MIRA INFORM REPORT
|
Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
PHARBACO CENTRAL PHARMACEUTICAL JOINT STOCK COMPANY NO1 |
|
|
|
|
Formerly Known As : |
CENTRAL PHARMACEUTICALS FACTORY NO.1 |
|
|
|
|
Registered Office : |
No. 160 Ton Duc Thang Str., Hang Bot Ward, Dong Da
District, Ha Noi City, |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1954 |
|
|
|
|
Com. Reg. No.: |
0100109032 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Producing and Trading in many kinds of pharmaceutical products such as antibiotics,
vitamins, cardiovascular, anti-malaria, anti-tuberculosis. |
|
|
|
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
Current legal status
|
||
|
English Name |
|
PHARBACO CENTRAL PHARMACEUTICAL JOINT
STOCK COMPANY NO1 |
|
Vietnamese Name |
|
CONG TY CO PHAN DUOC PHAM TRUNG UONG I –
PHARBACO |
|
Trade name |
|
PHARBACO |
|
Short name |
|
PHARBACO., JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1954 |
|
Establishment Decision |
|
286/QD-BYT |
|
Date of Issuance |
|
25 Jan 2007 |
|
Place of Issuance |
|
Ministry of Health |
|
Business Registration No. |
|
0100109032 |
|
Date of Registration |
|
25 Jul 2007 |
|
Place of Registration |
|
Hanoi Department of Planning and
Investment |
|
Chartered capital |
|
VND 73,500,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0100109032 |
|
Total Employees |
|
500 |
|
Size |
|
Medium |
Historical
Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital:
VND 49,000,000,000 Changed to: VND 73,500,000,000 |
N/A |
|
2 |
Subject has got former Registered English
Name: CENTRAL PHARMACEUTICALS FACTORY NO.1 Changed to: PHARBACO CENTRAL
PHARMACEUTICAL JOINT STOCK COMPANY NO1 |
06
Aug 2007 |
|
3 |
Subject has got former Registered Vietnamese
Name: XI NGHIEP DUOC PHAM TRUNG UONG 1 Changed to: CONG TY CO PHAN DUOC PHAM
TRUNG UONG I – PHARBACO |
06
Aug 2007 |
|
4 |
Subject has got former Board Of Director:
Mr HOANG HUU DOAN - General Director Changed to: Mr DINH XUAN HAN - General Director
|
06
Aug 2007 |
|
5 |
Subject has got former Business
Registration No: 0103018671 (dated on 25 Jul 2007) Changed to: 0100109032 |
N/A |
|
6 |
Subject has got former Board Of Director:
Mr LE TIEN DUNG - Deputy Director Changed to: Ms PHAM THI NGOC LAN - Deputy
Director |
N/A |
ADDRESSES
|
Head Office |
||
|
Address |
|
No. 160 Ton Duc Thang Str., Hang Bot Ward,
Dong Da District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 38454561 /37322098/ 38437246 |
|
Fax |
|
(84-4) 38237460 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Factory Address |
||
|
Address |
|
Thach Loi Hamlet Thanh Xuan Commune, Soc
Son District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 35812044 |
|
|
||
|
Representative
office in Ho Chi Minh |
||
|
Address |
|
Room 15, 1st Floor, No. 334 To Hien Thanh Str.
Ward 14, 10 District, Ho Chi Minh City, Vietnam |
|
|
||
|
Branch in Hai
Phong |
||
|
Address |
|
No. 16, Le Dai Hanh Str., Minh Khai Ward,
, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3747915 |
|
Fax |
|
(84-31) 3747915 |
|
|
||
|
Branch in Thanh
Hoa |
||
|
Address |
|
48 Tran Quang Huy Dong Ve Ward, Thanh Hoa
City, Thanh Hoa Province, Vietnam |
|
Telephone |
|
(84-37) 3850713 |
|
|
||
|
Branch in Da
Nang |
||
|
Address |
|
No. 135 Be Van Dan Str., Thanh Khe District,
Da Nang City, Vietnam |
|
|
||
|
Branch in Vinh
Phuc |
||
|
Address |
|
No. 14 Ton Duc Thang Str., Khai Quang
Ward, Vinh Yen City, Vinh Phuc Province, Vietnam |
|
|
||
|
Branch in Nam
Dinh |
||
|
Address |
|
No 415 Han Thuyen Street Vi Xuyen Ward, Nam
Dinh City, Nam Dinh Province, Vietnam |
|
|
||
|
Branch in Nghe
An |
||
|
Address |
|
No. 62 Tran Hung Dao , Vinh City, Nghe An
Province, Vietnam |
SUBSIDIARIES AND RELATED
COMPANIES
|
PARENT COMPANY -
VIETNAM PHARMACEUTICAL CORPORATION |
||
|
Business Registration |
|
0106001031 |
|
Date of Registration |
|
16 Dec 2008 |
|
Place of Registration |
|
Ha Noi City Department of Planning and Investment |
|
Chartered capital |
|
VND 1,338,544,248,430 |
|
Tax code |
|
0100109385 |
|
Address |
|
No.138B Giang Vo Str, Ba Dinh District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 3844 3153/ 3844 3151 |
|
Fax |
|
(84-4) 3844 3665 |
|
Website |
|
|
DIRECTORS
|
1.
NAME |
|
Mr.
DINH XUAN HAN |
|
Position |
|
General Director |
|
Date of Birth |
|
05 Nov 1969 |
|
ID Number/Passport |
|
125242731 |
|
ID Issue Date |
|
17 Sep 2003 |
|
ID Issue Place |
|
Bac Ninh Police
Station |
|
Resident |
|
Xuan Lam Commune,
Thuan Thanh District, Bac Ninh Province, Vietnam |
|
Current resident |
|
No. 309, Alley 307 Bach Mai Str., Bach Mai
Ward, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Pharmacist |
|
|
||
|
2.
NAME |
|
Mr.
TRAN THANG LOI |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Ms.
PHAM THI NGOC LAN |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Mr.
HOANG QUOC CUONG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
5.
NAME |
|
Ms.
AN THI ANH THU |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-4) 38454561 |
BUSINESS NATURE AND ACTIVITIES
- Producing and trading in many kinds
of pharmaceutical products such as antibiotics, vitamins, cardiovascular,
anti-malaria, anti-tuberculosis…
-
Producing and trading in medicine, chemical substance, cosmetic, medical
instruments and equipment and producing health instruments
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
·
Types of products |
|
Materials and pharmaceutical products |
|
·
Market |
|
Canada, Germany, China, India, Spain... |
|
·
Mode of payment |
|
DP, L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Pharmaceutical products |
|
·
Market |
|
Moldova, Papua New Guinea, Nigeria, Myanmar, Cambodia, Congo,
Angola... |
|
·
Mode of payment |
|
D/P, L/C, TT |
BANKERS
|
1.
ANZ BANK HA NOI BRANCH |
||
|
Address |
|
No. 14 Le Thai To Str., Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3825 8190 |
|
Fax |
|
(84-4) 3825 8188 |
|
|
||
|
2.
INDOVINA BANK LIMITED HA NOI BRANCH |
||
|
Address |
|
88 Hai Ba Trung, Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3826 5516 |
|
Fax |
|
(84-4) 3826 6320 |
|
|
||
|
3.
MILITARY COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
No.21, Cat Linh street, Cat Linh Ward, Dong Da District, Ha Noi City,
Vietnam |
|
Telephone |
|
(84-4) 62777222 |
|
Fax |
|
(84-4) 37621509 |
|
|
||
|
4.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE DONG DA BRANCH |
||
|
Address |
|
No. 187 Nguyen Luong Bang Str, Dong Da District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 38515402 |
|
Fax |
|
(84-4) 38511318 |
SHAREHOLDERS
|
NAME |
|
VIETNAM
PHARMACEUTICAL CORPORATION |
|
Business Registration |
|
0106001031 |
|
Date of Registration |
|
16 Dec 2008 |
|
Place of Registration |
|
Ha Noi City Department of Planning and Investment |
|
Registered Capital |
|
VND 1,338,544,248,430 |
|
Tax code |
|
0100109385 |
|
Address |
|
No.138B Giang Vo Str, Ba Dinh District, Ha
Noi City, Vietnam |
|
Tel |
|
(84-4) 3844 3153/ 3844 3151 |
|
Fax |
|
(84-4) 3844 3665 |
|
Email |
|
vinapharm@hn.vnn.vn |
|
Website |
|
http://www.vinapharm.net.vn |
|
Number of shares |
|
5,699,790 |
|
Value of shares |
|
VND 56,997,900,000 |
|
Percentage |
|
77.55% |
FINANCIAL DATA
|
BALANCE
SHEET |
|||
Unit: One
VND
|
|||
|
Balance sheet
date |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
52 |
ASSETS
|
|||
|
A – CURRENT
ASSETS |
259,490,939,409 |
230,407,444,346 |
220,795,385,933 |
|
I. Cash and cash
equivalents |
14,197,068,856 |
8,694,082,373 |
18,394,733,140 |
|
1. Cash |
14,197,068,856 |
6,454,082,373 |
18,394,733,140 |
|
2. Cash equivalents |
0 |
2,240,000,000 |
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 |
103,936,347,880 |
93,415,737,534 |
107,843,582,712 |
|
1. Receivable from customers |
73,412,573,880 |
83,250,282,744 |
86,786,040,624 |
|
2. Prepayments to suppliers |
1,009,400,809 |
7,469,201,794 |
17,462,720,052 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
29,514,373,191 |
2,696,252,996 |
3,594,822,036 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
128,172,888,474 |
117,896,035,239 |
88,573,233,024 |
|
1. Inventories |
128,172,888,474 |
117,896,035,239 |
88,573,233,024 |
|
2. Provisions for devaluation of inventories |
|
0 |
0 |
|
V. Other Current
Assets |
13,184,634,199 |
10,401,589,200 |
5,983,837,057 |
|
1. Short-term prepaid expenses |
1,595,203,229 |
1,155,414,251 |
270,082,935 |
|
2. VAT to be deducted |
1,456,475,410 |
1,107,660,337 |
495,941,822 |
|
3. Taxes and other accounts receivable from the State |
245,282,319 |
0 |
0 |
|
4. Other current assets |
9,887,673,241 |
8,138,514,612 |
5,217,812,300 |
|
B. LONG-TERM
ASSETS |
265,155,467,316 |
282,298,506,286 |
273,898,249,987 |
|
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
|
256,455,022,992 |
274,004,939,731 |
264,663,029,518 |
|
1. Tangible assets |
256,274,960,876 |
250,219,301,202 |
141,090,510,319 |
|
- Historical costs |
342,324,169,393 |
319,082,919,315 |
193,359,021,883 |
|
- Accumulated depreciation |
-86,049,208,517 |
-68,863,618,113 |
-52,268,511,564 |
|
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 |
180,062,116 |
23,785,638,529 |
123,572,519,199 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
6,481,153,380 |
6,481,153,380 |
6,481,153,380 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
6,481,153,380 |
6,481,153,380 |
6,481,153,380 |
|
3. Other long-term investments |
0 |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
2,219,290,944 |
1,812,413,175 |
2,754,067,089 |
|
1. Long-term prepaid expenses |
2,219,290,944 |
1,812,413,175 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
2,754,067,089 |
|
VI. Goodwill |
0 |
0 |
0 |
|
1. Goodwill |
0 |
0 |
0 |
|
TOTAL ASSETS |
524,646,406,725 |
512,705,950,632 |
494,693,635,920 |
|
|
|||
LIABILITIES
|
|||
|
A- LIABILITIES |
439,607,707,543 |
422,115,223,318 |
435,745,899,117 |
|
I. Current
liabilities |
231,400,092,423 |
228,893,893,624 |
233,340,944,133 |
|
1. Short-term debts and loans |
166,172,800,681 |
141,559,247,415 |
120,617,289,505 |
|
2. Payable to suppliers |
32,824,863,540 |
36,458,094,589 |
32,855,179,368 |
|
3. Advances from customers |
4,010,094,905 |
9,559,827,459 |
10,311,449,020 |
|
4. Taxes and other obligations to the State Budget |
7,689,512,059 |
5,523,458,851 |
1,646,892,406 |
|
5. Payable to employees |
1,208,272,741 |
3,389,714,358 |
4,024,110,113 |
|
6. Accrued expenses |
8,944,593,593 |
5,655,968,070 |
6,720,213,395 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
10,513,253,434 |
0 |
0 |
|
9. Other payable |
0 |
26,784,514,204 |
57,095,505,084 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
70,305,242 |
|
11. Bonus and welfare funds |
36,701,470 |
-36,931,322 |
|
|
II. Long-Term
Liabilities |
208,207,615,120 |
193,221,329,694 |
202,404,954,984 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
91,020,000,000 |
52,135,807,297 |
53,135,807,297 |
|
4. Long-term debts and loans |
117,187,615,120 |
141,081,760,120 |
149,181,798,260 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
3,762,277 |
87,349,427 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
0 |
0 |
|
|
9. Science and technology development fund |
0 |
0 |
|
|
B- OWNER’S
EQUITY |
85,038,699,182 |
90,590,727,314 |
58,947,736,803 |
|
I. OWNER’S
EQUITY |
85,038,699,182 |
90,590,727,314 |
58,947,736,803 |
|
1. Capital |
73,500,000,000 |
73,500,000,000 |
49,000,000,000 |
|
2. Share premiums |
4,900,000,000 |
4,900,000,000 |
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 |
77,376,022 |
-203,037,821 |
|
7. Business promotion fund |
3,508,782,984 |
3,091,443,244 |
3,091,443,244 |
|
8. Financial reserved fund |
842,049,152 |
675,113,256 |
540,846,330 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
2,287,867,046 |
8,346,794,792 |
6,518,485,050 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
|
|
II. Other
sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
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 |
524,646,406,725 |
512,705,950,632 |
494,693,635,920 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
509,670,377,291 |
422,466,829,989 |
385,894,883,579 |
|
2. Deduction item |
4,334,400 |
13,020,800 |
36,509,400 |
|
3. Net revenue |
509,666,042,891 |
422,453,809,189 |
385,858,374,179 |
|
4. Costs of goods sold |
419,824,413,768 |
334,233,288,498 |
300,043,456,539 |
|
5. Gross profit |
89,841,629,123 |
88,220,520,691 |
85,814,917,640 |
|
6. Financial income |
895,054,290 |
22,351,979,616 |
312,144,358 |
|
7. Financial expenses |
44,107,361,189 |
37,566,940,492 |
23,034,171,563 |
|
- In which: Loan interest expenses |
43,848,364,904 |
36,864,301,534 |
22,633,925,177 |
|
8. Selling expenses |
39,731,554,947 |
31,954,544,447 |
29,444,696,992 |
|
9. Administrative overheads |
27,971,710,041 |
27,315,862,631 |
25,183,721,863 |
|
10. Net operating profit |
-21,073,942,764 |
13,735,152,737 |
8,464,471,580 |
|
11. Other income |
31,247,979,061 |
60,473,272 |
287,917,359 |
|
12. Other expenses |
261,169,250 |
198,831,217 |
41,886,280 |
|
13. Other profit /(loss) |
30,986,809,811 |
-138,357,945 |
246,031,079 |
|
14. Total accounting profit before tax |
9,912,867,047 |
13,596,794,792 |
8,710,502,659 |
|
15. Current corporate income tax |
7,625,000,000 |
5,250,000,000 |
2,177,625,665 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
2,287,867,047 |
8,346,794,792 |
6,532,876,994 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.12 |
1.01 |
0.95 |
1.80 |
|
Quick liquidity ratio |
0.57 |
0.49 |
0.57 |
1.12 |
|
Inventory circle |
3.28 |
2.84 |
3.84 |
3.56 |
|
Average receive period |
74.43 |
80.71 |
102.01 |
117.46 |
|
Utilizing asset performance |
0.97 |
0.82 |
0.78 |
1.10 |
|
Liability by total assets |
83.79 |
82.33 |
88.08 |
50.87 |
|
Liability by owner's equity |
516.95 |
465.96 |
739.21 |
169.03 |
|
Ebit / Total assets (ROA) |
10.25 |
9.84 |
6.34 |
12.05 |
|
Ebit / Owner's equity (ROE) |
63.22 |
55.70 |
53.17 |
27.25 |
|
Ebit / Total revenue (NPM) |
10.55 |
11.94 |
8.12 |
12.32 |
|
Gross profit / Total revenue (GPM) |
17.63 |
20.88 |
22.24 |
29.69 |
|
Note: The Average Industry
was calculated by VietnamCredit based on our own statistical data |
||||
|
|
||||
|
CASH
FLOW STATEMENT |
|||
|
(Direct
method) |
|||
|
Items |
FY2012 |
FY2011 |
FY2010 |
|
I. Cash flows
from operating activities |
|||
|
1.Cash received from customers |
441,351,828,313 |
405,863,214,436 |
292,672,381,535 |
|
2. Cash paid to suppliers |
-311,706,487,623 |
-257,641,876,877 |
-201,194,192,562 |
|
3. Cash paid to employees |
-31,468,406,636 |
-31,019,274,747 |
-27,010,188,456 |
|
4. Interest paid |
-45,357,639,535 |
-30,826,845,276 |
-22,756,426,522 |
|
5. Income taxes paid |
-5,307,129,622 |
-1,367,583,806 |
-466,792,797 |
|
6. Other operating cash receipts |
120,887,738,863 |
36,258,363,533 |
22,705,553,516 |
|
7. Other operating payments |
-162,682,236,610 |
-154,560,835,514 |
-63,045,906,124 |
|
Net cash flows from operating activities |
5,717,667,150 |
-33,294,838,251 |
904,428,590 |
|
II. Cash flows
from investing activities |
|||
|
1. Purchases and construction of fixed assets and other long-term
assets |
0 |
-16,798,878,785 |
-12,263,737,258 |
|
2. Gains from disposals and liquidation of fixed assets and other
long-term assets |
0 |
0 |
0 |
|
3. Loans given and purchases of debt instruments of other entities |
0 |
-6,560,000,000 |
0 |
|
4. Recovery of loans given and disposals of debt instruments of other
entities |
0 |
6,560,000,000 |
0 |
|
5. Investments into other entities |
0 |
0 |
0 |
|
6. Withdrawals of investments in other entities |
0 |
0 |
0 |
|
7. Receipts of loan interests, dividends and profit shared |
3,189,597,583 |
1,351,979,616 |
0 |
|
Net cash flows from investing activities |
3,077,510,636 |
-15,446,899,169 |
-12,263,737,258 |
|
III. Cash flows
from financing activities |
|||
|
1. Gains from stock issuance and capital contributions from
shareholders |
0 |
29,400,000,000 |
0 |
|
2. Repayment for capital contributions and re-purchases of stocks
already issues |
0 |
0 |
0 |
|
3. Short-term and long-term loans received |
310,494,386,932 |
291,793,493,834 |
227,849,121,940 |
|
4. Loan principal amounts repaid |
-309,812,569,154 |
-278,951,574,064 |
-203,403,058,731 |
|
5. Payments for financial leasehold assets |
0 |
0 |
0 |
|
6. Dividends and profit already paid to the owners |
-3,976,960,000 |
-2,500,597,500 |
-5,426,050,000 |
|
Net cash flows from financing activities |
-3,295,142,222 |
39,741,322,270 |
19,020,013,209 |
|
Net cash flows during the year |
5,500,035,564 |
-9,000,415,150 |
7,660,704,541 |
|
Beginning cash and cash equivalents |
8,694,082,373 |
18,394,733,140 |
10,691,954,077 |
|
Effects of fluctuations in foreign exchange rates |
2,950,919 |
-700,235,617 |
42,074,522 |
|
Ending cash and cash equivalents |
14,197,068,856 |
8,694,082,373 |
18,394,733,140 |
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 |
|
DP, L/C, TT |
|
Sale Methods |
|
Distributor |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
The subject formerly was Central
pharmaceutical enterprise NoI, established in 1954 as a state-owned enterprise. Up to 2007, the subject was equitized to joint stock company according Decision No.
286/QD-BYT of Ministry of Health and its name was also changed to PHARBACO
CENTRAL PHARMACEUTICAL JOINT STOCK COMPANY NO1. After some times of
adjustments, the subject is now operating under the business registration No.
0100109032 (same as tax code), granted by Hanoi Department of Planning and
Investment with chartered capital of VND 73.5 billion and it has about 500
employees.
The
subject specializes in manufacturing pharmaceutical products. Its product is
multiform with more than 100 kinds including antibiotics, vitamins, cardiovascular,
anti-malaria, and anti-tuberculosis with various forms such as capsules,
tables, coated tables, suspension, and powder for injection, Its premises and
facilities are good. Beside head office in Hanoi, subject also some branches in
other cities and provinces in Vietnam. The subject's management capabilities
are fairly good. The BOD has a good reputation together with deep knowledge and
experience. Currently, the subject has received the certificate of good
manufacturing practices. The subject was also awarded many achievements such as
Labor Medal, certificates of merit,
Vietnamese leading 2008 top 100, Certificate commodity top ten Viet's
trademarks in WTO integration
Award.
Following
is a chart which shows relationship between total assets and liabilities from
2008 to 2012
According
to the chart above, total assets increased slightly year by year. The value of total
assets at the end of 2007 was VND 356,556 million; and in 2012, this number
increased to VND 439,607 million and 23.3% higher than 2007. We also see that,
the company’s assets were mainly financed by liabilities. Liability by total
assets was remained at 88% in the period from 2008 to 2010. In the last years,
its debt rate has downtrend; value 82.33% in 2011 and 83.79% in 2012; but these
numbers are still higher than the average industry index. Additionally, Its
liquidity ratios were low. This shows that its solvency and self financing are
not good. The subject is more dependent on external financial resources.
On
income statement, the subject has the high growth in total sales. In 2012, it
reached VND 509,670 million of total sales and increased 20.6% compared with
year 2011 and 5 times more than that in 2007. However, the subject did not
profit from the main business activities in 2012. The main reason came from the
increase of financial and operating expenses. Its profit was recorded from
other income.
In short, the subject is
a medium company in the industry. With a long time of operation and
development, its position and prestige are fair. In addition, it has much
support from its parent company. It is considered reliable for medium
transactions now.
INDUSTRY DATA
|
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 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.