MIRA INFORM REPORT

Report Date :

13.01.2012

IDENTIFICATION DETAILS

Correct Name :	EUVIPHARM PHARMACEUTICAL JOINT STOCK COMPANY
Registered Office :	Binh Tien 2 Hamlet, Duc Hoa Ha Commune, Duc Hoa District, Long An Province
Country :	Vietnam
Financials (as on) :	31.12.2010
Year of Establishment :	2005
Com. Reg. No.:	1100670578
Legal Form :	Joint Stock Company
Line of Business :	Manufacturing and trading in pharmaceuticals
No. of Employees :	Over 200

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 30^th, 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
English Name	EUVIPHARM PHARMACEUTICAL JOINT STOCK COMPANY
Vietnamese Name	CONG TY CO PHAN DUOC PHAM EUVIPHARM
Short name	EUVIPHARM
Type of Business	Joint stock company
Year Established	2005
Business Registration No.	1100670578
Date of Registration	25 Aug 2010
Place of Registration	Planning and Investment Department of Long An Province
Current registered capital	VND 100,000,000,000
Status	Unlisted
Tax code	1100670578
Total Employees	Over 200
Size	Medium
Note: The full name of the subject is above.

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Business Registration No: 5003000102 Changed to: 1100670578	25 Aug 2010
2	Subject has got former Registered capital: VND 80 billion Changed to: VND 100 billion	25 Aug 2010

company ADDRESSES

Head Office
Address	Binh Tien 2 Hamlet, Duc Hoa Ha Commune, Duc Hoa District, Long An Province, Vietnam
Telephone	(84-72) 3779623
Fax	(84-72) 3779591
Email	sale@euvipharm.com
Website	www.euvipharm.com
Note: The exact address of the subject is above
Representative office in Ho Chi Minh
Address	No. 781/A42, Le Hong Phong Str., Ward 2, District 10, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3868 0944
Fax	(84-8) 3863 3002
Branch in Ho Chi Minh
Address	No. 7A/5/32, Thanh Thai Str., Ward 14, District 10, Ho Chi Minh City, Vietnam
Telephone	(84-8) 7304 7188/ 3866 9874
Fax	(84-8) 3864 9008
Representative	Mr. PHAM PHUOC DUC

DIRECTORS

1. NAME	Mr. PHAM TRUNG NGHIA
Position	General Director
ID Number/Passport	023144846
Resident	No.109, 3/2 Street, District 10, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Mobil phone	+84 903802891
2. NAME	Mr. HUYNH PHONG NHA
Position	Deputy General Director
ID Number/Passport	020468614
Resident	No. 36/59A Lam Son, Ward 6, Binh Thanh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
3. NAME	Mr. PHAM PHUOC DUC
Position	Managing Director
Resident	No. 7A/5/32 Thanh Thai, Ward 14, District 10, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Tel/Mobil phone	(84-8) 7304 7188 /+84 949 839 708

BUSINESS NATURE AND ACTIVITIES

The subject is specialized in:
- Manufacturing and trading in pharmaceuticals;
- Trading in materials for health industry.

IMPORT & EXPORT ACTIVITIES

IMPORT:
· Types of products	Pharmaceuticals, material for production
· Market	Holland, Italy, Spain, France, USA, and Japan
· Mode of payment	L/C, T/T, D/P
EXPORT:

Note: Currently, the subject does not export.

BANKERS

1. ASIA COMMERCIAL BANK KY HOA BRANCH
Address	No.109 Ba Thang Hai Str., District 10, Ho Chi Minh City, Vietnam
Telephone	(84-8) 3839 8358
Fax	(84-8) 3839 8361
Note: The correct name of the bank is above.

SHAREHOLDERS

1. NAME	TIMES INVESTMENT JOINT STOCK COMPANY
Business Registration	4103006220
Address	No. 444 Nguyen Thi Minh Khai Str., Ward 5, District 3, Ho Chi Minh City, Vietnam
Tel	(84-8) 39292672
Number of shares	20,000
Value of shares	VND 20,000,000,000
Percentage	20%
2. NAME	Mr. PHAM TRUNG NGHIA
Position	General Director
ID Number/Passport	023144846
Resident	No.109, 3/2 Street, District 10, Ho Chi Minh City, Vietnam
Work phone	(84-72) 3779623
Mobile phone	+84 903802891
Nationality	Vietnamese
Number of Shares	34,500
Value of shares	VND 34,500,000,000
Percentage	34.5%
3. NAME	Mr. PHAM PHUOC DUC
Position	Managing Director
Resident	7A/5/32 Thanh Thai, Ward 14, District 10, Ho Chi Minh City, Vietnam
Work phone	(84-8) 7304 7188
Mobile phone	+84 949 839 708
Nationality	Vietnamese
Number of Shares	5,000
Value of shares	VND 5,000,000,000
Percentage	5%
4. NAME	Mr. HUYNH PHONG NHA
Position	Deputy General Director
ID Number/Passport	020468614
Resident	No. 36/59A Lam Son, Ward 6, Binh Thanh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	1,500
Value of shares	VND 1,500,000,000
Percentage	1.5%
5. NAME	Mr. HUYNH HUU NGO
ID Number/Passport	020748017
Resident	No.468/20, Nguyen Tri Phuong Str., Ward 9, District 10, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	5,000
Value of shares	VND 5,000,000,000
Percentage	5%
6. NAME	Mr. TRAN PHU MY
ID Number/Passport	022153324
Resident	No.23, Nguyen Van Troi Str., Ward 12, Phu Nhuan District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	5,000
Value of shares	VND 5,000,000,000
Percentage	5%
7. NAME	Mr. PHAM TRUNG HIEN
Date of Birth	31 May 1975
ID Number/Passport	023144848
Resident	No. 109, 3/2 Str., Ward 11, District 10, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	5,000
Value of shares	VND 5,000,000,000
Percentage	5%
8. NAME	Mr. PHAM TRUNG HOA
ID Number/Passport	023276464
Resident	No.109, 3/2 Street, Ward 11, District 10, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	5,000
Value of shares	VND 5,000,000,000
Percentage	5%
9. NAME	Ms. PHAM MY HANH
ID Number/Passport	023732095
Resident	No.109, 3/2 Street, Ward 11, District 10, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	5,000
Value of shares	VND 5,000,000,000
Percentage	5%
10. NAME	Ms. PHAM TRAN NHA
ID Number/Passport	311690369
Resident	No.14/3, Hoang Du Khuong Street, Ward 12, District 10, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	5,000
Value of shares	VND 5,000,000,000
Percentage	5%
11. NAME	Mr. PHAN VUONG HUY MINH
ID Number/Passport	022912987
Resident	No.1/6, Tan Thoi Nhat Wad, District 12, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	3,000
Value of shares	VND 3,000,000,000
Percentage	3%
12. NAME	Mr. HUYNH VAN SON
ID Number/Passport	020124210
Resident	No.16/93/27, Nguyen Thien Thuat Street, Ward 2, District 3, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	3,000
Value of shares	VND 3,000,000,000
Percentage	3%
13. NAME	Mr. PHAM QUANG TRINH
ID Number/Passport	310561744
Resident	No. 013 Bis Truong Van Ky, Ward 7, My Tho City, Tien Giang Province, Vietnam
Nationality	Vietnamese
Number of Shares	1,500
Value of shares	VND 1,500,000,000
Percentage	1.5%
14. NAME	Mr. TRINH THUY DUNG
ID Number/Passport	020024209
Resident	No. 686, Bui Dinh Thuy Street, Ward 14, Binh Thanh District, Ho Chi Minh City, Vietnam
Nationality	Vietnamese
Number of Shares	1,500
Value of shares	VND 1,500,000,000
Percentage	1.5%

FINANCIAL DATA

BALANCE SHEET
Unit: One VND
Balance sheet date	31/12/2010	31/12/2009
Number of weeks	52	52
ASSETS
A – CURRENT ASSETS	53,961,198,632	23,263,000,000
I. Cash and cash equivalents	554,868,349	2,586,000,000
1. Cash	554,868,349	2,586,000,000
2. Cash equivalents	0	0
II. Short-term investments	0	0
1. Short-term investments	0	0
2. Provisions for devaluation of short-term investments	0	0
III. Accounts receivable	20,219,659,148	4,128,000,000
1. Receivable from customers	6,385,539,848	4,000,000
2. Prepayments to suppliers	8,265,146,646	779,000,000
3. Inter-company receivable	4,320,230,888	0
4. Receivable according to the progress of construction	0	0
5. Other receivable	1,248,741,766	3,346,000,000
6. Provisions for bad debts	0	-1,000,000
IV. Inventories	30,274,818,635	12,799,000,000
1. Inventories	30,274,818,635	12,799,000,000
2. Provisions for devaluation of inventories	0	0
V. Other Current Assets	2,911,852,500	3,750,000,000
1. Short-term prepaid expenses	1,592,445,042	1,037,000,000
2. VAT to be deducted	1,319,407,458	1,545,000,000
3. Taxes and other accounts receivable from the State	0	0
4. Other current assets	0	1,168,000,000
B. LONG-TERM ASSETS	260,023,719,392	252,541,000,000
I. Long term accounts receivable	0	0
1. Long term account receivable from customers	0	0
2. Working capital in affiliates	0	0
3. Long-term inter-company receivable	0	0
4. Other long-term receivable	0	0
5. Provisions for bad debts from customers	0	0
II. Fixed assets	219,111,487,121	231,309,000,000
1. Tangible assets	209,680,133,327	221,146,000,000
- Historical costs	239,873,339,272	234,237,000,000
- Accumulated depreciation	-30,193,205,945	-13,091,000,000
2. Financial leasehold assets	0	0
- Historical costs	0	0
- Accumulated depreciation	0	0
3. Intangible assets	9,023,061,658	9,235,000,000
- Initial costs	9,974,638,350	9,975,000,000
- Accumulated amortization	-951,576,692	-740,000,000
4. Construction-in-progress	408,292,136	928,000,000
III. Investment property	0	0
Historical costs	0	0
Accumulated depreciation	0	0
IV. Long-term investments	0	0
1. Investments in affiliates	0	0
2. Investments in business concerns and joint ventures	0	0
3. Other long-term investments	0	0
4. Provisions for devaluation of long-term investments	0	0
V. Other long-term assets	40,912,232,271	21,232,000,000
1. Long-term prepaid expenses	40,912,232,271	21,232,000,000
2. Deferred income tax assets	0	0
3. Other long-term assets	0	0
VI. Goodwill	0
1. Goodwill	0
TOTAL ASSETS	313,984,918,024	275,804,000,000
LIABILITIES
A- LIABILITIES	221,355,116,213	199,098,000,000
I. Current liabilities	69,075,672,214	27,068,000,000
1. Short-term debts and loans	50,286,944,643	8,931,000,000
2. Payable to suppliers	8,569,064,612	6,193,000,000
3. Advances from customers	3,628,487,559	3,007,000,000
4. Taxes and other obligations to the State Budget	23,796,975	8,000,000
5. Payable to employees	884,258,893	2,000,000
6. Accrued expenses	0	0
7. Inter-company payable	0	0
8. Payable according to the progress of construction contracts	0	0
9. Other payable	5,683,119,532	8,927,000,000
10. Provisions for short-term accounts payable	0	0
II. Long-Term Liabilities	152,279,443,999	172,030,000,000
1. Long-term accounts payable to suppliers	0	0
2. Long-term inter-company payable	0	0
3. Other long-term payable	0	0
4. Long-term debts and loans	152,279,443,999	172,030,000,000
5. Deferred income tax payable	0	0
6. Provisions for unemployment allowances	0	0
7. Provisions for long-term accounts payable	0	0
B- OWNER’S EQUITY	92,629,801,811	76,706,000,000
I. OWNER’S EQUITY	92,634,301,811	76,711,000,000
1. Capital	131,150,000,000	79,600,000,000
2. Share premiums	0	0
3. Other sources of capital	0	0
4. Treasury stocks	0	0
5. Differences on asset revaluation	0	0
6. Foreign exchange differences	0	0
7. Business promotion fund	0	0
8. Financial reserved fund	0	0
9. Other funds	0	0
10. Retained earnings	-38,515,698,189	-2,889,000,000
11. Construction investment fund	0	0
II. Other sources and funds	-4,500,000	-5,000,000
1. Bonus and welfare funds	-4,500,000	-5,000,000
2. Sources of expenditure	0	0
3. Fund to form fixed assets	0	0
MINORITY’S INTEREST	0
TOTAL LIABILITIES AND OWNER’S EQUITY	313,984,918,024	275,804,000,000

PROFIT & LOSS STATEMENT
Description	FY2010	FY2009
1. Total Sales	31,022,260,349	989,000,000
2. Deduction item	1,648,779,699	0
3. Net sale	29,373,480,650	989,000,000
4. Costs of goods sold	28,313,067,432	1,842,000,000
5. Gross profit	1,060,413,218	-853,000,000
6. Financial income	32,134,506	32,000,000
7. Financial expenses	25,916,183,684	1,503,000,000
- In which: Loan interest expenses	25,213,704,158	1,501,000,000
8. Selling expenses	3,277,452,062	74,000,000
9. Administrative overheads	7,626,041,270	493,000,000
10. Net operating profit	-35,727,129,292	-2,891,000,000
11. Other income	763,946,503	6,000,000
12. Other expenses	694,822,223	4,000,000
13. Other profit /(loss)	69,124,280	2,000,000
14. Total accounting profit before tax	-35,658,005,012	-2,889,000,000
15. Current corporate income tax	0	0
16. Deferred corporate income tax	0	0
17. Interest from subsidiaries/related companies	0	0
18. Profit after tax	-35,658,005,012	-2,889,000,000

FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
Description	FY2010	FY2009	Average Industry
Current liquidity ratio	0.78	0.86	1.74
Quick liquidity ratio	0.34	0.39	1.02
Inventory circle	1.31	0.14	3.74
Average receive period	251.25	1,523.48	76.97
Utilizing asset performance	0.09	0.00	1.31
Liability by total assets	70.50	72.19	49.32
Liability by owner's equity	238.97	259.56	129.21
Ebit / Total assets (ROA)	-3.33	-0.50	8.55
Ebit / Owner's equity (ROE)	-11.28	-1.81	18.02
Ebit / Total sale (NPM)	-33.67	-140.34	6.82
Gross profit / Total sale (GPM)	3.42	-86.25	21.89
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	Normal
Financial Situation	Average
Development trend	Developing
Litigation data	No Record
Bankruptcy	No Record
Payment Methods	Through its bank, L/C, T/T, D/P
Sale Methods	Distributor
Public opinion	Normal

CREDIT INQUIRY: USD 125,000

Need consideration!

INTERPRETATION ON THE SCORES

EUVIPHARM is a joint stock company which was established and started operation from 2005 in Long An province following the business registration No. 5003000102. On August 25^th 2010, the subject changed its business license into No. 1100670578 (as the same tax code) together increase registered capital from VND 80 billion to VND 100 billion.

Currently, it is specialized in manufacturing and trading pharmaceuticals with over 200 employees. Besides the head office in Long An province, it has also a branch and a representative office in Hochiminh city.

Although the subject established since 2005, but until 2010 the factory of the subject had been officially put in operation. This factory was invested with forward-looking technology and modern equipment import from USA, European and Japan.

Financially, we see that in 2010 value of current asset was VND 53 billion, increased 131% compared with 2009. Accounts receivable was VND 20 billion near fivefold previous year. Specially, growth of total sale, it reached VND 31,022 million while that one in 2009 was VND 989 million. However, profit was negative due to costs of goods sold and expenses accounts were large. Besides, current liabilities and inventories in 2010 were much higher than 2009 made liquidity ratios reduce, while liability ratios were still high.

About business situation, Mr. Pham Trung Nghia (Director) explained that from 2006 to 2009 the subject had to invest in building factory and trading activities were not much. So, the subject had loss in business during all these years and income statement was not good.

In conclusion, the subject is average company in the industry and it is on the way of development. It is expanding its market share in Vietnam. At present, it has capacity to meet small business 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.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.