MIRA INFORM REPORT

 

 

Report Date :

26.12.2013

 

IDENTIFICATION DETAILS

 

Name :

CENTRAL PHARMACEUTICAL COMPANY NO 3

 

 

Registered Office :

115 Ngo Gia Tu St Hai Chau 1 Ward, Hai Chau Dist, Da Nang

 

 

Country :

Vietnam

 

 

Financials (as on) :

2012

 

 

Date of Incorporation :

19.10.2010

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturer of Medical Equipment & Pharmaceutical

 

 

No. of Employees :

160

 

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 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

Company name and address

 

Company Details

Organization Name

:

CENTRAL PHARMACEUTICAL COMPANY NO 3

Address

:

115 Ngo Gia Tu St Hai Chau 1 Ward, Hai Chau Dist, Da Nang

Country

:

Vietnam

Phone (S)

:

[+84] 511-3817552

Facsimile

:

[+84] 511-3822767

Email

:

ceteco.us2013@yahoo.com

Website

:

http://www.duoctw3.com

Primary Business Activity

:

Manufacturer

Key Industry

:

Medical Equipment & Pharmaceutical

 

 

DIRECTORS/MANAGEMENT

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Truong Thoai Nhan

Vietnamese

Chief Accountant

-

Management Details - 1

Personal Unique Identifier

:

MI03599076

Name

:

Mr. Truong Thoai Nhan

 

Date of Birth

:

1980

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03599057

Name

:

Mr. Nguyen Thanh Linh

Date of Birth

:

1964

Nationality

:

Vietnamese

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing the CENTRAL PHARMACEUTICAL COMPANY NO 3's reputation within the respective industry failed to reveal any adverse information.

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

DISHONORED CHECKS

 

No Record Found

 

 

DEBT

 

No Record Found

 

 

LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Capital

:

US$ 796,005

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

16,804,000,000

 

SHAREHOLDERS

Total number of shareholders

:

1

Total number of shares

:

n/a

 

Currency

:

VND - Vietnam Dong

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

VIETNAM PHARMACEUTICAL CORP

Vietnam

n/a

n/a

100.00

Total

n/a

n/a

100.00

 

 

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

 

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

Annual Purchases Analysis

Percentage

Local Purchases

20%

Imports

80%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

ASSOCIATIONS

CENTRAL PHARMACEUTICAL COMPANY NO 3 are members of the following associations:

Domestic Associations

Association Name

RMIT VIETNAM BUSINESS CLUB - RMITBC

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2010 Annual  

16,925,449

4,584,761

27,142

2011 Annual  

20,975,036

6,703,649

52,760

2012 Annual  

23,487,442

11,969,991

75,391

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

 

 

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Current Assets

74,802,000,000

126,135,000,000

236,953,000,000

Non Current Assets

14,555,000,000

13,502,000,000

12,318,000,000

Non Current Liabilities

595,000,000

13,423,000,000

26,247,000,000

Share Capital

16,804,000,000

16,804,000,000

16,804,000,000

Other long term assets 

Total Assets

89,357,000,000

139,637,000,000

249,271,000,000

Total Liabilities

71,843,000,000

121,116,000,000

230,737,000,000

Current Liabilities

71,248,000,000

107,693,000,000

204,490,000,000

Long term liabilities 

Shareholders Funds

17,514,000,000

18,521,000,000

18,534,000,000

 

Assets 

Current assets & short term investments

74,802,000,000

126,135,000,000

236,953,000,000

Cash & cash equivalents

7,285,000,000

11,034,000,000

15,664,000,000

Cash

7,285,000,000

11,034,000,000

15,664,000,000

Accounts receivable

40,097,000,000

63,994,000,000

159,334,000,000

Accounts receivable trade

35,567,000,000

53,304,000,000

156,118,000,000

Trade prepayment

1,896,000,000

8,112,000,000

1,245,000,000

Others receivables

2,634,000,000

2,578,000,000

2,178,000,000

Provision for bad debts

-

-

(207,000,000)

Inventories

26,232,000,000

50,103,000,000

59,473,000,000

Other short term asset

1,188,000,000

1,004,000,000

2,482,000,000

Prepaid expenses

-

51,000,000

7,000,000

VAT deductible

423,000,000

408,000,000

1,023,000,000

I. Other short term asset

765,000,000

545,000,000

1,452,000,000

Long term assets

14,555,000,000

13,502,000,000

12,318,000,000

Fixed assets

14,463,000,000

13,458,000,000

12,251,000,000

Tangible fixed assets

14,463,000,000

13,458,000,000

12,251,000,000

Cost

21,376,000,000

21,948,000,000

22,630,000,000

Accumulated depreciation

6,913,000,000

8,490,000,000

10,379,000,000

Other long term assets

92,000,000

44,000,000

67,000,000

Long term prepayments

92,000,000

44,000,000

67,000,000

Total assets

89,357,000,000

139,637,000,000

249,271,000,000

Liabilities

71,843,000,000

121,116,000,000

230,737,000,000

Current liabilities

71,248,000,000

107,693,000,000

204,490,000,000

Short term borrowings

27,215,000,000

26,864,000,000

11,736,000,000

Accounts payables-trade

36,243,000,000

73,534,000,000

167,588,000,000

Advances from customers

6,575,000,000

5,609,000,000

23,074,000,000

Taxes and payable to state budget

730,000,000

452,000,000

208,000,000

Payable to employees

319,000,000

621,000,000

1,044,000,000

Other payables

166,000,000

613,000,000

550,000,000

Bonus and welfare funds

-

-

290,000,000

Long term liabilities

595,000,000

13,423,000,000

26,247,000,000

Account long term inter company payables

-

10,000,000,000

20,000,000,000

Long term other payables

-

3,154,000,000

-

Long term borrowings

559,000,000

233,000,000

-

Provision funds for unemployment

36,000,000

36,000,000

36,000,000

Deffered revenue

-

-

6,211,000,000

Owner's equity

17,514,000,000

18,521,000,000

18,534,000,000

I. Owner's equity

17,106,000,000

18,031,000,000

18,534,000,000

Business capital

16,804,000,000

16,804,000,000

16,804,000,000

Foreign exchange differences

(227,000,000)

-

-

Retained earnings

529,000,000

1,227,000,000

1,730,000,000

Budget sources

408,000,000

490,000,000

-

I. Bonus and welfare funds

408,000,000

490,000,000

-

Total resources

89,357,000,000

139,637,000,000

249,271,000,000

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover

329,877,000,000

436,910,000,000

489,118,000,000

Profit (Loss) Before Tax

529,000,000

1,099,000,000

1,570,000,000

Profit After Tax attributable to Shareholders

529,000,000

1,099,000,000

1,570,000,000

 

Gross sales

329,877,000,000

436,910,000,000

489,118,000,000

Less deductions

2,810,000,000

5,255,000,000

9,701,000,000

Net income

327,067,000,000

431,655,000,000

479,417,000,000

Cost of goods sold

305,940,000,000

403,423,000,000

440,531,000,000

Gross margin

21,127,000,000

28,232,000,000

38,886,000,000

Income from financial activities

470,000,000

351,000,000

560,000,000

Expenses from financial activities

6,385,000,000

4,885,000,000

1,964,000,000

In which: Interest expenses

2,834,000,000

2,656,000,000

0

Selling expenses

8,683,000,000

13,452,000,000

21,579,000,000

General & administration expenses

6,021,000,000

8,137,000,000

12,145,000,000

Net income from operating activities

508,000,000

2,109,000,000

3,758,000,000

Extraordinary income

21,000,000

25,000,000

159,000,000

Extraordinary expenses

0

1,035,000,000

2,347,000,000

Extraordinary gains

21,000,000

(1,010,000,000)

(2,188,000,000)

Net profit before tax

529,000,000

1,099,000,000

1,570,000,000

Net profit after tax

529,000,000

1,099,000,000

1,570,000,000

Financial Ratios

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

32.45

11.95

Profitability 

Profit Margin (%)

0.16

0.25

0.32

Return on Equity (%)

3.02

5.93

8.47

Return on Assets (%)

0.59

0.79

0.63

Leverage 

Total Debt Equity (Times)

4.10

6.54

12.45

Current Debt Equity (Times)

4.07

5.81

11.03

Long Term Debt to Equity

0.03

0.72

1.42

Total Asset To Total Equity

5.10

7.54

13.45

Asset Management 

Total Assets Turnover (Times)

3.69

3.13

1.96

Fixed Assets Turnover (Times)

22.66

32.36

39.71

Liquidity 

Current Ratio

1.05

1.17

1.16

Based on the corporate laws of Vietnam, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

Today's Exchange rate

:

1.00 VND
Vietnam Dong

=

0.000047 USD
United States Dollars

 

 

ADDITIONAL INFORMATION

 

Key Facts

Registered Legal Address

:

115 Ngo Gia Tu St Hai Chau 1 Ward, Hai Chau Dist, Da Nang

Operational Address

:

115 Ngo Gia Tu St Hai Chau 1 Ward, Hai Chau Dist, Da Nang

Trading Name

:

CETECOUS

Issuing Authority

:

Dept. of Planning & Investment - Da Nang

License Number

:

0400102077

License Status

:

License exists - Normal.

Legal Form - Category

:

Private Company with Limited Liability

Legal Form

:

Limited Liability Company

Legal Form - Abbreviation

:

LLC

Operational Status of Business

:

Normal

Date of Registration

:

19 Oct, 2010

Employees

:

160

 

Report Details

Country

:

Vietnam

Business Entity Name

:

CENTRAL PHARMACEUTICAL COMPANY NO 3

Primary Business Activity

:

Manufacturer

Primary Industry

:

Medical Equipment & Pharmaceutical

Office Contact Details

Operating Address

:

115 Ngo Gia Tu St Hai Chau 1 Ward, Hai Chau Dist, Da Nang

Tel

:

[+84] 511-3817552

 

:

[+84] 511-3816687

 

:

[+84] 511-3830202

 

:

[+84] 511-3834789

Fax

:

[+84] 511-3822767

 

:

[+84] 511-3817224

 

:

[+84] 511-3817323

Email

:

ceteco.us2013@yahoo.com

Website Details

Website

:

http://www.duoctw3.com

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

Primary Products

Products / Materials / Services Description

Activity

Analgesics

Manufacturing

Antibiotics

Manufacturing

Antipyretics

Manufacturing

Cardiovascular drugs

Manufacturing

Medicines

Manufacturing

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Drugs/Druggists' Sundries

5122

Manufacturing

Medical/Dental Equip/Supplies

5047

Manufacturing

Medicinals and botanicals

2833

Manufacturing

Pharmaceutical preparations

2834

Manufacturing

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Analgesics, antipyretics and nonhormonal anti-inflammatory agents

3004909028

Manufacturing

Antibiotics

2941

Manufacturing

Medicaments nesoi of mixtures, not dosage etc form

3003

Manufacturing

Medicaments nesoi, mixed or not, in dosage etc form

3004

Manufacturing

Other cardiovascular drugs

2933903000

Manufacturing

Other drugs,nesoi

2934302700

Manufacturing

Pharmaceutical products

3000

Manufacturing

Provitamins and vitamins & derivatives & intermixs

2936

Manufacturing

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Minerals

Primary

Manufacturing

Pharmaceutical products

Primary

Manufacturing

Respiratory medicaments

Primary

Manufacturing

Vitamins

Primary

Manufacturing

 

 

 

 

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of CENTRAL PHARMACEUTICAL COMPANY NO 3 is Manufacturing - Finished products.

Key products include :

Analgesics

Antibiotics

Antipyretics

Cardiovascular drugs

Medicines

Minerals

Pharmaceutical products

Respiratory medicaments

Vitamins


An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, CENTRAL PHARMACEUTICAL COMPANY NO 3 also is engaged in the following areas of business:

Importing

Importing - Raw materials

 

BANK DETAILS

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

31-33 Ngo Quyen Hanoi (Head Office)

SWIFT Code

:

BFTVVNVX

 

Bank Name

:

VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE

Global Identifier

:

32404058

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

108 Tran Hung Dao St Hoan Kiem Dist Hanoi (Head Office)

SWIFT Code

:

ICBVVNVX

 

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

CENTRAL PHARMACEUTICAL COMPANY NO 3 - DONG DA, HANOI

Branch Address

:

95A Lang Ha Lang Ha Ward, Dong Da, Hanoi

 

Branch

:

CENTRAL PHARMACEUTICAL COMPANY NO 3 - DISTRICT 10, HO CHI MINH

Branch Address

:

284/7/1 Ly Thuong Kiet Ward 14, District 10, Ho Chi Minh

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

High

Importing

India

Medium

Importing

Korea, South (Republic of Korea)

Medium

Importing

 

 

COMPETITORS

The following is a representative list of local competitors:

Competitors

BINH DINH PHARMACEUTICAL AND MEDICAL EQUIPMENT CO

CENTRAL PHARMACEUTICAL CO NO 2

STADA JOINT VENTURE CO LTD

 

 

OFFICE & FACILITIES

Name

:

CENTRAL PHARMACEUTICAL COMPANY NO 3 - HAI CHAU DIST, DA NANG

Address

:

115 Ngo Gia Tu St Hai Chau 1 Ward, Hai Chau Dist, Da Nang

Country

:

Vietnam

Status

:

Operational

 

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

15 May, 1993

104040

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.87

UK Pound

1

Rs.101.10

Euro

1

Rs.84.65

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.