MIRA INFORM REPORT

Report Date :

17.09.2013

IDENTIFICATION DETAILS

Name :	BINH DINH PHARMACEUTICAL AND MEDICAL EQUIPMENT CO
Registered Office :	498 Nguyen Thai Hoc St, Quy Nhon, Binh Dinh
Country :	Vietnam
Financials (as on) :	December 2012
Date of Incorporation :	01.09.2010
Legal Form :	Government-owned Enterprise
Line of Business :	Manufacturer of Medical Equipment & Pharmaceutical
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 Complaint
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 31^st, 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 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

REGISTERED NAME & COMPANY SUMMARY

Company Details
Organization Name	:	BINH DINH PHARMACEUTICAL AND MEDICAL EQUIPMENT CO
Address	:	498 Nguyen Thai Hoc St, Quy Nhon, Binh Dinh
Country	:	Vietnam
Phone (S)	:	[+84] 56-3846500
Facsimile	:	[+84] 56-3846846
Email	:	info@bidiphar.com
Website	:	http://www.bidiphar.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Medical Equipment & Pharmaceutical

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Chairman
Name	:	Mr. Nguyen Van Qua
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Ms. Nguyen Thanh Giang	Vietnamese	Deputy Managing Director	-
2	Ms. Nguyen Thi Mai Hoa	Vietnamese	Chief Accountant	-
3	Ms. Pham Thi Thanh Huong	Vietnamese	Deputy Managing Director	-
4	Mr. Huynh Ngoc Oanh	Vietnamese	Deputy Managing Director	-
5	Mr. Nguyen Van Qua	Vietnamese	Managing Director	-

Management Details - 1

Personal Unique Identifier	:	MI03517588
Name	:	Ms. Nguyen Thanh Giang
Date of Birth	:	1967

Management Details - 2

Personal Unique Identifier	:	MI03517591
Name	:	Ms. Nguyen Thi Mai Hoa
Date of Birth	:	1965

Management Details - 3

Personal Unique Identifier	:	MI03517587
Name	:	Ms. Pham Thi Thanh Huong
Date of Birth	:	1965

Management Details - 4

Personal Unique Identifier	:	MI03517589
Name	:	Mr. Huynh Ngoc Oanh
Date of Birth	:	1967

Management Details - 5

Personal Unique Identifier	:	MI03517585
Name	:	Mr. Nguyen Van Qua
Date of Birth	:	1961

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03517589
Name	:	Mr. Huynh Ngoc Oanh
Date of Birth	:	1967
Nationality	:	Vietnamese
2
Personal Unique Identifier	:	MI03517585
Name	:	Mr. Nguyen Van Qua
Date of Birth	:	1961
Nationality	:	Vietnamese
3
Personal Unique Identifier	:	MI03517588
Name	:	Ms. Nguyen Thanh Giang
Date of Birth	:	1967
Nationality	:	Vietnamese
4
Personal Unique Identifier	:	MI03517587
Name	:	Ms. Pham Thi Thanh Huong
Date of Birth	:	1965
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the BINH DINH PHARMACEUTICAL AND MEDICAL EQUIPMENT CO's reputation within the respective industry failed to reveal any adverse information.

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT	No Record Found

LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

SHAREHOLDERS

Total number of shareholders	:	1
Total number of shares	:	n/a

Currency

:

VND - Vietnam Dong

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	BINH DINH PROVINCIAL PEOPLE'S COMMITTEES	Vietnam	n/a	n/a	100.00
Total			n/a	n/a	100.00

Capital

:

US$ 6,992,291

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

146,866,000,000

PAYMENT INFORMATION

International Trade - Statistics  (Currency: USD - US Dollar)

Year	Imports	Exports	Total
2012	n/a	23,030,042	23,030,042

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	60%
International Sales (Export)	40%

Annual Purchases Analysis	Percentage
Local Purchases	30%
Imports	70%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Export	Letter of Credit (At-sight) Documents against Acceptance (D/A)

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Unsecured 30~60 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

	INTERNATIONAL TRADE - Activity & Markets
Country / Region		Estimated level of importance	Trading Activity
Asia / Pacific		Medium	Importing, Exporting
Europe		Medium	Importing
North America		Medium	Importing
Cambodia		Medium	Exporting
Germany		Medium	Importing, Exporting
Hong Kong		Medium	Importing
India		Medium	Importing
Italy		Medium	Exporting
Japan		Medium	Importing
Laos		Medium	Exporting
Malaysia		Medium	Importing
Taiwan		Medium	Exporting
USA		Medium	Importing

OVERSEAS CUSTOMERS

Name	Global Identifier	Country
CBF PHARMA CO LTD	P0096048	Laos

GROUP STRUCTURE & AFFILIATED COMPANIES

ASSOCIATIONS

BINH DINH PHARMACEUTICAL AND MEDICAL EQUIPMENT CO are members of the following associations:

Domestic Associations

Association Name

RMIT VIETNAM BUSINESS CLUB - RMITBC

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2012 Annual	57,575,106	32,202,591	1,240,164

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual
Current Assets	462,231,000,000
Non Current Liabilities	27,874,000,000
Other long term assets
Total Assets	670,608,000,000
Total Liabilities	456,836,000,000
Current Liabilities	428,962,000,000
Long term liabilities
Shareholders Funds	213,772,000,000
Assets
Current Assets & Short Term Investments	462,231,000,000
Cash & Cash Equivalents	43,053,000,000
Cash	43,053,000,000
Short Term Investments	435,000,000
Short Term Securities Investments	435,000,000
Accounts Receivable	336,868,000,000
Accounts Receivable Trade	330,259,000,000
Trade Prepayment	2,401,000,000
Others Receivables	5,149,000,000
Provision For Bad Debts	(941,000,000)
Inventories	78,014,000,000
i. Other Short Term Asset	3,861,000,000
Prepaid Expenses	526,000,000
VAT Deductible	397,000,000
ii. Other Short Term Asset	2,938,000,000
Long Term Assets	208,377,000,000
Fixed Assets	68,019,000,000
Tangible Fixed Assets	41,045,000,000
i. Cost	68,220,000,000
i. Accumulated Depreciation	27,175,000,000
Intangible Fixed Assets	22,451,000,000
ii. Cost	23,111,000,000
ii. Accumulated Depreciation	660,000,000
Construction in Progress	4,523,000,000
Long Term Investments	136,017,000,000
Invest To Subsidiary Company	3,202,000,000
Invest To Joint Venture Company	127,303,000,000
Other Long Term Investments	5,675,000,000
Provision For Long Term Investments	(163,000,000)
Other Long Term Assets	4,341,000,000
Long Term Prepayments	4,341,000,000
Total Assets	670,608,000,000
Liabilities & Equity
Liabilities	456,836,000,000
Current Liabilities	428,962,000,000
Short Term Borrowings	86,543,000,000
Accounts Payables-Trade	257,730,000,000
Advances From Customers	5,640,000,000
Taxes and Payable To State Budget	14,932,000,000
Payable To Employees	38,923,000,000
Other Payables	7,773,000,000
Bonus and Welfare Funds	17,421,000,000
Long Term Liabilities	27,874,000,000
Long Term Other Payables	353,000,000
Long Term Borrowings	18,871,000,000
Scientific and Technological Development Funds	8,650,000,000
Owner's Equity	213,772,000,000
Business Capital	49,945,000,000
Other Owner's Equity	121,666,000,000
Business Development Funds	26,484,000,000
Financial Reserved Funds	15,196,000,000
Retained Earnings	481,000,000
Total Resources	670,608,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2012 Annual
Turnover	1,198,982,000,000
Profit (Loss) Before Tax	35,593,000,000
Profit After Tax attributable to Shareholders	25,826,000,000
Gross Sales	1,198,982,000,000
Less Deductions	36,287,000,000
Net Income	1,162,695,000,000
Cost of Goods Sold	938,965,000,000
Gross Margin	223,730,000,000
Income From Financial Activities	12,136,000,000
Expenses From Financial Activities	20,257,000,000
In Which: Interest Expenses	19,153,000,000
Selling Expenses	147,397,000,000
General & Administration Expenses	37,685,000,000
Net Income From Operating Activities	30,527,000,000
Extraordinary Income	8,332,000,000
Extraordinary Expenses	3,266,000,000
Extraordinary Gains	5,066,000,000
Net Profit Before Tax	35,593,000,000
Income Tax	9,767,000,000
Income Tax Delay	0
Net Profit After Tax	25,826,000,000

Financial Ratios

Financial Highlights	2012 Annual
Profitability
Profit Margin (%)	2.15
Return on Equity (%)	12.08
Return on Assets (%)	3.85
Leverage
Total Debt Equity (Times)	2.14
Current Debt Equity (Times)	2.01
Long Term Debt to Equity	0.13
Total Asset To Total Equity	3.14
Asset Management
Total Assets Turnover (Times)	1.79
Liquidity
Current Ratio	1.08

Based on the corporate laws of Vietnam, legal entities which are Government-owned Enterprise are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

FOREIGN EXCHANGE RATES

Today's Exchange rate

:

1.00 VND Vietnam Dong

=

0.000048 USD United States Dollars

ADDITIONAL INFORMATION

Key Facts
Registered Legal Address	:	498 Nguyen Thai Hoc St, Quy Nhon, Binh Dinh
Operational Address	:	498 Nguyen Thai Hoc St, Quy Nhon, Binh Dinh
Trading Name	:	BIDIPHAR
Issuing Authority	:	Dept. of Planning & Investment - Binh Dinh
License Number	:	4100259564
License Status	:	License exists – Normal.
Legal Form - Category	:	Government-owned Enterprise
Legal Form	:	Company
Legal Form - Abbreviation	:	CO
Operational Status of Business	:	Normal
Date of Registration	:	1 Sep, 2010
Employees	:	800

Report Details
Country	:	Vietnam
Business Entity Name	:	BINH DINH PHARMACEUTICAL AND MEDICAL EQUIPMENT CO
Primary Business Activity	:	Manufacturer
Primary Industry	:	Medical Equipment & Pharmaceutical
Office Contact Details
Operating Address	:	498 Nguyen Thai Hoc St, Quy Nhon, Binh Dinh
Tel	:	[+84] 56-3846500
	:	[+84] 56-3847788
Fax	:	[+84] 56-3846846
Email	:	info@bidiphar.com
Website Details
Website	:	http://www.bidiphar.com
Status	:	Normal - operational
Ownership Type	:	Registered ownership by Subject Business Entity
Tax / VAT Details
Tax Issuing Authority	:	Ministry of Finance
Local Name Used	:	Gia Trj Gia Tang (Value Added Tax)
Acronym	:	GTGT / VAT
GTGT / VAT Number	:	4100259564
Date of Issuance	:	1 Sep, 2010

Primary Products

Products / Materials / Services Description	Activity
Hospital equipment	Manufacturing, Exporting
Medicines	Manufacturing, Exporting
Pharmaceutical products	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Medical/Dental Equip/Supplies	5047	Manufacturing, Exporting
Medicinals and botanicals	2833	Manufacturing, Exporting
Pharmaceutical preparations	2834	Manufacturing, Exporting
Surgical and medical instruments and apparatus, nspf	3841	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Medical, surgical, dental or vet inst, no elec, part	9018	Manufacturing, Exporting
Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments & accessories	9000	Manufacturing, Exporting
Other drugs,nesoi	2934302700	Manufacturing, Exporting
Pharmaceutical goods (specified sterile prod etc.)	3006	Manufacturing, Exporting
Pharmaceutical products	3000	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of BINH DINH PHARMACEUTICAL AND MEDICAL EQUIPMENT CO is Manufacturing - Finished products.

Key products include :

· Medicines

· Hospital equipment

· Pharmaceutical products

An integral part of the core business includes:

· Distribution

Supplementary Business

In addition to the core business, BINH DINH PHARMACEUTICAL AND MEDICAL EQUIPMENT CO also is engaged in the following areas of business:

1. Exporting

· Exporting - Finished products

2. Importing

· Importing - Raw materials

BANK DETAILS

Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM
Global Identifier	:	P1072025
Branch	:	Hanoi
Branch Address	:	QUY NHON
SWIFT Code	:	BFTVVNVX
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM
Global Identifier	:	32400483
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	BINH DINH
SWIFT Code	:	BIDVVNVX
Bank Name	:	VIETNAM JOINT STOCK COMMERCIAL BANK FOR INDUSTRY & TRADE
Global Identifier	:	32404058
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	BINH DINH
SWIFT Code	:	ICBVVNVX

COMPETITORS

The following is a representative list of local competitors:

Competitors

CENTRAL PHARMACEUTICAL CO NO 1

CENTRAL PHARMACEUTICAL CO NO 2

CENTRAL PHARMACEUTICAL CO NO 3

QUALITY ACCREDITATION

Quality Accreditation Listings

#	Name	Accreditation Category
1	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9001:2000
2	GOOD MANUFACTURING PRACTICE (GMP)	-
3	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9001:2008

PREVIOUS CONTACT DETAILS

Phone Number	:	84-56-846020
Fax Number	:	84-56-846846

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
2 Jan, 1996	109600
1 Oct, 1998	3506000010

REAL ESTATE OWNERSHIP

The following property / ies are owned by BINH DINH PHARMACEUTICAL AND MEDICAL EQUIPMENT CO:

Property Name	:	BINH DINH PHARMACEUTICAL AND MEDICAL EQUIPMENT CO - QUY NHON, BINH DINH
Type of Property	:	Office
Address	:	498 Nguyen Thai Hoc St, Quy Nhon, Binh Dinh
Office Size	:	8,000 Square meters

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.48
UK Pound	1	Rs.99.66
Euro	1	Rs.83.49

INFORMATION DETAILS

Report Prepared by :

NLM

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.