MIRA INFORM
REPORT
|
Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
SAO KIM PHARMACEUTICAL JOINT STOCK
COMPANY |
|
|
|
|
Registered Office : |
Quang Minh Industrial
Park - Quang Minh Town - Me Linh District - Ha Noi City |
|
|
|
|
Country : |
Vietnam |
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|
|
|
Financials (as on) : |
31.12.2009 |
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|
Year of Establishment : |
1999 |
|
|
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Com. Reg. No.: |
2500169960 |
|
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|
|
Legal Form : |
Joint Stock Company |
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|
|
|
Line of Business : |
manufacturing and trading
artemisinin drugs and dihydroartemisinin, artemether, arteether, in flour,
tablet and syringe. |
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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
Vietnam |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUBJECT
IDENTIFICATION & LEGAL FORM
Current
legal status
|
||
|
English Name |
|
SAO KIM PHARMACEUTICAL JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN DUOC PHAM SAO KIM |
|
Short name |
|
SAO
KIM PHARMA |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1999 |
|
Establishment Decision |
|
1248/QD-UB |
|
Date of Issuance |
|
24 May 1999 |
|
Place of Issuance |
|
People'S Committee of Vinh Phuc Province |
|
Business Registration No. |
|
2500169960 |
|
Date of Registration |
|
02 Aug 2010 |
|
Place of Registration |
|
Ha Noi Department of Planning and Investment |
|
Current registered capital |
|
85,000,000,000 VND |
|
Status |
|
Unlisted |
|
Tax code |
|
2500169960 |
|
Total Employees |
|
200 |
|
Size |
|
Medium |
|
Note:
The given name (SAOKIM PHARMA JSC) is not correct. The name of the subject is
above. |
||
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration No: 1902000538 Changed to: 1903000359 |
19 Nov 2007 |
|
2 |
Subject has got former Business Registration No: 1903000359 Changed to: 0103026381 |
19 Aug 2008 |
|
3 |
Subject has got former Registered English Name: SAO KIM
PHARMACEUTICAL COMPANY LIMITED Changed to: SAO KIM PHARMACEUTICAL JOINT STOCK COMPANY |
19 Nov 2007 |
|
4 |
Subject has got former Registered Vietnamese Name: CONG TY TNHH DUOC
PHAM SAO KIM Changed to: CONG TY CO PHAN DUOC PHAM SAO KIM |
19 Nov 2007 |
|
5 |
Subject has got former Address: Quang Minh Industrial Park - Quang
Minh Town - Me Linh District - Vinh Phuc Province - Vietnam Changed to: Quang
Minh Industrial Park - Quang Minh Town - Me Linh District - Ha Noi City -
Vietnam |
2008 |
|
6 |
Subject has got former Business Registration No: 0103026381 Changed to: 2500169960 |
02 Aug 2010 |
company
ADDRESSES
|
Head Office |
||
|
Address |
|
Quang Minh Industrial Park - Quang Minh Town - Me Linh District - Ha
Noi City - Vietnam |
|
Telephone |
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(84-4)3584 1212 / 3584 1214 / 3584 0789 |
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Fax |
|
(84-4) 3584 0788 |
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Email |
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Website |
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Representative office in Ha Noi |
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|
Address |
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Room 1608 27 Huynh Thuc Khang Street - Dong Da District - Ha Noi City
- Vietnam |
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Telephone |
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(84-4)3773 5336 / 3773 5337 |
|
Fax |
|
(84-4) 3773 5339 |
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|
||
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Branch in Ho Chi Minh |
||
|
Address |
|
A8 319 Ly Thuong Kiet Street - 15 Ward - 11 District - Ho Chi Minh
City - Vietnam |
|
Telephone |
|
(84-8) 3864 5584 |
|
Fax |
|
(84-8) 3864 5583 |
DIRECTORS
|
1 . NAME |
|
Mr. DUONG NGOC HA |
|
Position |
|
Chairman and General Director |
|
Date of Birth |
|
03 Aug 1962 |
|
ID Number/Passport |
|
011685737 |
|
Resident |
|
No.18 - Lot B - Cong Vi Cong Vi Ward - Ba Dinh
District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2 . NAME |
|
Mr. DUONG NGOC VAN |
|
Position |
|
Vice General Director |
|
ID Number/Passport |
|
012408541 |
|
Resident |
|
No.7 - Alley 432 - Doi Can Street - Cong Vi Ward
- Ba Dinh District - Ha Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3 . NAME |
|
Mr. NGUYEN DUC TOA |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
BUSINESS
NATURE AND ACTIVITIES
|
The
subject registers and operates in manufacturing and trading artemisinin drugs
and dihydroartemisinin, artemether, arteether,... in flour, tablet and
syringe. |
IMPORT &
EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of
products |
|
Materials,
equipments,... |
|
·
Market
|
|
China, India,
Korea, Taiwan, |
|
·
Mode
of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Types
of products |
|
Products |
|
·
Market
|
|
Asia, Africa,
Europe, America,... |
|
·
Mode
of payment |
|
L/C, T/T |
BANKERS
|
1. VIET NAM JOINT STOCK
COMMERCIAL BANK FOR INDUSTRY AND TRADE QUANG MINH INDUSTRIAL PARK |
||
|
Address |
|
9A Plot Quang
Minh Industrial part - Me Linh District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-04)
38182798 |
|
Fax |
|
(84-04)
38134880 |
|
|
||
|
2. VIET NAM JOINT STOCK
COMMERCIAL BANK FOR INDUSTRY AND TRADE HANOI BRANCH |
||
|
Address |
|
No. 34 Hai Ba
Trung Str - Trang Tien Ward - Hoan Kiem District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 3934
9590 |
|
Fax |
|
(84-4) 3825
7308 |
SHAREHOLDERS
|
1 . NAME |
|
Ms. DINH THI NGA |
|
ID Number/Passport |
|
011757542 |
|
Issued Place |
|
Ha Noi Department of Public Security |
|
Resident |
|
No.18, Lot B, Cong Vi Cong Vi Ward - Ba Dinh District - Ha Noi City -
Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
425,000 |
|
Value of shares |
|
4,250,000,000 VND |
|
Percentage |
|
5% |
|
|
||
|
2 . NAME |
|
Mr. DUONG NGOC VAN |
|
Position |
|
Vice General Director |
|
ID Number/Passport |
|
012408541 |
|
Issued Place |
|
Ha Noi Department of Public Security |
|
Resident |
|
No.7, Alley 432 Doi Can Street, Cong Vi Ward - Ba Dinh District - Ha
Noi City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
3,400,000 |
|
Value of shares |
|
34,000,000,000 VND |
|
Percentage |
|
40% |
|
|
||
|
3 . NAME |
|
Mr. DUONG NGOC HA |
|
Position |
|
Chairman and General Director |
|
Date of Birth |
|
03 Aug 1962 |
|
ID Number/Passport |
|
011685737 |
|
Issued on |
|
14 Oct 1999 |
|
Issued Place |
|
Ha Noi Department of Public Security |
|
Resident |
|
No.18 - Lot B - Cong Vi Cong Vi Ward - Ba Dinh District - Ha Noi City
- Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
4,675,000 |
|
Value of shares |
|
46,750,000,000 VND |
|
Percentage |
|
55% |
FINANCIAL
HIGHLIGHT
|
We are so sorry
we could not collect full financial statements of the subject. Following are the
financial highlight for your reference. |
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BALANCE SHEET |
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Unit: Million VND
|
|||
|
Balance sheet date |
31/12/2009 |
31/12/2008 |
|
|
Number of weeks |
52 |
52 |
|
|
ASSETS |
|||
|
A. Current Asset |
40,958 |
38,131 |
|
|
Receivables |
13,625 |
9,417 |
|
|
Inventory |
22,183 |
23,383 |
|
|
Cash and other
current assets |
5,150 |
5,331 |
|
|
B. Long term Asset |
63,491 |
65,416 |
|
|
1. Long term
account receivable |
- |
- |
|
|
2. Fixed
assets |
60,102 |
65,416 |
|
|
Tangible fixed
assets |
54,513 |
59,733 |
|
|
+ Original
cost |
84,395 |
83,999 |
|
|
+ Accumulated
depreciation value |
29,882 |
24,266 |
|
|
Financial
leasehold assets |
0 |
0 |
|
|
Intangible
fixed assets |
3,035 |
3,129 |
|
|
Construction in
progress and other long term asset |
2,554 |
2,554 |
|
|
TOTAL ASSETS |
104,449 |
103,547 |
|
|
|
|||
|
LIABILITIES |
|||
|
Payable loans |
31,808 |
36,241 |
|
|
Owner’s Equity
|
72,641 |
67,306 |
|
|
TOTAL LIABILITY AND EQUITY |
104,449 |
103,547 |
|
|
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PROFIT & LOSS STATEMENT IN 2009 |
|||
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|
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1. Total
Sale |
55,302 |
||
|
2. Deduction
item |
2,320 |
||
|
3. Net sale
|
52,982 |
||
|
4. Costs of
goods sold |
41,775 |
||
|
5. Gross
profit |
11,207 |
||
|
6. Financial
income |
1,894 |
||
|
7. Financial
expenses |
2,709 |
||
|
8. Selling
expenses and Administrative overheads |
17,130 |
||
|
9. Net
operating profit |
-6,738 |
||
|
10. Other
income |
421 |
||
|
11. Other
expenses |
6 |
||
|
12. Other
profit /(loss) |
415 |
||
|
13. Total accounting
profit before tax |
-6,323 |
||
|
14. Current
corporate income tax |
0 |
||
|
15. Deferred
corporate income tax |
|||
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16. Interest
from subsidiaries/related companies |
|||
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17. Profit
after tax |
-6,323 |
||
|
|
|||
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PROFIT & LOSS STATEMENT IN 2008 |
|||
|
|
|||
|
Total sale |
68,506 |
||
|
Deductions
Items |
733 |
||
|
1. Net sale |
67,773 |
||
|
2. Cost of
goods sold and operation expense |
74,020 |
||
|
3. Net income
from business activities |
-6,247 |
||
|
Income from financial
activities |
2,096 |
||
|
Expenditure
from financial activities |
2,561 |
||
|
4. Net income
from financial operation |
-465 |
||
|
Irregular
income |
387 |
||
|
Irregular
expenditure |
533 |
||
|
5. Irregular
Profit |
-146 |
||
|
6. Total pre-tax
profit |
-6,858 |
||
PAYMENT
HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial
Situation |
|
Average |
|
Development
trend |
|
N/A |
|
Litigation
data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment
Methods |
|
L/C, T/T |
|
Sale Methods |
|
Distributor |
|
Public opinion
|
|
Normal |
INTERPRETATION
ON THE SCORES
|
SAO KIM PHARMACEUTICAL JOINT STOCK
COMPANY was established in 1999 according to the Decision No.1248/QD-UB by People'S Committee of Vinh
Phuc Province. Currently, the subject has business registration No.
2500169960 (the same tax code) granted by Ha Noi Department of Planning and
Investment. Its registered capital is VND 85 billion. SAO KIM PHARMA for short has head
office at Quang Minh Industrial Park, Quang Minh Town, Me Linh District, Ha
Noi City. This is also the factory address of the subject with total 22.000
square meters. It is one of the newest pharmaceutical factories in the North
of Viet Nam. Besides, the subject has a representative office in Dong Da Dist
– Hanoi City and a branch in Hochiminh City. The subject specializes in
manufacturing pharmaceutical products, especially medicines against malaria.
From 1999 to now, the subject has exported hundreds of Artermisinin and
Dyhidroatermisinin, Artersunate to the leading pharmaceutical company in
Europe, Asia and Africa. In May 2005, the subject officially set up the
pharmaceutical manufacturing factory with the most advanced equipments and
productin line in Quang Minh Industrial Park, Me Linh, Ha Noi City. In November 2006, the subject
obtained ISO 9001:2000 issued by BVQI of United Kingdom. Financially, business activities
of the subject seem to be not good in recent years. The financial situation
in 2009 is as same as one in 2008. The subject reached total sales of VND
55,302 million and profit of VND -6,323 million in 2009. In general, the subject is one of
about 200 pharmaceutical manufacturers in Viet Nam. The position of it in the
industry is average. The subject now faces to competition much from
competitors. It has capacity to meet small and medium financial commitments.
Caution needed with big transactions. |
APPENDIXES
|
INDUSTRY DATA |
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|
|
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|
Industry code |
Growth speed (%) |
Total employees 2009 (Thousand) |
Total enterprises |
Annual average capital of enterprises |
||
|
Predict 2010 |
2009 |
|||||
|
Agriculture, Forestry and Fishing |
2.8 |
3.0 |
24,788.5 |
2,399 |
50,530 |
|
|
Trade and Services |
7.5 |
11 |
10,517.9 |
79,181 |
1,754,973 |
|
|
Construction |
7 |
11.3 |
2,692.8 |
17,783 |
248,268 |
|
|
Manufacturing |
12 |
7.6 |
7,591.2 |
30,786 |
967,068 |
|
|
|
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ECONOMIC INDICATORS |
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|
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|
2010 |
2009 |
2008 |
|||
|
Population
(Million person) |
86.93 |
86.02 |
86.1 |
|||
|
Gross Domestic
Products (US$ billion) |
102.2 |
91 |
84.9 |
|||
|
GDP Growth (%) |
6.78 |
5.32 |
6.2 |
|||
|
GDP Per Capita
(US$) |
1,160 |
1,080 |
1,040 |
|||
|
Inflation (% Change
in Composite CPI) |
11.75 |
6.88 |
24.4 |
|||
|
|
||||||
|
SERVICE TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2010 |
2009 |
2008 |
|||
|
Exports |
71.6 |
56.6 |
62.9 |
|||
|
Imports |
84 |
68.8 |
76.6 |
|||
|
Trade Balance |
-12.4 |
-12.2 |
-14.6 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
UK Pound |
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
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 |
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.