MIRA
INFORM REPORT
|
Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
ECO PHARMA JOINT STOCK COMPANY-
HO CHI MINH BRANCH |
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Registered Office : |
No.148 Hoang Hoa Tham, Ward 12 - Tan Binh District - |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
03.03.2008 |
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Com. Reg. No.: |
0102637020-001 |
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Legal Form : |
Branch |
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Line of Business : |
Trading Pharmaceutical And
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 |
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Status : |
Moderate |
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Payment Behaviour : |
No complaints |
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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) |
|
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B1 |
B1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUBJECT IDENTIFICATION & LEGAL FORM
|
Translation English Name |
|
ECO PHARMA JOINT STOCK
COMPANY- HO CHI MINH BRANCH |
|
Registered Vietnamese Name |
|
CHI NHANH CONG TY CO PHAN DUOC
PHAM ECO (TP. HA NOI) |
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Short
Name |
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ECO PHARMACY |
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Type of Business |
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Branch |
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Year Established |
|
2008 |
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Business Registration No. |
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0102637020-001 |
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Date of First Registration |
|
03 Mar 2008 |
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Place of Registration |
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Business Registration Office
of Ho Chi Minh city |
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Tax code |
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0102637020-001 |
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Total Employees |
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300 |
|
Note: The given name- CHI
NHANH CONG TY CO PHAN DUOC PHAM is
not the correct Vietnamese Name of the subject company. The correct name is
as above. |
||
Historical
Identification & Legal form
|
List |
Changed Items |
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1 |
Subject has got former
Business Registration No: 4113032142 which was first issued on 03 Mar
2008 Changed to: 0102637020-001 |
ADDRESSES
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Head
Office |
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Address |
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No.148 Hoang Hoa Tham, Ward 12
- Tan Binh District - |
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Telephone |
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(84-8) 62936 630 |
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Fax |
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(84-8) 62937 051 |
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Email |
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Website |
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ECO
PHARMACY |
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Address |
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Telephone |
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84-8 38208487 |
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ECO
PHARMACY |
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Address |
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No.353 Hoang Van Thu Street-
Ward 2- Tan Binh District - |
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Telephone |
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(84-8) 39971350 |
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ECO
PHARMACY |
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Address |
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Telephone |
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(84-8) 38207476 |
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ECO
PHARMACY |
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Address |
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189C Cong Quynh Street- Nguyen
Cu |
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Telephone |
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(84-8) 62915455 |
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ECO
PHARMACY |
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Address |
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51 Thuan Kieu Street- Ward 12-
District 5- |
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Telephone |
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(84-8)38572647 |
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ECO
PHARMACY |
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Address |
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233 Nguyen Van Hoai Street-Bau
Tre II Hamlet- Tan Thong Hoi Commune II - Cu Chi District - Ho Chi Minh City
- Vietnam |
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Telephone |
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(84-8) 37925801 |
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ECO
PHARMACY |
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Address |
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Telephone |
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(84-8)39481817 |
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ECO
PHARMACY |
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Address |
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404A |
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Telephone |
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(84-8) 39311814 |
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ECO
PHARMACY |
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Address |
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Telephone |
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(84-8) 39273763 |
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ECO
PHARMACY |
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Address |
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Telephone |
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(84-8) 39555635 |
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ECO
PHARMACY |
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Address |
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05 No Trang Long Street- Ward
7- Binh Thanh District - Ho Chi Minh City - Vietnam |
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Telephone |
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(84-8)35511245 |
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DIRECTORS
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1. NAME |
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Mr. NGO CHI DUNG |
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Position |
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Chairman - Director |
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Resident |
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No.16,
Alley No.12-21, Dao Tan, Cong Vi Ward- Ba Dinh District - Ha Noi City -
Vietnam |
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Nationality |
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Vietnamese |
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||
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2. NAME |
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Ms. NGUYEN LE TUONG VI |
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Position |
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CFO |
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Nationality |
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Vietnamese |
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Tel/Mobil phone |
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(84) 903165316 |
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Email |
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nltvy@ecopharmacy.com.vn |
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3. NAME |
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Mr. NGUYEN MINH KHOI |
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Position |
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Chief Accountant |
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Nationality |
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Vietnamese |
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Tel/Mobil phone |
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(84-8) 62936630 ext 304 |
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Email |
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nmkhoi@ecopharmacy.com.vn |
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BUSINESS NATURE AND ACTIVITIES
|
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The subject is specializing in trading pharmaceutical and medicine |
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IMPORT & EXPORT ACTIVITIES
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IMPORT:
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·
Types of products |
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Pharmaceutical products |
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·
Market |
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EXPORT:
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·
Types of products |
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N/A |
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BANKERS
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1. VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK |
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Address |
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No. 7 Le Thi Hong Gam Street Nguyen Thai Binh Ward -
District 1 - |
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Telephone |
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(84-8) 3821 0055 |
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Fax |
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(84-8) 3829 6063 |
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2. |
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Address |
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5 Cong Hoa, Ward 4 - Tan Binh District - |
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Telephone |
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(84-8) 3811 7534 |
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Fax |
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(84-8) 3811 6896 |
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3. TIEN PHONG COMERCIAL JOINT STOCK BANK HO CHI MINH BRANCH |
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Address |
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Cotec Building No.14 Nguyen Truong To, No.12 ward -
District 4 - Ho Chi Minh City - Vietnam |
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Telephone |
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(84-8) 54010066 |
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Fax |
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(84-8) 54011908 |
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SHAREHOLDERS
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REGISTERED ENGLISH NAME |
|
ECO PHARMA JOINT STOCK COMPANY |
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Registered Vietnamese Name |
|
CONG TY CO PHAN DUOC PHAM ECO |
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Registered Short Name |
|
ECO PHARMA., JSC |
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Business Registration |
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0103022252 |
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Date of Registration |
|
29 Jan 2008 |
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Place of Registration |
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Business Registration Office of Ha |
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Tax code |
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0102637020 |
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Address |
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F2, Department No.130, Doc Ngu,
Vinh Phuc Ward - Ba Dinh District - Ha |
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Tel |
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(84-4) 37674990/32321036 |
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Fax |
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(84-4) 37674991 |
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Percentage |
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100% |
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FINANCIAL DATA
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BALANCE SHEET |
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Unit: One VND
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Balance
sheet date |
31/12/2009
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Number of weeks |
52 |
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ASSETS |
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A –
CURRENT ASSETS |
44,423,000,000
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I.
Cash and cash equivalents |
3,444,000,000
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1. Cash |
3,444,000,000 |
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2. Cash equivalents |
0 |
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II.
Short-term investments |
0 |
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1. Short-term investments |
0 |
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2. Provisions for devaluation of short-term investments |
0 |
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III.
Accounts receivable |
12,009,000,000
|
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1. Receivable from customers |
8,821,000,000 |
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2. Prepayments to suppliers |
2,665,000,000 |
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3. Inter-company receivable |
0 |
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4. Receivable according to the progress of construction |
0 |
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5. Other receivable |
523,000,000 |
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6. Provisions for bad debts |
0 |
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IV.
Inventories |
24,242,000,000
|
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1. Inventories |
24,242,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
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V.
Other Current Assets |
4,728,000,000
|
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1. Short-term prepaid expenses |
1,630,000,000 |
|
2. VAT to be deducted |
709,000,000 |
|
3. Taxes and other accounts receivable from the State |
141,000,000 |
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4. Other current assets |
2,248,000,000 |
|
B.
LONG-TERM ASSETS |
12,988,000,000
|
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I. Long
term account receivable |
0 |
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1. Long term account receivable from customers |
0 |
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2. Working capital in affiliates |
0 |
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3. Long-term inter-company receivable |
0 |
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4. Other long-term receivable |
0 |
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5. Provisions for bad debts from customers |
0 |
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II.
Fixed assets |
5,662,000,000
|
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1. Tangible assets |
3,563,000,000 |
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- Historical costs |
3,955,000,000 |
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- Accumulated depreciation |
-392,000,000 |
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2. Financial leasehold assets |
0 |
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- Historical costs |
0 |
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- Accumulated depreciation |
0 |
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3. Intangible assets |
2,099,000,000 |
|
- Initial costs |
2,200,000,000 |
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- Accumulated amortization |
-101,000,000 |
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4. Construction-in-progress |
0 |
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III.
Investment property |
0 |
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Historical costs |
0 |
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Accumulated depreciation |
0 |
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IV.
Long-term investments |
1,125,000,000
|
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1. Investments in affiliates |
0 |
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2. Investments in business concerns and joint ventures |
1,125,000,000 |
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3. Other long-term investments |
0 |
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4. Provisions for devaluation of long-term investments |
0 |
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V.
Other long-term assets |
6,201,000,000
|
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1. Long-term prepaid expenses |
6,201,000,000 |
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2. Deferred income tax assets |
0 |
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3. Other long-term assets |
0 |
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TOTAL
ASSETS |
57,411,000,000
|
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LIABILITIES |
|
|
A-
LIABILITIES |
14,091,000,000
|
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I.
Current liabilities |
13,511,000,000
|
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1. Short-term debts and loans |
7,458,000,000 |
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2. Payable to suppliers |
5,887,000,000 |
|
3. Advances from customers |
0 |
|
4. Taxes and other obligations to the State Budget |
23,000,000 |
|
5. Payable to employees |
0 |
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6. Accrued expenses |
0 |
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7. Inter-company payable |
0 |
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8. Payable according to the progress of construction
contracts |
0 |
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9. Other payable |
143,000,000 |
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10. Provisions for short-term accounts payable |
0 |
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II.
Long-Term Liabilities |
580,000,000
|
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1. Long-term accounts payable to suppliers |
0 |
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2. Long-term inter-company payable |
0 |
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3. Other long-term payable |
0 |
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4. Long-term debts and loans |
580,000,000 |
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5. Deferred income tax payable |
0 |
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6. Provisions for unemployment allowances |
0 |
|
7. Provisions for long-term accounts payable |
0 |
|
B-
OWNER’S EQUITY |
43,320,000,000
|
|
I.
OWNER’S EQUITY |
43,320,000,000
|
|
1. Capital |
53,971,000,000 |
|
2. Share premiums |
2,400,000,000 |
|
3. Other sources of capital |
0 |
|
4. Treasury stocks |
0 |
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5. Differences on asset revaluation |
0 |
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6. Foreign exchange differences |
0 |
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7. Business promotion fund |
0 |
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8. Financial reserved fund |
0 |
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9. Other funds |
0 |
|
10. Retained earnings |
-13,051,000,000 |
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11. Construction investment fund |
0 |
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II.
Other sources and funds |
0 |
|
1. Bonus and welfare funds |
0 |
|
2. Sources of expenditure |
0 |
|
3. Fund to form fixed assets |
0 |
|
MINORITY’S
INTEREST |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
57,411,000,000
|
|
|
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PROFIT & LOSS STATEMENT
|
|
|
|
|
|
Description |
FY2009 |
|
1. Total |
149,750,000,000
|
|
2. Deduction item |
129,000,000 |
|
3. Net Sale |
149,621,000,000
|
|
4. Costs of goods sold |
136,380,000,000 |
|
5. Gross profit |
13,241,000,000
|
|
6. Financial income |
229,000,000 |
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7. Financial expenses |
666,000,000 |
|
- In which: Loan interest expenses |
0 |
|
8. Selling expenses |
10,797,000,000 |
|
9. Administrative overheads |
10,387,000,000 |
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10. Net operating profit |
-8,380,000,000
|
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11. Other income |
2,042,000,000 |
|
12. Other expenses |
324,000,000 |
|
13. Other profit /(loss) |
1,718,000,000
|
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14. Total accounting profit before tax |
-6,662,000,000
|
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15. Current corporate income tax |
0 |
|
16. Deferred corporate income tax |
0 |
|
18. Profit after tax |
-6,662,000,000
|
|
|
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FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
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|
Description |
FY2009
|
Average
Industry |
|
Current liquidity ratio |
3.29 |
2.19 |
|
Quick liquidity ratio |
1.49 |
1.41 |
|
Inventory circle |
5.63 |
4.67 |
|
Average receive period |
29.30 |
79.16 |
|
Utilizing asset performance |
2.61 |
1.91 |
|
Liability by total asset |
24.54 |
56.82 |
|
Liability by owner equity |
32.53 |
486.78 |
|
Ebit / Total asset (ROA) |
-11.60 |
10.47 |
|
Ebit / Owner's equity (ROE) |
-15.38 |
34.50 |
|
Ebit / Total sale (NPM) |
-4.45 |
6.80 |
|
Gross profit / Total sale (GPM) |
8.84 |
20.29 |
|
Note: The Average Industry was calculated by Vietnam Credit
based on our owned statistical data |
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PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
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Trade Morality |
|
Fair |
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Liquidity |
|
Medium |
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Payment status |
|
Above Average |
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Financial Situation |
|
Above Average |
|
Development trend |
|
Uptrend |
|
Litigation data |
|
No |
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Bankruptcy |
|
No |
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Payment Methods |
|
By cash or through the bank |
|
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Retailer and Wholesaler |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
|
|
|
The subject is registered as a branch
in Ho Chi Minh City of ECO Pharma Joint Stock Company. The subject is
operating under the Business Code 0102637020-001.
ECO Pharma Joint Stock Company was
established under the Business Registration Certificate No. 0103022252,
issued on 29 Jan 2008. The registered head office address of ECO Pharma Joint
Stock Company is in Ha Noi city but its transactions are taken place at its
branch office in Premises and facilities of the subject
are satisfied requirement standards. ECO PHARACY is a new drugstore chain but it gains a remarkable position in Ho Chi
Minh City Pharmaceutical Market (It is said that ECO PHARMACY is supported by individuals from the Ministry of Health). Opening
GPP pharmacies, the subject could take full advantages of incentives for directly
importing rare medicines as well as for directly distributing drugs to the
stores that could help the subject to ensure the quality of drugs and
competitive prices. Selling prices of
the subject’s goods are often lower than other’s. On reported data, the subject suffers
losses. In fact, the subject trading activities are very busy and its
quantity of drugstore is increasing. |
APPENDIXES
|
INDUSTRY
DATA |
||||||
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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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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 |
|||
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SERVICE
TRADE PERFORMANCE |
||||||
|
|
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|
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.44.91 |
|
|
1 |
Rs.73.06 |
|
Euro |
1 |
Rs.64.03 |
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.