MIRA INFORM
REPORT
|
Report Date : |
19.01.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
SANOFI – AVENTIS VIETNAM COMPANY LIMITED |
|
|
|
|
Registered Office : |
10 Ham Nghi - 1
District - |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2008 |
|
|
|
|
Date of Incorporation : |
15.02.1994 |
|
|
|
|
Com. Reg. No.: |
792A/GCNĐTDDC1-BKH |
|
|
|
|
Legal Form : |
Foreign Invested Company |
|
|
|
|
Line of Business : |
Trading and producing pharmaceutical products. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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
|
English Name |
|
SANOFI – AVENTIS VIETNAM COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH SANOFI – AVENTIS |
|
Trade name |
|
SANOFI
– AVENTIS VIETNAM CO., LTD |
|
Type of Business |
|
Foreign invested company |
|
Year Established |
|
1994 |
|
Business Registration No. |
|
792A/GCNĐTDDC1-BKH |
|
Date of Registration |
|
15 Feb 1994 |
|
Place of Registration |
|
Business Registration Office of |
|
Registered Investment Capital |
|
8,754,256 USD |
|
Chartered capital |
|
4,368,234 USD |
|
Tax code |
|
0300782774 |
|
Total Employees |
|
100 |
|
Size |
|
Medium |
company ADDRESSES
|
Head Office |
||
|
Address |
|
10 Ham Nghi - 1 District - |
|
Telephone |
|
(84-8) 38298526 |
|
Fax |
|
(84-8) 39144801 |
|
|
||
|
Factory Address |
||
|
Address |
|
123 Nguyen Khoai, Ward 1 - 4 District - |
|
Telephone |
|
(84-8) 38255262 / 38255261 / 38255260 / 39400623 |
|
Fax |
|
(84-8) 38254360 |
|
Website |
|
|
DIRECTORS
|
1 . NAME |
|
Mr. MANZANO RÉGIS MANUEL |
|
Position |
|
CEO |
|
ID Number/Passport |
|
04FK14787 |
|
|
|
|
|
2 . NAME |
|
Mr. NGUYEN PHUC DUC |
|
Position |
|
Human Resource Department |
|
Nationality |
|
Vietnamese |
|
Email |
|
PhucDuc.Nguyen@sanofi-aventis.com.vn |
BUSINESS NATURE AND ACTIVITIES
Trading and producing pharmaceutical products.
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
Types of products |
|
Materials and
pharmarceutical products |
|
Market |
|
France and
Asean countries |
|
|
||
|
EXPORT: |
||
|
Types of products |
|
The products |
|
Market |
|
|
BANKERS
|
1. JOINT STOCK COMMERCIAL
BANK FOR FOREIGN TRADE OF |
||
|
Address |
|
No. 29 Ben
Chuong Duong - 1 District - |
|
Telephone |
|
(84-8) 3829
7245 - 3823 0310 - 3823 0311 |
|
Fax |
|
(84-8) 3829
7228 |
|
|
||
|
2. CITY BANK |
||
|
Address |
|
No.155 Nguyen |
|
Telephone |
|
(84-8) 3824
2118 - 3825 7888 |
|
Fax |
|
(84-8) 3824
2114 |
SHAREHOLDERS
|
NAME |
|
SANOFI-AVENTIS GROUP |
|
Address |
|
174 Avenue De France, 75013 Paris -
|
|
Tel |
|
+33 (0)1 53 77 40 00 |
|
Fax |
|
+33 (0)1 53 77 41 33 |
|
Percentage |
|
100% |
FINANCIAL DATA
|
BALANCE SHEET |
||
I: One VND
|
||
|
Balance sheet date |
31/12/2008 |
31/12/2007 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT ASSETS |
94,051,107,000 |
81,216,717,000 |
|
I. Cash and cash equivalents |
4,403,890,000 |
4,590,158,000 |
|
1. Cash |
4,403,890,000 |
4,590,158,000 |
|
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 |
22,904,878,000 |
34,207,907,000 |
|
1. Receivable
from customers |
21,992,998,000 |
26,915,944,000 |
|
2. Prepayments
to suppliers |
811,011,000 |
6,422,273,000 |
|
3.
Inter-company receivable |
0 |
0 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
|
5. Other
receivable |
100,869,000 |
869,690,000 |
|
6. Provisions
for bad debts |
0 |
0 |
|
IV. Inventories |
58,276,696,000 |
39,203,087,000 |
|
1. Inventories
|
58,776,496,000 |
39,457,048,000 |
|
2. Provisions
for devaluation of inventories |
-499,800,000 |
-253,961,000 |
|
V. Other Current Assets |
8,465,643,000 |
3,215,565,000 |
|
1. Short-term
prepaid expenses |
1,797,419,000 |
1,035,804,000 |
|
2. VAT to be
deducted |
5,595,328,000 |
1,995,273,000 |
|
3. Taxes and
other accounts receivable from the State |
959,477,000 |
0 |
|
4. Other
current assets |
113,419,000 |
184,488,000 |
|
B. LONG-TERM ASSETS |
91,626,237,000 |
70,983,262,000 |
|
I. Long term account 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 |
90,953,540,000 |
70,029,117,000 |
|
1. Tangible
assets |
67,503,503,000 |
68,993,993,000 |
|
- Historical
costs |
179,280,308,000 |
166,730,664,000 |
|
- Accumulated
depreciation |
-111,776,805,000 |
-97,736,671,000 |
|
2. Financial
leasehold assets |
0 |
0 |
|
- Historical
costs |
0 |
0 |
|
- Accumulated
depreciation |
0 |
0 |
|
3. Intangible
assets |
540,568,000 |
994,247,000 |
|
- Initial
costs |
5,819,678,000 |
5,819,678,000 |
|
- Accumulated
amortization |
-5,279,110,000 |
-4,825,431,000 |
|
4.
Construction-in-progress |
22,909,469,000 |
40,877,000 |
|
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 |
|
VI. Other long-term assets |
672,697,000 |
954,145,000 |
|
1. Long-term
prepaid expenses |
0 |
418,978,000 |
|
2. Deferred
income tax assets |
672,697,000 |
535,167,000 |
|
3. Other
long-term assets |
0 |
0 |
|
TOTAL ASSETS |
185,677,344,000 |
152,199,979,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
39,326,635,000 |
35,654,240,000 |
|
I. Current liabilities |
38,467,678,000 |
35,129,752,000 |
|
1. Short-term
debts and loans |
0 |
0 |
|
2. Payable to
suppliers |
33,913,281,000 |
12,959,417,000 |
|
3. Advances
from customers |
0 |
0 |
|
4. Taxes and other
obligations to the State Budget |
565,072,000 |
2,333,833,000 |
|
5. Payable to
employees |
530,041,000 |
639,691,000 |
|
6. Accrued
expenses |
3,140,433,000 |
2,148,662,000 |
|
7.
Inter-company payable |
0 |
0 |
|
8. Payable according
to the progress of construction contracts |
0 |
0 |
|
9. Other
payable |
318,851,000 |
17,048,149,000 |
|
10. Provisions
for short-term accounts payable |
0 |
0 |
|
II. Long-Term Liabilities |
858,957,000 |
524,488,000 |
|
1. Long-term accounts
payable to suppliers |
0 |
|
|
2. Long-term
inter-company payable |
0 |
0 |
|
3. Other
long-term payable |
0 |
0 |
|
4. Long-term
debts and loans |
0 |
0 |
|
5. Deferred
income tax payable |
0 |
0 |
|
6. Provisions
for unemployment allowances |
858,957,000 |
524,488,000 |
|
7. Provisions
for long-term accounts payable |
0 |
0 |
|
B- OWNER’S EQUITY |
146,350,709,000 |
116,545,739,000 |
|
I. OWNER’S EQUITY |
146,350,709,000 |
116,545,739,000 |
|
1. Capital |
49,756,688,000 |
49,756,688,000 |
|
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 |
96,594,021,000 |
66,789,051,000 |
|
11.
Construction investment 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 |
185,677,344,000 |
152,199,979,000 |
|
PROFIT & LOSS
STATEMENT |
||
|
Description |
FY2008
|
FY2007
|
|
1. Total |
167,874,495,000 |
126,243,039,000 |
|
2. Deduction
item |
2,763,329,000 |
1,490,207,000 |
|
3. Net sale
|
165,111,166,000 |
124,752,832,000 |
|
4. Costs of
goods sold |
109,852,112,000 |
76,214,415,000 |
|
5. Gross
profit |
55,259,054,000 |
48,538,417,000 |
|
6. Financial
income |
118,278,000 |
1,025,901,000 |
|
7. Financial
expenses |
1,911,454,000 |
1,132,983,000 |
|
- In which:
Loan interest expenses |
716,702,000 |
241,819,000 |
|
8. Selling
expenses |
9,317,385,000 |
8,678,411,000 |
|
9.
Administrative overheads |
5,105,806,000 |
3,265,591,000 |
|
10. Net
operating profit |
39,042,687,000 |
36,487,333,000 |
|
11. Other income
|
1,429,000 |
0 |
|
12. Other
expenses |
0 |
40,488,000 |
|
13. Other
profit /(loss) |
1,429,000 |
-40,488,000 |
|
14. Total
accounting profit before tax |
39,044,116,000 |
36,446,845,000 |
|
15. Current
corporate income tax |
9,376,677,000 |
10,972,186,000 |
|
16. Deferred
corporate income tax |
137,531,000 |
0 |
|
17. Profit
after tax |
29,529,908,000 |
25,474,659,000 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
|||
|
Description |
FY2008 |
FY2007 |
Average Industry |
|
Current
liquidity ratio |
2.44 |
2.31 |
2.06 |
|
Quick
liquidity ratio |
0.93 |
1.20 |
1.33 |
|
Inventory
circle |
2.25 |
1.94 |
3.96 |
|
Average
receive period |
50.63 |
100.09 |
128.92 |
|
Utilizing
asset performance |
0.89 |
0.82 |
1.22 |
|
Liability by
total asset |
21.18 |
23.43 |
56.56 |
|
Liability by
owner equity |
26.87 |
30.59 |
344.11 |
|
Ebit / Total
asset (ROA) |
21.41 |
24.11 |
9.12 |
|
Ebit / Owner's
equity (ROE) |
27.17 |
31.48 |
15.93 |
|
Ebit / Total
sale (NPM) |
23.68 |
29.06 |
7.52 |
|
Gross profit /
Total sale (GPM) |
32.92 |
38.45 |
24.83 |
|
Note: The Average Industry was calculated by |
|||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial
Situation |
|
Above Average |
|
Development
trend |
|
Uptrend |
|
Litigation
data |
|
No |
|
Bankruptcy |
|
No |
|
|
|
Retailer and
Wholesaler |
|
Public opinion
|
|
Good |
|
CREDIT
INQUIRY: 125,000 USD against DA in term. |
|
The Subject
can meet this credit inquiry. |
INTERPRETATION ON THE SCORES
|
The subject is 100% foreign invested
company, which was founded in 1994 and started operation in 1996. It is one
of the leading companies specializing in trading and producing pharmaceutical
products in Formerly, the subject’s name was
AVENTIS SRL COMPANY LIMITED and invested by AVENTIS GROUP. In 2004, AVENTIS
GROUP merged with SANOFI-SYNTHELABO GROUP into SANOFI-AVENTIS GROUP. (In
there, SANOFI-SYNTHELABO GROUP was found from the mergence between SANOFI
GROUP and SYNTHELABO GROUP in May 1999). Since that time, the subject was
changed name and operates as a factory of SANOFI-AVENTIS GROUP in Currently, the presence of
SANOFI-AVENTIS GROUP in The company has diversified list
of products produced domestically and imported, meet the needs of treatment
and health care in different areas (cardiovascular, infectious diseases,
cancer, internal medicine diseases ...). The main imported market of the
subject is Operated for a long time and
having many strong supports from the group so market share of the subject is
large. The competitiveness of the subject is strong. The premises and facilities
of the subject are fair standard. The subject’s production and operations
well. In 2008, economic was influenced
by crisis. However, of the business activities of the subject is special –
relative to health, medical so the needs of subject’s products is stable,
subject’s production and operations operates well. According to financial statement,
financial situation of the subject in 2007, 2008 are fair, total sale and
profits was high. We have no financial statement in 2009, but according to
some information we collected, sale and profit of the subject are good.
Liquidity ratios are acceptable. In general, the subject has capacity to meet
normal financial commitments. |
APPENDIXES
|
INDUSTRY DATA |
||||||
|
|
||||||
|
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 |
|
|
|
||||||
|
ECONOMIC INDICATORS |
||||||
|
|
||||||
|
|
2009 |
2008 |
2007 |
|||
|
Population
(Million person) |
87 |
86.1 |
85.1 |
|||
|
Gross
Domestic Products (US$ billion) |
91 |
84.9 |
71.2 |
|||
|
GDP
Growth (%) |
5.32 |
6.2 |
8.5 |
|||
|
GDP Per
Capita (US$) |
1,080 |
1,040 |
814 |
|||
|
Inflation
(% Change in Composite CPI) |
6.88 |
24.4 |
8.3 |
|||
|
|
||||||
|
SERVICE TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2009 |
2008 |
2007 |
|||
|
Exports |
56.6 |
62.9 |
48.6 |
|||
|
Imports |
68.8 |
76.6 |
58.9 |
|||
|
Trade
Balance |
-12.2 |
-14.6 |
-10.3 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.53 |
|
|
1 |
Rs.72.56 |
|
Euro |
1 |
Rs.60.62 |
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.