|
Report Date : |
13.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
AN CUONG TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
702/1K Su Van Hanh Street, Ward 12, District 10, Ho Chi Minh City,
Vietnam |
|
|
|
|
Country : |
Viet Nam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
1994 |
|
|
|
|
Com. Reg. No.: |
0301150256 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Supplying Wood- Working and Decorative
Materials |
|
|
|
|
No. of Employees : |
75 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Viet Nam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Current legal status
|
||
|
Translated English Name |
|
AN CUONG TRADING COMPANY LIMITED |
|
Registered English Name |
|
ANCUONG
CO., LTD |
|
Vietnamese Name |
|
CONG TY TNHH THUONG MAI AN CUONG |
|
Short name |
|
AC & C LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
1994 |
|
Establishment Decision |
|
1602/GP-UB |
|
Date of Issuance |
|
05 Oct 1994 |
|
Place of Issuance |
|
People’s Committee of
Hochiminh City |
|
Business Registration No. |
|
0301150256 |
|
Date of Registration |
|
14 Apr 2010 |
|
Place of Registration |
|
Business Registration Office of Hochiminh
City |
|
Current registered capital |
|
VND 11,000,000,000 |
|
Tax code |
|
0301150256 |
|
Total Employees |
|
75 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No. 046307 issued on 13 Oct 1994 Changed to: 0301150256 |
14
Apr 2010 |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
702/1K Su Van Hanh Street, Ward 12,
District 10, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3862 5726 |
|
Fax |
|
(84-8) 3862 5727 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Transaction
office in Ha Noi |
||
|
Address |
|
208 Nguyen Luong Bang Street, Quang Trung Ward
, Dong Da District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3513 4190 |
|
Fax |
|
(84-4) 3513 4191 |
|
|
||
|
Showroom |
||
|
Address |
|
162 Tan Huong Street, Tan Quy Ward , Tan
Phu District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3847 2078 |
|
Fax |
|
(84-8) 3847 2068 |
|
|
||
|
Showroom |
||
|
Address |
|
702/3F Su Van Hanh Street, Ward 12 , 10
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3862 7414 |
|
Fax |
|
(84-8) 3868 4197 |
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN MINH TUAN |
|
Position |
|
General director - Legal Representattive |
|
Date of Birth |
|
22 Dec 1966 |
|
ID Number/Passport |
|
023187594 |
|
ID Issue Date |
|
09 Mar 2007 |
|
ID Issue Place |
|
Police Station of
Hochiminh City |
|
Current resident |
|
222 Phu Gia, Ha Huy Tap Str, Tan Phong
Ward , 7 Dist, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Mr.
LE DUC NGHIA |
|
Position |
|
Deputy Director |
|
Date of Birth |
|
30 Dec 1972 |
|
ID Number/Passport |
|
023850453 |
|
ID Issue Date |
|
24 Oct 2000 |
|
ID Issue Place |
|
Police Station of
Hochiminh City |
|
Resident |
|
72 Road 4, Binh Dang Str,
Ward 6 , 8 Dist, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 903 705 832 |
|
Email |
|
|
|
Qualification |
|
Management |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN GIAN VIET |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
022075207 |
|
ID Issue Date |
|
08 Dec 2003 |
|
ID Issue Place |
|
Police Station of
Hochiminh City |
|
Resident |
|
18/1 Ngo Thoi Nhiem Str,
Ward 7 , 3 Dist, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
4.
NAME |
|
Ms.
THIEU THI NGOC DIEM |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
022698199 |
|
Resident |
|
No. 566/35/21 An
Duong Vuong Street Ward 11, 6 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Email |
|
|
|
Qualification |
|
Bachelor |
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The
subject specializes in supplying wood- working and decorative materials. |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Products |
|
·
Market |
|
Malaysia, Germany, Thailand, India, China and Korea |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
MDF |
|
·
Market |
|
Australia |
BANKERS
|
||
|
|
||
|
1.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT SONG THAN BRANCH |
||
|
Address |
|
N. 6A Doc Lap Boulevard, Di An Town, Binh Duong Province, Vietnam |
|
Telephone |
|
(84-650) 3732 518 |
|
|
||
|
2.
VIETNAM MARITIME COMMERICAL JOINT STOCK BANK |
||
|
Address |
|
No. 26 - 28 Hai Ba Trung, Ben Nghe Ward, 1 District, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 3822 2177 |
|
Fax |
|
(84-8) 3822 2144 |
|
SWIFT Code |
|
MCOBVNVX003 |
|
|
||
|
3.
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HO CHI MINH BRANCH |
||
|
Address |
|
No. 29 Ben Chuong Duong Str-Nguyen Thai Binh Ward, 1 District, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 3825 1317 |
|
Fax |
|
(84-8) 3829 7228 |
|
SWIFT Code |
|
BFTVVBVX 007 |
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
Mr.
NGUYEN MINH TUAN |
|
Position |
|
General director - Legal Representattive |
|
Date of Birth |
|
22 Dec 1966 |
|
ID Number/Passport |
|
023187594 |
|
Issued on |
|
09 Mar 2007 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Current Resident |
|
222 Phu Gia, Ha Huy Tap Street, Tan Phong
Ward , 7 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 4,400,000,000 |
|
Percentage |
|
40% |
|
|
||
|
2.
NAME |
|
Mr.
LE DUC NGHIA |
|
Position |
|
Deputy Director |
|
Date of Birth |
|
30 Dec 1972 |
|
ID Number/Passport |
|
023850453 |
|
Issued on |
|
24 Oct 2000 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
72 Road 4, Binh Dang Street, Ward 6 , 8
District, Ho Chi Minh City, Vietnam |
|
Email |
|
|
|
Mobile phone |
|
+84 903 705 832 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,200,000,000 |
|
Percentage |
|
20% |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN GIAN VIET |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
022075207 |
|
Issued on |
|
08 Dec 2003 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
18/1 Ngo Thoi Nhiem Street, Ward 7 , 3
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 2,090,000,000 |
|
Percentage |
|
19% |
|
|
||
|
4.
NAME |
|
Ms.
VO THI NGOC ANH |
|
ID Number/Passport |
|
201349861 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
No. G3-5 Hung Vuong II, Tan Phong Ward, 7
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,100,000,000 |
|
Percentage |
|
10% |
|
|
||
|
5.
NAME |
|
Ms.
HUYNH THI MINH QUYEN |
|
ID Number/Passport |
|
024238182 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
No. 39A DHT 13, Dong Hung Thuan Ward, 12
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 660,000,000 |
|
Percentage |
|
6% |
|
|
||
|
6.
NAME |
|
Ms.
NGUYEN THI KIM THOA |
|
ID Number/Passport |
|
024684854 |
|
Issued Place |
|
Police Station of Hochiminh City |
|
Resident |
|
No. 26/4 Truong Chinh, Ward 13, Tan Binh
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 550,000,000 |
|
Percentage |
|
5% |
FINANCIAL DATA
|
|
|
|
|
|
BALANCE SHEET |
|
Unit: One VND
|
|
|
Balance
sheet date |
31/12/2010
|
|
Number of weeks |
52 |
|
ASSETS |
|
|
A – CURRENT
ASSETS |
60,675,000,000
|
|
I. Cash and cash
equivalents |
7,394,000,000
|
|
1. Cash |
7,394,000,000 |
|
2. Cash equivalents |
0 |
|
II. Short-term
investments |
0 |
|
1. Short-term investments |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
|
III. Accounts
receivable |
22,561,000,000
|
|
1. Receivable from customers |
21,736,000,000 |
|
2. Prepayments to suppliers |
1,068,000,000 |
|
3. Inter-company receivable |
0 |
|
4. Receivable according to the progress of construction |
0 |
|
5. Other receivable |
5,000,000 |
|
6. Provisions for bad debts |
-248,000,000 |
|
IV. Inventories |
28,049,000,000
|
|
1. Inventories |
28,049,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
|
V. Other Current
Assets |
2,671,000,000
|
|
1. Short-term prepaid expenses |
1,070,000,000 |
|
2. VAT to be deducted |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
4. Other current assets |
1,601,000,000 |
|
B. LONG-TERM
ASSETS |
2,429,000,000
|
|
I. Long term
accounts receivable |
224,000,000
|
|
1. Long term account receivable from customers |
0 |
|
2. Working capital in affiliates |
0 |
|
3. Long-term inter-company receivable |
0 |
|
4. Other long-term receivable |
224,000,000 |
|
5. Provisions for bad debts from customers |
0 |
|
II. Fixed assets
|
1,925,000,000
|
|
1. Tangible assets |
1,925,000,000 |
|
- Historical costs |
3,780,000,000 |
|
- Accumulated depreciation |
-1,855,000,000 |
|
2. Financial leasehold assets |
0 |
|
- Historical costs |
0 |
|
- Accumulated depreciation |
0 |
|
3. Intangible assets |
0 |
|
- Initial costs |
0 |
|
- Accumulated amortization |
0 |
|
4. Construction-in-progress |
0 |
|
III. Investment
property |
0 |
|
Historical costs |
0 |
|
Accumulated depreciation |
0 |
|
IV. Long-term
investments |
0 |
|
1. Investments in affiliates |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
3. Other long-term investments |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
V. Other
long-term assets |
280,000,000
|
|
1. Long-term prepaid expenses |
280,000,000 |
|
2. Deferred income tax assets |
0 |
|
3. Other long-term assets |
0 |
|
VI. Goodwill |
0 |
|
1. Goodwill |
0 |
|
TOTAL ASSETS |
63,104,000,000
|
|
|
|
|
LIABILITIES |
|
|
A- LIABILITIES |
43,927,000,000
|
|
I. Current
liabilities |
43,563,000,000
|
|
1. Short-term debts and loans |
1,479,000,000 |
|
2. Payable to suppliers |
36,670,000,000 |
|
3. Advances from customers |
3,574,000,000 |
|
4. Taxes and other obligations to the State Budget |
1,840,000,000 |
|
5. Payable to employees |
0 |
|
6. Accrued expenses |
0 |
|
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 |
364,000,000
|
|
1. Long-term accounts payable to suppliers |
0 |
|
2. Long-term inter-company payable |
0 |
|
3. Other long-term payable |
0 |
|
4. Long-term debts and loans |
364,000,000 |
|
5. Deferred income tax payable |
0 |
|
6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
B- OWNER’S
EQUITY |
19,177,000,000
|
|
I. OWNER’S
EQUITY |
18,612,000,000
|
|
1. Capital |
11,000,000,000 |
|
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 |
0 |
|
8. Financial reserved fund |
0 |
|
9. Other funds |
0 |
|
10. Retained earnings |
7,612,000,000 |
|
11. Construction investment fund |
0 |
|
II. Other
sources and funds |
565,000,000
|
|
1. Bonus and welfare funds |
565,000,000 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
63,104,000,000
|
|
|
|
|
PROFIT
& LOSS STATEMENT |
|
|
|
|
|
Description |
FY2010 |
|
1. Total Sales |
171,262,000,000
|
|
2. Deduction item |
114,000,000 |
|
3. Net revenue |
171,148,000,000
|
|
4. Costs of goods sold |
147,346,000,000 |
|
5. Gross profit |
23,802,000,000
|
|
6. Financial income |
156,000,000 |
|
7. Financial expenses |
496,000,000 |
|
- In which: Loan interest expenses |
33,000,000 |
|
8. Selling expenses |
5,497,000,000 |
|
9. Administrative overheads |
8,550,000,000 |
|
10. Net operating profit |
9,415,000,000
|
|
11. Other income |
8,224,000,000 |
|
12. Other expenses |
7,900,000,000 |
|
13. Other profit /(loss) |
324,000,000
|
|
14. Total accounting profit before tax |
9,739,000,000
|
|
15. Current corporate income tax |
2,435,000,000 |
|
16. Deferred corporate income tax |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
|
18. Profit after tax |
7,304,000,000
|
|
|
||
|
FINANCIAL
RATIOS AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2010
|
Average
Industry |
|
Current liquidity ratio |
1.39 |
1.21 |
|
Quick liquidity ratio |
0.75 |
0.72 |
|
Inventory circle |
5.25 |
12.25 |
|
Average receive period |
48.11 |
51.49 |
|
Utilizing asset performance |
2.71 |
2.30 |
|
Liability by total assets |
69.61 |
59.32 |
|
Liability by owner's equity |
229.06 |
229.17 |
|
Ebit / Total assets (ROA) |
15.49 |
8.16 |
|
Ebit / Owner's equity (ROE) |
50.96 |
24.08 |
|
Ebit / Total revenue (NPM) |
5.71 |
6.61 |
|
Gross profit / Total revenue (GPM) |
13.90 |
16.82 |
|
Note: The Average Industry was calculated by VietnamCredit
based on our own statistical data |
||
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Even |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank. Foreign remittance by
letter of credit (L/C), tele |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Fair |
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject - ANCUONG
CO., LTD - was established in
1994. The subject has changed its business registration twenty times, the
last time was on 28 Feb 2012. Currently, it is operating under business
registration No. 0301150256 with registered capital of VND 11
billion. The
subject specializes in supplying wood- working and decorative materials. Its
products includes Melamine Faced Chipboard (MFC), Moisture Resistant MFC,
Melamine MDF, Formica Laminate, Laminate Kingdom, PVC/ABS/Acrylic/3D
Edgebanding, Postformed Elements (Kitchen Top, Table Top, Counter Top), Paper
& PVC lamination, Moisture Resistant PB - MDF, Waterproof
Blockboard - Plywood, High Gloss UV MDF, High Gloss Acrylic etc. The
subject imports 80% goods from Germany, Malaysia, Thailand, India, China and
Korea then trading in domestic market. It has good business relation with
foreign suppliers such as Goodsense, Wodego, Mieco, Duropal, Jowat …
According to Ms. Theu Thi Ngoc Diem - Chief Accountant, recently, the subject
also exports MDF to Australia. Now
the subject has two showrooms in Hochiminh city and a transaction office in
Hanoi city. Total workforce is about 75 persons. Its
management capacity is quite good. The subject’s directors are experienced
people. They have operated for a long time and had gained a stable market
share. |
|
|
|
INDUSTRY
DATA |
||||||
|
|
||||||
|
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) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry
and Construction |
5.53 |
7.70 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade
and Services |
6.69 |
7.52 |
154,978 |
14,522 |
4,939,069 |
|
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population (Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic Products (USD
billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita
(USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (% Change in
Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
|
SERVICE
TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.94 |
|
|
1 |
Rs.78.25 |
|
Euro |
1 |
Rs.65.39 |
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.