|
Report Date : |
08.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
GOLDEN STAR TRADING & SHIPPING INVESTMENT
JOINT STOCK COMPANY |
|
|
|
|
Registered Office : |
No. 83 May To - Lac Vien Ward, Ngo Quyen District, Hai Phong City |
|
|
|
|
Country : |
Vietnam |
|
|
|
|
Date of Incorporation : |
05.05.2009 |
|
|
|
|
Com. Reg. No.: |
0203005270 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
importing and re-exporting frozen products |
|
|
|
|
No. of Employees : |
10 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Slow but Correct |
|
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 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 in the last 30
years has had to recover from the ravages of war, the loss of financial support
from the old Soviet Bloc, and the rigidities of a centrally-planned economy.
While Vietnam's economy remains dominated by state-owned enterprises, which
still produce about 40% of GDP, Vietnamese authorities have reaffirmed their
commitment to economic liberalization and international integration. They have
moved to implement the structural reforms needed to modernize the economy and
to produce more competitive export-driven industries. Vietnam joined the World
Trade Organization in January 2007 following more than a decade-long
negotiation process. Vietnam became an official negotiating partner in the
developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's
share of economic output has continued to shrink from about 25% in 2000 to
about 22% in 2011, while industry's share increased from 36% to 40% in the same
period. Deep 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 has hurt Vietnam's
export-oriented economy, with GDP in 2009-11 growing less than the 7% per annum
average achieved during the last decade. In 2011, exports increased by more
than 33%, year-on-year, and the trade deficit, while reduced from 2010,
remained high, prompting the government to maintain administrative trade
measures to limit the trade deficit. Vietnam's managed currency, the dong,
continues to face downward pressure due to a persistent trade imbalance. Since
2008, the government devalued it in excess of 20% through a series of small
devaluations. Foreign donors pledged nearly $8 billion in new development
assistance for 2011. However, the government's strong growth-oriented economic
policies have caused it to struggle to control one of the region's highest
inflation rates, which reached as high as 23% in August 2011 and averaged 18%
for the year. In February 2011, Vietnam shifted its focus away from economic
growth to stabilizing its economy and tightened fiscal and monetary policies.
In early 2012 Vietnam unveiled a broad "three pillar" economic reform
program, proposing the restructuring of public investment, state-owned
enterprises and the banking sector. Vietnam's economy continues to face
challenges from low foreign exchange reserves, an undercapitalized banking
sector, and high borrowing costs. The near-bankruptcy and subsequent default of
the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings
downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing
difficulties.
|
Source : CIA |
|
English Name |
|
GOLDEN STAR TRADING & SHIPPING
INVESTMENT JOINT STOCK COMPANY |
|
Vietnamese Name |
|
CONG TY CO PHAN DAU TU VAN TAI BIEN &
THUONG MAI SAO VANG |
|
Short name |
|
GOLDEN STAR TRASHIPINCO. |
|
Type of Business |
|
Joint stock company |
|
Year Established |
|
2009 |
|
Business Registration No. |
|
0203005270 |
|
Date of Registration |
|
05 May 2009 |
|
Place of Registration |
|
Hai Phong Department of Planning and
Investment |
|
Chartered capital |
|
VND 1,950,000,000 |
|
Status |
|
Unlisted |
|
Tax code |
|
0200912437 |
|
Total Employees |
|
10 |
|
Size |
|
Small |
|
Registration
Address |
||
|
Address |
|
No. 83 May To - Lac Vien Ward, Ngo Quyen
District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3 837 109 |
|
|
||
|
Transaction
office in Hai Phong |
||
|
Address |
|
No. 18 Doan Xa Str - Dong Hai Ward, Hai An
District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3 652 520 |
|
Fax |
|
(84-31) 3 652 521 |
|
Land-use Right |
|
Leased |
|
1.
NAME |
|
Mr.
PHAM QUANG MINH |
|
Position |
|
Director |
|
Date of Birth |
|
16 May 1976 |
|
ID Number/Passport |
|
030953139 |
|
ID Issue Date |
|
20 Apr 2009 |
|
ID Issue Place |
|
Police of Hai Phong
City |
|
Resident |
|
No. 1C85 Cau Tre
Ward, Ngo Quyen District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
2.
NAME |
|
Mr.
CHU HAI NAM |
|
Position |
|
Vice Director |
|
ID Number/Passport |
|
030978389 |
|
Resident |
|
No.1 Le Lai Str - Lac
Vien Ward, Ngo Quyen District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
|
||
|
3.
NAME |
|
Mr.
DINH QUANG THANG |
|
Position |
|
Vice Director |
|
Nationality |
|
Vietnamese |
The subject is specialized in importing and re-exporting frozen products.
|
IMPORT: |
||
|
·
Types of products |
|
Frozen products |
|
·
Market |
|
India, Pakistan, Japan, Taiwan, Malaysia, Thailand, Indonesia, Turkey |
|
|
||
|
EXPORT: |
||
|
·
Types of products |
|
Frozen products |
|
·
Market |
|
China, Thailand, Japan |
|
1.
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM HAI PHONG BRANCH |
||
|
Address |
|
No 11 Hoang Dieu, Hong Bang District, Hai Phong City, Vietnam |
|
Telephone |
|
(84-31) 3842658 / 3841115 |
|
Fax |
|
(84-31) 3841117 |
|
1.
NAME |
|
Mr.
PHAM QUANG MINH |
|
Position |
|
Director |
|
Date of Birth |
|
16 May 1976 |
|
ID Number/Passport |
|
030953139 |
|
Issued on |
|
20 Apr 2009 |
|
Issued Place |
|
Police of Hai Phong City |
|
Resident |
|
No. 1C85 Cau Tre Ward, Ngo Quyen District,
Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
850 |
|
Value of shares |
|
VND 850,000,000 |
|
Percentage |
|
43.59% |
|
|
||
|
2.
NAME |
|
Mr.
CHU HAI NAM |
|
Position |
|
Vice Director |
|
ID Number/Passport |
|
030978389 |
|
Resident |
|
No.1 Le Lai Str - Lac Vien Ward, Ngo Quyen
District, Hai Phong City, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
500 |
|
Value of shares |
|
VND 500,000,000 |
|
Percentage |
|
25.64% |
|
|
||
|
3.
NAME |
|
Mr.
DO NAM BINH |
|
ID Number/Passport |
|
164121225 |
|
Resident |
|
Thuong Lan Area Ninh Son Ward, Ninh Binh
City, Ninh Binh Province, Vietnam |
|
Nationality |
|
Vietnamese |
|
Number of Shares |
|
600 |
|
Value of shares |
|
VND 600,000,000 |
|
Percentage |
|
30.77% |
N/A
|
Trade Morality |
|
Normal |
|
Liquidity |
|
N/A |
|
Payment status |
|
N/A |
|
Financial Situation |
|
Below Average |
|
Development trend |
|
Stable |
|
Litigation data |
|
No Record |
|
Bankruptcy |
|
No Record |
|
Payment Methods |
|
T/T |
|
Sale Methods |
|
To contracts |
|
Public opinion |
|
Normal |
|
CREDIT INQUIRY: 125,000 USD Against D/A in terms - Caution |
The subject
is a joint stock company which was established in May 2009 under the name
GOLDEN STAR TRADING & SHIPPING INVESTMENT JOINT STOCK COMPANY (GOLDEN STAR
TRASHIPINCO). Its Business Registration No. 0203005270 is registered by Hai
Phong Department of Planning and Investment; its Tax Code No. is 0200912437.
Its chartered capital is VND 1,950,000,000.
The
subject is specialized in importing and re-exporting frozen products. In which,
main products are buffalo meat, beef, pork, seafood, ..It imports from many
countries such as: India, Pakistan,
Japan, Taiwan, Malaysia, Thailand, Indonesia, Turkey,…After that, the subject
export to some markets. China is main market.
Its
facilities and premises are normal. The subject registers its address at No.
83, May To, Lac Vien Ward, Ngo Quyen District, Hai Phong City. However, all of
its transactions are taken place at No. 18 Doan Xa Street, Dong Hai Ward, Hai
An District, Hai Phong City. Its management ability is also normal. It has
about 10 employees.
The
latest financial statement of the subject is not available in our sources. So,
it is difficult to comment about the financial ability of the subject. Talking
to Mr. Pham Quang Minh, he said that in recent time, the value of each import
order is about USD 2,000 on average.
In
general, the subject is a small company. Its operation and business activities
are normal and not very busy. Currently, the subject is only reliable for small
financial commitments.
|
INDUSTRY
DATA |
||||||
|
|
||||||
|
Industry code |
Growth speed by
price compared with 1994 (%) |
Total
enterprises 2009 |
Total employees
2010 (Thous.pers.) |
Annual average
capital of enterprises 2009 (billion dongs) |
||
|
2011 |
2010 |
|||||
|
Agriculture,
Forestry and Fishing |
4.00 |
2.78 |
8,749 |
23,896.3 |
81,559 |
|
|
Industry and
Construction |
5.53 |
7.70 |
85,115 |
10,630 |
2,751,975 |
|
|
Trade and
Services |
6.69 |
7.52 |
154,978 |
14,522 |
4,939,069 |
|
|
|
||||||
|
ECONOMIC
INDICATORS |
||||||
|
|
||||||
|
|
2011 |
2010 |
2009 |
|||
|
Population (Million person) |
87.84 |
86.93 |
86.02 |
|||
|
Gross Domestic Products (USD billion) |
119 |
102.2 |
91 |
|||
|
GDP Growth (%) |
5.89 |
6.78 |
5.32 |
|||
|
GDP Per Capita (USD/person/year) |
1,300 |
1,160 |
1,080 |
|||
|
Inflation (% Change in Composite CPI) |
18.58 |
11.75 |
6.88 |
|||
|
State Budget Deficit compared with GDP (%) |
4.9 |
5.8 |
6.9 |
|||
|
|
||||||
|
SERVICE
TRADE PERFORMANCE |
||||||
|
|
||||||
|
Billion USD |
2011 |
2010 |
2009 |
|||
|
Exports |
96.3 |
72.2 |
57.1 |
|||
|
Imports |
105.8 |
84.8 |
69.9 |
|||
|
Trade Balance |
-9.5 |
-12.6 |
-12.8 |
|||
Source: General
Statistics Office
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.62 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.