|
Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
Armephaco Joint Stock company |
|
|
|
|
Registered Office : |
No. 118 Vu Xuan Thieu Str, Phuc Loi Ward, Long Bien District, Ha Noi
City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1996 |
|
|
|
|
Com. Reg. No.: |
0100109191 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Producing and trading in medicine and
medical equipment. |
|
|
|
|
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 – 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 |
|
ARMEPHACO JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN ARMEPHACO |
|
Trade name |
|
ARMEPHACO JSC |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1996 |
|
Establishment Decision |
|
470/QD-QP |
|
Date of Issuance |
|
17 Apr 1996 |
|
Place of Issuance |
|
Ministry of Defense |
|
Business Registration No. |
|
0100109191 |
|
Date of Registration |
|
23 Jun 2010 |
|
Place of Registration |
|
Hanoi Planning and Investment Department |
|
Chartered capital |
|
VND 130,000,000,000 |
|
Status |
|
Public Company |
|
Stock symbol |
|
ARMEPHACO |
|
Stock Market |
|
OTC |
|
Outstanding stock |
|
13,000,000 |
|
Tax code |
|
0100109191 |
|
Total Employees |
|
500 |
|
Size |
|
Large |
Historical Identification & Legal form
|
List |
Changed
Items |
Date
of changes |
|
1 |
Subject has got former Business
Registration No: 0106001022 (granted on 21st Aug 1996) Changed to: 0100109191 |
23 Jun 2010 |
|
2 |
Subject has got former
Chartered capital: VND 114,940,000,000 Changed to: VND 130,000,000,000 |
23 Jun 2010 |
|
3 |
Subject has got former Registered
Vietnamese Name: CONG TY DUOC VA TRANG THIET BI Y TE QUAN DOI Changed to: CONG TY CO
PHAN ARMEPHACO |
23 Jun 2010 |
|
4 |
Subject has got former
Registered English Name: ARMY MEDICAL EQUIPMENT AND PHARMACEUTICAL COMPANY Changed to: ARMEPHACO
JOINT STOCK COMPANY |
23 Jun 2010 |
|
5 |
Subject has got former
General Director: Mr. NGUYEN HOAI NAM Changed to Mr. DOAN VAN
THUY Changed to: Mr. NGUYEN
VAN DUNG |
01 Nov 2009 |
|
6 |
Subject has got former Head
Office Address: No.1 Tran Thanh Tong Str, Hai Ba Trung Dist- Hanoi City Changed to: No. 118 Vu
Xuan Thieu Str., Phuc Loi Ward, Long Bien Dist, Hanoi City |
2008 |
|
Head Office
– Pharmaceutical 120 Factory (APHARMA) |
||
|
Address |
|
No. 118 Vu Xuan Thieu Str, Phuc Loi Ward,
Long Bien District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3875 9473 / 9466 / 9477 |
|
Fax |
|
(84-4) 3875 9476 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Medical
Equipment 130 Factory (MEF) |
||
|
Address |
|
Ngoc Hoi Commune, Thanh Tri District, Ha Noi
City, Vietnam |
|
Telephone |
|
(84-4) 38614172 |
|
Fax |
|
(84-4) 3861 4173 |
|
|
||
|
Branch No. 1 in
Ho Chi Minh – Pharmaceutical 150 Factory (COPHAVINA) |
||
|
Address |
|
No. 112 Tran Hung Dao Street, Pham Ngu Lao
Ward, 1 District, Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 38379138 |
|
Fax |
|
(84-8) 3920 3341 |
|
Tax code |
|
0100109191-005 |
|
|
||
|
Branch No. 2 in
Ho Chi Minh |
||
|
Address |
|
Lot P9, Medical Equipment and Pharmaceutical
Trade Center, No. 1 To Hien Thanh, Ward 15, District 10, Ho Chi Minh City,
Vietnam |
|
Telephone |
|
(84-8) 3 9797 331 |
|
Fax |
|
(84-8) 3 9797 348 |
|
Tax code |
|
0100109191-016 |
|
Branch’s Director |
|
Mr. DUONG DINH SON |
|
|
||
|
Branch in Can
Tho |
||
|
Address |
|
No. 84 Ly Tu Trong Street, An Cu Ward,
Ninh Kieu District, Can Tho City, Vietnam |
|
Telephone |
|
(84-710) 625 2199 |
|
Fax |
|
(84-710) 625 2109 |
|
Tax code |
|
0100109191-006 |
|
|
||
|
Branch in Gia
Lai |
||
|
Address |
|
No. 148A Hai Ba Trung Street, Yen Do Ward,
Pleiku City, Gia Lai Province, Vietnam |
|
Telephone |
|
(84-59) 625 1399 |
|
Fax |
|
(84-59) 388 3625 |
|
Tax code |
|
0100109191-007 |
|
|
||
|
Branch in Da
Nang |
||
|
Address |
|
57 Nguyen Huu Tho Str. Hoa Thuan Tay Ward,
Hai Chau District, Da Nang City, Vietnam |
|
Telephone |
|
(84-511) 656 2979 |
|
Fax |
|
(84-511) 361 4686 |
|
Tax code |
|
0100109191-008 |
|
Branch’s Director |
|
Mr. NGUYEN VAN CUONG |
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
No. 8 Tang Bat Ho Str., Pham Dinh Ho Ward,
Hai Ba Trung District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 39717436 /3971 7439 /3972 3752 |
|
Fax |
|
(84-4) 39717436 |
|
Tax code |
|
0100109191-009 |
|
Branch’s Director |
|
Mr. NGUYEN CHI THANH |
|
|
||
|
Branch in Hai
Phong |
||
|
Address |
|
275 Lach Tray Str. Dang Giang Ward, Ngo
Quyen District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3261 328 |
|
Fax |
|
(84-31) 3261 329 |
|
Tax code |
|
0100109191-014 |
|
Branch’s Director |
|
Mr. Le Thanh Ha |
|
|
||
|
1. GOOD FIVE
PHARMACEUTICAL JOINT STOCK COMPANY |
||
|
Business Registration |
|
0105213566 |
|
Date of Registration |
|
25 Mar 2011 |
|
Place of Registration |
|
Ha Noi Department of Planning and Investment |
|
Registered Capital |
|
VND 26,000,000,000 |
|
Tax code |
|
0105213566 |
|
Address |
|
No. 118 Vu Xuan Thieu Street, Phuc Loi Ward, Long Bien District, Ha
Noi City, Vietnam |
|
|
||
|
2. VINAHANKOOK
MEDICAL SUPPLIES CO., LTD |
||
|
Address |
|
R601 Thang Long Building 105 Lang Ha Str., Dong Da District, Ha Noi
City, Vietnam |
|
Tel |
|
(84-4) 3 5622874/5 - (84-4) 3 5622873 |
|
1.
NAME |
|
Mr.
NGUYEN VAN DUNG |
|
Position |
|
Chairman cum General Director |
|
Date of Birth |
|
07 Oct 1963 |
|
ID Number/Passport |
|
87052951 |
|
ID Issue Date |
|
15 Jan 2010 |
|
Resident |
|
No 5, Lane 16, Nan Ho
Street Nan Chin Ward, Thant Xuan District, Ha Noie City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
DO CHI |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-69) 555358 |
|
|
||
|
3.
NAME |
|
Ms.
NGUYEN THI HUONG |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-69) 555358 |
|
|
||
|
4.
NAME |
|
Mr.
DO VAN BE |
|
Position |
|
Deputy General Director |
|
ID Number/Passport |
|
3A8E022021 |
|
Nationality |
|
Vietnamese |
|
|
||
|
5.
NAME |
|
Mr.
DUONG DINH SON |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
6.
NAME |
|
Mr.
DO DUC THINH |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
7.
NAME |
|
Mr.
BUI VIET TUAN |
|
Position |
|
Chief Accountant |
|
Resident |
|
No. 118 Vu Xuan
Thiru, Phu Loi Ward, Long Bien District, Ha Noie City, Vietnam |
|
Tel/Mobile phone |
|
+84 914 283 868 |
|
The
subject is mainly involving in: - Producing and trading in medicine and medical
equipment. |
|
IMPORT: |
||
|
·
Types of products |
|
Equipment and chemical essential |
|
·
Market |
|
Germany, America, Japan, China, India... |
|
·
Ratio |
|
N/A |
|
·
Mode of payment |
|
L/C, T/T |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Pharmaceutical products |
|
·
Market |
|
Cambodia, Laos |
|
·
Ratio |
|
Small |
|
1.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM THANH DO BRANCH |
||
|
Address |
|
No.463 Nguyen Van Linh, Phuc Dong Ward, Long Bien District, Ha Noi
City, Vietnam |
|
Telephone |
|
(84-4) 38757952 |
|
VND Account |
|
15110000027726 |
|
|
||
|
2.
MILITARY COMMERCIAL JOINT STOCK BANK HOAN KIEM BRANCH |
||
|
Address |
|
No.35 Hai Ba Trung Street, Hoan Kiem District, Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3936 7799 |
|
Fax |
|
(84-4) 3938 6107 |
|
|
||
|
3.
VIETNAM BANK FOR AGRICULTURE AND RURAL DEVELOPMENT HA THANH BRANCH |
||
|
Address |
|
No.236 Le Thanh Nghi Street, Hai Ba Trung District, Ha Noi City,
Vietnam |
|
Telephone |
|
(84-4) 36284026 |
|
Fax |
|
(84-4) 36284027 |
|
1.
NAME |
|
Ministry
of Defense |
|
Number of shares |
|
6,630,000 |
|
Value of shares |
|
VND 66,300,000,000 |
|
Percentage |
|
51% |
|
|
||
|
2.
NAME |
|
Other
Shareholders |
|
Number of shares |
|
6,370,000 |
|
Value of shares |
|
VND 63,700,000,000 |
|
Percentage |
|
49% |
|
These financial statements are made
following to form of Ministry of Defense. So they are different form to
others. In 23 Jun 2010, subject has just equitized so from 24 Jun 2010
subject has the new financial statement which was audited by Vietnam Auditing
& Evaluation Company Limited. |
|||
|
BALANCE
SHEET |
|||
Unit: One
VND
|
|||
|
Balance sheet
date |
31/12/2012 |
31/12/2011 |
From 24/06/2010
to 31/12/2010 |
|
Number of weeks |
52 |
52 |
- |
|
ASSETS |
|||
|
A – CURRENT
ASSETS |
617,415,371,821 |
544,675,192,475 |
226,179,657,113 |
|
I. Cash and cash
equivalents |
72,277,090,868 |
89,946,053,156 |
63,852,439,476 |
|
1. Cash |
72,277,090,868 |
89,946,053,156 |
63,852,439,476 |
|
2. Cash equivalents |
0 |
0 |
0 |
|
II. Short-term
investments |
0 |
144,000,000 |
0 |
|
1. Short-term investments |
0 |
144,000,000 |
0 |
|
2. Provisions for devaluation of short-term investments |
0 |
0 |
0 |
|
III. Accounts
receivable |
366,750,086,592 |
300,279,282,045 |
101,757,064,613 |
|
1. Receivable from customers |
318,484,351,865 |
207,742,306,109 |
51,734,972,528 |
|
2. Prepayments to suppliers |
34,313,461,085 |
82,087,498,237 |
40,418,112,116 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
13,952,273,642 |
10,449,477,699 |
9,603,979,969 |
|
6. Provisions for bad debts |
0 |
|
0 |
|
IV. Inventories |
147,319,046,833 |
128,513,961,270 |
51,154,290,891 |
|
1. Inventories |
147,319,046,833 |
128,513,961,270 |
51,154,290,891 |
|
2. Provisions for devaluation of inventories |
0 |
|
0 |
|
V. Other Current
Assets |
31,069,147,528 |
25,791,896,004 |
9,415,862,133 |
|
1. Short-term prepaid expenses |
12,874,628,015 |
4,148,141,664 |
969,326,647 |
|
2. VAT to be deducted |
3,708,814,003 |
4,909,467,032 |
2,571,005,548 |
|
3. Taxes and other accounts receivable from the State |
0 |
280,369,198 |
260,799 |
|
4. Other current assets |
14,485,705,510 |
16,453,918,110 |
5,875,269,139 |
|
B. LONG-TERM
ASSETS |
122,971,515,577 |
120,055,286,718 |
113,820,498,626 |
|
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
|
101,314,210,306 |
97,576,412,187 |
102,401,393,335 |
|
1. Tangible assets |
100,203,515,582 |
97,576,412,187 |
102,401,393,335 |
|
- Historical costs |
164,146,398,639 |
153,904,467,612 |
149,437,742,074 |
|
- Accumulated depreciation |
-63,942,883,057 |
-56,706,843,317 |
-47,036,348,739 |
|
2. Financial leasehold assets |
0 |
0 |
0 |
|
- Historical costs |
0 |
0 |
0 |
|
- Accumulated depreciation |
0 |
0 |
0 |
|
3. Intangible assets |
1,110,694,724 |
378,787,892 |
0 |
|
- Initial costs |
1,459,179,546 |
545,454,546 |
0 |
|
- Accumulated amortization |
-348,484,822 |
-166,666,654 |
0 |
|
4. Construction-in-progress |
0 |
0 |
0 |
|
III. Investment
property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term investments
|
20,469,488,791 |
20,469,488,791 |
11,369,488,791 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
20,447,488,791 |
20,447,488,791 |
11,347,488,791 |
|
3. Other long-term investments |
22,000,000 |
22,000,000 |
22,000,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other
long-term assets |
1,187,816,480 |
2,009,385,740 |
49,616,500 |
|
1. Long-term prepaid expenses |
1,187,816,480 |
2,009,385,740 |
49,616,500 |
|
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 |
740,386,887,398 |
664,730,479,193 |
340,000,155,739 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
595,532,550,317 |
515,744,594,686 |
207,785,063,515 |
|
I. Current
liabilities |
593,078,098,317 |
511,986,232,769 |
205,207,848,612 |
|
1. Short-term debts and loans |
150,810,437,705 |
89,452,060,132 |
20,000,000,000 |
|
2. Payable to suppliers |
257,462,286,495 |
180,348,471,489 |
60,269,359,104 |
|
3. Advances from customers |
69,044,069,746 |
125,585,541,154 |
18,220,400,733 |
|
4. Taxes and other obligations to the State Budget |
3,545,939,851 |
4,519,693,907 |
772,788,335 |
|
5. Payable to employees |
4,252,764,290 |
2,062,569,696 |
3,941,536,119 |
|
6. Accrued expenses |
582,697,529 |
769,926,136 |
13,200,000 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
107,379,902,701 |
109,247,970,254 |
101,990,564,321 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
0 |
0 |
|
II. Long-Term
Liabilities |
2,454,452,000 |
3,758,361,917 |
2,577,214,903 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
2,234,452,000 |
2,234,452,000 |
934,452,000 |
|
4. Long-term debts and loans |
0 |
0 |
0 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
1,523,909,917 |
1,642,762,903 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
220,000,000 |
0 |
0 |
|
9. Science and technology development fund |
0 |
0 |
0 |
|
B- OWNER’S
EQUITY |
144,854,337,081 |
148,985,884,507 |
132,215,092,224 |
|
I. OWNER’S
EQUITY |
144,757,505,453 |
148,834,960,313 |
130,857,112,242 |
|
1. Capital |
130,000,000,000 |
130,000,000,000 |
130,000,000,000 |
|
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 |
0 |
0 |
0 |
|
6. Foreign exchange differences |
0 |
0 |
0 |
|
7. Business promotion fund |
1,964,949,670 |
428,556,121 |
428,556,121 |
|
8. Financial reserved fund |
1,987,838,811 |
428,556,121 |
428,556,121 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
10,504,716,972 |
17,977,848,071 |
0 |
|
11. Construction investment fund |
300,000,000 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
0 |
0 |
|
II. Other sources
and funds |
96,831,628 |
150,924,194 |
1,357,979,982 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
1,202,055,788 |
|
2. Sources of expenditure |
0 |
0 |
5,000,000 |
|
3. Fund to form fixed assets |
96,831,628 |
150,924,194 |
150,924,194 |
|
MINORITY’S
INTEREST |
0 |
0 |
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
740,386,887,398 |
664,730,479,193 |
340,000,155,739 |
|
PROFIT
& LOSS STATEMENT |
|||
|
Description |
FY2012 |
FY2011 |
From 24/06/2010
to 31/12/2010 |
|
1. Total Sales |
893,315,541,407 |
886,466,363,220 |
269,178,527,525 |
|
2. Deduction item |
1,322,755,756 |
3,374,062,458 |
35,884,040 |
|
3. Net revenue |
891,992,785,651 |
883,092,300,762 |
269,142,643,485 |
|
4. Costs of goods sold |
833,494,737,667 |
828,881,122,522 |
251,836,062,693 |
|
5. Gross profit |
58,498,047,984 |
54,211,178,240 |
17,306,580,792 |
|
6. Financial income |
9,995,323,236 |
7,329,996,256 |
3,405,288,159 |
|
7. Financial expenses |
7,173,667,965 |
6,121,621,407 |
718,348,290 |
|
- In which: Loan interest expenses |
5,855,690,163 |
5,121,642,324 |
604,972,637 |
|
8. Selling expenses |
32,819,357,782 |
21,253,003,401 |
5,618,366,611 |
|
9. Administrative overheads |
16,946,823,462 |
11,614,731,808 |
8,947,832,970 |
|
10. Net operating profit |
11,553,522,011 |
22,551,817,880 |
5,427,321,080 |
|
11. Other income |
250,012,289 |
182,317,980 |
142,250,232 |
|
12. Other expenses |
467,104,664 |
167,120,949 |
286,561,638 |
|
13. Other profit /(loss) |
-217,092,375 |
15,197,031 |
-144,311,406 |
|
14. Total accounting profit before tax |
11,336,429,636 |
22,567,014,911 |
5,283,009,674 |
|
15. Current corporate income tax |
853,904,057 |
4,476,666,839 |
666,841,311 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
10,482,525,579 |
18,090,348,071 |
4,616,168,363 |
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.04 |
1.06 |
1.10 |
1.80 |
|
Quick liquidity ratio |
0.79 |
0.81 |
0.85 |
1.12 |
|
Inventory circle |
5.66 |
6.45 |
4.92 |
3.56 |
|
Average receive period |
150.07 |
124.11 |
138.00 |
117.46 |
|
Utilizing asset performance |
1.20 |
1.33 |
0.79 |
1.10 |
|
Liability by total assets |
80.44 |
77.59 |
61.11 |
50.87 |
|
Liability by owner's equity |
411.13 |
346.17 |
157.16 |
169.03 |
|
Ebit / Total assets (ROA) |
2.32 |
4.17 |
1.73 |
12.05 |
|
Ebit / Owner's equity (ROE) |
11.87 |
18.58 |
4.45 |
27.25 |
|
Ebit / Total revenue (NPM) |
1.92 |
3.12 |
2.19 |
12.32 |
|
Gross profit / Total revenue (GPM) |
6.55 |
6.12 |
6.43 |
29.69 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
CASH
FLOW STATEMENT |
||
|
(Direct
method) |
||
|
Items |
FY2012 |
FY2011 |
|
I. Cash flows
from operating activities |
||
|
1.Cash received from customers |
1,118,434,140,553 |
988,603,521,515 |
|
2. Cash paid to suppliers |
-1,155,719,577,538 |
-1,041,571,581,477 |
|
3. Cash paid to employees |
-23,142,596,624 |
-22,018,059,619 |
|
4. Interest paid |
-5,586,317,686 |
-3,737,253,137 |
|
5. Income taxes paid |
-4,463,325,875 |
-982,505,318 |
|
6. Other operating cash receipts |
32,460,066,820 |
58,152,259,153 |
|
7. Other operating payments |
-34,563,593,815 |
-7,810,005,765 |
|
Net cash flows from operating activities |
-72,581,204,165 |
-29,363,624,648 |
|
II. Cash flows
from investing activities |
||
|
1. Purchases and construction of fixed assets and other long-term
assets |
-3,359,836,757 |
-6,127,530,822 |
|
2. Gains from disposals and liquidation of fixed assets and other
long-term assets |
0 |
0 |
|
3. Loans given and purchases of debt instruments of other entities |
0 |
-83,954,333,030 |
|
4. Recovery of loans given and disposals of debt instruments of other
entities |
144,000,000 |
83,810,333,030 |
|
5. Investments into other entities |
0 |
-9,100,000,000 |
|
6. Withdrawals of investments in other entities |
0 |
0 |
|
7. Receipts of loan interests, dividends and profit shared |
4,002,037,494 |
2,955,908,518 |
|
Net cash flows from investing activities |
786,200,737 |
-12,415,622,304 |
|
III. Cash flows
from financing activities |
||
|
1. Gains from stock issuance and capital contributions from
shareholders |
0 |
138,999,799,330 |
|
2. Repayment for capital contributions and re-purchases of stocks
already issues |
0 |
-69,547,739,198 |
|
3. Short-term and long-term loans received |
294,569,460,130 |
0 |
|
4. Loan principal amounts repaid |
-233,211,082,557 |
0 |
|
5. Payments for financial leasehold assets |
0 |
0 |
|
6. Dividends and profit already paid to the owners |
-7,230,636,250 |
-1,579,199,500 |
|
Net cash flows from financing activities |
54,127,741,323 |
67,872,860,632 |
|
Net cash flows during the year |
-17,667,262,105 |
26,093,613,680 |
|
Beginning cash and cash equivalents |
89,946,053,156 |
63,852,439,476 |
|
Effects of fluctuations in foreign exchange rates |
-1,700,183 |
0 |
|
Ending cash and cash equivalents |
72,277,090,868 |
89,946,053,156 |
|
Trade Morality |
|
Good |
|
Liquidity |
|
Medium |
|
Payment status |
|
Average |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Positive |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
L/C, T/T |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Good |
INTERPRETATION ON THE SCORES
|
The
subject company was founded in 1996 as a state owned company according to
Decision No. 470/QD-QP issued by Ministry of Defense. Its initial chartered capital
was VND 114,940 million. In 2010, the subject changed to operate under model
of a joint stock company and increased its chartered capital to VND 130
billion. The business registration number was also changed to No. 0100109191
for the tax code coincidence. Premises
and facilities of subject are fair. Beside head office at No. 118, Vu Xuan
Thieu Str., Long Bien Dist., it has three factories named APHARMA, MEF and
COPHAVINA which all are equipped with full machines and equipment and meet
the standard of GMP-WHO and quality standard of ISO 9001-2000. In addition,
it has some branches in provinces and big cities such as Hochiminh, Da Nang,
Can Tho... Its force labor is relatively stable with around 500 persons. ARMEPHACO
JSC specialized in manufacturing medicine and medical equipments.
Equipments and chemicals for production are imported from many countries, in
which China and India are main markets. Most of products serve for Ministry
of National Defense. So, these products are not so much popular as others in
the market. A small amount is exported to some neighbor countries including
Cambodia, Laos, etc. Financially,
in reference to 2011, both total assets and total sales in 2012 have
increased. In which total sales slightly rose about nearly VND 7 billion and
total sales was up about 11.4% to more than VND 740 billion. However, profit
before tax decreased nearly a half to VND 11,336,429,636 mainly because of
high administrative overheads. The profitability ratios are acceptable but
rather low in relation with the average indexes. About
the subject's capital structure, around 80% its assets are invested by
liability which also covered 411.13% the owner's equity in 2012. These ratios
are much higher than the average industry and indicate a risk for creditors.
However its operation is relatively stable and the company still receives
strong support from Ministry of Defense. Therefore, its solvency is rated at
medium level. In
general, its operation scale is rather large, operation history is long. The
future prospect seems bright. With current financial situation, the subject
has capacity to meet small and medium financial commitments. Caution is
needed for large transactions. |
|
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 |
|||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.70.50 |
|
Euro |
1 |
Rs.83.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.