|
Report Date : |
05.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRAPHACO JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
75 - Yen Ninh Str Quan Thanh Ward, Ba Dinh District, Ha Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Year of Incorporation : |
1972 |
|
|
|
|
Com. Reg. No.: |
0100108656 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Research, development, production and sale modern and traditional pharmaceutical products |
|
|
|
|
No. of Employees : |
735 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
|
TRAPHACO JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN TRAPHACO |
|
Short name |
|
TRAPHACO |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1972 |
|
Establishment Decision |
|
2566/1999QD-BGTVT |
|
Date of Issuance |
|
27 Sep 1999 |
|
Place of Issuance |
|
Ministry of Transportation of Vietnam |
|
Business Registration No. |
|
0100108656 |
|
Date of Registration |
|
30 Dec 2010 |
|
Place of Registration |
|
Hanoi Department of Planning and
Investment. |
|
Chartered capital |
|
VND 123,398,240,000 |
|
Status |
|
Listed |
|
Stock symbol |
|
TRA |
|
Stock Market |
|
HOSE |
|
Outstanding stock |
|
12,339,824 |
|
Paid-up capital |
|
VND 123,398,240,000 |
|
Tax code |
|
0100108656 |
|
Total Employees |
|
735 |
|
Size |
|
Large |
|
Note: The business registration was adjusted in
18th times on 07 September 2012. According to the Decision No.
26/2013/QD-DHDCD dated on 29 Mar 2013, the subject has planned to issue more
shares and increase its charter capital to VND 246,765,140,000 in the future.
|
||
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Board Of Director:
Ms. VU THI THUAN (General director) Changed to: Mr. TRAN TUC MA |
01
Apr 2011 |
|
2 |
Subject has got former Business Registration
No: 058437 Changed to: 0100108656 |
30
Dec 2010 |
|
3 |
Subject has got former Chartered capital:
VND 101,981,500,000 Changed to: VND 123,398,240,000 |
30
Dec 2010 |
|
4 |
Subject has got former Chartered capital: 80,000,000,000
VND Changed to: 101,981,500,000 VND |
15
Dec 2009 |
|
5 |
Subject has got former Type of Business:
State Owned Enterprise Changed to: Joint - Stock Company |
27
Sep 1999 |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
75 – Yen Ninh Str Quan Thanh Ward, Ba Dinh
District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3845 4813, 3734 1797, 3843 0076 |
|
Fax |
|
(84-4) 3734 1798, 3843 0009 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Factory Address |
||
|
Address |
|
, Van Lam District, Hung Yen Province,
Vietnam |
|
|
||
|
Factory Address |
||
|
Address |
|
15 Lane - Ngoc Hoi Str Hoang Liet Ward,
Hoang Mai District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 36811855 |
|
Fax |
|
(84-4) 36815097 |
|
Note: At present, the head office has been re-built,
so representative office is moved to temporary address. |
||
|
|
||
|
Branch in Nam
Dinh |
||
|
Address |
|
Truong Han Sieu Street, Hoa Vuong Urban
Zone, Nam Dinh City, Nam Dinh Province, Vietnam |
|
Telephone |
|
(84-350) 3845628 |
|
Fax |
|
(84-350) 3845628 |
|
|
||
|
Branch in Nghe
An |
||
|
Address |
|
Vinh Tan New Urban Area Vinh Tan Ward,
Vinh City, Nghe An Province, Vietnam |
|
Telephone |
|
(84-38) 833713 |
|
|
||
|
Branch in Thanh
Hoa |
||
|
Address |
|
K1+K2 Lot, 4 Group, Le Loi North Avenue
New Urban Area Dong Huong Commune, Thanh Hoa City, Thanh Hoa Province,
Vietnam |
|
Telephone |
|
(84-9) 74 228 899 |
|
|
||
|
Branch in Vinh
Long |
||
|
Address |
|
No 52/12B Pho Co Dieu, 5 Alley, Vinh Long City,
Vinh Long Province, Vietnam |
|
Telephone |
|
(84-9) 09343408 |
|
|
||
|
Branch in Da
Nang |
||
|
Address |
|
255 Ton Duc Thang Str Hoa Minh ward, Lien
Chieu District, Da Nang City, Vietnam |
|
Telephone |
|
(84-511) 3767 750/ 3767 752 |
|
Fax |
|
(84-511) 3767 751 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
Street 3/2 Ward No.14, 10 District, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 3866 1771 |
|
Fax |
|
(84-8) 3863 9322 |
|
Email |
|
|
|
Manager |
|
Mr. NONG HUU DUC |
|
|
||
SUBSIDIARIES AND RELATED
COMPANIES
|
||
|
|
||
|
1. TRAPHACO HIGH
TECHNOLOGY JOINT STOCK COMPANY |
||
|
Address |
|
Binh Duong Ward, Tan Quang Commune , Van Lam District, Hung Yen
Province, Vietnam |
|
Tel |
|
(84- 321) 3991 791 |
|
Fax |
|
(84- 321) 3991 790 |
|
|
||
|
2. TRAPHACO SAPA
COMPANY LIMITED |
||
|
Address |
|
Sa Pa town, Sa Pa District, Lao Cai Province, Vietnam |
|
Tel |
|
(84-20) 3871 813 |
|
Fax |
|
(84-20) 3871 813 |
|
|
||
|
3. DAKLAK
PHARMACEUTICAL MEDICAL EQUIPMENT JOINT - STOCK COMPANY |
||
|
Business Registration |
|
4008000036 |
|
Chartered capital |
|
VND 12,943,920,000 |
|
Tax code |
|
6000449389 |
|
Address |
|
No. 9A Hung Vuong, Buon Ma Thuot City, Dak Lak Province, Vietnam |
|
Tel |
|
84-500-3852462 |
|
Fax |
|
84-500-3858805 |
|
Website |
|
|
|
|
||
|
4. QUANG TRI
PHARMACEUTICAL MATERIAL JOINT STOCK COMPANY |
||
|
Business Registration |
|
3200042637 |
|
Tax code |
|
3200042637 |
|
Address |
|
No. 185 Le Duan Street, Dong Ha City, Quang Tri Province, Vietnam |
|
Tel |
|
(84-53) 3555 998 |
|
Fax |
|
(84-53) 3850 779 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Ms.
VU THI THUAN |
|
Position |
|
Chairwoman |
|
Date of Birth |
|
25 Jan 1956 |
|
ID Number/Passport |
|
010104497 |
|
ID Issue Date |
|
09 Sep 2004 |
|
ID Issue Place |
|
Police of Hanoi city |
|
Resident |
|
Room 302/4 Phap Van Urban
Group - Hoang Liet, Hoang Mai District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Pharmacist |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN HUY VAN |
|
Position |
|
Deputy General Director |
|
Date of Birth |
|
10 Mar 1967 |
|
ID Number/Passport |
|
012800517 |
|
ID Issue Date |
|
03 Jun 2005 |
|
ID Issue Place |
|
Police Station of
Hanoi City |
|
Resident |
|
Room 204/4 - Phap Van
Urban Hoang Liet Ward, Hoang Mai District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
TRAN TUC MA |
|
Position |
|
General Director |
|
Date of Birth |
|
17 Jun 1965 |
|
ID Number/Passport |
|
011344072 |
|
ID Issue Date |
|
12 Jul 1999 |
|
ID Issue Place |
|
Police Station of
Hanoi City |
|
Resident |
|
Traphaco Jsc
Collective Quarter Thai Thinh - Lang Ha, Dong Da District, Ha Noi City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Ms.
HOANG THI RUOC |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
• Research, development, production and sale
modern and traditional pharmaceutical products. |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Medical equipments, pharmaceutical materials |
|
·
Market |
|
France, Germany India, China, Singapore, Thailand and Korea. |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Finished products |
|
·
Market |
|
Russia, Ukraine, Belgium, Switzerland and Africa. The subject has just
sent product introduction profile to Southeast Asian countries, such as
Cambodia, Myanmar. |
|
|
||
BANKERS
|
||
|
|
||
|
1.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM TRANSACTION NO.2 |
||
|
Address |
|
No.11 Ben Chuong Duong ,Nguyen Thai Binh ward, 1 District, Ho Chi Minh
City, Vietnam |
|
Telephone |
|
(08) 3.8214929 |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE BA DINH BRANCH |
||
|
Address |
|
No.34 Cua Nam, Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 38452826 |
|
Foreign Currency Account |
|
10201 000 000 0412 |
|
VND Account |
|
10201 000 000 4158 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
|
1.
NAME |
|
STATE
CAPITAL INVESTMENT CORPORATION |
|
Business Registration |
|
0101992921 |
|
Date of Registration |
|
09 Jul 2010 |
|
Place of Registration |
|
Ha Noi Planning and Investment Department |
|
Representative |
|
Mr. TRAN TUC MA |
|
Registered Capital |
|
VND 19,000,000,000,000 |
|
Tax code |
|
0101992921 |
|
Address |
|
No.117 Tran Duy Hung Str., Trung Hoa Ward, Cau
Giay District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 62780126 |
|
Fax |
|
(84-4) 62780136 |
|
Number of shares |
|
6,601,122 |
|
Value of shares |
|
VND 66,011,220,000 |
|
Percentage |
|
26.75% |
|
|
||
|
2.
NAME |
|
Ms.
VU THI THUAN |
|
Position |
|
Chairwoman |
|
Date of Birth |
|
25 Jan 1956 |
|
ID Number/Passport |
|
010104497 |
|
Issued on |
|
09 Sep 2004 |
|
Issued Place |
|
Police of Hanoi city |
|
Resident |
|
Room 302/4 Phap Van Urban Group - Hoang Liet,
Hoang Mai District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
239,413 |
|
Value of shares |
|
VND 2,394,130,000 |
|
Percentage |
|
0.97% |
|
|
||
|
3.
NAME |
|
Mr.
TRAN TUC MA |
|
Position |
|
General Director |
|
Date of Birth |
|
17 Jun 1965 |
|
ID Number/Passport |
|
011344072 |
|
Issued on |
|
12 Jul 1999 |
|
Issued Place |
|
Police Station of Hanoi City |
|
Resident |
|
Traphaco Jsc Collective Quarter Thai Thinh
- Lang Ha, Dong Da District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
471,600 |
|
Value of shares |
|
VND 4,716,000,000 |
|
Percentage |
|
1.91% |
|
|
||
|
4.
NAME |
|
Ms.
HOANG THI RUOC |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
78,630 |
|
Value of shares |
|
VND 786,300,000 |
|
Percentage |
|
0.32% |
|
|
||
|
5.
NAME |
|
VIETNAM
AZALEA FUND LIMITED |
|
Number of shares |
|
4,625,619 |
|
Value of shares |
|
VND 46,256,190,000 |
|
Percentage |
|
18.75% |
|
|
||
|
6.
NAME |
|
VIETNAM
HOLDING LIMITED |
|
Number of shares |
|
1,497,141 |
|
Value of shares |
|
VND 14,971,410,000 |
|
Percentage |
|
6.07% |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: One VND
|
|||
|
Balance sheet
date |
31/03/2013 |
31/12/2012 |
31/12/2011 |
|
Number of weeks |
13 |
52 |
52 |
|
Audit status |
Unaudited |
Unaudited |
Audited |
ASSETS
|
|||
|
A – CURRENT
ASSETS |
766,355,749,376 |
718,650,186,620 |
622,670,204,677 |
|
I. Cash and cash
equivalents |
52,717,005,031 |
104,329,053,160 |
43,240,547,864 |
|
1. Cash |
51,517,005,031 |
7,901,929,768 |
38,208,686,227 |
|
2. Cash equivalents |
1,200,000,000 |
96,427,123,392 |
5,031,861,637 |
|
II. Short-term
investments |
1,014,297,961 |
1,124,297,961 |
715,000,000 |
|
1. Short-term investments |
1,014,297,961 |
1,124,297,961 |
715,000,000 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
426,526,683,856 |
307,266,393,911 |
238,826,589,878 |
|
1. Receivable from customers |
387,647,072,848 |
276,849,345,009 |
221,556,524,505 |
|
2. Prepayments to suppliers |
36,738,238,324 |
27,513,256,581 |
17,428,106,629 |
|
3. Inter-company receivable |
0 |
|
|
|
4. Receivable according to the progress of construction |
7,100,162,875 |
|
|
|
5. Other receivable |
0 |
7,862,582,512 |
3,004,492,980 |
|
6. Provisions for bad debts |
-4,958,790,191 |
-4,958,790,191 |
-3,162,534,236 |
|
IV. Inventories |
257,374,010,500 |
284,667,538,418 |
328,156,185,911 |
|
1. Inventories |
260,156,411,942 |
287,853,684,670 |
329,704,787,226 |
|
2. Provisions for devaluation of inventories |
-2,782,401,442 |
-3,186,146,252 |
-1,548,601,315 |
|
V. Other Current
Assets |
28,723,752,028 |
21,262,903,170 |
11,731,881,024 |
|
1. Short-term prepaid expenses |
1,501,326,421 |
1,463,713,129 |
2,064,098,206 |
|
2. VAT to be deducted |
4,994,387,330 |
5,858,901,617 |
4,929,101,628 |
|
3. Taxes and other accounts receivable from the State |
0 |
94,231,419 |
1,008,625,999 |
|
4. Other current assets |
22,228,038,277 |
13,846,057,005 |
3,730,055,191 |
|
B. LONG-TERM
ASSETS |
250,041,950,160 |
250,489,904,565 |
215,773,293,057 |
|
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
|
218,823,070,906 |
218,898,106,415 |
185,172,592,151 |
|
1. Tangible assets |
167,645,695,266 |
169,207,165,971 |
153,845,723,892 |
|
- Historical costs |
309,196,521,609 |
306,073,877,297 |
265,634,680,556 |
|
- Accumulated depreciation |
-141,550,826,343 |
-136,866,711,326 |
-111,788,956,664 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
28,475,277,809 |
28,455,447,568 |
29,677,177,087 |
|
- Initial costs |
29,536,842,833 |
29,460,279,033 |
30,342,789,962 |
|
- Accumulated amortization |
-1,061,565,024 |
-1,004,831,465 |
-665,612,875 |
|
4. Construction-in-progress |
22,702,097,831 |
21,235,492,876 |
1,649,691,172 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
2,336,241,658 |
1,820,656,487 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
2,336,241,658 |
1,820,656,487 |
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 |
1,451,597,711 |
1,508,601,912 |
1,856,392,025 |
|
1. Long-term prepaid expenses |
573,321,848 |
628,986,214 |
431,643,678 |
|
2. Deferred income tax assets |
734,365,027 |
725,704,862 |
1,399,730,977 |
|
3. Other long-term assets |
143,910,836 |
153,910,836 |
25,017,370 |
|
VI. Goodwill |
27,431,039,885 |
28,262,539,751 |
28,744,308,881 |
|
1. Goodwill |
27,431,039,885 |
28,262,539,751 |
28,744,308,881 |
|
TOTAL ASSETS |
1,016,397,699,536
|
969,140,091,185 |
838,443,497,734 |
|
|
|||
LIABILITIES
|
|||
|
A- LIABILITIES |
478,053,192,543 |
456,364,358,777 |
403,405,929,980 |
|
I. Current
liabilities |
477,531,192,543 |
455,124,358,777 |
370,825,993,240 |
|
1. Short-term debts and loans |
225,666,183,656 |
229,456,284,203 |
154,378,941,564 |
|
2. Payable to suppliers |
180,680,469,258 |
150,911,777,032 |
144,150,930,973 |
|
3. Advances from customers |
4,340,540,434 |
5,054,146,148 |
7,519,014,706 |
|
4. Taxes and other obligations to the State Budget |
16,994,205,374 |
29,842,289,671 |
26,977,537,882 |
|
5. Payable to employees |
8,265,945,703 |
19,843,155,367 |
19,284,165,016 |
|
6. Accrued expenses |
28,276,865,624 |
6,144,938,849 |
2,834,910,571 |
|
7. Inter-company payable |
11,530,490,479 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
0 |
9,702,616,861 |
12,754,721,836 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
1,776,492,015 |
4,169,150,646 |
2,925,770,692 |
|
II. Long-Term
Liabilities |
522,000,000 |
1,240,000,000 |
32,579,936,740 |
|
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 |
500,000,000 |
0 |
|
4. Long-term debts and loans |
522,000,000 |
740,000,000 |
28,589,816,000 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
3,990,120,740 |
|
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 |
473,082,686,986 |
451,713,290,802 |
400,085,339,558 |
|
I. OWNER’S EQUITY
|
472,545,166,186 |
450,576,073,002 |
399,280,111,678 |
|
1. Capital |
123,398,240,000 |
123,398,240,000 |
123,398,240,000 |
|
2. Share premiums |
92,063,700,000 |
92,063,700,000 |
92,063,700,000 |
|
3. Other sources of capital |
-3,593,000 |
0 |
0 |
|
4. Treasury stocks |
0 |
-3,593,000 |
-3,593,000 |
|
5. Differences on asset revaluation |
0 |
0 |
0 |
|
6. Foreign exchange differences |
179,264 |
179,264 |
347,388,175 |
|
7. Business promotion fund |
215,556,141,745 |
134,786,888,791 |
80,798,904,048 |
|
8. Financial reserved fund |
15,284,522,205 |
14,609,795,594 |
14,538,443,422 |
|
9. Other funds |
26,245,975,972 |
0 |
0 |
|
10. Retained earnings |
0 |
85,720,862,353 |
88,137,029,033 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
537,520,800 |
1,137,217,800 |
805,227,880 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
0 |
|
2. Sources of expenditure |
405,220,800 |
986,017,800 |
805,227,880 |
|
3. Fund to form fixed assets |
132,300,000 |
151,200,000 |
0 |
|
MINORITY’S
INTEREST |
65,261,820,007 |
61,062,441,606 |
34,952,228,196 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
1,016,397,699,536
|
969,140,091,185 |
838,443,497,734 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
01/01/2013 - 31/03/2013 |
FY2012 |
FY2011 |
|
1. Total Sales |
436,685,697,496 |
1,408,972,181,959
|
1,073,255,309,337
|
|
2. Deduction item |
741,241,270 |
8,268,658,797 |
10,462,190,603 |
|
3. Net revenue |
435,944,456,226 |
1,400,703,523,162
|
1,062,793,118,734
|
|
4. Costs of goods sold |
265,421,472,149 |
821,845,959,183 |
663,666,372,174 |
|
5. Gross profit |
170,522,984,077 |
578,857,563,979 |
399,126,746,560 |
|
6. Financial income |
619,604,198 |
1,825,030,423 |
7,925,686,407 |
|
7. Financial expenses |
6,789,362,970 |
35,099,496,227 |
27,335,435,730 |
|
- In which: Loan interest expenses |
6,780,204,348 |
34,656,759,846 |
21,742,975,139 |
|
8. Selling expenses |
86,676,660,330 |
265,989,941,828 |
181,969,513,161 |
|
9. Administrative overheads |
27,572,680,382 |
110,602,809,513 |
72,564,866,267 |
|
10. Net operating profit |
50,103,884,593 |
168,990,346,834 |
125,182,617,809 |
|
11. Other income |
563,049,398 |
5,208,568,815 |
878,547,928 |
|
12. Other expenses |
229,402,327 |
331,139,273 |
1,821,026,912 |
|
13. Other profit /(loss) |
333,647,071 |
4,877,429,542 |
-942,478,984 |
|
14. Total accounting profit before tax |
50,437,531,664 |
173,867,776,376 |
124,240,138,825 |
|
15. Current corporate income tax |
11,515,773,737 |
45,039,712,791 |
34,856,620,994 |
|
16. Deferred corporate income tax |
-8,660,164 |
674,026,115 |
-1,315,132,469 |
|
17. Interest from subsidiaries/related companies |
0 |
-3,287,198 |
0 |
|
18. Profit after tax |
38,930,418,091 |
128,150,750,272 |
90,698,650,300 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
01/01/2013 -
31/03/2013 |
FY2012 |
FY2011 |
Average Industry |
|
Current liquidity ratio |
1.60 |
1.58 |
1.68 |
1.80 |
|
Quick liquidity ratio |
1.07 |
0.95 |
0.79 |
1.12 |
|
Inventory circle |
1.03 |
2.68 |
2.02 |
3.56 |
|
Average receive period |
357.11 |
80.07 |
82.02 |
117.46 |
|
Utilizing asset performance |
0.43 |
1.45 |
1.27 |
1.10 |
|
Liability by total assets |
47.03 |
47.09 |
48.11 |
50.87 |
|
Liability by owner's equity |
101.05 |
101.03 |
100.83 |
169.03 |
|
Ebit / Total assets (ROA) |
5.63 |
21.52 |
17.41 |
12.05 |
|
Ebit / Owner's equity (ROE) |
12.09 |
46.16 |
36.49 |
27.25 |
|
Ebit / Total revenue (NPM) |
13.10 |
14.80 |
13.60 |
12.32 |
|
Gross profit / Total revenue (GPM) |
39.05 |
41.08 |
37.19 |
29.69 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
|
CASH
FLOW STATEMENT |
|
|
(Indirect method) |
|
|
Items |
01/01/2013 - 31/03/2013 |
|
I. Cash flows
from operating activities |
|
|
1. Profit before tax |
50,437,531,664 |
|
2. Adjustments |
|
|
- Depreciation and amortization |
5,324,197,281 |
|
- Provisions |
403,744,810 |
|
- Unrealized foreign exchange difference |
0 |
|
- Gain/loss from investing activities |
3,242,241,808 |
|
- Interest expense |
6,780,204,348 |
|
3. Operating profit before movements in working
capital |
66,187,919,911 |
|
- (Increase)/Decrease in receivables |
-126,599,347,636 |
|
- (Increase)/Decrease in inventories |
26,889,783,108 |
|
- Increase/(Decrease) in accounts payable |
26,673,420,864 |
|
- (Increase)/Decrease in prepaid expenses |
-37,613,292 |
|
- Interest paid |
-6,967,664,530 |
|
- Corporate income tax paid |
-26,515,421,119 |
|
- Other cash inflows |
0 |
|
- Other cash outflows |
-717,999,999 |
|
Net cash from (used in) operating activities |
-41,086,922,693 |
|
1. Acquisition of fixed assets and other long - term assets |
-7,044,228,330 |
|
2. Proceeds from fixed assets and long - term assets disposal |
148,000,000 |
|
3. Cash outflow for lending, buying debt instruments of other
companies |
110,000,000 |
|
4. Cash recovered from lending, selling debt instruments of other
companies |
241,941,221 |
|
5. Investment in other entities |
56,733,559 |
|
6. Cash recovered from investments in other entities |
0 |
|
7. Interest income, dividend and profit paid |
187,097,663 |
|
Net cash from (used in) investing activities |
-6,300,455,887 |
|
III. Cash flows
from financing activities |
|
|
1. Proceeds from issuing stocks, receiving capital from owners |
69,205,900,291 |
|
2. Capital withdrawal, buying back issued stocks |
-73,214,000,838 |
|
3. Proceeds from borrowings |
0 |
|
4. Repayment of borrowings |
0 |
|
5. Repayment of obligations under finance leased |
0 |
|
6. Dividends paid |
-216,569,000 |
|
Net cash from (used in) financing activities |
-4,224,669,547 |
|
Net increase/(decrease) in cash and cash equivalents |
-51,612,048,127 |
|
Cash and cash equivalents at beginning of year |
104,329,053,160 |
|
Effect from changing foreign exchange rate |
0 |
|
Cash and cash equivalents at end of year |
52,717,005,033 |
|
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
|||
|
|
|||
|
Trade Morality |
|
Good |
|
|
Liquidity |
|
Medium |
|
|
Payment status |
|
Above Average |
|
|
Financial Situation |
|
Strong |
|
|
Development trend |
|
Positive |
|
|
Litigation data |
|
No Record |
|
|
Bankruptcy |
|
No Record |
|
|
Payment Methods |
|
Mostly are T/T, L/C |
|
|
Sale Methods |
|
Retailer and Wholesaler |
|
|
Public opinion |
|
Excellent |
|
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
TRAPHACO
now is a famous brand in Vietnam and is one of the leading companies in the
field of pharmaceutical. Originating as a small medicinal manufacturing Unit
of the Ministry of Transportation, in 1999, it started equitizing into joint
stock model. Its share was listed on HOSE (Hochiminh stock exchange), on 20
Dec 2008, with stock symbol TRA. The name of subject had some change over
periods. In Jul, 2001, the subject renamed to “TRAPHACO JOINT STOCK COMPANY”
as current. Head office of subject is located at 75 Yen Ninh
Street - Ba Dinh District - Hanoi City. The subject has 6 branches and many
distribution agencies in whole country. Besides, the subject has overseas
distribution unites in Cambodia, Laos, Ukraine. Traphaco has two factories to produce GMP-WHO
medicines (each factory cover above 10,000 square meters). The subject is the
first enterprise in the north having the largest modern medicine
manufacturing factory of GMP standards, a quality control system of Good
Laboratory Practice (GLP) standards, GMO-WHO quality standard, and a storage
system of Good Storage Practice (GSP) standards. Traphaco has become “a
Traphaco phenomenon”, accounting for 70% of Vietnam’s oriental medicine
market. The subject produces and sells more than 231
products focusing on: central nervous system, digestive, cardiovascular,
analgesics, respiratory and ontological system, eye care... The subject also
focuses on research to produce new products and to seek new market. Its management capacity is fairly good. Mrs. Vu
Thi Thuan – Chairman is one of excellent businesswoman. Personally, she is
received some awards: Co-Va levxcaia International Prize (2005) for
collective of female scientists, named of Excellent Business Director,
Vietnam Entrepreneurs (2008), Culture Entrepreneurs, 3rd Class Labor Medal,
Meritorious physician, Heart Honors because of health of the Vietnamese. Based on the financial data of subject company, we
see that its financial situation is strong. Total assets, total sales and
profit were increased year after year. The below chart shows that, total
sales of subject in 2006 reached VND 234 billion and this number in 2012 up
to VND 969 billion, equivalent 314% in six years. The growth of liability in
two recent years 2011 and 2012 was fairly high. The liabilities of subject in
the year 2012 reached VND 456 billion while the owner’s equity was VND 451.7
billion. It shows that the liquidity ratios of 2011 and 2012 were lower than
previous years and the financial leverage ratios had uptrend but the
subject’s capital structure was still safely for creditors. Besides the growth of total assets, the growth of
total sales in recent years were fairly good. If in the year 2006, total
sales of subject reached VND 362.5 billion and the profit after tax was VND
18 billion, these numbers in 2012 were VND 1,409 billion and VND 128 billion
in respectively. The operation and profitability ratios of subject were
usually at high level compared with the industry average. In general, the subject is a public company in the industry. With its financial
situation, no caution is needed for normal business transactions. |
------------ APPENDIX 2 ----------
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 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
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.