|
Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
CODUPHA - LAO PHARMA CO., LTD |
|
|
|
|
Registered Office : |
120/group 8 Dongpalane Rd.Sisattanak Dist , Vientiane, Laos |
|
|
|
|
Country : |
Viet Nam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2000 |
|
|
|
|
Legal Form : |
Limited liability company |
|
|
|
|
Line of Business : |
Manufacture of pharmaceuticals,
medicinal chemical and botanical products |
|
|
|
|
No. of Employees : |
115 |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Viet Nam |
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 |
|
CODUPHA - LAO PHARMA CO., LTD |
|
Vietnamese Name |
|
CONG TY DUOC PHAM CODUPHA LAO |
|
Trade name |
|
CODUPHA LAO |
|
Short name |
|
CODUPHA LAO |
|
Type of Business |
|
Limited liability company |
|
Established |
|
2000 |
|
Investment Certificate No |
|
2166/GPDC2 |
|
Date Of Issuance |
|
06 May 2004 |
|
Place of Issuance |
|
Ministry of Planning and
Investment of Vietnam |
|
Registered Investment Capital |
|
USD 900,000 |
|
Chartered capital |
|
USD 900,000 |
|
Duration |
|
15 years |
|
Total Employees |
|
115 |
Historical Identification &
Legal form
|
List |
Changed Items |
|
1 |
Subject has got former
Registered English Name: KPN LAOS - VIET PHARMA CO., LTD Changed to: CODUPHA -
LAO PHARMA CO., LTD |
|
2 |
Subject has got former
Registered Vietnamese Name: CONG TY TNHH KPN LAOS - VIET Changed to: CONG TY DUOC PHAM
CODUPHA -LAO |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head
Office |
||
|
Address |
|
120/group 8 Dongpalane Rd.Sisattanak
Dist , Vientiane, Laos
|
|
Telephone |
|
00856.21.263137 |
|
Fax |
|
00856.21.223450 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1. NAME |
|
Mr. NGUYEN DUC THANG |
|
Position |
|
Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Ms. DAOPHET THIPPHAVONG |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Laos |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
Manufacture of pharmaceuticals, medicinal chemical and botanical
products |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT:
|
||
|
·
Types of products |
|
materials |
|
·
Market |
|
Vietnam, EU |
|
|
||
|
EXPORT:
|
||
|
·
Market |
|
Vietnam, Asia, Singapore |
|
|
||
BANKERS
|
||
|
|
||
|
CITI BANK - BRANCH IN HO CHI MINH CITY |
||
|
Address |
|
No. 115 Nguyen Hue Str, Ben Nghe Ward, District 1, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38242118 |
|
Fax |
|
(84-8) 38242267 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1. NAME |
|
CENTRAL PHARMACEUTICAL COMPANY NO.2 |
|
Business Registration |
|
0300483319 |
|
Date of Registration |
|
18 Aug 2010 |
|
Place of Registration |
|
Business Registration Office – Planning and Investment
Department of Hochiminh City |
|
Registered Capital |
|
VND 102,777,872,638 |
|
Tax code |
|
0300483319 |
|
Address |
|
No. 334 (former No.136)To Hien
Thanh Str, Ward 14 , District 10, Ho Chi Minh City, Vietnam |
|
Tel |
|
(84-8) 38650938 – 38658638 |
|
Fax |
|
(84-8) 38650750 – 38665840 |
|
Email |
|
codupha@hcm.fpt.vn |
|
Website |
|
www.codupha.com.vn |
|
Value of shares |
|
USD 843,300 |
|
Percentage |
|
93.7% |
|
|
||
|
2. NAME |
|
KAMPHENG NAKHORN PHATTHANA CO., LTD |
|
Address |
|
Laos |
|
Value of shares |
|
USD 56,700 |
|
Percentage |
|
6.3% |
|
|
||
FINANCIAL DATA
|
||
|
|
||
|
BALANCE SHEET |
||
Unit: One LAK
|
||
|
Balance
sheet date |
31/12/2011
|
31/12/2010
|
|
Number of weeks |
52 |
52 |
ASSETS
|
||
|
A –
CURRENT ASSETS |
19,428,450,179.14 |
15,943,642,758.97 |
|
I. Cash
and cash equivalents |
944,489,586.89 |
373,999,793.13 |
|
1. Cash |
944,489,586.89 |
373,999,793.13 |
|
2. Cash equivalents |
.00 |
.00 |
|
II.
Short-term investments |
.00 |
.00 |
|
1. Short-term investments |
.00 |
.00 |
|
2. Provisions for devaluation of short-term investments |
.00 |
.00 |
|
III.
Accounts receivable |
2,893,010,104.38 |
4,398,472,259.80 |
|
1. Receivable from customers |
1,445,549,333.01 |
2,875,947,281.06 |
|
2. Prepayments to suppliers |
.00 |
.00 |
|
3. Inter-company receivable |
.00 |
.00 |
|
4. Receivable according to the progress of construction |
.00 |
.00 |
|
5. Other receivable |
1,447,460,771.37 |
1,522,524,978.74 |
|
6. Provisions for bad debts |
.00 |
.00 |
|
IV.
Inventories |
15,590,950,487.87 |
11,171,170,706.04 |
|
1. Inventories |
15,590,950,487.87 |
11,171,170,706.04 |
|
2. Provisions for devaluation of inventories |
.00 |
.00 |
|
V.
Other Current Assets |
.00 |
.00 |
|
1. Short-term prepaid expenses |
.00 |
.00 |
|
2. VAT to be deducted |
.00 |
.00 |
|
3. Taxes and other accounts receivable from the State |
.00 |
.00 |
|
4. Other current assets |
.00 |
.00 |
|
B.
LONG-TERM ASSETS |
6,485,814,038.72 |
7,395,673,436.72 |
|
I.
Long term accounts receivable |
.00 |
.00 |
|
1. Long term account receivable from customers |
.00 |
.00 |
|
2. Working capital in affiliates |
.00 |
.00 |
|
3. Long-term inter-company receivable |
.00 |
.00 |
|
4. Other long-term receivable |
.00 |
.00 |
|
5. Provisions for bad debts from customers |
.00 |
.00 |
|
II.
Fixed assets |
6,485,814,038.72 |
7,395,673,436.72 |
|
1. Tangible assets |
6,337,314,038.72 |
7,023,373,358.72 |
|
- Historical costs |
6,337,314,038.72 |
7,023,373,358.72 |
|
- Accumulated depreciation |
.00 |
.00 |
|
2. Financial leasehold assets |
.00 |
.00 |
|
- Historical costs |
.00 |
.00 |
|
- Accumulated depreciation |
.00 |
.00 |
|
3. Intangible assets |
148,500,000.00 |
148,500,000.00 |
|
- Initial costs |
148,500,000.00 |
148,500,000.00 |
|
- Accumulated amortization |
.00 |
.00 |
|
4. Construction-in-progress |
.00 |
223,800,078.00 |
|
III.
Investment property |
.00 |
.00 |
|
Historical costs |
.00 |
.00 |
|
Accumulated depreciation |
.00 |
.00 |
|
IV. Long-term
investments |
.00 |
.00 |
|
1. Investments in affiliates |
.00 |
.00 |
|
2. Investments in business concerns and joint ventures |
.00 |
.00 |
|
3. Other long-term investments |
.00 |
.00 |
|
4. Provisions for devaluation of long-term investments |
.00 |
.00 |
|
V.
Other long-term assets |
.00 |
.00 |
|
1. Long-term prepaid expenses |
.00 |
.00 |
|
2. Deferred income tax assets |
.00 |
.00 |
|
3. Other long-term assets |
.00 |
.00 |
|
TOTAL
ASSETS |
25,914,264,217.86 |
23,339,316,195.69 |
|
LIABILITES |
||
|
|
||
|
A-
LIABILITIES |
17,033,534,251.25 |
14,487,778,728.72 |
|
I.
Current liabilities |
17,033,534,251.25 |
14,487,778,728.72 |
|
1. Short-term debts and loans |
.00 |
|
|
2. Payable to suppliers |
11,172,430,261.5100 |
7,624,487,020.29 |
|
3. Advances from customers |
.00 |
.00 |
|
4. Taxes and other obligations to the State Budget |
.00 |
.00 |
|
5. Payable to employees |
.00 |
.00 |
|
6. Accrued expenses |
.00 |
.00 |
|
7. Inter-company payable |
.00 |
.00 |
|
8. Payable according to the progress of construction
contracts |
.00 |
.00 |
|
9. Other payable |
60,519,794.74 |
130,773,728.27 |
|
10. Provisions for short-term accounts payable |
5,800,584,195.00 |
6,732,517,980.16 |
|
II.
Long-Term Liabilities |
.00 |
.00 |
|
1. Long-term accounts payable to suppliers |
.00 |
.00 |
|
2. Long-term inter-company payable |
.00 |
.00 |
|
3. Other long-term payable |
.00 |
.00 |
|
4. Long-term debts and loans |
.00 |
.00 |
|
5. Deferred income tax payable |
.00 |
.00 |
|
6. Provisions for unemployment allowances |
.00 |
.00 |
|
7. Provisions for long-term accounts payable |
.00 |
.00 |
|
B-
OWNER’S EQUITY |
8,880,729,966.61 |
8,851,537,466.97 |
|
I.
OWNER’S EQUITY |
8,880,729,966.61 |
8,851,537,466.97 |
|
1. Capital |
8,714,684,125.00 |
8,714,684,125.00 |
|
2. Share premiums |
.00 |
.00 |
|
3. Other sources of capital |
.00 |
60,547,674.97 |
|
4. Treasury stocks |
.00 |
.00 |
|
5. Differences on asset revaluation |
.00 |
.00 |
|
6. Foreign exchange differences |
.00 |
.00 |
|
7. Business promotion fund |
.00 |
.00 |
|
8. Financial reserved fund |
.00 |
.00 |
|
9. Other funds |
76,305,667.00 |
76,305,667.00 |
|
10. Retained earnings |
89,740,174.61 |
.00 |
|
11. Construction investment fund |
.00 |
.00 |
|
II. Other
sources and funds |
.00 |
.00 |
|
1. Bonus and welfare funds |
.00 |
.00 |
|
2. Sources of expenditure |
.00 |
.00 |
|
3. Fund to form fixed assets |
.00 |
.00 |
|
MINORITY’S
INTEREST |
.00 |
.00 |
|
TOTAL
LIABILITIES & OWNER’S EQUITY |
25,914,264,217.86 |
23,339,316,195.69 |
|
|
|
|
PROFIT & LOSS STATEMENT |
|
|
|
|
|
Description |
FY2011 |
|
1. Total Sales |
10,252,205,762.54 |
|
2. Deduction item |
0 |
|
3. Net revenue |
10,252,205,762.54 |
|
4. Costs of goods sold |
7,664,804,690.51 |
|
5. Gross profit |
2,587,401,072.03 |
|
6. Financial income |
648,948,138.34 |
|
7. Financial expenses |
594,127,412.77 |
|
- In which: Loan interest expenses |
|
|
8. Selling expenses |
|
|
9. Administrative overheads |
828,479,661.00 |
|
10. Net operating profit |
1,813,742,136.60 |
|
11. Other income |
980,700,032.00 |
|
12. Other expenses |
266,151,166.26 |
|
13. Other profit /(loss) |
714,548,865.74 |
|
14. Total accounting profit before tax |
2,528,291,002.34 |
|
15. Current corporate income tax |
0 |
|
16. Deferred corporate income tax |
0 |
|
18. Profit after tax |
2,528,291,002.34 |
|
|
||
|
FINANCIAL
RATIOS AND AVERAGE INDUSTRY RATIOS |
||
|
|
||
|
Description |
FY2011
|
Average
Industry |
|
Current liquidity ratio |
1.14 |
1.65 |
|
Quick liquidity ratio |
0.23 |
1.04 |
|
Inventory circle |
1.39 |
4.14 |
|
Average receive period |
44.67 |
105.37 |
|
Utilizing asset performance |
0.91 |
1.20 |
|
Liability by total assets |
65.73 |
53.11 |
|
Liability by owner's equity |
191.80 |
159.74 |
|
Ebit / Total assets (ROA) |
4.78 |
10.37 |
|
Ebit / Owner's equity (ROE) |
13.96 |
23.03 |
|
Ebit / Total revenue (NPM) |
5.24 |
10.15 |
|
Gross profit / Total revenue (GPM) |
21.29 |
25.88 |
|
Note: The Average Industry was calculated by VietnamCredit
based on our own statistical data |
||
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct of through the bank |
|
Sale Methods |
|
Wholesaler |
INTERPRETATION ON THE SCORES
|
|
|
|
The subject is joint venture between CENTRAL PHARMACEUTICAL
COMPANY NO.2 (CODUPHA) and KAMPHENG NAKHORN
PHATTHANA. The subject was established in 2000 under Investment Certificate
No. 2166/GP with total investment and chartered capital US$ 900,000. In
which, CODUPHA is biggest investor with 93.7 % capital. Currently, most of activities of the
subject are run by Mr. NGUYEN DUC THANG. Board of Director are 5 Vietnameses.
The subject has about 125 employees now. Financial capacity is fair thanks to
supports from CODUPHA. In Vietnam, CODUPHA is big company which specializes
in manufacturing, trading trading, distributing, and marketing pharmaceutical
formulations, pharmaceutical raw materials, cosmetics and nutritional
products. CODUPHA LAO operates as factory of CODUPHA. According to our
source, the subject adjusted Investment Certificate on 06 May 2004. We visited CODUPHA in Vietnam and have
an interview with Accounting Department of CODUPHA. According to Ms.
Thao-accountant, business situation of
CODUPHA LAO was developing and stable now. The subject has a lot of opportunities
such as: cheap labour, financial capacity, supports of Government…In general,
the subject has capacity to meet normal financial commitments |
|
|
|
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) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry
and Construction |
5.53 |
7.70 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade
and Services |
6.69 |
7.52 |
154,978 |
14,522 |
4,939,069 |
|
|
|
||||||
|
ECONOMIC INDICATORS |
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population (Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic Products (USD billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita (USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (% Change in Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget Deficit compared with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
|
SERVICE TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion
USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source:
General Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.80 |
|
|
1 |
Rs.87.66 |
|
Euro |
1 |
Rs.68.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.