MIRA INFORM REPORT

Report Date :

24.10.2008

IDENTIFICATION DETAILS

Name :	BLUE STAR COMPANY LIMITED
Registered Office :	Clusters of slopes 47 Industrial Zone, Tam Phuoc Commune, Long Thanh District, Dong Nai Province
Country :	Vietnam
Financials (as on) :	2006
Date of Incorporation :	2004
Com. Reg. No.:	4702001130
Legal Form :	Liability Limited Company
Line of Business :	Manufacture and Trading Food for Cattle, Poultry, Aquatic

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
Payment Behaviour :	No Complaints
Litigation :	Clear

SUBJECT IDENTIFICATION & LEGAL FORM

English Name	BLUE STAR COMPANY LIMITED
Vietnamese Name	CONG TY TNHH SAO XANH
Abbreviate Name	BS CO., LTD
Type of Business	Liability Limited Company
Founded	2004
Business Registration	No. 4702001130
Issuance on	July 21^st, 2004
Issuance by	Dong Nai Department of Planning and Investment
Registered Capital	20,000,000,000 VND
Tax code	3600687319
Total Employees	About 100 employees
ADDRESSES
Head Office and factory:
Address	Clusters of slopes 47 Industrial Zone, Tam Phuoc Commune, Long Thanh District, Dong Nai Province
Country	Vietnam
Tel	(84-61) 3512099/ 3513122
Fax	(84-61) 3513121
DIRECTORS
1. NAME	Mr. TRAN TAN THUAT
Position	Director
ID No.	021438825
Date of birth	November 20^th, 1965
Resident	No. 5, Tan Lap Hamlet, Binh Trung Dong Ward, Dist 2, Hochiminh City
Nationality	Vietnamese
2. NAME	Mr. LE CHI DAO
Position	Chief Accountant
Nationality	Vietnamese
Mobile	+84 918 159 749
BUSINESS NATURE AND ACTIVITIES
The subject focuses on manufacture and trading food for cattle, poultry, aquatic
IMPORT & EXPORT ACTIVITIES
IMPORT: The subject imports machinery from USA, Denmark, Europe Countries. It imports material from India, Brazil, Peru, Argentina …
EXPORT: N.A
BANKERS
1. BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM
Address	No. 503-505 Nguyen Trai Str, Ward 7, Dist 5, Hochiminh City
Country	Vietnam
Tel	(84-8) 39509181
SHAREHOLDER(S)
The subject is a Limited Liability Company. Following is its shareholders:
1. NAME	Mr. TRAN TAN THUAT
Position	Director
ID No.	021438825
Date of birth	November 20^th, 1965
Resident	No. 5, Tan Lap Hamlet, Binh Trung Dong Ward, Dist 2, Hochiminh City
Nationality	Vietnamese
Share	99%
Value	19,800,000,000 VND
2. NAME	Ms. HO THI HA
Position	Shareholder
ID No.	0213528048
Resident	No 979, Kha Van Can Str, Area 1, Linh Tay Ward, Thu Duc District, Hochiminh City
Nationality	Vietnamese
Share	1%
Value	200,000,000 VND
FINANCIAL DATA
Unit: VND million
Description		2006
Current assets & Short term Investment		9,200
Fixed assets & Long term investment		19,141
TOTAL ASSETS		28,341
Payables		9,832
Owner’s Equity		18,509
TOTAL LIABILITY AND EQUITY		28,341
Total revenue		56,734
Deductions Items		2,839
Net revenue		53,895
Net income from business activity		-469
Net income from financial operation		-259
Irregular Profit		3
Total pre-tax profit		-725
PAYMENT HISTORY AND EXPERIENCES
Trade Morality	Normal
Liquidity	Average
Payment status	Average
Financial Situation	Average
Development trend	Normal
Litigation data	No recorded
Bankruptcy	No recorded
Payment Methods	TT, L/C
Sale Methods	Directly to its clients
INTERPRETATION ON THE SCORES
Blue Star Company Limited was established in 2004 with business registration No. 4702001130. It has 20 billion VND of registration capital. It is now specialized in the manufacture and trading feeds for cattle, poultry, and aquatic. Its products have brand name ABS on the market. The subject imports machinery and production line from USA, Europe, Denmark... This line is considered to be modern. The subject imports materials from India, Brazil, Peru, Argentina... and also purchases from domestic market such as bone flour, fish flour, corn, bran, manioc… Its products are distributed locally. The major market of the subject is in southern Central, eastern South and Cuu Long river delta of Vietnam. The premises and facilities are average. The subject equips with modern equipments. Its production capacity of line system achieves 150,000 tons/year. Business operation of the subject in 2008 is worse than in 2007. In 2007, the subject has more than 300 distributors, agency, farm which consumed its products. Because its product’s quality don’t commit rightly as advertising and brand name, so it is sued by farmers in the end of 2007. It is lost potential and tradition customer. In addition, the increase of input price and bank loan are difficulties for subject in 2008. It seemed the most difficult for subject from April to August of the year and subject seems to think to bankrupt. The subject overcomes dangerous situation thanks to trial contract among the subject with owner of fish ponds and export processing factories. Currently, the subject is now consolidating its prestige. The management capacity is average. Mr. Tran Tan Thuat - Director is also big shareholder of other company such as International Aquatic Co., Ltd . He is rarely in office. Currently, the subject has about 100 employees. Its financial situation is not good. In general, the subject is a small company. It is consolidating its position in market to operate stable. The subject has capacity to meet small business commitment with guaranty of financial organization.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.95
UK Pound	1	Rs.79.56
Euro	1	Rs.63.65

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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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