On December 04, 2012, the Hochiminh Stock Exchange received a document from Cuu Long Pharmaceutical Joint Stock Corporation (PHARIMEXCO) supplementing unreported board resolutions as follows:
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Resolution No.01/NQ.CTD dated January 07, 2011 on the 2011 business
plan;
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Resolution No.03/NQ.CTD dated March 22, 2011 on the
construction of Head Quarter and Pharmaceutical Depot in Can Tho Branch.
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Resolution No.10/NQ.CTD dated November 02, 2011 on loans in
Sacombank.
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Resolution No.01/NQ.CTD dated January, 2012 on loans in VietinBank
- Vinh Long Branch.
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Resolution No.02/NQ.CTD dated February 26, 2012 on the 2011
profit and loss, plan for 2012.
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Here are the detailed contents:
1. Resolution No.01/NQ.CTD
dated January 07, 2011 on the 2011 business plan
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The Board of Directors passed the 2011 business plan, with
main targets below:
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Revenue: VND1,000 billion; of which: Pharmaceuticals: VND700
billion, capsule: VND130 billion, medical instruments: VND55 billion, other
business activites: VND115 billion.
+
Profit: 10% (VND100 billion).
2. Resolution No.03/NQ.CTD
dated March 22, 2011 on the construction of Head Quarter and Pharmaceutical
Depot in Can Tho Branch.
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The Board of Directors approved the value of construction
agreement for Head Quarter and Pharmaceutical Depot in Can Tho Branch:
VND6,425,725,000.
3. Resolution No.10/NQ.CTD
dated November 02, 2011 on loans in Sacombank.
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The Board of Directors approved to allow Pharimexco to
borrow VND50 billion in Sacombank - Vinh Long Branch.
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Loan amount: VND50 billion. Limit to L/C at sight:
US$3,000,000.
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Purpose: to raise funds for business.
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Collateral:
+
Certificate of land use right No.15764/99
+
Certificate of building owning right No.2079/UQD.UBND
+
Certificate of land use right CV 673
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The Board of Directors assigned CEO Luong Van Hoa to execute
transactions with the bank.
4. Resolution No.01/NQ.CTD
dated January, 2012 on loans in Vinh Long
Branch of VietinBank.
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The Board of Directors approved the borrowing plan in Vinh
Long Branch of the Industrial and Commercial Bank of Vietnam (VietinBank - Vinh Long
Branch).
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The bank granted a credit limit under the form of loans,
guaranteed, opened L/C to finance the production of pharmaceuticals, medical
supplies, etc. and issued international credit cards to the Senior Management
Board of Pharimexco.
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Collateral:
+
Depositing, mortgaging, pledging the assets of Pharimexco;
+
Mortgaging, pledging the assets of the third party;
+
Not secured by assets.
+
Credit limit: VND70 billion.
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The Board of Directors assigned CEO Luong Van Hoa, Deputy
CEO Nguyen Huu Trung and Deputy CEO
Nguyen Thanh Tong to sign agreements with the bank.
5. Resolution No.02/NQ.CTD
dated February 26, 2012 on the 2011 profit and loss, plan for 2012.
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The 2011 financial statements: The Board of Directors will
organize a meeting to make a unanimous decision about the audited report.
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The 2012 business plan: The Board of Directors passed the
2012 business plan, but still assigned the Senior Management Board to recheck
targets.
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Plan for overall corporate governance (ERP): The Board of
Directors approved the plan, but the auditors’ opinions about the optimal
difference between the Standard Accounting
System and the Accounting
System which is using by the Company must be reported before
implementation.
