MIRA INFORM
REPORT
|
Report Date : |
26.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
ARMEPHACO JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 118 Vu Xuan
Thieu Str, Phuc Loi Ward - Long Bien District - Ha |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Date of Incorporation : |
23.06.2010 |
|
|
|
|
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 : |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
|
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 Registered Name |
|
ARMEPHACO JOINT STOCK COMPANY |
|
Vietnamese Registered Name |
|
CONG TY CO PHAN ARMEPHACO |
|
Registered Short 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 |
|
|
|
Current registered capital |
|
130,000,000,000 VND |
|
Outstanding
stock |
|
13,000,000 |
|
Tax code |
|
0100109191 |
|
Total Employees |
|
500 |
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 Registered capital: VND 114,940,000,000
Changed to: VND 130,000,0000,000 |
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 Address: No.1 Tran Thanh Tong Str, Hai Ba
Trung Dist- Hanoi City Changed to: No. 118 Vu Xuan Thieu Str., Phuc Loi Ward,
Long Bien Dist, Hanoi City |
01 Jan 2008 |
|
6 |
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 |
|
Head Office |
||
|
Address |
|
No. 118 Vu Xuan Thieu Str, Phuc Loi Ward - Long Bien District - Ha |
|
Telephone |
|
(84-4) 38 759 473 / 38 759 466 / 38 759 477 |
|
Fax |
|
(84-4) 38 759 476 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ho Chi Minh |
||
|
Address |
|
No.152 |
|
Tax code |
|
0100109191-005 |
|
Telephone |
|
(84-8) 38379138 |
|
|
||
|
Branch in Can Tho |
||
|
Address |
|
No.84 |
|
Tax code |
|
0100109191-006 |
|
Telephone |
|
(84-710) 625 2199 |
|
Fax |
|
(84-710) 625 2109 |
|
|
||
|
Branch in Gia Lai |
||
|
Address |
|
No.103 |
|
Tax code |
|
0100109191-007 |
|
Telephone |
|
(84-59) 33883625 |
|
Fax |
|
(84-59) 388 3625 |
|
|
||
|
Branch in |
||
|
Address |
|
No.57 Nguyen Huu Tho- Hoa Thuan Tay Ward - Hai Chau District - |
|
Tax code |
|
0100109191-008 |
|
Telephone |
|
(84-511) 361 4686 |
|
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
|
|
Tax code |
|
0100109191-009 |
|
Telephone |
|
(84-4) 39717436 |
|
Fax |
|
(84-4) 39717436 |
|
1. NAME |
|
Mr. NGUYEN VAN DUNG |
|
Position |
|
Chairman and General Director |
|
Resident |
|
No. 118 Vu Xuan Thieu, Phuc Loi Ward - Long Bien
District - Ha Noi City - Vietnam |
|
|
||
|
2. NAME |
|
Mr. DO CHI |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-69) 555358 |
|
|
||
|
3. NAME |
|
Ms. NGUYEN THI HUONG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-69) 555358 |
|
|
||
|
4. NAME |
|
Mr. LE MINH TRUONG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobil phone |
|
(84-69) 555358 |
|
|
||
|
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 |
|
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: |
||
|
·
Market
|
|
N/A |
|
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 |
|
No.35 |
|
Telephone |
|
(84-4) 3936
7799 |
|
Fax |
|
(84-4) 3938
6107 |
|
1. NAME |
|
Ministry of Defense |
|
Number of
shares |
|
6,630,000 |
|
Value of shares |
|
66,300,000,000 VND |
|
Percentage |
|
51% |
|
|
||
|
2. NAME |
|
Other Shareholders |
|
Number of
shares |
|
6,370,000 |
|
Value of
shares |
|
63,700,000,000 VND |
|
Percentage |
|
49% |
|
These financial
statements are made following to form of Ministry of Defense. So they are
different form to others. In 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 |
24/6/2010-31/12/2010 |
31/12/2009 |
|
Number of weeks |
- |
52 |
|
Audited situation |
Audited |
N/A |
|
ASSETS |
||
|
A – CURRENT ASSETS |
226,179,657,113 |
155,524,672,250 |
|
I. Cash and cash equivalents |
63,852,439,476 |
74,016,200,276 |
|
1. Cash |
63,852,439,476 |
74,016,200,276 |
|
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 |
101,757,064,613 |
81,508,471,974 |
|
1. Receivable
from customers |
51,734,972,528 |
0 |
|
2. Prepayments
to suppliers |
40,418,112,116 |
0 |
|
3. Inter-company
receivable |
0 |
81,508,471,974 |
|
4. Receivable
according to the progress of construction |
0 |
0 |
|
5. Other
receivable |
9,603,979,969 |
0 |
|
6. Provisions
for bad debts |
0 |
0 |
|
IV. Inventories |
51,154,290,891 |
0 |
|
1. Inventories
|
51,154,290,891 |
0 |
|
2. Provisions
for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
9,415,862,133 |
0 |
|
1. Short-term
prepaid expenses |
969,326,647 |
0 |
|
2. VAT to be
deducted |
2,571,005,548 |
0 |
|
3. Taxes and
other accounts receivable from the State |
260,799 |
0 |
|
4. Other
current assets |
5875269139 |
0 |
|
B. LONG-TERM ASSETS |
113,820,498,626 |
89,894,761,817 |
|
I. Long term account 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 |
102,401,393,335 |
89,894,761,817 |
|
1. Tangible
assets |
102,401,393,335 |
89,894,761,817 |
|
- Historical
costs |
149,437,742,074 |
123,216,313,694 |
|
- Accumulated
depreciation |
-47,036,348,739 |
-33,321,551,877 |
|
2. Financial
leasehold assets |
0 |
0 |
|
- Historical
costs |
0 |
0 |
|
- Accumulated
depreciation |
0 |
0 |
|
3. Intangible
assets |
0 |
0 |
|
- Initial
costs |
0 |
0 |
|
- Accumulated
amortization |
0 |
0 |
|
4.
Construction-in-progress |
0 |
0 |
|
III. Investment property |
0 |
0 |
|
Historical
costs |
0 |
0 |
|
Accumulated
depreciation |
0 |
0 |
|
IV. Long-term investments |
11,369,488,791 |
0 |
|
1. Investments
in affiliates |
0 |
0 |
|
2. Investments
in business concerns and joint ventures |
11347488791 |
0 |
|
3. Other
long-term investments |
22,000,000 |
0 |
|
4. Provisions
for devaluation of long-term investments |
0 |
0 |
|
V. Other long-term assets |
49,616,500 |
0 |
|
1. Long-term
prepaid expenses |
49,616,500 |
0 |
|
2. Deferred
income tax assets |
0 |
0 |
|
3. Other
long-term assets |
0 |
0 |
|
TOTAL ASSETS |
340,000,155,739 |
245,419,434,067 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
207,785,063,515 |
129,924,250,798 |
|
I. Current liabilities |
205,207,848,612 |
129,924,250,798 |
|
1. Short-term
debts and loans |
20,000,000,000 |
0 |
|
2. Payable to
suppliers |
60,269,359,104 |
125,703,860,110 |
|
3. Advances
from customers |
18,220,400,733 |
0 |
|
4. Taxes and
other obligations to the State Budget |
772,788,335 |
700,117,705 |
|
5. Payable to
employees |
3941536119 |
0 |
|
6. Accrued expenses
|
13,200,000 |
0 |
|
7.
Inter-company payable |
0 |
0 |
|
8. Payable
according to the progress of construction contracts |
0 |
0 |
|
9. Other
payable |
101,990,564,321 |
3,520,272,983 |
|
10. Provisions
for short-term accounts payable |
0 |
0 |
|
II. Long-Term Liabilities |
2,577,214,903 |
0 |
|
1. Long-term
accounts payable to suppliers |
0 |
0 |
|
2. Long-term
inter-company payable |
0 |
0 |
|
3. Other
long-term payable |
934452000 |
0 |
|
4. Long-term
debts and loans |
0 |
0 |
|
5. Deferred income
tax payable |
0 |
0 |
|
6. Provisions
for unemployment allowances |
1642762903 |
0 |
|
7. Provisions
for long-term accounts payable |
0 |
0 |
|
B- OWNER’S EQUITY |
132,215,092,224 |
115,495,183,269 |
|
I. OWNER’S EQUITY |
130,857,112,242 |
111,611,486,942 |
|
1. Capital |
130,000,000,000 |
107,312,080,042 |
|
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 |
546,413,541 |
|
8. Financial
reserved fund |
428,556,121 |
3,752,993,359 |
|
9. Other funds
|
0 |
0 |
|
10. Retained
earnings |
0 |
0 |
|
11.
Construction investment fund |
0 |
0 |
|
II. Other sources and funds |
1,357,979,982 |
3,883,696,327 |
|
1. Bonus and
welfare funds |
1,202,055,788 |
3,883,696,327 |
|
2. Sources of
expenditure |
5000000 |
0 |
|
3. Fund to
form fixed assets |
150924194 |
0 |
|
MINORITY’S INTEREST |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
340,000,155,739 |
245,419,434,067 |
|
PROFIT & LOSS
STATEMENT |
||
|
|
||
|
Description |
FY2010
|
FY2009
|
|
1. Total |
269,178,527,525 |
219,085,456,688 |
|
2. Deduction
item |
35884040 |
0 |
|
3. Net sale
|
269,142,643,485 |
219,085,456,688 |
|
4. Costs of
goods sold |
251,836,062,693 |
210,828,620,628 |
|
5. Gross
profit |
17,306,580,792 |
8,256,836,060 |
|
6. Financial
income |
3,405,288,159 |
0 |
|
7. Financial
expenses |
718,348,290 |
0 |
|
- In which:
Loan interest expenses |
604,972,637 |
0 |
|
8. Selling
expenses |
5,618,366,611 |
0 |
|
9.
Administrative overheads |
8,947,832,970 |
0 |
|
10. Net
operating profit |
5427321080 |
8,256,836,060 |
|
11. Other
income |
142,250,232 |
0 |
|
12. Other
expenses |
0 |
|
|
13. Other
profit /(loss) |
-144,311,406 |
0 |
|
14. Total
accounting profit before tax |
5,283,009,674 |
8,256,836,060 |
|
15. Current
corporate income tax |
666,841,311 |
5,392,194,160 |
|
16. Deferred
corporate income tax |
0 |
0 |
|
18. Profit
after tax |
4,616,168,363 |
2,864,641,900 |
|
FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
Average Industry |
|
Current
liquidity ratio |
1.10 |
1.20 |
1.74 |
|
Quick
liquidity ratio |
0.85 |
1.20 |
1.02 |
|
Inventory
circle |
4.92 |
|
3.74 |
|
Average
receive period |
138.00 |
135.79 |
76.97 |
|
Utilizing
asset performance |
0.79 |
0.89 |
1.31 |
|
Liability by
total asset |
61.11 |
52.94 |
49.32 |
|
Liability by
owner equity |
157.16 |
112.49 |
129.21 |
|
Ebit / Total
asset (ROA) |
1.73 |
3.36 |
8.55 |
|
Ebit / Owner's
equity (ROE) |
4.45 |
7.15 |
18.02 |
|
Ebit / Total
sale (NPM) |
2.19 |
3.77 |
6.82 |
|
Gross profit /
Total sale (GPM) |
6.43 |
3.77 |
21.89 |
|
Note: The Average Industry was calculated by |
|||
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial
Situation |
|
Above Average |
|
Development
trend |
|
Uptrend |
|
Litigation
data |
|
No |
|
Bankruptcy |
|
No |
|
Payment
Methods |
|
L/C, T/T |
|
|
|
Wholesaler |
|
CREDIT
INQUIRY: 125,000 USD Against DA in terms Acceptable.
|
|
The
subject was founded in 1996 according to Decision No. 470/QD-QP of the
Ministry of Defense with 100% registered capital of State. Formerly, it was a
State owned company. In 2010, the subject changed to Joint stock company and
increased its chartered capital to VND 130 billion. On 13th May 2010, the
subject issued its shares to the public at the first time. After being equitized, its
growth speed is much better. In the last 6 months of 2010, sale increased by
23% compared with 2009 and the profit was raised nearly 2 times. In short, although subject is a joint stock company but the
main shareholder is Ministry of Defense (holding 51% shares). So it still
receives many supports from the State. No caution needed for the small
business transaction. |
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed (%) |
Total employees 2009 (Thousand) |
Total enterprises |
Annual average capital of enterprises |
||
|
Predict 2010 |
2009 |
|||||
|
Agriculture, Forestry and Fishing |
2.8 |
3.0 |
24,788.5 |
2,399 |
50,530 |
|
|
Trade and Services |
7.5 |
11 |
10,517.9 |
79,181 |
1,754,973 |
|
|
Construction |
7 |
11.3 |
2,692.8 |
17,783 |
248,268 |
|
|
Manufacturing |
12 |
7.6 |
7,591.2 |
30,786 |
967,068 |
|
|
|
||||||
|
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 |
71.6 |
56.6 |
62.9 |
|||
|
Imports |
84 |
68.8 |
76.6 |
|||
|
Trade Balance |
-12.4 |
-12.2 |
-14.6 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.53 |
|
|
1 |
Rs.88.09 |
|
Euro |
1 |
Rs.70.83 |
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.