MIRA INFORM
REPORT
|
Report Date : |
23.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ARMEPHACO JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 118 Vu Xuan Thieu Str,
Phuc Loi Ward - Long Bien District - Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
23.06.2010 |
|
|
|
|
Com. Reg. No.: |
0100109191 |
|
|
|
|
Legal Form : |
Joint Stock
Company |
|
|
|
|
Line of Business : |
Producing and trading in medicine |
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 – 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 Registered Name |
|
ARMEPHACO JOINT STOCK COMPANY |
|
Vietnamese Registered Name |
|
CONG TY CO PHAN ARMEPHACO |
|
Registered Short name |
|
ARMEPHACO
JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1996 |
|
Establishment Decision |
|
470/QD-QP |
|
Date of Issuance |
|
17 Apr 1996 |
|
Place of Issuance |
|
Ministry of Defense |
|
Business Registration No. |
|
0100109191 |
|
Date of Registration |
|
23 Jun 2010 |
|
Place of Registration |
|
Hanoi Planning and Investment Department |
|
Current registered capital |
|
130,000,000,000 VND |
|
Outstanding
stock |
|
13,000,000 |
|
Tax code |
|
0100109191 |
|
Total Employees |
|
500 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business Registration No: 0106001022
(21/8/1996) Changed to: 0100109191 |
23 Jun 2010 |
|
2 |
Subject has got former Registered capital: VND 114,940,000,000
Changed to: VND 130,000,0000,000 |
23 Jun 2010 |
|
3 |
Subject has got former Registered Vietnamese Name: CONG TY DUOC VA
TRANG THIET BI Y TE QUAN DOI Changed to: CONG TY CO PHAN ARMEPHACO |
23 Jun 2010 |
|
4 |
Subject has got former Registered English Name: ARMY MEDICAL
EQUIPMENT AND PHARMACEUTICAL COMPANY Changed to: ARMEPHACO JOINT STOCK COMPANY |
23 Jun 2010 |
|
5 |
Subject has got former Address: No.1 Tran Thanh
Tong Str, Hai Ba Trung Dist- Hanoi City
Changed to: No. 118 Vu Xuan Thieu
Str., Phuc Loi Ward, Long Bien Dist, Hanoi
City |
01 Jan 2008 |
|
6 |
Subject has got former Board Of Director: Mr. NGUYEN HOAI NAM-
General Director, changed to Mr. DOAN VAN THUY- General Director Changed to:
Mr. NGUYEN VAN DUNG |
01 Nov 2009 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 118 Vu Xuan Thieu
Str, Phuc Loi Ward - Long Bien District -
Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 38 759 473 / 38 759 466 / 38 759 477 |
|
Fax |
|
(84-4) 38 759 476 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ho Chi Minh
|
||
|
Address |
|
No.152 Tran Hung Dao Street, Pham Ngu Lao
Ward - - Ho Chi Minh City - Vietnam |
|
Tax code |
|
0100109191-005 |
|
Telephone |
|
(84-8) 38379138 |
|
|
||
|
Branch in Can Tho
|
||
|
Address |
|
No.84 Ly Tu Trong
Street- An Cu Ward - Ninh Kieu
District - Can Tho City - Vietnam |
|
Tax code |
|
0100109191-006 |
|
Telephone |
|
(84-710) 625 2199 |
|
Fax |
|
(84-710) 625 2109 |
|
|
||
|
Branch in Gia Lai
|
||
|
Address |
|
No.103 Dinh Tien
Hoang Street- Yen Do Ward - Pleiku City - Gia Lai Province - Vietnam |
|
Tax code |
|
0100109191-007 |
|
Telephone |
|
(84-59) 33883625 |
|
Fax |
|
(84-59) 388 3625 |
|
|
||
|
Branch in Da Nang |
||
|
Address |
|
No.57 Nguyen Huu Tho-
Hoa Thuan Tay Ward - Hai Chau District - Da Nang City - Vietnam |
|
Tax code |
|
0100109191-008 |
|
Telephone |
|
(84-511) 361 4686 |
|
Fax |
|
(84-511) 361 4686 |
|
|
||
|
Branch in Ha Noi |
||
|
Address |
|
No.8 Tang Bat Ho Str., Pham Dinh Ho Ward - Hai Ba Trung District - Ha Noi City - Vietnam |
|
Tax code |
|
0100109191-009 |
|
Telephone |
|
(84-4) 39717436 |
|
Fax |
|
(84-4) 39717436 |
DIRECTORS
|
1. NAME |
|
Mr. NGUYEN VAN DUNG |
|
Position |
|
Chairman and General Director |
|
Resident |
|
No. 118 Vu Xuan Thieu, Phuc Loi Ward - Long
Bien District - Ha Noi City - Vietnam |
|
|
||
|
2. NAME |
|
Mr. DO CHI |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-69) 555358 |
|
|
||
|
3. NAME |
|
Ms. NGUYEN THI HUONG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-69) 555358 |
|
|
||
|
4. NAME |
|
Mr. LE MINH TRUONG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-69) 555358 |
|
|
||
|
5. NAME |
|
Mr. BUI VIET TUAN |
|
Position |
|
Chief Accountant |
|
Resident |
|
No. 118 Vu Xuan Thieu, Phuc Loi Ward - Long
Bien District - Ha Noi City - Vietnam |
BUSINESS NATURE AND ACTIVITIES
|
Producing
and trading in medicine |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types
of products |
|
Equipment and
chemical essential |
|
·
Market
|
|
Germany,
America, Japan, China and other countries. |
|
·
Ratio |
|
N/A |
|
·
Mode
of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Market
|
|
N/A |
BANKERS
|
1. BANK FOR INVESTMENT AND
DEVELOPMENT OF VIETNAM THANH DO BRANCH |
||
|
Address |
|
No.463 Nguyen
Van Linh, Phuc Dong Ward
- Long Bien District - Ha Noi
City - Vietnam |
|
Telephone |
|
(84-4)
38757952 |
|
VND Account |
|
15110000027726
|
|
|
||
|
2. MILITARY COMMERCIAL JOINT
STOCK BANK HOAN KIEM BRANCH |
||
|
Address |
|
No.35 Hai Ba Trung
Street - Hoan Kiem
District - Ha Noi City - Vietnam |
|
Telephone |
|
(84-4) 3936
7799 |
|
Fax |
|
(84-4) 3938
6107 |
SHAREHOLDERS
|
1. NAME |
|
Ministry of Defense |
|
Number of
shares |
|
6,630,000 |
|
Value of
shares |
|
66,300,000,000 VND |
|
Percentage |
|
51% |
|
|
||
|
2. NAME |
|
Other Shareholders |
|
Number of
shares |
|
6,370,000 |
|
Value of
shares |
|
63,700,000,000 VND |
|
Percentage |
|
49% |
FINANCIAL DATA
|
These
financial statements are made following to form of Ministry of Defense. So
they are different form to others. In 23 Jun 2010, subject has just equitized so from 24 Jun 2010 subject has the new
financial statement which was audited by Vietnam Auditing & Evaluation
Company Limited. |
||
|
BALANCE SHEET |
||
Unit: One VND
|
||
|
Balance sheet date |
24/6/2010-31/12/2010 |
31/12/2009 |
|
Number of weeks |
- |
52 |
|
Audited situation |
Audited |
N/A |
|
ASSETS |
||
|
A – CURRENT ASSETS |
226,179,657,113 |
155,524,672,250 |
|
I. Cash and cash equivalents |
63,852,439,476 |
74,016,200,276 |
|
1. Cash |
63,852,439,476 |
74,016,200,276 |
|
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 |
101,757,064,613 |
81,508,471,974 |
|
1. Receivable
from customers |
51,734,972,528 |
0 |
|
2. Prepayments
to suppliers |
40,418,112,116 |
0 |
|
3.
Inter-company receivable |
0 |
81,508,471,974 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
|
5. Other
receivable |
9,603,979,969 |
0 |
|
6. Provisions for
bad debts |
0 |
0 |
|
IV. Inventories |
51,154,290,891 |
0 |
|
1. Inventories
|
51,154,290,891 |
0 |
|
2. Provisions
for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
9,415,862,133 |
0 |
|
1. Short-term
prepaid expenses |
969,326,647 |
0 |
|
2. VAT to be
deducted |
2,571,005,548 |
0 |
|
3. Taxes and
other accounts receivable from the State |
260,799 |
0 |
|
4. Other
current assets |
5875269139 |
0 |
|
B. LONG-TERM ASSETS |
113,820,498,626 |
89,894,761,817 |
|
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 |
102,401,393,335 |
89,894,761,817 |
|
1. Tangible
assets |
102,401,393,335 |
89,894,761,817 |
|
- Historical
costs |
149,437,742,074 |
123,216,313,694 |
|
- Accumulated
depreciation |
-47,036,348,739 |
-33,321,551,877 |
|
2. Financial
leasehold assets |
0 |
0 |
|
- Historical
costs |
0 |
0 |
|
- Accumulated
depreciation |
0 |
0 |
|
3. Intangible
assets |
0 |
0 |
|
- Initial
costs |
0 |
0 |
|
- Accumulated
amortization |
0 |
0 |
|
4. Construction-in-progress
|
0 |
0 |
|
III. Investment property |
0 |
0 |
|
Historical
costs |
0 |
0 |
|
Accumulated
depreciation |
0 |
0 |
|
IV. Long-term investments |
11,369,488,791 |
0 |
|
1. Investments
in affiliates |
0 |
0 |
|
2. Investments
in business concerns and joint ventures |
11347488791 |
0 |
|
3. Other
long-term investments |
22,000,000 |
0 |
|
4. Provisions
for devaluation of long-term investments |
0 |
0 |
|
V. Other long-term assets |
49,616,500 |
0 |
|
1. Long-term prepaid
expenses |
49,616,500 |
0 |
|
2. Deferred
income tax assets |
0 |
0 |
|
3. Other
long-term assets |
0 |
0 |
|
TOTAL ASSETS |
340,000,155,739 |
245,419,434,067 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
207,785,063,515 |
129,924,250,798 |
|
I. Current liabilities |
205,207,848,612 |
129,924,250,798 |
|
1. Short-term
debts and loans |
20,000,000,000 |
0 |
|
2. Payable to
suppliers |
60,269,359,104 |
125,703,860,110 |
|
3. Advances
from customers |
18,220,400,733 |
0 |
|
4. Taxes and other
obligations to the State Budget |
772,788,335 |
700,117,705 |
|
5. Payable to
employees |
3941536119 |
0 |
|
6. Accrued
expenses |
13,200,000 |
0 |
|
7.
Inter-company payable |
0 |
0 |
|
8. Payable
according to the progress of construction contracts |
0 |
0 |
|
9. Other
payable |
101,990,564,321 |
3,520,272,983 |
|
10. Provisions
for short-term accounts payable |
0 |
0 |
|
II. Long-Term Liabilities |
2,577,214,903 |
0 |
|
1. Long-term
accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company
payable |
0 |
0 |
|
3. Other
long-term payable |
934452000 |
0 |
|
4. Long-term
debts and loans |
0 |
0 |
|
5. Deferred
income tax payable |
0 |
0 |
|
6. Provisions
for unemployment allowances |
1642762903 |
0 |
|
7. Provisions for
long-term accounts payable |
0 |
0 |
|
B- OWNER’S EQUITY |
132,215,092,224 |
115,495,183,269 |
|
I. OWNER’S EQUITY |
130,857,112,242 |
111,611,486,942 |
|
1. Capital |
130,000,000,000 |
107,312,080,042 |
|
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 |
428,556,121 |
546,413,541 |
|
8. Financial
reserved fund |
428,556,121 |
3,752,993,359 |
|
9. Other funds
|
0 |
0 |
|
10. Retained
earnings |
0 |
0 |
|
11.
Construction investment fund |
0 |
0 |
|
II. Other sources and funds |
1,357,979,982 |
3,883,696,327 |
|
1. Bonus and
welfare funds |
1,202,055,788 |
3,883,696,327 |
|
2. Sources of
expenditure |
5000000 |
0 |
|
3. Fund to
form fixed assets |
150924194 |
0 |
|
MINORITY’S INTEREST |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
340,000,155,739 |
245,419,434,067 |
|
PROFIT & LOSS
STATEMENT |
||
|
|
||
|
Description |
FY2010
|
FY2009
|
|
1. Total
Sale |
269,178,527,525 |
219,085,456,688 |
|
2. Deduction
item |
35884040 |
0 |
|
3. Net sale
|
269,142,643,485 |
219,085,456,688 |
|
4. Costs of
goods sold |
251,836,062,693 |
210,828,620,628 |
|
5. Gross
profit |
17,306,580,792 |
8,256,836,060 |
|
6. Financial
income |
3,405,288,159 |
0 |
|
7. Financial
expenses |
718,348,290 |
0 |
|
- In which: Loan
interest expenses |
604,972,637 |
0 |
|
8. Selling
expenses |
5,618,366,611 |
0 |
|
9.
Administrative overheads |
8,947,832,970 |
0 |
|
10. Net
operating profit |
5427321080 |
8,256,836,060 |
|
11. Other
income |
142,250,232 |
0 |
|
12. Other expenses
|
0 |
|
|
13. Other
profit /(loss) |
-144,311,406 |
0 |
|
14. Total
accounting profit before tax |
5,283,009,674 |
8,256,836,060 |
|
15. Current
corporate income tax |
666,841,311 |
5,392,194,160 |
|
16. Deferred
corporate income tax |
0 |
0 |
|
18. Profit
after tax |
4,616,168,363 |
2,864,641,900 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY
RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current
liquidity ratio |
1.10 |
1.20 |
1.74 |
|
Quick
liquidity ratio |
0.85 |
1.20 |
1.02 |
|
Inventory
circle |
4.92 |
|
3.74 |
|
Average
receive period |
138.00 |
135.79 |
76.97 |
|
Utilizing
asset performance |
0.79 |
0.89 |
1.31 |
|
Liability by
total asset |
61.11 |
52.94 |
49.32 |
|
Liability by
owner equity |
157.16 |
112.49 |
129.21 |
|
Ebit / Total
asset (ROA) |
1.73 |
3.36 |
8.55 |
|
Ebit / Owner's
equity (ROE) |
4.45 |
7.15 |
18.02 |
|
Ebit / Total
sale (NPM) |
2.19 |
3.77 |
6.82 |
|
Gross profit /
Total sale (GPM) |
6.43 |
3.77 |
21.89 |
|
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 |
|
Above Average |
|
Development
trend |
|
Uptrend |
|
Litigation
data |
|
No |
|
Bankruptcy |
|
No |
|
Payment
Methods |
|
L/C, T/T |
|
Sale Methods |
|
Wholesaler |
|
CREDIT INQUIRY:
125,000 USD Against DA in terms Acceptable.
|
INTERPRETATION ON THE SCORES
|
The
subject was founded in 1996 according to Decision No. 470/QD-QP of the
Ministry of Defense with 100% registered capital of State. Formerly, it was a
State owned company. In 2010, the subject changed to Joint stock company and
increased its chartered capital to VND 130 billion. On 13th May 2010, the
subject issued its shares to the public at the first time. After being equitized, its growth speed is much better. In the last 6
months of 2010, sale increased by 23% compared with 2009 and the profit was
raised nearly 2 times. In short, although subject is a joint stock company but the
main shareholder is Ministry of Defense (holding 51% shares). So it still
receives many supports from the State. No caution needed for the small
business transaction. |
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.44.82 |
|
UK Pound |
1 |
Rs.72.84 |
|
Euro |
1 |
Rs.64.58 |
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.