MIRA
INFORM REPORT
|
Report Date : |
08.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEDIPLANTEX NATIONAL PHARMACEUTICAL JOINT
STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 358, Giai Phong Street, Phuong Liet Ward, Thanh Xuan District, Ha
Noi City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1958 |
|
|
|
|
Com. Reg. No.: |
0100108430 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacturing and trading in pharmaceutical products, cosmetics,
nutritional foods |
|
|
|
|
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 |
|
MEDIPLANTEX NATIONAL PHARMACEUTICAL JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN DUOC TRUNG UONG MEDIPLANTEX |
|
Short name |
|
MEDIPLANTEX., JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1958 |
|
Establishment Decision |
|
4410/QD-BYT |
|
Date of Issuance |
|
07 Dec 2004 |
|
Place of Issuance |
|
Ministry of Health |
|
Business Registration No. |
|
0100108430 |
|
Date of Registration |
|
24 Aug 2010 |
|
Place of Registration |
|
Hanoi Department of Planning and Investment |
|
Chartered capital |
|
VND 62,800,950,000 |
|
Status |
|
Public Company |
|
Stock symbol |
|
MED |
|
Stock Market |
|
OTC |
|
Tax code |
|
0100108430 |
|
Total Employees |
|
500 |
|
Size |
|
Large |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Chartered capital: VND 50,136,000,000 Changed
to VND 50,241,000,000 Changed to: VND 62,800,950,000 |
2013 |
|
2 |
Subject has got former General Director: Mrs. DOAN THI HONG THUY
Changed to: Mr. PHUNG MINH DUNG |
28 May 2012 |
|
3 |
Subject has got former Business Registration No: 0103007436 Changed to: 0100108430 |
24 Aug 2010 |
|
4 |
Subject has got former Business Registration No: 108216, Issuance on
May 22nd 1993 Changed to: 0103007436 |
12 Apr 2005 |
|
5 |
Subject has got former Registered Vietnamese Name: CONG TY DUOC LIEU
TRUNG UONG 1 Changed to: CONG TY CO PHAN DUOC TRUNG UONG MEDIPLANTEX |
12 Apr 2005 |
|
6 |
Subject has got former Registered English Name: NATIONAL MEDICINAL
PLANT COMPANY NO.I Changed to: MEDIPLANTEX NATIONAL PHARMACEUTICAL JOINT-STOCK COMPANY |
12 Apr 2005 |
|
7 |
Subject has got former Type of Business: State owned company Changed
to: Joint stock company (pursuant to decision No 4410/QD-BYT) |
07 Dec 2004 |
|
8 |
Subject has got former Registered Vietnamese Name: CONG TY THUOC NAM –
THUOC BAC Changed to: CONG TY CONG TY DUOC LIEU CAP I Changed to: CONG TY DUOC
LIEU TRUNG UONG 1 |
1984 |
ADDRESSES
|
Head Office |
||
|
Address |
|
No. 358, Giai Phong Street, Phuong Liet Ward, Thanh Xuan District, Ha
Noi City, Vietnam |
|
Telephone |
|
(84-4) 3864 3368 /3367 / 3363 /3360 /3664 3841 |
|
Fax |
|
(84-4) 3864 1584 /3668 6554 |
|
Email |
|
|
|
Website |
|
|
|
Note: This is also the factory No.1 location. Subject
also has another factory (Factory No.2 that afford GMP - WHO, GLP, GSP
standards in Me Linh District. |
||
|
|
||
|
Factory No. 2
Address |
||
|
Address |
|
Trung Hau Hamlet, Tien Phong Commune, Me Linh District, Ha Noi City,
Vietnam |
|
Note: Tax code No.0100108430-007 |
||
|
|
||
|
Branch in Ho Chi Minh |
||
|
Address |
|
No.270, Ly Thuong Kiet St., Ward 14, 10 District, Ho Chi Minh City,
Vietnam |
|
Manager |
|
Mr. VU ANH TUAN |
|
Note: Tax code
No.0100108430-001 |
||
|
|
||
|
Branch in Bac Giang
|
||
|
Address |
|
No.25, Dang Thi Nho St., Ngo Quyen Ward, Bac Giang City, Bac Giang
Province, Vietnam |
|
Telephone |
|
(84-240) 3856 777 |
|
Fax |
|
(84-240) 3554 565 |
|
Note: Tax code
No.0100108430-005 |
||
DIRECTORS
|
1. NAME |
|
Mr. TRAN BINH DUYEN |
|
Position |
|
Chairman |
|
Date of Birth |
|
02 Mar 1947 |
|
ID Number/Passport |
|
011800636 |
|
ID Issue Date |
|
23 Jul 1993 |
|
ID Issue Place |
|
Police of Hanoi city |
|
Resident |
|
No.10 - 183 Alley Dang Tien Dong - Trung Liet
Ward, Dong Da District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-4) 38643363 |
|
Note: The
correct name is “TRAN BINH DUYEN”, not “TRAN BINH NGUYEN” |
||
|
2. NAME |
|
Mr. PHUNG MINH DUNG |
|
Position |
|
General Director |
|
Date of Birth |
|
17 Oct 1973 |
|
ID Number/Passport |
|
011927545 |
|
ID Issue Date |
|
10 Oct 2007 |
|
ID Issue Place |
|
Hanoi Police Station |
|
Resident |
|
No.98, Group 12, Lane 99, Dinh Cong St., Dinh
Cong Ward, Hoang Mai District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3. NAME |
|
Ms. NGUYEN THI TOAN |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-4) 38643363 |
|
|
||
|
4. NAME |
|
Mr. HA XUAN SON |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-4) 38643363 |
BUSINESS NATURE AND ACTIVITIES
- Manufacturing and trading in
pharmaceutical products, cosmetics, nutritional foods
- Trading in materials for pharmaceutical production
- Import and export service
- Trading medical equipments
IMPORT & EXPORT ACTIVITIES
|
IMPORT: |
||
|
Types of products |
|
Materials |
|
Market |
|
China, France, India, Korea |
|
Mode of payment |
|
D/P, L/C |
|
|
||
|
EXPORT: |
||
|
Types of products |
|
Pharmaceuticals |
|
Market |
|
Myanmar, Cambodia, Korea |
|
Mode of payment |
|
L/C; T/T |
BANKERS
|
1. JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
TRANSACTION CENTER |
||
|
Address |
|
No 31 -33 Ngo Quyen, Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 39368547 |
|
Fax |
|
(84-4) 38241395 / 39365534 |
|
|
||
|
2. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM TRANSACTION
CENTER-BIDV |
||
|
Address |
|
Vincom,No.191 Ba Trieu, Hai Ba Trung District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 2.2234234 |
|
|
||
|
3. VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT LANG HA BRANCH |
||
|
Address |
|
No.24 Lang Ha Street, Dong Da District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 37763773 |
|
Fax |
|
(84-4) 38312250 |
|
VND Account |
|
1400.311.0102.79 |
SHAREHOLDERS
|
1. NAME |
|
VIETNAM PHARMACEUTICAL CORPORATION |
|
Business Registration |
|
0106001031 |
|
Date of Registration |
|
16 Dec 2008 |
|
Place of Registration |
|
Ha Noi City Department of Planning and Investment |
|
Representative |
|
HA XUAN SON |
|
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 |
|
Email |
|
vinapharm@hn.vnn.vn |
|
Website |
|
http://www.vinapharm.net.vn |
|
Number of shares |
|
713,750 |
|
Value of shares |
|
VND 7,137,500,000 |
|
Percentage |
|
11.37% |
|
|
||
|
2. NAME |
|
580 OTHER SHAREHOLDERS |
|
Number of shares |
|
5,566,345 |
|
Value of shares |
|
VND 55,663,450,000 |
|
Percentage |
|
88.63% |
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 |
|
Audit status |
Audited |
Audited |
Unknown |
|
ASSETS |
|||
|
A – CURRENT ASSETS |
256,334,540,297 |
248,510,103,443 |
195,510,031,165 |
|
I. Cash and cash equivalents |
12,361,424,511 |
5,821,346,648 |
6,648,109,322 |
|
1. Cash |
12,361,424,511 |
5,821,346,648 |
6,648,109,322 |
|
2. Cash equivalents |
|
0 |
0 |
|
II. Short-term investments |
|
0 |
0 |
|
1. Short-term investments |
|
0 |
0 |
|
2. Provisions for devaluation of short-term investments |
|
0 |
0 |
|
III. Accounts receivable |
138,787,325,966 |
160,077,644,309 |
117,382,297,896 |
|
1. Receivable from customers |
135,135,922,008 |
156,492,390,954 |
112,086,828,032 |
|
2. Prepayments to suppliers |
3,872,255,318 |
3,147,812,858 |
4,338,082,437 |
|
3. Inter-company receivable |
|
0 |
0 |
|
4. Receivable according to the progress of construction |
|
0 |
0 |
|
5. Other receivable |
279,148,640 |
937,440,497 |
957,387,427 |
|
6. Provisions for bad debts |
-500,000,000 |
-500,000,000 |
0 |
|
IV. Inventories |
91,899,115,248 |
79,463,185,220 |
69,028,655,278 |
|
1. Inventories |
92,635,850,751 |
80,029,593,368 |
69,366,372,110 |
|
2. Provisions for devaluation of inventories |
-736,735,503 |
-566,408,148 |
-337,716,832 |
|
V. Other Current Assets |
13,286,674,572 |
3,147,927,266 |
2,450,968,669 |
|
1. Short-term prepaid expenses |
60,187,288 |
51,882,816 |
0 |
|
2. VAT to be deducted |
1,148,443,682 |
1,130,290,397 |
860,045,601 |
|
3. Taxes and other accounts receivable from the State |
|
2,412,592 |
0 |
|
4. Other current assets |
12,078,043,602 |
1,963,341,461 |
1,590,923,068 |
|
B. LONG-TERM ASSETS |
80,417,956,357 |
88,894,825,560 |
94,281,063,015 |
|
I. Long term accounts receivable |
|
0 |
0 |
|
1. Long term account receivable from customers |
|
0 |
0 |
|
2. Working capital in affiliates |
|
0 |
0 |
|
3. Long-term inter-company receivable |
|
0 |
0 |
|
4. Other long-term receivable |
|
0 |
0 |
|
5. Provisions for bad debts from customers |
|
0 |
0 |
|
II. Fixed assets |
69,080,070,334 |
74,915,262,357 |
78,836,540,877 |
|
1. Tangible assets |
68,243,207,588 |
71,347,711,018 |
62,752,837,108 |
|
- Historical costs |
118,552,696,752 |
114,562,937,241 |
98,641,493,475 |
|
- Accumulated depreciation |
-50,309,489,164 |
-43,215,226,223 |
-35,888,656,367 |
|
2. Financial leasehold assets |
|
0 |
0 |
|
- Historical costs |
|
0 |
0 |
|
- Accumulated depreciation |
|
0 |
0 |
|
3. Intangible assets |
836,862,746 |
929,136,510 |
782,322,774 |
|
- Initial costs |
1,116,125,328 |
1,116,125,328 |
910,925,328 |
|
- Accumulated amortization |
-279,262,582 |
-186,988,818 |
-128,602,554 |
|
4. Construction-in-progress |
|
2,638,414,829 |
15,301,380,995 |
|
III. Investment property |
|
0 |
0 |
|
Historical costs |
|
0 |
0 |
|
Accumulated depreciation |
|
0 |
0 |
|
IV. Long-term investments |
100,000,000 |
100,000,000 |
1,395,523,427 |
|
1. Investments in affiliates |
|
0 |
0 |
|
2. Investments in business concerns and joint ventures |
|
0 |
0 |
|
3. Other long-term investments |
100,000,000 |
100,000,000 |
1,395,523,427 |
|
4. Provisions for devaluation of long-term investments |
|
0 |
0 |
|
V. Other long-term assets |
11,237,886,023 |
13,879,563,203 |
14,048,998,711 |
|
1. Long-term prepaid expenses |
11,237,886,023 |
13,879,563,203 |
14,048,998,711 |
|
2. Deferred income tax assets |
|
0 |
0 |
|
3. Other long-term assets |
|
0 |
0 |
|
VI. Goodwill |
|
0 |
0 |
|
1. Goodwill |
|
0 |
0 |
|
TOTAL ASSETS |
336,752,496,654 |
337,404,929,003 |
289,791,094,180 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
232,969,237,485 |
233,006,872,721 |
187,556,225,875 |
|
I. Current liabilities |
232,969,237,485 |
230,629,304,575 |
182,099,056,152 |
|
1. Short-term debts and loans |
101,579,434,865 |
88,695,472,649 |
98,181,235,472 |
|
2. Payable to suppliers |
92,972,130,779 |
112,969,388,732 |
61,084,681,205 |
|
3. Advances from customers |
1,527,428,425 |
3,207,485,635 |
1,878,613,024 |
|
4. Taxes and other obligations to the State Budget |
4,031,267,839 |
3,114,563,467 |
1,257,389,626 |
|
5. Payable to employees |
2,422,387,613 |
1,508,496,423 |
772,063,701 |
|
6. Accrued expenses |
14,330,668,527 |
3,531,241,284 |
1,530,424,507 |
|
7. Inter-company payable |
15,756,641,659 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
|
0 |
0 |
|
9. Other payable |
|
17,289,190,412 |
17,099,999,044 |
|
10. Provisions for short-term accounts payable |
|
0 |
0 |
|
11. Bonus and welfare funds |
349,277,778 |
313,465,973 |
294,649,573 |
|
II. Long-Term Liabilities |
|
2,377,568,146 |
5,457,169,723 |
|
1. Long-term accounts payable to suppliers |
|
0 |
0 |
|
2. Long-term inter-company payable |
|
0 |
0 |
|
3. Other long-term payable |
|
2,204,918,014 |
0 |
|
4. Long-term debts and loans |
|
0 |
5,397,556,123 |
|
5. Deferred income tax payable |
|
0 |
0 |
|
6. Provisions for unemployment allowances |
|
172,650,132 |
59,613,600 |
|
7. Provisions for long-term accounts payable |
|
0 |
0 |
|
8. Unearned Revenue |
|
0 |
0 |
|
9. Science and technology development fund |
|
0 |
0 |
|
B- OWNER’S EQUITY |
103,783,259,169 |
104,398,056,282 |
102,234,868,305 |
|
I. OWNER’S EQUITY |
103,187,174,845 |
103,638,241,245 |
101,214,985,622 |
|
1. Capital |
62,800,950,000 |
50,241,000,000 |
50,241,000,000 |
|
2. Share premiums |
29,425,200,000 |
42,083,900,000 |
42,083,900,000 |
|
3. Other sources of capital |
|
0 |
0 |
|
4. Treasury stocks |
|
0 |
0 |
|
5. Differences on asset revaluation |
|
0 |
0 |
|
6. Foreign exchange differences |
|
36,676,730 |
-346,579,693 |
|
7. Business promotion fund |
1,719,528,632 |
1,719,528,632 |
1,531,134,413 |
|
8. Financial reserved fund |
2,952,295,213 |
2,952,295,213 |
2,763,900,994 |
|
9. Other funds |
|
0 |
0 |
|
10. Retained earnings |
6,289,201,000 |
6,604,840,670 |
4,941,629,908 |
|
11. Construction investment fund |
|
0 |
0 |
|
12. Business arrangement supporting fund |
|
0 |
0 |
|
II. Other sources and funds |
596,084,324 |
759,815,037 |
1,019,882,683 |
|
1. Sources of expenditure |
|
0 |
24,230,882 |
|
2. Fund to form fixed assets |
596,084,324 |
759,815,037 |
995,651,801 |
|
MINORITY’S INTEREST |
|
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
336,752,496,654 |
337,404,929,003 |
289,791,094,180 |
|
|
|||
|
PROFIT &
LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
528,167,283,230 |
589,688,438,730 |
494,342,400,519 |
|
2. Deduction item |
1,476,533,177 |
2,593,110,481 |
5,508,266,430 |
|
3. Net revenue |
526,690,750,053 |
587,095,328,249 |
488,834,134,089 |
|
4. Costs of goods sold |
445,355,155,974 |
514,387,443,828 |
431,497,461,047 |
|
5. Gross profit |
81,335,594,079 |
72,707,884,421 |
57,336,673,042 |
|
6. Financial income |
1,461,400,979 |
959,684,921 |
1,392,498,815 |
|
7. Financial expenses |
13,885,367,971 |
20,552,040,130 |
16,383,675,943 |
|
- In which: Loan interest expenses |
13,532,067,257 |
19,395,947,492 |
15,248,303,458 |
|
8. Selling expenses |
40,596,286,731 |
30,431,732,866 |
22,215,974,710 |
|
9. Administrative overheads |
22,046,864,841 |
15,860,641,228 |
15,398,336,482 |
|
10. Net operating profit |
6,268,475,515 |
6,823,155,118 |
4,731,184,722 |
|
11. Other income |
241,958,429 |
428,072,057 |
494,455,169 |
|
12. Other expenses |
202,270,989 |
43,594,271 |
182,162,968 |
|
13. Other profit /(loss) |
39,687,440 |
384,477,786 |
312,292,201 |
|
14. Total accounting profit before tax |
6,308,162,955 |
7,207,632,904 |
5,043,476,923 |
|
15. Current corporate income tax |
1,595,292,355 |
1,814,881,099 |
1,275,592,553 |
|
16. Deferred corporate income tax |
|
|
0 |
|
17. Interest from subsidiaries/related companies |
|
|
0 |
|
18. Profit after tax |
4,712,870,600 |
5,392,751,805 |
3,767,884,370 |
FINANCIAL RATIOS AND AVERAGE INDUSTRY RATIOS
|
Description |
FY2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.10 |
1.08 |
1.07 |
1.80 |
|
Quick liquidity ratio |
0.71 |
0.73 |
0.69 |
1.12 |
|
Inventory circle |
4.85 |
6.47 |
6.25 |
3.56 |
|
Average receive period |
96.18 |
99.52 |
87.65 |
117.46 |
|
Utilizing asset performance |
1.56 |
1.74 |
1.69 |
1.10 |
|
Liability by total assets |
69.18 |
69.06 |
64.72 |
50.87 |
|
Liability by owner's equity |
224.48 |
223.19 |
183.46 |
169.03 |
|
Ebit / Total assets (ROA) |
5.89 |
7.88 |
7.00 |
12.05 |
|
Ebit / Owner's equity (ROE) |
19.12 |
25.48 |
19.85 |
27.25 |
|
Ebit / Total revenue (NPM) |
3.76 |
4.51 |
4.10 |
12.32 |
|
Gross profit / Total revenue (GPM) |
15.40 |
12.33 |
11.60 |
29.69 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
||||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
TT, L/C |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Excellent |
INTERPRETATION ON THE SCORES
|
The subject’s precursor was CONG TY THUOC NAM-THUOC BAC operating since
1958. After several changes in name, in 2004, under Decision 4410/QD-BYT, it
was changed from state owned company to a joint stock company. It officially
got name as MEDIPLANTEX NATIONAL PHARMACEUTICAL JOINT STOCK COMPANY in 2005.
The subject now is public company on OTC market with the stock symbol of MED.
It planned to list on HNX (Hanoi Stock Exchange) in August 2012. However, the
listing has been canceled by HNX because the subject did not complete
procedures on time. Head quarter is located at No. 358, Giai Phong street, Phuong Liet
ward, Thanh Xuan District, Hanoi. Besides, the subject has branches in
Hochiminh City and Bac Giang province. It has two factories: the first one
was granted GMP-ASEAN certification since 2000; the second one ran into operation
in June 2007 locating on an area of 20,000 m2 in Me Linh Dist., Hanoi (Vinh
Phuc former), and it was certificated of GMP-WHO. Through a long time of existence and development, the subject's trademark
in Vietnam seems good now. The subject has been allowed circulation over 150
kinds of high-quality products. It imports pharmaceutical materials for
production mainly from China. Besides, it also imports pharmaceuticals for
trading from India, France, Korea, etc. Its manufactured pharmaceuticals are
exported to several Asian countries. Financially, the bellowing chart shows business growth over years.
It could be seen that subject’s sales and total assets are not stable.
In 2012, both total sales and assets declined. Despite increased GPM, other
profitability ratios were worse than previous year due to high selling and
administration expense. In terms of solvency, quick ratio was rather low
while debt ratios tended to increase, showing that its solvency capability is
normal. In general, in recent years, it appears the subject has been also
affected by common difficulties in economics, so it does not develop
strongly. Its current financial situation is considered as average. Caution
is needed for medium and big with the subject. |
|
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.61.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.81.70 |
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.