MIRA INFORM REPORT

Report Date :

08.01.2007

IDENTIFICATION DETAILS

Name :	CALAPHARCO JOINT STOCK COMPANY
Registered Office :	Highway 1^st, Quarter 4, Cai Lay Town, Cai Lay Dist., Tien Giang Province
Country :	Vietnam
Date of Incorporation :	1983
Legal Form :	Joint Stock Company
Line of Business :	Processing, importing, exporting and trading in pharmaceutical materials, machines, equipment, finished pharmaceuticals, and cosmetic.

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 :	--

SUBJECT IDENTIFICATION & LEGAL FORM
English Name	CALAPHARCO JOINT STOCK COMPANY
Vietnamese name	CONG TY CO PHAN DUOC PHAM CALAPHARCO
Trade Name	CALAPHARCO JOINT STOCK COMPANY
Abbreviated Name	CALAPHARCO
Type of Business	Joint stock company
Founded	1983
Business Registration	No. 5303000007
Date of Issuance	March 07^th 2001
Place of Issuance	Planning and Investment Department of Tien Giang Province
Registered Capital	8,000,000,000 VND
Tax Code	1200487953
Total Employees	250 employees
Qualification	Normal
ADDRESS
Head Office
Address	Highway 1^st, Quarter 4, Cai Lay Town, Cai Lay Dist., Tien Giang Province
Country	Vietnam
Tel	84-73 826522 / 826526
Fax	84-73 826096
Email	calapharco@hcm.vnn.vn
Branch in Ho Chi Minh City:
Address	No.90A/B2, Ly Thuong Kiet Str, Dist 10, Ho Chi Minh City
Country	Vietnam
Tel	84-8 8645365
Fax	84-8 8665309
DIRECTORS
1. NAME	Mrs. NGUYEN THI MOT
Position	Chairwoman/ Director
Resident	No. 59/1, Quarter 2^nd, Cai Lay Town, Cai Lay Dist, Tien Giang Province
Nationality	Vietnamese
2. NAME	Mr. NGUYEN HUU TAM
Position	Deputy director (Sales department)/ Chief of Ho chi Minh City Branch
Resident	Giong Dinh, Tan Hoa, Go Cong, Tien Giang Province
Nationality	Vietnamese
Private tel	+84 903 639 889
3. NAME	Mr. NGUYEN VAN CHINH
Position	Deputy director (Administrative department)
Resident	Tien Giang Province
Nationality	Vietnamese
4. NAME	Mr. VO THANH HAI
Position	Chief Accountant
Resident	Tien Giang Province
Nationality	Vietnamese
BUSINESS NATURE AND ACTIVITIES
The subject registered in processing, importing, exporting and trading in pharmaceutical materials, machines, equipment, finished pharmaceuticals, and cosmetic.
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports goods from USA, France, Hong Kong, Korea, China, Thailand, Cyprus.
EXPORT: N/A
BANKERS
1. EXIMBANK – HOCHIMINH CITY
Address	No.7 Le Thi Hong Gam Str, Dist 1, Hochiminh City
Country	Vietnam
Tel	(84-8) 821 0055
Fax	(84-8) 829 6063
Telex	812690 EIB VT
Swift	EBVIVNVX
Bank account	100014851002091
SHAREHOLDERS
The subject is a joint stock company which was equitized from a state owned enterprise. The decision for the subject’s business type change: No.3864/GP-UB, issued on December 01^st 2000, issued by People’s committee of Tien Giang Province. Following is the subject’s registered representative person:
Name	Ms. NGUYEN THI MOT
Identity Card	310376413
Issued on	June 01st 1979
Issued by	Police station of Ho Chi Minh City
Resident	No. 59/1, quarter 2^nd, Cai Lay Townlet, Cai Lay Dist, Tien Giang Province
Year of birth	1956
Nationality	Vietnamese
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Average
Liquidity	Strong
Previous Payments	Normal
Payment status	Normal
Past Financial Situation	Average
Current Financial Situation	Average
Litigation Data	Recorded
Bankruptcy	No recorded
Public opinion	Normal
Payment Methods	Direct payment or through its corresponding bank. Foreign remittance by letter of credit (L/C), by telegraphic transfer (T/T).
Note: From 2004 to 2005, the subject’s managing board had been investigated because of mistakes in tax declaration. In the end, 08 people in the subject managing board (Ms. Nguyen Thi Mot, Mr. Nguyen Van Chinh, Mr. Dinh Phu Huu, Mr. Vo Thanh Hai, Mr. Vo Van Sau, Ms. Pham Lam Anh Thu, Mr. Nguyen Van Vui, and Ms. Dinh Thi Thi Thuy Tien) were disciplined.
FINANCIAL DATA
The subject’s financial statements are not available. Following is its financial highlight:
Former legal capital	5,000,000,000 VND
Current legal capital	8,000,000,000 VND
Annual turnover	170,000,000,000 VND
INTERPRETATION ON THE SCORES:
The Subject was a state owned enterprise, established in 1983. On December 01^st 2000, People’s Committee of Tien Giang Province had decision No. 3864/QD-UB to change the subject’s business type from state owned enterprise to joint stock company. Since March 05^th 2001, the subject has been operated under joint stock company type. Up to now, the subject’s business registration has been changed for 02 times: The original registration was on March 05^th 2001: the subject was named “CONG TY CO PHAN DUOC PHAM DUOC LIEU TIEN GIANG”, legal capital of 5,000,000,000 VND. In 2003, the subject’s name was changed to “CONG TY CO PHAN DUOC PHAM CALAPHARCO” (English name: CALAPHARCO JOINT STOCK COMPANY) The latest adjustment was on July 06^th 2004. The current legal capital of the subject is 8,000,000,000 VND. The subject specializes in producing, importing, exporting and trading in pharmaceutical materials, machines, equipment, finished pharmaceuticals, and cosmetic. Its main finished products are Aluminium phosphat gel, Sorbitol, Coctical, Becnau. The subject is distributing pharmaceutical products which are exported from USA, France, Belgium, Holland, China, Korea and India. The subject has received the ISO 9001:2000 certificate since September 2000. Cuu Long Pharma, Pharmedic, Ha Noi Pharma, Ha Tay Pharma, Khanh Hoa Pharma, OPC and Phong Phu are some of the subject’s inland suppliers Position of the subject in Tien Giang pharmaceutical market is remarkable. Market share of the subject is large. The subject is one of the main pharmaceutical suppliers in this province. It also is one of the biggest sources of the province’s budget. The subject has more than 70 distribution centers in Tien Giang and some neighbouring provinces. From 2004 to 2005, the subject’s managing board had been investigated because of mistakes in tax declaration. In the end, 08 people in the subject managing board (Ms. Nguyen Thi Mot, Mr. Nguyen Van Chinh, Mr. Dinh Phu Huu, Mr. Vo Thanh Hai, Mr. Vo Van Sau, Ms. Pham Lam Anh Thu, Mr. Nguyen Van Vui, and Ms. Dinh Thi Thi Thuy Tien) were disciplined. Disciplinary measures had internal nature. After the investigation, managing board of the subject had changes. Generally, the subject has received strong supported from Government department. There is no caution needed for average size of payment.

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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