MIRA
INFORM REPORT
|
Report Date : |
28.01.2013 |
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) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
1958 |
|
|
|
|
Com. Reg. No.: |
0100108430 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises, which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the World Trade Organization in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 22% in 2011, while industry's share increased from 36% to 40% in the same period. Deep 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 has hurt Vietnam's export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum average achieved during the last decade. In 2011, exports increased by more than 33%, year-on-year, and the trade deficit, while reduced from 2010, remained high, prompting the government to maintain administrative trade measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it in excess of 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached as high as 23% in August 2011 and averaged 18% for the year. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In early 2012 Vietnam unveiled a broad "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises and the banking sector. Vietnam's economy continues to face challenges from low foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties.
|
Source : CIA |
SUBJECT IDENTIFICATION &
LEGAL FORM
|
Current legal status |
||
|
Registered English Name |
|
MEDIPLANTEX NATIONAL PHARMACEUTICAL JOINT STOCK COMPANY |
|
Registered Vietnamese Name |
|
CONG TY CO PHAN DUOC TRUNG UONG MEDIPLANTEX |
|
Trade name |
|
MP |
|
Registered 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 50,241,000,000 |
|
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 Board Of Director: General Director: Mrs. DOAN
THI HONG THUY Changed to: Mr. PHUNG MINH DUNG |
28 May 2012 |
|
2 |
Subject has got former Business Registration No: 0103007436 Changed to: 0100108430 |
24 Aug 2010 |
|
3 |
Subject has got former Chartered capital: VND 50,136,000,000 Changed to: VND 50,241,000,000 |
03 Jun 2008 |
|
4 |
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 |
|
5 |
Subject has got former Registered English Name: NATIONAL MEDICINAL
PLANT COMPANY NO.I Changed to: MEDIPLANTEX NATIONAL PHARMACEUTICAL JOINT-STOCK COMPANY |
12 Apr 2005 |
|
6 |
Subject has got former Business Registration No: 108216, Issuance on
May 22nd 1993 Changed to: 0103007436 |
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 |
01 Jan 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: The given phone number “0913599926” is mobile phone of Mr. Nguyen Cong Binh - Import & Export Dep. |
||
|
|
||
|
Factory Address |
||
|
Address |
|
Trung Hau Hamlet, Tien Phong Commune, Me Linh District, Ha Noi City,
Vietnam |
|
Tax code No. |
|
0100108430-007 |
|
|
||
|
Branch in Ho Chi Minh |
||
|
Address |
|
No.270, Ly Thuong Kiet St., Ward 14, District 10, Ho Chi Minh City,
Vietnam |
|
Manager |
|
Mr. VU ANH TUAN |
|
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 |
|
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 |
|
|
||
|
2. NAME |
|
Mr. PHUNG MINH DUNG |
|
Position |
|
General Director and Legal Representative |
|
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 |
|
Tel/Mobile phone |
|
(84-4) 38643363 |
|
|
||
|
3. NAME |
|
Ms. NGUYEN THI TOAN |
|
Position |
|
Deputy General Director and Chief Accountant |
|
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
- 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 |
|
Canada (Tenamid Corp), Denmark, France, India, Korea … |
|
Mode of payment |
|
L/C; T/T |
|
|
||
|
EXPORT: |
||
|
Market |
|
France, Germany, Japan, China, Laos, Cambodia, Russia … |
|
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 THANG LONG BRANCH |
||
|
Address |
|
No.8 Pham Hung, Cau Giay District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3838 7118 |
|
Fax |
|
(84-4) 3836 3704 |
|
|
||
|
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 |
|
Registered Capital |
|
VND 1,338,544,248,430 |
|
Tax code |
|
0100109385 |
|
Address |
|
No.138B Giang Vo Str, Ba Dinh District, Ha Noi City, Vietnam |
|
Tel |
|
(84-4) 3844 3153/ 3844 3151 |
|
Fax |
|
(84-4) 3844 3665 |
|
Email |
|
vinapharm@hn.vnn.vn |
|
Website |
|
http://www.vinapharm.net.vn |
|
Number of shares |
|
571,000 |
|
Value of shares |
|
VND 5,710,000,000 |
|
Percentage |
|
11.37% |
|
|
||
|
2. NAME |
|
663 OTHER SHAREHOLDERS |
|
Number of shares |
|
4,453,100 |
|
Value of shares |
|
VND 44,531,000,000 |
|
Percentage |
|
88.63% |
FINANCIAL DATA
|
BALANCE SHEET |
|||
|
Unit: One VND |
|||
|
Balance sheet
date |
30/06/2012 |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
26 |
52 |
52 |
|
Audit status |
Unaudited |
Audited |
Unknown |
|
ASSETS |
|||
|
A – CURRENT ASSETS |
280,018,724,093 |
248,510,103,443 |
195,510,031,165 |
|
I. Cash and cash equivalents |
6,705,867,297 |
5,821,346,648 |
6,648,109,322 |
|
1. Cash |
6,705,867,297 |
5,821,346,648 |
6,648,109,322 |
|
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 |
166,112,133,200 |
160,077,644,309 |
117,382,297,896 |
|
1. Receivable from customers |
160,332,542,763 |
156,492,390,954 |
112,086,828,032 |
|
2. Prepayments to suppliers |
5,521,489,688 |
3,147,812,858 |
4,338,082,437 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
758,100,749 |
937,440,497 |
957,387,427 |
|
6. Provisions for bad debts |
-500,000,000 |
-500,000,000 |
0 |
|
IV. Inventories |
98,330,262,395 |
79,463,185,220 |
69,028,655,278 |
|
1. Inventories |
98,686,471,339 |
80,029,593,368 |
69,366,372,110 |
|
2. Provisions for devaluation of inventories |
-356,208,944 |
-566,408,148 |
-337,716,832 |
|
V. Other Current Assets |
8,870,461,201 |
3,147,927,266 |
2,450,968,669 |
|
1. Short-term prepaid expenses |
921,861,406 |
51,882,816 |
0 |
|
2. VAT to be deducted |
1,118,567,153 |
1,130,290,397 |
860,045,601 |
|
3. Taxes and other accounts receivable from the State |
0 |
2,412,592 |
0 |
|
4. Other current assets |
6,830,032,642 |
1,963,341,461 |
1,590,923,068 |
|
B. LONG-TERM ASSETS |
84,241,309,368 |
88,894,825,560 |
94,281,063,015 |
|
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 |
71,629,041,016 |
74,915,262,357 |
78,836,540,877 |
|
1. Tangible assets |
69,214,554,997 |
71,347,711,018 |
62,752,837,108 |
|
- Historical costs |
115,115,079,302 |
114,562,937,241 |
98,641,493,475 |
|
- Accumulated depreciation |
-45,900,524,305 |
-43,215,226,223 |
-35,888,656,367 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
882,843,378 |
929,136,510 |
782,322,774 |
|
- Initial costs |
1,116,125,328 |
1,116,125,328 |
910,925,328 |
|
- Accumulated amortization |
-233,281,950 |
-186,988,818 |
-128,602,554 |
|
4. Construction-in-progress |
1,531,642,641 |
2,638,414,829 |
15,301,380,995 |
|
III. Investment property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
100,000,000 |
100,000,000 |
1,395,523,427 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
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 |
0 |
|
V. Other long-term assets |
12,512,268,352 |
13,879,563,203 |
14,048,998,711 |
|
1. Long-term prepaid expenses |
12,512,268,352 |
13,879,563,203 |
14,048,998,711 |
|
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 |
364,260,033,461 |
337,404,929,003 |
289,791,094,180 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
264,231,759,983 |
233,006,872,721 |
187,261,576,302 |
|
I. Current liabilities |
264,029,202,182 |
230,629,304,575 |
181,804,406,579 |
|
1. Short-term debts and loans |
107,251,424,981 |
88,695,472,649 |
98,181,235,472 |
|
2. Payable to suppliers |
119,289,883,233 |
112,969,388,732 |
61,084,681,205 |
|
3. Advances from customers |
6,277,638,885 |
3,207,485,635 |
1,878,613,024 |
|
4. Taxes and other obligations to the State Budget |
1,859,183,201 |
3,114,563,467 |
1,257,389,626 |
|
5. Payable to employees |
1,003,036,223 |
1,508,496,423 |
772,063,701 |
|
6. Accrued expenses |
7,352,718,259 |
3,531,241,284 |
1,530,424,507 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
20,634,039,622 |
17,289,190,412 |
17,099,999,044 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
361,277,778 |
313,465,973 |
0 |
|
II. Long-Term Liabilities |
202,557,801 |
2,377,568,146 |
5,457,169,723 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
29,907,669 |
2,204,918,014 |
0 |
|
4. Long-term debts and loans |
0 |
0 |
5,397,556,123 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
172,650,132 |
172,650,132 |
59,613,600 |
|
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 |
100,028,273,478 |
104,398,056,282 |
102,529,517,878 |
|
I. OWNER’S EQUITY |
99,385,080,520 |
103,638,241,245 |
101,214,985,622 |
|
1. Capital |
50,241,000,000 |
50,241,000,000 |
50,241,000,000 |
|
2. Share premiums |
42,083,900,000 |
42,083,900,000 |
42,083,900,000 |
|
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 |
118,911,810 |
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 |
0 |
|
10. Retained earnings |
2,269,444,865 |
6,604,840,670 |
4,941,629,908 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other sources and funds |
643,192,958 |
759,815,037 |
1,314,532,256 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
294,649,573 |
|
2. Sources of expenditure |
0 |
0 |
24,230,882 |
|
3. Fund to form fixed assets |
643,192,958 |
759,815,037 |
995,651,801 |
|
MINORITY’S INTEREST |
0 |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
364,260,033,461 |
337,404,929,003 |
289,791,094,180 |
|
|
|||
|
PROFIT &
LOSS STATEMENT |
|||
|
|
|||
|
Description |
6 months of 2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
241,597,434,652 |
589,688,438,730 |
494,342,400,519 |
|
2. Deduction item |
768,987,198 |
2,593,110,481 |
5,508,266,430 |
|
3. Net revenue |
240,828,447,454 |
587,095,328,249 |
488,834,134,089 |
|
4. Costs of goods sold |
205,536,964,133 |
514,387,443,828 |
431,497,461,047 |
|
5. Gross profit |
35,291,483,321 |
72,707,884,421 |
57,336,673,042 |
|
6. Financial income |
322,175,985 |
959,684,921 |
1,392,498,815 |
|
7. Financial expenses |
8,058,842,773 |
20,552,040,130 |
16,383,675,943 |
|
- In which: Loan interest expenses |
7,992,287,202 |
19,395,947,492 |
15,248,303,458 |
|
8. Selling expenses |
17,739,787,603 |
30,431,732,866 |
22,215,974,710 |
|
9. Administrative overheads |
8,311,920,654 |
15,860,641,228 |
15,398,336,482 |
|
10. Net operating profit |
1,503,108,276 |
6,823,155,118 |
4,731,184,722 |
|
11. Other income |
22,709,096 |
428,072,057 |
494,455,169 |
|
12. Other expenses |
118,099,230 |
43,594,271 |
182,162,968 |
|
13. Other profit /(loss) |
-95,390,134 |
384,477,786 |
312,292,201 |
|
14. Total accounting profit before tax |
1,407,718,142 |
7,207,632,904 |
5,043,476,923 |
|
15. Current corporate income tax |
351,929,536 |
1,814,881,099 |
1,275,592,553 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
1,055,788,606 |
5,392,751,805 |
3,767,884,370 |
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS
|
Description |
6 months of 2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.06 |
1.08 |
1.08 |
1.65 |
|
Quick liquidity ratio |
0.69 |
0.73 |
0.70 |
1.04 |
|
Inventory circle |
2.31 |
6.47 |
5.65 |
4.14 |
|
Average receive period |
251.76 |
99.52 |
87.65 |
105.37 |
|
Utilizing asset performance |
0.66 |
1.74 |
1.69 |
1.20 |
|
Liability by total assets |
72.54 |
69.06 |
64.62 |
53.11 |
|
Liability by owner's equity |
264.16 |
223.19 |
182.64 |
159.74 |
|
Ebit / Total assets (ROA) |
2.58 |
7.88 |
7.00 |
10.37 |
|
Ebit / Owner's equity (ROE) |
9.40 |
25.48 |
19.79 |
23.03 |
|
Ebit / Total revenue (NPM) |
3.89 |
4.51 |
4.10 |
10.15 |
|
Gross profit / Total revenue (GPM) |
14.61 |
12.33 |
11.60 |
25.88 |
|
Note: The Average Industry was calculated by VietnamCredit based on
our own statistical data |
||||
|
|
||||
CASH FLOW
STATEMENT
|
(Indirect method) |
|||||
|
Items |
6 months of 2012 |
FY2011 |
|
||
|
I. Cash flows from operating activities |
|||||
|
1. Profit before tax |
1,407,718,142 |
7,207,632,904 |
|
||
|
2. Adjustments |
|
|
|
||
|
- Depreciation and amortization |
4,398,757,798 |
7,674,928,656 |
|
||
|
- Provisions |
-210,199,204 |
728,691,316 |
|
||
|
- Unrealized foreign exchange difference |
118,911,810 |
36,676,730 |
|
||
|
- Gain/loss from investing activities |
-100,665,130 |
-1,018,901,310 |
|
||
|
- Interest expense |
7,992,287,202 |
19,395,947,492 |
|
||
|
3. Operating profit before movements in working capital |
13,606,810,618 |
34,024,975,788 |
|
||
|
- (Increase)/Decrease in receivables |
-5,997,502,227 |
-43,740,422,194 |
|
||
|
- (Increase)/Decrease in inventories |
-18,356,877,971 |
-10,663,221,258 |
|
||
|
- Increase/(Decrease) in accounts payable |
15,729,782,523 |
57,005,948,473 |
|
||
|
- (Increase)/Decrease in prepaid expenses |
597,316,261 |
117,552,692 |
|
||
|
- Interest paid |
-7,992,287,202 |
-19,395,947,492 |
|
||
|
- Corporate income tax paid |
-1,278,912,022 |
-972,901,199 |
|
||
|
- Other cash inflows |
0 |
0 |
|
||
|
- Other cash outflows |
-4,069,635,000 |
-118,290,882 |
|
||
|
Net cash from (used in) operating activities |
-7,761,305,020 |
16,257,693,928 |
|
||
|
II. Cash flows from investing activities |
|
||||
|
1. Acquisition of fixed assets and other long - term assets |
-5,853,137,303 |
-3,989,486,900 |
|
||
|
2. Proceeds from fixed assets and long - term assets disposal |
0 |
356,192,870 |
|
||
|
3. Cash outflow for lending, buying debt instruments of other
companies |
0 |
898,546,946 |
|
||
|
4. Cash recovered from lending, selling debt instruments of other
companies |
0 |
0 |
|
||
|
5. Investment in other entities |
0 |
0 |
|
||
|
6. Cash recovered from investments in other entities |
0 |
0 |
|
||
|
7. Interest income, dividend and profit paid |
322,175,985 |
959,684,921 |
|
||
|
Net cash from (used in) investing activities |
-5,530,961,318 |
-1,775,062,163 |
|
||
|
III. Cash flows from financing activities |
|
||||
|
1. Proceeds from issuing stocks, receiving capital from owners |
0 |
0 |
|
||
|
2. Capital withdrawal, buying back issued stocks |
0 |
0 |
|
||
|
3. Proceeds from borrowings |
153,928,305,043 |
324,258,066,400 |
|
||
|
4. Repayment of borrowings |
-137,595,234,656 |
-336,936,467,332 |
|
||
|
5. Repayment of obligations under finance leased |
0 |
0 |
|
||
|
6. Dividends paid |
-2,156,283,400 |
-2,977,573,200 |
|
||
|
Net cash from (used in) financing activities |
14,176,786,987 |
-15,655,974,132 |
|
||
|
Net increase/(decrease) in cash and cash equivalents |
884,520,649 |
-1,173,342,367 |
|
||
|
Cash and cash equivalents at beginning of year |
5,821,346,648 |
6,648,109,322 |
|
||
|
Effect from changing foreign exchange rate |
-36,676,730 |
346,579,693 |
|
||
|
Cash and cash equivalents at end of year |
6,705,867,297 |
5,821,346,648 |
|
||
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
Beginning in 1958, MEDIPLANTEX., JSC has long history in the pharmaceutical
industry and its position is fairly good. Its chartered capital has been
increased to VND 50,241 million in 2008. At present, it 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.
The subject has about 500 employees including office staffs and workers.
Its facilities are quite good. Besides headquarters in Hanoi, 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 more than half century of existence and development, its
trademark in Vietnam seems good. The subject has been allowed circulation over
150 kinds of high-quality products. Besides supplying in the local market, its
products are exported to many countries in the world, in which 6 main markets
including France, Australia, Germany, India, Japan, and Korea.
The financial situation of company is average. Looking at the following
chart of company, we see that the total assets and owner’s equity has uptrend
but the liabilities were relatively high. It made the liquidity and financial
leverage ratios were humble in compared with the industry average.
Besides that, the revenue’s growth was not stable through years, and the
profit was still humble (look at follow
chart).
In short, the subject is ranked as a large-sized company in the
industry. It is able to meet normal financial commitments.
|
INDUSTRY DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed by price compared with 1994 (%) |
Total enterprises 2010 |
Total employees 2011 (Thous.pers.) |
Annual average capital of enterprises 2010 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture, Forestry and Fishing |
4.00 |
2.78 |
8,887 |
24,362.9 |
95,227 |
|
|
Industry and Construction |
5.53 |
7.70 |
95,217 |
10,718.9 |
3,641,376 |
|
|
Trade and Services |
6.69 |
7.52 |
187,195 |
15,270.2 |
6,957,082 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population (Million
person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic Products
(USD billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita
(USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (% Change in Composite
CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget Deficit
compared with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
|
SERVICE TRADE
PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source: General Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.25 |
|
Euro |
1 |
Rs.71.72 |
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.