MIRA INFORM REPORT
|
Report Date : |
20.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SAIGON PHARMACEUTICAL COMPANY LIMITED |
|
|
|
|
Registered Office : |
No. 18-20 Nguyen
Truong To Str- Ward 12 - District 4- Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
01.10.2009 |
|
|
|
|
Com. Reg. No.: |
0300523385 |
|
|
|
|
Legal Form : |
State Single Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of pharmaceutical products cosmetics, raw materials for
manufacturing western formulations and herbal medicines |
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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 |
|
SAIGON PHARMACEUTICAL COMPANY LIMITED |
|
Vietnamese Name |
|
CONG TY TNHH MOT THANH VIEN DUOC SAI GON |
|
Trade name |
|
SAIGON
PHARMACEUTICAL COMPANY LIMITED |
|
Short name |
|
SAPHARCO
|
|
Type of Business |
|
State single limited liability company |
|
Year Established |
|
1993 |
|
Establishment Decision |
|
130/QD-UB |
|
Date of Issuance |
|
24 Mar 1993 |
|
Place of Issuance |
|
People's Committee of Hochiminh City |
|
Business Registration No. |
|
0300523385 |
|
Date of Registration |
|
01 Oct 2009 |
|
Place of Registration |
|
Business Registration Office- Planning and Investment Department of
Ho Chi Minh City |
|
Current registered capital |
|
436,548,000,000 VND |
|
Tax code |
|
0300523385 |
|
Total Employees |
|
600 |
|
Size |
|
Large |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration No: 102483 Changed to: 4106000356 |
21 Dec 2007 |
|
2 |
Subject has got former Business Registration No: 4106000356 which was
issued on Dec 21st 2007 Changed to: 0300523385 |
01 Oct 2009 |
|
3 |
Subject has got former Registered English Name: SAIGON PHARMACEUTICAL
COMPANY Changed to: SAIGON PHARMACEUTICAL COMPANY LIMITED |
17 Aug 2010 |
|
4 |
Subject has got former Abbreviated Name: CONG TY DUOC SAI GON Changed
to: CONG TY TNHH MOT THANH VIEN DUOC SAI GON |
17 Aug 2010 |
|
5 |
Subject has got former Type of Business: State corporation Changed to: One member liability limited company |
N/A |
|
6 |
Subject has got former Registered Investment Capital: 362,102,365,567
VND Changed to: 436,548,000,000 VND |
17 Aug 2010 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 18-20 Nguyen Truong To Str- Ward 12 - District 4- Ho Chi Minh
City - Vietnam |
|
Telephone |
|
(84-8) 3940 0388, 38254553, 38254554, 39400459 |
|
Fax |
|
(84-8) 3940 1975 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Factory Address |
||
|
Address |
|
No. 10 Huu Nghi Avenue, Vietnam Singapore Industrial Park - Thuan An
District - Binh Duong Province - Vietnam |
|
Telephone |
|
(84-650) 3784 541 |
|
Fax |
|
(84-650) 3784 542 |
|
Email |
|
|
|
|
||
|
Branch in Ha Noi |
||
|
Address |
|
65 Lane 178/1 Thai Ha Str - Dong Da District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 3857 4721 |
|
Fax |
|
(84-4) 3847 0745 |
SUBSIDIARIES AND RELATED COMPANIES
|
1. SUBSIDIARIES - ROUSSEL VIETNAM COMPANY |
||
|
Business
Registration |
|
4116001200 |
|
Place of
Registration |
|
Planning And Investment
Department of Hochiminh City |
|
Tax code |
|
0300523385-038 |
|
Address |
|
202 Hoang Van
Thu - Phu Nhuan District - Ho Chi Minh City - Vietnam |
|
Tel |
|
(84-8) 3845
4960 |
|
Fax |
|
(84-8) 3845
4962 |
|
Website |
|
|
|
|
||
|
2. SUBSIDIARIES - MEBIPHAR MEDICAL
BIOMATERIAL & PHARMACEUTICAL COMPANY LIMITED |
||
|
Business Registration |
|
4104000565 |
|
Address |
|
No. 31 Ngo
Thoi Nhiem, Ward 6 - District 3- Ho Chi Minh City - Vietnam |
|
Tel |
|
(84-8)
39.303.894 – 39.303.540 |
|
Fax |
|
(84-8)
39.303.109 |
|
|
||
|
3. SUBSIDIARIES - KHANH HOI PHARMACEUTICAL AND
MEDICAL SERVICES JOINT STOCK COMPANY |
||
|
Business
Registration |
|
0301432677 |
|
Tax code |
|
0301432677 |
|
Address |
|
No. 01 Le
Thach, Ward 12 - District 4 - Ho Chi Minh City - Vietnam |
|
Tel |
|
(84-8)
39.400.139 – 38.262.085 |
|
|
||
|
4. SUBSIDIARIES - YTECO HEALTH IMPORT -
EXPORT JOINT STOCK COMPANY |
||
|
Business
Registration |
|
4103000534 |
|
Address |
|
No. 181 Nguyen
Dinh Chieu, Ward 6 - District 3 - Ho Chi Minh City - Vietnam |
|
Tel |
|
(84-8)
39.304.372 – 39.304.014 |
|
Fax |
|
(84-8)
39.306.909 |
|
Website |
|
|
|
|
||
|
5. SUBSIDIARIES - SAIGON PHARMACEUTICAL
COMPANY HANOI BRANCH |
||
|
Business
Registration |
|
0116000747 |
|
Date of
Registration |
|
24 Oct 1998 |
|
Place of
Registration |
|
Hanoi Planning
and Investment Department |
|
Tax code |
|
0300523385-001 |
|
Address |
|
No. 65 Lane
178/1 Thai Ha Str - Dong Da District - Ha Noi City - Vietnam |
|
Tel |
|
84-4 38574721 |
|
Fax |
|
84-4 38470745 |
|
|
||
|
6. SUBSIDIARIES - NATIONAL DAY
PHARMACEAUTICAL JOINT-STOCK COMPANY |
||
|
Business
Registration |
|
0302404048 |
|
Tax code |
|
0302404048 |
|
Address |
|
No. 136 Ly Chinh
Thang Street - District 3 - Ho Chi Minh City - Vietnam |
|
Tel |
|
(84-8)
38.483.507 – 38.483.654 |
|
Fax |
|
(84-8)
38.466.355 |
DIRECTORS
|
1. NAME |
|
Mr. LE VAN QUE |
|
Position |
|
Chairman |
|
Resident |
|
No. 18-20 Nguyen Truong To Str, Ward 12 -
District 4 - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Mr. LE MINH TRI |
|
Position |
|
General Director |
|
Date of Birth |
|
24 Aug 1961 |
|
ID Number/Passport |
|
024257291 |
|
Resident |
|
42/290 Hoang Hoa Tham - Binh Thanh District - Ho
Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Management |
|
|
||
|
3. NAME |
|
Mr. TRAN VIET TRUNG |
|
Position |
|
Member |
|
Nationality |
|
Vietnamese |
|
|
||
|
4. NAME |
|
Mr. CAP HUU ANH |
|
Position |
|
Member |
|
Nationality |
|
Vietnamese |
|
|
||
|
5. NAME |
|
Mr. THAI SON |
|
Position |
|
Member |
|
Nationality |
|
Vietnamese |
|
|
||
|
6. NAME |
|
Ms. DANG THI HOA |
|
Position |
|
Member |
|
Nationality |
|
Vietnamese |
|
|
||
|
7. NAME |
|
Mr. NGUYEN VAN SON |
|
Position |
|
Member |
|
Nationality |
|
Vietnamese |
|
|
||
|
8. NAME |
|
Mr. PHAM SI BA |
|
Position |
|
Standing Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
9. NAME |
|
Mr. TRAN VIET TRUNG |
|
Position |
|
Deputy General Director - Trading Division |
|
Nationality |
|
Vietnamese |
|
|
||
|
10. NAME |
|
Mr. NGUYEN VAN CHIEN |
|
Position |
|
Director of IT Department |
|
Nationality |
|
Vietnamese |
|
|
||
|
11. NAME |
|
Mr. PHAN VAN HOANG |
|
Position |
|
Director - Administrative & Personnel Affairs Division |
|
Nationality |
|
Vietnamese |
|
|
||
|
12. NAME |
|
Mr. LUONG VAN THANH |
|
Position |
|
Administration Manager |
|
Nationality |
|
Vietnamese |
|
|
||
|
13. NAME |
|
Ms. TRAN THI NGOC MINH |
|
Position |
|
HR Manager |
|
Nationality |
|
Vietnamese |
|
|
||
|
14. NAME |
|
Mr. TRAN VAN THUNG |
|
Position |
|
CFO & Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
|
15. NAME |
|
Mr. HOANG XUAN MINH TRI |
|
Position |
|
Deputy Director of Financial Investment Department |
|
Nationality |
|
Vietnamese |
|
|
||
|
16. NAME |
|
Ms. NGUYEN DIEU LE |
|
Position |
|
Deputy Director of Financial Department |
|
Nationality |
|
Vietnamese |
|
|
||
|
17. NAME |
|
Mr. TRAN DINH KHOA |
|
Position |
|
Director - Trading Department |
|
Nationality |
|
Vietnamese |
|
|
||
|
18. NAME |
|
Ms. TRAN THI THU HANH |
|
Position |
|
Deputy Director of Sales Department |
|
Nationality |
|
Vietnamese |
|
|
||
|
19. NAME |
|
Ms. TRAN PHUONG ANH |
|
Position |
|
Director of Import- Export Department |
|
Nationality |
|
Vietnamese |
|
|
||
|
20. NAME |
|
Mr. PHAM NGOC TU |
|
Position |
|
Director of Marketing Department |
|
Nationality |
|
Vietnamese |
|
|
||
|
21. NAME |
|
Ms. KIEU THI THU THUY |
|
Position |
|
Manager of Drug Administration Department |
|
Nationality |
|
Vietnamese |
|
|
||
|
22. NAME |
|
Ms. VUONG QUE ANH |
|
Position |
|
Manager of Storage & Transport Department |
|
Nationality |
|
Vietnamese |
|
|
||
|
23. NAME |
|
Mr. CAP HUU ANH |
|
Position |
|
Deputy General Director - Manufacturing Division |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
-
Trading of pharmaceutical products cosmetics, raw materials for manufacturing
western formulations and herbal medicines. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types
of products |
|
drugs, medical
equipment, materials and products |
|
·
Market
|
|
USA, France, Germany,
Australia, Canada, Switzerland, Netherlands, Italy, Japan and Korea. |
|
|
||
|
EXPORT: |
||
|
·
Types
of products |
|
oriental
medicine and medicine, materials |
|
·
Market
|
|
South Africa,
Korea, Taiwan, Cambodia and Laos. |
BANKERS
|
1. BANK FOR INVESTMENT AND
DEVELOPMENT OF VIETNAM TRANSACTION NO.2 |
||
|
Address |
|
No.11 Ben
Chuong Duong ,Nguyen Thai Binh ward - District 1 - Ho Chi Minh City - Vietnam
|
|
Telephone |
|
(08) 3.8214929
|
|
|
||
|
2. DEUTSCHE BANK AG, HO CHI MINH
CITY BRANCH |
||
|
Address |
|
Floor 14th -
Saigon Center Building- No. 65 Le Loi Street - Ben Nghe Ward - District 1 -
Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3822
2667 |
|
Fax |
|
(84-8) 3822
2760 |
|
|
||
|
3. VIET NAM JOINT STOCK COMMERCIAL
BANK FOR INDUSTRY AND TRADE BRANCH NO.4 |
||
|
Address |
|
No. 54 - 56 Le
Quoc Hung Street - District 4 - Ho Chi Minh City - Vietnam |
|
|
||
|
4. HONGKONG SHANGHAI BANK
CORPORATION (HSBC) – HO CHI MINH BRANCH |
||
|
Address |
|
6 Floor, No. 235
Dong Khoi Str., Ben Nghe ward - District 1 - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8)
38292288 |
SHAREHOLDERS
|
NAME |
|
PEOPLE'S COMMITTEE OF HO CHI
MINH CITY |
|
Address |
|
86 Le Thanh Ton Str, - District 1 - Ho Chi Minh City - Vietnam |
|
Tel |
|
(84-8) 38226191 |
|
Fax |
|
(84-8) 38296116 |
|
Percentage |
|
100% |
FINANCIAL DATA
|
BALANCE SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet date |
31/12/2010 |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT ASSETS |
1,117,948,110,408 |
893,838,583,305 |
813,849,462,108 |
|
I. Cash and cash equivalents |
146,605,437,383 |
208,089,915,380 |
218,540,815,850 |
|
1. Cash |
146,605,437,383 |
208,089,915,380 |
218,540,815,850 |
|
2. Cash
equivalents |
0 |
0 |
0 |
|
II. Short-term investments |
3,764,845,475 |
9,722,490,475 |
7,000,000,000 |
|
1. Short-term
investments |
3,764,845,475 |
9,722,490,475 |
7,000,000,000 |
|
2. Provisions
for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts receivable |
570,553,648,458 |
328,546,340,342 |
253,436,584,629 |
|
1. Receivable
from customers |
526,498,766,406 |
276,307,973,991 |
207,936,921,333 |
|
2. Prepayments
to suppliers |
27,808,169,983 |
24,275,322,454 |
18,131,072,926 |
|
3.
Inter-company receivable |
0 |
308,000,000 |
0 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable
|
16,246,712,069 |
27,655,043,897 |
27,368,590,370 |
|
6. Provisions
for bad debts |
0 |
0 |
|
|
IV. Inventories |
375,666,171,638 |
327,280,225,384 |
318,169,844,025 |
|
1. Inventories
|
375,666,171,638 |
327,359,362,884 |
318,169,844,025 |
|
2. Provisions
for devaluation of inventories |
0 |
-79,137,500 |
0 |
|
V. Other Current Assets |
21,358,007,454 |
20,199,611,724 |
16,702,217,604 |
|
1. Short-term
prepaid expenses |
2,123,920,250 |
2,535,626,635 |
0 |
|
2. VAT to be
deducted |
18,227,184,533 |
13,479,158,288 |
14,087,335,775 |
|
3. Taxes and
other accounts receivable from the State |
173,288,712 |
1,629,682,161 |
954,747,231 |
|
4. Other
current assets |
833,613,959 |
2,555,144,640 |
1,660,134,598 |
|
B. LONG-TERM ASSETS |
259,089,765,096 |
230,269,191,051 |
216,881,269,420 |
|
I. Long term account receivable |
89,814,019,873 |
0 |
308,000,000 |
|
1. Long term
account receivable from customers |
0 |
0 |
0 |
|
2. Working capital
in affiliates |
30,000,000,000 |
0 |
308,000,000 |
|
3. Long-term
inter-company receivable |
59,814,019,873 |
0 |
|
|
4. Other
long-term receivable |
0 |
0 |
0 |
|
5. Provisions
for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets |
30,291,108,633 |
116,886,291,969 |
102,730,197,945 |
|
1. Tangible
assets |
24,753,350,491 |
92,254,786,565 |
56,847,656,263 |
|
- Historical
costs |
46,799,536,867 |
190,982,325,196 |
139,661,932,538 |
|
- Accumulated depreciation
|
-22,046,186,376 |
-98,727,538,631 |
-82,814,276,275 |
|
2. Financial
leasehold assets |
0 |
0 |
0 |
|
- Historical
costs |
0 |
0 |
0 |
|
- Accumulated
depreciation |
0 |
0 |
0 |
|
3. Intangible
assets |
157,440,228 |
5,726,325,713 |
5,841,044,752 |
|
- Initial
costs |
748,034,610 |
6,338,950,558 |
6,134,258,608 |
|
- Accumulated
amortization |
-590,594,382 |
-612,624,845 |
-293,213,856 |
|
4.
Construction-in-progress |
5,380,317,914 |
18,905,179,691 |
40,041,496,930 |
|
III. Investment property |
0 |
0 |
0 |
|
Historical
costs |
0 |
0 |
0 |
|
Accumulated
depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
138,386,379,534 |
101,752,003,856 |
84,375,303,314 |
|
1. Investments
in affiliates |
47,388,809,534 |
0 |
|
|
2. Investments
in business concerns and joint ventures |
76,401,580,000 |
88,085,993,856 |
73,075,403,314 |
|
3. Other
long-term investments |
14,595,990,000 |
13,666,010,000 |
11,299,900,000 |
|
4. Provisions
for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term assets |
598,257,056 |
11,630,895,226 |
29,467,768,161 |
|
1. Long-term
prepaid expenses |
25,025,000 |
10,353,299,499 |
7,396,689,725 |
|
2. Deferred income
tax assets |
|
604,363,671 |
94,698,673 |
|
3. Other
long-term assets |
573,232,056 |
673,232,056 |
21,976,379,763 |
|
VI. Goodwill |
0 |
|
0 |
|
1. Goodwill |
0 |
|
0 |
|
TOTAL ASSETS |
1,377,037,875,504 |
1,124,107,774,356 |
1,030,730,731,528 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
930,928,026,310 |
638,222,141,178 |
553,831,570,440 |
|
I. Current liabilities |
927,230,056,425 |
627,899,804,258 |
542,859,890,310 |
|
1. Short-term
debts and loans |
259,210,833,010 |
141,033,235,513 |
141,148,491,170 |
|
2. Payable to
suppliers |
636,701,939,484 |
421,536,331,917 |
365,232,930,344 |
|
3. Advances
from customers |
15,714,902,010 |
12,078,263,019 |
9,474,534,976 |
|
4. Taxes and other
obligations to the State Budget |
5,126,489,100 |
5,418,042,987 |
8,186,573,852 |
|
5. Payable to
employees |
4,233,992,616 |
9,740,928,309 |
10,120,336,274 |
|
6. Accrued
expenses |
|
2,393,634,441 |
1,973,808,321 |
|
7. Inter-company
payable |
3,922,219,566 |
85,417,000 |
41,888,000 |
|
8. Payable
according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other
payable |
2,537,009,847 |
35,613,951,072 |
6,681,327,373 |
|
10. Provisions
for short-term accounts payable |
-217,329,208 |
0 |
|
|
II. Long-Term Liabilities |
3,697,969,885 |
10,322,336,920 |
10,971,680,130 |
|
1. Long-term
accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term
inter-company payable |
0 |
0 |
0 |
|
3. Other
long-term payable |
0 |
152,000,000 |
101,910,000 |
|
4. Long-term
debts and loans |
0 |
5,852,703,028 |
6,371,095,028 |
|
5. Deferred
income tax payable |
0 |
0 |
0 |
|
6. Provisions
for unemployment allowances |
3,697,969,885 |
4,317,633,892 |
4,498,675,102 |
|
7. Provisions
for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S EQUITY |
446,109,849,194 |
483,669,051,170 |
474,597,679,601 |
|
I. OWNER’S EQUITY |
446,109,849,194 |
484,728,786,873 |
475,564,058,009 |
|
1. Capital |
316,688,060,956 |
314,262,133,252 |
264,194,406,647 |
|
2. Share
premiums |
0 |
0 |
0 |
|
3. Other
sources of capital |
0 |
0 |
22,025,405,215 |
|
4. Treasury
stocks |
0 |
0 |
0 |
|
5. Differences
on asset revaluation |
0 |
0 |
0 |
|
6. Foreign
exchange differences |
-8,191,169,141 |
-17,509,857,918 |
0 |
|
7. Business
promotion fund |
82,530,336,313 |
109,204,821,708 |
109,343,853,504 |
|
8. Financial
reserved fund |
17,839,032,364 |
33,500,151,045 |
33,243,107,779 |
|
9. Other funds
|
0 |
903,972,918 |
450,882,079 |
|
10. Retained
earnings |
26,286,316,879 |
1,500,368,045 |
19,220,056,785 |
|
11.
Construction investment fund |
10,957,271,823 |
42,867,197,823 |
27,086,346,000 |
|
II. Other sources and funds |
0 |
-1,059,735,703 |
-966,378,408 |
|
1. Bonus and
welfare funds |
0 |
-1,059,735,703 |
-966,378,408 |
|
2. Sources of
expenditure |
0 |
0 |
0 |
|
3. Fund to
form fixed assets |
0 |
0 |
0 |
|
MINORITY’S INTEREST |
0 |
2,216,582,008 |
2,301,481,487 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
1,377,037,875,504 |
1,124,107,774,356 |
1,030,730,731,528 |
|
PROFIT & LOSS
STATEMENT |
|||
|
|
|||
|
Description |
FY2010
|
FY2009
|
FY2008
|
|
1. Total
Sale |
1,591,993,328,971 |
1,660,738,712,373 |
1,370,377,176,273 |
|
2. Deduction
item |
3,143,507,914 |
1,547,187,045 |
920,533,391 |
|
3. Net sale
|
1,588,849,821,057 |
1,659,191,525,328 |
1,369,456,642,882 |
|
4. Costs of
goods sold |
1,493,492,884,849 |
1,462,680,471,926 |
1,244,220,181,512 |
|
5. Gross
profit |
95,356,936,208 |
196,511,053,402 |
125,236,461,370 |
|
6. Financial
income |
174,888,350,531 |
77,086,681,084 |
102,355,878,012 |
|
7. Financial
expenses |
164,220,322,773 |
96,774,986,544 |
56,811,124,573 |
|
- In which:
Loan interest expenses |
18,895,513,707 |
10,481,313,243 |
1,661,859,756 |
|
8. Selling
expenses |
78,762,198,005 |
106,224,878,167 |
94,058,716,391 |
|
9.
Administrative overheads |
8,870,534,691 |
28,222,772,569 |
30,302,791,827 |
|
10. Net
operating profit |
18,392,231,270 |
42,375,097,206 |
46,419,706,591 |
|
11. Other
income |
18,745,238,032 |
18,452,896,680 |
31,390,742,133 |
|
12. Other
expenses |
84,830,250 |
16,706,213 |
649,962,022 |
|
13. Other
profit /(loss) |
18,660,405,782 |
18,436,190,467 |
30,740,780,111 |
|
14. Total
accounting profit before tax |
37,052,637,052 |
60,811,287,673 |
77,160,486,702 |
|
15. Current
corporate income tax |
5,801,097,951 |
4,401,189,867 |
0 |
|
16. Deferred
corporate income tax |
|
604,363,671 |
-15,853,486,919 |
|
17. Interest
from subsidiaries/related companies |
|
|
|
|
18. Profit
after tax |
31,251,539,101 |
57,014,461,477 |
61,306,999,783 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current
liquidity ratio |
1.21 |
1.42 |
1.50 |
2.19 |
|
Quick
liquidity ratio |
0.80 |
0.90 |
0.91 |
1.41 |
|
Inventory
circle |
3.98 |
4.47 |
4.93 |
4.67 |
|
Average
receive period |
131.07 |
72.28 |
67.55 |
79.16 |
|
Utilizing
asset performance |
1.15 |
1.48 |
1.33 |
1.91 |
|
Liability by
total asset |
67.60 |
56.78 |
53.73 |
56.82 |
|
Liability by
owner equity |
208.68 |
131.95 |
116.70 |
486.78 |
|
Ebit / Total
asset (ROA) |
4.06 |
6.34 |
7.65 |
10.47 |
|
Ebit / Owner's
equity (ROE) |
12.54 |
14.74 |
16.61 |
34.50 |
|
Ebit / Total
sale (NPM) |
3.51 |
4.29 |
5.75 |
6.80 |
|
Gross profit /
Total sale (GPM) |
5.99 |
11.83 |
9.14 |
20.29 |
|
Note: The Average Industry was calculated by Vietnam Credit
based on our owned statistical data |
||||
PAYMENT HISTORY & PERFORMANCE
EXPERIENCES
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial
Situation |
|
Strong |
|
Development
trend |
|
Even |
|
Litigation
data |
|
No |
|
Bankruptcy |
|
No |
|
Payment
Methods |
|
by cash or
through the bank |
|
Sale Methods |
|
Wholesaler |
|
Public opinion
|
|
Good |
|
CREDIT
INQUIRY: 125,000 USD |
|
This credit inquiry is reliable for the Subject. |
INTERPRETATION ON THE SCORES
|
SAPHARCO is specialized
manufacturing and trading pharmaceutical. In late 1975, originated from some
drugstores located in HCMC, the subject started to undertake its operation with
the name as “State Owned Pharmaceutical Firm of the City”. On January 7th 1977,
the subject was officially established in line with Decision No.12/
QĐ-UB of the People Committee of Ho Chi Minh city and named as “Second
Grade Pharmaceutical Company” and was directly managed by the Health Services
of the City. In January 1986, in accordance with the policy of the City, the
subject joined the “Union of Pharmaceutical and Herbal Medicine Enterprises
of HCMC” but still remained as an independent unit, a legal entity which was
directly managed by the Health Services of the City. Since January 1990 in
compliance with Decision. No 11/ QĐ-UB dated 5 January 1990 of the
People Committee of HCMC, the subject were allowed to disconnect with the
“Union of Pharmaceutical and Herbal Medicine Enterprises of HCMC” and had the
name changed to “Pharmaceutical Company of the City” with its short name as
SAPHARCO and were directly directed by the Health Services of the City. In March 1993, the subject
applied for re-registration of stated owned business in line with Decree
338/HĐBT with the same name “Pharmaceutical Company of the City –
Sapharco” (Decision No 130/QĐ-UB dated 24/03/1993 of the People
Committee of HCMC). In 1998, SAPHARCO co-operated with Aventis Corporation to
establish a joint venture called Aventis SRL with the registered capital of
US$ 4.54 million (Sapharco hold 30% of the stakes). In October 2003,
complying with the decision of the Ministry of Planning and Investment,
Sapharco bought all the stocks hold by Aventis Group to admit the whole
Roussel Vietnam. Since then, Roussel Vietnam become a business of
supplemental account and was directly managed by Sapharco. On March 30th
2004, Aventis Group has separated Aventis SRL from Sapharco. Now, Aventis SRL
is a 100% foreign (Aventis) invested company. On 24 June 2004, the subject
started to build the GMP-WHO plant “Roussel Vietnam” in the industrial zone
Vietnam Singapore with VND81 billion as investment capital. In July 2007,
Sapharco became the first company in the industry nationwide which possessed
a GSP cold warehouse (Good Storage Practice). On 21 December 2007 the subject
once again had its name changed and announced the birth of “Saigon
Pharmaceutical Company - Sapharco” which operating in conformity with the
parent company-subsidiary model and Mr. LE MINH TRI - General Director was
appointed as its legal representative. On 17 August, 2010 the subject changed
type to One member state liability limited company and increased the
registered capital to 436,548,000,000 VND. The subject is developing many
Strategic Projects such as SAPHARCO DISTRIBUTION CENTER – SDC (at Ground No
7.32 Map No 60&61, Ha Noi Highway, Long Binh Ward, District 9, Ho Chi
Minh City with 13,208.1 square meter), SAPHARCO MEDICAL CENTER – SMC (at No.
41 Tran Hung Dao Street, District 5, Hochiminh City with 2,173 square meter),
SAPHARCO RESEARCH CENTER – SRC (at No. 42 Tran Xuan Hoa, District 5,
Hochiminh City), PHARMACEUTICAL AND NUTRITIONAL SUPPLEMENT SHOWROOM, SAPHARCO
EQUIPMENT DEPARTMENT (at No. 60 Nguyen Van Dau Street, Binh Thanh District,
Hochiminh City), ERP ORACLE MANAGING SYSTEM, ESTABLISHMENT OF SAIGON
EAST-SOUTHERN MEDICINE JOINT STOCK COMPANY AND CONSTRUCTION OF GMP WHO
EASTERN MEDICINE MANUFACTURING PLANT. SAPHARCO now is the biggest
medicine importer and distributor in Hochiminh City. It has a factory in Binh
Duong Province, 3 subsidiaries and other association companies. Now, the
subject has about 24 branches and pharmacies and many agencies throughout
Hochiminh city Its financial statement and financial ratios are relative
good. Liquidity ratios are average. In 2009, the business result of
the subject is good with its sale was VND 1,660,738,712,373 and the profit
after tax was VND 57,014,461,477. In 2010 its sale was VND 1,591,993,328,971
and profit after tax was VND 31,251,539,101. Having fair strong financial
statement, addition to, this subject is owned and backed by Local government
is one of advantages for this company to compete with other competitor
operating in the same industry. This subject is on the roll of development by
building relative well known reputation in pharmacy industry and wide range
of subsidiaries, customer networks. Its future prospect seems bright. |
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 |
||||||
|
|
||||||
|
|
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.44.93 |
|
UK Pound |
1 |
Rs.72.43 |
|
Euro |
1 |
Rs.63.62 |
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.