|
Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ORIENT PHARMACEUTICAL CORPORATION |
|
|
|
|
Registered Office : |
Lot 7 Street No.2, Tan Tao Industrial Zone, Tan Tao A Ward, Binh Tan
District, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
2007 |
|
|
|
|
Com. Reg. No.: |
0305030898 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
The subject is specialized in manufacturing pharmaceutical products. |
|
|
|
|
No. of Employees : |
150 |
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 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 |
|
Registered English Name |
|
ORIENT PHARMACEUTICAL CORPORATION |
|
Registered Vietnamese Name |
|
CONG TY CO PHAN DUOC PHAM PHUONG DONG |
|
Registered Short name |
|
ORIENT PHARMA CORP |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2007 |
|
Business Registration No. |
|
0305030898 |
|
Date of latest adjustment (2nd) |
|
31 Dec 2009 |
|
Place of Registration |
|
Business Registration Office – Planning and Investment Department of Hochiminh
city |
|
Chartered capital |
|
VND 60,000,000,000 |
|
Tax code |
|
0305030898 |
|
Total Employees |
|
150 |
|
Head Office |
||
|
Address |
|
Lot 7 Street No.2, Tan Tao Industrial Zone, Tan Tao A Ward, Binh Tan District,
Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 3754 0724 - 3754 0725 |
|
Fax |
|
(84-8) 3750 5807 |
|
1. NAME |
|
Mr. VO TAN LOC |
|
Position |
|
President |
|
Date of Birth |
|
13 Mar 1955 |
|
ID Number/Passport |
|
020190901 |
|
ID Issue Date |
|
04 Oct 1995 |
|
ID Issue Place |
|
Police Station of Hochiminh city |
|
Resident |
|
26/7 Truong Dinh Street, Ben Thanh Ward, District
1, Ho Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2. NAME |
|
Mr. NGUYEN VAN MO |
|
Position |
|
Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
3. NAME |
|
Mr. LE DUY PHONG |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
The subject is specialized in manufacturing pharmaceutical products.
|
IMPORT: |
||
|
Types of products |
|
Material |
|
Market |
|
China, India |
|
|
||
|
EXPORT: |
||
|
Types of products |
|
N/A |
|
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE BINH TAN
BRANCH |
||
|
Address |
|
No.9 Plot C Str, Tan Tao Industrial Park, Binh Tan District, Ho Chi
Minh City, Vietnam |
|
Telephone |
|
(84-8) 3754 2193 |
|
SWIFT Code |
|
ICBVVNVX |
|
1. NAME |
|
Mr. VO TAN LOC |
|
Position |
|
President |
|
Date of Birth |
|
13 Mar 1955 |
|
ID Number/Passport |
|
020190901 |
|
Issued on |
|
04 Oct 1995 |
|
Issued Place |
|
Police station of Hochiminh city |
|
Resident |
|
26/7 Truong Dinh Street, Ben Thanh Ward, District 1, Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 57,300,000,000 |
|
Percentage |
|
95.5% |
|
|
||
|
2. NAME |
|
Mr. BIEN CONG PHUC |
|
ID Number/Passport |
|
331090806 |
|
Resident |
|
No 21, Road 28, Quarter 2, Binh Tri Dong B Ward, Binh Tan District, Ho
Chi Minh City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 150,000,000 |
|
Percentage |
|
0.25% |
|
|
||
|
3. NAME |
|
Mr. CHUNG ANH QUANG |
|
ID Number/Passport |
|
023051300 |
|
Resident |
|
107 Nguyen Xi Str, Ward 26, Binh Thanh District, Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 600,000,000 |
|
Percentage |
|
1% |
|
|
||
|
4. NAME |
|
Mr. TA QUAN LUONG |
|
ID Number/Passport |
|
021861943 |
|
Resident |
|
350-352 Dien Bien Phu Street, Ward 11, District 10, Ho Chi Minh City,
Vietnam |
|
Nationality |
|
Vietnamese |
|
Value of shares |
|
VND 1,950,000,000 |
|
Percentage |
|
3.25% |
|
BALANCE SHEET |
|||
|
Unit: One VND |
|||
|
Balance sheet
date |
31/12/2011
|
31/12/2010
|
31/12/2009
|
|
Number of weeks |
52
|
52
|
52
|
|
ASSETS |
|||
|
A – CURRENT ASSETS |
42,709,028,472 |
21,124,000,000 |
12,177,499,761 |
|
I. Cash and cash equivalents |
336,356,522 |
349,000,000 |
177,104,567 |
|
1. Cash |
336,356,522 |
349,000,000 |
177,104,567 |
|
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 |
8,589,684,370 |
2,239,000,000 |
33,146,833 |
|
1. Receivable from customers |
7,778,486,950 |
2,083,000,000 |
33,146,833 |
|
2. Prepayments to suppliers |
811,197,420 |
156,000,000 |
0 |
|
3. Inter-company receivable |
0 |
0 |
0 |
|
4. Receivable according to the progress of construction |
0 |
0 |
0 |
|
5. Other receivable |
0 |
0 |
0 |
|
6. Provisions for bad debts |
0 |
0 |
0 |
|
IV. Inventories |
29,704,244,532 |
15,140,000,000 |
9,631,523,133 |
|
1. Inventories |
29,704,244,532 |
15,140,000,000 |
9,631,523,133 |
|
2. Provisions for devaluation of inventories |
0 |
0 |
0 |
|
V. Other Current Assets |
4,078,743,048 |
3,396,000,000 |
2,335,725,228 |
|
1. Short-term prepaid expenses |
671,819,784 |
695,000,000 |
77,825,562 |
|
2. VAT to be deducted |
3,373,928,573 |
2,669,000,000 |
2,231,875,813 |
|
3. Taxes and other accounts receivable from the State |
0 |
0 |
0 |
|
4. Other current assets |
32,994,691 |
32,000,000 |
26,023,853 |
|
B. LONG-TERM ASSETS |
59,356,702,290 |
63,051,000,000 |
64,815,859,750 |
|
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 |
59,356,702,290 |
63,051,000,000 |
64,815,859,750 |
|
1. Tangible assets |
42,598,574,185 |
46,391,000,000 |
31,576,646,299 |
|
- Historical costs |
58,104,212,397 |
55,660,000,000 |
35,432,394,998 |
|
- Accumulated depreciation |
-15,505,638,212 |
-9,269,000,000 |
-3,855,748,699 |
|
2. Financial leasehold assets |
0 |
0 |
18,491,365,991 |
|
- Historical costs |
0 |
0 |
19,144,234,259 |
|
- Accumulated depreciation |
0 |
0 |
-652,868,268 |
|
3. Intangible assets |
14,809,266,080 |
14,717,000,000 |
14,523,946,792 |
|
- Initial costs |
14,817,599,414 |
14,717,000,000 |
14,717,599,414 |
|
- Accumulated amortization |
-8,333,334 |
0 |
-193,652,622 |
|
4. Construction-in-progress |
1,948,862,025 |
1,943,000,000 |
223,900,668 |
|
III. Investment property |
0 |
0 |
0 |
|
Historical costs |
0 |
0 |
0 |
|
Accumulated depreciation |
0 |
0 |
0 |
|
IV. Long-term investments |
0 |
0 |
0 |
|
1. Investments in affiliates |
0 |
0 |
0 |
|
2. Investments in business concerns and joint ventures |
0 |
0 |
0 |
|
3. Other long-term investments |
0 |
0 |
0 |
|
4. Provisions for devaluation of long-term investments |
0 |
0 |
0 |
|
V. Other long-term assets |
0 |
0 |
0 |
|
1. Long-term prepaid expenses |
0 |
0 |
0 |
|
2. Deferred income tax assets |
0 |
0 |
0 |
|
3. Other long-term assets |
0 |
0 |
0 |
|
VI. Goodwill |
0 |
|
|
|
1. Goodwill |
0 |
|
|
|
TOTAL ASSETS |
102,065,730,762 |
84,175,000,000 |
76,993,359,511 |
|
|
|||
|
LIABILITIES |
|||
|
A- LIABILITIES |
65,136,272,358 |
55,355,000,000 |
44,521,561,687 |
|
I. Current liabilities |
47,093,913,003 |
27,915,000,000 |
18,430,202,332 |
|
1. Short-term debts and loans |
3,123,206,650 |
3,713,000,000 |
9,135,500,000 |
|
2. Payable to suppliers |
12,705,820,094 |
8,016,000,000 |
9,119,276,666 |
|
3. Advances from customers |
24,505,427,977 |
15,674,000,000 |
108,799,910 |
|
4. Taxes and other obligations to the State Budget |
678,783,668 |
314,000,000 |
54,745,896 |
|
5. Payable to employees |
0 |
0 |
0 |
|
6. Accrued expenses |
0 |
0 |
0 |
|
7. Inter-company payable |
0 |
0 |
0 |
|
8. Payable according to the progress of construction contracts |
0 |
0 |
0 |
|
9. Other payable |
6,080,674,614 |
198,000,000 |
11,879,860 |
|
10. Provisions for short-term accounts payable |
0 |
0 |
0 |
|
11. Bonus and welfare funds |
0 |
|
|
|
II. Long-Term Liabilities |
18,042,359,355 |
27,440,000,000 |
26,091,359,355 |
|
1. Long-term accounts payable to suppliers |
0 |
0 |
0 |
|
2. Long-term inter-company payable |
0 |
0 |
0 |
|
3. Other long-term payable |
0 |
0 |
0 |
|
4. Long-term debts and loans |
18,042,359,355 |
27,440,000,000 |
26,091,359,355 |
|
5. Deferred income tax payable |
0 |
0 |
0 |
|
6. Provisions for unemployment allowances |
0 |
0 |
0 |
|
7. Provisions for long-term accounts payable |
0 |
0 |
0 |
|
8. Unearned Revenue |
0 |
|
|
|
9. Science and technology development fund |
0 |
|
|
|
B- OWNER’S EQUITY |
36,929,458,404 |
28,820,000,000 |
32,471,797,824 |
|
I. OWNER’S EQUITY |
36,929,458,404 |
28,820,000,000 |
32,471,797,824 |
|
1. Capital |
60,000,000,000 |
53,010,000,000 |
50,686,775,772 |
|
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 |
0 |
0 |
0 |
|
8. Financial reserved fund |
0 |
0 |
0 |
|
9. Other funds |
0 |
0 |
0 |
|
10. Retained earnings |
-23,070,541,596 |
-24,190,000,000 |
-18,214,977,948 |
|
11. Construction investment fund |
0 |
0 |
0 |
|
12. Business arrangement supporting fund |
0 |
|
|
|
II. Other sources and funds |
0 |
0 |
0 |
|
1. Bonus and welfare funds (Elder form) |
0 |
0 |
0 |
|
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 |
102,065,730,762 |
84,175,000,000 |
76,993,359,511 |
PROFIT & LOSS
STATEMENT
|
Description |
FY2011
|
FY2010
|
FY2009
|
|
1. Total Sales |
100,159,805,631 |
26,312,000,000 |
3,077,640,930 |
|
2. Deduction item |
4,902,840 |
0 |
0 |
|
3. Net revenue |
100,154,902,791 |
26,312,000,000 |
3,077,640,930 |
|
4. Costs of goods sold |
90,915,961,589 |
26,665,000,000 |
8,257,831,092 |
|
5. Gross profit |
9,238,941,202 |
-353,000,000 |
-5,180,190,162 |
|
6. Financial income |
121,806,807 |
60,000,000 |
2,679,681 |
|
7. Financial expenses |
3,913,966,349 |
2,774,000,000 |
1,209,633,396 |
|
- In which: Loan interest expenses |
2,779,373,019 |
2,161,000,000 |
1,164,788,726 |
|
8. Selling expenses |
93,122,456 |
8,000,000 |
834,256 |
|
9. Administrative overheads |
4,321,160,946 |
2,894,000,000 |
5,571,324,492 |
|
10. Net operating profit |
1,032,498,258 |
-5,969,000,000 |
-11,959,302,625 |
|
11. Other income |
1,104,689,429 |
6,000,000 |
485,197 |
|
12. Other expenses |
1,017,185,918 |
12,000,000 |
0 |
|
13. Other profit /(loss) |
87,503,511 |
-6,000,000 |
485,197 |
|
14. Total accounting profit before tax |
1,120,001,769 |
-5,975,000,000 |
-11,958,817,428 |
|
15. Current corporate income tax |
0 |
0 |
0 |
|
16. Deferred corporate income tax |
0 |
0 |
0 |
|
17. Interest from subsidiaries/related companies |
0 |
0 |
0 |
|
18. Profit after tax |
1,120,001,769 |
-5,975,000,000 |
-11,958,817,428 |
|
Description |
FY2011 |
FY2010 |
FY2009 |
Average Industry |
|
Current liquidity ratio |
0.91 |
0.76 |
0.66 |
1.80 |
|
Quick liquidity ratio |
0.28 |
0.21 |
0.14 |
1.12 |
|
Inventory circle |
3.06 |
1.76 |
0.86 |
3.56 |
|
Average receive period |
31.30 |
31.06 |
3.93 |
117.46 |
|
Utilizing asset performance |
0.98 |
0.31 |
0.04 |
1.10 |
|
Liability by total assets |
63.82 |
65.76 |
57.83 |
50.87 |
|
Liability by owner's equity |
176.38 |
192.07 |
137.11 |
169.03 |
|
Ebit / Total assets (ROA) |
3.82 |
-4.53 |
-14.02 |
12.05 |
|
Ebit / Owner's equity (ROE) |
10.56 |
-13.23 |
-33.24 |
27.25 |
|
Ebit / Total revenue (NPM) |
3.89 |
-14.50 |
-350.72 |
12.32 |
|
Gross profit / Total revenue (GPM) |
9.22 |
-1.34 |
-168.32 |
29.69 |
|
Note: The Average Industry was calculated by VietnamCredit based on
our own statistical data |
||||
|
|
||
|
Trade Morality |
|
Normal |
|
Liquidity |
|
Low |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Average |
|
Development trend |
|
Developing |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
Direct payment or through its corresponding bank, L/C |
|
Sale Methods |
|
Wholesaler |
|
Public opinion |
|
Normal |
ORIENT PHARMACEUTICAL CORPORATION was established in 2007. The subject
operates under the business registration No. 0305030898 and the registration
capital is VND 60 billion.
The subject is located at Lot 7 Street No.2, Tan Tao Industrial Zone,
Tan Tao A Ward, Binh Tan District, Ho Chi Minh City, Vietnam. Now, the subject
has about 150 employees.
The subject is specialized in manufacturing and trading pharmaceutical
products. Its materials are mainly imported from India and China. Main
operation market of subject is domestic. Besides, the subject is also trading
products of DN PHARMA CORP. The subject’s owners have other company operating
in the same field named DN PHARMA CORP.
According to the financial statement, turnover and profit after tax of
subject in 2011 reached VND 100 billion and VND 1.1 billion. Turnover and
profit after tax of subject in 2011 was sharply increased compared to 2009 and
2010. Both liquidity ratio and financial leverage of subject in 2011 improved
compared to 2010. However, its was not beter than average industry. Operational
ration of subject was fairly good.
In general, the subject is a medium company in the industry. The subject
has capacity to meet small financial commitments.
|
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.53.95 |
|
|
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
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.