MIRA INFORM REPORT

Report Date :

22.11.2013

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
Year of Incorporation :	2009
Com. Reg. No.:	0200912437
Legal Form :	Joint Stock Company
Line of Business :	The subject is specialized in importing and re-exporting frozen products.
No. of Employees :	About 15

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 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 22% in 2012, while industry's share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 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 2012 growing at 5%, the slowest rate of growth since 1999. In 2012, however, exports increased by more than 18%, 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 stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in new development assistance for 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the Government shifted policy away 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 had been made by early 2013. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses. In September 2012, the official bad debt ratio climbed to 8.8%, though some independent analysts believe it could be higher than 15%.

Source : CIA

SUBJECT IDENTIFICATION & LEGAL FORM
Current legal status
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.	0200912437
Date of Registration	10 Jan 2013
Place of Registration	Hai Phong Department of Planning and Investment
Chartered capital	VND 1,950,000,000
Status	Unlisted
Tax code	0200912437
Total Employees	About 15
Size	Small

Historical Identification & Legal form

List	Changed Items	Date of changes
1	Subject has got former Board Of Director: Mr. PHAM QUANG MINH Changed to: Mr. DINH QUANG THANG	10 Jan 2013
2	Subject has got former Business Registration Number: 0203005270 Changed to: 0200912437	10 Jan 2013

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
Note: The full address of the subject is as above.

DIRECTORS

1. NAME	Mr. DINH QUANG THANG
Position	Director
Date of Birth	13 Mar 1977
Nationality	Vietnamese
2. NAME	Mr. PHAM QUANG MINH
Position	Former 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
Note: He is now working in another position for the subject
3. NAME	Mr. CHU HAI NAM
Position	Vice Director cum Chief accountant
Date of Birth	17 Apr 1978
ID Number/Passport	030978389
Resident	No.1 Le Lai Str. – Lac Vien Ward, Ngo Quyen District, Hai Phong City, Vietnam
Nationality	Vietnamese
4. NAME	Ms. DINH THI NGOC
Position	Vice Director
Nationality	Vietnamese
Tel/Mobile phone	+84 906292998
Email	linhngochp@gmail.com

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
· Ratio	100%
· Mode of payment	T/T
EXPORT:
· Types of products	Frozen products
· Market	China, Thailand, Japan

BANKERS

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	Former 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
Date of Birth	17 Apr 1978
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
Date of Birth	10 Dec 1982
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

Unfortunately, the subject’s financial data is not available in our source.

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

INTERPRETATION ON THE SCORES

The subject was established in May 2009 under the initial business registration number 0203005270 granted by Hai Phong Department of Planning and Investment. Recently, it has changed to the number 0200912437 to be same as the tax code as the Vietnamese Business Law. The subject is currently operating with about 15 people and the chartered capital was still VND 1,950,000,000.

The subject’s registration office is located at No. 83 May To – Lac Vien Ward, Ngo Quyen District, Hai Phong City, Vietnam. However, almost of its transaction are taken place at No. 18 Doan Xa Str. – Dong Hai Ward, Hai An District, Hai Phong City, Vietnam. It is majored in importing and re-exporting frozen products in which, main products are buffalo meat, beef, pork, seafood, etc. It imports from many countries such as: India, Pakistan, Japan, Taiwan, Malaysia, Thailand, Indonesia, Turkey, etc. After that, the subject exports back to some markets. China is main market. In our interview with Ms. Lan Anh- one of the accountant she shared that the subject’s import and export are normal.

In short, the subject is a small company. Its operation and business activities are normal and busy for sometimes. Currently, the subject is only reliable for small financial commitments.

INDUSTRY DATA
Industry code	GDP growth speed by price compared with 1994 (%)		Total enterprises 2010		Total employees 2011 (Thous.pers.)	Annual average capital of enterprises 2010 (billion dongs)
	2012	2011
Agriculture, Forestry and Fishing	2.72	4.00	8,887		24,362.9	95,227
Industry and Construction	4.52	5.53	95,217		10,718.9	3,641,376
Trade and Services	6.42	6.69	187,195		15,270.2	6,957,082
ECONOMIC INDICATORS
			2012	2011		2010
Population (Million person)			88.78	87.84		86.93
Gross Domestic Products (USD billion)			136	119		102.2
GDP Growth (%)			5.03	5.89		6.78
GDP Per Capita (USD/person/year)			1,540	1,300		1,160
Inflation (% Change in Composite CPI)			9.21	18.58		11.75
State Budget Deficit compared with GDP (%)			4.8	4.9		5.8
SERVICE TRADE PERFORMANCE
Billion USD			2012	2011		2010
Exports			114.6	96.3		72.2
Imports			114.3	105.8		84.8
Trade Balance			0.3	-9.5		-12.6

Source: General Statistics Office

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.89
UK Pound	1	Rs.101.14
Euro	1	Rs.84.42

INFORMATION DETAILS

Report Prepared by :

NNA

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.