MIRA INFORM REPORT
|
Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
DAVI PHARM CO., LTD |
|
|
|
|
Registered Office : |
Lot. M7A - CN D17 Street-My Phuoc 1
Industrial Zone, Ben Cat District, Binh Duong Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishment : |
2004 |
|
|
|
|
Com. Reg. No.: |
3700575898 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
producing and trading pharmaceuticals and cosmetics |
|
|
|
|
No. of Employees
: |
100 |
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 – 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
|
||
|
Registered English Name |
|
DAVI PHARM CO., LTD |
|
Registered Vietnamese Name |
|
CONG TY TNHH DUOC PHAM DAT VI PHU |
|
Registered Short name |
|
CONG TY TNHH DAVI |
|
Type of Business |
|
Limited liability company |
|
Year Established |
|
2004 |
|
Business Registration No. |
|
3700575898 |
|
Date of Registration |
|
26 Oct 2011 |
|
Place of Registration |
|
Business Registration Office of Binh Duong
Province |
|
Current registered capital |
|
VND 30,000,000,000 |
|
Tax code |
|
3700575898 |
|
Total Employees |
|
100 |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No: 4602001093 which was issued on 07 Jun 2004. Changed to:
3700575898 |
26
Oct 2011 |
|
2 |
Subject has got former Registered Vietnamese
Name: Cong ty TNHH Thuong Mai va San Xuat Dat Vi Phu Changed to: Cong Ty TNHH Duoc Pham Dat Vi
Phu |
13
Mar 2006 |
company ADDRESSES
|
Head Office |
||
|
Address |
|
Lot. M7A - CN D17 Street-My Phuoc 1 Industrial
Zone, Ben Cat District, Binh Duong Province, Vietnam |
|
Telephone |
|
(84-650) 3567 687 - 3567 689 |
|
Fax |
|
(84-650) 3567 688 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No 39 No.2 Street - Lu Gia Housing
Compound-Ward 15, 11 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3866 3622 |
|
Fax |
|
(84-8) 3866 1463 |
DIRECTORS
|
1.
NAME |
|
Mr.
PHAM TAI TRUONG |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
15 Feb 1960 |
|
ID Number/Passport |
|
022617613 |
|
ID Issue Date |
|
07 Jul 2004 |
|
ID Issue Place |
|
Police Station of Ho
Chi Minh City |
|
Resident |
|
No. 19/4 Nguyen Cuu
Dam Street-Tan Son Nhi Ward, Tan Binh District, Ho Chi Minh City, Vietnam |
|
Current resident |
|
A3-45 Nam Long 3 - Tan Long Ward , 7 District,
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+ 84 903709624 |
|
Qualification |
|
Management |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN MINH TRUC |
|
Position |
|
Chief Accountant |
|
Current resident |
|
Binh Duong Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
+84 938 200 149 |
|
Email |
|
|
|
Qualification |
|
Bachelor |
BUSINESS NATURE AND ACTIVITIES
The subject’s registered business items are producing and trading pharmaceuticals and cosmetics.
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Materials, equipment, machinery |
|
·
Market |
|
China, India, Germany, USA, Japan |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Products |
|
·
Market |
|
Philippines |
BANKERS
|
1.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK BINH DUONG BRANCH |
||
|
Address |
|
No.431 Dai Lo Binh Duong, Thu Dau Mot City, Binh Duong Province,
Vietnam |
|
Telephone |
|
(84-650) 3859 593 |
|
Fax |
|
(84-650) 3859 591 |
|
SWIFT Code |
|
SGTTVNVX |
|
|
||
|
2.
JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM BINH DUONG BRANCH |
||
|
Address |
|
No. 314 Binh Duong Highway Phu Hoa Ward, Thu Dau Mot City, Binh Duong
Province, Vietnam |
|
Telephone |
|
(84-650) 3898 989 |
|
Fax |
|
(84-650) 3842 321 |
SHAREHOLDERS
|
1.
NAME |
|
Mr.
PHAM TAI TRUONG |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
15 Feb 1960 |
|
ID Number/Passport |
|
022617613 |
|
Issued on |
|
07 Jul 2004 |
|
Issued Place |
|
Police Station of Ho Chi Minh City |
|
Resident |
|
No. 19/4 Nguyen Cuu Dam Street-Tan Son Nhi
Ward, Tan Binh District, Ho Chi Minh City, Vietnam |
|
Current Resident |
|
A3-45 Nam Long 3 - Tan Long Ward , 7
District, Ho Chi Minh City, Vietnam |
|
Mobile phone |
|
+ 84 903709624 |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 25,000,000,000 |
|
Percentage |
|
83.33% |
|
|
||
|
2.
NAME |
|
Mrs.
PHAM THI TUYET VAN |
|
ID Number/Passport |
|
020605135 |
|
Resident |
|
No.19/4 Nguyen Cuu Dam, Tan Son Nhi Ward ,
Tan Phu District, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 5,000,000,000 |
|
Percentage |
|
16.67% |
|
Note:
Mrs. Pham Thi Tuyet Van is wife of Mr. Pham Tai Truong - Chairman cum General
Director. |
||
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 |
112,177,122,353 |
68,113,352,252 |
43,603,006,310 |
|
I. Cash and cash
equivalents |
4,767,347,285 |
2,368,650,368 |
1,129,735,377 |
|
1. Cash |
4,767,347,285 |
2,368,650,368 |
1,129,735,377 |
|
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 |
32,198,718,440 |
10,712,179,486 |
8,146,513,562 |
|
1. Receivable from customers |
23,785,555,009 |
4,610,773,473 |
858,524,389 |
|
2. Prepayments to suppliers |
8,413,163,431 |
5,948,351,978 |
6,828,078,842 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
0 |
0 |
459,910,331 |
|
6. Provisions for bad debts |
0 |
153,054,035 |
0 |
|
IV. Inventories |
73,585,807,647 |
54,494,163,647 |
33,417,291,320 |
|
1. Inventories |
73,585,807,647 |
54,494,163,647 |
33,417,291,320 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
1,625,248,981 |
538,358,751 |
909,466,051 |
|
1. Short-term prepaid expenses |
136,901,384 |
144,534,154 |
270,197,731 |
|
2. VAT to be deducted |
357,112,040 |
0 |
89,229,957 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
15,449,295 |
|
4. Other current assets |
1,131,235,557 |
393,824,597 |
534,589,068 |
|
B. LONG-TERM
ASSETS |
44,369,099,429 |
58,117,540,794 |
46,535,263,794 |
|
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
|
44,369,099,429 |
57,421,587,932 |
43,295,812,256 |
|
1. Tangible assets |
44,099,365,759 |
48,073,960,600 |
43,056,480,256 |
|
- Historical costs |
59,922,499,812 |
59,105,444,196 |
49,468,803,205 |
|
- Accumulated depreciation |
-15,823,134,053 |
-11,031,483,596 |
-6,412,322,949 |
|
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 |
269,733,670 |
9,347,627,332 |
239,332,000 |
|
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 |
0 |
695,952,862 |
3,239,451,538 |
|
1. Long-term prepaid expenses |
0 |
695,952,862 |
3,239,451,538 |
|
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 |
156,546,221,782 |
126,230,893,046 |
90,138,270,104 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
101,045,536,064 |
84,441,670,457 |
62,214,748,824 |
|
I. Current
liabilities |
53,055,546,161 |
33,910,426,891 |
60,505,836,157 |
|
1. Short-term debts and loans |
0 |
3,940,754,254 |
5,681,250,921 |
|
2. Payable to suppliers |
4,639,493,439 |
4,881,034,315 |
8,053,031,000 |
|
3. Advances from customers |
17,102,623,291 |
885,673,054 |
1,092,865,724 |
|
4. Taxes and other obligations to the State Budget |
8,501,030 |
44,560,681 |
0 |
|
5. Payable to employees |
0 |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
0 |
|
7. Inter-company payable |
16,470,704,183 |
16,470,704,183 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
14,834,224,218 |
7,687,700,404 |
45,678,688,512 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
47,989,989,903 |
50,531,243,566 |
1,708,912,667 |
|
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 |
47,989,989,903 |
50,531,243,566 |
1,708,912,667 |
|
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 |
55,500,685,718 |
41,789,222,589 |
27,923,521,280 |
|
I. OWNER’S
EQUITY |
55,500,685,718 |
41,789,222,589 |
27,923,521,280 |
|
1. Capital |
30,000,000,000 |
30,000,000,000 |
30,000,000,000 |
|
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 |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
25,500,685,718 |
11,789,222,589 |
-2,076,478,720 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds |
0 |
0 |
0 |
|
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 |
156,546,221,782 |
126,230,893,046 |
90,138,270,104 |
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
FY2008 |
|
1. Total Sales |
48,016,315,571 |
40,701,000,000 |
24,649,022,506 |
|
2. Deduction item |
0 |
107,000,000 |
126,170,640 |
|
3. Net sale |
48,016,315,571 |
40,594,000,000 |
24,522,851,866 |
|
4. Costs of goods sold |
16,507,055,327 |
15,940,000,000 |
13,448,484,250 |
|
5. Gross profit |
31,509,260,244 |
24,654,000,000 |
11,074,367,616 |
|
6. Financial income |
77,553,535 |
40,000,000 |
16,522,374 |
|
7. Financial expenses |
10,425,706,180 |
792,000,000 |
780,703,264 |
|
- In which: Loan interest expenses |
- |
- |
- |
|
8. Selling expenses |
143,930 |
0 |
0 |
|
9. Administrative overheads |
7,522,685,700 |
10,126,000,000 |
9,165,694,889 |
|
10. Net operating profit |
13,638,277,969 |
13,776,000,000 |
1,144,491,837 |
|
11. Other income |
95,513,389 |
350,000,000 |
0 |
|
12. Other expenses |
22,328,229 |
350,000,000 |
0 |
|
13. Other profit /(loss) |
73,185,160 |
0 |
0 |
|
14. Total accounting profit before tax |
13,711,463,129 |
13,776,000,000 |
1,144,491,837 |
|
15. Current corporate income tax |
0 |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
13,711,463,129 |
13,776,000,000 |
1,144,491,837 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
2.11 |
2.01 |
0.72 |
1.74 |
|
Quick liquidity ratio |
0.73 |
0.40 |
0.17 |
1.02 |
|
Inventory circle |
0.26 |
0.29 |
0.40 |
3.74 |
|
Average receive period |
244.76 |
96.32 |
121.25 |
76.97 |
|
Utilizing asset performance |
0.31 |
0.32 |
0.27 |
1.31 |
|
Liability by total assets |
64.55 |
66.89 |
69.02 |
49.32 |
|
Liability by owner's equity |
182.06 |
202.07 |
222.80 |
129.21 |
|
Ebit / Total assets (ROA) |
8.76 |
10.91 |
1.27 |
8.55 |
|
Ebit / Owner's equity (ROE) |
24.71 |
32.97 |
4.10 |
18.02 |
|
Ebit / Total sale (NPM) |
28.56 |
33.85 |
4.64 |
6.82 |
|
Gross profit / Total sale (GPM) |
65.62 |
60.57 |
44.93 |
21.89 |
|
Note: The Average
Industry was calculated by VietnamCredit based on our own statistical data |
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Recorded |
|
Bankruptcy |
|
No Recorded |
|
Payment Methods |
|
By cash or through the bank. |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Fair |
|
CREDIT INQUIRY: 125,000 USD
Against da in terms |
|
The subject has
capacity to meet this transaction! |
INTERPRETATION ON THE SCORES
|
The
subject – DAVI PHARM CO., LTD was established in 2004. Currently, the subject
is operating under business registration no. 3700575898 (the same with tax
code) with registered capital VND 30 billion. The
subject is producing and trading medicine and pharmaceutical product to serve
the domestic market and exporting products to Philippines market. The subject
imports materials from India, China and equipment and machinery from Germany,
USA, Japan market. Premises
and facilities of the subject are fairly good. Office and factories of the
subject located in a 20,000 square meter area. Construction was divided into
two phases. In 2004, the office block and factory were built in the area of
10,000m2. Its factory was started operating in November 2005. Since 2010, the
subject has expanded its production by building in the rest 10,000 square meter
area. Operation
over 8 years, it has created a stable market share and traditional customers.
Management capacity of the subject is acceptable. The managers have a lot of
experience in this area. Its deputy director - Mr. Pham Tai Truong - used to
be director of another pharmaceutical trading company named T.D
Pharmaceutical Co., Ltd. This company’s address is at No. 299/19/2- Ly Thuong
Kiet Street- Ward 15- District 11- Ho Chi Minh City. He also works for PHD
Trading Co., Ltd. PHD Co., Ltd which is located at No. 1/110 Lu Gia Housing
Compound- Ward 15- Dist 10- Ho Chi Minh City and also specializes in
pharmaceutical. As
reported financial statement, its business situation was stable. Its annual
sale was increased. According to subject’s accountant – Mr. Nguyen Minh Truc,
its sale in 11 months of 2011 were VND 148,728 million- increased high
compared with previous. Explaining for this result, Mr. Truc said that, the
subject has changed the structure in business and production so the output in
2011 has increased double compared with 2010. Plan in 2012, the output will
increase high compared with 2011. In
overview, the subject is an enterprise with operating effectively. Business
situation of the subject is busy with about 100 employees. Financial capacity
of the subject is above average. In our opinion, it is reliable for these
small transactions. |
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) |
||
|
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.52.23 |
|
UK Pound |
1 |
Rs.80.84 |
|
Euro |
1 |
Rs.66.79 |
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.