|
Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
KHANH HOA PHARMACEUTICAL JOINT STOCK
COMPANY |
|
|
|
|
Formerly Known as: |
KHANH HOA PHARMACEUTICAL AND MEDICAL EQUIPMENT COMPANY |
|
|
|
|
Registered Office : |
No. 74 Thong Nhat, Nha Trang City, Khanh Hoa Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2010 |
|
|
|
|
Year of Establishments: |
1977 |
|
|
|
|
Com. Reg. No.: |
4200562765 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturing and trading pharmaceutical
products, medicine |
|
|
|
|
No. of Employees : |
500 |
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 : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Vietnam |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
vietnam ECONOMIC OVERVIEW
Vietnam is a
densely-populated developing country that has been transitioning from the
rigidities of a centrally-planned economy since 1986. Vietnamese authorities have
reaffirmed their commitment to economic modernization in recent years. Vietnam
joined the World Trade Organization in January 2007, which has promoted more
competitive, export-driven industries. Vietnam became an official negotiating
partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's
share of economic output has continued to shrink from about 25% in 2000 to less
than 22% in 2012, while industry's share increased from 36% to nearly 41% in
the same period. State-owned enterprises account for roughly 40% of GDP.
Poverty has declined significantly, and Vietnam is working to create jobs to
meet the challenge of a labor force that is growing by more than one million
people every year. The global recession hurt Vietnam's export-oriented economy,
with GDP in 2012 growing at 5%, the slowest rate of growth since 1999. In 2012,
however, exports increased by more than 18%, year-on-year; several
administrative actions brought the trade deficit back into balance. Between
2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of
20%, but its value remained stable in 2012. Foreign direct investment inflows
fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in
new development assistance for 2013. Hanoi has oscillated between promoting
growth and emphasizing macroeconomic stability in recent years. In February
2011, the Government shifted policy away from policies aimed at achieving a
high rate of economic growth, which had stoked inflation, to those aimed at
stabilizing the economy, through tighter monetary and fiscal control. Although
Vietnam unveiled a broad, "three pillar" economic reform program in
early 2012, proposing the restructuring of public investment, state-owned
enterprises, and the banking sector, little perceptible progress had been made
by early 2013. Vietnam's economy continues to face challenges from an
undercapitalized banking sector. Non-performing loans weigh heavily on banks
and businesses. In September 2012, the official bad debt ratio climbed to 8.8%,
though some independent analysts believe it could be higher than 15%.
|
Source : CIA |
SUBJECT IDENTIFICATION & LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
Registered English Name |
|
KHANH HOA PHARMACEUTICAL JOINT STOCK
COMPANY |
|
Registered Vietnamese Name |
|
CONG TY CO PHAN DUOC PHAM KHANH HOA |
|
Registered Short name |
|
KHAPHARCO |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1977 |
|
Establishment Decision |
|
345/QD/UB |
|
Date of Issuance |
|
20 Feb 2004 |
|
Place of Issuance |
|
People’s Committee of Khanh Hoa Province |
|
Business Registration No. |
|
4200562765 |
|
Date of Registration |
|
08 Jul 2004 |
|
Latest Date of Adjustment |
|
06 Jun 2013 |
|
Place of Registration |
|
Planning and Investment Department of
Khanh Hoa Province |
|
Chartered capital |
|
VND 30,400,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
4200562765 |
|
Total Employees |
|
500 |
Historical
Identification & Legal form
|
List |
Changed
Items |
Date
of changes |
|
1 |
Subject has got former
Business Registration No: 3703000102 Changed to: 4200562765
(same as the tax code) |
22 Nov 2011 |
|
2 |
Subject has got former Registered
English Name: KHANH HOA PHARMACEUTICAL AND MEDICAL EQUIPMENT COMPANY Changed
to: KHANH HOA PHARMACEUTICAL JOINT STOCK COMPANY |
08 Jun 2004 |
|
3 |
Subject has got former
Registered Vietnamese Name: CONG TY DUOC PHAM – VAT TU Y TE KHANH HOA Changed to: CONG TY CO
PHAN DUOC PHAM KHANH HOA |
08 Jun 2004 |
|
4 |
Subject has got former
Type of Business: State-owned Company Changed to: Joint-Stock Company |
08 Jun 2004 |
|
5 |
Subject has got former
Business Registration No: 112917 Changed to: 3703000102 |
08 Jun 2004 |
|
6 |
Subject has got former
Establishment Decision No. 5023/1999/QD-UB (dated on 30 Dec 1999) Changed to: No. 345/QD/UB
|
20 Feb 2004 |
|
7 |
Subject has got former registered
capital: VND 11,000,000,000 Changed to: VND 20,000,000,000 |
N/A |
|
8 |
Subject has got former
Tax code No: 4200394824 Changed to: 4200562765 |
N/A |
|
9 |
Subject has got former Address:
No.48 – Sinh Trung, Van Thanh Ward, Nha Trang City, Khanh Hoa Province,
Vietnam. Changed to: No. 82 Thong
Nhat, Nha Trang City, Khanh Hoa Province Changed to: No. 74 Thong Nhat, Nha
Trang City, Khanh Hoa Province |
N/A |
|
10 |
Subject has got former
Address of Ha Noi Branch: No.51/26, Nguyen Hong Street, Dong Da District, Ha
Noi City, Vietnam Changed to: No. 3/51
Hoang Cau Str., Dong Da District, Ha Noi City, Vietnam |
N/A |
|
11 |
Subject has got former Chief
of Business Department: Mr. VO KHANH Changed to: Ms. NGUYEN
PHUONG TRANG |
N/A |
|
12 |
Subject has got former
Chartered Capital: VND 20,000,000,000 Changed to: VND
30,400,000,000 |
N/A |
|
|
||
Company ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
No. 74 Thong Nhat, Nha Trang City, Khanh
Hoa Province, Vietnam |
|
Telephone |
|
(84-58) 3824662/3 822946 |
|
Fax |
|
(84-58) 3825845 |
|
Email |
|
|
|
Website |
|
|
|
Note:
- The given one is the former address of the subject. The current one
is as above.
- The exact telephone number of the company is as above mentioned
- We have sent an email to the given email address and received a
failure caution. It registers email address as above. |
||
|
|
||
|
Factory Address |
||
|
Address |
|
2/4 Road Vinh Hoa Ward, Nha Trang City,
Khanh Hoa Province, Vietnam |
|
Telephone |
|
(84-58) 3832 877 |
|
Fax |
|
(84-58) 3835 163 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
No. 90A/B13 Ly Thuong Kiet, 10 District,
Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38661525/ 38637850 |
|
Fax |
|
(84-8) 38637620 |
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
No. 3/51 Hoang Cau Street, Dong Da
District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3 773 6632/ 37737087 |
|
Fax |
|
(84-4) 3 773 6632 |
|
Note: There are about 15 people working at this
branch. |
||
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
LE NHUAN |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
06 Apr 1953 |
|
ID Number/Passport |
|
220925137 |
|
ID Issue Date |
|
23 Oct 2002 |
|
ID Issue Place |
|
Khanh Hoa Police Station
|
|
Resident |
|
No.17 Trinh Phong
Str, Phuoc Tien Ward, Nha Trang City, Khanh Hoa Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-58) 3824662 |
|
Email |
|
lenhuan06@gmail.com |
|
Qualification |
|
Pharmacist |
|
|
||
|
2.
NAME |
|
Mr.
PHAM NGOC SUU |
|
Position |
|
Deputy General Director |
|
Resident |
|
6B Road 7C Phuoc Long
Ward, Nha Trang City, Khanh Hoa Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-58) 3 810 462 |
|
Qualification |
|
Pharmacist |
|
Years of experience |
|
Over 10 years |
|
|
||
|
3.
NAME |
|
Mr.
LE DUY ANH |
|
Position |
|
Director of Human Resources |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-58) 3810096 |
|
Qualification |
|
Bachelor of Laws |
|
|
||
|
4.
NAME |
|
Mr.
TRAN VAN NGHIA |
|
Position |
|
Finance Director |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Bachelor |
|
|
||
|
5.
NAME |
|
Mr.
TRAN THI CANH |
|
Position |
|
Production Director |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Pharmacist |
|
|
||
|
6.
NAME |
|
Ms.
NGUYEN PHUONG TRANG |
|
Position |
|
Chief of Business Department |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject is mainly involving
in: - Manufacturing and trading pharmaceutical
products, medicine |
|
|
IMPORT & EXPORT ACTIVITIES
|
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Materials and products |
|
·
Market |
|
China, USA, Korea, EU, India and Asian Countries… |
|
·
Ratio |
|
90% (materials), 30% (India) |
|
·
Mode of payment |
|
L/C ( more preferred), T/T |
|
Note: Materials are mostly imported
from China. Finished products are largely from India. Ginseng materials for
drinks production are from Korea. Multifunctional Food products are from
America. |
||
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
drinks made from Slanginess nest and fruit |
|
·
Market |
|
Asian Countries and USA |
|
·
Ratio |
|
small amount. |
|
Note: The subject plans to export
its products to Canada and other countries. Most of products are distributed
in domestic markets via general companies in provinces. |
||
|
|
||
BANKERS
|
||
|
|
||
|
1.
SAIGON THUONG TIN COMMERCIAL JOINT STOCK BANK KHANH HOA BRANCH |
||
|
Address |
|
54A Yersin Van Thanh Ward, Nha Trang City, Khanh Hoa Province, Vietnam
|
|
Telephone |
|
(84-58) 3817596 |
|
Fax |
|
(84-58) 3817698 |
|
|
||
|
2.
VIET NAM BANK FOR AGRICULTURE AND RURAL DEVELOPMEN KHANH HOA BRANCH |
||
|
Address |
|
No. 2 Hung Vuong Str, Nha Trang City, Khanh Hoa Province, Vietnam |
|
Telephone |
|
(84-58) 3811 927 /3816 932 |
|
Fax |
|
(84-58) 3821 924 |
|
|
||
|
3.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE |
||
|
Address |
|
No. 4 Hoang Hoa Tham Str., Nha Trang City, Khanh Hoa Province, Vietnam
|
|
Telephone |
|
(84-58) 3 822 981 |
|
|
||
SHAREHOLDERS
|
||
Note: The
latest business license is not available in our source. Below is the list of
shareholders when the subject’s chartered capital was VND 11 billion.
|
||
|
|
||
|
1.
NAME |
|
Mr.
LE NHUAN |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
06 Apr 1953 |
|
ID Number/Passport |
|
220925137 |
|
Issued on |
|
23 Oct 2002 |
|
Issued Place |
|
Khanh Hoa Police Station |
|
Resident |
|
No.17 Trinh Phong Str, Phuoc Tien Ward,
Nha Trang City, Khanh Hoa Province, Vietnam |
|
Email |
|
lenhuan06@gmail.com |
|
Work phone |
|
(84-58) 3824662 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
510 |
|
|
||
|
2.
NAME |
|
Mr.
PHAM NGOC SUU |
|
Position |
|
Deputy General Director |
|
Resident |
|
6B Road 7C Phuoc Long Ward, Nha Trang
City, Khanh Hoa Province, Vietnam |
|
Work phone |
|
(84-58) 3 810 462 |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
500 |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN MINH TAP |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
515 |
|
|
||
|
4.
NAME |
|
Mr.
NGUYEN TRUNG HIEU |
|
Resident |
|
No.36 Ly Thanh Ton Street Van Thanh Ward,
Nha Trang City, Khanh Hoa Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
500 |
|
|
||
|
5.
NAME |
|
323
OTHER SHAREHOLDERS |
|
Number of shares |
|
42,075 |
|
Note |
|
Most of them are staffs and workers of the
company. |
|
|
||
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: One
VND
|
|||
|
Balance sheet
date |
31/12/2010 |
31/12/2009 |
31/12/2008 |
|
Number of weeks |
52 |
52 |
52 |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
104,551,942,596 |
93,534,545,822 |
95,441,024,772 |
|
I. Cash and cash
equivalents |
7,950,003,402 |
9,719,933,572 |
7,057,580,873 |
|
1. Cash |
7,950,003,402 |
9,719,933,572 |
7,057,580,873 |
|
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 |
31,506,574,247 |
33,055,000,945 |
38,637,772,564 |
|
1. Receivable from customers |
28,834,623,801 |
28,092,894,220 |
18,557,285,742 |
|
2. Prepayments to suppliers |
1,547,046,615 |
1,188,394,763 |
1,796,162,066 |
|
3. Inter-company receivable |
883,725,812 |
675,379,641 |
17,035,260,881 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
346,298,556 |
3,203,452,858 |
1,354,184,412 |
|
6. Provisions for bad debts |
-105,120,537 |
-105,120,537 |
-105,120,537 |
|
IV. Inventories |
60,629,772,154 |
48,000,216,937 |
47,133,553,526 |
|
1. Inventories |
60,629,772,154 |
48,000,216,937 |
47,133,553,526 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current
Assets |
4,465,592,793 |
2,759,394,368 |
2,612,117,809 |
|
1. Short-term prepaid expenses |
324,933,527 |
2,269,446,014 |
2,348,112,999 |
|
2. VAT to be deducted |
194,089,779 |
489,948,354 |
264,004,810 |
|
3. Taxes and other accounts receivable from the State |
62,399,055 |
0 |
0 |
|
4. Other current assets |
3,884,170,432 |
0 |
0 |
|
B. LONG-TERM
ASSETS |
24,645,048,486 |
25,741,658,737 |
23,421,307,456 |
|
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
|
15,684,807,592 |
16,462,354,810 |
16,111,311,078 |
|
1. Tangible assets |
15,542,223,759 |
16,381,296,231 |
16,041,572,815 |
|
- Historical costs |
37,190,589,672 |
35,547,526,740 |
32,821,925,460 |
|
- Accumulated depreciation |
-21,648,365,913 |
-19,166,230,509 |
-16,780,352,645 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
15,991,919 |
25,959,515 |
14,327,111 |
|
- Initial costs |
49,838,000 |
49,838,000 |
31,838,000 |
|
- Accumulated amortization |
-33,846,081 |
-23,878,485 |
-17,510,889 |
|
4. Construction-in-progress |
126,591,914 |
55,099,064 |
55,411,152 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term
investments |
21,173,750 |
21,173,750 |
21,173,750 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
21,173,750 |
21,173,750 |
21,173,750 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
8,939,067,144 |
9,258,130,177 |
7,288,822,628 |
|
1. Long-term prepaid expenses |
8,939,067,144 |
9,258,130,177 |
7,288,822,628 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
0 |
|
|
1. Goodwill |
0 |
|
|
|
TOTAL ASSETS |
129,196,991,082 |
119,276,204,559 |
118,862,332,228 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
99,898,933,416 |
91,660,102,737 |
92,231,956,991 |
|
I. Current
liabilities |
99,945,106,527 |
91,610,448,782 |
86,448,689,185 |
|
1. Short-term debts and loans |
60,534,943,052 |
53,973,394,416 |
41,049,900,745 |
|
2. Payable to suppliers |
37,001,510,772 |
35,350,220,720 |
25,460,820,666 |
|
3. Advances from customers |
3,706,803 |
11,264,004 |
134,851,219 |
|
4. Taxes and other obligations to the State Budget |
593,020,258 |
142,712,960 |
284,429,222 |
|
5. Payable to employees |
0 |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
0 |
|
7. Inter-company payable |
450,986 |
450,986 |
16,381,783,958 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
1,811,474,656 |
2,132,405,696 |
3,136,903,375 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
|
|
|
|
II. Long-Term
Liabilities |
-46,173,111 |
49,653,955 |
5,783,267,806 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
25,500,000 |
25,500,000 |
25,500,000 |
|
4. Long-term debts and loans |
0 |
0 |
5,723,060,580 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
-71,673,111 |
24,153,955 |
34,707,226 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Sale |
0 |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
29,298,057,666 |
27,616,101,822 |
26,630,375,237 |
|
I. OWNER’S
EQUITY |
28,650,641,953 |
27,201,737,582 |
26,127,619,419 |
|
1. Capital |
21,925,087,652 |
20,000,000,000 |
19,290,000,000 |
|
2. Share premiums |
0 |
0 |
0 |
|
3. Other sources of capital |
0 |
0 |
0 |
|
4. Treasury stocks |
0 |
0 |
0 |
|
5. Differences on asset revaluation |
2,354,285,462 |
950,061,941 |
1,727,668,616 |
|
6. Foreign exchange differences |
0 |
0 |
0 |
|
7. Business promotion fund |
634,144,794 |
2,437,144,746 |
630,934,736 |
|
8. Financial reserved fund |
489,394,063 |
595,672,585 |
436,414,029 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
3,247,729,982 |
3,218,858,310 |
4,042,602,038 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other
sources and funds |
647,415,713 |
414,364,240 |
502,755,818 |
|
1. Bonus and welfare funds (Elder form) |
647,415,713 |
414,364,240 |
502,755,818 |
|
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 |
129,196,991,082 |
119,276,204,559 |
118,862,332,228 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2010 |
FY2009 |
FY2008 |
|
1. Total Sales |
216,435,201,981 |
178,822,005,324 |
148,817,810,265 |
|
2. Deduction item |
8,052,589,694 |
3,270,806,697 |
1,711,759,580 |
|
3. Net sale |
208,382,612,287 |
175,551,198,627 |
147,106,050,685 |
|
4. Costs of goods sold |
167,468,536,325 |
142,800,673,041 |
117,578,032,851 |
|
5. Gross profit |
40,914,075,962 |
32,750,525,586 |
29,528,017,834 |
|
6. Financial income |
78,645,363 |
27,491,559 |
21,201,430 |
|
7. Financial expenses |
5,048,032,701 |
4,281,334,043 |
3,419,491,014 |
|
- In which: Loan interest expenses |
5,030,740,373 |
3,832,948,153 |
3,386,909,396 |
|
8. Selling expenses |
8,438,501,010 |
6,458,253,400 |
7,497,306,404 |
|
9. Administrative overheads |
24,219,153,692 |
18,893,468,367 |
15,238,978,071 |
|
10. Net operating profit |
3,287,033,922 |
3,144,961,335 |
3,393,443,775 |
|
11. Other income |
828,796,533 |
812,821,830 |
735,622,286 |
|
12. Other expenses |
387,053 |
21,821,654 |
162,345 |
|
13. Other profit /(loss) |
828,409,480 |
791,000,176 |
735,459,941 |
|
14. Total accounting profit before tax |
4,115,443,402 |
3,935,961,511 |
4,128,903,716 |
|
15. Current corporate income tax |
509,903,824 |
366,084,363 |
578,046,520 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
3,605,539,578 |
3,569,877,148 |
3,550,857,196 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2010 |
FY2009 |
FY2008 |
Average Industry |
|
Current liquidity ratio |
1.05 |
1.02 |
1.10 |
1.65 |
|
Quick liquidity ratio |
0.44 |
0.50 |
0.56 |
1.04 |
|
Inventory circle |
3.08 |
2.98 |
2.74 |
4.14 |
|
Average receive period |
55.19 |
68.73 |
95.87 |
105.37 |
|
Utilizing asset performance |
1.61 |
1.47 |
1.24 |
1.20 |
|
Liability by total assets |
77.32 |
76.85 |
77.60 |
53.11 |
|
Liability by owner's equity |
340.97 |
331.91 |
346.34 |
159.74 |
|
Ebit / Total assets (ROA) |
7.08 |
6.51 |
6.32 |
10.37 |
|
Ebit / Owner's equity (ROE) |
31.22 |
28.13 |
28.22 |
23.03 |
|
Ebit / Total sale (NPM) |
4.23 |
4.34 |
5.05 |
10.15 |
|
Gross profit / Total sale (GPM) |
18.90 |
18.31 |
19.84 |
25.88 |
|
Note: The Average Industry
was calculated by VietnamCredit based on our own statistical data |
||||
|
|
||||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Fair |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T, L/C |
|
Sale Methods |
|
Distributor |
|
Public opinion |
|
Good |
|
The subject company has operated in the pharmaceutical and medical industry since 1977. To 1999, its precursor - KHANH HOA PHARMACEUTICAL AND MEDICAL EQUIPMENTS COMPANY was officially established with the tax code No. 4200394824. And the subject has been known as a joint stock company under the current name from 8 Jul 2004 following business registration No. 3703000102 issued by Khanh Hoa Department of Planning and Investment and the tax code No. 4200562765. At that time, KHAPHARCO (the short name) operated with total chartered capital of VND 20 billion. Now, its business license has been changed to No. 4200562765 for the tax code coincidence and the chartered capital is lifted to VND 30,400,000,000. Formerly, the subject's head office was located at No. 48 Sinh Trung Str., Van Thanh Ward, Nha Trang City, Khanh Hoa Province, Vietnam. Now, the headquarter has been moved to No. 74 Thong Nhat Str., Nha Trang City, Khanh Hoa Province. In addition, the subject has two branches in two big cities (Ha Noi and Ho Chi Minh). The subject's factory is situated at Road 2/4, Vinh Hoa Ward, Nha Trang City, Khanh Hoa Province. This factory is equipped with modern machines and production lines meeting standard of GMP - WHO, GLP & GSP. Now, the company is specializing in manufacturing pharmaceutical products, medicine, functional food medicine as drinks from Korean ginseng and salangane nests. The subject imports about 90% materials from China, ginseng from Korea, multifunctional food products from America and finished products from India. Its products (by the factory and by import) are distributed to domestic market and partially exported to some Asian countries. The subject is operating under medium scale with about over 500 labors. Financially, it is unfortunate the latest financial data of the subject is not available in our source. However, the financial statement from 2008 to 2010 shows that the operation scales was relatively stable. The value of total assets in 2010 slightly increased more than 8% compared two previous years. The subject remained a rather large amount of liabilities in total capital (in 2010, liability by total assets was 77.32% and that by the owner's equity was 340.97%). These ratios both were higher than the average industry indexes, which show a risky in the subject's capital structure. The current liquidity ratio was acceptable, but the quick one was modest because of the large inventory the subject stored. The financial situation of the subject is considered as above average. The total sales of FY2010 recorded the number of more than VND 216 billion; boosted about 21% over 2009 and 45.4% against 2008. And the profit after tax also enhanced slightly. However, the profitability ratios were not high owing to high costs of goods sold and other expenses. In overview, the subject has a long history of operation
in the field of pharmaceutical production. It has confirmed its position in
the industry. The development prospect is expected to be bright in the
future. Now, the subject has capacity to meet normal financial commitments.
Caution is needed for large transactions with it. |
|
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.58.93 |
|
UK Pound |
1 |
Rs.91.81 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report Prepared by
: |
MNL |
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.