MIRA INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
COMPANY OF PHARMACEUTICAL PRODUCTS OF
VIETNAM |
|
|
|
|
Registered Office : |
126A Tran Quoc Thao - Ward No.7 - 3 District - Ho Chi Minh City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
1990 |
|
|
|
|
Com. Reg. No.: |
059018 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Import – Export, Distribution and Production
of final pharmaceutical product (modern and traditional medicine), reagents
and laboratory equipment |
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 : |
Usually Correct |
|
|
|
|
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
|
COMPANY OF PHARMACEUTICAL PRODUCTS OF
VIETNAM |
|
Vietnamese Name |
|
CONG TY CO PHAN Y DUOC PHAM VIETNAM |
|
Trade name |
|
CPV |
|
Short name |
|
COMPTOIR PHARMACEUTIQUE DU VIETNAM |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1990 |
|
Establishment Decision |
|
309/ QD-UB |
|
Date of Issuance |
|
27 Jun 1992 |
|
Place of Issuance |
|
Hochiminh People’s Committee |
|
Business Registration No. |
|
059018 |
|
Date of Registration |
|
29 Jun 1992 |
|
Place of Registration |
|
Business Registration Office of Ho Chi
Minh city |
|
Current registered capital |
|
3,800,000,000 VND |
|
Tax code |
|
0300479506 |
|
Total Employees |
|
50 |
Historical Identification & Legal form
|
List |
Changed Items |
|
1 |
Subject has got former Registered English
Name: VIETNAM PHARMACEUTICAL PRODUCTS ENTERPRISE Changed to: COMPANY OF
PHARMACEUTICAL PRODUCTS OF VIETNAM |
|
2 |
Subject has got former Type of Business:
State Owned Enterprises Changed to: Joint Stock Company |
company ADDRESSES
|
Head Office |
||
|
Address |
|
126A Tran Quoc Thao - Ward No.7 - 3
District - Ho Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3931 6263 - 3843 9694 |
|
Fax |
|
(84-8) 3931 6421 |
|
Email |
|
|
|
|
||
|
Other |
||
|
Address |
|
45A-45B Group 2- Phuoc Long B Ward - 9
District - Ho Chi Minh City - Vietnam |
|
Business Registration No. |
|
03003099CN41 |
|
Date of Registration |
|
12 Feb 2001 |
|
Place of Registration |
|
Business Registration Office of Ho Chi
Minh city |
DIRECTORS
|
1.
NAME |
|
Mr.
NGUYEN DUY CUONG |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
27 Feb 1925 |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Ph. D (Professor) |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI QUYEN |
|
Position |
|
Managing Director |
|
Date of Birth |
|
07 Dec 1940 |
|
ID Number/Passport |
|
020089128 |
|
Resident |
|
447 Le Quang Dinh -
Ward 5 - Binh Thanh District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
HO THI NGOC HUONG |
|
Position |
|
Chief Accountant |
|
Date of Birth |
|
1960 |
|
Resident |
|
Ho Chi Minh City -
Vietnam |
|
Nationality |
|
Vietnamese |
BUSINESS NATURE AND ACTIVITIES
|
• Import – export, distribution and production of
final pharmaceutical product (modern and traditional medicine), reagents and
laboratory equipment. Trading by selling both wholesale and retail many kinds
of medicines, equipments and chemical materials. |
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
pharmaceutical products and material, chemicals, equipment for
pharmacy |
|
·
Market |
|
France, Germany, Korea, Taiwan, China, America, England |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
essential oil |
|
·
Market |
|
France, North America, Laos, and Cambodia… |
BANKERS
|
VIETNAM
EXPORT IMPORT COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No. 7 Le Thi Hong Gam Street, Nguyen Thai Binh Ward - 1 District - Ho
Chi Minh City - Vietnam |
|
Telephone |
|
(84-8) 3821 0055 |
|
Fax |
|
(84-8) 3829 6063 |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
NGUYEN DUY CUONG |
|
Date of Birth |
|
07 Dec 1940 |
|
Resident |
|
447 Le Quang Dinh - Ward 5 - Binh Thanh
District - Ho Chi Minh City - Vietnam |
|
Nationality |
|
VIET NAM |
|
Percentage |
|
0.526% |
|
|
||
|
2.
NAME |
|
Ms.
DUONG THANH CANH |
|
Date of Birth |
|
1932 |
|
Resident |
|
63 Hai Thuong Lan Ong - 5 District - Ho
Chi Minh City - Vietnam |
|
Nationality |
|
VIET NAM |
|
Percentage |
|
5.263% |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI MINH LUAN |
|
Resident |
|
446/4 Le Quang Dinh - Binh Thanh District
- Ho Chi Minh City - Vietnam |
|
Nationality |
|
VIET NAM |
|
Percentage |
|
5.263% |
|
|
||
|
4.
NAME |
|
Ms.
NGUYEN VAN EN |
|
Date of Birth |
|
1923 |
|
Resident |
|
185 Xo Viet Nghe Tinh - 1 District - Ho
Chi Minh City - Vietnam |
|
Nationality |
|
VIET NAM |
|
Percentage |
|
5.263% |
|
|
||
|
5.
NAME |
|
Mr.
HOANG CONG KHANH |
|
Date of Birth |
|
1929 |
|
Resident |
|
79 Thai Phien Don - CAND Phuoc Ninh - -
Dong Nai Province - Vietnam |
|
Percentage |
|
2.632% |
|
|
||
|
6.
NAME |
|
Mr.
TRAN TUU |
|
Date of Birth |
|
06 Feb 1945 |
|
ID Number/Passport |
|
020177307 |
|
Resident |
|
61B Tu Xuong, Ward 7 - 3 District - Ho Chi
Minh City - Vietnam |
|
Nationality |
|
Vietnamese |
|
Percentage |
|
2.632% |
|
|
||
|
7.
NAME |
|
184
other shareholders |
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 |
195,840,756,289 |
170,268,603,809 |
161,223,222,971 |
|
I. Cash and cash
equivalents |
18,174,025,946 |
12,303,402,797 |
7,114,166,721 |
|
1. Cash |
18,174,025,946 |
12,303,402,797 |
7,114,166,721 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
77,362,082,801 |
74,926,576,690 |
66,040,823,975 |
|
1. Short-term investments |
77,362,082,801 |
74,926,576,690 |
66,040,823,975 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
60,040,943,731 |
44,038,847,729 |
36,515,264,457 |
|
1. Receivable from customers |
58,624,361,503 |
41,489,421,872 |
36,075,656,734 |
|
2. Prepayments to suppliers |
275,081,960 |
266,955,746 |
125,629,800 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
1,141,500,268 |
2,282,470,111 |
313,977,923 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
40,135,127,011 |
38,822,735,391 |
51,254,952,046 |
|
1. Inventories |
40,135,127,011 |
38,822,735,391 |
51,254,952,046 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
128,576,800 |
177,041,202 |
298,015,772 |
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
0 |
0 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
128,576,800 |
177,041,202 |
298,015,772 |
|
B. LONG-TERM
ASSETS |
1,407,813,231 |
1,737,709,503 |
1,107,853,125 |
|
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
|
1,351,571,512 |
1,088,144,346 |
344,413,938 |
|
1. Tangible assets |
1,351,571,512 |
1,088,144,346 |
344,413,938 |
|
- Historical costs |
3,094,964,526 |
2,599,562,699 |
1,867,132,227 |
|
- Accumulated depreciation |
-1,743,393,014 |
-1,511,418,353 |
-1,522,718,289 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
0 |
0 |
0 |
|
- Initial costs |
0 |
0 |
0 |
|
- Accumulated amortization |
0 |
0 |
0 |
|
4. Construction-in-progress |
0 |
0 |
0 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
0 |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
56,241,719 |
649,565,157 |
763,439,187 |
|
1. Long-term prepaid expenses |
56,241,719 |
649,565,157 |
763,439,187 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
TOTAL ASSETS |
197,248,569,520 |
172,006,313,312 |
162,331,076,096 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
66,406,491,745 |
45,197,519,512 |
47,953,445,787 |
|
I. Current liabilities
|
64,270,031,666 |
43,061,059,433 |
45,816,985,708 |
|
1. Short-term debts and loans |
0 |
0 |
0 |
|
2. Payable to suppliers |
43,446,308,231 |
39,292,886,048 |
38,964,611,127 |
|
3. Advances from customers |
12,789,743,853 |
827,310,055 |
5,993,445,104 |
|
4. Taxes and other obligations to the State Budget |
2,829,293,250 |
2,940,863,330 |
417,165,707 |
|
5. Payable to employees |
0 |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
441,763,770 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
0 |
0 |
0 |
|
10. Provisions for short-term accounts payable |
5,204,686,332 |
0 |
0 |
|
II. Long-Term
Liabilities |
2,136,460,079 |
2,136,460,079 |
2,136,460,079 |
|
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 |
2,136,460,079 |
2,136,460,079 |
2,136,460,079 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
130,842,077,775 |
126,808,793,800 |
114,377,630,309 |
|
I. OWNER’S
EQUITY |
130,842,077,775 |
120,626,266,568 |
111,689,570,836 |
|
1. Capital |
3,800,000,000 |
3,800,000,000 |
3,800,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
0 |
|
7. Business promotion fund |
103,050,038,057 |
90,429,410,630 |
90,609,410,630 |
|
8. Financial reserved fund |
10,357,658,422 |
10,874,054,598 |
4,560,621,469 |
|
9. Other funds |
0 |
52,173,913 |
0 |
|
10. Retained earnings |
13,634,381,296 |
15,470,627,427 |
12,719,538,737 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
6,182,527,232 |
2,688,059,473 |
|
1. Bonus and welfare funds |
0 |
6,182,527,232 |
2,688,059,473 |
|
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 |
197,248,569,520 |
172,006,313,312 |
162,331,076,096 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
FY2008 |
|
1. Total Sale |
421,126,402,157 |
347,187,508,589 |
321,784,720,394 |
|
2. Deduction item |
442,819,020 |
98,354,430 |
271,039,627 |
|
3. Net sale |
420,683,583,137 |
347,089,154,159 |
321,513,680,767 |
|
4. Costs of goods sold |
395,232,637,142 |
323,143,488,295 |
303,928,922,462 |
|
5. Gross profit |
25,450,945,995 |
23,945,665,864 |
17,584,758,305 |
|
6. Financial income |
4,131,040,468 |
6,929,187,796 |
10,787,037,198 |
|
7. Financial expenses |
2,101,275,113 |
3,037,911,512 |
2,032,904,866 |
|
- In which: Loan interest expenses |
- |
- |
- |
|
8. Selling expenses |
0 |
0 |
0 |
|
9. Administrative overheads |
9,338,431,098 |
9,277,475,410 |
9,003,774,380 |
|
10. Net operating profit |
18,142,280,252 |
18,559,466,738 |
17,335,116,257 |
|
11. Other income |
193,151,242 |
569,485,059 |
46,974,588 |
|
12. Other expenses |
0 |
0 |
12,506,380 |
|
13. Other profit /(loss) |
193,151,242 |
569,485,059 |
34,468,208 |
|
14. Total accounting profit before tax |
18,335,431,494 |
19,128,951,797 |
17,369,584,465 |
|
15. Current corporate income tax |
4,701,050,198 |
3,418,324,370 |
4,378,427,814 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
18. Profit after tax |
13,634,381,295 |
15,710,627,427 |
12,991,156,651 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
3.05 |
3.95 |
3.52 |
2.19 |
|
Quick liquidity ratio |
2.42 |
3.05 |
2.40 |
1.41 |
|
Inventory circle |
9.85 |
8.32 |
5.93 |
4.67 |
|
Average receive period |
52.09 |
46.31 |
41.45 |
79.16 |
|
Utilizing asset performance |
2.13 |
2.02 |
1.98 |
1.91 |
|
Liability by total asset |
33.67 |
26.28 |
29.54 |
56.82 |
|
Liability by owner equity |
50.75 |
35.64 |
41.93 |
486.78 |
|
Ebit / Total asset (ROA) |
9.30 |
11.12 |
10.70 |
10.47 |
|
Ebit / Owner's equity (ROE) |
14.01 |
15.08 |
15.19 |
34.50 |
|
Ebit / Total sale (NPM) |
4.35 |
5.51 |
5.40 |
6.80 |
|
Gross profit / Total sale (GPM) |
6.04 |
6.90 |
5.46 |
20.29 |
|
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 |
|
Even |
|
Litigation data |
|
No |
|
Bankruptcy |
|
No |
|
Payment Methods |
|
Directly to clients and through its network agents. |
|
Sale Methods |
|
Retailer and Wholesaler |
INTERPRETATION ON THE SCORES
|
COMPANY OF PHARMACEUTICAL PRODUCTS OF VIETNAM was
established in 1990. Currently, the subject is operating under business
registration No. 059018 issued by Business Registration of Ho Chi Minh city
with registered capital VND 3,800,000,000. The subject is the first joint
stock pharmaceutical company in Hochiminh city, equitized in 1992. The
operation of the subject is effective. The sale has been growing
continuously. According to financial data, the subject’s business result in
2010 was better than in 2009 with the sale was 421 billion VND. The subject
has got many good business partners. Its market share is large. The subject
focuses most on the wholesale. According to interview with Ms. Ho Thi Ngoc
Huong- Chief Accountant of the subject, business situation of the subject are
stable and financial situation are fair good. Liquidity ratios of the subject
are fair. |
APPENDIXES
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2009 |
Total employees
2010 (Thous.pers.) |
Annual average
capital of enterprises 2009 (billion dongs) |
||
|
2010 |
2009 |
|||||
|
Agriculture,
Forestry and Fishing |
2.78 |
1.82 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
7.70 |
5.52 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
7.52 |
6.63 |
154,978 |
14,522 |
4,939,069 |
|
|
|
||||||
|
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 |
72.2 |
57.1 |
62.7 |
|||
|
Imports |
84.8 |
69.9 |
80.7 |
|||
|
Trade Balance |
-12.6 |
-12.8 |
-18 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.02 |
|
UK Pound |
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.56 |
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.