|
Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
TV.PHARM PHARMACEUTICAL JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 27, Dien Bien Phu Str., Group 2, Ward 9, Tra Vinh City, Tra Vinh Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Incorporation : |
1992 |
|
|
|
|
Com. Reg. No.: |
2100274872 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing, trading, export - import: new medicine, oriental medicine, medical component and health food; Medicine and raw materials, excipient for veterinary; Flavoring, drug, package for making medicine and gear for public. |
|
|
|
|
No. of Employees : |
559 |
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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) |
|
Viet Nam |
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 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 |
|
TV.PHARM PHARMACEUTICAL JOINT STOCK
COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN DUOC PHAM TV.PHARM |
|
Short name |
|
TV.PHARM |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1992 |
|
Establishment Decision |
|
81/QD-UBT |
|
Date of Issuance |
|
20 May 1992 |
|
Place of Issuance |
|
People’s Committee of Tra Vinh province |
|
Business Registration No. |
|
2100274872 |
|
Date of Registration |
|
20 Aug 2010 |
|
Place of Registration |
|
Planning and Investment Department of Tra
Vinh Province |
|
Chartered capital |
|
VND 63,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
2100274872 |
|
Total Employees |
|
559 |
|
Size |
|
Medium |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Board Of Director:
Mr. LE VAN HO - Chairman and General Director Changed to: Mr. BUI VAN TONG - Chairman;
Mr. NGUYEN DANG NGUYEN - General Director |
01
Aug 2011 |
|
2 |
Subject has got former Business
Registration No: 5803000005 Changed to: 2100274872 |
20
Aug 2010 |
|
3 |
Subject has got former Address: No. 37-39
Pham Thai Buong Str. - Ward 3, Tra Vinh City, Tra Vinh Province, Vietnam Changed to: No. 27 Dien Bien Phu Str -
Group 2 - Ward 9, Tra Vinh City, Tra Vinh Province, Vietnam |
02
Jan 2003 |
|
4 |
Subject has got former Type of Business:
State owned enterprise Changed to: Joint Stock Company |
2003
|
|
5 |
Subject has got former Trade Name: TRA
VINH PHARIMEXCO Changed to: TV.PHARM |
2003
|
|
6 |
Subject has got former Chartered capital:
35,000,000,000 VND (In 2005) Changed to: 48,000,000,000 VND (In 2006) Changed to: 63,000,000,000 VND |
N/A |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 27, Dien Bien Phu Str., Group 2, Ward
9, Tra Vinh City, Tra Vinh Province, Vietnam |
|
Telephone |
|
(84-74) 3753121/ 3855372 |
|
Fax |
|
(84-74) 3855372 |
|
Email |
|
|
|
Website |
|
|
|
Note: The exact email of the subject is as above |
||
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
Q1 Bis Bach Ma, Bac Hai Quarters, Ward 15,
District 10, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 39702357 /39702315 |
|
Fax |
|
(84-8) 38652024 |
|
Email |
|
|
|
|
||
|
Branch in Tra
Vinh |
||
|
Address |
|
No. 1/8 Tran Phu Str., Ward 7, Tra Vinh
City, Tra Vinh Province, Vietnam |
|
Telephone |
|
(84-74) 3753095 |
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
No. 22, lot 11B, Trung Yen 10, Trung Hoa
Ward, Cau Giay District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 37833516 |
|
|
||
|
Branch in Da
Nang |
||
|
Address |
|
No.423 Trung Nu Vuong, Hai Chau Dist., Da
Nang City, Vietnam |
|
Telephone |
|
(84-511) 3633951 |
|
|
||
|
Branch in Dong
Nai |
||
|
Address |
|
20/4 KP3, Quang Vinh Ward, Bien Hoa City,
Dong Nai Province, Vietnam |
|
|
||
|
Branch in An
Giang |
||
|
Address |
|
11B Bui Thi Xuan Street, My Xuyen Ward,
Long Xuyen City, An Giang Province, Vietnam |
|
Telephone |
|
(84-766) 3253117 |
|
|
||
|
Branch in Can
Tho |
||
|
Address |
|
17B2 Collective 91B, Xuan Khanh Street, Ninh
Kieu District, Can Tho City, Vietnam |
|
Telephone |
|
(84-71) 3781345 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
BUI VAN TONG |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
334000958 |
|
Resident |
|
No. 70 Dong Khoi str
- ward 6, Tra Vinh City, Tra Vinh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84) 913891092 |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN DANG NGUYEN |
|
Position |
|
General Director |
|
Date of Birth |
|
10 Mar 1960 |
|
ID Number/Passport |
|
025203490 |
|
ID Issue Date |
|
28 Dec 2009 |
|
ID Issue Place |
|
Ho Chi Minh Police
Dept |
|
Resident |
|
No. 28 Road 81, Tan
Quy Ward, District 7, Ho Chi Minh City, Vietnam |
|
Current resident |
|
No. 28 Road 81, Tan Quy Ward, District 7,
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 903829806 |
|
|
||
|
3.
NAME |
|
Mr.
HA VAN DONG |
|
Position |
|
Deputy General Director |
|
ID Number/Passport |
|
334454430 |
|
Resident |
|
No. 37 Pham Thai
Buong str., Ward 3, Tra Vinh City, Tra Vinh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
4.
NAME |
|
Mr.
NGUYEN THANH SY |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
5.
NAME |
|
Mr.
HOANG VAN GIOI |
|
Position |
|
Chief Accountant |
|
ID Number/Passport |
|
334001896 |
|
Resident |
|
Ward 5, Vinh Long
City, Vinh Long Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject registered in the following
activities: |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Raw material and medicine product, equipment |
|
·
Market |
|
Hungary, China, Korea, India, Holland, France… |
|
·
Mode of payment |
|
LC, TT |
|
|
||
|
EXPORT: |
||
|
·
Market |
|
Nigeria |
|
·
Mode of payment |
|
LC, TT |
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIETNAM EXPORT IMPORT COMMERCIAL JOINT STOCK BANK |
||
|
Address |
|
8th Floor, VinCom Center, No. 72 Le Thanh Ton street , 1 District, Ho
Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3821 0055 - 3821 0056 |
|
Fax |
|
(84-8) 3829 6063 - 3821 6913 |
|
SWIFT Code |
|
EBVIVNVX |
|
|
||
|
2.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE TRA VINH BRANCH |
||
|
Address |
|
No.15A Dien Bien Phu, Tra Vinh City, Tra Vinh Province, Vietnam |
|
Telephone |
|
(84-74) 3863827 |
|
|
||
|
3.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM TRA VINH BRANCH |
||
|
Address |
|
No.24-26 Pham Thai Buong Street, Tra Vinh City, Tra Vinh Province,
Vietnam |
|
Telephone |
|
(84-74) 3856627 |
|
|
||
SHAREHOLDERS
|
||
|
|
||
Founding 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 |
|
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 |
|
2,738,700 |
|
Value of shares |
|
VND 27,387,000,000 |
|
Percentage |
|
43.47% |
|
|
||
|
2.
NAME |
|
Mr.
BUI VAN TONG |
|
Position |
|
Chairman |
|
ID Number/Passport |
|
334000958 |
|
Resident |
|
No. 70 Dong Khoi str - ward 6, Tra Vinh City,
Tra Vinh Province, Vietnam |
|
Mobile phone |
|
(84) 913891092 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
13,083 |
|
Value of shares |
|
VND 130,830,000 |
|
Percentage |
|
0.21% |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN DANG NGUYEN |
|
Position |
|
General Director |
|
Date of Birth |
|
10 Mar 1960 |
|
ID Number/Passport |
|
025203490 |
|
Issued on |
|
28 Dec 2009 |
|
Issued Place |
|
Ho Chi Minh Police Dept |
|
Resident |
|
No. 28, Road 81, Tan Quy Ward, District 7,
Ho Chi Minh City, Vietnam |
|
Current Resident |
|
No. 28, Road 81, Tan Quy Ward, District 7,
Ho Chi Minh City, Vietnam |
|
Mobile phone |
|
+84 903829806 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
162,081 |
|
Value of shares |
|
VND 1,620,810,000 |
|
Percentage |
|
2.57% |
|
|
||
|
4.
NAME |
|
Mr.
HA VAN DONG |
|
Position |
|
Deputy General Director |
|
ID Number/Passport |
|
334454430 |
|
Resident |
|
No. 37 Pham Thai Buong Str., Ward 3, Tra Vinh City, Tra Vinh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
18,934 |
|
Value of shares |
|
VND 189,340,000 |
|
Percentage |
|
0.3% |
|
|
||
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 |
N/A |
ASSETS
|
|||
|
A – CURRENT
ASSETS |
257,181,294,526 |
182,846,568,678 |
180,691,450,102 |
|
I. Cash and cash
equivalents |
24,395,833,446 |
29,083,129,487 |
26,278,292,374 |
|
1. Cash |
24,395,833,446 |
29,083,129,487 |
26,278,292,374 |
|
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 |
125,304,678,559 |
75,154,400,304 |
80,513,427,241 |
|
1. Receivable from customers |
124,580,852,260 |
79,753,840,937 |
79,790,840,262 |
|
2. Prepayments to suppliers |
2,998,122,771 |
878,820,000 |
1,165,255,000 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
1,033,964,508 |
928,157,457 |
2,557,331,979 |
|
6. Provisions for bad debts |
-3,308,260,980 |
-6,406,418,090 |
-3,000,000,000 |
|
IV. Inventories |
96,912,108,195 |
69,103,568,104 |
64,148,015,036 |
|
1. Inventories |
96,912,108,195 |
69,103,568,104 |
64,148,015,036 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
10,568,674,326 |
9,505,470,783 |
9,751,715,451 |
|
1. Short-term prepaid expenses |
71,610,000 |
137,100,000 |
78,100,000 |
|
2. VAT to be deducted |
247,942,947 |
241,869,380 |
181,378,924 |
|
3. Taxes and other accounts receivable from the State |
0 |
94,030 |
0 |
|
4. Other current assets |
10,249,121,379 |
9,126,407,373 |
9,492,236,527 |
|
B. LONG-TERM
ASSETS |
43,246,823,540 |
45,979,200,447 |
50,359,369,827 |
|
I. Long term
accounts receivable |
50,000,000 |
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 |
50,000,000 |
0 |
0 |
|
5. Provisions for bad debts from customers |
0 |
0 |
0 |
|
II. Fixed assets
|
42,332,952,491 |
45,285,359,276 |
49,604,475,212 |
|
1. Tangible assets |
32,623,515,424 |
35,329,845,037 |
39,194,909,517 |
|
- Historical costs |
98,734,245,808 |
95,162,052,585 |
93,044,752,559 |
|
- Accumulated depreciation |
-66,110,730,384 |
-59,832,207,548 |
-53,849,843,042 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
9,702,135,703 |
9,955,514,239 |
10,344,487,469 |
|
- Initial costs |
11,345,787,028 |
11,345,787,028 |
11,345,787,028 |
|
- Accumulated amortization |
-1,643,651,325 |
-1,390,272,789 |
-1,001,299,559 |
|
4. Construction-in-progress |
7,301,364 |
0 |
65,078,226 |
|
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 |
863,871,049 |
693,841,171 |
754,894,615 |
|
1. Long-term prepaid expenses |
863,871,049 |
693,841,171 |
754,894,615 |
|
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 |
300,428,118,066 |
228,825,769,125 |
231,050,819,929 |
|
|
|||
LIABILITIES
|
|||
|
A- LIABILITIES |
128,797,569,654 |
86,815,882,541 |
97,655,133,251 |
|
I. Current
liabilities |
122,809,248,577 |
85,428,241,903 |
91,388,563,497 |
|
1. Short-term debts and loans |
51,068,146,947 |
40,578,295,123 |
51,800,342,268 |
|
2. Payable to suppliers |
49,282,968,879 |
31,867,084,603 |
31,664,960,976 |
|
3. Advances from customers |
249,051,223 |
35,367,406 |
32,317,056 |
|
4. Taxes and other obligations to the State Budget |
4,504,638,126 |
3,802,330,981 |
1,329,951,662 |
|
5. Payable to employees |
11,595,156,951 |
6,607,686,697 |
5,542,278,780 |
|
6. Accrued expenses |
5,115,271,363 |
2,496,931,334 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
839,618,782 |
801,899,019 |
1,018,712,755 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
154,396,306 |
-761,353,260 |
0 |
|
II. Long-Term
Liabilities |
5,988,321,077 |
1,387,640,638 |
6,266,569,754 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
305,000,000 |
300,000,000 |
5,758,767,047 |
|
4. Long-term debts and loans |
0 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
5,208,902,475 |
516,370,371 |
507,802,707 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
474,418,602 |
571,270,267 |
0 |
|
9. Science and technology development fund |
|
0 |
0 |
|
B- OWNER’S
EQUITY |
171,630,548,412 |
142,009,886,584 |
133,395,686,678 |
|
I. OWNER’S
EQUITY |
171,630,548,412 |
142,009,886,584 |
133,642,090,220 |
|
1. Capital |
63,000,000,000 |
63,000,000,000 |
63,000,000,000 |
|
2. Share premiums |
34,563,108,125 |
34,563,108,125 |
34,563,108,125 |
|
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 |
444,161,082 |
13,180,409 |
|
7. Business promotion fund |
20,438,753,356 |
15,711,475,296 |
6,548,966,123 |
|
8. Financial reserved fund |
6,300,000,000 |
5,822,613,090 |
4,953,926,610 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
47,328,686,931 |
22,468,528,991 |
24,562,908,953 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
0 |
0 |
-246,403,542 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
-246,403,542 |
|
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 |
300,428,118,066 |
228,825,769,125 |
231,050,819,929 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
408,841,032,557 |
334,947,017,795 |
257,714,017,875 |
|
2. Deduction item |
3,492,318,311 |
3,987,143,481 |
3,246,342,417 |
|
3. Net revenue |
405,348,714,246 |
330,959,874,314 |
254,467,675,458 |
|
4. Costs of goods sold |
245,801,515,120 |
210,360,860,259 |
162,385,265,675 |
|
5. Gross profit |
159,547,199,126 |
120,599,014,055 |
92,082,409,783 |
|
6. Financial income |
4,075,882,696 |
4,636,988,643 |
2,539,447,841 |
|
7. Financial expenses |
7,669,142,614 |
12,959,141,239 |
14,346,113,248 |
|
- In which: Loan interest expenses |
5,449,839,224 |
7,319,889,846 |
6,543,792,952 |
|
8. Selling expenses |
71,516,991,619 |
59,838,180,649 |
44,385,290,809 |
|
9. Administrative overheads |
21,074,416,191 |
15,776,127,321 |
9,366,100,072 |
|
10. Net operating profit |
63,362,531,398 |
36,662,553,489 |
26,524,353,495 |
|
11. Other income |
1,666,957,398 |
646,555,536 |
736,237,222 |
|
12. Other expenses |
145,581,233 |
295,165,772 |
10,653,720 |
|
13. Other profit /(loss) |
1,521,376,165 |
351,389,764 |
725,583,502 |
|
14. Total accounting profit before tax |
64,883,907,563 |
37,013,943,253 |
27,249,936,997 |
|
15. Current corporate income tax |
13,447,170,632 |
8,085,396,075 |
4,112,341,399 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
51,436,736,931 |
28,928,547,178 |
23,137,595,598 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
2.09 |
2.14 |
1.98 |
1.80 |
|
Quick liquidity ratio |
1.31 |
1.33 |
1.28 |
1.12 |
|
Inventory circle |
2.54 |
3.04 |
2.53 |
3.56 |
|
Average receive period |
112.83 |
82.88 |
115.49 |
117.46 |
|
Utilizing asset performance |
1.35 |
1.45 |
1.10 |
1.10 |
|
Liability by total assets |
42.87 |
37.94 |
42.27 |
50.87 |
|
Liability by owner's equity |
75.04 |
61.13 |
73.21 |
169.03 |
|
Ebit / Total assets (ROA) |
23.41 |
19.37 |
14.63 |
12.05 |
|
Ebit / Owner's equity (ROE) |
40.98 |
31.22 |
25.33 |
27.25 |
|
Ebit / Total revenue (NPM) |
17.20 |
13.24 |
13.11 |
12.32 |
|
Gross profit / Total revenue (GPM) |
39.02 |
36.01 |
35.73 |
29.69 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
|
CASH
FLOW STATEMENT |
|||
|
(Indirect method) |
|||
|
Items |
FY2012 |
FY2011 |
FY2010 |
|
I. Cash flows
from operating activities |
|||
|
1. Profit before tax |
64,883,907,563 |
37,013,943,253 |
27,249,936,997 |
|
2. Adjustments |
|
|
|
|
- Depreciation and amortization |
6,577,229,004 |
6,424,943,897 |
6,263,444,710 |
|
- Provisions |
-3,098,157,110 |
3,406,418,090 |
450,000,000 |
|
- Unrealized foreign exchange difference |
272,559,691 |
0 |
|
|
- Gain/loss from investing activities |
-192,142,137 |
-256,237,332 |
-237,398,250 |
|
- Interest expense |
5,449,839,224 |
7,319,889,846 |
6,543,792,952 |
|
3. Operating profit before movements in working
capital |
73,893,236,235 |
53,908,957,754 |
40,269,776,409 |
|
- (Increase)/Decrease in receivables |
-48,225,041,705 |
1,808,500,269 |
-707,320,502 |
|
- (Increase)/Decrease in inventories |
-27,808,540,091 |
-4,955,553,068 |
9,293,057,220 |
|
- Increase/(Decrease) in accounts payable |
28,976,541,087 |
-12,360,131,392 |
-14,874,389,662 |
|
- (Increase)/Decrease in prepaid expenses |
-104,539,878 |
2,053,444 |
112,529 |
|
- Interest paid |
-5,449,839,224 |
-7,319,889,846 |
-6,543,792,952 |
|
- Corporate income tax paid |
-12,320,470,685 |
5,542,569,642 |
-4,025,167,466 |
|
- Other cash inflows |
0 |
2,080,649,889 |
4,026,345,110 |
|
- Other cash outflows |
-5,251,443,080 |
-5,131,379,394 |
-168,880,247 |
|
Net cash from (used in) operating activities |
3,709,902,659 |
33,575,777,298 |
27,269,740,439 |
|
II. Cash flows
from investing activities |
|||
|
1. Acquisition of fixed assets and other long - term assets |
-3,629,161,017 |
-2,111,742,898 |
-2,747,102,031 |
|
2. Proceeds from fixed assets and long - term assets disposal |
1,600,000 |
3,300,000 |
0 |
|
3. Cash outflow for lending, buying debt instruments of other
companies |
0 |
0 |
0 |
|
4. Cash recovered from lending, selling debt instruments of other
companies |
0 |
0 |
0 |
|
5. Investment in other entities |
0 |
0 |
0 |
|
6. Cash recovered from investments in other entities |
0 |
0 |
0 |
|
7. Interest income, dividend and profit paid |
194,880,935 |
258,852,269 |
237,398,250 |
|
Net cash from (used in) investing activities |
-3,432,680,082 |
-1,849,590,629 |
-2,509,703,781 |
|
III. Cash flows
from financing activities |
|||
|
1. Proceeds from issuing stocks, receiving capital from owners |
0 |
0 |
0 |
|
2. Capital withdrawal, buying back issued stocks |
0 |
0 |
0 |
|
3. Proceeds from borrowings |
233,507,121,148 |
189,840,883,929 |
154,885,271,813 |
|
4. Repayment of borrowings |
-223,017,269,324 |
-201,130,558,372 |
-153,363,211,086 |
|
5. Repayment of obligations under finance leased |
0 |
0 |
-15,034,584,318 |
|
6. Dividends paid |
-15,454,061,000 |
-17,633,989,000 |
0 |
|
Net cash from (used in) financing activities |
-4,964,209,176 |
-28,923,663,443 |
-13,512,523,591 |
|
Net increase/(decrease) in cash and cash equivalents |
-4,686,986,599 |
2,802,523,226 |
11,247,513,067 |
|
Cash and cash equivalents at beginning of year |
29,083,129,487 |
26,278,292,374 |
15,031,956,951 |
|
Effect from changing foreign exchange rate |
-309,442 |
2,313,887 |
-1,177,644 |
|
Cash and cash equivalents at end of year |
24,395,833,446 |
29,083,129,487 |
26,278,292,374 |
|
|
||
PAYMENT HISTORY & PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Medium |
|
Payment status |
|
Above Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T, L/C |
|
Sale Methods |
|
Retailer and Wholesaler |
|
Public opinion |
|
Excellent |
|
|
INTERPRETATION ON THE SCORES
|
|
|
|
Beginning as a state owned company in 1992, the
subject is the first enterprise producing the most modern soft capsules in Vietnam.
The subject transferred to a joint stock company in 2003 and changed its name
as the current name. It is now operating with the chartered capital of VND 63
billion. Total employees are about 559 persons. The facilities of the firm are above average.
Besides head office in Tra Vinh province, the subject has some branches in
other provinces and cities. The factory of the firm has been managed
according to the international standard of GMP recommended by WHO; GLP, GSP,
and ISO 9001:2000. TVPharm is now building and developing local business
networks as well as marketing products to some ASEAN markets and the world
beyond. The subject was awarded tile of Labor Hero by President, ISO Gold Cup
in 2007 by Ministry of Science and Technology, and Vietnamese Brand Gold Cup
in 2007. Especially, the products of subject have been voted Vietnamese High
Quality Goods by consumers through Saigon Tiep Thi newspaper for many
consecutive years. The financial situation of the firm is considered
above average. In 2012, total assets increased 31% in comparison with 2011,
mainly current assets. Although liabilities of the firm had high increase in
2012, liability ratios were lower than average industry, showing that the
self-financing ability of the firm was fair. In term of profitability, the
subject gained nearly VND 409 billion in total sales, increased 22% against
2011. Due to cutting of financial expenses and thanks to other income, the
growth of profit after tax in 2012 was high, by 78%. This is further show in
profitability ratios of the firm in 2012. In short, after a long time of operation and development, the subject has above average position in this field. Its management is fair. It is reliable for small and medium financial commitments. |
------------ APPENDIX ----------
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.65.66 |
|
|
1 |
Rs.102.19 |
|
Euro |
1 |
Rs.87.74 |
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.