MIRA INFORM REPORT

 

 

Report No. :

327546

Report Date :

04.07.2015

 

IDENTIFICATION DETAILS

 

Name :

FRIENDS GROUP CO LTD

 

 

Registered Office :

255 BinhChanh Hamlet Khanh Binh Commune, Tan Uyen, Binh Duong

 

 

Country :

Vietnam

 

 

Financials (as on) :

2013

 

 

Date of Incorporation :

01.06.2009

 

 

Legal Form :

Private Company with Limited Liability

 

 

Line of Business :

Subject is trader of agricultural products

 

 

No. of Employee :

18

 

 

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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Vietnam

A2

A2

 

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 18% in 2014, while industry's share increased from 36% to 38% in the same period. State-owned enterprises account for about 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 2014 growing at 5.4%, one of the slower growth rates since 1999. Exports have grown strongly in 2013-14; 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 has remained relatively stable since then. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted 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, Hanoi’s progress in meeting its goals is lagging behind its proposed schedule. Vietnam's economy continues to face challenges from an undercapitalized banking sector and non-performing loans weigh heavily on banks and businesses. Vietnam is a member of the 12-nation Trans-Pacific Partnership free trade agreement negotiations.

 

Source : CIA

 

REGISTERED NAME & COMPANY SUMMARY

 

Organization Name

:

FRIENDS GROUP CO LTD (1)

Address

:

12 Rd 1 Cat Lai Ward, District 2, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-22060218

Facsimile

:

[+84] 8-62581580

Email

:

trading@friends-groupvn.com

Website

:

http://www.friends-groupvn.com

Primary Business Activity

:

Trader

Key Industry

:

Agricultural Products

 

Registered Legal Address

:

255 BinhChanh Hamlet Khanh Binh Commune, Tan Uyen, Binh Duong

Operational Address

:

12 Rd 1 Cat Lai Ward, District 2, Ho Chi Minh

Trading Name

:

FG CO LTD

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0304318309

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Company Limited

Legal Form - Abbreviation

:

CO LTD

Operational Status of Business

:

Normal

Date of Registration

:

1 Jun, 2009

Employees

:

18

Capital

:

US$ 22,946

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

6 Apr, 2006

4102038200

Note

:

(1) Legal status of the English corporate name
The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.

 

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Nguyen Ngoc Minh Tri

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Ms. Huynh Thi Hong Nhung

Vietnamese

Chief Accountant

-

2

Mr. Nguyen Ngoc Minh Tri

Vietnamese

Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI02171886

Name

:

Ms. Huynh Thi Hong Nhung

 

Date of Birth

:

1975

 

Management Details - 2

Personal Unique Identifier

:

MI01638949

Name

:

Mr. Nguyen Ngoc Minh Tri

 

Email

:

nguyentri@friends-groupvn.com

Date of Birth

:

1978

Mobile No.

:

84-913857328

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI01638949

Name

:

Mr. Nguyen Ngoc Minh Tri

Email

:

nguyentri@friends-groupvn.com

Date of Birth

:

1978

Mobile No.

:

84-913857328

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing FRIENDS GROUP CO LTD's reputation within the respective industry failed to reveal any adverse information.

 

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 500,000,000

Paid-up Capital

:

₫ 500,000,000

 

 

SHAREHOLDERS

 

Total number of shareholders

:

2

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

Mr. Nguyen Ngoc Minh Tri

Vietnam

n/a

250,000,000

50.00

2

Ms. Nguyen Thi Ngoc Thao

Vietnam

n/a

250,000,000

50.00

Total

n/a

500,000,000

100.00

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

2%

International Sales (Export)

98%

 

Annual Purchases Analysis

Percentage

Local Purchases

100%

Imports

0%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Export

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

 

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

FRIENDS GROUP CO LTD - TAN UYEN, BINH DUONG

Branch Address

:

Hamlet 3A Khanh Binh Commune, Tan Uyen, Binh Duong

 

Branch

:

FRIENDS GROUP CO LTD - CU CHI, HO CHI MINH

Branch Address

:

545 National Rd 22 Cay Trom Hamlet Phuoc Hiep Commune, Cu Chi, Ho Chi Minh

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Turnover

Assets

Net Income

2012 Annual  

6,813,076

1,761,373

367,833

2013 Annual (*)

11,318,047

1,149,179

486,720

 

 

Sales Trend – Analysis

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

-

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

Note: (*)

Financials listed are the most recent available for this company.

 

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

Current Assets(*)

36,552,000,000

24,095,000,000

Non Current Assets(*)

128,000,000

139,000,000

Share Capital(*)

500,000,000

500,000,000

Other long term assets 

Total Assets(*)

36,680,000,000

24,234,000,000

Total Liabilities(*)

6,226,000,000

1,441,000,000

Current Liabilities(*)

6,226,000,000

1,441,000,000

Long term liabilities 

Shareholders Funds(*)

30,454,000,000

22,793,000,000

 

Current assets & short term investments

36,552,000,000

24,095,000,000

Cash & cash equivalents

520,000,000

639,000,000

Cash

471,000,000

421,000,000

Cash equivalents

49,000,000

218,000,000

Accounts receivable

34,739,000,000

21,087,000,000

Accounts receivable trade

22,727,000,000

17,258,000,000

Trade prepayment

12,012,000,000

3,829,000,000

i. Inventories

545,000,000

247,000,000

ii. Inventories

545,000,000

247,000,000

Other short term asset

748,000,000

2,122,000,000

Prepaid expenses

5,000,000

5,000,000

VAT deductible

743,000,000

2,117,000,000

Long term assets

128,000,000

139,000,000

Fixed assets

128,000,000

139,000,000

Tangible fixed assets

128,000,000

139,000,000

Cost

345,000,000

299,000,000

Accumulated depreciation

217,000,000

160,000,000

Total assets

36,680,000,000

24,234,000,000

Liabilities

6,226,000,000

1,441,000,000

Current liabilities

6,226,000,000

1,441,000,000

Short term borrowings

2,279,000,000

374,000,000

Taxes and payable to state budget

6,000,000

10,000,000

Other payables

3,941,000,000

1,057,000,000

i. Owner's equity

30,454,000,000

22,793,000,000

ii. Owner's equity

30,454,000,000

22,793,000,000

Business capital

500,000,000

500,000,000

Retained earnings

29,954,000,000

22,293,000,000

Total resources

36,680,000,000

24,234,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2012 Annual

2013 Annual

Turnover(*)

141,880,000,000

238,676,000,000

Profit (Loss) Before Tax(*)

7,660,000,000

10,264,000,000

Profit After Tax attributable to Shareholders(*)

7,660,000,000

10,264,000,000

 

Gross sales

141,880,000,000

238,676,000,000

Net income

141,880,000,000

238,676,000,000

Cost of goods sold

128,477,000,000

206,400,000,000

Gross margin

13,403,000,000

32,276,000,000

Income from financial activities

566,000,000

214,000,000

Expenses from financial activities

307,000,000

435,000,000

Selling expenses

4,124,000,000

20,549,000,000

General & administration expenses

1,879,000,000

1,245,000,000

Net income from operating activities

7,660,000,000

10,261,000,000

Extraordinary income

-

10,000,000

Extraordinary expenses

-

7,000,000

Extraordinary gains

-

3,000,000

Net profit before tax

7,660,000,000

10,264,000,000

Net profit after tax

7,660,000,000

10,264,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2012 Annual

2013 Annual

Growth % 

Year-on-Year Growth

-

68.22

Profitability 

Profit Margin (%)

5.40

4.30

Return on Equity (%)

25.15

45.03

Return on Assets (%)

20.88

42.35

Leverage 

Total Debt Equity (Times)

0.20

0.06

Current Debt Equity (Times)

0.20

0.06

Total Asset To Total Equity

1.20

1.06

Asset Management 

Total Assets Turnover (Times)

3.87

9.85

Fixed Assets Turnover (Times)

1,108.44

1,717.09

Liquidity 

Current Ratio

5.87

16.72

Based on the corporate laws of Vietnam, legal entities which are a Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000046 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Country

:

Vietnam

Business Entity Name

:

FRIENDS GROUP CO LTD

Acronym

:

FG

Primary Business Activity

:

Trader

Primary Industry

:

Agricultural Products

 

Office Contact Details

Operating Address

:

12 Rd 1 Cat Lai Ward, District 2, Ho Chi Minh

Tel

:

[+84] 8-22060218

 

:

[+84] 8-22070218

 

:

[+84] 8-22105352

Fax

:

[+84] 8-62581580

 

:

[+84] 8-22060218

 

:

[+84] 8-62994468

Email

:

trading@friends-groupvn.com

 

Website Detailsaw

Website

:

http://www.friends-groupvn.com

Status

:

Normal - operational

 

Tax / VAT Details

Tax Issuing Authority

:

Ministry of Finance

Local Name Used

:

Gia Trj Gia Tang (Value Added Tax)

Acronym

:

GTGT / VAT

GTGT / VAT Number

:

0304318309

 

Primary Products

Products / Materials / Services Description

Activity

Agricultural products

Trading, Exporting

Cashew nuts

Trading, Exporting

Handicraft articles

Trading, Exporting

Pepper

Trading, Exporting

Rice

Trading, Exporting

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Agricultural Production-Crops

0100

Trading, Exporting

Fruits and tree nuts, nspf

0179

Trading, Exporting

Rice

0112

Trading, Exporting

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Coconuts, brazil nuts & cashew nuts, fresh or dry

0801

Trading, Exporting

Pepper, genus piper; genus capsicum or pimenta

0904

Trading, Exporting

Rice

1006

Trading, Exporting

Tapioca and substitutes from starch in flakes, etc

1903

Trading, Exporting

 

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Tapioca chips

Primary

Trading, Exporting

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of FRIENDS GROUP CO LTD is Trading - Finished products.

Key products include :

Agricultural products

Cashew nuts

Handicraft articles

Pepper

Rice

Tapioca chips

 

Supplementary Business

In addition to the core business, FRIENDS GROUP CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

 

BANK DETAILS

Bank Name

:

ASIA COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

District 3Ho Chi Minh

SWIFT Code

:

ASCBVNVX

 

Bank Name

:

HOUSING DEVELOPMENT COMMERCIAL JOINT STOCK BANK OF HO CHI MI

Global Identifier

:

P1190884

Branch

:

Ho Chi Minh

Branch Address

:

HIEP PHU

SWIFT Code

:

This bank does not have a SWIFT Code

 

INTERNATIONAL TRADE - Activity & Markets

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Exporting

China

Medium

Exporting

Hong Kong

Medium

Exporting

Malaysia

Medium

Exporting

Taiwan

Medium

Exporting

 

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name

:

FRIENDS GROUP CO LTD - DISTRICT 2, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

12 Rd 1 Cat Lai Ward, District 2, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

 

NOTES & COMMENTS

 

N/a

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.40

UK Pound

1

Rs.98.94

Euro

1

Rs.70.33

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.