|
Report Date : |
17.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
PHARMACEUTICAL AND VETERINARY MATERIAL JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 88 Truong Chinh Str, Dong Da Dist, Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
19.04.1999 |
|
|
|
|
Com. Reg. No.: |
055931 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
line of business
: |
Manufacturing of veterinary products. |
|
|
|
|
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 : |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
|
Current legal status |
||
|
English Name |
|
PHARMACEUTICAL AND VETERINARY MATERIAL JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN DUOC VA VAT TU THU Y |
|
Trade name |
|
HANVET |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1988 |
|
Establishment Decision |
|
53/1999/QD/BNN-TCCB |
|
Date of Issuance |
|
18 Mar 1999 |
|
Place of Issuance |
|
Ministry of Agriculture and Rural Development |
|
Business Registration No. |
|
055931 |
|
Date of Registration |
|
19 Apr 1999 |
|
Place of Registration |
|
Department Of Planning and Investment of Hanoi City |
|
Chartered capital |
|
VND 30,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0100114258 |
|
Total Employees |
|
500 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital: 12,000,000,000 VND Changed
to: 30,000,000,000 VND |
01 Jan 2009 |
|
2 |
Subject has got former Registered Vietnamese Name: XI NGHIEP DUOC VA
VAT TU THU Y. Changed to: CONG TY CO PHAN DUOC VA VAT TU THU Y |
18 Mar 1999 |
|
3 |
Subject has got former Registered English Name: PHARMACEUTICAL &
VETERINARY MATERIAL ENTERPRISE. Changed to: PHARMACEUTICAL AND VETERINARY MATERIAL JOINT STOCK COMPANY
|
18 Mar 1999 |
|
4 |
Subject has got former Registered Vietnamese Name: XI NGHIEP BAO BI VA
VAT DUNG THU Y. Changed to: XI NGHIEP DUOC VA VAT TU THU Y |
31 Jul 1991 |
|
Head Office |
||
|
Address |
|
No. 88 Truong Chinh Str, Dong Da Dist, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 38685996/ 38691156 |
|
Fax |
|
(84-4) 38690097 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Factory Address |
||
|
Address |
|
Pho noi A Industrial zone, Van Lam Dist, Hung Yen Province, Vietnam |
|
Telephone |
|
(84-321) 396 7497 |
|
Fax |
|
(84-321) 396 7730 |
|
|
||
|
Representative
office in Da Nang |
||
|
Address |
|
The Thanh Loc Dan new urban Area , Da Nang City, Vietnam |
|
Telephone |
|
(84-511) 247 8929 |
|
Fax |
|
(84-511) 376 8322 |
|
|
||
|
Representative
office in Can Tho |
||
|
Address |
|
B1174, Residential Quarter No.91B An Thoi Ward, Ninh Kieu District,
Can Tho City, Vietnam |
|
Telephone |
|
(84-710) 378 1049 |
|
Fax |
|
(84-710) 378 1049 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 3 - Rach Sau Street Binh Thanh Ward, Dist 12, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 38919947 |
|
Fax |
|
(84-8) 38919947 |
|
|
||
|
Branch in Ha
Tinh |
||
|
Address |
|
Xuan Thanh beach resort , Nghi Xuan Dist, Ha Tinh Province, Vietnam |
|
Telephone |
|
(84-39) 382 7172 |
|
Fax |
|
(84-39) 382 7172 |
|
|
||
|
Branch in Vinh
Phuc |
||
|
Address |
|
I area, Tam Dao Town , Tam Dao Dist, Vinh Phuc Province, Vietnam |
|
Telephone |
|
(84-211) 381 6868 |
|
Fax |
|
(84-211) 382 4678 |
|
1. HANVET PHARMACEUTICAL COMPANY LIMITED |
||
|
Business Registration |
|
0900249945 |
|
Tax code |
|
0900249945 |
|
Address |
|
Pho Noi A Industrial Zone Ban Town, My Hao District, Hung Yen
Province, Vietnam |
|
Tel |
|
(84-321) 3967730 |
|
Fax |
|
(84-321) 3967730 |
|
|
||
|
2. HA LINH JOINT STOCK COMPANY |
||
|
Business Registration |
|
2500213024 |
|
Tax code |
|
2500213024 |
|
Address |
|
Thuong Le hamlet Dai Thinh commune, Me Linh District, Ha Noi City,
Vietnam |
|
Tel |
|
(84-4) 3386 5627 |
|
1. NAME |
|
Mr. NGUYEN HUU VU |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
14 May 1946 |
|
ID Number/Passport |
|
011712640 |
|
ID Issue Date |
|
09 Aug 1999 |
|
ID Issue Place |
|
Police Station of Hanoi City |
|
Resident |
|
No. 231 Bach Mai Str - Bach Mai Ward, Hai Ba
Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 913234696 |
|
|
||
|
2. NAME |
|
Mr. NGUYEN DUC LUU |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
07 Mar 1950 |
|
ID Number/Passport |
|
010040869 |
|
Resident |
|
Room 306 - Phuong Mai Ward , Dong Da District, Ha
Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3. NAME |
|
Mr. NGUYEN VAN MINH |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
4. NAME |
|
Mr. TRAN VAN GIANG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
5. NAME |
|
Mr. HO MINH DUNG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 913506328 |
|
|
||
|
6. NAME |
|
Ms. MAI THI THANH HOA |
|
Position |
|
Chief Accountant |
|
Date of Birth |
|
11 Aug 1973 |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-4) 38685303 / (84) 975303158 |
|
The subject is involving in: - Manufacturing of veterinary products. It also acts as a distributor
in animal nutrition, feed additives and raw materials supplying to animal
feed industry, representing as exclusive distributor in Vietnam for many
world manufacturers. - Business in hotel service. |
|
IMPORT: |
||
|
Types of products |
|
Materials and products |
|
Market |
|
China, India, Germany, Holland, Italy, etc. |
|
Mode of payment |
|
TT, LC |
|
|
||
|
EXPORT: |
||
|
Market |
|
Myanmar, Bangladesh, Malaysia |
|
Mode of payment |
|
LC, TT |
|
1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM HOAN KIEM
TRANSACTION NO.1 |
||
|
Address |
|
No.26 Hang Voi, Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 39340720 |
|
|
||
|
2. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HA NOI BRANCH |
||
|
Address |
|
No.77 Lac Trung Street, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 36363235 |
|
Fax |
|
(84-4) 38219352 |
|
|
||
|
3. JOINT STOCK BANK FOR FOREIGN TRADE OF VIETNAM HOAN KIEM BRANCH |
||
|
Address |
|
2 Hang Bai, Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 38251139 |
|
1. NAME |
|
Mr. HOANG VAN TIEN |
|
ID Number/Passport |
|
010610186 |
|
Resident |
|
P5 - A2 - H10 - Phuong Mai Ward , Dong Da District, Ha Noi City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
12,267 |
|
Value of shares |
|
VND 1,226,700,000 |
|
Percentage |
|
4.08% |
|
|
||
|
2. NAME |
|
Mr. NGUYEN HUU VU |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
14 May 1946 |
|
ID Number/Passport |
|
011712640 |
|
Issued on |
|
09 Aug 1999 |
|
Issued Place |
|
Police Station of Hanoi City |
|
Resident |
|
No. 231 Bach Mai Str - Bach Mai Ward, Hai Ba Trung District, Ha Noi
City, Vietnam |
|
Mobile phone |
|
(84) 913234696 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
73,036 |
|
Value of shares |
|
VND 7,303,600,000 |
|
Percentage |
|
24.34% |
|
|
||
|
3. NAME |
|
Mr. NGUYEN HUU THOI |
|
ID Number/Passport |
|
010512160 |
|
Resident |
|
C65 - Alley 109 - Truong Chinh Phuong Liet Ward, Thanh Xuan District,
Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
1,200 |
|
Value of shares |
|
VND 120,000,000 |
|
Percentage |
|
0.4% |
|
|
||
|
4. NAME |
|
Ms. NGUYEN THI LIEN |
|
ID Number/Passport |
|
012243701 |
|
Resident |
|
P406 H10 Phuong Mai Ward, Dong Da District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
4,500 |
|
Value of shares |
|
VND 450,000,000 |
|
Percentage |
|
1.5% |
|
|
||
|
5. NAME |
|
Mr. NGUYEN DUC LUU |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
07 Mar 1950 |
|
ID Number/Passport |
|
010040869 |
|
Resident |
|
Room 306 - Phuong Mai Ward , Dong Da District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
20,587 |
|
Value of shares |
|
VND 2,058,700,000 |
|
Percentage |
|
6.86% |
|
|
||
|
6. NAME |
|
198 OTHER SHAREHOLDERS |
|
Number of shares |
|
167,406 |
|
Value of shares |
|
VND 16,740,600,000 |
|
Percentage |
|
55.8% |
|
BALANCE SHEET |
|||
|
Unit: One VND |
|||
|
Balance sheet date |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
52 |
|
Audit status |
Unaudited |
Unaudited |
- |
|
ASSETS |
|||
|
A – CURRENT ASSETS |
135,780,000,000 |
126,967,000,000 |
46,076,900,826 |
|
I. Cash and cash equivalents |
6,350,000,000 |
14,337,000,000 |
1,144,478,709 |
|
1. Cash |
6,350,000,000 |
14,337,000,000 |
1,144,478,709 |
|
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 |
44,102,000,000 |
42,728,000,000 |
29,772,501,659 |
|
1. Receivable from customers |
21,150,000,000 |
19,292,000,000 |
12,394,087,470 |
|
2. Prepayments to suppliers |
750,000,000 |
3,829,000,000 |
6,049,556,120 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
22,750,000,000 |
20,155,000,000 |
11,675,006,872 |
|
6. Provisions for bad debts |
-548,000,000 |
-548,000,000 |
-346,148,803 |
|
IV. Inventories |
84,150,000,000 |
68,580,000,000 |
14,875,920,804 |
|
1. Inventories |
84,150,000,000 |
68,580,000,000 |
14,875,920,804 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current Assets |
1,178,000,000 |
1,322,000,000 |
283,999,654 |
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
320,000,000 |
464,000,000 |
582,817 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
858,000,000 |
858,000,000 |
283,416,837 |
|
B. LONG-TERM ASSETS |
73,919,000,000 |
67,647,000,000 |
44,622,156,025 |
|
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 |
65,500,000,000 |
59,728,000,000 |
11,702,626,025 |
|
1. Tangible assets |
65,500,000,000 |
51,338,000,000 |
11,702,626,025 |
|
- Historical costs |
112,000,000,000 |
93,381,000,000 |
29,349,115,250 |
|
- Accumulated depreciation |
-46,500,000,000 |
-42,043,000,000 |
-17,646,489,225 |
|
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 |
0 |
8,390,000,000 |
0 |
|
III. Investment property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
8,419,000,000 |
7,919,000,000 |
32,919,530,000 |
|
1. Investments in affiliates |
6,225,000,000 |
6,225,000,000 |
31,224,700,000 |
|
2. Investments in business concerns and joint ventures |
400,000,000 |
400,000,000 |
400,000,000 |
|
3. Other long-term investments |
1,794,000,000 |
1,294,000,000 |
1,294,830,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term assets |
0 |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
0 |
|
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 |
209,699,000,000 |
194,614,000,000 |
90,699,056,851 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
135,891,000,000 |
123,484,000,000 |
52,706,605,639 |
|
I. Current liabilities |
135,545,000,000 |
123,138,000,000 |
52,648,460,167 |
|
1. Short-term debts and loans |
105,211,000,000 |
93,819,000,000 |
42,452,892,720 |
|
2. Payable to suppliers |
22,000,000,000 |
20,490,000,000 |
8,920,700,403 |
|
3. Advances from customers |
0 |
405,000,000 |
88,512,501 |
|
4. Taxes and other obligations to the State Budget |
2,858,000,000 |
2,858,000,000 |
336,998,217 |
|
5. Payable to employees |
2,678,000,000 |
2,678,000,000 |
0 |
|
6. Accrued expenses |
0 |
90,000,000 |
90,379,465 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
1,838,000,000 |
1,838,000,000 |
758,976,861 |
|
10. Provisions for short-term accounts payable |
960,000,000 |
960,000,000 |
0 |
|
II. Long-Term Liabilities |
346,000,000 |
346,000,000 |
58,145,472 |
|
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 |
0 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
346,000,000 |
346,000,000 |
58,145,472 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
B- OWNER’S EQUITY |
73,808,000,000 |
71,130,000,000 |
37,992,451,212 |
|
I. OWNER’S EQUITY |
69,748,000,000 |
68,070,000,000 |
37,165,967,202 |
|
1. Capital |
28,394,000,000 |
28,394,000,000 |
28,394,300,000 |
|
2. Share premiums |
394,000,000 |
394,000,000 |
394,300,000 |
|
3. Other sources of capital |
1,562,000,000 |
1,562,000,000 |
1,561,652,429 |
|
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 |
17,003,000,000 |
16,003,000,000 |
11,443,013,935 |
|
8. Financial reserved fund |
4,124,000,000 |
4,124,000,000 |
2,526,044,928 |
|
9. Other funds |
271,000,000 |
271,000,000 |
270,985,000 |
|
10. Retained earnings |
18,000,000,000 |
17,322,000,000 |
-7,424,329,090 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
II. Other sources and funds |
4,060,000,000 |
3,060,000,000 |
826,484,010 |
|
1. Bonus and welfare funds (Elder form) |
4,060,000,000 |
3,060,000,000 |
826,484,010 |
|
2. Sources of expenditure |
0 |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
0 |
|
MINORITY’S INTEREST |
|
|
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
209,699,000,000 |
194,614,000,000 |
90,699,056,851 |
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
283,958,000,000 |
246,920,000,000 |
151,403,637,048 |
|
2. Deduction item |
0 |
0 |
9,999,970 |
|
3. Net revenue |
283,958,000,000 |
246,920,000,000 |
151,393,637,078 |
|
4. Costs of goods sold |
197,912,000,000 |
172,097,000,000 |
121,496,500,777 |
|
5. Gross profit |
86,046,000,000 |
74,823,000,000 |
29,897,136,301 |
|
6. Financial income |
21,843,000,000 |
18,994,000,000 |
624,412,508 |
|
7. Financial expenses |
12,589,000,000 |
10,947,000,000 |
6,780,005,778 |
|
- In which: Loan interest expenses |
12,589,000,000 |
10,947,000,000 |
6,780,005,778 |
|
8. Selling expenses |
36,806,000,000 |
32,005,000,000 |
10,015,792,354 |
|
9. Administrative overheads |
37,416,000,000 |
32,535,000,000 |
11,544,790,874 |
|
10. Net operating profit |
21,078,000,000 |
18,330,000,000 |
2,180,959,803 |
|
11. Other income |
0 |
0 |
152,380,000 |
|
12. Other expenses |
0 |
0 |
60,233,806 |
|
13. Other profit /(loss) |
0 |
0 |
92,146,194 |
|
14. Total accounting profit before tax |
21,078,000,000 |
18,330,000,000 |
2,273,105,997 |
|
15. Current corporate income tax |
2,635,000,000 |
2,291,000,000 |
0 |
|
16. Deferred corporate income tax |
|
|
0 |
|
17. Interest from subsidiaries/related companies |
|
|
|
|
18. Profit after tax |
18,443,000,000 |
16,039,000,000 |
2,273,105,997 |
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.00 |
1.03 |
0.88 |
1.65 |
|
Quick liquidity ratio |
0.38 |
0.47 |
0.59 |
1.04 |
|
Inventory circle |
2.59 |
2.51 |
8.17 |
4.14 |
|
Average receive period |
56.69 |
63.16 |
71.78 |
105.37 |
|
Utilizing asset performance |
1.35 |
1.27 |
1.67 |
1.20 |
|
Liability by total assets |
64.80 |
63.45 |
58.11 |
53.11 |
|
Liability by owner's equity |
184.11 |
173.60 |
138.73 |
159.74 |
|
Ebit / Total assets (ROA) |
16.05 |
15.04 |
9.98 |
10.37 |
|
Ebit / Owner's equity (ROE) |
45.61 |
41.16 |
23.83 |
23.03 |
|
Ebit / Total revenue (NPM) |
11.86 |
11.86 |
5.98 |
10.15 |
|
Gross profit / Total revenue (GPM) |
30.30 |
30.30 |
19.75 |
25.88 |
|
Note: The Average Industry was calculated by
VietnamCredit based on our own statistical data |
||||
|
Trade Morality |
|
Good |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
LC, TT |
|
Sale Methods |
|
Other |
|
Public opinion |
|
Good |
|
The subject was originally established in 1988 with former name
"PHARMACEUTICAL & VETERINARY ENTERPRISE" following the decision
No. 25/NN/TCCB/QD. In 1999, the company was equitilized under the decision
No. 53/QD/BNN-TCCB issued by Ministry of Agriculture and Rural Development and
renamed to “PHARMACEUTICAL AND VETERINARY MATERIAL JOINT STOCK COMPANY”. The
subject has business registration No. 055931 granted by Ha Noi Department of
Planning and Investment. Its tax code is 01001114258. Currently, the company
has total chartered capital of VND 30 billion. The head office
is located at No.88, Truong Chinh street, Dong Da district, Ha Noi city,
Vietnam. The subject has branches in Ho Chi Minh city, Ha Tinh and Vinh Phuc
provinces; and representative offices in Can Tho, Da Nang cities. Besides, it
has a GMP - WHO factory situated in Pho Noi A industrial zone, My Hao
district, Hung Yen province, Vietnam. There are two warehouse (one in the
head office and another in the factory) to store the products. It also has
some animal clinics in Ha Noi city and Da Nang city. Currently, the subject
has about 500 employees and staffs working in fair condition of premises,
facilities and labour treatments. HANVET is specializing in manufacturing of veterinary products. Its products are
manufactured at its subsidiaries which have named HANVET
PHARMACEUTICAL COMPANY LIMITED and HA LINH JOINT STOCK COMPANY. It
also acts as a distributor in animal nutrition, feed additives and raw
materials supplying to animal feed industry, representing as exclusive
distributor in Vietnam for many world manufacturers. Recently, the subject
has expanded its operation to hotel service. In interview, Mr. Ho Minh Dung -
deputy general director said the subject imports materials from China, India,
Germany, Holland, Italia, etc (mainly in China). Its products usually are consumed in
domestic market. It has about 900 agencies that distribute its products to
domestic market. It also exports its products to foreign countries such as:
Myanmar, Bangladesh and Malaysia. Almost transactions are paid by T/T payment
of method, sometimes by L/C. Financially, the subject's business situation is above average. The
total revenue increased year after year. In 2011, the subject gained VND
283,958 million in total sales; raised 15% and 87.5% in comparison with 2010
and 2009 in turn. The profit after tax was VND 18,443 million; increased
nearly 15% in comparison with 2010 and higher many times than 2009. Although
economic situation seem difficult recently, the subject still overcame
challenges and get high profit. However, its liquidity ratios are rather
humble. The company should improve them to ensure its financial commitments. Shortly, the
subject scale is rather large. It has reputation, experience in the market.
Its future prospect is bright. The subject has capacity to meet small and
medium financial commitment. No caution needed for small and normal business
transaction with the subject. |
|
|
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.52.82 |
|
UK Pound |
1 |
Rs.84.96 |
|
Euro |
1 |
Rs.68.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.