MIRA INFORM REPORT

Report No. :	303701
Report Date :	30.01.2015

IDENTIFICATION DETAILS

Name :	PHIL INTER PHARMA CO LTD ^(1)
Registered Office :	25 St 8 Vietnam - Singapore Industrial Park, Thuan An Dist, Binh Duong
Country :	Vietnam
Financials (as on) :	2013
Date of Incorporation :	23.09.2009
Legal Form :	Private Company With Limited Liability
Line of Business :	Manufacturer of Medical Equipment & Pharmaceuticals.
No. of Employee :	290

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Company Details
Organization Name	:	PHIL INTER PHARMA CO LTD ^(1)
Address	:	25 St 8 Vietnam - Singapore Industrial Park, Thuan An Dist, Binh Duong
Country	:	Vietnam
Phone (S)	:	[+84] 650-3767040
Facsimile	:	[+84] 650-3767039
Email	:	info@phil.vn
Website	:	http://www.phil.vn
Primary Business Activity	:	Manufacturer
Key Industry	:	Medical Equipment & Pharmaceutical

Key Facts
Registered Legal Address		:	25 St 8 Vietnam - Singapore Industrial Park, Thuan An Dist, Binh Duong
Operational Address		:	25 St 8 Vietnam - Singapore Industrial Park, Thuan An Dist, Binh Duong
Issuing Authority		:	Dept. of Planning & Investment - Binh Duong
License Number		:	463023000233
License Status		:	License exists - Normal.
Legal Form - Category		:	Private Company with Limited Liability
Legal Form		:	Company Limited
Legal Form - Abbreviation		:	CO LTD
Operational Status of Business		:	Normal
Date of Registration		:	23 Sep, 2009
Employees		:	290
Capital		:	US$ 10,000,000
Note		:	^(1) Legal status of the English corporate name The English name of the Subject Business Entity (SBE) is a randomly selected translation / transliteration made by the owners of the SBE. It is not a registered English corporate name, but simply a translation / transliteration of the local language name.
	Report Details

Country	:	Vietnam
Business Entity Name	:	PHIL INTER PHARMA CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Medical Equipment & Pharmaceutical
Office Contact Details
Operating Address	:	25 St 8 Vietnam - Singapore Industrial Park, Thuan An Dist, Binh Duong
Tel	:	[+84] 650-3767040
	:	[+84] 650-3766170
	:	[+84] 650-3767044
Fax	:	[+84] 650-3767039
Email	:	info@phil.vn
Website Details
Website	:	http://www.phil.vn
Status	:	Normal - operational
Country of Registration	:	Vietnam
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	:	3700621583
Date of Issuance	:	3 Aug, 2005

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Oh-Hong Soon
Nationality	:	Korean

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Young-Jung Kim	Korean	Deputy Managing Director	-
2	Ms. Nguyen Thi Thai	Vietnamese	Chief Accountant	-

Management Details - 1

Personal Unique Identifier	:	MI03815140
Name	:	Mr. Young-Jung Kim

Management Details - 2

Personal Unique Identifier	:	MI03815141
Name	:	Ms. Nguyen Thi Thai
Date of Birth	:	1976

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03815134
Name	:	Mr. Oh-Hong Soon
Date of Birth	:	1964

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing PHIL INTER PHARMA CO LTD'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: USD - US Dollar)

Authorized Capital

:

$ 10,000,000

SHAREHOLDERS

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

Currency

:

USD - US Dollar

No.	Shareholders	Country	Shares
			Number	Amount (USD)	%
1	PHIL INTERNATIONAL CO LTD	Korea, South (Republic of Korea)	n/a	n/a	50.00
2	Undisclosed Shareholders	n/a	n/a	n/a	12.73
3	Mr. Hyuk-Lee Soon	Korea, South (Republic of Korea)	n/a	n/a	10.00
4	Mr. Sook-Lee Nam	Korea, South (Republic of Korea)	n/a	n/a	7.50
5	Mr. Il-Hwang Young	Korea, South (Republic of Korea)	n/a	n/a	5.00
6	Mr. Jung-Kim Hee	Korea, South (Republic of Korea)	n/a	n/a	5.00
7	Mr. Sook-Yoon Jin	Korea, South (Republic of Korea)	n/a	n/a	5.00
8	Mr. Sang-Chang Gyu	Korea, South (Republic of Korea)	n/a	n/a	4.77
Total			n/a	n/a	100.00

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

PAYMENT INFORMATION

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 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 - 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

Na

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual	13,960,490	17,573,116	528,469
2012 Annual	17,318,890	20,243,788	1,022,682
2013 Annual (*)	19,825,598	19,829,297	1,650,315

Sales Trend – Analysis

2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
-	-	-	-	-	-	-	-

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	2013 Annual
Current Assets(*)	134,799,000,000	153,090,000,000	167,076,000,000
Non Current Assets(*)	231,249,000,000	268,480,000,000	251,086,000,000
Non Current Liabilities(*)	14,355,000,000	22,386,000,000	14,555,000,000
Share Capital(*)	165,403,000,000	165,403,000,000	165,403,000,000
Other long term assets
Total Assets(*)	366,048,000,000	421,570,000,000	418,162,000,000
Total Liabilities(*)	145,567,000,000	186,731,000,000	155,532,000,000
Current Liabilities(*)	131,212,000,000	164,345,000,000	140,977,000,000
Long term liabilities
Shareholders Funds(*)	220,481,000,000	234,839,000,000	262,630,000,000
Current assets & short term investments	134,799,000,000	153,090,000,000	167,076,000,000
Cash & cash equivalents	2,460,000,000	11,838,000,000	15,525,000,000
Cash	2,460,000,000	11,838,000,000	12,525,000,000
Cash equivalents	-	-	3,000,000,000
Accounts receivable	41,432,000,000	48,700,000,000	68,377,000,000
Accounts receivable trade	36,344,000,000	47,513,000,000	64,811,000,000
Trade prepayment	2,662,000,000	531,000,000	637,000,000
Others receivables	2,426,000,000	656,000,000	2,929,000,000
Inventories	77,494,000,000	74,868,000,000	70,887,000,000
i. Inventories	77,494,000,000	74,868,000,000	70,887,000,000
Other short term asset	13,413,000,000	17,684,000,000	12,287,000,000
Prepaid expenses	1,598,000,000	598,000,000	494,000,000
VAT deductible	4,003,000,000	6,504,000,000	2,142,000,000
Other tax receivables	1,571,000,000	812,000,000	242,000,000
i. Other short term asset	6,241,000,000	9,770,000,000	9,409,000,000
Long term assets	231,249,000,000	268,480,000,000	251,086,000,000
Fixed assets	227,761,000,000	266,167,000,000	248,611,000,000
Tangible fixed assets	203,046,000,000	187,081,000,000	235,976,000,000
Cost	261,151,000,000	268,343,000,000	340,805,000,000
Accumulated depreciation	58,105,000,000	81,262,000,000	104,829,000,000
Intangible fixed assets	13,226,000,000	12,842,000,000	12,635,000,000
i. Cost	14,294,000,000	14,294,000,000	14,527,000,000
i. Accumulated depreciation	1,068,000,000	1,452,000,000	1,892,000,000
Construction in progress	11,489,000,000	66,244,000,000	-
Other long term assets	3,488,000,000	2,313,000,000	2,475,000,000
Long term prepayments	2,713,000,000	1,537,000,000	1,530,000,000
i. Other long term assets	775,000,000	776,000,000	945,000,000
Total assets	366,048,000,000	421,570,000,000	418,162,000,000
Liabilities	145,567,000,000	186,731,000,000	155,532,000,000
Current liabilities	131,212,000,000	164,345,000,000	140,977,000,000
Short term borrowings	103,014,000,000	144,666,000,000	116,200,000,000
Accounts payables-trade	17,294,000,000	8,048,000,000	9,396,000,000
Advances from customers	9,031,000,000	8,119,000,000	11,749,000,000
Taxes and payable to state budget	153,000,000	315,000,000	78,000,000
Payable to employees	958,000,000	1,190,000,000	1,225,000,000
Accrued expenses payable	661,000,000	992,000,000	1,219,000,000
Other payables	101,000,000	56,000,000	151,000,000
Long term liabilities	14,355,000,000	22,386,000,000	14,555,000,000
Long term other payables	-	47,000,000	-
Long term borrowings	14,288,000,000	22,339,000,000	14,555,000,000
Provision funds for unemployment	67,000,000	-	-
Owner's equity	220,481,000,000	234,839,000,000	262,630,000,000
i. Owner's equity	219,522,000,000	234,839,000,000	262,630,000,000
Business capital	165,403,000,000	165,403,000,000	165,403,000,000
Business development funds	4,296,000,000	4,296,000,000	4,296,000,000
Other funds from owner's equity	114,000,000	113,000,000	114,000,000
Retained earnings	49,709,000,000	65,027,000,000	92,817,000,000
Budget sources	959,000,000	-	-
Bonus and welfare funds	959,000,000	-	-
Total resources	366,048,000,000	421,570,000,000	418,162,000,000

Note: (*)

Financial Highlights

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Turnover(*)	290,797,000,000	360,660,000,000	418,084,000,000
Profit (Loss) Before Tax(*)	11,727,000,000	22,742,000,000	37,832,000,000
Profit After Tax attributable to Shareholders(*)	11,008,000,000	21,297,000,000	34,802,000,000
Gross sales	290,797,000,000	360,660,000,000	418,084,000,000
Less deductions	57,000,000	1,718,000,000	727,000,000
Net income	290,740,000,000	358,942,000,000	417,357,000,000
Cost of goods sold	187,411,000,000	226,194,000,000	263,724,000,000
Gross margin	103,329,000,000	132,748,000,000	153,633,000,000
Income from financial activities	2,630,000,000	1,064,000,000	724,000,000
Expenses from financial activities	16,157,000,000	12,905,000,000	14,223,000,000
In which: Interest expenses	9,872,000,000	0	12,224,000,000
Selling expenses	7,425,000,000	13,565,000,000	16,812,000,000
General & administration expenses	67,190,000,000	81,574,000,000	84,007,000,000
Net income from operating activities	15,187,000,000	25,768,000,000	39,315,000,000
Extraordinary income	350,000,000	269,000,000	240,000,000
Extraordinary expenses	3,810,000,000	3,295,000,000	1,723,000,000
Extraordinary gains	(3,460,000,000)	(3,026,000,000)	(1,483,000,000)
Net profit before tax	11,727,000,000	22,742,000,000	37,832,000,000
Income tax	719,000,000	1,445,000,000	3,030,000,000
Net profit after tax	11,008,000,000	21,297,000,000	34,802,000,000

Note: (*)

Financial Highlights

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual	2013 Annual
Growth %
Year-on-Year Growth	-	24.02	15.92
Profitability
Profit Margin (%)	3.79	5.91	8.32
Return on Equity (%)	4.99	9.07	13.25
Return on Assets (%)	3.01	5.05	8.32
Leverage
Total Debt Equity (Times)	0.66	0.80	0.59
Current Debt Equity (Times)	0.60	0.70	0.54
Long Term Debt to Equity	0.07	0.10	0.06
Total Asset To Total Equity	1.66	1.80	1.59
Asset Management
Total Assets Turnover (Times)	0.79	0.86	1.00
Fixed Assets Turnover (Times)	1.26	1.34	1.67
Liquidity
Current Ratio	1.03	0.93	1.19

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

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Primary Products

Products / Materials / Services Description	Activity
Pharmaceutical preparations	Manufacturing, Exporting

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Pharmaceutical preparations	2834	Manufacturing, Exporting

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Pharmaceutical goods (specified sterile prod etc.)	3006	Manufacturing, Exporting
Pharmaceutical products	3000	Manufacturing, Exporting

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of PHIL INTER PHARMA CO LTD is Manufacturing - Finished products.

Key product include :

Pharmaceutical preparations

Supplementary Business

In addition to the core business, PHIL INTER PHARMA CO LTD also is engaged in the following areas of business:

Exporting

Exporting - Finished products

Importing

Importing - Raw materials

DOMESTIC SALES & PURCHASES

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

Annual Purchases Analysis	Percentage
Local Purchases	25%
Imports	75%

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 - BINH DUONG, NAM
SWIFT Code	:	BIDVVNVX
Bank Name	:	SHINHANVINA BANK
Global Identifier	:	P0824947
Branch	:	District 1,Ho Chi Minh
Branch Address	:	SHINHANVINA BANK - BINH DUONG
SWIFT Code	:	SHBKVNVN

INTERNATIONAL TRADE - Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Africa	Medium	Exporting
Asia / Pacific	Medium	Importing, Exporting
China	Medium	Importing
India	Medium	Importing
Korea, South (Republic of Korea)	Medium	Importing
Myanmar	Medium	Exporting
Singapore	Medium	Exporting
South Africa	Medium	Exporting

OFFICE & FACILITIES

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

Name	:	PHIL INTER PHARMA CO LTD - THUAN AN DIST, BINH DUONG
Primary Use	:	Office & Administration facilities
Employees	:	290
Address	:	25 St 8 Vietnam - Singapore Industrial Park, Thuan An Dist, Binh Duong
Country	:	Vietnam
Status	:	Operational

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
1 Jul, 2005	2388/GP

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.50
UK Pound	1	Rs.93.12
Euro	1	Rs.69.33

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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%)

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