MIRA INFORM REPORT

Report Date :

27.09.2012

Tel. No.:

84 31 3 837 109

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 30^th, 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

SUBJECT IDENTIFICATION & LEGAL FORM

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

company ADDRESSES

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

DIRECTORS

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

BUSINESS NATURE AND ACTIVITIES

The subject is specialized in importing and re-exporting frozen products.

IMPORT & EXPORT ACTIVITIES

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

BANKERS

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

SHAREHOLDERS

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%

FINANCIAL DATA

N/A

PAYMENT HISTORY & PERFORMANCE EXPERIENCES

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

INTERPRETATION ON THE SCORES

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.

APPENDIX

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.53.58
UK Pound	1	Rs.86.60
Euro	1	Rs.68.94

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%)

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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.