|
Report Date : |
10.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARMEPHACO JOINT STOCK COMPANY |
|
|
|
|
Formerly Known As : |
ARMY MEDICAL EQUIPMENT AND PHARMACEUTICAL COMPANY |
|
|
|
|
Registered Office : |
No. 118, Vu Xuan Thieu Str., Phuc Loi Ward, Long Bien District, Ha Noi City |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
17.04.1996 |
|
|
|
|
Com. Reg. No.: |
0100109191 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Producing and trading in medicine |
|
|
|
|
No. of Employees : |
500 |
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 : |
Slow but Correct |
|
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) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Current legal status
|
||
|
English Name |
|
ARMEPHACO JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN ARMEPHACO |
|
Trade name |
|
ARMEPHACO JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1996 |
|
Establishment Decision |
|
470/QD-QP |
|
Date of Issuance |
|
17 Apr 1996 |
|
Place of Issuance |
|
Ministry of Defense |
|
Business Registration No. |
|
0100109191 |
|
Date of Registration |
|
23 Jun 2010 |
|
Place of Registration |
|
|
|
Chartered capital |
|
VND 130,000,000,000 |
|
Status |
|
Public Company |
|
Stock symbol |
|
ARMEPHACO |
|
Stock Market |
|
OTC |
|
Outstanding stock |
|
13,000,000 |
|
Tax code |
|
0100109191 |
|
Total Employees |
|
500 |
|
Size |
|
Large |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Business
Registration No: 0106001022 (21/8/1996) Changed to: 0100109191 |
23 Jun
2010 |
|
2 |
Subject has got former Chartered capital:
VND 114,940,000,000 Changed to: VND 130,000,000,000 |
23
Jun 2010 |
|
3 |
Subject has got former Registered
Vietnamese Name: CONG TY DUOC VA TRANG THIET BI Y TE QUAN DOI Changed to: CONG TY CO PHAN ARMEPHACO |
23
Jun 2010 |
|
4 |
Subject has got former Registered English
Name: ARMY MEDICAL EQUIPMENT AND PHARMACEUTICAL COMPANY Changed to: ARMEPHACO JOINT STOCK COMPANY |
23
Jun 2010 |
|
5 |
Subject has got former Board of Director:
Mr. NGUYEN HOAI NAM - General Director, changed to Mr. DOAN VAN THUY -
General Director Changed to: Mr. NGUYEN VAN DUNG |
01
Nov 2009 |
|
6 |
Subject has got former Address: No. 1,
Tran Thanh Tong Str., Hai Ba Trung Dist, Changed to: No. 118 Vu Xuan Thieu Str.,
Phuc Loi Ward, Long Bien Dist, |
2008
|
|
Head Office and
factory |
||
|
Address |
|
No. 118, Vu Xuan Thieu Str., Phuc Loi Ward,
Long Bien District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3875 9473 / 9466 / 9477 |
|
Fax |
|
(84-4) 3875 9476 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Factory Address
(Medical equipment 130 factory) |
||
|
Address |
|
Ngoc Hoi Commune, Thanh Tri District, Ha |
|
Telephone |
|
(84-4) 38614172 |
|
Fax |
|
(84-4) 3861 4173 |
|
|
||
|
Branch in Ho Chi
Minh (Pharmaceutical 150 factory) |
||
|
Address |
|
No. 112, |
|
Telephone |
|
(84-8) 38379138 |
|
Fax |
|
(84-8) 3920 3341 |
|
|
||
|
Branch in Can
Tho |
||
|
Address |
|
No. 84, |
|
Telephone |
|
(84-710) 625 2199 |
|
Fax |
|
(84-710) 625 2109 |
|
|
||
|
Branch in Gia
Lai |
||
|
Address |
|
No. 148A, |
|
Telephone |
|
(84-59) 625 1399 |
|
Fax |
|
(84-59) 388 3625 |
|
|
||
|
Branch in |
||
|
Address |
|
57 Nguyen Huu Tho Str., Hoa Thuan Tay
Ward, Hai Chau District, |
|
Telephone |
|
(84-511) 656 2979 |
|
Fax |
|
(84-511) 361 4686 |
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
No. 8, Tang Bat Ho Str., Pham Dinh Ho
Ward, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 39717436 / 7439 /3972 3752 |
|
Fax |
|
(84-4) 39717436 |
|
|
||
|
Branch in Hai
Phong |
||
|
Address |
|
275 Lach Tray Str., Dang Giang Ward, Ngo
Quyen District, |
|
Telephone |
|
(84-31) 3261 328 |
|
Fax |
|
(84-31) 3261 329 |
|
1.
NAME |
|
Mr.
NGUYEN VAN DUNG |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
07 Oct 1963 |
|
ID Number/Passport |
|
87052951 |
|
ID Issue Date |
|
15 Jan 2010 |
|
Resident |
|
No 5, Lane 16, Nhan
Hoa Street, Nhan Chinh Ward, Thanh Xuan District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
DO CHI |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-69) 555358 |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI HUONG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-69) 555358 |
|
|
||
|
4.
NAME |
|
Mr.
DO VAN BE |
|
Position |
|
Deputy General Director |
|
ID Number/Passport |
|
3A8E022021 |
|
Nationality |
|
Vietnamese |
|
|
||
|
5.
NAME |
|
Mr.
BUI VIET TUAN |
|
Position |
|
Chief Accountant |
|
Resident |
|
No. 118 Vu Xuan
Thieu, Phuc Loi Ward, Long Bien District, Ha Noi City, Vietnam |
|
Tel/Mobile phone |
|
+84 914 283 868 |
|
- Producing and trading in medicine; |
|
IMPORT: |
||
|
·
Types of products |
|
Equipment and chemical essential |
|
·
Market |
|
|
|
·
Ratio |
|
N/A |
|
·
Mode of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Pharmaceutical products |
|
·
Market |
|
|
|
·
Ratio |
|
Small |
|
1.
BANK FOR INVESTMENT AND DEVELOPMENT OF |
||
|
Address |
|
No. 463, Nguyen Van Linh, Phuc Dong Ward, Long Bien District, Ha |
|
Telephone |
|
(84-4) 38757952 |
|
VND Account |
|
15110000027726 |
|
|
||
|
2.
MILITARY COMMERCIAL JOINT STOCK BANK HOAN KIEM BRANCH |
||
|
Address |
|
|
|
Telephone |
|
(84-4) 3936 7799 |
|
Fax |
|
(84-4) 3938 6107 |
|
1.
NAME |
|
Ministry
of Defense |
|
Number of shares |
|
6,630,000 |
|
Value of shares |
|
VND 66,300,000,000 |
|
Percentage |
|
51% |
|
|
||
|
2.
NAME |
|
Other
Shareholders |
|
Number of shares |
|
6,370,000 |
|
Value of shares |
|
VND 63,700,000,000 |
|
Percentage |
|
49% |
|
These financial statements are made following form of Ministry of
Defense. So they are different to normal. On 23 Jun 2010, subject has just
equitized so from 24 Jun 2010 subject has the new financial statement which
was audited by Vietnam Auditing & Evaluation Company Limited. |
|
BALANCE
SHEET |
||
Unit: One VND
|
||
|
Balance sheet
date |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
- |
|
Audited Status |
Audited |
Audited |
|
ASSETS |
||
|
A – CURRENT
ASSETS |
544,675,192,475 |
226,179,657,113 |
|
I. Cash and cash
equivalents |
89,946,053,156 |
63,852,439,476 |
|
1. Cash |
89,946,053,156 |
63,852,439,476 |
|
2. Cash equivalents |
0 |
0 |
|
II. Short-term
investments |
144,000,000 |
0 |
|
1. Short-term investments |
144,000,000 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
|
III. Accounts
receivable |
300,279,282,045 |
101,757,064,613 |
|
1. Receivable from customers |
207,742,306,109 |
51,734,972,528 |
|
2. Prepayments to suppliers |
82,087,498,237 |
40,418,112,116 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
10,449,477,699 |
9,603,979,969 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
128,513,961,270 |
51,154,290,891 |
|
1. Inventories |
128,513,961,270 |
51,154,290,891 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current
Assets |
25,791,896,004 |
9,415,862,133 |
|
1. Short-term prepaid expenses |
4,148,141,664 |
969,326,647 |
|
2. VAT to be deducted |
4,909,467,032 |
2,571,005,548 |
|
3. Taxes and other accounts receivable from the State |
280,369,198 |
260,799 |
|
4. Other current assets |
16,453,918,110 |
5,875,269,139 |
|
B. LONG-TERM
ASSETS |
120,055,286,718 |
113,820,498,626 |
|
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
|
97,576,412,187 |
102,401,393,335 |
|
1. Tangible assets |
97,576,412,187 |
102,401,393,335 |
|
- Historical costs |
153,904,467,612 |
149,437,742,074 |
|
- Accumulated depreciation |
-56,706,843,317 |
-47,036,348,739 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
378,787,892 |
0 |
|
- Initial costs |
545,454,546 |
0 |
|
- Accumulated amortization |
-166,666,654 |
0 |
|
4. Construction-in-progress |
0 |
0 |
|
III. Investment
property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term
investments |
20,469,488,791 |
11,369,488,791 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
20,447,488,791 |
11,347,488,791 |
|
3. Other long-term investments |
22,000,000 |
22,000,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other
long-term assets |
2,009,385,740 |
49,616,500 |
|
1. Long-term prepaid expenses |
2,009,385,740 |
49,616,500 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
664,730,479,193 |
340,000,155,739 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
515,744,594,686 |
207,785,063,515 |
|
I. Current
liabilities |
511,986,232,769 |
205,207,848,612 |
|
1. Short-term debts and loans |
89,452,060,132 |
20,000,000,000 |
|
2. Payable to suppliers |
180,348,471,489 |
60,269,359,104 |
|
3. Advances from customers |
125,585,541,154 |
18,220,400,733 |
|
4. Taxes and other obligations to the State Budget |
4,519,693,907 |
772,788,335 |
|
5. Payable to employees |
2,062,569,696 |
3,941,536,119 |
|
6. Accrued expenses |
769,926,136 |
13,200,000 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
109,247,970,254 |
101,990,564,321 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
II. Long-Term Liabilities
|
3,758,361,917 |
2,577,214,903 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
2,234,452,000 |
934,452,000 |
|
4. Long-term debts and loans |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
1,523,909,917 |
1,642,762,903 |
|
7. Provisions for long-term accounts payable |
|
0 |
|
B- OWNER’S
EQUITY |
148,985,884,507 |
132,215,092,224 |
|
I. OWNER’S EQUITY
|
148,834,960,313 |
130,857,112,242 |
|
1. Capital |
130,000,000,000 |
130,000,000,000 |
|
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 |
428,556,121 |
428,556,121 |
|
8. Financial reserved fund |
428,556,121 |
428,556,121 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
17,977,848,071 |
0 |
|
11. Construction investment fund |
0 |
0 |
|
II. Other
sources and funds |
150,924,194 |
1,357,979,982 |
|
1. Bonus and welfare funds |
0 |
1,202,055,788 |
|
2. Sources of expenditure |
0 |
5,000,000 |
|
3. Fund to form fixed assets |
150,924,194 |
150,924,194 |
|
MINORITY’S
INTEREST |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
664,730,479,193 |
340,000,155,739 |
PROFIT
& LOSS STATEMENT
|
Description |
FY2011 |
From 24/06/2010
to 31/12/2010 |
|
1. Total Sales |
886,466,363,220 |
269,178,527,525 |
|
2. Deduction item |
3,374,062,458 |
35,884,040 |
|
3. Net revenue |
883,092,300,762 |
269,142,643,485 |
|
4. Costs of goods sold |
828,881,122,522 |
251,836,062,693 |
|
5. Gross profit |
54,211,178,240 |
17,306,580,792 |
|
6. Financial income |
7,329,996,256 |
3,405,288,159 |
|
7. Financial expenses |
6,121,621,407 |
718,348,290 |
|
- In which: Loan interest expenses |
5,121,642,324 |
604,972,637 |
|
8. Selling expenses |
21,253,003,401 |
5,618,366,611 |
|
9. Administrative overheads |
11,614,731,808 |
8,947,832,970 |
|
10. Net operating profit |
22,551,817,880 |
5,427,321,080 |
|
11. Other income |
182,317,980 |
142,250,232 |
|
12. Other expenses |
167,120,949 |
286,561,638 |
|
13. Other profit /(loss) |
15,197,031 |
-144,311,406 |
|
14. Total accounting profit before tax |
22,567,014,911 |
5,283,009,674 |
|
15. Current corporate income tax |
4,476,666,839 |
666,841,311 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
18,090,348,071 |
4,616,168,363 |
FINANCIAL RATIOS AND
AVERAGE INDUSTRY RATIOS
|
|
|||
|
Description |
FY2011 |
From 24/06/2010
to 31/12/2010 |
Average Industry |
|
Current liquidity ratio |
1.06 |
1.10 |
1.65 |
|
Quick liquidity ratio |
0.81 |
0.85 |
1.04 |
|
Inventory circle |
6.45 |
4.92 |
4.14 |
|
Average receive period |
124.11 |
138.00 |
105.37 |
|
Utilizing asset performance |
1.33 |
0.79 |
1.20 |
|
Liability by total assets |
77.59 |
61.11 |
53.11 |
|
Liability by owner's equity |
346.17 |
157.16 |
159.74 |
|
Ebit / Total assets (ROA) |
4.17 |
1.73 |
10.37 |
|
Ebit / Owner's equity (ROE) |
18.58 |
4.45 |
23.03 |
|
Ebit / Total revenue (NPM) |
3.12 |
2.19 |
10.15 |
|
Gross profit / Total revenue (GPM) |
6.12 |
6.43 |
25.88 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
|||
|
|
|||
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Good |
|
Beginning
as a state owned company, subject was established in 1996 according to
Decision No. 470/QD-QP of Ministry of Defense. Its initial chartered capital was
VND 114,940 million. In 2010, subject became a joint stock company and
increased its chartered capital to VND 130 billion. The business registration
number was also changed to No. 0100109191 which is also its tax code. Facilities
of subject are fair. Beside head office at No. 118, Vu Xuan Thieu Str., Long
Bien Dist., it has three factories and some branches in other places such as
Hochiminh, Da Nang, Can Tho... Its force labor is relative stably with 500
persons. Manufacturing medicine is main field of subject. Equipment and
chemical for production are imported from many countries, in which China and
India are main markets. Most of products service for Ministry of National
Defense. So, these products are not much popular as others in the market. A
small amount is exported to Cambodia. Financially, business results in
2011 of subject were increased strongly. Subject gained VND 886,466 million
in total sales, increased 229.3% in comparison with its one in 2010. Its
profit after tax was also gone up sharply from VND 4,616 million to VND
18,090 million. In financial structure, subject
trended to use more liability. Its liability by owner's equity went up from
VND 157.16 in 2010 to 346.17 in 2011. However, subject still guaranteed
financial security principles. Current liquidity ratio was higher than 1
unit. Although most of financial ratios in 2011 were higher than its ones in
2010, these ratios were still limited compared with average industry. Subject
should be tried more to develop its activities. In
general, after being equitized, business activities of subject are effective
and its growth speed is much better. Its future prospect seems bright. At the
moment, subject can meet small and normal business transactions. |
|
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.56.02 |
|
UK Pound |
1 |
Rs.86.78 |
|
Euro |
1 |
Rs.68.83 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.