Business Information Service

Factsheet:

APLUS MATH COMPANY LIMITED

Date of report:
Dec 31 2021

Table Of Contents
KEY INFORMATION ....................................................................................................................................... 2
OWNERSHIP STRUCTURE ........................................................................................................................... 3

MANAGEMENT INFORMATION ..................................................................................................................... 3

BRANCHES & SUBSIDIARIES ....................................................................................................................... 4

Z-SCORE ........................................................................................................................................................ 5
M – SCORE ..................................................................................................................................................... 5

FINANCIAL HIGHLIGHTS ............................................................................................................................... 6

FINANCIAL STATEMENTS ............................................................................................................................. 8

BALANCE SHEET .................................................................................................................................... 8

INCOME STATEMENT ............................................................................................................................ 9
CASH FLOW STATEMENT.................................................................................................................... 10
DISCLAIMER ................................................................................................................................................. 10

Headquarter Ho Chi Minh City Branch

Level 10, Peakview Tower, 36 Hoang Cau, Level 3, Profomilk Plaza Building, 51-53 Vo Van Tan,
Dong Da District, Hanoi, Vietnam Ward 6, District 3, Ho Chi Minh
T: +84 - 24 - 3562 6962 T: +84 - 28 - 3823 3485
E: support.fiingate@fiingroup.vn E: support.fiingate@fiingroup.vn
 FACTSHEET
APLUS MATH COMPANY LIMITED

KEY INFORMATION
KEY FINANCIAL
Unit VND Million
FY: 2020

Total Assets Contributed Capital Net Debts Net Revenue Net Profit

101,956.12 10,000.00 (26,412.10) 151,177.93 3,171.24

-10.41% y-o-y - +59.28% y-o-y -26.38% y-o-y -75.87% y-o-y

Company Name
APLUS MATH COMPANY LIMITED
CÔNG TY TNHH APLUS MATH
COMPANY RANK
FY: 2020
#13
By Revenue

TOP COMPANIES
24-24Bis Ly Thai To, Ward 02, District 3, Unit VND Million
Registered Address FY: 2020
Ho Chi Minh City, Viet Nam
Company name Rank Revenue
Tax Code 0312201431 APAX ENGLISH
1 1,714,642.67
Business Registration CORPORATION
N/A
No. VIETNAM USA SOCIETY
Date of Registration Mar 25, 2013 ENGLISH INTERNATIONAL 2 1,281,879.96
JSC JOINT STOCK COMPANY
Legal Form Limited Liability Company
APOLLO EDUCATION AND
Less than 50% state-owned Limited Liability
Ownership Type TRAINING ORGANIZATION 3 719,006.77
Company
VIETNAM

ICB: 5300 SUNTECH SOLAR JOINT

4 577,854.25
Industry Classification STOCK COMPANY
Education and training
(Main) PVD TECHNICAL TRAINING
VSIC: 85 AND CERTIFICATION JOINT 5 351,960.89
STOCK COMPANY
FiinGroup Company/Bank Rankings are the performance tables that judge size
ICB: 5377 of companies/banks which register to operate in Vietnam. We use typical
Sector (Main) Other education n.e.c. indicators to provide general comparisons.
Companies/Banks are basically grouped into registered industries, then ranked
VSIC: 85590 by scale to suggest the position of the subject among its peers.
The result is for reference only.

Listing Status Private Entity FINANCIAL SUMMARY

Status Active
Profit Margin (FY: 2020)
Charter Capital VND Million 10,000.00
Employees Size 2 (2020)
NGUYEN THANH HOANG DIEM
Nationality Vietnamese
Legal Representative
YOB 1978
ID No. 023242495
CONTACT INFORMATION
Cash Flow Breakdown (FY: 2020)
Telephone 024 3930 1038
Fax N/A
Website www.mathnasium.edu.vn
Email info@mathnasium.edu.vn

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 FACTSHEET
APLUS MATH COMPANY LIMITED
OWNERSHIP STRUCTURE
Country/ Ownership Update
Name
Nationality (%) Date
PHAM TAN NGHIA Vietnamese 100.00 08/2020
Last updated on 23 Aug 2021
100.00%

PHAM TAN NGHIA

MANAGEMENT INFORMATION
BOARD OF DIRECTOR

Name Year of Birth Nationality Position

BOARD OF MANAGEMENT

Name Year of Birth Nationality Position

NGUYEN THANH HOANG DIEM 1978 Vietnamese General Director

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 FACTSHEET
APLUS MATH COMPANY LIMITED
BRANCHES & SUBSIDIARIES
BRANCH(ES)
Name Tax Code Address

SUBSIDIARY(IES)
Name Address Ownership (%)

ASSOCIATE(S)
Name Address Ownership (%)

RELATED COMPANY(IES)
Co-legal
Name Co-directors Co-owners Status
representative
ETS EDUCATION TRAINING SERVICE
0 1 No Active
COMPANY LTD

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 FACTSHEET
APLUS MATH COMPANY LIMITED
Z-SCORE
Altman Z-score is the output of a credit-strength test that predicts a company’s likelihood of bankruptcy. The Altman Z-score is based on five
financial ratios calculated from the data in the company’s financial statements.

Z-SCORE MODEL
ZScore in 03 years
2020 Z=6.56T1 + 3.26T2 + 6.72T3 + 1.05T4

2019 Z=6.56T1 + 3.26T2 + 6.72T3 + 1.05T4 2018

2018 Z=6.56T1 + 3.26T2 + 6.72T3 + 1.05T4 2019
CALCULATION 2020
2020 2019 2018
0 0.5 1 1.5 2 2.5 3
T1 0.17 0.10 (0.09)
T2 0.19 0.15 0.08
T3 0.03 0.12 0.21
T4 0.41 0.30 0.44 "Safe" Zones - low default risk Z > 2.60
"Grey" Zones – medium default risk 1.10 <= Z <= 2.60
T5 - - - "Distress" Zones - high default risk Z < 1.10
ZScore 2.43 2.26 1.57

M – SCORE
Beneish M-Score is a mathematical model that uses financial ratios and eight variables to identify whether a company has manipulated its
earnings. The variables are constructed from the data in the Company’s financial statement.

M-SCORE MODEL
MScore in 03 years
M = −4.84 + 0.92DSRI + 0.528GMI + 0.404AQI + 0.892SGI +
0.115DEPI − 0.172SGAI + 4.679TATA − 0.327LVGI
CALCULATION 2018
2020 2019 2018 2019
DSRI - - 3.53
2020
GMI 1.30 0.93 1.04
AQI 0.90 0.33 2.01 -8 -6 -4 -2 0 2 4
SGI 0.74 1.13 1.19
Not Manipulator M < -2.22
DEPI - - -
Manipulator M > -2.22
SGAI 0.91 1.04 1.02
LVGI 0.92 1.10 0.75
TATA 0.12 (0.48) 0.29
MScore (3.03) (5.98) 1.76

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APLUS MATH COMPANY LIMITED
FINANCIAL HIGHLIGHTS

QUICK ANALYSIS

Status Be alert Neutral Good

REVENUE GROWTH
Revenue decreased by 26.38% in 2020
NET PROFIT GROWTH
Net Profit after Tax decreased by 75.87% in 2020
NET PROFIT MARGIN
Net Profit Margin was positive in 03 consecutive years
RETURN ON EQUITY (ROE)
ROE decreased by 65.92% in 2020
CASH FLOW QUALITY
Cash Flows from Operating Activities was negative in the lastest year
FREE CASH FLOW QUALITY
Free Cash Flow was negative in the lastest year
DEBT PRESSURE
Debt to Equity Ratio was lower than Industry Average in 2020 and 2019
OPERATIONAL EFFICIENCY
Current Ratio was lower than Industry Average in 2020 and 2019
ASSETS MANAGEMENT EFFICIENCY - DSO
Days Sales Outstanding in the lastest year was lower than Industry Average
ASSETS MANAGEMENT EFFICIENCY - DPO
3-year Average of Days Payables Outstanding was lower than 90 days

FINANCIAL HIGHLIGHTS

Name Unit 2020 2019 2018

Financial Health Ratios
Cash Ratio Times 0.37 0.74 0.65
Quick Ratio Times 1.17 1.07 0.69
Current Ratio Times 1.25 1.13 0.88
Tangible Net Worth VND Million 29,680.98 26,509.74 13,367.04
Gearing Ratio Times - - -
Total Debt/Total Assets Times - - -
Long-term Debt/Equity Times - - -
Long-term Debt/Total Assets Times - - -
Total Liabilities/ Equity Times 2.44 3.29 2.29
Total Liabilities/Total Assets Times 0.71 0.77 0.70
Management Efficiency Ratios
ROA % 2.94 16.67 16.93
ROCE % 12.48 67.54 104.16
ROE % 11.29 65.92 97.67
Interest & Tax Burden Times 0.90 0.98 0.94
EBIT Margin % 0.74 5.77 4.59
Assets Turnover Times 1.40 2.60 3.49
Equity Multiplier Times 3.44 4.29 3.29
Days Sales Outstanding Days 0.11 0.14 0.20
Days of Inventory on Hands Days 11.71 9.12 9.20
Days Payable Outstanding Days 11.86 9.54 8.76
Cash Conversion Cycle Days (0.04) (0.28) 0.63

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APLUS MATH COMPANY LIMITED

FINANCIAL HIGHLIGHTS

Free Cash Flow VND Million (8,785.61) 67,973.36 (3,411.15)

EBITDA VND Million 1,117.66 11,849.35 8,304.67
EBIT VND Million 1,117.66 11,849.35 8,304.67
Profitability Ratios
Gross Profit Margin % 24.83 32.29 30.17
EBITDA Margin % 0.74 5.77 4.59
Operating Profit Margin % 2.28 6.56 5.12
Pre-Tax Profit Margin % 2.32 6.56 5.17
Net Profit Margin % 2.10 6.40 4.85
Growth Ratios (yoy)
Sale Growth Rate % (26.38) 13.45 18.67
Gross Profit Growth Rate % (43.37) 21.43 14.10
EBITDA Growth Rate % (90.57) 42.68 (13.11)
EBIT Growth Rate % (90.57) 42.68 (13.11)
Pre-tax Profit Growth Rate % (73.97) 43.95 (10.84)
Net Profit Growth Rate % (75.87) 49.83 (19.27)
Total Assets Growth Rate % (10.41) 159.15 (26.47)
Equity Growth Rate % 11.96 98.32 190.89

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 FACTSHEET
APLUS MATH COMPANY LIMITED
FINANCIAL STATEMENTS
BALANCE SHEET
As at
FY 31/12/2020 31/12/2019 31/12/2018
Unit VND Million VND Million VND Million
Audit status Unaudited Unaudited Unaudited
Type Single Entity Single Entity Single Entity
Legal Regulation 200/2014/TT-BTC/LT 200/2014/TT-BTC/LT 200/2014/TT-BTC/LT
Source Tax Filing Tax Filing Tax Filing
A. CURRENT ASSETS 90,036.19 99,044.92 26,745.63
I. Cash and cash equivalents 26,412.10 64,862.44 19,759.75
Cash 16,412.10 39,862.44 13,759.75
Cash equivalents 10,000.00 25,000.00 6,000.00
II. Short-term financial investments 57,000.00 25,000.00 505.00
Held-to-maturity investments 57,000.00 25,000.00 505.00
III. Accounts receivable – short-term 817.68 3,124.43 712.58
Trade receivables 87.90 - 160.90
Prepayments to suppliers 195.47 1,954.17 -
Other receivables 534.30 1,170.25 551.68
IV. Inventories 3,893.29 3,401.13 3,544.06
Inventories 3,893.29 3,401.13 3,544.06
V. Other current assets 1,913.12 2,656.93 2,224.24
Short-term prepaid expenses 1,913.12 2,656.93 2,224.24
B. NON-CURRENT ASSETS 11,919.93 14,752.52 17,166.44
I. Accounts receivable – long-term 3,680.48 4,304.61 4,980.22
Other long-term receivables 3,680.48 4,304.61 4,980.22
II. Fixed assets - - -
Tangible fixed assets - - -
Finance leases - - -
Intangible fixed assets - - -
III. Investment properties - - -
IV. Long term assets in progress - - -
V. Long-term investments - - -
VI. Other long-term assets 8,239.45 10,447.91 12,186.21
Long-term prepaid expenses 8,239.45 10,447.91 12,186.21
TOTAL ASSETS 101,956.12 113,797.44 43,912.07
C. LIABILITIES 72,275.14 87,287.70 30,545.03
I. Current liabilities 72,275.14 87,287.70 30,545.03
Short-term trade payables 3,202.69 4,183.61 3,085.86
Short-term advances from customers 61,161.16 70,861.73 24,105.71
Statutory obligations 348.44 612.02 2,315.18
Payables to employees 7,155.52 11,133.94 252.48
Short-term accrued expenses - 79.12 276.41
Other ST payables 407.33 417.28 509.40
II. Non-current liabilities - - -
D. OWNERS’ EQUITY 29,680.98 26,509.74 13,367.04
I. Equity 29,680.98 26,509.74 13,367.04
Contributed capital 10,000.00 10,000.00 10,000.00
Retained earnings 19,680.98 16,509.74 3,367.04
- Retained earnings accumulated to prior year- 16,509.74 3,367.04 (5,404.83)
end
- Retained earnings of this period 3,171.24 13,142.70 8,771.87
II. Non-business expenditure fund and other funds - - -
TOTAL RESOURCES 101,956.12 113,797.44 43,912.07

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APLUS MATH COMPANY LIMITED

INCOME STATEMENT
For the year ended
FY 31/12/2020 31/12/2019 31/12/2018
Unit VND Million VND Million VND Million
Audit status Unaudited Unaudited Unaudited
Type Single Entity Single Entity Single Entity
Legal Regulation 200/2014/TT-BTC/LT 200/2014/TT-BTC/LT 200/2014/TT-BTC/LT
Source Tax Filing Tax Filing Tax Filing
Revenue from sales of goods and provision of services 151,177.93 205,337.49 180,987.78
Revenue deductions - - -
Net revenue 151,177.93 205,337.49 180,987.78
Cost of sales 113,637.52 139,041.70 126,391.15
Gross profit/(loss) 37,540.41 66,295.79 54,596.63
Financial income 2,335.65 1,625.22 1,027.54
Financial expenses - 3.95 57.37
- In which: Interest expense - - -
Share of profit/(loss) in associates and jointly controlled - - -
entities
Selling expenses 2,917.75 8,468.92 7,173.55
General and administration expenses 33,505.00 45,977.53 39,118.41
Net operating profit/(loss) 3,453.31 13,470.62 9,274.84
Other income 52.28 55.67 80.08
Other expenses 0.04 60.25 -
Results of other activities 52.23 (4.57) 80.08
Accounting profit/(loss) before tax 3,505.54 13,466.04 9,354.92
Income tax expense – current 334.30 323.34 210.05
Income tax expense/(benefit) – deferred - - 373.00
Net profit/(loss) after tax 3,171.24 13,142.70 8,771.87
Attributable to equity holders of the Company - - -
Attributable to non-controlling interest - - -
Basic earnings per share - - -
Diluted earnings per share - - -

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APLUS MATH COMPANY LIMITED

CASH FLOW STATEMENT

For the year ended
FY 31/12/2020 31/12/2019 31/12/2018
Unit VND Million VND Million VND Million
Audit status Unaudited Unaudited Unaudited
Type Single Entity Single Entity Single Entity
Legal Regulation 200/2014/TT-BTC/LT 200/2014/TT-BTC/LT 200/2014/TT-BTC/LT
Source Tax Filing Tax Filing Tax Filing
Method Indirect Indirect Indirect
Profit/(loss) before tax 3,505.54 13,466.04 9,354.92
(Profits)/losses from investing activities (2,335.27) (1,624.32) (1,027.54)
Operating profit/(loss) before changes in working capital 1,170.27 11,841.72 8,327.38
Change in receivables 2,930.88 (1,736.24) 352.20
Change in inventories (492.17) 142.93 (719.27)
Change in payables and other liabilities (14,983.25) 56,776.08 (5,779.12)
Change in prepaid expenses 2,952.27 1,305.61 (5,528.00)
Income tax paid (363.61) (356.75) (64.34)
Net cash flows from operating activities (8,785.61) 67,973.36 (3,411.15)
Payments for investments in other entities (82,000.00) (45,000.00) -
Collections on investments in other entities 50,000.00 20,505.00 18,000.00
Receipts of interests and dividends 2,335.27 1,624.32 1,027.54
Net cash flows from investing activities (29,664.73) (22,870.68) 19,027.54
Payments to settle loan principals - - (18,945.00)
Net cash flows from financing activities - - (18,945.00)
Net cash flows during the [period/year] (38,450.34) 45,102.69 (3,328.60)
Cash and cash equivalents at the beginning of the 64,862.44 19,759.75 23,088.36
[period/year]
Cash and cash equivalents at the end of the [period/year] 26,412.10 64,862.44 19,759.75

---End of Report on APLUS MATH COMPANY LIMITED---

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