MIRA
INFORM REPORT
|
Report Date : |
18.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
AN KHANG JOINT STOCK COMPANY |
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Registered Office : |
No. 100, Thai Thinh Str., Dong Da District, Ha Noi City |
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Country : |
Vietnam |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
08.05.2006 |
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Com. Reg. No.: |
0103012075 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Trading materials for manufacturing animal feed; agricultural products. |
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No. of Employees : |
Over 10 |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Viet Nam |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUBJECT IDENTIFICATION &
LEGAL FORM
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English Name |
|
AN KHANG JOINT STOCK COMPANY |
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Vietnamese Name |
|
CONG TY CO PHAN AN KHANG |
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Short name |
|
AK., JSC |
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Type of Business |
|
Joint stock company |
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Year Established |
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2006 |
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Business Registration No. |
|
0103012075 |
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Date of Registration |
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08 May 2006 |
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Place of Registration |
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Hanoi Department of Planning and
Investment |
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Current registered capital |
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VND 3,000,000,000 |
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Status |
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Unlisted |
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Tax code |
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0101936613 |
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Total Employees |
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Over 10 |
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Size |
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Small |
ADDRESSES
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Head Office |
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Address |
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No. 100, Thai Thinh Str., Dong Da
District, Ha Noi City, Vietnam |
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Telephone |
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(84-4) 35379080/ 35379081 |
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Fax |
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(84-4) 35379082 |
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Email |
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Registration
Address |
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Address |
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No. 18, Gia Tu B Alley, Cho Kham Thien
Street, Trung Phung Ward, Dong Da District, Ha Noi City, Vietnam |
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Telephone |
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(84-4) 35188927 |
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Note: The given address is registered one of the
subject. Currently, all business transactions are executed at No. 100, Thai
Thinh Str., Dong Da Dist., Hanoi City. |
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Transaction
office in Hai Phong |
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Address |
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No. 279, Ngo Quyen Str., Ngo Quyen
District, Hai Phong City, Vietnam |
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DIRECTORS
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1.
NAME |
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Mr.
NGUYEN ANH TUAN |
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Position |
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Director |
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Date of Birth |
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28 Apr 1969 |
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ID Number/Passport |
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011512450 |
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ID Issue Date |
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18 Aug 2005 |
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ID Issue Place |
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Hanoi Public Security
|
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Resident |
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No. 23C, Thuy Ai 1
Street, Bach Dang Ward, Hai Ba Trung District, Ha Noi City, Vietnam |
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Nationality |
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Vietnamese |
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2.
NAME |
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Mr.
NGUYEN NGOC KHANG |
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Position |
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Chairman |
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Resident |
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No. 18, Gia Tu A
Alley, Cho Kham Thien Street, Kham Thien Ward, Dong Da District, Ha Noi City,
Vietnam |
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Nationality |
|
Vietnamese |
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3.
NAME |
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Ms.
NGUYEN THI PHUONG |
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Position |
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Deputy Director |
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Resident |
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No. 100, Thai Thinh Street, Dong Da District, Ha Noi City, Vietnam |
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Nationality |
|
Vietnamese |
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4.
NAME |
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Mr.
NGUYEN VAN LOI |
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Position |
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Deputy Director |
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Resident |
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No. 100, Thai Thinh Street, Dong Da District, Ha Noi City, Vietnam |
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Nationality |
|
Vietnamese |
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BUSINESS NATURE AND ACTIVITIES
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The subject is operated in: - Trading
materials for manufacturing animal feed; agricultural products. -
Transportation service. |
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IMPORT & EXPORT ACTIVITIES
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IMPORT: |
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·
Types of products |
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Materials for manufacturing animal feed |
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·
Market |
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India (Mostly), Singapore, Philippines, Sri Lanka, USA |
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·
Mode of payment |
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L/C, T/T, D/P |
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EXPORT: |
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Note: Currently, the subject does not export |
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BANKERS
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1.
AN BINH COMMERCIAL JOINT STOCK BANK HA NOI BRANCH |
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Address |
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No. 101, Lang Ha str., Dong Da District, Ha Noi City, Vietnam |
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Telephone |
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(84-04) 35622 828 |
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Fax |
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(84-04) 35624 655 |
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2.
VIETNAM INTERNATIONAL COMMERCIAL JOINT STOCK BANK DONG DA BRANCH |
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Address |
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No. 88, Pham Ngoc Thach Street, Dong Da District, Ha Noi City, Vietnam
|
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Telephone |
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(84-4) 35729750 |
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Fax |
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(84-4) 35735756 |
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3.
HOUSING BANK OF MEKONG DELTA HA NOI BRANCH |
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Address |
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No. 7, Quoc Tu Giam Str., Dong Da District, Ha Noi City, Vietnam |
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Telephone |
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(84-4) 37324624 |
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Fax |
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(84-4) 37324623 |
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SHAREHOLDERS
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1.
NAME |
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Mr.
NGUYEN NGOC KHANG |
|
Position |
|
Chairman |
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Resident |
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No. 18, Gia Tu A Alley, Cho Kham Thien
Str., Kham Thien Ward, Dong Da District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
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Value of shares |
|
VND 1,000,000,000 |
|
|
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2.
NAME |
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Mr.
NGUYEN ANH TUAN |
|
Position |
|
Director |
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Date of Birth |
|
28 Apr 1969 |
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ID Number/Passport |
|
011512450 |
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Issued on |
|
18 Aug 2005 |
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Issued Place |
|
Hanoi Public Security |
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Resident |
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No. 23C, Thuy Ai 1 Street, Bach Dang Ward,
Hai Ba Trung District, Ha Noi City, Vietnam |
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Nationality |
|
Vietnamese |
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Value of shares |
|
VND 1,000,000,000 |
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||
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3.
NAME |
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Ms.
NGUYEN THI THU |
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Resident |
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No. 11, Alley 10/21, Lane 10, Ton That
Tung Str., Khuong Thuong Ward, Dong Da District, Ha Noi City, Vietnam |
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Nationality |
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Vietnamese |
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Value of shares |
|
VND 1,000,000,000 |
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FINANCIAL DATA
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BALANCE
SHEET |
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Unit: One VND
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Balance sheet
date |
31/12/2010 |
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Number of weeks |
52 |
ASSETS
|
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A CURRENT
ASSETS |
2,949,000,000 |
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I. Cash and cash
equivalents |
1,066,000,000 |
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1. Cash |
1,066,000,000 |
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2. Cash equivalents |
0 |
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II. Short-term
investments |
0 |
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1. Short-term investments |
0 |
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2. Provisions for devaluation of short-term investments |
0 |
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III. Accounts
receivable |
1,230,000,000 |
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1. Receivable from customers |
930,000,000 |
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2. Prepayments to suppliers |
299,000,000 |
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3. Inter-company receivable |
0 |
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4. Receivable according to the progress of construction |
0 |
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5. Other receivable |
1,000,000 |
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6. Provisions for bad debts |
0 |
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IV. Inventories |
422,000,000 |
|
1. Inventories |
422,000,000 |
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2. Provisions for devaluation of inventories |
0 |
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V. Other Current
Assets |
231,000,000 |
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1. Short-term prepaid expenses |
9,000,000 |
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2. VAT to be deducted |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
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4. Other current assets |
222,000,000 |
|
B. LONG-TERM
ASSETS |
1,351,000,000 |
|
I. Long term
accounts receivable |
0 |
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1. Long term account receivable from customers |
0 |
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2. Working capital in affiliates |
0 |
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3. Long-term inter-company receivable |
0 |
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4. Other long-term receivable |
0 |
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5. Provisions for bad debts from customers |
0 |
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II. Fixed assets
|
1,351,000,000 |
|
1. Tangible assets |
1,347,000,000 |
|
- Historical costs |
1,726,000,000 |
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- Accumulated depreciation |
-379,000,000 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
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- Accumulated depreciation |
0 |
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3. Intangible assets |
4,000,000 |
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- Initial costs |
11,000,000 |
|
- Accumulated amortization |
-7,000,000 |
|
4. Construction-in-progress |
0 |
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III. Investment
property |
0 |
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Historical costs |
0 |
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Accumulated depreciation |
0 |
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IV. Long-term
investments |
0 |
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1. Investments in affiliates |
0 |
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2. Investments in business concerns and joint ventures |
0 |
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3. Other long-term investments |
0 |
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4. Provisions for devaluation of long-term investments |
0 |
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V. Other
long-term assets |
0 |
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1. Long-term prepaid expenses |
0 |
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2. Deferred income tax assets |
0 |
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3. Other long-term assets |
0 |
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VI. Goodwill |
0 |
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1. Goodwill |
0 |
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TOTAL ASSETS |
4,300,000,000 |
|
|
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LIABILITIES
|
|
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A- LIABILITIES |
1,087,000,000 |
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I. Current
liabilities |
253,000,000 |
|
1. Short-term debts and loans |
0 |
|
2. Payable to suppliers |
101,000,000 |
|
3. Advances from customers |
5,000,000 |
|
4. Taxes and other obligations to the State Budget |
27,000,000 |
|
5. Payable to employees |
0 |
|
6. Accrued expenses |
120,000,000 |
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7. Inter-company payable |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
9. Other payable |
0 |
|
10. Provisions for short-term accounts payable |
0 |
|
II. Long-Term
Liabilities |
834,000,000 |
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
3. Other long-term payable |
0 |
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4. Long-term debts and loans |
834,000,000 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
B- OWNERS
EQUITY |
3,213,000,000 |
|
I. OWNERS
EQUITY |
3,202,000,000 |
|
1. Capital |
3,000,000,000 |
|
2. Share premiums |
0 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
|
5. Differences on asset revaluation |
0 |
|
6. Foreign exchange differences |
0 |
|
7. Business promotion fund |
19,000,000 |
|
8. Financial reserved fund |
10,000,000 |
|
9. Other funds |
0 |
|
10. Retained earnings |
173,000,000 |
|
11. Construction investment fund |
0 |
|
II. Other
sources and funds |
11,000,000 |
|
1. Bonus and welfare funds |
11,000,000 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITYS
INTEREST |
0 |
|
TOTAL
LIABILITIES AND OWNERS EQUITY |
4,300,000,000 |
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
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Description |
FY2010 |
|
1. Total Sales |
84,511,000,000 |
|
2. Deduction item |
11,000,000 |
|
3. Net revenue |
84,500,000,000 |
|
4. Costs of goods sold |
81,727,000,000 |
|
5. Gross profit |
2,773,000,000 |
|
6. Financial income |
19,000,000 |
|
7. Financial expenses |
742,000,000 |
|
- In which: Loan interest expenses |
0 |
|
8. Selling expenses |
0 |
|
9. Administrative overheads |
1,877,000,000 |
|
10. Net operating profit |
173,000,000 |
|
11. Other income |
0 |
|
12. Other expenses |
0 |
|
13. Other profit /(loss) |
0 |
|
14. Total accounting profit before tax |
173,000,000 |
|
15. Current corporate income tax |
0 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
173,000,000 |
|
|
||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
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|
Description |
FY2010 |
Average Industry |
|
Current liquidity ratio |
11.66 |
1.94 |
|
Quick liquidity ratio |
9.99 |
0.98 |
|
Inventory circle |
193.67 |
9.29 |
|
Average receive period |
5.31 |
54.01 |
|
Utilizing asset performance |
19.65 |
2.21 |
|
Liability by total assets |
25.28 |
58.72 |
|
Liability by owner's equity |
33.83 |
256.76 |
|
Ebit / Total assets (ROA) |
4.02 |
7.90 |
|
Ebit / Owner's equity (ROE) |
5.38 |
25.68 |
|
Ebit / Total revenue (NPM) |
0.20 |
4.18 |
|
Gross profit / Total revenue (GPM) |
3.28 |
15.30 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
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PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
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Trade Morality |
|
Fair |
|
Liquidity |
|
High |
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Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T, L/C, D/P |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
N/A |
|
|
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CREDIT INQUIRY: USD 125,000 Against D/A in terms |
|
A little caution |
|
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INTERPRETATION ON THE SCORES
|
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|
The
subject was established in 2006 and operated according to joint stock company
model. Through nearly six years operation but it was not much changed both
structure and workforce. Currently, it is operating under the business
registration No. 0103012075 with the registered capital VND 3
billion. The
subject is registered address at No. 18, Gia Tu B Alley, Kham Thien Str.,
Trung Phung Ward, Dong Da District, Hanoi City but at present, all business
transactions are executed at No. 100 Thai Thinh Street, Dong Da District,
Hanoi City. Its
premises and facilities are simple. With a small office and over 10 people,
the subject is focusing on trading materials for processing animal feed. In an
interview with Mr. Nguyen Anh Tuan - Director of the subject, he said that
materials are mainly imported from India and other some countries such as Singapore,
Philippines, Sri Lanka and USA. Then, the subject is supplied to domestic
market include Northern region and some provinces in the Northern central of
Vietnam such as Thanh Hoa, Nghe An, Ha Tinh. Financially,
although the subject has a small scale but its revenue is rather good.
According to financial data above, in 2010 total sales attained VND 84
billion. However, profit only reached VND 173 million due to
high costs of goods sold and administrative
overheads. Besides, current assets was relatively high, it was VND 2,949
million thanks to cash and accounts receivable were profuse in year, while
current liabilities were low. Liabilities were only occupied 25.28 percent of
total assets. This proved the subject was in safe condition for creditors. In
general, the subject is a small company in the industry. The operation of the
subject is fair stable. Currently, the subject has capacity to meet small
commitments. For bigger transactions caution is needed. |
------------ APPENDIX ----------
INDUSTRY DATA
|
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|
|
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|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2009 |
Total employees
2010 (Thous.pers.) |
Annual average
capital of enterprises 2009 (billion dongs) |
||
|
2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.78 |
1.82 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
7.70 |
5.52 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
7.52 |
6.63 |
154,978 |
14,522 |
4,939,069 |
|
|
|
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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 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2010 |
2009 |
2008 |
|||
|
Exports |
72.2 |
57.1 |
62.7 |
|||
|
Imports |
84.8 |
69.9 |
80.7 |
|||
|
Trade Balance |
-12.6 |
-12.8 |
-18 |
|||
Source: General Statistics
Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.06 |
|
|
1 |
Rs.78.48 |
|
Euro |
1 |
Rs.64.99 |
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 SCs 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.