
Transaction Office |
||
SUBSIDIARIES AND RELATED
COMPANIES
|
1. SUBSIDIARIES - ACB ASSETS MANAGEMENT
COMPANY LIMITED |
||
|
Business
Registration |
|
4104000099
|
|
Place
of Registration |
|
Planning
and Investment Department of Hochiminh City |
|
Registered
Capital |
|
340,000,000,000 VND |
|
Address |
|
No.
444 Nguyen Thi Minh Khai Str, Ward 5 - District 3- Ho Chi Minh City - Vietnam
|
|
Tel |
|
(84-8)
38328988 |
|
Fax |
|
(84-8)
38328987 |
|
|
||
|
2. SUBSIDIARIES - ACB LEASING COMPANY |
||
|
Business
Registration |
|
4104001359
|
|
Address |
|
Floor
02nd- No. 45 Vo Thi Sau, Dakao Ward - District 1- Ho Chi Minh City - Vietnam |
|
Tel |
|
(84-8)
6290 5966 |
|
Fax |
|
(84-8)
6290 5960 |
|
Website |
|
|
|
|
||
|
3. SUBSIDIARIES - ACB SECURITIES COMPANY
LIMITED |
||
|
Business
Registration |
|
4104000006
|
|
Address |
|
No.9
Le Ngo Cat Str, Ward 7 - District 3- Ho Chi Minh City - Vietnam |
|
|
||
|
4. SUBSIDIARIES - ACB CAPITAL MANAGEMENT
COMPANY |
||
|
Business
Registration |
|
41/UBCK-GP
|
|
Registered
Capital |
|
50,000,000,000 VND |
|
Address |
|
1st
Floor, Citilight Tower, 45 Vo Thi Sau Street - District 1- Ho Chi Minh City -
Vietnam |
|
Tel |
|
(84-8)
6290 5989 |
|
Fax |
|
(84-8)
6290 5987 |
|
Website |
|
|
DIRECTORS
|
1. NAME |
|
Mr. TRAN XUAN GIA |
|
Position |
|
Chairman |
|
Date of Birth |
|
24 Apr 1939 |
|
Resident |
|
P.105 House N3 Van Bao Lane - Ba Dinh District - Ha Noi
City - Vietnam |
|
Notes: Mr.
Tran Xuan Gia has replaced position of Mr. Tran Mong Hung on October 1st
2008. |
||
|
|
||
|
2. NAME |
|
Mr. LY XUAN HAI |
|
Position |
|
General Director
|
|
Date of Birth |
|
01 Jan 1965 |
|
ID
Number/Passport |
|
023947229 |
|
Nationality |
|
Vietnamese |
|
Email |
|
hailx@acb.com.vn
|
|
Qualification |
|
PhD in
Mathematical Physics |
|
|
||
|
3. NAME |
|
Mr. NGUYEN VAN HOA |
|
Position |
|
Chief Accountant
|
|
Date of Birth |
|
01 Jan 1969 |
|
ID
Number/Passport |
|
023458434 |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Economics |
BUSINESS
NATURE AND ACTIVITIES
|
The subject providing banking services including: PERSONAL BANKING BUSINESS BANKING TREASURY |
IMPORT
& EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
N/A
|
|
·
Market |
|
N/A
|
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
N/A
|
|
·
Market |
|
N/A
|
BANKERS
1. BANK OF NOVA SCOTIA TORONTO |
||
|
Address |
|
44
King Street, West Toronto, Canada |
|
Foreign Currency
Account |
|
12211
|
|
SWIFT Code |
|
NOSCCATT
|
|
|
||
|
2. CITI BANK |
||
|
Address |
|
399
Park Avenue, New York, NY 10043 - United States of America |
|
Foreign Currency
Account |
|
3608.9721
|
|
SWIFT Code |
|
CITIUS33
|
|
|
||
|
3. DEUTSCHE BANK |
||
|
Address |
|
Germany
|
|
Foreign Currency
Account |
|
9590050.10
|
|
SWIFT Code |
|
DEUTDEFF
|
|
|
||
|
4. STANDARD CHARTERED BANK |
||
|
Address |
|
United
Kingdom |
|
Foreign Currency
Account |
|
1708632696
|
|
SWIFT Code |
|
SCBLGB2L
|
|
|
||
|
5. SUMITOMO MITSUI BANKING CORPORATION |
||
|
Address |
|
Japan
|
|
Foreign Currency
Account |
|
3340
|
|
SWIFT Code |
|
SMBCJPJT
|
SHAREHOLDERS
The subject is a listed
enterprise. Following is its founding shareholders
|
||
|
1. NAME |
|
VIET THUONG JOINT STOCK COMPANY |
|
Address |
|
No. 444 Nguyen Thi Minh Khai Street - District 5-
Ho Chi Minh City - Vietnam |
|
|
||
|
2. NAME |
|
CONNAUGHT INVESTORS LIMITED (JARDINE
MATHESONHOLDINGS LIMITED) |
|
Address |
|
Ho Chi Minh City - Vietnam |
|
|
||
|
3. NAME |
|
DRAGON CAPITAL HOLDINGS LTD |
|
Address |
|
Ho Chi Minh City - Vietnam |
|
|
||
|
4. NAME |
|
STANDARD CHARTERED BANK (SCB) |
|
Address |
|
1 Aldermanbury Square, London EC2V7SB,
Aldermanbury Square, London - United Kingdom |
|
Percentage |
|
15% |
|
|
||
|
5. NAME |
|
Ms. DANG THU HA |
|
Resident |
|
No. 38 Nguyen
Thien Thuat, Ward 2 - District 3- Ho Chi Minh City - Vietnam |
|
|
||
|
6. NAME |
|
Mr. PHAM TRUNG CANG |
|
Date of Birth |
|
01 Jan 1954 |
|
ID
Number/Passport |
|
020034584 |
|
Resident |
|
No. 16/41/65
Nguyen Thien Thuat St, Ward 2 - District 3- Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
7. NAME |
|
Ms. TRAN PHU MY |
|
Resident |
|
No. 16/87/27
Nguyen Thien Thuat Str, Ward 2 - District 3- Ho Chi Minh City - Vietnam |
|
Current Resident |
|
No. 23 Nguyen
Van Troi Street - Phu Nhuan District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
8. NAME |
|
Mr. TRINH KIM QUANG |
|
Date of Birth |
|
01 Jan 1954 |
|
ID Number/Passport |
|
020657865 |
|
Resident |
|
No. 16/87/27
Nguyen Thien Thuat Str - District 3- Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
FINANCIAL DATA: AUDITED & CONSOLIDATED FINANCE STATEMENTS
|
BALANCE SHEET |
||
Unit:
Million VND
|
||
|
Balance sheet date |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
Cash
and cash equivalents |
10,884,762 |
6,757,572 |
|
Balances
with State Bank of Vietnam |
2,914,353 |
1,741,755 |
|
Placements
with and loans to other banks |
33,961,250 |
36,698,304 |
|
Placements
with other banks |
33,962,149 |
36,699,495 |
|
Loans
and advances to other banks |
|
|
|
Provision
for credit losses of loans to other banks |
-899 |
-1,191 |
|
Trading
securities |
978,355 |
638,874 |
|
Trading
securities |
1,167,950 |
739,126 |
|
Provision
for impairment of trading securities |
-189,595 |
-100,252 |
|
Derivatives
and other financial assets |
78,172 |
|
|
Loans
and advances to customers |
86,478,408 |
61,855,984 |
|
Loans
and advances to customers |
87,195,105 |
62,357,978 |
|
Provision
for credit losses |
-716,697 |
-501,994 |
|
Investment
securities |
48,202,271 |
32,166,926 |
|
Available-for-sale
securities |
2,153,484 |
299,755 |
|
Held-to-maturity
securities |
46,169,161 |
31,981,845 |
|
Provision
for impairment of investment securities |
-120,374 |
-114,674 |
|
Long-term
investments |
3,004,008 |
1,197,348 |
|
Investments
in subsidiaries |
|
|
|
Investments
in joint ventures |
1,363 |
|
|
Investments
in associates |
|
1,129 |
|
Other
long-term investments |
3,035,841 |
1,217,219 |
|
Provision
for impairment of long-term investments |
-33,196 |
-21,000 |
|
Fixed
assets |
1,054,702 |
872,634 |
|
Tangible
fixed assets |
1,014,780 |
824,574 |
|
Cost
|
|
|
|
Accumulated
depreciation |
|
|
|
Financial
leases |
|
|
|
Cost
|
|
|
|
Accumulated
depreciation |
|
|
|
Intangible
assets |
39,922 |
48,060 |
|
Cost
|
|
|
|
Accumulated
depreciation |
|
|
|
Investment
properties |
|
|
|
Cost
|
|
|
|
Accumulated
depreciation |
|
|
|
Other
assets |
17,546,669 |
25,951,650 |
|
Receivables
|
4,239,868 |
|
|
Interest
and fee receivables |
|
2,342,481 |
|
Deferred
income tax assets |
5,250 |
28,115 |
|
Other
assets |
13,301,551 |
23,581,054 |
|
Provision
for other assets |
|
|
|
TOTAL
ASSETS |
205,102,950 |
167,881,047 |
|
|
||
|
LIABILITIES |
||
|
Borrowings
from the Government and the SBV |
9,451,677 |
10,256,943 |
|
Deposits
and borrowings from other banks |
28,129,963 |
10,449,828 |
|
Deposits
from other banks |
|
10,449,828 |
|
Operating
profit before provision for credit losses |
|
|
|
Customer
deposits and other amounts due to customers |
106,936,611 |
86,919,196 |
|
Derivatives
and other financial liabilities |
|
23,351 |
|
Other
borrowed funds |
379,768 |
270,304 |
|
Valuable
papers issued |
38,234,151 |
26,582,588 |
|
Other
liabilities |
10,594,023 |
23,272,550 |
|
Interest
and fee payables |
1,582,292 |
1,114,642 |
|
Deferred
tax liabilities |
|
|
|
Other
payables |
9,011,731 |
22,157,908 |
|
Provision
for off-balance sheet commitments |
|
|
|
TOTAL
LIABILITIES |
193,726,193 |
157,774,760 |
|
Capital
and Reserves |
11,376,757 |
10,106,287 |
|
Capital
|
9,376,965 |
7,814,138 |
|
Chartered
capital |
9,376,965 |
7,814,138 |
|
Capital
to purchase fixed assets |
|
|
|
Share
premium |
|
|
|
Treasury
shares |
|
|
|
Preference
shares |
|
|
|
Others
|
|
|
|
Reserves
|
1,209,552 |
952,949 |
|
Foreign
currency translation reserve |
|
|
|
Asset
revaluation reserve |
|
|
|
Retained
earnings |
790,240 |
1,339,200 |
|
TOTAL
OWNERS’ EQUITY |
11,376,757 |
10,106,287 |
|
Minority
interest |
|
|
|
TOTAL
LIABILITIES AND OWNERS’ EQUITY |
205,102,950 |
167,881,047 |
|
PROFIT &
LOSS STATEMENT |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
Interest
and similar income |
14,960,336 |
9,613,889 |
|
Interest
and similar expenses |
-10,796,566 |
-6,813,361 |
|
Net
interest and similar income |
4,163,770 |
2,800,528 |
|
Fee
and commission income |
967,147 |
987,982 |
|
Fee
and commission expenses |
-140,707 |
-118,346 |
|
Net
fee and commission income |
826,440 |
869,636 |
|
Net
gain/loss from foreign currency trading |
191,104 |
422,336 |
|
Net
gain/loss from trading securities |
-19,249 |
20,637 |
|
Net
gain/loss from investment securities |
91,030 |
551,718 |
|
Other
operating income |
176,794 |
187,587 |
|
Other
operating expenses |
-126,824 |
-32,398 |
|
Net
gain/loss from other operating activities |
49,970 |
155,189 |
|
Dividend
income |
186,613 |
115,026 |
|
TOTAL
OPERATING INCOME |
5,489,678 |
4,935,070 |
|
TOTAL
OPERATING EXPENSES |
-2,160,020 |
-1,809,462 |
|
Profit
from operating activities before provision for credit losses |
3,329,658 |
3,125,608 |
|
Provision
for credit losses |
-227,410 |
-287,444 |
|
Reversal
of provision for credit losses |
|
|
|
PROFIT
BEFORE TAX |
3,102,248 |
2,838,164 |
|
Current
enterprise income tax |
-744,589 |
-665,075 |
|
Deferred
enterprise income tax |
-22,865 |
28,115 |
|
Enterprise
income tax (“EIT”) |
-767,454 |
-636,960 |
|
NET
PROFIT FOR THE YEAR |
2,334,794 |
2,201,204 |
|
FINANCIAL RATIOS |
||
|
|
||
|
Description |
FY2010 |
FY2009 |
|
Shareholders’ Funds / Total Assets |
5.55% |
6.02% |
|
Customer Deposits/ Total Assets |
52.14% |
51.77% |
|
Loans to Total Asset Ratio |
42.51% |
37.14% |
|
Operating Income/ Total Assets |
2.68% |
2.94% |
|
Operating Expenses/ Total Assets |
-1.05% |
-1.08% |
|
Loans to Deposits Ratio |
81.54% |
71.74% |
|
Return on Assets (ROA) |
1.14% |
1.31% |
|
Return on Equity (ROE) |
20.52% |
21.78% |
|
Net Interest Margin (NIM) |
2.41% |
2.11% |
|
Net interest Income/ Gross interest Income |
27.83% |
29.13% |
|
Operating Expenses/ Operating Income |
-39.35% |
-36.67% |
|
Liquidity Assets / Total Assets |
47.26% |
46.46% |
|
Productive Assets / Total Assets |
84.16% |
78.96% |
|
Risky Assets / Total Assets |
60.66% |
59.80% |
|
Growth in Loan Assets |
39.83% |
79.02% |
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade
Morality |
|
Good
|
|
|
Liquidity |
|
High
|
|
|
Payment
status |
|
Prompt
|
|
|
Financial
Situation |
|
Strong
|
|
|
Development
trend |
|
Uptrend
|
|
|
Litigation
data |
|
No |
|
|
Bankruptcy |
|
No |
|
|
Payment
Methods |
|
L/C
or TT |
|
|
Sale
Methods |
|
Retailer
and Wholesaler |
|
|
Public
opinion |
|
Good
|
|
|
|
|||
|
CREDIT
INQUIRY: 20,000 USD Against DA on terms |
|||
|
Reliable |
|||
INTERPRETATION ON THE SCORES
|
Asia Commercial Joint-Stock Bank (ACB) was
established under the Operation License No. 0032/ NH-GP dated 24 April 1993
by the State Bank of Vietnam (the
license is for a period of 50 years.) and Establishment Decision No.
533/GP- UB dated 13 May 1993 by the People’s Committee of Ho Chi Minh City.
ACB started operations on 04 June 1993. Pursuant to Decision No. 21/QD-TTGDHN
dated 31 October 2006, ACB was approved for listing shares on Hanoi
Securities Trading Center. Business scope of
ACB including: mobilize short, medium and long-term capital
in the form of time deposits, demand deposits and certificates of deposits;
receive investment funds; receive capital from domestic and overseas
financial institutions; grant short, medium, long-term loans; discount commercial
paper, bonds and valuable documents; invest in securities and companies;
provide settlement services to customers; deal in foreign exchange and gold;
provide international settlement services, factoring, to act as an agent and
provide consultancy services for securities investment; provide securities
deposit services, corporate finance consultancy services, underwriting
services, asset management services, leasing and other banking services. ACB’s Head Office
is located at No. 442 Nguyen Thi Minh Khai Street, District 3, Hochiminh
City. As at 31 March 2011, the Bank had 288 branches and transaction offices
nation-wide. For recent years, ACB had reported good
performance of impressive profits. But as fiscal year end at December 31st
2010, its pretax profit reached 3.1 trillion dong, rising 9% year on year and
standing in the bottom of list of joint stock banks in terms of profit
growth. Reasons for this reduction including: A large scale of ACB’s income
came from gold trading floor but the income from gold trading floor was shut
down. The interbank interest rate was lower than interest rates of deposits
called from residents in a long time. These affected strongly to ACB because
the bank had a big volume of this kind of deposits and usually boosted interbank
lending operation. In overview, the
subject’s future prospect is good. Currently, subject is regarded as one of
the largest commercial bank in Vietnam. The subject’s capability is quite
good. The subject has capacity to meet financial commitments. No caution
needed for all medium business transaction with the subject. |
APPENDIXES
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed (%) |
Total employees
2009 (Thousand) |
Total
enterprises |
Annual average
capital of enterprises |
||
|
Predict 2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.8 |
3.0 |
24,788.5 |
2,399 |
50,530 |
|
|
Trade and
Services |
7.5 |
11 |
10,517.9 |
79,181 |
1,754,973 |
|
|
Construction |
7 |
11.3 |
2,692.8 |
17,783 |
248,268 |
|
|
Manufacturing |
12 |
7.6 |
7,591.2 |
30,786 |
967,068 |
|
|
|
||||||
|
ECONOMIC INDICATORS |
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|
|
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|
|
2010 |
2009 |
2008 |
|||
|
Population (Million person) |
86.93 |
86.02 |
86.1 |
|||
|
Gross Domestic Products (US$ billion) |
102.2 |
91 |
84.9 |
|||
|
GDP Growth (%) |
6.78 |
5.32 |
6.2 |
|||
|
GDP Per Capita (US$) |
1,160 |
1,080 |
1,040 |
|||
|
Inflation (% Change in Composite CPI) |
11.75 |
6.88 |
24.4 |
|||
|
|
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|
SERVICE TRADE PERFORMANCE |
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|
|
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|
Billion USD |
2010 |
2009 |
2008 |
|||
|
Exports |
71.6 |
56.6 |
62.9 |
|||
|
Imports |
84 |
68.8 |
76.6 |
|||
|
Trade Balance |
-12.4 |
-12.2 |
-14.6 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
UK Pound |
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.