MIRA INFORM REPORT

Report Date :

24.03.2011

IDENTIFICATION DETAILS

Correct Name :	VIDIPHA CENTRAL PHARMACEUTICAL JOINT STOCK COMPANY
Registered Office :	184/2 Le Van Sy Street - Ward 10 - Phu Nhuan District - Ho Chi Minh City
Country :	Vietnam
Financials (as on) :	30.09.2010
Date of Incorporation :	24.11.2010
Com. Reg. No.:	0300470246
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing, trading in, importing and exporting medicines, pharmaceutical materials, raw materials, chemicals

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 :	Good
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	VIDIPHA CENTRAL PHARMACEUTICAL JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN DUOC PHAM TRUNG UONG VIDIPHA
Trade name	VIDIPHA CENTRAL PHARMACEUTICAL JOINT STOCK COMPANY
Short name	VIDIPHA
Type of Business	Joint stock company
Year Established	1993
Business Registration No.	0300470246
Date of Registration	24 Nov 2010
Place of Registration	Business Registration Office- Planning and Investment Department of Hochiminh City
Current registered capital	60,000,000,000 VND
Status	Public Company
Tax code	0300470246
Total Employees	298

Historical Identification & Legal form

The Origin Legal Registration of Subject
English Name		VIETNAM INDUSTRIAL DEVELOPMENT OF PHARMACEUTICS COMPANY
Vietnamese Name		CONG TY PHAT TRIEN KY NGHE DUOC TRUNG UONG
Type of Business		State Owned Company
Establishment Decision No.		580/BYT-QD
Issued on		July 09th 1993
Issued by		Ministry of Health Business Registration
Business Registration No.		102836
Issued on		July 16th, 1993
Issued by		Economic Arbitration Board of Hochiminh City
Registered Capital		4,220,000,000 VND
List	Changed Items		Date of changes
1	Subject has got former Business Registration No: 4103001522 issued on 24 March 2003 Changed to: 0300470246		24 Nov 2010
2	Subject has got former Address: 19-21 Nguyen Van Troi Street, Ward 12 - Phu Nhuan District - Ho Chi Minh City - Vietnam Changed to: 184/2 Le Van Sy Street - Ward 10 - Phu Nhuan District - Ho Chi Minh City		27 Dec 2010

company ADDRESSES

Head Office
Address	184/2 Le Van Sy Street - Ward 10 - Phu Nhuan District - Ho Chi Minh City - Vietnam
Telephone	(84-8) 3844 0448 - 3844 1651 - 3997 6162
Fax	(84-8) 3844 0446
Email	vidipha@hcm.vnn.vn
Website	www.vidipha.com.vn
Note: The given address “19-21 Nguyen Van Troi Street, Ward 12 - Phu Nhuan District” is the former address of the subject. At present, the subject is operating at above address
Workshop Address
Address	Lot J16-J17 No 134/1 To Hien Thanh Street, Ward 15 – District 10 - Ho Chi Minh City - Vietnam
Telephone	(84-8) 2241 4500 - 2241 4600
Fax	(84-8) 3864 9316
Workshop Address
Address	Lot 3, 38 Dang Tat Street, Tan Dinh Ward - District 1 - Ho Chi Minh City - Vietnam
Telephone	(84-8) 3848 3390
Fax	(84-8) 3848 3390
Branch in Ha Noi
Address	273 Tay Son Street - Ha Noi City - Vietnam
Telephone	(84-4) 3564 1294
Fax	(84-4) 3564 1295
Factory in Binh Duong
Address	Tan Binh Hamlet - Tan Hiep Commune - Tan Uyen District - Binh Duong Province - Vietnam
Telephone	84-650-3655205 / 3655206
Fax	84-650-3655207

SUBSIDIARIES AND RELATED COMPANIES

PARENT COMPANY - VIETNAM PHARMACEUTICAL CORPORATION
Business Registration	0106001031
Date of Registration	16 Dec 2008
Place of Registration	Ha Noi City Department of Planning and Investment
Registered Capital	269,629,776,752 VND
Tax code	0100109385
Address	No.138B Giang Vo Street - Ba Dinh District - Ha Noi City - Vietnam
Tel	(84-4) 3844 3153/ 3844 3151
Fax	(84-4) 3844 3665
Website	http://www.vinapharm.net.vn

DIRECTORS

1. NAME	Mr. KIEU HUU
Position	Chairman and General Director
Date of Birth	20 Aug 1948
ID Number/Passport	020472890
Resident	214 Dien Bien Phu Street, Ward 7 - District 3 - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
2. NAME	Mr. BUI QUANG TUY
Position	Deputy General Director - Member of BOD
Date of Birth	03 Jan 1951
ID Number/Passport	020036622
Resident	17 Nguyen Van Troi Street, Ward 12 - Phu Nhuan District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
3. NAME	Mr. PHAN CONG TU
Position	Deputy General Director - Chief of accountant
Date of Birth	16 Feb 1952
ID Number/Passport	021672280
Resident	10/3 Road 8, Ward 17 - Go Vap District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
4. NAME	Mr. TRAN XUAN HANG
Position	Deputy General Director
Date of Birth	07 Aug 1950
Resident	257/B1 Bui Thi Xuan Street, Ward 1 - Tan Binh District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
5. NAME	Ms. PHAM THI LU
Position	Director of Factory
Date of Birth	16 Jan 1953
ID Number/Passport	020094705
Resident	64 Nguyen Van Troi Street, Ward 8 - Phu Nhuan District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
6. NAME	Mr. NGUYEN NGOC TUAN
Position	Director - Sale Manager
Date of Birth	01 Dec 1957
Resident	281/37/4 Le Van Sy - Tan Binh District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Tel/Mobil phone	(84-8) 3844 0448
Qualification	BS
7. NAME	Mr. HOANG THE BAC
Position	Deputy CFO
Date of Birth	14 Jun 1977
Resident	236/2 Ho Van Hue - Phu Nhuan District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Qualification	BA

BUSINESS NATURE AND ACTIVITIES

The subject registers and operates in the following lines of business:

Ø Manufacturing, trading in, importing and exporting medicines, pharmaceutical materials, raw materials, chemicals (excluding highly toxic chemicals), cosmetics, foodstuffs, medical machinery and equipment

Ø Consulting on technology transfer

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products	Equipments and materials
· Market	Korea, India, China, Germany, Taiwan, USA...
EXPORT: N/A

BANKERS

JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM
Address	No. 29 Ben Chuong Duong Street - Nguyen Thai Binh Ward - District 1 - Ho Chi Minh City - Vietnam
Telephone	(84-8) 3825 1317
Fax	(84-8) 3829 7228

SHAREHOLDERS

1. NAME	Mr. KIEU HUU
Position	Chairman and General Director
Date of Birth	20 Aug 1948
ID Number/Passport	020472890
Resident	214 Dien Bien Phu Street, Ward 7 - District 3 - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Value of shares	533,000,000 VND
Percentage	0.888%
2. NAME	Mr. PHAM MINH CHANH
Date of Birth	02 Feb 1946
ID Number/Passport	020166384
Resident	566 Nguyen Duy Trinh Street, Binh Trung Tay Ward - District 2 - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Value of shares	328,000,000 VND
Percentage	0.547%
3. NAME	Mr. PHAN CONG TU
Position	Deputy General Director - Chief of accountant
Date of Birth	16 Feb 1952
ID Number/Passport	021672280
Resident	10/3 Road 8, Ward 17 - Go Vap District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Value of shares	181,000,000 VND
Percentage	0.302%
4. NAME	Ms. PHAM THI LU
Position	Director of Factory
Date of Birth	16 Jan 1953
ID Number/Passport	020094705
Resident	64 Nguyen Van Troi Street, Ward 8 - Phu Nhuan District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Value of shares	181,000,000 VND
Percentage	0.302%
5. NAME	Mr. BUI QUANG TUY
Position	Deputy General Director - Member of BOD
Date of Birth	03 Jan 1951
ID Number/Passport	020036622
Resident	17 Nguyen Van Troi Street, Ward 12 - Phu Nhuan District - Ho Chi Minh City - Vietnam
Nationality	Vietnamese
Value of shares	132,000,000 VND
Percentage	0.22%
6. NAME	State owned
Value of shares	8,955,000,000 VND
Percentage	14.925%
7. NAME	236 other shareholders
Value of shares	9,590,000,000 VND
Percentage	15.983%

FINANCIAL DATA

BALANCE SHEET
I: One VND
Balance sheet date	30/09/2010	31/12/2009	31/12/2008
Number of weeks	39	52	52
ASSETS
A – CURRENT ASSETS	138,587,761,928	163,715,934,467	151,991,564,166
I. Cash and cash equivalents	8,662,926,608	6,258,955,780	18,665,862,961
1. Cash	8,662,926,608	4,758,955,780	13,222,817,961
2. Cash equivalents	0	1,500,000,000	5,443,045,000
II. Short-term investments	11,500,000,000	52,691,150,000	54,500,000,000
1. Short-term investments	11,500,000,000	52,691,150,000	54,500,000,000
2. Provisions for devaluation of short-term investments	0	0	0
III. Accounts receivable	69,404,259,844	61,078,369,198	43,264,136,770
1. Receivable from customers	53,494,956,210	44,636,762,549	41,921,346,708
2. Prepayments to suppliers	15,879,187,195	16,285,536,774	1,251,388,244
3. Inter-company receivable	0	0	0
4. Receivable according to the progress of construction	0	0	0
5. Other receivable	234,246,991	360,200,427	295,532,370
6. Provisions for bad debts	-204,130,552	-204,130,552	-204,130,552
IV. Inventories	44,557,017,469	39,107,626,227	33,507,065,669
1. Inventories	44,557,017,469	39,107,626,227	33,507,065,669
2. Provisions for devaluation of inventories	0	0	0
V. Other Current Assets	4,463,558,007	4,579,833,262	2,054,498,766
1. Short-term prepaid expenses	0	0	1,424,641
2. VAT to be deducted	3,310,708,009	255,727,911	96,514,125
3. Taxes and other accounts receivable from the State	0	238,916,880	0
4. Other current assets	1,152,849,998	4,085,188,471	1,956,560,000
B. LONG-TERM ASSETS	142,285,056,163	71,931,175,282	39,445,342,488
I. Long term account receivable	0	0	0
1. Long term account receivable from customers	0	0	0
2. Working capital in affiliates	0	0	0
3. Long-term inter-company receivable	0	0	0
4. Other long-term receivable	0	0	0
5. Provisions for bad debts from customers	0	0	0
II. Fixed assets	127,652,896,163	67,399,015,282	35,280,232,488
1. Tangible assets	40,007,199,283	21,934,262,217	25,804,779,505
- Historical costs	87,947,063,672	67,053,251,708	66,170,796,695
- Accumulated depreciation	-47,939,864,389	-45,118,989,491	-40,366,017,190
2. Financial leasehold assets	0	0	0
- Historical costs	0	0	0
- Accumulated depreciation	0	0	0
3. Intangible assets	8,763,371,564	8,916,609,065	9,235,619,892
- Initial costs	9,223,160,506	9,223,160,506	9,339,170,346
- Accumulated amortization	-459,788,942	-306,551,441	-103,550,454
4. Construction-in-progress	78,882,325,316	36,548,144,000	239,833,091
III. Investment property	0	0	0
Historical costs	0	0	0
Accumulated depreciation	0	0	0
IV. Long-term investments	14,632,160,000	4,532,160,000	4,165,110,000
1. Investments in affiliates	0	0	0
2. Investments in business concerns and joint ventures	2,100,000,000	0	0
3. Other long-term investments	12,532,160,000	4,532,160,000	4,532,160,000
4. Provisions for devaluation of long-term investments	0	0	-367,050,000
V. Other long-term assets	0	0	0
1. Long-term prepaid expenses	0	0	0
2. Deferred income tax assets	0	0	0
3. Other long-term assets	0	0	0
TOTAL ASSETS	280,872,818,091	235,647,109,749	191,436,906,654
LIABILITIES
A- LIABILITIES	86,592,909,795	49,603,651,466	22,054,513,735
I. Current liabilities	86,576,239,207	49,318,321,178	21,762,031,067
1. Short-term debts and loans	47,730,283,079	21,994,844,812	0
2. Payable to suppliers	18,391,159,438	16,165,960,321	13,073,509,613
3. Advances from customers	1,205,348,859	744,554,953	1,006,938,982
4. Taxes and other obligations to the State Budget	5,542,290,452	2,787,834,315	694,490,136
5. Payable to employees	984,325,534	1,600,000,000	1,355,549,000
6. Accrued expenses	0	0	0
7. Inter-company payable	0	0	0
8. Payable according to the progress of construction contracts	0	0	0
9. Other payable	8,089,687,096	6,025,126,777	5,631,543,336
10. Provisions for short-term accounts payable	4,633,144,749	0	0
II. Long-Term Liabilities	16,670,588	285,330,288	292,482,668
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	0	0
4. Long-term debts and loans	0	0	0
5. Deferred income tax payable	0	0	0
6. Provisions for unemployment allowances	16,670,588	285,330,288	292,482,668
7. Provisions for long-term accounts payable	0	0	0
B- OWNER’S EQUITY	194,279,908,296	186,043,458,283	169,382,392,919
I. OWNER’S EQUITY	194,279,908,296	181,154,884,702	168,748,913,415
1. Capital	60,000,000,000	60,000,000,000	60,000,000,000
2. Share premiums	61,802,878,200	61,802,878,200	61,802,878,200
3. Other sources of capital	13,030,515,170	13,030,515,170	13,030,515,170
4. Treasury stocks	0	0	0
5. Differences on asset revaluation	0	0	0
6. Foreign exchange differences	0	103,169,000	0
7. Business promotion fund	40,288,039,108	25,028,701,310	14,949,329,035
8. Financial reserved fund	5,082,541,751	4,234,800,762	3,459,464,433
9. Other funds	0	0	0
10. Retained earnings	14,075,934,067	16,954,820,260	15,506,726,577
11. Construction investment fund	0	0	0
II. Other sources and funds	0	4,888,573,581	633,479,504
1. Bonus and welfare funds	0	4,888,573,581	633,479,504
2. Sources of expenditure	0	0	0
3. Fund to form fixed assets	0	0	0
MINORITY’S INTEREST	0	0	0
TOTAL LIABILITIES AND OWNER’S EQUITY	280,872,818,091	235,647,109,749	191,436,906,654

PROFIT & LOSS STATEMENT
Description	30/09/2010	FY2009	FY2008
1. Total Sale	174,410,839,284	229,515,503,131	208,779,505,405
2. Deduction item	119,228,903	931,949,516	1,827,030,752
3. Net Sale	174,291,610,381	228,583,553,615	206,952,474,653
4. Costs of goods sold	131,136,177,562	177,308,445,048	163,048,758,538
5. Gross profit	43,155,432,819	51,275,108,567	43,903,716,115
6. Financial income	3,117,024,560	6,527,498,333	4,860,754,847
7. Financial expenses	3,580,122,832	75,678,330	374,295,565
- In which: Loan interest expenses	3,543,441,781	157,759,024	0
8. Selling expenses	5,448,924,258	N/a	7,059,964,491
9. Administrative overheads	11,315,259,087	N/a	11,030,270,831
10. Net operating profit	25,928,151,202	34,545,646,765	30,299,940,075
11. Other income	45,286,245	363,898,870	491,247,418
12. Other expenses	154,292,415	113,076,837	273,188,775
13. Other profit /(loss)	-109,006,170	250,822,033	218,058,643
14. Total accounting profit before tax	25,819,145,032	34,796,468,798	30,517,998,718
15. Current corporate income tax	0	4,641,649,023	3,011,272,141
16. Deferred corporate income tax	5,743,211,450	0	0
17. Profit after tax	20,075,933,582	30,154,819,775	27,506,726,577

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	30/09/2010	FY2009	FY2008	Average Industry
Current liquidity ratio	1.60	3.32	6.98	2.06
Quick liquidity ratio	1.09	2.53	5.44	1.33
Inventory circle	2.94	4.53	4.89	3.96
Average receive period	145.35	97.53	76.30	128.92
Utilizing asset performance	0.62	0.97	1.08	1.22
Liability by total asset	30.83	21.05	11.52	56.56
Liability by owner equity	44.57	26.66	13.02	344.11
Ebit / Total asset (ROA)	10.45	14.83	15.94	9.12
Ebit / Owner’s equity (ROE)	15.11	18.79	18.02	15.93
Ebit / Total Sale (NPM)	16.84	15.23	14.62	7.52
Gross profit / Total Sale (GPM)	24.74	22.34	21.03	24.83
Note: The Average Industry was calculated by Vietnam Credit based on our owned statistical data

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality	Fair
Liquidity	High
Payment status	Above Average
Financial Situation	Above Average
Development trend	Uptrend
Litigation data	No
Bankruptcy	No
Payment Methods	Direct payment or through its corresponding bank
Sale Methods	Retailer and Wholesaler
Public opinion	Good

CREDIT INQUIRY: US$125 , D/A

Reliable

INTERPRETATION ON THE SCORES

VIDIPHA is a joint stock company, which is operating under business registration No. 0300470246 with the registered capital of VND 60 billion. Formerly, the subject’s head office and factory is located at 19-21 Nguyen Van Troi Street, Ward 12 - Phu Nhuan District - Ho Chi Minh City. Since 27 Dec 2011, its office has been moved to No.184/2 Le Van Sy Street- Ward 10- Phu Nhuan Dist- Hochiminh City. Besides this site, subject also has two showrooms in Ho Chi Minh City and two branches (one is in Ha Noi City and the other is in Binh Duong Province).

The subject is specialized in producing and trading in pharmaceutical products. Some products of the subject are antibiotic (amoxycilin, amoxidivi, gentacain…), analgesic (aspirin, paracetamol, morphin hydroclorid…), vitamin (B complex C, vitamin B1, B6…), antiseptic (dexamethason, gynapax, natribicarbonat)… Subject imports equipments and materials from Germany, Korea, India, Taiwan, China, Japan, and USA… Materials of the subject are supplied by Domesco, Sapharco, F. D & C, Hutaphaco, Calapharco, Vimedimex, Mekophar, CPV, Opsonin Pharma Ltd, Aurobindo Pharma Ltd, Nomura Trading Ltd, Shijiazhuang Pharm Group Hebei Ltd, Shine Resources Ltd, ACS Dobfar S.p.A, Ishan International Pvt. Ltd and Lupin Ltd

Being established in the year 1993, the original name of the subject was Vietnam Industrial Development Of Pharmaceutics Company, which was a state owned company. Through a long development, the subject was equitized and operated under the model joint stock company according to 468/2003/QD-BYT of Ministry of Health on January 30th 2003 with trade name Vidipha Central Pharmaceutical Joint Stock Company. At present, subject has more than 200 shareholders and its stocks are listed OTC, Subject is proceeding necessary steps to list on Vietnam stock exchange and raise its capital to VND 80 billion, in which, VND 20 billion will be used for investing in the building at 17-19-21 Nguyen Van Troi Str, Ho Chi minh City.

Premises and facilities of the subject are standard. In domestic market, the subject’s distribution network is large. At the present, subject has a large system with 60 distribution agents all the country, especially in southern provinces of Vietnam.

According to its financial data in the year 2008, 2009 and quarter 3 in 2010, most of its financial ratios were overwhelmed the industrial average. The liquidity ratios in 2009 though decreased comparing with 2008, but they were still high. The inventory circle was acceptable, the average receive period was normal; as the characteristic of pharmaceutical distribution system in Viet Nam is through the hospital mainly, which appropriates firm’s current assets for a long time. The profitability ratios were optimistic and up trend. The Liability and Owner’s Equity Structure tended to incline to the liability. Now, the subject is using this financial leverage effectively, however it also is a risk when having disadvantage changes.

The pharmaceutical industry in Vietnam is in the development stage, in both consumption and producing, so the operating of all the businesses in this line is facing many difficulties. Not along to the limitation producing of each firm, the over depending on imported material, the weaken distribution system…are also the challenging for pharmaceutical company. With more than10-year-history, Subject is considered strong in its line due to the competitive capability, stable development...

Generally, Subject has capacity to meet financial commitment and no caution needed for all small-normal business transactions.

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.44.96
UK Pound	1	Rs.73.57
Euro	1	Rs.63.68

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.