|
Report Date : |
30.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
NAM HA PHARMACEUTICAL JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
415 Han Thuyen Road, Vi Xuyen Ward, Nam Dinh City, Nam Dinh Province |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Incorporation : |
1960 |
|
|
|
|
Com. Reg. No.: |
0600206147 |
|
|
|
|
Legal Form : |
Joint stock company |
|
|
|
|
Line of Business : |
Manufacturing chemical drugs and pharmaceutical materials |
|
|
|
|
No. of Employees : |
800 |
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
SUBJECT IDENTIFICATION & LEGAL FORM
|
||
|
|
||
Current legal status
|
||
|
English Name |
|
NAM HA PHARMACEUTICAL JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN DUOC PHAM NAM HA |
|
Short name |
|
NAMHA PHARMA |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
1960 |
|
Establishment Decision |
|
353/QD-UB |
|
Date of Issuance |
|
31 Mar 1995 |
|
Place of Issuance |
|
People’s Committee of Nam Dinh Province |
|
Business Registration No. |
|
0600206147 |
|
Date of Registration |
|
30 Jul 2009 |
|
Place of Registration |
|
Nam Dinh Department of Planning and
Investment |
|
Chartered capital |
|
VND 52,000,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0600206147 |
|
Total Employees |
|
800 |
Historical Identification & Legal form
|
List |
Changed Items |
Date of changes |
|
1 |
Subject has got former Board Of Director:
Ms. NGUYEN THI KHANH VAN - General Director Changed to: Mr. NGUYEN THANH DUONG -
General Director |
14 May
2013 |
|
2 |
Subject has got former Board Of Director:
BUI HUU VIET_ General Director Changed to: NGUYEN THI KHANH VAN_ General
Director |
18
Aug 2010 |
|
3 |
Subject has got former Business
Registration No: 0703000004 Changed to: 0600206147 |
30 Jul
2009 |
|
4 |
Subject has got former Registered
Vietnamese Name: CONG TY HOP DANH ICH HOA SINH changed to XI NGHIEP DUOC PHAM
NAM HA in 1996, then changed to CONG TY DUOC PHAM NAM HA in June 1995 Changed
to: CONG TY CO PHAN DUOC PHAM NAM HA |
09 Nov
2000 |
|
5 |
Subject has got former Type of Business:
State Owned Company Changed to: Joint Stock Company |
31
Mar 1995 |
|
6 |
Subject has got former Registered English
Name: Ich Hoa Sinh joint-state private Company Changed to Nam Ha pharmaceutical
Enterprise (in 1966) Changed to Nam Ha pharmaceutical state company (in June
1995) Changed to Nam ha joint stock pharmaceutical company Then Changed to:
Nam ha pharmaceutical joint stock company |
09
Nov 2000 |
|
7 |
Subject has got former Abbreviated Name:
NAPHACO Changed to: NAMHA PHARMA |
N/A |
|
|
||
ADDRESSES
|
||
|
|
||
|
Head Office |
||
|
Address |
|
415 Han Thuyen Road, Vi Xuyen Ward, Nam
Dinh City, Nam Dinh Province, Vietnam |
|
Telephone |
|
(84-350) 3649 408 |
|
Fax |
|
(84-350) 3644 650 |
|
Email |
|
|
|
Website |
|
|
|
|
||
|
Branch in Ha Noi
|
||
|
Address |
|
No. 96 Thai Ha Street, Dong Da District,
Ha Noi City, Vietnam |
|
Telephone |
|
(84-4) 3856 2166/ 38560138 |
|
Fax |
|
(84-4) 3856 2901 |
|
|
||
|
Branch in Ho Chi
Minh |
||
|
Address |
|
182B Le Van Sy, Ward 10 , Phu Nhuan District,
Ho Chi Minh City, Vietnam |
|
Telephone |
|
(84-8) 39 971172 |
|
Fax |
|
(84-8) 39 971171 |
|
|
||
|
Branch in Da
Nang |
||
|
Address |
|
No.172 Hoang Van Thai Hoa Khanh Ward, Lien
Chieu District, Da Nang City, Vietnam |
|
|
||
|
Branch in Nam Dinh
|
||
|
Address |
|
214 Block 3 Yen Dinh Town, Hai Hau
District, Nam Dinh Province, Vietnam |
|
Telephone |
|
(84-350) 3877 159 |
|
Fax |
|
(84-350) 3877 159 |
|
|
||
DIRECTORS
|
||
|
|
||
|
1.
NAME |
|
Mr.
DOAN VAN DOI |
|
Position |
|
Chairman |
|
Resident |
|
55/44 Khuong Thuong
Airport Road, Dong Da District, Ha Noi City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Tel/Mobile phone |
|
(84-4) 3852 3096 |
|
Qualification |
|
Pharmacist |
|
|
||
|
2.
NAME |
|
Mr.
NGUYEN THANH DUONG |
|
Position |
|
General Director |
|
Date of Birth |
|
03 Jan 1958 |
|
ID Number/Passport |
|
161720924 |
|
ID Issue Date |
|
08 Oct 1999 |
|
ID Issue Place |
|
Police Station in Nam
Dinh Province |
|
Resident |
|
1521I Lot 17, Ha Long
Ward Han Thuyen, Nam Dinh City, Nam Dinh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
NGUYEN TRUNG TRUC |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
Qualification |
|
Pharmacist |
|
|
||
|
4.
NAME |
|
Ms.
NGUYEN THI THANH BINH |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
5.
NAME |
|
Ms.
HOANG THI TUYET |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
6.
NAME |
|
Ms.
NGUYEN THI THANH MAI |
|
Position |
|
Deputy General Director |
|
Nationality |
|
Vietnamese |
|
|
||
|
7.
NAME |
|
Ms.
MAI THUY HANG |
|
Position |
|
Chief Accountant |
|
Nationality |
|
Vietnamese |
|
|
||
BUSINESS NATURE AND ACTIVITIES
|
|
|
|
The subject specializes in fields as follow: |
|
|
|
IMPORT & EXPORT ACTIVITIES |
||
|
|
||
|
IMPORT: |
||
|
·
Types of products |
|
Drugs, Machines, Equipments, essential oil |
|
·
Market |
|
France, Germany, Korea, China, America, England, India, Singapore,
Thailand, etc. |
|
·
Ratio |
|
40% |
|
·
Mode of payment |
|
T/T, L/C, D/P |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Drugs |
|
·
Market |
|
Cambodia, South Africa, India, Israel Australia, and Malaysia |
|
·
Mode of payment |
|
T/T, L/C, D/P |
|
|
||
BANKERS
|
||
|
|
||
|
1.
VIET NAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY AND TRADE NAM DINH
BRANCH (VIETINBANK NAM DINH BRANCH) |
||
|
Address |
|
No.119 Quang Trung, Nam Dinh City, Nam Dinh Province, Vietnam |
|
Telephone |
|
(84-350) 3867526 |
|
|
||
|
2.
BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM NAM DINH BRANCH |
||
|
Address |
|
92 Hung Vuong Str, Nam Dinh City, Nam Dinh Province, Vietnam |
|
Telephone |
|
(84-350) 364 8630 |
|
Fax |
|
(84-350) 364 8633 |
|
Note: The subject has transacted through Vietinbank
Nam Dinh Branch (not Vietin Bank Na Dinh Branch as given one). |
||
|
|
||
SHAREHOLDERS
|
The list of the subject’s
founding shareholders is empty in the latest license.
|
|
|
FINANCIAL DATA
|
|||
|
|
|||
|
BALANCE
SHEET |
|||
Unit: One
VND
|
|||
|
Balance sheet
date |
31/12/2012 |
31/12/2011 |
31/12/2010 |
|
Number of weeks |
52 |
52 |
52 |
ASSETS
|
|||
|
A – CURRENT
ASSETS |
360,121,986,610 |
389,957,826,788 |
429,924,130,286 |
|
I. Cash and cash
equivalents |
19,967,999,240 |
33,233,820,365 |
62,929,422,635 |
|
1. Cash |
19,967,999,240 |
33,233,820,365 |
62,929,422,635 |
|
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 |
143,992,511,101 |
101,978,265,041 |
107,186,065,277 |
|
1. Receivable from customers |
120,219,940,014 |
89,699,707,923 |
94,271,619,708 |
|
2. Prepayments to suppliers |
25,316,096,716 |
13,870,715,589 |
14,720,646,873 |
|
3. Inter-company receivable |
0 |
|
0 |
|
4. Receivable according to the progress of construction |
0 |
|
0 |
|
5. Other receivable |
845,468,340 |
750,853,603 |
869,889,256 |
|
6. Provisions for bad debts |
-2,388,993,969 |
-2,343,012,074 |
-2,676,090,560 |
|
IV. Inventories |
186,746,224,659 |
244,928,070,355 |
181,822,330,394 |
|
1. Inventories |
190,755,424,940 |
248,633,639,467 |
188,347,032,878 |
|
2. Provisions for devaluation of inventories |
-4,009,200,281 |
-3,705,569,112 |
-6,524,702,484 |
|
V. Other Current
Assets |
9,415,251,610 |
9,817,671,027 |
77,986,311,980 |
|
1. Short-term prepaid expenses |
922,273 |
2,332,727 |
47,665,632 |
|
2. VAT to be deducted |
6,185,429,506 |
5,370,727,581 |
15,777,498,471 |
|
3. Taxes and other accounts receivable from the State |
0 |
|
|
|
4. Other current assets |
3,228,899,831 |
4,444,610,719 |
62,161,147,877 |
|
B. LONG-TERM
ASSETS |
92,764,580,723 |
98,661,603,699 |
98,431,388,784 |
|
I. Long term
accounts receivable |
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 |
|
|
|
5. Provisions for bad debts from customers |
0 |
|
0 |
|
II. Fixed assets
|
90,727,669,567 |
96,429,804,772 |
96,014,925,628 |
|
1. Tangible assets |
70,776,604,393 |
84,795,721,844 |
81,951,668,011 |
|
- Historical costs |
190,109,231,563 |
189,342,007,035 |
170,606,878,021 |
|
- Accumulated depreciation |
-119,332,627,170 |
-104,546,285,191 |
-88,655,210,010 |
|
2. Financial leasehold assets |
0 |
638,800,787 |
830,841,107 |
|
- Historical costs |
0 |
1,200,252,000 |
1,200,252,000 |
|
- Accumulated depreciation |
0 |
-561,451,213 |
-369,410,893 |
|
3. Intangible assets |
10,114,379,496 |
10,230,568,709 |
3,167,833,962 |
|
- Initial costs |
10,867,260,909 |
10,867,260,909 |
3,704,170,000 |
|
- Accumulated amortization |
-752,881,413 |
-636,692,200 |
-536,336,038 |
|
4. Construction-in-progress |
9,836,685,678 |
764,713,432 |
10,064,582,548 |
|
III. Investment
property |
0 |
|
0 |
|
Historical costs |
0 |
|
0 |
|
Accumulated depreciation |
0 |
|
0 |
|
IV. Long-term
investments |
0 |
|
10,000,000 |
|
1. Investments in affiliates |
0 |
|
0 |
|
2. Investments in business concerns and joint ventures |
0 |
|
0 |
|
3. Other long-term investments |
0 |
|
10,000,000 |
|
4. Provisions for devaluation of long-term investments |
0 |
|
0 |
|
V. Other long-term
assets |
2,036,911,156 |
2,231,798,927 |
2,406,463,156 |
|
1. Long-term prepaid expenses |
2,036,911,156 |
2,200,291,427 |
2,334,608,156 |
|
2. Deferred income tax assets |
0 |
|
0 |
|
3. Other long-term assets |
0 |
31,507,500 |
71,855,000 |
|
VI. Goodwill |
0 |
|
|
|
1. Goodwill |
0 |
|
|
|
TOTAL ASSETS |
452,886,567,333 |
488,619,430,487 |
528,355,519,070 |
|
|
|||
LIABILITIES
|
|||
|
A- LIABILITIES |
379,470,091,241 |
413,485,762,247 |
454,649,113,485 |
|
I. Current
liabilities |
360,813,084,800 |
382,725,818,437 |
415,156,687,069 |
|
1. Short-term debts and loans |
127,785,496,935 |
157,586,766,325 |
117,868,223,667 |
|
2. Payable to suppliers |
108,327,410,467 |
107,325,218,335 |
145,669,353,377 |
|
3. Advances from customers |
99,343,932,846 |
91,101,664,666 |
113,711,016,449 |
|
4. Taxes and other obligations to the State Budget |
6,285,364,117 |
7,612,995,304 |
11,498,186,360 |
|
5. Payable to employees |
8,745,906,425 |
9,133,261,873 |
14,269,042,293 |
|
6. Accrued expenses |
4,451,189,456 |
6,410,155,554 |
8,168,217,964 |
|
7. Inter-company payable |
0 |
|
0 |
|
8. Payable according to the progress of construction contracts |
0 |
|
0 |
|
9. Other payable |
2,093,027,889 |
3,535,600,199 |
3,972,646,959 |
|
10. Provisions for short-term accounts payable |
20,156,181 |
20,156,181 |
0 |
|
11. Bonus and welfare funds |
3,760,600,484 |
|
|
|
II. Long-Term
Liabilities |
18,657,006,441 |
30,759,943,810 |
39,492,426,416 |
|
1. Long-term accounts payable to suppliers |
0 |
|
0 |
|
2. Long-term inter-company payable |
0 |
|
0 |
|
3. Other long-term payable |
412,983,009 |
352,966,009 |
543,540,415 |
|
4. Long-term debts and loans |
18,087,160,024 |
28,829,312,760 |
37,469,215,461 |
|
5. Deferred income tax payable |
0 |
|
0 |
|
6. Provisions for unemployment allowances |
0 |
1,420,801,633 |
1,302,650,951 |
|
7. Provisions for long-term accounts payable |
156,863,408 |
156,863,408 |
177,019,589 |
|
8. Unearned Revenue |
|
|
|
|
9. Science and technology development fund |
|
|
|
|
B- OWNER’S
EQUITY |
73,416,476,092 |
75,133,668,240 |
73,706,405,585 |
|
I. OWNER’S
EQUITY |
73,370,776,092 |
72,073,035,272 |
71,852,853,073 |
|
1. Capital |
52,000,000,000 |
52,000,000,000 |
52,000,000,000 |
|
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 |
|
-533,459,359 |
|
7. Business promotion fund |
5,584,761,841 |
4,324,450,685 |
2,655,092,041 |
|
8. Financial reserved fund |
2,433,496,884 |
1,872,313,276 |
1,037,633,954 |
|
9. Other funds |
0 |
|
0 |
|
10. Retained earnings |
13,352,517,367 |
13,876,271,311 |
16,693,586,437 |
|
11. Construction investment fund |
0 |
|
0 |
|
12. Business arrangement supporting fund |
|
|
|
|
II. Other
sources and funds |
45,700,000 |
3,060,632,968 |
1,853,552,512 |
|
1. Bonus and welfare funds (Elder form) |
|
3,060,632,968 |
1,853,552,512 |
|
2. Sources of expenditure |
45,700,000 |
|
0 |
|
3. Fund to form fixed assets |
0 |
|
0 |
|
MINORITY’S
INTEREST |
0 |
|
0 |
|
TOTAL
LIABILITIES AND OWNER’S EQUITY |
452,886,567,333 |
488,619,430,487 |
528,355,519,070 |
|
|
|||
|
PROFIT
& LOSS STATEMENT |
|||
|
|
|||
|
Description |
FY2012 |
FY2011 |
FY2010 |
|
1. Total Sales |
818,056,014,213 |
774,930,463,757 |
598,323,018,163 |
|
2. Deduction item |
34,263,926,219 |
44,220,389,571 |
13,704,582,177 |
|
3. Net revenue |
783,792,087,994 |
730,710,074,186 |
584,618,435,986 |
|
4. Costs of goods sold |
604,847,963,390 |
549,872,790,183 |
417,381,241,903 |
|
5. Gross profit |
178,944,124,604 |
180,837,284,003 |
167,237,194,083 |
|
6. Financial income |
2,897,017,681 |
7,116,430,814 |
6,519,327,685 |
|
7. Financial expenses |
30,139,827,512 |
34,102,478,414 |
25,669,929,233 |
|
- In which: Loan interest expenses |
23,147,498,817 |
24,837,605,833 |
18,341,150,754 |
|
8. Selling expenses |
105,615,815,912 |
107,645,317,570 |
93,879,681,622 |
|
9. Administrative overheads |
33,530,191,016 |
31,192,379,727 |
31,053,968,617 |
|
10. Net operating profit |
12,555,307,845 |
15,013,539,106 |
23,152,942,296 |
|
11. Other income |
5,031,737,166 |
1,350,542,160 |
1,183,775,620 |
|
12. Other expenses |
248,387,998 |
340,530,230 |
361,622,091 |
|
13. Other profit /(loss) |
4,783,349,168 |
1,010,011,930 |
822,153,530 |
|
14. Total accounting profit before tax |
17,338,657,013 |
16,023,551,036 |
23,975,095,826 |
|
15. Current corporate income tax |
4,518,548,977 |
4,267,469,551 |
7,244,118,725 |
|
16. Deferred corporate income tax |
|
|
0 |
|
17. Interest from subsidiaries/related companies |
|
|
|
|
18. Profit after tax |
12,820,108,036 |
11,756,081,485 |
16,730,977,099 |
|
|
||||
|
FINANCIAL RATIOS
AND AVERAGE INDUSTRY RATIOS |
||||
|
|
||||
|
Description |
FY2012 |
FY2011 |
FY2010 |
Average Industry |
|
Current liquidity ratio |
1.00 |
1.02 |
1.04 |
1.80 |
|
Quick liquidity ratio |
0.48 |
0.38 |
0.60 |
1.12 |
|
Inventory circle |
3.24 |
2.58 |
2.30 |
3.56 |
|
Average receive period |
67.06 |
50.94 |
66.92 |
117.46 |
|
Utilizing asset performance |
1.73 |
1.50 |
1.11 |
1.10 |
|
Liability by total assets |
83.79 |
84.62 |
86.05 |
50.87 |
|
Liability by owner's equity |
516.87 |
550.33 |
616.84 |
169.03 |
|
Ebit / Total assets (ROA) |
8.94 |
8.36 |
8.01 |
12.05 |
|
Ebit / Owner's equity (ROE) |
55.15 |
54.38 |
57.41 |
27.25 |
|
Ebit / Total revenue (NPM) |
4.95 |
5.27 |
7.07 |
12.32 |
|
Gross profit / Total revenue (GPM) |
21.87 |
23.34 |
27.95 |
29.69 |
|
Note: The Average Industry was calculated by VietnamCredit based on our own
statistical data |
||||
|
|
||||
|
CASH
FLOW STATEMENT |
|||
|
(Indirect method) |
|||
|
Items |
FY2012 |
FY2011 |
FY2010 |
|
I. Cash flows
from operating activities |
|||
|
1. Profit before tax |
17,338,657,013 |
16,023,551,036 |
23,975,095,824 |
|
2. Adjustments |
|
|
|
|
- Depreciation and amortization |
16,075,241,863 |
16,183,471,663 |
18,848,419,392 |
|
- Provisions |
349,613,064 |
-3,152,211,858 |
1,718,111,306 |
|
- Unrealized foreign exchange difference |
-184,782,375 |
-451,784,611 |
|
|
- Gain/loss from investing activities |
-4,401,804,356 |
-2,148,441,767 |
-809,450,794 |
|
- Interest expense |
23,147,498,817 |
24,837,605,833 |
18,341,150,754 |
|
3. Operating profit before movements in working
capital |
52,324,424,026 |
51,292,190,296 |
62,073,326,482 |
|
- (Increase)/Decrease in receivables |
-41,432,078,295 |
73,704,534,270 |
-71,967,548,978 |
|
- (Increase)/Decrease in inventories |
57,878,214,527 |
-59,327,372,643 |
-32,489,347,048 |
|
- Increase/(Decrease) in accounts payable |
8,992,576,553 |
-62,280,100,510 |
90,323,857,722 |
|
- (Increase)/Decrease in prepaid expenses |
164,790,725 |
179,649,633 |
-2,376,211,340 |
|
- Interest paid |
-25,921,308,277 |
-19,386,843,980 |
-17,104,461,104 |
|
- Corporate income tax paid |
-5,267,470,183 |
-7,289,118,725 |
-3,022,603,185 |
|
- Other cash inflows |
815,324,778 |
4,173,396,610 |
|
|
- Other cash outflows |
-1,202,875,300 |
-16,973,380,669 |
-12,747,713,384 |
|
Net cash from (used in) operating activities |
46,351,598,554 |
-35,907,045,718 |
12,689,299,165 |
|
II. Cash flows
from investing activities |
|||
|
1. Acquisition of fixed assets and other long - term assets |
-10,423,463,134 |
-16,598,350,807 |
-7,140,772,468 |
|
2. Proceeds from fixed assets and long - term assets disposal |
356,849,818 |
|
-117,833,636 |
|
3. Cash outflow for lending, buying debt instruments of other
companies |
|
|
|
|
4. Cash recovered from lending, selling debt instruments of other
companies |
|
|
|
|
5. Investment in other entities |
|
|
|
|
6. Cash recovered from investments in other entities |
|
10,000,000 |
|
|
7. Interest income, dividend and profit paid |
1,348,889,363 |
1,995,590,287 |
3,150,729,759 |
|
Net cash from (used in) investing activities |
-8,717,723,953 |
-14,592,760,520 |
-4,107,876,345 |
|
III. Cash flows
from financing activities |
|||
|
1. Proceeds from issuing stocks, receiving capital from owners |
|
|
|
|
2. Capital withdrawal, buying back issued stocks |
|
|
|
|
3. Proceeds from borrowings |
638,544,678,872 |
732,678,327,992 |
518,077,972,915 |
|
4. Repayment of borrowings |
-679,088,100,998 |
-701,575,588,035 |
-554,175,500,806 |
|
5. Repayment of obligations under finance leased |
|
|
|
|
6. Dividends paid |
-10,356,273,600 |
-10,298,535,990 |
-6,076,853,000 |
|
Net cash from (used in) financing activities |
-50,899,695,726 |
20,804,203,967 |
-42,174,380,891 |
|
Net increase/(decrease) in cash and cash equivalents |
-13,265,821,125 |
-29,695,602,271 |
-33,592,958,071 |
|
Cash and cash equivalents at beginning of year |
33,233,820,365 |
62,929,422,636 |
96,522,380,707 |
|
Effect from changing foreign exchange rate |
|
|
|
|
Cash and cash equivalents at end of year |
19,967,999,240 |
33,233,820,365 |
62,929,422,636 |
|
|
|||
PAYMENT HISTORY &
PERFORMANCE EXPERIENCES
|
||
|
|
||
|
Trade Morality |
|
Good |
|
Liquidity |
|
Low/Medium |
|
Payment status |
|
Normal |
|
Financial Situation |
|
Above Average |
|
Development trend |
|
Stable |
|
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
was established in 1960 with name Ich Hoa Sinh Joint– State Private Company.
Up to now, it has had very many changes such as organization structure
change, registered capital change and name change, etc. Currently, the
subject operates under name Nam Ha Pharmaceutical Joint Stock Company. It has
business registration No. 0600206147 same to the tax code number, issued by
Department of Planning and Investment of Nam Dinh Province. Its registered
capital is now VND 52 billion and it has got about 800 labors. Head
office and factory of the subject are located at No. 415 – Han Thuyen Street
– Vi Xuyen Ward – Nam Dinh City – Nam Dinh Province. Besides, it has some
branches in Hochiminh City, Hanoi City and Danang City. Its facilities are
considered good with total area of factory are about 25,000 m2. The
subject is specialized in manufacturing pharmaceutical products under GMP
standard, ISO 9001:2008. The materials are imported from many countries. Most
of its products are distributed in domestic. Some of its products are popular
such as ColDi-B, Bo phe Nam Ha, Skinbibi and Naphar – Mutil... Based
on the latest financial statements of the subject audited by BDO AUDIT CO.,
LTD, its business result in 2012 is improved in comparison with 2011.
Although total assets decreased, total sales and profit in 2012 increased
over the previous year. The subject plans to achieve total sale of VND 854
billion and profit before tax of VND 15 billion in 2013. Following
the above financial ratios, its liquidity is limited while the liabilities by
total assets and by owner’s equity are larger than the average industry. It
is not safe for creditor and itself. The plus point for the subject is short
average receive period and high utilizing asset performance. It seems careful
in credit policy for its customers. In
general, the subject is large scale company that has operated for a very long
time. Its position is remarkable in the business field. The subject is
reliable to meet normal transactions. Caution needed for big financial
commitments. |
----------- APPENDIX ----------
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.56.24 |
|
|
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.