MIRA INFORM REPORT

 

 

Report Date :

29.08.2014

 

IDENTIFICATION DETAILS

 

Name :

TIPHARCO PHARMACEUTICAL JSC

 

 

Formerly Known as:

TIEN GIANG PHARMACEUTICAL AND MEDICAL MATERIALS CO

 

 

Registered Office :

15 Doc Binh Kieu St Ward 2, My Tho, Tien Giang

 

 

Country :

Vietnam

 

 

Financials (as on) :

December, 2012

 

 

Date of Incorporation :

11.12.1992

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Manufacturer of Medical Equipment & Pharmaceutical

 

 

No. of Employees

300

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Vietnam

A2

A2

 

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 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 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 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, 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 relatively stable in 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 has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

 

Source : CIA

 

 

 

REGISTERED NAME & COMPANY SUMMARY

 

Organization Name

:

TIPHARCO PHARMACEUTICAL JSC

Address

:

15 Doc Binh Kieu St Ward 2, My Tho, Tien Giang

Country

:

Vietnam

Phone (S)

:

[+84] 73-3881301

Facsimile

:

[+84] 73-3885040

Email

:

tipharco@vnn.vn

Website

:

http://www.tipharco.com.vn

Primary Business Activity

:

Manufacturer

Key Industry

:

Medical Equipment & Pharmaceutical

 

Registered Legal Address

:

15 Doc Binh Kieu St Ward 2, My Tho, Tien Giang

Operational Address

:

15 Doc Binh Kieu St Ward 2, My Tho, Tien Giang

Trading Name

:

TIPHARCO

Name History

:

Business Entity Name

Effective Date

TIEN GIANG PHARMACEUTICAL AND MEDICAL MATERIALS CO

11 Dec, 1992

TIPHARCO PHARMACEUTICAL JSC

28 Feb, 2006

Issuing Authority

:

Dept. of Planning & Investment - My Tho

License Number

:

1200100557

License Status

:

License exists - Normal.

Legal Form - Category

:

Joint Stock Company

Legal Form

:

Joint Stock Company

Legal Form - Abbreviation

:

JSC

Operational Status of Business

:

Normal

Date of Registration

:

11 Dec, 1992

Employees

:

300

Capital

:

US$ 711,778

 

 

DIRECTORS/MANAGEMENT

 

Key Person

Legal Title

:

Managing Director

Name

:

Mr. Pham Quang Binh

Nationality

:

Vietnamese

 

COMPANY MANAGEMENT

Management Listings

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Le Van Chau

Vietnamese

Deputy Managing Director

-

2

Ms. Tran Thi Tam

Vietnamese

Deputy Managing Director

-

 

Management Details - 1

Personal Unique Identifier

:

MI03754846

Name

:

Mr. Le Van Chau

 

Date of Birth

:

1955

 

Management Details - 2

Personal Unique Identifier

:

MI03754844

Name

:

Ms. Tran Thi Tam

 

Date of Birth

:

1965

 

 

COMPANY DIRECTORS

1

 

 

Personal Unique Identifier

:

MI03754833

Name

:

Mr. Pham Quang Binh

Date of Birth

:

1954

 

 

 

 

NEGATIVE INFORMATION

 

REPUTATION

Reference checking for the purpose of establishing TIPHARCO PHARMACEUTICAL JSC'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

 

 

CIVIL LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

₫ 15,000,000,000

 

SHAREHOLDERS

 

Not available - According to the corporate statutory laws for this type of Legal Form - Category (Joint Stock Company) in Vietnam, there is no public disclosure of Shareholders.

 

 

PAYMENT INFORMATION

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

100%

 

Annual Purchases Analysis

Percentage

Local Purchases

30%

Imports

70%

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

 

Purchasing

Type

Terms

Local

Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Import

Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

TIPHARCO PHARMACEUTICAL JSC - TIEN GIANG

Branch Address

:

Cho Gao Hospital, Tien Giang

 

Branch

:

TIPHARCO PHARMACEUTICAL JSC - TIEN GIANG

Branch Address

:

7 Trung Nu Vuong Ward 1, Tien Giang

 

Branch

:

TIPHARCO PHARMACEUTICAL JSC - TIEN GIANG

Branch Address

:

103B Quarter 2 Trung Nu Vuong St Cai Be Town, Tien Giang

 

Branch

:

TIPHARCO PHARMACEUTICAL JSC - TIEN GIANG

Branch Address

:

An Lac Dong Hamlet Thanh Nhut Commune, Tien Giang

 

Branch

:

TIPHARCO PHARMACEUTICAL JSC - TIEN GIANG

Branch Address

:

26-K1 My Phuoc, Tien Giang

 

Branch

:

TIPHARCO PHARMACEUTICAL JSC - TIEN GIANG

Branch Address

:

Chau Thanh Hospital, Tien Giang

 

Branch

:

TIPHARCO PHARMACEUTICAL JSC - TIEN GIANG

Branch Address

:

173 National Highway 1 An Huu, Tien Giang

 

Branch

:

TIPHARCO PHARMACEUTICAL JSC - CAI LAY TOWN, TIEN GIANG

Branch Address

:

5/82, 30/4 St, Cai Lay Town, Tien Giang

 

Branch

:

TIPHARCO PHARMACEUTICAL JSC - HO CHI MINH

Branch Address

:

L3, 134/1 To Hien Thanh St Ward 15, Ho Chi Minh

 

Branch

:

TIPHARCO PHARMACEUTICAL JSC - CHAU THANH, TIEN GIANG

Branch Address

:

Long My Hamlet Long An Commune, Chau Thanh, Tien Giang

 

ASSOCIATIONS

TIPHARCO PHARMACEUTICAL JSC 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

2010 Annual  

10,537,968

4,679,631

228,374

2011 Annual  

10,280,365

4,670,043

226,740

2012 Annual (*)

10,568,096

5,390,532

239,380

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

Note: (*)

Financials listed are the most recent available for this company.

 

 

FINANCIAL STATEMENT - DETAILED

 

Balance Sheet

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Current Assets(*)

62,773,000,000

70,502,000,000

84,135,000,000

Non Current Assets(*)

28,433,000,000

26,775,000,000

28,121,000,000

Non Current Liabilities(*)

5,068,000,000

3,709,000,000

1,828,000,000

Share Capital(*)

15,000,000,000

15,000,000,000

15,000,000,000

Other long term assets 

Total Assets(*)

91,206,000,000

97,277,000,000

112,256,000,000

Total Liabilities(*)

66,235,000,000

69,891,000,000

85,206,000,000

Current Liabilities(*)

61,167,000,000

66,182,000,000

83,378,000,000

Long term liabilities 

Shareholders Funds(*)

24,971,000,000

27,386,000,000

27,050,000,000

 

Current assets & short term investments

62,773,000,000

70,502,000,000

84,135,000,000

Cash & cash equivalents

6,450,000,000

10,956,000,000

7,587,000,000

Cash

2,450,000,000

10,956,000,000

7,587,000,000

Cash equivalents

4,000,000,000

-

-

Accounts receivable

23,002,000,000

22,633,000,000

33,550,000,000

Accounts receivable trade

20,411,000,000

22,229,000,000

34,027,000,000

Trade prepayment

2,678,000,000

694,000,000

20,000,000

Others receivables

15,000,000

-

14,000,000

Provision for bad debts

(102,000,000)

(290,000,000)

(511,000,000)

I. Inventories

33,233,000,000

36,656,000,000

42,743,000,000

II. Inventories

33,233,000,000

36,656,000,000

42,743,000,000

I. Other short term asset

88,000,000

257,000,000

255,000,000

Prepaid expenses

20,000,000

55,000,000

-

VAT deductible

-

106,000,000

192,000,000

Other tax receivables

-

28,000,000

-

II. Other short term asset

68,000,000

68,000,000

63,000,000

Long term assets

28,433,000,000

26,775,000,000

28,121,000,000

Fixed assets

28,433,000,000

26,758,000,000

27,338,000,000

Tangible fixed assets

27,754,000,000

26,107,000,000

26,716,000,000

I. Cost

50,174,000,000

51,419,000,000

54,475,000,000

I. Accumulated depreciation

22,420,000,000

25,312,000,000

27,759,000,000

Intangible fixed assets

679,000,000

651,000,000

622,000,000

II. Cost

808,000,000

808,000,000

808,000,000

II. Accumulated depreciation

129,000,000

157,000,000

186,000,000

Other long term assets

-

17,000,000

783,000,000

Long term prepayments

-

17,000,000

783,000,000

Total assets

91,206,000,000

97,277,000,000

112,256,000,000

Liabilities

66,235,000,000

69,891,000,000

85,206,000,000

Current liabilities

61,167,000,000

66,182,000,000

83,378,000,000

Short term borrowings

28,965,000,000

32,671,000,000

36,673,000,000

Accounts payables-trade

26,278,000,000

24,942,000,000

33,418,000,000

Advances from customers

2,885,000,000

3,892,000,000

9,299,000,000

Taxes and payable to state budget

437,000,000

738,000,000

257,000,000

Payable to employees

2,261,000,000

3,615,000,000

2,634,000,000

Other payables

341,000,000

324,000,000

852,000,000

I. Bonus and welfare funds

-

-

245,000,000

Long term liabilities

5,068,000,000

3,709,000,000

1,828,000,000

Long term borrowings

5,068,000,000

3,709,000,000

1,828,000,000

I. Owner's equity

24,971,000,000

27,386,000,000

27,050,000,000

II. Owner's equity

24,947,000,000

27,326,000,000

27,050,000,000

Business capital

15,000,000,000

15,000,000,000

15,000,000,000

Revaluation differences

(720,000,000)

-

-

Foreign exchange differences

-

(248,000,000)

-

Business development funds

5,049,000,000

6,321,000,000

7,833,000,000

Financial reserved funds

1,490,000,000

1,883,000,000

1,883,000,000

Retained earnings

4,128,000,000

4,370,000,000

2,334,000,000

Budget sources

24,000,000

60,000,000

-

II. Bonus and welfare funds

24,000,000

60,000,000

-

Total resources

91,206,000,000

97,277,000,000

112,256,000,000

Note: (*)

Financial Highlights

 

Income Statement

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Turnover(*)

205,385,000,000

214,140,000,000

220,077,000,000

Profit (Loss) Before Tax(*)

4,970,000,000

5,174,000,000

5,422,000,000

Profit After Tax attributable to Shareholders(*)

4,451,000,000

4,723,000,000

4,985,000,000

 

Gross sales

205,385,000,000

214,140,000,000

220,077,000,000

Less deductions

728,000,000

1,341,000,000

597,000,000

Net income

204,657,000,000

212,799,000,000

219,480,000,000

Cost of goods sold

178,708,000,000

182,842,000,000

186,597,000,000

Gross margin

25,949,000,000

29,957,000,000

32,883,000,000

Income from financial activities

133,000,000

95,000,000

20,000,000

Expenses from financial activities

4,820,000,000

4,782,000,000

5,157,000,000

In which: Interest expenses

4,228,000,000

4,686,000,000

5,064,000,000

Selling expenses

13,544,000,000

10,954,000,000

10,684,000,000

General & administration expenses

3,463,000,000

9,882,000,000

12,091,000,000

Net income from operating activities

4,255,000,000

4,434,000,000

4,971,000,000

Extraordinary income

715,000,000

917,000,000

568,000,000

Extraordinary expenses

0

177,000,000

117,000,000

Extraordinary gains

715,000,000

740,000,000

451,000,000

Net profit before tax

4,970,000,000

5,174,000,000

5,422,000,000

Income tax

519,000,000

451,000,000

437,000,000

Net profit after tax

4,451,000,000

4,723,000,000

4,985,000,000

Note: (*)

Financial Highlights

 

Financial Ratios

Financial Highlights

2010 Annual

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

4.26

2.77

Profitability 

Profit Margin (%)

2.17

2.21

2.27

Return on Equity (%)

17.82

17.25

18.43

Return on Assets (%)

4.88

4.86

4.44

Leverage 

Total Debt Equity (Times)

2.65

2.55

3.15

Current Debt Equity (Times)

2.45

2.42

3.08

Long Term Debt to Equity

0.20

0.14

0.07

Total Asset To Total Equity

3.65

3.55

4.15

Asset Management 

Total Assets Turnover (Times)

2.25

2.20

1.96

Fixed Assets Turnover (Times)

7.22

8.00

7.83

Liquidity 

Current Ratio

1.03

1.07

1.01

Based on the corporate laws of Vietnam, legal entities which are Joint Stock Company are not required to make public disclosure of their annual financials. Although basic financials were obtained for reference.

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

Country

:

Vietnam

Business Entity Name

:

TIPHARCO PHARMACEUTICAL JSC

Primary Business Activity

:

Manufacturer

Primary Industry

:

Medical Equipment & Pharmaceutical

 

Office Contact Details

Operating Address

:

15 Doc Binh Kieu St Ward 2, My Tho, Tien Giang

Tel

:

[+84] 73-3881301

 

:

[+84] 73-3871817

 

:

[+84] 73-3872973

 

:

[+84] 73-3874233

Fax

:

[+84] 73-3885040

Email

:

tipharco@vnn.vn
nshc@tipharco.com.vn

 

Website Details

Website

:

http://www.tipharco.com.vn

Status

:

Normal - operational

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

Primary Products

Products / Materials / Services Description

Activity

Analgesics

Manufacturing

Antibiotics

Manufacturing

Antihistamine

Manufacturing

Functional foods

Manufacturing

Medical supplies

Manufacturing

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Food and Kindred Products

2000

Manufacturing

Food products, nspf

2099

Manufacturing

Medical/Dental Equip/Supplies

5047

Manufacturing

Medicinals and botanicals

2833

Manufacturing

Pharmaceutical preparations

2834

Manufacturing

Surgical and medical instruments and apparatus, nspf

3841

Manufacturing

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description

Code

Activity

Antibiotics

2941

Manufacturing

Antihistamines

3004906080

Manufacturing

Food preparations

2106

Manufacturing

Medical, surgical or laboratory sterilizers

8419200000

Manufacturing

Medical, surgical, dental or vet inst, no elec, part

9018

Manufacturing

Medical, surgical, dental or veterinary furn etc

9402

Manufacturing

Multiple vitamins combined with minerals or other nutrients

3004505030

Manufacturing

Pharmaceutical goods (specified sterile prod etc.)

3006

Manufacturing

Pharmaceutical products

3000

Manufacturing

 

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Products / Materials / Services Description

Ranking

Activity

Medicine materials

Primary

Manufacturing

Minerals

Primary

Manufacturing

Pharmaceutical products

Primary

Manufacturing

Vitamins

Primary

Manufacturing

 

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of TIPHARCO PHARMACEUTICAL JSC is Manufacturing - Finished products.

Key products include :

Analgesics

Antibiotics

Antihistamine

Functional foods

Medical supplies

Medicine materials

Minerals

Pharmaceutical products

Vitamins


An integral part of the core business includes:

Distribution

 

Supplementary Business

In addition to the core business, TIPHARCO PHARMACEUTICAL JSC also is engaged in the following areas of business:

Importing

Importing - Raw materials

Trading

Trading - Finished products

 

BANK DETAILS

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM

Global Identifier

:

32400483

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - TIEN GIANG

SWIFT Code

:

BIDVVNVX

 

 

INTERNATIONAL TRADE - Activity & Markets

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing

Europe

Medium

Importing

North America

Medium

Importing

China

Medium

Importing

France

Medium

Importing

Germany

Medium

Importing

India

Medium

Importing

Malaysia

Medium

Importing

Singapore

Medium

Importing

USA

Medium

Importing

 

OFFICE & FACILITIES

The following information relates to the Business Entity's office as listed above:

Name

:

TIPHARCO PHARMACEUTICAL JSC - MY THO, TIEN GIANG

Primary Use

:

Office & Administration facilities

Address

:

15 Doc Binh Kieu St Ward 2, My Tho, Tien Giang

Country

:

Vietnam

Status

:

Operational

 

QUALITY ACCREDITATION

Quality Accreditation Listings

#

Name

Accreditation Category

1

GOOD MANUFACTURING PRACTICE (GMP)

-

2

INTERNATIONAL STANDARDS ORGANIZATION (ISO)

9001:2000

 

PREVIOUS BUSINESS LICENSE/S

License Date

License No.

11 Dec, 1992

101228

28 Feb, 2006

5303000050

 

 

NOTES & COMMENTS

 

N/a

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.47

UK Pound

1

Rs.100.35

Euro

1

Rs.79.86

                

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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%)

 

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.