MIRA INFORM REPORT

 

 

Report No. :

302752

Report Date :

12.01.2015

 

IDENTIFICATION DETAILS

 

Correct Name :

CENTRAL PHARMACEUTICAL COMPANY NO 2

 

 

Registered Office :

334 To Hien Thanh St Ward 14, District 10, Ho Chi Minh

 

 

Country :

Viet Nam

 

 

Financials (as on) :

01.12.2012

 

 

Date of Incorporation :

18.08.2010

 

 

Legal Form :

Government-owned Enterprise

 

 

Line of Business :

Trader of Medical Equipment & Pharmaceutical

 

 

No. of Employees :

500

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A 

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

:

CENTRAL PHARMACEUTICAL COMPANY NO 2

Address

:

334 To Hien Thanh St Ward 14, District 10, Ho Chi Minh

Country

:

Vietnam

Phone (S)

:

[+84] 8-38650593

Facsimile

:

[+84] 8-38650750

Email

:

coduphacantho@yahoo.com.vn

Website

:

http://www.codupha.com.vn

Primary Business Activity

:

Trader

Key Industry

:

Medical Equipment & Pharmaceutical

 

Key Facts

 

Registered Legal Address

:

334 To Hien Thanh St Ward 14, District 10, Ho Chi Minh

Operational Address

:

334 To Hien Thanh St Ward 14, District 10, Ho Chi Minh

Trading Name

:

CODUPHA

Name History

:

Business Entity Name

Effective Date

CONG TY DUOC PHAM TRUNG UONG 2

1975

CENTRAL PHARMACEUTICAL COMPANY NO 2

18 Aug, 2010

Issuing Authority

:

Dept. of Planning & Investment - Ho Chi Minh

License Number

:

0300483319

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

:

18 Aug, 2010

Employees

:

500

Capital

:

US$ 4,873,740

 

 

Report Details

 

 

Country

:

Vietnam

Business Entity Name

:

CENTRAL PHARMACEUTICAL COMPANY NO 2

Primary Business Activity

:

Trader

Primary Industry

:

Medical Equipment & Pharmaceutical

Office Contact Details

Operating Address

:

334 To Hien Thanh St Ward 14, District 10, Ho Chi Minh

Tel

:

[+84] 8-38650593

 

:

[+84] 8-38651909

 

:

[+84] 8-38650938

 

:

[+84] 8-3865034

 

:

[+84] 8-3860593

 

:

[+84] 8-38650834

 

:

[+84] 8-38644180

 

:

[+84] 8-38686136

Fax

:

[+84] 8-38650750

 

:

[+84] 8-38686414

Email

:

coduphacantho@yahoo.com.vn
codupha@codupha.com.vn
tchc@codupha.com.vn

Website Details

Website

:

http://www.codupha.com.vn

Country of Registration

:

Vietnam

Ownership Type

:

Registered ownership by Subject Business Entity

 

 

 

DIRECTORS/MANAGEMENT

 

 

COMPANY MANAGEMENT

 

Management Listings

 

 

Name

Nationality

Job Description

Dept. / Division

1

Mr. Bui Huu Hien

Vietnamese

Deputy Director

-

2

Mr. Truong Xuan Lien

Vietnamese

Deputy Director

-

3

Mr. Nguyen Van Tuat

Vietnamese

Chief Accountant

-

 

 

Management Details - 1

Personal Unique Identifier

:

MI03142857

Name

:

Mr. Bui Huu Hien

 

Date of Birth

:

1971

 

 

Management Details - 2

Personal Unique Identifier

:

MI03142859

Name

:

Mr. Truong Xuan Lien

 

Date of Birth

:

1960

 

 

Management Details - 3

Personal Unique Identifier

:

MI03142694

Name

:

Mr. Nguyen Van Tuat

 

Date of Birth

:

1958

 

 

COMPANY DIRECTORS

 

1

 

 

Personal Unique Identifier

:

MI03142857

Name

:

Mr. Bui Huu Hien

Date of Birth

:

1971

Nationality

:

Vietnamese

2

 

 

Personal Unique Identifier

:

MI03142677

Name

:

Mr. Le Van Son

Date of Birth

:

1962

Nationality

:

Vietnamese

3

 

 

Personal Unique Identifier

:

MI03142859

Name

:

Mr. Truong Xuan Lien

Date of Birth

:

1960

Nationality

:

Vietnamese

 

 

NEGATIVE INFORMATION

 

 

REPUTATION

 

Reference checking for the purpose of establishing the CENTRAL PHARMACEUTICAL COMPANY NO 2's reputation within the respective industry failed to reveal any adverse information.

 

 

 

NEGA-SCAN - ADVERSE DATA MONITORING

 

 

DISHONORED CHECKS

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

DEBT

 

No Record Found

 

 

LITIGATION

 

No Record Found

 

 

PERFORMANCE DEFAULTS

 

No Record Found

 

 

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

 

No Record Found

 

http://www.asiancredit.com/Manage/Image/space.gif

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

 

CAPITAL (Currency: VND - Vietnam Dong)

 

Authorized Capital

:

102,777,872,638

 

SHAREHOLDERS

Total number of shareholders

:

1

Total number of shares

:

n/a

 

No.

Shareholders

Country

Shares

Number

Amount (VND)

%

1

GOVERNMENT OF THE SOCIALIST REPUBLIC OF VIETNAM

Vietnam

n/a

n/a

100.00

Total

n/a

n/a

100.00

 

 

PAYMENT INFORMATION

 

PAYMENT TERMS

Selling

Type

Terms

Local

Cash on delivery (COD)

Credit - Unsecured 30~60 days

Export

Letter of Credit (At-sight)

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

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

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

Na

 

 

FINANCIAL INFORMATION

 

Financials - Summary  (Currency: USD - US Dollar)

Year

Sales

Assets

Net Income

2011 Annual  

118,201,056

58,370,955

819,683

2012 Annual (*)

129,635,874

62,838,481

926,162

 

Sales Trend – Analysis

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

-

-

-

-

-

-

-

-

-

http://www.asiancredit.com/Manage/image/up_arrow_04.gif

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

2011 Annual

2012 Annual

Current Assets

1,135,223,000,000

1,228,797,000,000

Non Current Assets

80,644,000,000

79,793,000,000

Non Current Liabilities

13,753,000,000

2,475,000,000

Share Capital

64,953,000,000

68,434,000,000

Other long term assets 

Total Assets

1,215,867,000,000

1,308,590,000,000

Total Liabilities

1,102,490,000,000

1,179,816,000,000

Current Liabilities

1,088,737,000,000

1,177,341,000,000

Long term liabilities 

Shareholders Funds

113,377,000,000

128,774,000,000

 

Current assets & short term investments

1,135,223,000,000

1,228,797,000,000

Cash & cash equivalents

41,928,000,000

50,205,000,000

Cash

41,928,000,000

50,205,000,000

Accounts receivable

618,255,000,000

665,232,000,000

Accounts receivable trade

576,127,000,000

650,144,000,000

Trade prepayment

6,471,000,000

8,136,000,000

Inter company receivables

3,342,000,000

-

Others receivables

33,552,000,000

13,382,000,000

Provision for bad debts

(1,237,000,000)

(6,430,000,000)

I. Inventories

461,086,000,000

496,320,000,000

II. Inventories

461,086,000,000

497,574,000,000

Provision for decline in inventory

-

(1,254,000,000)

I. Other short term asset

13,954,000,000

17,040,000,000

Prepaid expenses

232,000,000

896,000,000

VAT deductible

6,921,000,000

7,901,000,000

Other tax receivables

-

95,000,000

II. Other short term asset

6,801,000,000

8,148,000,000

Long term assets

80,644,000,000

79,793,000,000

Fixed assets

66,609,000,000

62,892,000,000

Tangible fixed assets

8,692,000,000

55,949,000,000

I. Cost

48,986,000,000

101,813,000,000

I. Accumulated depreciation

40,294,000,000

45,864,000,000

Intangible fixed assets

6,943,000,000

6,943,000,000

II. Cost

8,874,000,000

8,874,000,000

II. Accumulated depreciation

1,931,000,000

1,931,000,000

Construction in progress

50,974,000,000

-

Long term investments

14,035,000,000

14,035,000,000

Invest to joint venture company

13,536,000,000

13,536,000,000

Other long term investments

499,000,000

499,000,000

Other long term assets

-

2,866,000,000

Long term prepayments

-

2,866,000,000

Total assets

1,215,867,000,000

1,308,590,000,000

Liabilities

1,102,490,000,000

1,179,816,000,000

Current liabilities

1,088,737,000,000

1,177,341,000,000

Short term borrowings

491,816,000,000

419,093,000,000

Accounts payables-trade

441,284,000,000

604,997,000,000

Advances from customers

19,008,000,000

31,433,000,000

Taxes and payable to state budget

7,064,000,000

4,351,000,000

Payable to employees

5,997,000,000

11,955,000,000

Accrued expenses payable

5,121,000,000

6,012,000,000

Other payables

118,447,000,000

102,157,000,000

Bonus and welfare funds

41,000,000

(265,700,000)

Long term liabilities

13,753,000,000

2,475,000,000

Long term other payables

392,000,000

-

Long term borrowings

11,444,000,000

-

Provision funds for unemployment

1,917,000,000

-

Deffered revenue

-

2,475,000,000

I. Owner's equity

113,377,000,000

128,774,000,000

II. Owner's equity

113,336,000,000

128,774,000,000

Business capital

64,953,000,000

68,434,000,000

Foreign exchange differences

(4,334,000,000)

-

Business development funds

39,200,000,000

44,801,000,000

Financial reserved funds

13,517,000,000

-

Budget sources

41,000,000

-

Other funds from owner's equity

-

15,435,000,000

Retained earnings

-

104,000,000

Total resources

1,215,867,000,000

1,308,590,000,000

 

Income Statement

 

Currency

:

VND

Denomination

:

1

Financial Year Ending

:

December

 

Financial Highlights

2011 Annual

2012 Annual

Turnover

2,462,128,000,000

2,699,623,000,000

Profit (Loss) Before Tax

22,764,000,000

25,589,000,000

Profit After Tax attributable to Shareholders

17,074,000,000

19,287,000,000

Gross sales

2,462,128,000,000

2,699,623,000,000

Less deductions

29,789,000,000

27,531,000,000

Net income

2,432,339,000,000

2,672,092,000,000

Cost of goods sold

2,207,968,000,000

2,448,499,000,000

Gross margin

224,371,000,000

223,593,000,000

Income from financial activities

34,383,000,000

31,844,000,000

Expenses from financial activities

113,782,000,000

95,218,000,000

In which: Interest expenses

95,141,000,000

86,862,000,000

Selling expenses

99,064,000,000

115,074,000,000

General & administration expenses

26,347,000,000

27,246,000,000

Net income from operating activities

19,561,000,000

17,899,000,000

Extraordinary income

3,228,000,000

7,713,000,000

Extraordinary expenses

25,000,000

23,000,000

Extraordinary gains

3,203,000,000

7,690,000,000

Net profit before tax

22,764,000,000

25,589,000,000

Income tax

5,690,000,000

6,302,000,000

Net profit after tax

17,074,000,000

19,287,000,000

 

Financial Ratios

 

Financial Highlights

2011 Annual

2012 Annual

Growth % 

Year-on-Year Growth

-

9.65

Profitability 

Profit Margin (%)

0.69

0.71

Return on Equity (%)

15.06

14.98

Return on Assets (%)

1.40

1.47

Leverage 

Total Debt Equity (Times)

9.72

9.16

Current Debt Equity (Times)

9.60

9.14

Long Term Debt to Equity

0.12

0.02

Total Asset To Total Equity

10.72

10.16

Asset Management 

Total Assets Turnover (Times)

2.02

2.06

Fixed Assets Turnover (Times)

30.53

33.83

Liquidity 

Current Ratio

1.04

1.04

 

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

 

Na

 

 

ADDITIONAL INFORMATION

 

Primary Products

Products / Materials / Services Description

Activity

Pharmaceutical products

Trading

 

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

Year

Imports

Exports

Total

2011

n/a

11,820,106

11,820,106

 

 

SIC PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Pharmaceutical preparations

2834

Trading

 

 

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

 

Product/Service Description

Code

Activity

Pharmaceutical goods (specified sterile prod etc.)

3006

Trading

Pharmaceutical products

3000

Trading

 

 

 

CORE BUSINESS DESCRIPTION

 

Core Business

 

The primary business focus of CENTRAL PHARMACEUTICAL COMPANY NO 2 is Trading - Finished products.

Key product include :

·         Pharmaceutical products

 

Supplementary Business

 

In addition to the core business, CENTRAL PHARMACEUTICAL COMPANY NO 2 also is engaged in the following areas of business:

1.     Exporting

·         Exporting - Finished products

2.     Importing

·         Importing - Finished products

 

DOMESTIC SALES & PURCHASES

Annual Sales Analysis

Percentage

Domestic Sales

90%

International Sales (Export)

10%

 

Annual Purchases Analysis

Percentage

Local Purchases

10%

Imports

90%

 

 

 

BANK DETAILS

 

Bank Name

:

ASIA COMMERCIAL JOINT STOCK BANK

Global Identifier

:

P0075118

Branch

:

District 3,Ho Chi Minh

Branch Address

:

442 Nguyen Thi Minh Khai St Ward 5 District 3 Ho Chi Minh (Head Office)

SWIFT Code

:

ASCBVNVX

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM

Global Identifier

:

P1072025

Branch

:

Hanoi

Branch Address

:

31-33 Ngo Quyen Hanoi (Head Office)

SWIFT Code

:

BFTVVNVX

Bank Name

:

JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM

Global Identifier

:

32400483

Branch

:

Hoan Kiem Dist,Hanoi

Branch Address

:

194 Tran Quang Khai Hoan Kiem Dist Hanoi (Head Office)

SWIFT Code

:

BIDVVNVX

 

LOCAL BRANCHES & MANAGEMENT

Branch

:

CENTRAL PHARMACEUTICAL COMPANY NO 2 - HONG BANG DIST, HAIPHONG

Branch Address

:

16 Le Dai Hanh Minh Khai Ward, Hong Bang Dist, Haiphong

Branch

:

CENTRAL PHARMACEUTICAL COMPANY NO 2 - BUON ME THUOT, DAC LAC

Branch Address

:

74/20 Nguyen Khuyen, Buon Me Thuot, Dac Lac

Branch

:

CENTRAL PHARMACEUTICAL COMPANY NO 2 - NGHIA LO DIST, QUANG NGAI

Branch Address

:

433 Le Loi, Nghia Lo Dist, Quang Ngai, Quang Ngai

Branch

:

CENTRAL PHARMACEUTICAL COMPANY NO 2 - CAN THO

Branch Address

:

132 A Nguyen Van Cu, Can Tho

Branch Tel

:

84-71-899099

Branch Fax

:

84-71-899011

Branch Email

:

coduphacantho@yahoo.com.vn

Branch

:

CENTRAL PHARMACEUTICAL COMPANY NO 2 - VINH, NGHE AN

Branch Address

:

23 Nguyen Sy Sach, Vinh, Nghe An

Branch Tel

:

84-38-3595277

Branch Fax

:

84-38-3595278

Branch

:

CENTRAL PHARMACEUTICAL COMPANY NO 2 - THANH XUAN, HANOI

Branch Address

:

60 B Nguyen Huy Tuong, Thanh Xuan, Hanoi

Branch Tel

:

84-4-8586059

Branch Fax

:

84-4-8584368

 

 

INTERNATIONAL TRADE - Activity & Markets

 

 

Country / Region

Estimated level of importance

Trading Activity

Asia / Pacific

Medium

Importing, Exporting

Europe

Medium

Importing

Cambodia

Medium

Exporting

France

Medium

Importing

India

Medium

Importing

Italy

Medium

Importing

Korea, North (DPRK)

Medium

Importing

Korea, South (Republic of Korea)

Medium

Importing

Laos

Medium

Exporting

 

 

COMPETITORS

 

The following is a representative list of local competitors:

 

Competitors

VINH TAM PHARMACEUTICAL CO LTD

 

 

 

OFFICE & FACILITIES

 

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

 

Name

:

CENTRAL PHARMACEUTICAL COMPANY NO 2 - DISTRICT 10, HO CHI MINH

Primary Use

:

Office & Administration facilities

Address

:

334 To Hien Thanh St Ward 14, District 10, Ho Chi Minh

Country

:

Vietnam

Status

:

Operational

 

COMPANY HISTORY

 

Date

Details

1975

Commenced business operations.

 

 

PREVIOUS CONTACT DETAILS

 

Company Address

:

136 To Hien Thanh Ward 14, District 10, Ho Chi Minh

 

 

 

 

PREVIOUS BUSINESS LICENSE/S

 

License Date

License No.

10 May, 1993

102654

11 Sep, 2006

4106000298

 

 

 

NOTES & COMMENTS

 

Na

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.40

UK Pound

1

Rs.94.17

Euro

1

Rs.73.61

 

 

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%)

 

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.