MIRA INFORM REPORT

Report Date :

08.02.2014

IDENTIFICATION DETAILS

Name :	BLUE STAR CO LTD
Registered Office :	Industrial Group 47 Tam Phuoc Commune, Long Thanh, Dong Nai
Country :	Vietnam
Financials (as on) :	31.12.2011
Date of Incorporation :	25.02.2010
Legal Form :	Private Company with Limited Liability
Line of Business :	Manufacturer of Chemicals
No. of Employees :	80

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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 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

REGISTERED NAME & COMPANY SUMMARY

Organization Name	:	BLUE STAR CO LTD
Address	:	Industrial Group 47 Tam Phuoc Commune, Long Thanh, Dong Nai
Country	:	Vietnam
Phone (S)	:	[+84] 61-3512099
Facsimile	:	[+84] 61-3513121
Website	:	http://www.bluestarvn.com
Primary Business Activity	:	Manufacturer
Key Industry	:	Chemicals

Key Facts

Registered Legal Address	:	Industrial Group 47 Tam Phuoc Commune, Long Thanh, Dong Nai
Operational Address	:	Industrial Group 47 Tam Phuoc Commune, Long Thanh, Dong Nai
Issuing Authority	:	Dept. of Planning & Investment - Dong Nai
License Number	:	3600687319
License Status	:	License exists - Normal.
Legal Form - Category	:	Private Company with Limited Liability
Legal Form	:	Company Limited
Legal Form - Abbreviation	:	CO LTD
Operational Status of Business	:	Normal
Date of Registration	:	25 Feb, 2010
Employees	:	80
Capital	:	US$ 2,845,208

DIRECTORS/MANAGEMENT

Key Person

Legal Title	:	Managing Director
Name	:	Mr. Tran Tan Thuat
Nationality	:	Vietnamese

COMPANY MANAGEMENT

Management Listings

	Name	Nationality	Job Description	Dept. / Division
1	Mr. Phan Thanh Tung	Vietnamese	Chief Accountant	Finance

Management Details - 1

Personal Unique Identifier	:	MI03618702
Name	:	Mr. Phan Thanh Tung
Date of Birth	:	1973

COMPANY DIRECTORS

1
Personal Unique Identifier	:	MI03618441
Name	:	Mr. Tran Tan Thuat
Date of Birth	:	1965
Nationality	:	Vietnamese

NEGATIVE INFORMATION

REPUTATION

Reference checking for the purpose of establishing the BLUE STAR CO LTD's reputation within the respective industry failed to reveal any adverse information.

NEGA-SCAN - ADVERSE DATA MONITORING

DISHONORED CHECKS

No Record Found

DEBT	No Record Found

LITIGATION

No Record Found

PERFORMANCE DEFAULTS

No Record Found

ADVERSE LOCAL MEDIA COVERAGE / ADVERSE FILING HISTORY

No Record Found

SHARE & SHARE CAPITAL INFORMATION

CAPITAL (Currency: VND - Vietnam Dong)

Authorized Capital

:

60,000,000,000

Date	Authorized Capital - History
21 Jul, 2004	40,000,000,000
2011	60,000,000,000

SHAREHOLDERS

Total number of shareholders	:	5
Total number of shares	:	n/a

No.	Shareholders	Country	Shares
			Number	Amount (VND)	%
1	Mr. Tran Tan Thuat	Vietnam	n/a	n/a	22.00
2	Mr. Tran Ngoc Quang	Vietnam	n/a	n/a	20.00
3	Mr. Tran Thi Hanh	Vietnam	n/a	n/a	20.00
4	Mr. Pham Van Tuan	Vietnam	n/a	n/a	19.00
5	Mr. Tran Bich Van	Vietnam	n/a	n/a	19.00
Total			n/a	n/a	100.00

Based on corporate statutory laws / regulations in Vietnam, there is no requirement for public disclosure of Shareholders. In this case, the Shareholders information was supplied by the Subject Business Entity.
However in the absence of data normally obtained from local Statutory Authorities, it is not possible to verify the accuracy of data supplied and hence is provided as reference ONLY.

PAYMENT INFORMATION

DOMESTIC SALES & PURCHASES

Annual Sales Analysis	Percentage
Domestic Sales	100%

Annual Purchases Analysis	Percentage
Local Purchases	60%
Imports	40%

PAYMENT TERMS

Selling

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 30~60 days

Purchasing

Type	Terms
Local	Cash on delivery (COD) Credit - Secured with Post-dated checks 30~60 days
Import	Letter of Credit (At-sight) Telegraphic Transfer (T/T) - Executed at time of transaction

GROUP STRUCTURE & AFFILIATED COMPANIES

N/a

FINANCIAL INFORMATION

Financials - Summary  (Currency: USD - US Dollar)

Year	Sales	Assets	Net Income
2011 Annual	14,862,410	8,986,366	1,680
2012 Annual (*)	16,815,545	10,188,546	313,763

Sales Trend – Analysis

2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
-	-	-	-	-	-	-	-	-

Note: (*)

Financials listed are the most recent available for this company.

FINANCIAL STATEMENT - DETAILED

Balance Sheet

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual
Current Assets	144,743,000,000	171,233,000,000
Non Current Assets	42,443,000,000	40,940,000,000
Non Current Liabilities	11,000,000	-
Share Capital	60,000,000,000	60,000,000,000
Other long term assets
Total Assets	187,186,000,000	212,173,000,000
Total Liabilities	128,284,000,000	146,736,000,000
Current Liabilities	128,273,000,000	146,736,000,000
Long term liabilities
Shareholders Funds	58,902,000,000	65,437,000,000
Current assets & short term investments	144,743,000,000	171,233,000,000
Cash & cash equivalents	11,800,000,000	1,656,000,000
Cash	11,800,000,000	1,656,000,000
Accounts receivable	104,849,000,000	141,931,000,000
Accounts receivable trade	98,669,000,000	109,660,000,000
Trade prepayment	3,447,000,000	3,027,000,000
Others receivables	2,733,000,000	29,244,000,000
Inventories	26,821,000,000	24,971,000,000
Other short term asset	186,000,000	2,203,000,000
Prepaid expenses	1,070,000,000	472,000,000
Other tax receivables	17,000,000	-
Long term assets	42,443,000,000	40,940,000,000
Fixed assets	40,584,000,000	39,897,000,000
Tangible fixed assets	31,988,000,000	36,074,000,000
i. Cost	45,723,000,000	53,286,000,000
i. Accumulated depreciation	13,735,000,000	17,212,000,000
Finance lease assets	3,651,000,000	-
ii. Cost	3,781,000,000	-
ii. Accumulated depreciation	-	230,000,000
Intangible fixed assets	-	3,823,000,000
iii. Cost	-	4,053,000,000
Construction in progress	4,945,000,000	-
Other long term assets	1,859,000,000	1,043,000,000
Long term prepayments	1,859,000,000	1,043,000,000
Total assets	187,186,000,000	212,173,000,000
Liabilities	128,284,000,000	146,736,000,000
Current liabilities	128,273,000,000	146,736,000,000
Short term borrowings	76,899,000,000	105,574,000,000
Accounts payables-trade	44,008,000,000	32,713,000,000
Advances from customers	636,000,000	1,881,000,000
Taxes and payable to state budget	690,000,000	193,000,000
Payable to employees	784,000,000	722,000,000
Accrued expenses payable	1,273,000,000	1,857,000,000
Other payables	3,983,000,000	3,796,000,000
Long term liabilities	11,000,000	-
Provision funds for unemployment	11,000,000	-
Owner's equity	58,902,000,000	65,437,000,000
Business capital	60,000,000,000	60,000,000,000
Retained earnings	(1,098,000,000)	5,437,000,000
Total resources	187,186,000,000	212,173,000,000

Income Statement

Currency	:	VND
Denomination	:	1
Financial Year Ending	:	December

Financial Highlights	2011 Annual	2012 Annual
Turnover	309,584,000,000	350,178,000,000
Profit (Loss) Before Tax	142,000,000	8,712,000,000
Profit After Tax attributable to Shareholders	35,000,000	6,534,000,000
Gross sales	309,584,000,000	350,178,000,000
Less deductions	2,544,000,000	6,565,000,000
Net income	307,040,000,000	343,613,000,000
Cost of goods sold	281,055,000,000	312,688,000,000
Gross margin	25,985,000,000	30,925,000,000
Income from financial activities	216,000,000	327,000,000
Expenses from financial activities	12,954,000,000	12,645,000,000
In which: Interest expenses	11,535,000,000	12,566,000,000
Selling expenses	7,420,000,000	5,435,000,000
General & administration expenses	4,094,000,000	5,405,000,000
Net income from operating activities	1,733,000,000	7,767,000,000
Extraordinary income	259,000,000	1,091,000,000
Extraordinary expenses	1,850,000,000	146,000,000
Extraordinary gains	(1,591,000,000)	945,000,000
Net profit before tax	142,000,000	8,712,000,000
Income tax	107,000,000	2,178,000,000
Net profit after tax	35,000,000	6,534,000,000

Financial Ratios

Financial Highlights	2011 Annual	2012 Annual
Growth %
Year-on-Year Growth	-	13.11
Profitability
Profit Margin (%)	0.01	1.87
Return on Equity (%)	0.06	9.99
Return on Assets (%)	0.02	3.08
Leverage
Total Debt Equity (Times)	2.18	2.24
Current Debt Equity (Times)	2.18	2.24
Long Term Debt to Equity	0.00	-
Total Asset To Total Equity	3.18	3.24
Asset Management
Total Assets Turnover (Times)	1.65	1.65
Fixed Assets Turnover (Times)	7.29	8.55
Liquidity
Current Ratio	1.13	1.17

Based on the corporate laws of Vietnam, legal entities which are Private Company with Limited Liability are not required to make public disclosure of their annual financials. Although financials were obtained for reference.

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Country	:	Vietnam
Business Entity Name	:	BLUE STAR CO LTD
Primary Business Activity	:	Manufacturer
Primary Industry	:	Chemicals
Office Contact Details
Operating Address	:	Industrial Group 47 Tam Phuoc Commune, Long Thanh, Dong Nai
Tel	:	[+84] 61-3512099
	:	[+84] 61-3513122
	:	[+84] 61-3513123
Fax	:	[+84] 61-3513121
Website Details
Website	:	http://www.bluestarvn.com
Status	:	Normal - operational
Country of Registration	:	Vietnam
Ownership Type	:	Registered ownership by Subject Business Entity

Primary Products

Products / Materials / Services Description	Activity
Animal feed	Manufacturing

SIC PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Prepared feeds, nspf	2048	Manufacturing

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Product/Service Description	Code	Activity
Poultry feeds, prepared	2309901020	Manufacturing
Preparations used in animal feeding	2309	Manufacturing

CORE BUSINESS DESCRIPTION

Core Business

The primary business focus of BLUE STAR CO LTD is Manufacturing - Finished products.

Key product include :

Animal feed

An integral part of the core business includes:

Distribution

Supplementary Business

In addition to the core business, BLUE STAR CO LTD also is engaged in the following areas of business:

Importing

Importing - Raw materials

BANK DETAILS

Bank Name	:	DAI A COMMERCIAL JSC
Global Identifier	:	P0169794
Branch	:	Bien Hoa
Branch Address	:	HO CHI MINH
SWIFT Code	:	DAIAVNV
Bank Name	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT & DEVELOPMENT OF VIETNAM
Global Identifier	:	32400483
Branch	:	Hoan Kiem Dist,Hanoi
Branch Address	:	JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM - SAI GON
SWIFT Code	:	BIDVVNVX
Bank Name	:	MILITARY COMMERCIAL JOINT STOCK BANK
Global Identifier	:	P0387295
Branch	:	Dong Da,Hanoi
Branch Address	:	SAI GON
SWIFT Code	:	MSCBVNVX

INTERNATIONAL TRADE

Activity & Markets

Country / Region	Estimated level of importance	Trading Activity
Asia / Pacific	Medium	Importing
North America	Medium	Importing
India	Medium	Importing
USA	Medium	Importing

OFFICE & FACILITIES

Name	:	BLUE STAR CO LTD - LONG THANH, DONG NAI
Building Size	:	10,000 Square meters
Address	:	Industrial Group 47 Tam Phuoc Commune, Long Thanh, Dong Nai
Country	:	Vietnam
Ownership of Property	:	Rented / Leased
Status	:	Operational

QUALITY ACCREDITATION

Quality Accreditation Listings

#	Name	Accreditation Category
1	INTERNATIONAL STANDARDS ORGANIZATION (ISO)	9001:2008

PREVIOUS BUSINESS LICENSE/S

License Date	License No.
21 Jul, 2004	4702001160

NOTES & COMMENTS

N/a

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.32
UK Pound	1	Rs.101.78
Euro	1	Rs.84.68

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.