|
Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEDOCHEMIE (FAR EAST) LTD. |
|
|
|
|
Registered Office : |
No. 40 Road No. 6, Vietnam - Singapore 2 IP, Hoa Phu Ward, Thu Dau Mot
City, Binh Duong Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.09.2008 |
|
|
|
|
Legal Form : |
One Member Limited liability company (Foreign Invested Company) |
|
|
|
|
Line of Business : |
Subject registers in manufacturing pharmaceuticals and medicine. |
|
|
|
|
No. of Employees : |
100 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but Correct |
|
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 |
|
Current legal status |
||
|
English Name |
|
MEDOCHEMIE (FAR EAST) LTD. |
|
Vietnamese Name |
|
CONG TY TNHH MEDOCHEMIE (VIEN DONG) |
|
Type of Business |
|
One Member Limited liability company (Foreign Invested Company) |
|
Year Established |
|
2008 |
|
Investment Certificate No |
|
463043000279 |
|
Date Of Issuance |
|
16 Sep 2008 |
|
Date of the latest adjustment |
|
17 Apr 2013 |
|
Place of Issuance |
|
Vietnam Singapore Industrial Park Authority |
|
Registered Investment Capital |
|
USD 13,924,600 |
|
Chartered capital |
|
USD 5,424,600 |
|
Tax code |
|
3700996141 |
|
Total Employees |
|
100 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Registered Investment Capital: USD 11,424,600 Changed to: USD 13,924,600 |
2012 |
|
Head Office |
||
|
Address |
|
No. 40 Road No. 6, Vietnam - Singapore 2 IP, Hoa Phu Ward, Thu Dau Mot
City, Binh Duong Province, Vietnam |
|
Telephone |
|
(84-650) 3815 600~622 |
|
Fax |
|
(84-650) 3815 628 |
|
1. NAME |
|
Mr. GREGORIS CHARITONOS |
|
Position |
|
Director |
|
Date of Birth |
|
28 Mar 1961 |
|
ID Number/Passport |
|
K00013517 |
|
ID Issue Date |
|
08 Apr 2011 |
|
ID Issue Place |
|
Cyprus |
|
Resident |
|
No. 51 Kastellorizou Street, Aglantzia Area,
Nicosia, Cyprus |
|
Current resident |
|
Room 6, 5th Floor, An Khang Building, An Phu An Khanh Area,
An Phu Ward, District 2, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Cypriot |
|
Qualification |
|
Management |
|
|
||
|
2. NAME |
|
Ms. PHAM THI TRAM |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
Email |
|
|
|
Qualification |
|
Bachelor |
|
|
||
|
3. NAME |
|
Ms. TRUONG UYEN NHU |
|
Position |
|
Logistics Manager |
|
Current resident |
|
Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
+84 903 996 785 |
|
Email |
|
nhu.truong@medochemie.com |
|
Qualification |
|
Bachelor |
Subject registers in manufacturing pharmaceuticals and medicine.
|
IMPORT: N/A |
|
|
|
EXPORT: N/A |
|
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM BINH DUONG
BRANCH |
||
|
Address |
|
No 72 Phu Hoa Ward, Thu Dau Mot City, Binh Duong Province, Vietnam |
|
Telephone |
|
(84-650) 3898 989 |
|
Fax |
|
(84-650) 3831 220 |
|
NAME |
|
MEDOCHEMIE LTD |
|
Business Registration |
|
7761 |
|
Date of Registration |
|
11 Feb 1976 |
|
Place of Registration |
|
Cyprus |
|
Address |
|
1-10 Constantinoupoleos Street, 3011 Limassol, Cyprus |
|
Tel |
|
+357 25867600 |
|
Fax |
|
+357 25560863 |
|
Email |
|
|
|
Website |
|
|
|
Percentage |
|
100% |
|
Representative |
|
Mr. ANDREAS PITTAS |
|
Date of Birth |
|
04 Apr 1943 |
|
ID Number/Passport |
|
J010117 |
|
Issued on |
|
08 Nov 2004 |
|
Issued Place |
|
Cyprus |
|
Resident |
|
No. 8 Anthimou Gazi Street, 3077 Limassol, Cyprus |
|
Nationality |
|
Cypriot |
|
BALANCE SHEET |
||
|
Unit: One VND |
||
|
Balance sheet
date |
31/12/2012 |
31/12/2011 |
|
Number of weeks |
52 |
52 |
|
ASSETS |
||
|
A – CURRENT ASSETS |
76,725,000,000 |
24,967,000,000 |
|
I. Cash and cash equivalents |
1,886,000,000 |
2,962,000,000 |
|
1. Cash |
1,886,000,000 |
2,962,000,000 |
|
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 |
59,214,000,000 |
302,000,000 |
|
1. Receivable from customers |
50,943,000,000 |
0 |
|
2. Prepayments to suppliers |
1,462,000,000 |
170,000,000 |
|
3. Inter-company receivable |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
|
5. Other receivable |
6,809,000,000 |
132,000,000 |
|
6. Provisions for bad debts |
0 |
0 |
|
IV. Inventories |
13,076,000,000 |
7,995,000,000 |
|
1. Inventories |
13,076,000,000 |
7,995,000,000 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
|
V. Other Current Assets |
2,549,000,000 |
13,708,000,000 |
|
1. Short-term prepaid expenses |
377,000,000 |
311,000,000 |
|
2. VAT to be deducted |
2,159,000,000 |
13,268,000,000 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
|
4. Other current assets |
13,000,000 |
129,000,000 |
|
B. LONG-TERM ASSETS |
189,419,000,000 |
206,827,000,000 |
|
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 |
181,777,000,000 |
196,158,000,000 |
|
1. Tangible assets |
168,813,000,000 |
181,240,000,000 |
|
- Historical costs |
192,246,000,000 |
190,327,000,000 |
|
- Accumulated depreciation |
-23,433,000,000 |
-9,087,000,000 |
|
2. Financial leasehold assets |
0 |
0 |
|
- Historical costs |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
|
3. Intangible assets |
12,050,000,000 |
14,553,000,000 |
|
- Initial costs |
13,173,000,000 |
15,394,000,000 |
|
- Accumulated amortization |
-1,123,000,000 |
-841,000,000 |
|
4. Construction-in-progress |
914,000,000 |
365,000,000 |
|
III. Investment property |
0 |
0 |
|
Historical costs |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
|
IV. Long-term investments |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
|
V. Other long-term assets |
7,642,000,000 |
10,669,000,000 |
|
1. Long-term prepaid expenses |
7,570,000,000 |
10,597,000,000 |
|
2. Deferred income tax assets |
0 |
0 |
|
3. Other long-term assets |
72,000,000 |
72,000,000 |
|
VI. Goodwill |
0 |
0 |
|
1. Goodwill |
0 |
0 |
|
TOTAL ASSETS |
266,144,000,000 |
231,794,000,000 |
|
|
||
|
LIABILITIES |
||
|
A- LIABILITIES |
201,633,000,000 |
172,055,000,000 |
|
I. Current liabilities |
35,629,000,000 |
147,578,000,000 |
|
1. Short-term debts and loans |
21,445,000,000 |
51,029,000,000 |
|
2. Payable to suppliers |
13,447,000,000 |
95,693,000,000 |
|
3. Advances from customers |
0 |
0 |
|
4. Taxes and other obligations to the State Budget |
31,000,000 |
28,000,000 |
|
5. Payable to employees |
0 |
0 |
|
6. Accrued expenses |
706,000,000 |
798,000,000 |
|
7. Inter-company payable |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
|
9. Other payable |
0 |
30,000,000 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
0 |
|
II. Long-Term Liabilities |
166,004,000,000 |
24,477,000,000 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
|
4. Long-term debts and loans |
166,004,000,000 |
24,477,000,000 |
|
5. Deferred income tax payable |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
|
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 |
64,511,000,000 |
59,739,000,000 |
|
I. OWNER’S EQUITY |
64,511,000,000 |
59,739,000,000 |
|
1. Capital |
101,241,000,000 |
101,241,000,000 |
|
2. Share premiums |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
|
5. Differences on asset revaluation |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
|
7. Business promotion fund |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
|
9. Other funds |
0 |
0 |
|
10. Retained earnings |
-36,730,000,000 |
-41,502,000,000 |
|
11. Construction investment fund |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
|
II. Other sources and funds |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
|
2. Sources of expenditure |
0 |
0 |
|
3. Fund to form fixed assets |
0 |
0 |
|
MINORITY’S INTEREST |
0 |
0 |
|
TOTAL LIABILITIES AND OWNER’S EQUITY |
266,144,000,000 |
231,794,000,000 |
|
|
||
|
PROFIT &
LOSS STATEMENT |
||
|
|
||
|
Description |
FY2012 |
FY2011 |
|
1. Total Sales |
72,796,000,000 |
0 |
|
2. Deduction item |
0 |
0 |
|
3. Net revenue |
72,796,000,000 |
0 |
|
4. Costs of goods sold |
49,367,000,000 |
0 |
|
5. Gross profit |
23,429,000,000 |
0 |
|
6. Financial income |
509,000,000 |
1,655,000,000 |
|
7. Financial expenses |
4,844,000,000 |
9,125,000,000 |
|
- In which: Loan interest expenses |
4,122,000,000 |
0 |
|
8. Selling expenses |
2,587,000,000 |
0 |
|
9. Administrative overheads |
18,330,000,000 |
26,191,000,000 |
|
10. Net operating profit |
-1,823,000,000 |
-33,661,000,000 |
|
11. Other income |
6,595,000,000 |
1,000,000 |
|
12. Other expenses |
0 |
0 |
|
13. Other profit /(loss) |
6,595,000,000 |
1,000,000 |
|
14. Total accounting profit before tax |
4,772,000,000 |
-33,660,000,000 |
|
15. Current corporate income tax |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
|
18. Profit after tax |
4,772,000,000 |
-33,660,000,000 |
|
Description |
FY2012 |
FY2011 |
Average Industry |
|
Current liquidity ratio |
2.15 |
0.17 |
1.80 |
|
Quick liquidity ratio |
1.79 |
0.12 |
1.12 |
|
Inventory circle |
4.69 |
- |
3.56 |
|
Average receive period |
296.90 |
- |
117.46 |
|
Utilizing asset performance |
0.27 |
- |
1.10 |
|
Liability by total assets |
75.76 |
74.23 |
50.87 |
|
Liability by owner's equity |
312.56 |
288.01 |
169.03 |
|
Ebit / Total assets (ROA) |
3.34 |
-14.52 |
12.05 |
|
Ebit / Owner's equity (ROE) |
13.79 |
-56.35 |
27.25 |
|
Ebit / Total revenue (NPM) |
12.22 |
- |
12.32 |
|
Gross profit / Total revenue (GPM) |
32.18 |
- |
29.69 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own statistical data |
|||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Medium/High |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Through its corresponding bank, L/C, T/T |
|
Sale Methods |
|
Distributor |
|
Public opinion |
|
Normal |
The subject - MEDOCHEMIE (FAR EAST) LTD - was established in 2008. It is
a 100% foreign invested Company by MEDOCHEMIE LTD in Cyprus. Subject is now
operating under business registration No. 463043000279 issued by Vietnam
Singapore Industrial Park Authority. Its Investment Capital is USD 13,924,600.
Mr. Gregoris Charitonos is legal representative and Director of subject.
The head office and factory of subject
locates at No. 40 Road No. 6 Vietnam - Singapore 2 IP, Hoa Phu Ward, Thu Dau Mot
City, Binh Duong Province. Its premises and
facilities are standard with 18,400 square meters. Its factory is constructed
basing on GMP - WHO - EU STANDARD.
Subject specializes in manufacturing pharmaceuticals and medicine for human.
It intends to manufacture a wide range of oral solid dosage forms, oral
solutions, powder and solutions for injection, dry powders for inhalation, and
creams, ointments and suppositories. Its products are supplied for domestic
market and exported to international market.
As finance statement, subject has just started to have the sale revenue
in 2012. Its revenue and profit were remarkable for young company. Its
liquidity ratios are higher than average industry. Its finance situation is
average. However, its liabilities were quite high compared to its asset
structure. Therefore, there is high risk for huge transaction in short term.
At present, subject is a young company. Its management capability is
normal. It has not much reputation and market share in Viet Nam yet. Its parent
company is a well-know company in pharmaceutical field in Cyprus with over 37
years experience. Subject received great support from our parent company. Its
future prospect seems bright.
In our opinion, subject has capacity to meet
normal financial commitments. No caution needed for small business transactions
with 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.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
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.