MIRA
INFORM REPORT
|
Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ORIENT INTERNATIONAL PHARMA - CHEMICAL COMPANY LIMITED |
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Registered Office : |
No. 7, Lane 39/1 Phao Dai Lang Street, Dong Da District, Ha Noi City |
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Country : |
Vietnam |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
07.02.2007 |
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Com. Reg. No.: |
0102157916 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
The main activities of the subject are trading of excipient materials |
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No. of Employees : |
About 45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
VIETNAM - ECONOMIC OVERVIEW
Vietnam is a densely-populated developing country that has
been transitioning from the rigidities of a centrally-planned economy since
1986. Vietnamese authorities have reaffirmed their commitment to economic
modernization in recent years. Vietnam joined the World Trade Organization in
January 2007, which has promoted more competitive, export-driven industries.
Vietnam became an official negotiating partner in the Trans-Pacific Partnership
trade agreement in 2010. Agriculture's share of economic output has continued
to shrink from about 25% in 2000 to less than 22% in 2012, while industry's
share increased from 36% to nearly 41% in the same period. State-owned
enterprises account for roughly 40% of GDP. 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 hurt Vietnam's export-oriented economy, with GDP in 2012 growing at
5%, the slowest rate of growth since 1999. In 2012, however, exports increased
by more than 18%, year-on-year; several administrative actions brought the
trade deficit back into balance. Between 2008 and 2011, Vietnam's managed
currency, the dong, was devalued in excess of 20%, but its value remained
stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in
2012. Foreign donors have pledged $6.5 billion in new development assistance
for 2013. Hanoi has oscillated between promoting growth and emphasizing
macroeconomic stability in recent years. In February 2011, the Government
shifted policy away from policies aimed at achieving a high rate of economic
growth, which had stoked inflation, to those aimed at stabilizing the economy,
through tighter monetary and fiscal control. Although Vietnam unveiled a broad,
"three pillar" economic reform program in early 2012, proposing the
restructuring of public investment, state-owned enterprises, and the banking
sector, little perceptible progress had been made by early 2013. Vietnam's
economy continues to face challenges from an undercapitalized banking sector.
Non-performing loans weigh heavily on banks and businesses. In September 2012,
the official bad debt ratio climbed to 8.8%, though some independent analysts believe
it could be higher than 15%.
Source
: CIA
SUBJECT IDENTIFICATION &
LEGAL FORM
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Current legal status
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English Name |
|
ORIENT INTERNATIONAL PHARMA - CHEMICAL
COMPANY LIMITED |
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Vietnamese Name |
|
CONG TY TNHH HOA DUOC QUOC TE PHUONG DONG |
|
Short name |
|
OIPC CO.,LTD |
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Type of Business |
|
Limited liability company |
|
Year Established |
|
2007 |
|
Business Registration No. |
|
0102157916 |
|
Date of Registration |
|
07 Feb 2007 |
|
Place of Registration |
|
Planning and Investment Department of Ha
Noi City |
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Chartered capital |
|
VND 10,000,000,000 |
|
Status |
|
Unlisted |
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Tax code |
|
0102157916 |
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Total Employees |
|
About 45 |
|
Size |
|
Small |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
VND 3,000,000,000 Changed to: VND 10,000,000,000 |
N/A |
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ADDRESSES
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Head Office/ Registration
address |
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Address |
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No. 7, Lane 39/1 Phao Dai Lang Street,
Dong Da District, Ha Noi City, Vietnam |
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Telephone |
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(84-4) 3775 6595/ 3775 9512 |
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Fax |
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(84-4) 3775 3427 |
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Email |
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Website |
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Office in Ha Noi
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Address |
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No. 10 Lane 39/1, Phao Dai Lang Street, Dong
Da District, Ha Noi City, Vietnam |
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|
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Branch in Ho Chi
Minh |
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|
Address |
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No. 243/3 To Hien Thanh Str., Ward 13, 10
District, Ho Chi Minh City, Vietnam |
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Telephone |
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(84-8) 3865 5377 |
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Stock Address |
||
|
Address |
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Phu Lam Industrial Zone , Ha Dong
District, Ha Noi City, Vietnam |
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DIRECTORS
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NAME |
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Mr.
DINH QUANG HOAN |
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Position |
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Director |
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Date of Birth |
|
01 Jan 1980 |
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ID Number/Passport |
|
111596913 |
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Nationality |
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Vietnamese |
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BUSINESS NATURE AND ACTIVITIES
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The
main activities of the subject are trading of excipient materials |
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IMPORT & EXPORT ACTIVITIES
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IMPORT: |
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·
Types of products |
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Materials |
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·
Market |
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China, India (the subject also indirectly imports from some countries
in EU). |
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·
Mode of payment |
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T/T, D/P |
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EXPORT: |
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Note: Currently, the subject does not export |
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BANKERS
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1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM HA TAY BRANCH |
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Address |
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No.484 Quang Trung, Ha Dong District, Ha Noi City, Vietnam |
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Telephone |
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(84-4) 33554454 |
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Fax |
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(84-4) 33554444 |
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2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE DONG DA BRANCH |
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|
Address |
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No. 187 Nguyen Luong Bang Str, Dong Da District, Ha Noi City, Vietnam |
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Telephone |
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(84-4) 38515402 |
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Fax |
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(84-4) 38511318 |
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SHAREHOLDERS
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1.
NAME |
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Mr.
DINH QUANG HOAN |
|
Position |
|
Director |
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Date of Birth |
|
01 Jan 1980 |
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ID Number/Passport |
|
111596913 |
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Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 5,000,000,000 |
|
Percentage |
|
50% |
|
|
||
|
2.
NAME |
|
Mr.
PHUNG QUANG MINH |
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Date of Birth |
|
24 Sep 1967 |
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ID Number/Passport |
|
012488168 |
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Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 4,000,000,000 |
|
Percentage |
|
40% |
|
|
||
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3.
NAME |
|
Ms.
PHAM THI NHUNG |
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Date of Birth |
|
14 Sep 1977 |
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ID Number/Passport |
|
012716193 |
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Nationality |
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Vietnamese |
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Value of shares |
|
VND 1,000,000,000 |
|
Percentage |
|
10% |
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FINANCIAL DATA
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BALANCE
SHEET |
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Unit: One VND
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Balance sheet
date |
31/12/2011 |
31/12/2010 |
31/12/2009 |
|
Number of weeks |
52 |
52 |
52 |
ASSETS
|
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A – CURRENT
ASSETS |
25,442,348,126 |
18,304,261,414 |
11,671,689,136 |
|
I. Cash and cash
equivalents |
476,494,987 |
1,327,998,122 |
100,920,653 |
|
1. Cash |
476,494,987 |
1,327,998,122 |
100,920,653 |
|
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 |
7,210,731,518 |
4,150,522,290 |
3,427,882,853 |
|
1. Receivable from customers |
7,137,031,518 |
4,120,787,551 |
3,427,882,853 |
|
2. Prepayments to suppliers |
31,000,000 |
7,974,739 |
0 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
42,700,000 |
21,760,000 |
|
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
17,644,046,261 |
12,628,618,661 |
8,142,885,630 |
|
1. Inventories |
17,644,046,261 |
12,628,618,661 |
8,142,885,630 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
111,075,360 |
197,122,341 |
0 |
|
1. Short-term prepaid expenses |
0 |
0 |
0 |
|
2. VAT to be deducted |
111,075,360 |
197,122,341 |
0 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
0 |
0 |
0 |
|
B. LONG-TERM
ASSETS |
3,153,647,128 |
1,276,904,553 |
965,638,206 |
|
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
|
3,006,653,838 |
1,206,945,439 |
912,771,033 |
|
1. Tangible assets |
3,006,653,838 |
1,206,945,439 |
912,771,033 |
|
- Historical costs |
4,121,908,652 |
1,730,305,614 |
1,174,609,635 |
|
- Accumulated depreciation |
-1,115,254,814 |
-523,360,175 |
-261,838,602 |
|
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 |
0 |
0 |
|
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 |
146,993,290 |
69,959,114 |
52,867,173 |
|
1. Long-term prepaid expenses |
146,993,290 |
69,959,114 |
52,867,173 |
|
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 |
28,595,995,254 |
19,581,165,967 |
12,637,327,342 |
|
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LIABILITIES
|
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A- LIABILITIES |
23,102,600,576 |
14,734,668,953 |
8,823,844,845 |
|
I. Current
liabilities |
23,102,600,576 |
14,734,668,953 |
8,823,844,845 |
|
1. Short-term debts and loans |
14,056,600,000 |
6,272,788,030 |
4,681,491,280 |
|
2. Payable to suppliers |
6,883,415,222 |
6,328,249,668 |
3,374,054,502 |
|
3. Advances from customers |
888,204,126 |
1,232,545,184 |
0 |
|
4. Taxes and other obligations to the State Budget |
211,558,728 |
60,145,788 |
289,250,548 |
|
5. Payable to employees |
392,627,500 |
532,180,000 |
369,969,996 |
|
6. Accrued expenses |
670,195,000 |
308,760,283 |
109,078,519 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
0 |
0 |
0 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
0 |
0 |
0 |
|
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 |
0 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
5,493,394,678 |
4,846,497,014 |
3,813,482,497 |
|
I. OWNER’S
EQUITY |
5,493,394,678 |
4,846,497,014 |
3,813,482,497 |
|
1. Capital |
3,000,000,000 |
3,000,000,000 |
2,000,000,000 |
|
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 |
745,883,249 |
906,741,249 |
0 |
|
10. Retained earnings |
1,747,511,429 |
939,755,765 |
1,813,482,497 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting 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 |
28,595,995,254 |
19,581,165,967 |
12,637,327,342 |
|
|
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|
PROFIT
& LOSS STATEMENT |
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|
|
|||
|
Description |
FY2011 |
FY2010 |
FY2009 |
|
1. Total Sales |
79,914,371,797 |
45,109,535,023 |
36,339,842,191 |
|
2. Deduction item |
0 |
0 |
0 |
|
3. Net revenue |
79,914,371,797 |
45,109,535,023 |
36,339,842,191 |
|
4. Costs of goods sold |
67,745,108,600 |
37,366,662,621 |
30,122,437,760 |
|
5. Gross profit |
12,169,263,197 |
7,742,872,402 |
6,217,404,431 |
|
6. Financial income |
14,259,856 |
11,464,366 |
0 |
|
7. Financial expenses |
2,102,362,563 |
735,598,732 |
478,457,824 |
|
- In which: Loan interest expenses |
2,102,362,563 |
735,598,732 |
478,457,824 |
|
8. Selling expenses |
0 |
0 |
0 |
|
9. Administrative overheads |
9,095,365,568 |
5,740,690,334 |
4,025,600,658 |
|
10. Net operating profit |
985,794,922 |
1,278,047,702 |
1,713,345,949 |
|
11. Other income |
303 |
9,663,300 |
9,737,065 |
|
12. Other expenses |
5,525,400 |
26,027,486 |
0 |
|
13. Other profit /(loss) |
-5,525,097 |
-16,364,186 |
9,737,065 |
|
14. Total accounting profit before tax |
980,269,825 |
1,261,683,516 |
1,723,083,014 |
|
15. Current corporate income tax |
172,514,164 |
321,927,751 |
301,539,548 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
807,755,661 |
939,755,765 |
1,421,543,466 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
1.10 |
1.24 |
1.32 |
1.74 |
|
Quick liquidity ratio |
0.34 |
0.39 |
0.40 |
0.95 |
|
Inventory circle |
4.48 |
3.60 |
3.70 |
5.39 |
|
Average receive period |
32.93 |
33.58 |
34.43 |
100.84 |
|
Utilizing asset performance |
2.79 |
2.30 |
2.88 |
1.64 |
|
Liability by total assets |
80.79 |
75.25 |
69.82 |
60.51 |
|
Liability by owner's equity |
420.55 |
304.03 |
231.39 |
309.92 |
|
Ebit / Total assets (ROA) |
10.78 |
10.20 |
17.42 |
9.59 |
|
Ebit / Owner's equity (ROE) |
56.12 |
41.21 |
57.73 |
28.73 |
|
Ebit / Total revenue (NPM) |
3.86 |
4.43 |
6.06 |
7.66 |
|
Gross profit / Total revenue (GPM) |
15.23 |
17.16 |
17.11 |
22.62 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
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PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T and D/P |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Normal |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
Founded in 2007, the subject is operating under
business registration No. 0102157916. At the beginning of
establishment, the subject registered of VND 3 billion in chartered capital.
But from Dec 2012, it was increased to VND 10 billion. The
principal activities of the subject are trading of excipient materials. These materials are imported from
China, India and some countries in EU. It stocks at Phu Lam Industrial
Zone, Ha Dong District, Ha Noi City, Vietnam. After that, they are distributed in domestic market. Head office of the subject is located at No.
7 Lane 39/1, Phao Dai Lang Street, Dong Da District, Ha Noi City, Vietnam.
The transaction office is also near there at No. 10 Lane 39/1, Phao Dai Lang
Street. In the year 2012, the subject set up a branch at No. 243/3, To Hien
Thanh Str., Ward 13, 10 District, Ho Chi Minh City, Vietnam The
financial data from 2009 to 2011 of the subject showed robust growth of
assets from year to year. In 2011, the assets stood at VND 28,595 million,
increase by 46% and 126% over VND 19,581 million in 2010 and VND 12,637
million in 2009. The reason for this was growth of current assets and
long-term assets. In which, current assets rose by 39% and long-term assets
only grew by 157% in comparison with year 2010. However, along with the
expansion of assets, liabilities of the subject also increased year by year.
The chart as below showed relation between assets and liabilities of the
subject in period from 2009 to 2011.
In 2009 liabilities ocuppied 69% in total assets. Two years
later they increased by 80%. This factor
indicated that the majority of assets is financed by liablities. FY2011 also registered a strong growth of total sales. The
subject gained VND 79,914 million from doing business, grew by 77% compared
with year ago. But net opearting
profit was lower than two previous years due to increase of costs. In short, the subject needs to improve cost management in the coming
time. With current financial situation, the subject has ability to meet
normal business transactions. |
------------ APPENDIX ----------
INDUSTRY DATA
|
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|
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|
Industry code |
GDP growth speed
by price compared with 1994 (%) |
Total
enterprises 2010 |
Total employees
2011 (Thous.pers.) |
Annual average
capital of enterprises 2010 (billion dongs) |
||
|
2012 |
2011 |
|||||
|
Agriculture,
Forestry and Fishing |
2.72 |
4.00 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and
Construction |
4.52 |
5.53 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and
Services |
6.42 |
6.69 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
ECONOMIC INDICATORS
|
||||||
|
|
||||||
|
|
2012 |
2011 |
2010 |
|||
|
Population (Million person) |
88.78 |
87.84 |
86.93 |
|||
|
Gross Domestic Products (USD
billion) |
136 |
119 |
102.2 |
|||
|
GDP Growth (%) |
5.03 |
5.89 |
6.78 |
|||
|
GDP Per Capita (USD/person/year) |
1,540 |
1,300 |
1,160 |
|||
|
Inflation (% Change in
Composite CPI) |
9.21 |
18.58 |
11.75 |
|||
|
State Budget Deficit compared
with GDP (%) |
4.8 |
4.9 |
5.8 |
|||
|
|
||||||
SERVICE TRADE PERFORMANCE
|
||||||
|
|
||||||
|
Billion USD |
2012 |
2011 |
2010 |
|||
|
Exports |
114.6 |
96.3 |
72.2 |
|||
|
Imports |
114.3 |
105.8 |
84.8 |
|||
|
Trade Balance |
0.3 |
-9.5 |
-12.6 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.95 |
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.