|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
A&Q GENERAL TRADING COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 66, Ngan Son Street, Group 5, Vinh Trai Ward, Lang Son City, Lang
Son Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
26.04.2010 |
|
|
|
|
Com. Reg. No.: |
4900528181 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
The subject acts as consignee and trust import-export agent. Therefore,
products are various including frozen food, dried food, cereal, agricultural
products, fruits, vegetables, salmon. |
|
|
|
|
No. of Employees : |
50 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
VIETNAM - ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that has
been transitioning from the rigidities of a centrally-planned economy since
1986. Vietnamese authorities have reaffirmed their commitment to economic
modernization in recent years. Vietnam joined the World Trade Organization in
January 2007, which has promoted more competitive, export-driven industries.
Vietnam became an official negotiating partner in the Trans-Pacific Partnership
trade agreement in 2010. Agriculture''s share of economic output has continued
to shrink from about 25% in 2000 to less than 22% in 2012, while industry''s
share increased from 36% to nearly 41% in the same period. State-owned
enterprises account for roughly 40% of GDP. Poverty has declined significantly,
and Vietnam is working to create jobs to meet the challenge of a labor force
that is growing by more than one million people every year. The global recession
hurt Vietnam''s export-oriented economy, with GDP in 2012 growing at 5%, the
slowest rate of growth since 1999. In 2012, however, exports increased by more
than 18%, year-on-year; several administrative actions brought the trade
deficit back into balance. Between 2008 and 2011, Vietnam''s managed currency,
the dong, was devalued in excess of 20%, but its value remained stable in 2012.
Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign
donors have pledged $6.5 billion in new development assistance for 2013. Hanoi
has oscillated between promoting growth and emphasizing macroeconomic stability
in recent years. In February 2011, the Government shifted policy away from
policies aimed at achieving a high rate of economic growth, which had stoked
inflation, to those aimed at stabilizing the economy, through tighter monetary
and fiscal control. Although Vietnam unveiled a broad, "three pillar"
economic reform program in early 2012, proposing the restructuring of public investment,
state-owned enterprises, and the banking sector, little perceptible progress
had been made by early 2013. Vietnam''s economy continues to face challenges
from an undercapitalized banking sector. Non-performing loans weigh heavily on
banks and businesses. In September 2012, the official bad debt ratio climbed to
8.8%, though some independent analysts believe it could be higher than 15%
|
Source
: CIA |
|
English Name |
|
A&Q GENERAL TRADING COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH KINH DOANH THUONG MAI TONG HOP A&Q |
|
Short name |
|
A&Q GT CO.,LTD |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2010 |
|
Business Registration No. |
|
4900528181 |
|
Date of Registration |
|
26 Apr 2010 |
|
Place of Registration |
|
Planning and Investment Department of Lang Son Province |
|
Chartered capital |
|
VND 3,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
4900528181 |
|
Total Employees |
|
50 |
|
Size |
|
Small |
|
Head Office |
||
|
Address |
|
No. 66, Ngan Son Street, Group 5, Vinh Trai Ward, Lang Son City, Lang
Son Province, Vietnam |
|
Telephone |
|
(84-25) 3870 381 |
|
Fax |
|
(84-25) 3870 381 |
|
Email |
|
|
|
|
||
|
Transaction
office in Ha Noi |
||
|
Address |
|
Rm. D2, 6th Fl, No. 713, Lac Long Quan Street , Tay Ho District, Ha
Noi City, Vietnam |
|
|
||
|
Transaction office in Hai Phong |
||
|
Address |
|
Vo Thi Sau Street , Ngo Quyen District, Hai Phong City, Vietnam |
|
1. NAME |
|
Mr. NGUYEN ANH QUAN |
|
Position |
|
Director |
|
Date of Birth |
|
21 May 1959 |
|
ID Number/Passport |
|
080680375 |
|
ID Issue Date |
|
04 Mar 1999 |
|
ID Issue Place |
|
Police Station of Lang Son |
|
Resident |
|
No. 66, Ngan Son Street, Group 5, Vinh Trai ward
, Lang Son City, Lang Son Province, Vietnam |
|
Nationality |
|
Vietnam |
|
Tel/Mobile phone |
|
(84-25) 3870381 |
|
|
||
|
2. NAME |
|
Mr. NGUYEN DUY HUNG |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
081037682 |
|
Resident |
|
Cement factory Collective, Mai Pha Commune, Lang
Son City, Lang Son Province, Vietnam |
|
Nationality |
|
Vietnam |
|
Tel/Mobile phone |
|
(84) 984422888 |
|
|
||
|
3. NAME |
|
Ms. TRINH THI THAO |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 988 129 181 |
The subject acts as consignee and trust import-export agent. Therefore,
products are various including frozen food, dried food, cereal, agricultural
products, fruits, vegetables, salmon.
|
IMPORT: |
||
|
Types of products |
|
Agricultural products, frozen food, fruits |
|
Market |
|
China, India, Norway |
|
|
||
|
EXPORT: |
||
|
Types of products |
|
Fruits, onion, garlic, frozen food |
|
Market |
|
Cambodia, Laos, China |
|
1. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE LANG
SON BRANCH |
||
|
Address |
|
No.51 Le Loi str, Lang Son City, Lang Son Province, Vietnam |
|
Telephone |
|
(84-25) 3876689 |
|
|
||
|
2. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK LANG SON
BRANCH |
||
|
Address |
|
No.54 Tran Dang Ninh, Hoang Van Thu ward, Lang Son City, Lang Son
Province, Vietnam |
|
Telephone |
|
(84-25) 3713968 |
|
Fax |
|
(84-25) 3713966 |
|
|
||
|
3. VIETNAM TECHNOLOGICAL AND COMMERCIAL JOINT STOCK BANK BA TRIEU
BRANCH |
||
|
Address |
|
348 Pho Hue, Hai Ba Trung District, Ha Noi City, Vietnam |
|
|
||
|
4. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT BAC SON BRANCH |
||
|
Address |
|
Luong Van Chi Zone Bac Son Town, Bac Son District, Lang Son Province,
Vietnam |
|
|
||
|
1. NAME |
|
Mr. NGUYEN ANH QUAN |
|
Position |
|
Director |
|
Date of Birth |
|
21 May 1959 |
|
ID Number/Passport |
|
080680375 |
|
Issued on |
|
04 Mar 1999 |
|
Issued Place |
|
Police Station of Lang Son |
|
Resident |
|
No. 66, Ngan Son Street, Group 5, Vinh Trai ward , Lang Son City, Lang
Son Province, Vietnam |
|
Home phone |
|
(84-25) 3870381 |
|
Nationality |
|
Vietnam |
|
Value of shares |
|
VND 2,700,000,000 |
|
Percentage |
|
90% |
|
|
||
|
2. NAME |
|
Mr. NGUYEN DUY HUNG |
|
Position |
|
Deputy Director |
|
ID Number/Passport |
|
081037682 |
|
Resident |
|
Cement factory Collective, Mai Pha Commune , Lang Son City, Lang Son
Province, Vietnam |
|
Mobile phone |
|
+84 984422888 |
|
Nationality |
|
Vietnam |
|
Value of shares |
|
VND 300,000,000 |
|
Percentage |
|
10% |
BALANCE SHEET
|
Unit: One VND |
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT ASSETS |
267,928,438,089 |
169,238,023,341 |
|
I. Cash and cash equivalents |
13,117,432,499 |
3,968,597,268 |
|
1. Cash |
13,117,432,499 |
3,968,597,268 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term investments |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts receivable |
256,093,151,467 |
165,232,757,684 |
|
1. Receivable from customers |
255,963,945,182 |
165,103,551,400 |
|
2. Prepayments to suppliers |
1 |
0 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
129,206,284 |
129,206,284 |
|
6. Provisions for bad debts |
|
|
|
IV. Inventories |
-1,282,145,877 |
36,668,389 |
|
1. Inventories |
-1,282,145,877 |
36,668,389 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
0 |
0 |
|
1. Short-term prepaid expenses |
0 |
0 |
|
2. VAT to be deducted |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
0 |
0 |
|
B. LONG-TERM ASSETS |
38,500,000 |
38,500,000 |
|
I. Long term accounts receivable |
0 |
0 |
|
1. Long term account receivable from customers |
0 |
0 |
|
2. Working capital in affiliates |
0 |
0 |
|
3. Long-term inter-company receivable |
0 |
0 |
|
4. Other long-term receivable |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
|
II. Fixed assets |
38,500,000 |
38,500,000 |
|
1. Tangible assets |
38,500,000 |
38,500,000 |
|
- Historical costs |
38,500,000 |
38,500,000 |
|
- Accumulated depreciation |
0 |
0 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
|
- Initial costs |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
|
III. Investment property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term investments |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other long-term assets |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
267,966,938,089 |
169,276,523,341 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
264,937,688,089 |
166,246,730,716 |
|
I. Current liabilities |
265,822,436,125 |
166,246,730,716 |
|
1. Short-term debts and loans |
33,530,128,179 |
0 |
|
2. Payable to suppliers |
229,782,444,802 |
164,918,031,614 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
2,509,863,144 |
1,328,699,102 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term Liabilities |
-884,748,036 |
|
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
-884,748,036 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
|
B- OWNER’S EQUITY |
3,029,250,000 |
3,029,792,625 |
|
I. OWNER’S EQUITY |
3,029,250,000 |
3,029,792,625 |
|
1. Capital |
3,000,000,000 |
3,000,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
29,250,000 |
29,792,625 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
|
II. Other sources and funds |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S INTEREST |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
267,966,938,089 |
169,276,523,341 |
PROFIT & LOSS
STATEMENT
|
Description |
FY2011 |
FY2010 |
|
1. Total Sales |
285,892,170,752 |
172,879,992,000 |
|
2. Deduction item |
0 |
0 |
|
3. Net revenue |
285,892,170,752 |
172,879,992,000 |
|
4. Costs of goods sold |
285,415,903,630 |
172,677,632,649 |
|
5. Gross profit |
476,267,122 |
202,359,351 |
|
6. Financial income |
6,601,328 |
872,819 |
|
7. Financial expenses |
0 |
0 |
|
- In which: Loan interest expenses |
0 |
0 |
|
8. Selling expenses |
0 |
0 |
|
9. Administrative overheads |
443,868,450 |
163,508,670 |
|
10. Net operating profit |
39,000,000 |
39,723,500 |
|
11. Other income |
0 |
0 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
0 |
0 |
|
14. Total accounting profit before tax |
39,000,000 |
39,723,500 |
|
15. Current corporate income tax |
9,750,000 |
9,930,875 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
29,250,000 |
29,792,625 |
|
Description |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.01 |
1.02 |
1.25 |
|
Quick liquidity ratio |
1.01 |
1.02 |
0.71 |
|
Inventory circle |
-458.32 |
4,709.17 |
20.29 |
|
Average receive period |
326.96 |
348.85 |
61.81 |
|
Utilizing asset performance |
1.07 |
1.02 |
2.53 |
|
Liability by total assets |
98.87 |
98.21 |
69.15 |
|
Liability by owner's equity |
8,745.98 |
5,487.07 |
261.12 |
|
Ebit / Total assets (ROA) |
0.01 |
0.02 |
9.66 |
|
Ebit / Owner's equity (ROE) |
1.29 |
1.31 |
41.58 |
|
Ebit / Total revenue (NPM) |
0.01 |
0.02 |
4.49 |
|
Gross profit / Total revenue (GPM) |
0.17 |
0.12 |
9.69 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
|||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Normal |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through its bank, T/T, L/C |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Good |
A&Q GT CO.,LTD
is two member limited liability company, including Mr. Nguyen Anh Quan –
director holding 90% of the capital and Mr. Nguyen Duy Hung - deputy director
holding the remaining. As a trading company, the subject's chartered capital is
VND 3 billion and total employees are about 50 people.
Started operation
in 2010, the main business activities of the subject are import-export and
trading agricultural products, frozen food and fruit. Currently, the subject
mainly imports fruits from China, frozen seafood from Norway and Australia,
cereal from India then wholesale in domestic market. Besides, it re-exports
imported frozen seafood to China.
Head office of the subject locates at No. 66, Ngan Son Street, Group 5,
Vinh Trai Ward, Lang Son Province. This is also private house of Mr. Nguyen Anh
Quan. Besides,
the subject has two transaction offices in Hanoi and Hai Phong city.
Financially, the
financial situation of the subject is considered normal. Total assets were 268
billion VND in 2011, rose by 58.3% compared with 2010. With the humble capital,
the subject's assets financed mainly by liabilities. Liability occupied over
90% in total assets. This shows that its self-financing is weak and not safe
for creditors. In 2011, although total sales of the subject increased, valued
at VND 286 billion, up 65.4% against 2010, profit after tax reduced slightly.
Most of financial ratios were not good and risky in relation to the average
industry.
In short, the
subject is small company that has operated as a family business. Its business
activities seem busy now. To be safe, please caution for medium and big
transactions with the subject.
|
Industry code |
GDP growth speed by price compared with 1994 (%) |
Total enterprises 2010 |
Total employees 2011 (Thous.pers.) |
Annual average capital of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture, Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
|
ECONOMIC INDICATORS |
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population (Million
person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic Products
(USD billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita
(USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (% Change in
Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget Deficit
compared with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
|
SERVICE TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.