MIRA
INFORM REPORT
|
Report Date : |
13.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
IMEXPHARM CORPORATION |
|
|
|
|
Registered Office : |
No. 4 Road 30/4, Ward 1, Cao Lanh City, Dong Thap Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Year of Establishment : |
1975 |
|
|
|
|
Com. Reg. No.: |
1400384433 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Production of pharmaceutical products and pharmaceutical
raw material, laboratory chemical, medicine glassed essential oil, aromas,
cosmetic |
|
|
|
|
No. of Employees : |
850 |
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 : |
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 |
|
IMEXPHARM CORPORATION |
|
Vietnamese Name |
|
CONG TY CO PHAN DUOC PHAM IMEXPHARM |
|
Short name |
|
IMEXPHARM |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1975 |
|
Business Registration No. |
|
1400384433 |
|
Date of Registration |
|
25 Mar 2009 |
|
Place of Registration |
|
Dong Thap
Planning and Investment Department |
|
Chartered capital |
|
VND 152,145,000,000 |
|
Status |
|
Listed |
|
Stock symbol |
|
IMP |
|
Stock Market |
|
HOSE |
|
Tax code |
|
1400384433 |
|
Total Employees |
|
850 |
|
Size |
|
Large |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
VND 116,598,200,000 Changed to: VND 152,145,000,000 |
10
Mar 2012 |
|
2 |
Subject has got former Business
Registration No: 5103000003 dated on 1 Aug 2001 Changed to: 1400384433 |
25
Mar 2009 |
|
3 |
Subject has got former Type of Business:
State Owned Company Changed to: Joint Stock Company |
25
Jul 2001 |
|
4 |
Subject has got former Registered English
Name: DONGTHAP PHARMACEUTICAL JOINT-STOCK COMPANY Changed to: IMEXPHARM PHARMACEUTICAL JOINT
STOCK COMPANY |
N/A |
|
5 |
Subject has got former Registered English
Name: IMEXPHARM PHARMACEUTICAL JOINT STOCK COMPANY Changed to: IMEXPHARM CORPORATION |
N/A |
|
Notes: The given
name (IMEXPHARM PHARMACEUTICAL Joint Stock Co) is the former name of the
Subject. |
||
ADDRESSES
|
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Head Office |
||
|
Address |
|
No. 4 Road 30/4, Ward 1, Cao Lanh City, Dong Thap Province, Vietnam |
|
Telephone |
|
(84-67) 3851941 /1414 /4958 /7570 /1620 |
|
Fax |
|
(84-67) 3853106 |
|
Email |
|
|
|
Website |
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|
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||
|
Branch in Khanh Hoa |
||
|
Address |
|
No. 202 Le Hong Phong
Str., Phuoc Hai Ward, Nha Trang City, Khanh Hoa Province, Vietnam |
|
Telephone |
|
(84-58) 3888788 |
|
Fax |
|
(84-58) 3888779 |
|
|
||
|
Branch in Ha Noi |
||
|
Address |
|
26N-7A Trung Hoa-Nhan Chinh Urban Zone, , Ha
Noi City, Vietnam |
|
Telephone |
|
(84-4) 35569026 |
|
Fax |
|
(84-4) 35141466 |
|
Email |
|
|
|
|
||
|
Branch in Da Nang |
||
|
Address |
|
No. 423 Nguyen Huu
Tho Str., Khue Trung Ward, Cam Le
District, Da Nang City,
Vietnam |
|
Telephone |
|
(84-511) 3699737 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 63B-65B Road No. 2, Lu Gia Residential Property, 11 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38641433 |
|
Fax |
|
(84-8) 38659893 |
|
Email |
|
|
|
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||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
Lot B15/I-B16/I Road 2A, Vinh Loc Industrial Zone, Binh
Hung Hoa B Ward, Binh Tan
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 37652536 |
|
Fax |
|
(84-8) 37652537 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 68-68A Inside Belt Road Binh Tri Dong Ward, Binh Tan
District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3752 8115 |
|
Fax |
|
(84-8) 3752 8112 |
|
|
||
|
Branch in An Giang |
||
|
Address |
|
No. 16-18 Hung Vuong
Str., My Phuoc Ward, Long
Xuyen City, An Giang
Province, Vietnam |
|
Telephone |
|
(84-76) 3846797 |
|
Fax |
|
(84-76) 3846797 |
|
|
||
|
Branch in Can Tho |
||
|
Address |
|
No. 3-4, Block C4 Phu
Thu Ward, Cai Rang District, Can Tho City, Vietnam |
|
|
||
|
Branch in Kien Giang |
||
|
Address |
|
No. 378 Mac Cuu Str., Vinh Thanh
Ward, Rach Gia City, Kien Giang Province, Vietnam |
|
Telephone |
|
(84-77) 3946525 |
|
Fax |
|
(84-77) 3946525 |
|
|
||
|
Branch in Ca Mau
|
||
|
Address |
|
No. 135 Nguyen Trai
Str., Ward 9, Ca Mau City, Ca Mau Province, Vietnam
|
|
Telephone |
|
(84-780) 3811522 |
|
Fax |
|
(84-780) 6251088 |
|
|
||
|
Branch in Tay Ninh |
||
|
Address |
|
No. 131 Nguyen Thai Hoc Str., Ward 3, Tay Ninh City, Tay Ninh Province, Vietnam |
|
Telephone |
|
(84-66) 3812900 |
|
Fax |
|
(84-66) 3812900 |
|
Email |
|
|
|
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|
Branch in Binh Duong |
||
|
Address |
|
No. 22, Road No. 2 Vietnam-Singapore II
Industrial Zone, Ben Cat District, Binh Duong
Province, Vietnam |
|
Telephone |
|
(84-650) 3815166 |
|
Fax |
|
(84-650) 3815169 |
|
Note: Besides, the subject also has other some
branches in the same province with its head office. |
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RELATED COMPANIES
|
||
|
|
||
|
1. GIA DAI
PHARMACEUTICAL COMPANY LIMITED |
||
|
Address |
|
284/57/3 Ly Thuong Kiet
Street, Ward 14, 10 District, Ho Chi Minh City,
Vietnam |
|
Tel |
|
(84-8) 38662009 |
|
|
||
|
2. AN GIANG
PHARMACEUTICAL JOINT STOCK COMPANY |
||
|
Business Registration |
|
1600699279 |
|
Date of Registration |
|
29 Jun 2011 |
|
Place of Registration |
|
Planning and Investment Department of An Giang
Province |
|
Tax code |
|
1600699279 |
|
Address |
|
No.27 Nguyen Thai Hoc Str., My Binh Ward, Long Xuyen City, An Giang Province, Vietnam |
|
Tel |
|
(84-76) 3856960 |
|
Fax |
|
(84-76) 3843933 |
|
|
||
|
3. S.PHARM
PHARMACEUTICAL JOINT STOCK COMPANY |
||
|
Business Registration |
|
2200204614 |
|
Tax code |
|
2200204614 |
|
Address |
|
No.45-47 Hai Ba Trung Street, Ward 1, Soc Trang
City, Soc Trang Province, Vietnam |
|
Tel |
|
(84-79) 3821715 |
|
Fax |
|
(84-79) 3826654 |
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DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Ms.
TRAN THI DAO |
|
Position |
|
Chairwoman |
|
Date of Birth |
|
01 May 1952 |
|
ID Number/Passport |
|
340580662 |
|
ID Issue Date |
|
31 Dec 2003 |
|
ID Issue Place |
|
Dong Thap Police Station |
|
Resident |
|
No.5 Truong Dinh Str.,
Ward 1, Cao Lanh City, Dong Thap
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Ms.
NGUYEN THI THU HONG |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
09 Nov 1961 |
|
ID Number/Passport |
|
023627681 |
|
ID Issue Date |
|
23 Mar 1998 |
|
ID Issue Place |
|
Dong Thap Police Station |
|
Resident |
|
No. 191A - 193B Lac
Long Quan Str., Ward 13,
11 District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN QUOC DINH |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
20 Jun 1962 |
|
ID Number/Passport |
|
340246886 |
|
ID Issue Date |
|
27 Jul 2004 |
|
ID Issue Place |
|
Dong Thap Police Station |
|
Resident |
|
No. 97 Hung Vuong Str
Ward 2, Cao Lanh City, Dong Thap
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Mr.
HUYNH VAN NHUNG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
5.
NAME |
|
Mr.
PHAN HOANG MINH TRI |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Dong Thap
Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject operating in the following activities: |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Pharmaceutical products, chemical, equipment |
|
·
Market |
|
France, Germany, China, America... |
|
·
Mode of payment |
|
L/C; T/T |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Pharmaceutical products |
|
·
Market |
|
Middle East, Africa... |
|
·
Mode of payment |
|
L/C; T/T |
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE DONG THAP BRANCH |
||
|
Address |
|
No.87 Nguyen Hue, Cao Lanh
City, Dong Thap Province, Vietnam |
|
Telephone |
|
(84-67) 3851095 |
|
Fax |
|
(84-67) 3851721 |
|
|
||
|
2.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM DONG THAP BRANCH |
||
|
Address |
|
No.12A 30/4 Street, Ward 1, Cao Lanh City, Dong Thap Province,
Vietnam |
|
Telephone |
|
(84-67) 3854454 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
Followings are founding shareholders of the company.
|
||
|
1.
NAME |
|
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 |
|
VND 1,338,544,248,430 |
|
Tax code |
|
0100109385 |
|
Address |
|
No.138B Giang Vo Str, Ba Dinh
District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 3844 3153/ 3844 3151 |
|
Fax |
|
(84-4) 3844 3665 |
|
Email |
|
vinapharm@hn.vnn.vn |
|
Website |
|
http://www.vinapharm.net.vn |
|
Number of shares |
|
4,166,332 |
|
Value of shares |
|
VND 41,663,320,000 |
|
Percentage |
|
27.38% |
|
|
||
|
2.
NAME |
|
Ms.
TRAN THI DAO |
|
Position |
|
Chairman |
|
Date of Birth |
|
01 May 1952 |
|
ID Number/Passport |
|
340580662 |
|
Issued on |
|
31 Dec 2003 |
|
Issued Place |
|
Dong Thap Police
Station |
|
Resident |
|
No.5 Truong Dinh
Str., Ward 1, Cao Lanh City, Dong Thap Province,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
99,000 |
|
Value of shares |
|
VND 990,000,000 |
|
Percentage |
|
0.65% |
|
|
||
|
3.
NAME |
|
Mr.
TRAN THAI HOANG |
|
Date of Birth |
|
12 Dec 1962 |
|
ID Number/Passport |
|
340764435 |
|
Issued on |
|
08 Dec 2003 |
|
Issued Place |
|
Dong Thap Police
Station |
|
Resident |
|
No.103 Nguyen Trai
Street, Cao Lanh City,
Dong Thap Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
64,080 |
|
Value of shares |
|
VND 640,800,000 |
|
Percentage |
|
0.42% |
|
|
||
|
4.
NAME |
|
Ms.
LUU THI HANH |
|
Date of Birth |
|
15 Dec 1954 |
|
ID Number/Passport |
|
340003492 |
|
Issued on |
|
24 Apr 2006 |
|
Issued Place |
|
Dong Thap Police
Station |
|
Current Resident |
|
No. 2/11 Nguyen Truong To Ward 1, Cao Lanh City, Dong Thap Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
23,700 |
|
Value of shares |
|
VND 237,000,000 |
|
Percentage |
|
0.16% |
|
|
||
|
5.
NAME |
|
Mr.
NGUYEN QUOC DINH |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
20 Jun 1962 |
|
ID Number/Passport |
|
340246886 |
|
Issued on |
|
27 Jul 2004 |
|
Issued Place |
|
Dong Thap Police
Station |
|
Resident |
|
No. 97 Hung Vuong
Str Ward 2, Cao Lanh City, Dong Thap Province,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
77,500 |
|
Value of shares |
|
VND 775,000,000 |
|
Percentage |
|
0.51% |
|
|
||
|
6.
NAME |
|
Mr.
NGUYEN KIEM PHUONG |
|
Date of Birth |
|
16 May 1958 |
|
ID Number/Passport |
|
340727276 |
|
Issued on |
|
10 Dec 2003 |
|
Issued Place |
|
Dong Thap Police
Station |
|
Resident |
|
Ward 1, Cao Lanh City, Dong Thap Province,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
27,000 |
|
Value of shares |
|
VND 270,000,000 |
|
Percentage |
|
0.18% |
|
|
||
|
7.
NAME |
|
Ms.
NGUYEN THI THU HONG |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
09 Nov 1961 |
|
ID Number/Passport |
|
023627681 |
|
Issued on |
|
23 Mar 1998 |
|
Issued Place |
|
Dong Thap Police
Station |
|
Resident |
|
No. 191A - 193B Lac Long Quan Str., Ward 13, 11
District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
43,900 |
|
Value of shares |
|
VND 439,000,000 |
|
Percentage |
|
0.29% |
|
|
||
|
8.
NAME |
|
Mr.
HOANG THO PHON |
|
ID Number/Passport |
|
350695093 |
|
Issued on |
|
05 Oct 2000 |
|
Issued Place |
|
Dong Thap Police
Station |
|
Resident |
|
No. 12B Le Loi Str, Long Xuyen City, An Giang Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
17,424 |
|
Value of shares |
|
VND 174,240,000 |
|
Percentage |
|
0.11% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
30/6/2012 |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
26 |
52 |
52 |
|
Audit status |
Unknown |
Audited |
Unknown |
ASSETS
|
|||
|
A – CURRENT
ASSETS |
505,784,982,051 |
566,759,037,166 |
499,274,250,148 |
|
I. Cash and cash
equivalents |
99,986,144,202 |
140,281,015,336 |
111,007,558,369 |
|
1. Cash |
33,986,144,202 |
82,981,015,336 |
12,157,558,369 |
|
2. Cash equivalents |
66,000,000,000 |
57,300,000,000 |
98,850,000,000 |
|
II. Short-term
investments |
6,892,557,790 |
3,034,744,538 |
5,091,370,000 |
|
1. Short-term investments |
13,436,530,960 |
6,770,259,770 |
8,319,361,770 |
|
2. Provisions for devaluation of short-term investments |
-6,543,973,170 |
-3,735,515,232 |
-3,227,991,770 |
|
III. Accounts
receivable |
186,242,125,997 |
194,274,758,362 |
199,691,440,161 |
|
1. Receivable from customers |
170,004,974,553 |
175,764,621,814 |
193,039,884,714 |
|
2. Prepayments to suppliers |
23,963,236,275 |
27,026,418,846 |
14,831,329,008 |
|
3. Inter-company receivable |
0 |
0 |
|
|
4. Receivable according to the progress of construction |
0 |
0 |
|
|
5. Other receivable |
883,959,500 |
1,479,066,630 |
706,567,139 |
|
6. Provisions for bad debts |
-8,610,044,331 |
-9,995,348,928 |
-8,886,340,700 |
|
IV. Inventories |
198,021,206,822 |
222,399,783,739 |
172,870,439,596 |
|
1. Inventories |
199,078,953,147 |
224,083,511,919 |
173,553,673,690 |
|
2. Provisions for devaluation of inventories |
-1,057,746,325 |
-1,683,728,180 |
-683,234,094 |
|
V. Other Current
Assets |
14,642,947,240 |
6,768,735,191 |
10,613,442,022 |
|
1. Short-term prepaid expenses |
26,413,960 |
0 |
43,324,245 |
|
2. VAT to be deducted |
5,194,928,333 |
3,973,832,711 |
2,908,447,823 |
|
3. Taxes and other accounts receivable from the State |
2,319,673,816 |
85,394,087 |
87,003,367 |
|
4. Other current assets |
7,101,931,131 |
2,709,508,393 |
7,574,666,587 |
|
B. LONG-TERM
ASSETS |
286,291,877,494 |
260,930,015,998 |
251,475,555,336 |
|
I. Long term
accounts 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
|
244,516,229,500 |
213,029,696,465 |
204,725,892,725 |
|
1. Tangible assets |
140,293,770,215 |
150,427,924,834 |
144,454,084,216 |
|
- Historical costs |
269,750,222,825 |
265,024,967,914 |
236,663,592,732 |
|
- Accumulated depreciation |
-129,456,452,610 |
-114,597,043,080 |
-92,209,508,516 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
57,655,221,689 |
57,935,497,787 |
55,801,160,681 |
|
- Initial costs |
60,652,480,895 |
60,652,480,895 |
57,944,913,743 |
|
- Accumulated amortization |
-2,997,259,206 |
-2,716,983,108 |
-2,143,753,062 |
|
4. Construction-in-progress |
46,567,237,596 |
4,666,273,844 |
4,470,647,828 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
27,049,734,700 |
33,039,734,700 |
32,319,734,700 |
|
1. Investments in affiliates |
0 |
0 |
|
|
2. Investments in business concerns and joint ventures |
19,810,876,700 |
19,810,876,700 |
19,810,876,700 |
|
3. Other long-term investments |
10,778,858,000 |
16,368,495,900 |
19,163,858,000 |
|
4. Provisions for devaluation of long-term investments |
-3,540,000,000 |
-3,139,637,900 |
-6,655,000,000 |
|
V. Other long-term
assets |
14,725,913,294 |
14,860,584,833 |
14,429,927,911 |
|
1. Long-term prepaid expenses |
14,725,913,294 |
14,860,584,833 |
14,429,927,911 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
792,076,859,545 |
827,689,053,164 |
750,749,805,484 |
|
|
|||
LIABILITIES
|
|||
|
A- LIABILITIES |
88,579,845,243 |
109,857,067,331 |
161,142,139,481 |
|
I. Current liabilities
|
86,286,818,437 |
107,829,468,025 |
159,436,417,735 |
|
1. Short-term debts and loans |
3,500,000,000 |
3,500,000,000 |
14,615,382,250 |
|
2. Payable to suppliers |
33,922,372,600 |
20,698,843,678 |
74,778,333,356 |
|
3. Advances from customers |
2,544,684,083 |
17,532,723,983 |
21,746,555,009 |
|
4. Taxes and other obligations to the State Budget |
7,716,553,915 |
12,892,684,065 |
9,263,959,752 |
|
5. Payable to employees |
9,028,854,530 |
16,655,427,953 |
8,540,113,595 |
|
6. Accrued expenses |
23,158,471,236 |
31,326,117,429 |
22,534,687,713 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
6,415,882,073 |
5,223,670,917 |
7,957,386,060 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
2,293,026,806 |
2,027,599,306 |
1,705,721,746 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
1,177,000,000 |
1,177,000,000 |
1,127,000,000 |
|
4. Long-term debts and loans |
0 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
1,116,026,806 |
850,599,306 |
578,721,746 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
703,497,014,302 |
717,831,985,833 |
589,607,666,003 |
|
I. OWNER’S
EQUITY |
700,190,904,491 |
709,017,570,326 |
589,230,680,531 |
|
1. Capital |
152,145,000,000 |
152,145,000,000 |
116,598,200,000 |
|
2. Share premiums |
330,105,159,609 |
330,105,159,609 |
267,450,449,609 |
|
3. Other sources of capital |
2,420,789,142 |
2,420,789,142 |
2,420,789,142 |
|
4. Treasury stocks |
-9,435,460,000 |
-2,209,806,000 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
0 |
-136,176,902 |
-1,316,188,323 |
|
7. Business promotion fund |
166,419,364,850 |
143,395,558,901 |
111,952,642,710 |
|
8. Financial reserved fund |
15,214,500,000 |
14,191,000,000 |
11,659,820,000 |
|
9. Other funds |
0 |
|
0 |
|
10. Retained earnings |
43,321,550,890 |
69,106,045,576 |
80,464,967,393 |
|
11. Construction investment fund |
0 |
|
0 |
|
II. Other
sources and funds |
3,306,109,811 |
8,814,415,507 |
376,985,472 |
|
1. Bonus and welfare funds (Elder form) |
3,306,109,811 |
8,814,415,507 |
376,985,472 |
|
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 |
792,076,859,545 |
827,689,053,164 |
750,749,805,484 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
The first 6 months of FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
362,080,421,610 |
777,097,692,219 |
766,505,185,450 |
|
2. Deduction item |
735,505,046 |
732,661,209 |
2,510,663,923 |
|
3. Net revenue |
361,344,916,564 |
776,365,031,010 |
763,994,521,527 |
|
4. Costs of goods sold |
182,828,462,394 |
388,430,122,215 |
411,097,163,784 |
|
5. Gross profit |
178,516,454,170 |
387,934,908,795 |
352,897,357,743 |
|
6. Financial income |
4,995,115,737 |
12,940,964,977 |
10,140,477,401 |
|
7. Financial expenses |
4,506,930,946 |
7,177,859,476 |
8,028,882,512 |
|
- In which: Loan interest expenses |
364,530,606 |
722,582,372 |
2,443,259,953 |
|
8. Selling expenses |
99,430,150,565 |
234,582,263,339 |
220,269,736,819 |
|
9. Administrative overheads |
20,930,968,157 |
48,097,690,050 |
35,439,715,188 |
|
10. Net operating profit |
58,643,520,239 |
111,018,060,907 |
99,299,500,625 |
|
11. Other income |
722,003,866 |
4,368,825,539 |
3,428,187,230 |
|
12. Other expenses |
1,892,757,249 |
4,899,123,683 |
4,604,699,718 |
|
13. Other profit /(loss) |
-1,170,753,383 |
-530,298,144 |
-1,176,512,488 |
|
14. Total accounting profit before tax |
57,472,766,856 |
110,487,762,763 |
98,122,988,137 |
|
15. Current corporate income tax |
14,151,215,966 |
32,881,717,187 |
17,658,020,744 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
43,321,550,890 |
77,606,045,576 |
80,464,967,393 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
The first 6 months of FY2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
5.86 |
5.26 |
3.13 |
1.65 |
|
Quick liquidity ratio |
3.57 |
3.19 |
2.05 |
1.04 |
|
Inventory circle |
0.92 |
1.75 |
2.38 |
4.14 |
|
Average receive period |
188.13 |
91.34 |
95.40 |
105.37 |
|
Utilizing asset performance |
0.46 |
0.94 |
1.02 |
1.20 |
|
Liability by total assets |
11.18 |
13.27 |
21.46 |
53.11 |
|
Liability by owner's equity |
12.59 |
15.30 |
27.33 |
159.74 |
|
Ebit / Total assets (ROA) |
7.30 |
13.44 |
13.40 |
10.37 |
|
Ebit / Owner's equity (ROE) |
8.22 |
15.49 |
17.06 |
23.03 |
|
Ebit / Total revenue (NPM) |
15.97 |
14.31 |
13.12 |
10.15 |
|
Gross profit / Total revenue (GPM) |
49.30 |
49.92 |
46.04 |
25.88 |
|
Note: The Average Industry was calculated by VietnamCredit
based on our own statistical data |
||||
|
|
||||
|
CASH
FLOW STATEMENT |
|||
|
(Indirect method) |
|||
|
Items |
The first 6 months of FY2012 |
FY2011 |
FY2010 |
|
I. Cash flows
from operating activities |
|||
|
1. Profit before tax |
57,472,766,856 |
110,487,762,763 |
98,122,988,137 |
|
2. Adjustments |
|
|
|
|
- Depreciation and amortization |
15,464,475,689 |
28,350,314,563 |
16,746,180,108 |
|
- Provisions |
1,197,533,586 |
-898,336,324 |
1,768,376,832 |
|
- Unrealized foreign exchange difference |
|
0 |
|
|
- Gain/loss from investing activities |
-3,208,820,038 |
-7,579,165,129 |
527,476,147 |
|
- Interest expense |
364,530,606 |
722,582,372 |
2,443,259,953 |
|
3. Operating profit before movements in working
capital |
71,290,486,699 |
131,083,158,245 |
119,608,281,177 |
|
- (Increase)/Decrease in receivables |
8,032,632,365 |
14,310,513,219 |
-23,796,493,890 |
|
- (Increase)/Decrease in inventories |
24,378,576,917 |
-50,726,125,229 |
23,050,421,322 |
|
- Increase/(Decrease) in accounts payable |
-20,481,890,956 |
-37,867,496,993 |
-17,000,644,347 |
|
- (Increase)/Decrease in prepaid expenses |
108,257,579 |
-387,332,677 |
|
|
- Interest paid |
-364,530,606 |
-722,582,372 |
-2,443,259,953 |
|
- Corporate income tax paid |
-23,448,152,135 |
-32,842,419,734 |
-27,900,216,828 |
|
- Other cash inflows |
13,427,341,997 |
639,615,386 |
10,246,615,677 |
|
- Other cash outflows |
-27,331,650,871 |
-25,468,636,878 |
-15,348,763,900 |
|
Net cash from (used in) operating activities |
45,611,070,989 |
-1,981,307,033 |
66,415,939,258 |
|
II. Cash flows
from investing activities |
|||
|
1. Acquisition of fixed assets and other long - term assets |
-46,851,728,105 |
-30,449,380,900 |
-38,349,308,336 |
|
2. Proceeds from fixed assets and long - term assets disposal |
-601,406,717 |
1,168,181,818 |
196,181,818 |
|
3. Cash outflow for lending, buying debt instruments of other
companies |
-2,500,000,000 |
|
-18,768,985,795 |
|
4. Cash recovered from lending, selling debt instruments of other
companies |
|
51,640,000 |
7,230,000,000 |
|
5. Investment in other entities |
|
-300,000,000 |
|
|
6. Cash recovered from investments in other entities |
|
1,628,800,000 |
2,000,000,000 |
|
7. Interest income, dividend and profit paid |
4,304,746,699 |
8,887,097,701 |
5,623,762,071 |
|
Net cash from (used in) investing activities |
-45,648,388,123 |
-19,013,661,381 |
-42,068,350,242 |
|
III. Cash flows
from financing activities |
|||
|
1. Proceeds from issuing stocks, receiving capital from owners |
|
98,201,510,000 |
|
|
2. Capital withdrawal, buying back issued stocks |
-7,225,654,000 |
-2,209,806,000 |
|
|
3. Proceeds from borrowings |
3,500,000,000 |
8,072,068,875 |
27,049,405,839 |
|
4. Repayment of borrowings |
-3,500,000,000 |
-19,187,451,125 |
-52,224,558,649 |
|
5. Repayment of obligations under finance leased |
|
|
|
|
6. Dividends paid |
-33,031,900,000 |
-34,421,716,677 |
-23,205,240,000 |
|
Net cash from (used in) financing activities |
-40,257,554,000 |
50,454,605,073 |
-48,380,392,810 |
|
Net increase/(decrease) in cash and cash equivalents |
-40,294,871,134 |
29,459,636,659 |
-24,032,803,794 |
|
Cash and cash equivalents at beginning of year |
140,281,015,336 |
111,006,558,369 |
135,040,362,163 |
|
Effect from changing foreign exchange rate |
|
-185,179,692 |
|
|
Cash and cash equivalents at end of year |
99,986,144,202 |
140,281,015,336 |
111,007,558,369 |
|
|
|||
|
|
|
|
|
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Good |
|
Liquidity |
|
High |
|
Payment status |
|
Prompt |
|
Financial Situation |
|
Strong |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, T/T |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Good |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
The
subject was set up after the reunification of Vietnam in 1975 belongs to the Ministry
of Health since then. It is the first company of Vietnam Pharmaceutical
Corporation was equitized in 2001 and is one of the
biggest pharmaceutical companies in the middle of Mekong river delta. On
December 4th 2006, the subject listed on Hochiminh
Stock Exchange (HOSE) with stock code IMP. Its chartered capital also changed
many times. Recently, the subject has increased this number to VND 152,145
million on March 10th 2012. The
premises and facilities of the subject are large. With the labor force 850
persons, the subject focus on production of pharmaceutical products and
pharmaceutical raw material, laboratory chemical… The subject manufactures
about 140 kinds of products. Head office is located at No. 4, Road 30/4, Cao Lanh City on the area of 13,253.4
square meters. In 2010, cephalosporin factory ran into operation at Vietnam -
Singapore 2 industrial zone. In June 2011, the subject started to build
factory production of penicillin injection drug at this address. Up to now, the subject had received some certificates of merit by Dong Thap People's Committee and Ministry of Health and many
other awards. It was also granted ISO 9001:2008 and GMP-WHO certificates. Look
at the chart showing that total sales in 2011 of the subject did not much
increase in comparison with 2010. However, this result was acceptable in the
context of difficult economic as the last year. Total assets increased year
after year, at the end of 2011, value of total assets was VND 827.6 billion,
raised VND 76.9 billion in comparison with 2010, in which, increase of
inventories and cash are mostly. Debt of the subject had downtrend tendency
and often maintained with low rate. In 2011, it only held 13.27% in total
assets that had the smallest rate in recent years. While current assets were
fairly large, it occupied to 68.4% in total assets. This is reason to
increase the current liquidity ratio to 5.26 units. High of liquidity
together liabilities ratios were low showing that the subject has not much
risk in meeting and payment liabilities.
Regarding
to the full financial data in second quarter of the year 2012, total sales
reached VND 362 billion and profit before tax reached VND 57.4 billion. The
capital frame and liquidity in first six months were fairly good. Generally, the subject is large company. After a long time of
operation, the subject has prestige and experience in this field.
Additionally, it received many support by its parent company. With above
average financial situation, no caution for small and medium financial commitments
with the subject. |
------------ APPENDIX ----------
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.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.