MIRA INFORM REPORT
|
Report Date : |
08.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
VIETNAM CANADA CAPSULE ENTERPRISE |
|
|
|
|
Registered Office : |
No. 21B, Phan Dinh Phung Str Ward 8 - Vinh Long City - Vinh Long
Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
30.06.2011 |
|
|
|
|
Date of Incorporation : |
15.07.1999 |
|
|
|
|
Com. Reg. No.: |
310695 |
|
|
|
|
Legal Form : |
Branch Factory |
|
|
|
|
Line of Business : |
Manufacturing gelatin capsules and other
medical devices |
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 Name |
|
VIETNAM CANADA CAPSULE ENTERPRISE |
|
Vietnamese Name |
|
NHA MAY SAN XUAT CAPSULE |
|
Short name |
|
VICANCAP |
|
Type of Business |
|
Branch factory |
|
Year Established |
|
1996 |
|
Establishment Decision |
|
9/QDTL-96 |
|
Date of Issuance |
|
11 Nov 1996 |
|
Place of Issuance |
|
Vinh Long People’s Committee |
|
Business Registration No. |
|
310695 |
|
Date of Registration |
|
15 Jul 1999 |
|
Place of Registration |
|
Planning and Investment Department of Vinh
Long Province |
|
Status |
|
Unlisted |
|
Registered capital |
|
As a branch, the subject has no registered capital. All financial
obligations are done by its parent company. |
|
Tax code |
|
1500202535-022 |
|
Total Employees |
|
200 |
Note: The given name “VIETNAM CANADA CAPSULES ENTERPRISE” is not absolutely correct. The right one is as above.
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Board Of Director:
Former Factory Director: Mr PHAM MANH PHONG Changed to: Current Factory
Director: Mr DIEU NGOC HUAN |
N/A |
company ADDRESSES
|
Head Office |
||
|
Address |
|
No. 21B, Phan Dinh Phung Str Ward 8 - Vinh
Long City - Vinh Long Province - Vietnam |
|
Telephone |
|
(84-70) 3825316/ 895605 |
|
Fax |
|
(84-70) 3821183 |
|
Email |
|
|
SUBSIDIARIES AND RELATED COMPANIES
|
PARENT COMPANY -
CUU LONG PHARMACEUTICAL JOINT STOCK COMPANY |
||
|
Business Registration |
|
1500202535 |
|
Date of Registration |
|
09 Nov 2004 |
|
Place of Registration |
|
Vinh Long Department of Planning and Investment |
|
Registered Capital |
|
99,136,920,000 VND |
|
Tax code |
|
1500202535 |
|
Address |
|
No. 150 - 14/9 Road Ward 5 - Vinh Long City - Vinh Long Province -
Vietnam |
|
Tel |
|
(84-70) 3822533/ 3828103 |
|
Fax |
|
(84-70) 3822129 |
|
Website |
|
|
DIRECTORS
|
1.
NAME |
|
Mr.
DIEU NGOC HUAN |
|
Position |
|
Factory Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 918 458 455 |
BUSINESS NATURE AND ACTIVITIES
- Manufacturing gelatin capsules and other medical
devices.
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Gelatin and machinery |
|
·
Market |
|
UK, America, Japan, Germany, Canada and some other EU
countries |
|
·
Ratio |
|
100% |
|
·
Mode of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Capsule |
|
·
Market |
|
Cambodia, Laos, Malaysia, Singapore |
|
·
Ratio |
|
10% |
BANKERS
|
1.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM VINH LONG BRANCH |
||
|
Address |
|
No.50 Nguyen Hue Street - Ward 2 - Vinh Long City - Vinh Long Province
- Vietnam |
|
Telephone |
|
(84-70) 3820541 |
|
|
||
|
2.
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM |
||
|
Address |
|
No. 143 Le Thai To Str - Vinh Long City - Vinh Long Province - Vietnam
|
|
Telephone |
|
(84-70) 3833583 |
|
Fax |
|
(84-70) 3830562 |
SHAREHOLDERS
|
NAME |
|
CUU
LONG PHARMACEUTICAL JOINT STOCK COMPANY (PHARIMEXCO) |
|
Business Registration |
|
1500202535 |
|
Date of Registration |
|
09 Nov 2004 |
|
Place of Registration |
|
Vinh Long Department of Planning and Investment |
|
Registered Capital |
|
99,136,920,000 VND |
|
Tax code |
|
1500202535 |
|
Address |
|
No. 150 - 14/9 Road Ward 5 - Vinh Long City
- Vinh Long Province - Vietnam |
|
Tel |
|
(84-70) 3822533/ 3828103 |
|
Fax |
|
(84-70) 3822129 |
|
Percentage |
|
100% |
|
|
||
FINANCIAL DATA
The subject is a factory belonged to PHARIMEXCO so its
financial statement is not available. Following is the financial data of the
parent company, we give you for reference.
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
30/06/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
- |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
668,661,685,360
|
595,987,443,305
|
375,384,603,304
|
|
I. Cash and cash
equivalents |
6,913,513,492
|
24,606,105,034
|
26,012,710,567
|
|
1. Cash |
6,913,513,492 |
24,606,105,034 |
26,012,710,567 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
0 |
0 |
0 |
|
1. Short-term investments |
0 |
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
386,670,706,029
|
352,338,010,897
|
224,772,723,777
|
|
1. Receivable from customers |
369,864,870,594 |
304,821,716,945 |
208,028,044,420 |
|
2. Prepayments to suppliers |
18,133,415,125 |
6,357,980,642 |
16,498,883,626 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
6,416,637,713 |
48,902,530,713 |
7,925,617,434 |
|
6. Provisions for bad debts |
-7,744,217,403 |
-7,744,217,403 |
-7,679,821,703 |
|
IV. Inventories |
253,024,875,598
|
199,173,173,254
|
112,276,609,414
|
|
1. Inventories |
253,581,120,436 |
199,729,418,092 |
114,656,258,931 |
|
2. Provisions for devaluation of inventories |
-556,244,838 |
-556,244,838 |
-2,379,649,517 |
|
V. Other Current
Assets |
22,052,590,241
|
19,870,154,120
|
12,322,559,546
|
|
1. Short-term prepaid expenses |
9,649,237,719 |
8,305,417,379 |
841,703,460 |
|
2. VAT to be deducted |
4,244,742,335 |
3,553,737,520 |
866,184,325 |
|
3. Taxes and other accounts receivable from the State |
65,795,410 |
202,191,605 |
429,117,169 |
|
4. Other current assets |
8,092,814,777 |
7,808,807,616 |
10,185,554,592 |
|
B. LONG-TERM
ASSETS |
331,175,003,598
|
263,466,956,794
|
265,335,232,947
|
|
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
|
330,220,685,809
|
262,537,460,277
|
264,405,736,430
|
|
1. Tangible assets |
310,402,158,665 |
243,154,952,357 |
250,188,564,288 |
|
- Historical costs |
496,339,358,562 |
415,603,750,473 |
396,546,822,120 |
|
- Accumulated depreciation |
-185,937,199,897 |
-172,448,798,116 |
-146,358,257,832 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
17,338,572,527 |
17,235,722,527 |
13,993,267,527 |
|
- Initial costs |
17,338,572,527 |
17,235,722,527 |
13,993,267,527 |
|
- Accumulated amortization |
0 |
0 |
0 |
|
4. Construction-in-progress |
2,479,954,617 |
2,146,785,393 |
223,904,615 |
|
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 |
954,317,789
|
929,496,517
|
929,496,517
|
|
1. Long-term prepaid expenses |
954,317,789 |
929,496,517 |
929,496,517 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
|
1. Goodwill |
0 |
0 |
|
|
TOTAL ASSETS |
999,836,688,958
|
859,454,400,099
|
640,719,836,251
|
|
LIABILITIES |
|||
|
A- LIABILITIES |
658,149,924,432
|
521,593,179,526
|
340,194,419,016
|
|
I. Current
liabilities |
584,648,323,084
|
439,388,677,595
|
241,109,191,740
|
|
1. Short-term debts and loans |
398,895,810,045 |
314,172,213,345 |
141,298,392,515 |
|
2. Payable to suppliers |
162,457,850,594 |
94,351,559,352 |
61,838,641,461 |
|
3. Advances from customers |
8,740,022,373 |
7,412,931,332 |
4,910,043,345 |
|
4. Taxes and other obligations to the State Budget |
2,908,130,861 |
4,587,224,765 |
6,426,161,232 |
|
5. Payable to employees |
133,943,291 |
638,064,407 |
937,893,402 |
|
6. Accrued expenses |
10,292,396,360 |
11,779,299,076 |
12,404,628,704 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
1,220,169,560 |
6,447,385,318 |
13,293,431,081 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
73,501,601,348
|
82,204,501,931
|
99,085,227,276
|
|
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 |
73,378,487,781 |
82,014,287,781 |
98,886,260,918 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
123,113,567 |
190,214,150 |
198,966,358 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
341,500,222,765
|
337,655,944,964
|
300,397,249,074
|
|
I. OWNER’S
EQUITY |
336,476,499,128
|
325,844,763,650
|
289,477,216,720
|
|
1. Capital |
99,236,920,000 |
99,136,920,000 |
97,193,080,000 |
|
2. Share premiums |
110,502,361,661 |
110,502,361,661 |
110,556,760,000 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
-242,200,000 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
-3,919,939,864 |
1,966,651,560 |
-936,025,878 |
|
7. Business promotion fund |
48,926,260,727 |
48,926,260,727 |
29,348,446,285 |
|
8. Financial reserved fund |
7,715,878,889 |
7,715,878,889 |
4,893,964,861 |
|
9. Other funds |
9,017,858,890 |
9,017,858,890 |
9,017,858,890 |
|
10. Retained earnings |
64,976,991,975 |
48,558,665,073 |
39,625,165,712 |
|
11. Construction investment fund |
20,166,850 |
20,166,850 |
20,166,850 |
|
II. Other
sources and funds |
5,023,723,637
|
11,811,181,314
|
10,920,032,354
|
|
1. Bonus and welfare funds |
5,023,723,637 |
11,811,181,314 |
10,920,032,354 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S
INTEREST |
186,541,761
|
205,275,609
|
128,168,161
|
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
999,836,688,958
|
859,454,400,099
|
640,719,836,251
|
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
First half of FY 2011 |
FY2010 |
FY2009 |
|
1. Total Sale |
386,797,926,919
|
711,971,751,884
|
577,773,208,885
|
|
2. Deduction item |
2,651,871,265 |
9,050,890,319 |
4,124,272,518 |
|
3. Net revenue |
384,146,055,654
|
702,920,861,565
|
573,648,936,367
|
|
4. Costs of goods sold |
295,188,961,485 |
556,827,318,105 |
436,117,994,208 |
|
5. Gross profit |
88,957,094,169
|
146,093,543,460
|
137,530,942,159
|
|
6. Financial income |
235,018,445 |
1,385,991,065 |
1,468,990,291 |
|
7. Financial expenses |
9,159,760,556 |
34,957,543,619 |
25,516,004,528 |
|
- In which: Loan interest expenses |
9,159,760,556 |
33,024,705,453 |
19,970,841,298 |
|
8. Selling expenses |
3,172,699,243 |
30,925,151,579 |
33,477,961,055 |
|
9. Administrative overheads |
5,682,505,069 |
22,146,249,159 |
18,623,366,738 |
|
10. Net operating profit |
12,793,892,787
|
59,450,590,168
|
61,382,600,129
|
|
11. Other income |
1,219,578,075 |
2,885,960,600 |
2,538,860,586 |
|
12. Other expenses |
209,844,510 |
2,770,916,898 |
3,343,981,044 |
|
13. Other profit /(loss) |
1,009,733,565
|
114,443,702
|
-805,120,458
|
|
14. Total accounting profit before tax |
13,803,626,352
|
59,565,033,870
|
60,577,479,671
|
|
15. Current corporate income tax |
132,832,388 |
3,379,548,003 |
4,139,199,118 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
|
18. Profit after tax |
13,670,793,964
|
56,185,485,867
|
56,438,280,553
|
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
First
half of FY 2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.14 |
1.36 |
1.56 |
1.74 |
|
Quick liquidity ratio |
0.71 |
0.90 |
1.09 |
1.02 |
|
Inventory circle |
1.17 |
2.80 |
3.68 |
3.74 |
|
Average receive period |
367.40 |
182.96 |
143.02 |
76.97 |
|
Utilizing asset performance |
0.38 |
0.82 |
0.90 |
1.31 |
|
Liability by total asset |
65.83 |
60.69 |
53.10 |
49.32 |
|
Liability by owner equity |
192.72 |
154.47 |
113.25 |
129.21 |
|
Ebit / Total asset (ROA) |
2.30 |
10.77 |
12.57 |
8.55 |
|
Ebit / Owner's equity (ROE) |
6.72 |
27.42 |
26.81 |
18.02 |
|
Ebit / Total revenue (NPM) |
5.94 |
13.00 |
13.94 |
6.82 |
|
Gross profit / Total revenue (GPM) |
23.00 |
20.52 |
23.80 |
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 |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T, L/C |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
Founded
in 1996 under the Establishment Decision No. 9/QDTL-96 issued by Vinh Long
People’s Committee in November 1996. Now, the subject operates under business
registration No.310695 as a factory of CUU LONG
PHARMACEUTICAL JOINT STOCK COMPANY, the subject has no registered capital.
All financial obligations are done by its parent company. The subject has a labor force of nearly
200 persons. Head office as well as factory
of the subject is located at No. 21B
- Phan Dinh Phung Str - Ward 8 - Vinh Long City - Vinh Long Province -
Vietnam with total area of 111.807,72 sqm, its premise and facilities
is considered above average with modern business line from EU such as
Germany, France. There are two
factories, the first factory is invested over USD 10,000,000 and the second
one is invested over USD 7,000,000. The subject principally specializes in manufacturing gelatin capsules and other
medical devices. The subject
mostly imports machinery for production from Italy and Germany; however it
gradually moves to Chinese suppliers due to cheaper price and acceptable
quality. Gelatin material for production is imported from United Kingdom,
America, Germany, Canada and some other EU countries. Its product is exported
to some Asian countries. In
general, the subject can meet normal business transactions. No caution needed
for small financial transaction with the subject. |
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.46.02 |
|
UK Pound |
1 |
Rs.73.61 |
|
Euro |
1 |
Rs.64.78 |
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.