MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	PHARMACEUTICAL NO I JOINT STOCK COMPANY

Registered Office :	No 114 Thai Thinh Street, Alley 1, Dong Da District, Ha Noi City

Country :	Vietnam

Year of Establishment :	2004

Com. Reg. No.:	0101580526

Legal Form :	Joint Stock Company

Line of Business :	manufactures and trades pharmaceuticals materials and products

No. of Employees :	10 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear

NOTES:

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ECGC Country Risk Classification List – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Vietnam

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

vietnam - ECONOMIC OVERVIEW

Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM

English Name		PHARMACEUTICAL NO I JOINT STOCK COMPANY
Vietnamese Name		CONG TY CO PHAN DUOC PHAM I
Short name		I PHARCO
Type of Business		Joint stock company
Year Established		2004
Business Registration No.		0101580526
First Date of Registration		06 Dec 2004
Place of Registration		Ha Noi Department of Planning and Investment
Chartered capital		VND 4,500,000,000
Status		Unlisted
Tax code		0101580526
Total Employees		10
Size		Small

Company ADDRESSES

Head Office
Address		Suite 508 CT6 Yen Hoa, Cau Giay District, Ha Noi City, Vietnam
Telephone		(84-4) 37824195/96/97
Fax		(84-4) 62812121
Email		info@cpc1.vn
Website		http://cpc1.vn

Registration Address
Address		No 114 Thai Thinh Street, Alley 1, Dong Da District, Ha Noi City, Vietnam

Other
Address		K5, No 62 Hoa Lam Street, Viet Hung ward, Long Bien District, Ha Noi City, Vietnam

DIRECTORS

1. NAME		Mr. PHI TUNG LAM
Position		Director
ID Number/Passport		012905554
ID Issue Place		Hanoi Police Station
Resident		P5-A5 Yen Lang Collective Thinh Quang ward, Dong Da District, Ha Noi City, Vietnam
Nationality		Vietnamese

BUSINESS NATURE AND ACTIVITIES

The subject manufactures and trades pharmaceuticals materials and products.

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Market		India, France, USA...

EXPORT:
Note: Currently, the subject does not export

BANKERS

1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM THANG LONG BRANCH
Address		No 98 Hoang Quoc Viet, Cau Giay District, Ha Noi City, Vietnam
Telephone		(84-4) 37569008 / 37569004
Fax		(84-4) 37569006

2. VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE NAM THANG LONG BRANCH
Address		No.117A Hoang Quoc Viet str, Cau Giay District, Ha Noi City, Vietnam
Telephone		(84-4) 37542059

SHAREHOLDERS

Founding shareholders:

1. NAME		Mr. PHI TUNG LAM
Position		Director
ID Number/Passport		012905554
Issued Place		Hanoi Police Station
Resident		P5-A5 Yen Lang Collective Thinh Quang ward, Dong Da District, Ha Noi City, Vietnam
Nationality		Vietnamese
Value of shares		VND 2,100,000,000
Percentage		46.67%

2. NAME		Ms. PHI THUY HANG
ID Number/Passport		2013090691
Issued Place		Hanoi Police Station
Resident		P5-A5, Yen Lang Collective Thinh Quang ward, Dong Da District, Ha Noi City, Vietnam
Nationality		Vietnamese
Value of shares		VND 400,000,000
Percentage		8.89%

3. NAME		Mr. NGUYEN DUC ANH
ID Number/Passport		141886209
Issued Place		Hanoi Police Station
Resident		P5-A5 Yen Lang Collective Thinh Quang ward, Dong Da District, Ha Noi City, Vietnam
Nationality		Vietnamese

FINANCIAL DATA

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

Trade Morality		Fair
Liquidity		N/A
Payment status		N/A
Financial Situation		Below Average
Development trend		N/A
Litigation data		No Record
Bankruptcy		No Record
Payment Methods		LC, TT
Sale Methods		Wholesaler
Public opinion		Normal

INTERPRETATION ON THE SCORES

APPENDIX

INDUSTRY DATA

Industry code	Growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2011	2010
Agriculture, Forestry and Fishing	4.00	2.78	8,887		24,362.9	95,227
Industry and Construction	5.53	7.70	95,217		10,718.9	3,641,376
Trade and Services	6.69	7.52	187,195		15,270.2	6,957,082

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.55.07
UK Pound	1	Rs.89.54
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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