MIRA INFORM REPORT

Report Date :

31.12.2011

IDENTIFICATION DETAILS

Name :	SARTOMER ASIA LTD.
Registered Office :	Room 1106, 11/F., DCH Commercial Centre, 25 Westlands Road, Quarry Bay
Country :	Hong Kong
Date of Incorporation :	13.08. 2003
Com. Reg. No.:	33841425
Legal Form :	Private Limited Company
Line of Business :	Importer and Exporter of Acrylate/methacry monomers, oligomers and other specialty chemicals, etc.
No. of Employees :	8

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 :	No Complaints
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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Hong Kong	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name and address

SARTOMER ASIA LTD.

ADDRESS: Room 1106, 11/F., DCH Commercial Centre, 25 Westlands Road, Quarry Bay, Hong Kong.

PHONE: 2161 0600

FAX: 2161 0678

E-MAIL: general.info@sartomerasia.com

info@sartomerasia.com

MANAGEMENT

Managing Director: Mr. Laurent Gerard Suspene

SUMMARY

Incorporated on: 13th August, 2003.

Organization: Private Limited Company.

Capital: Nominal: HK$164,000,000.00

Issued: HK$164,000,000.00

Business Category: Chemical Trader.

Group Sales: €5,905 million (Year ended 31-12-2010)

Employees: 8.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

Room 1106, 11/F., DCH Commercial Centre, 25 Westlands Road, Quarry Bay, Hong Kong.

China Factory:-

Sartomer (Guangzhou) Chemicals Ltd.

The 4th Road, Xiaohu Island, Nansha District, 510455 Guangzhou City, Guangdong Province, China.

[ Tel: 86-20-3497 1000

Fax: 86-20-3497 3507

E-mail: sales.china@sartomerasia.com]

Holding Company:-

Arkema Asie SAS, France.

Ultimate Holding Company:-

Arkema S.A., France.

Associated/Affiliated Companies:-

Arkema Group of Companies

Akishma Chemical Industries Co. Ltd., Japan.

Alphacan S.A., France.

Altumax Deutschland GmbH, Germany.

Arkema Beijing Chemical Co. Ltd., China.

Arkema Canada Inc., Canada.

Arkema Changshu Chemicals Co. Ltd., China.

Arkema Changshu Fluorochemical Co. Ltd., China.

Arkema China Investment Co. Ltd., China.

Arkema Co. Ltd., Hong Kong.

Arkema Daikin Advanced Fluorochemicals Co. Ltd., China.

Arkema Delaware Inc., USA.

Arkema GmbH, Germany.

Arkema Hydrogen Peroxide Co. Ltd., China.

Arkema Inc., USA.

Arkema KK, Japan.

Arkema Korea Ltd., Korea.

Arkema Pte. Ltd., Singapore.

Arkema Shanghai Distribution Co. Ltd., China.

Arkema Yoshitomi Ltd., Japan.

Changshu Coatex Additives Co. Ltd., China.

Changshu Haike Chemicals Co. Ltd., China.

Changshu Resichina Engeneering Polymers Co. Ltd., China.

Cook Composites & Polymers Co., USA.

Cray Valley S.A., France.

Daikin Arkema Refrigerants Asia Ltd., Hong Kong.

Daikin Arkema Refrigerants Trading (Shanghai) Co. Ltd., China.

Ozark Mahoning Co., USA.

Sartomer Co. Inc., USA.

Sartomer Distribution Shanghai Co. Ltd., China.

Sartomer Europe, France.

Sartomer Japan Inc., Japan.

Sartomer USA LLC, USA.

Shanghai Arkema Gaoyuan Chemicals Co. Ltd., China.

Vinylberre SAS, France.

etc.

BUSINESS REGISTRATION NUMBER

33841425

COMPANY FILE NUMBER

0857185

MANAGEMENT

Managing Director: Mr. Laurent Gerard Suspene

CAPITAL

Nominal Share Capital: HK$164,000,000.00 (Divided into 164,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$164,000,000.00

SHAREHOLDER

(As per registry dated 13-08-2011)

Name	No. of shares
Arkema Asie SAS 420, rue d’Estienne d’Orves, 92700 Colombes, France.	164,000,000 =========

DIRECTORS

(As per registry dated 13-08-2011)

Name (Nationality)	Address
Benjamin Olivier Pierre Ghislain JACQUOT	73 rue Boursault, 75017 Paris, France.
Dominique Gerard NAMER	Longxi Lu 189, Maison 701, 20036 Shanghai, China.
Laurent Gerard SUSPENE	House 103, Palm Drive, The Redhill Peninsula, 18 Pat Pak Shan Road, Tai Tam, Hong Kong.

SECRETARY

(As per registry dated 13-08-2011)

Name	Address	Co. No.
Acumen Consultants Ltd.	1/F., Sunning Plaza, 10 Hysan Avenue, Causeway Bay, Hong Kong.	0096508

HISTORY

The subject was incorporated on 13th August, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Sartomer Hong Kong Ltd., name changed to the present style on 14th October, 2006.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer and Exporter.

Lines: Acrylate/methacry monomers, oligomers and other specialty chemicals, etc.

Employees: 8.

Commodities Imported: China, Europe, etc.

Markets: Worldwide countries.

Group Sales: €5,633 million (Year ended 31-12-2008)

€4,444 million (Year ended 31-12-2009)

€5,905 million (Year ended 31-12-2010)

Terms/Sales: L/C or as per contracted.

Terms/Buying: L/C, T/T, D/P, etc.

FINANCIAL INFORMATION

Nominal Share Capital: HK$164,000,000.00 (Divided into 164,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$164,000,000.00

Group Profit/(Loss) Attributable to Shareholders:-

€100 million (Year ended 31-12-2008)

(€172 million) (Year ended 31-12-2009)

€347 million (Year ended 31-12-2010)

Profit or Loss: Making a small profit every year.

Condition: Keeping in a satisfactory manner.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Normal.

GENERAL

Sartomer Asia Ltd. is a wholly owned subsidiary of Arkema Asie SAS which is a France-based firm. The ultimate holding company Arkema S.A. [Arkema] is also a France-based firm. Arkema is also a listed firm in the country. Arkema and its associated and subsidiaries are referred to the Arkema Group.

The subject is a member of the Arkema Group. It is also a member of Sartomer Group which is under the Arkema Group.

Sartomer is the premier global supplier of acrylate/methacry monomers, oligomers, and other specialty chemicals used in the following applications: Coatings, Inks, Adhesives and Sealants, Electronics and Rubbers.

Founded over 50 years ago, Sartomer has pioneered the commercial development of products for cured-in-place technologies. Sartomer is a strong international company by any standard. As part of the chemical branch of Arkema, Sartomer offers customers global access to technology, manufacturing and service. Sartomer’s products are marketed through a direct sales force or distributors globally.

The subject’s factory is in Nansha, Guangdong Province, China. Sartomer USA, headquartered in Exton, PA, manufactures products in West Chester, PA, and Chatham, VA. Sartomer Europe, located in Paris, France, manufactures UV/EB products in Villers-Saint-Paul, France. Sartomer provides products for formulators throughout the world. Sartomer’s products have got the ISO 9001 certification.

The Arkema Group was created in October 2004 from the reorganization of Total’s Chemicals branch. Its three business segments, Vinyl Products, Industrial Chemicals and Performance Products, combine coherent and integrated industrial activities, most of which boast either world or European leading rankings, with internationally recognized brands and products.

Present in over 40 countries with over 13,900 employees, the Arkema Group operates 80 industrial facilities in Europe, North America and Asia, as well as sales subsidiaries in every region of the world. With a resolutely international presence, a solid commercial ranking, an industrial strategy focused on new plants and development projects, and a sound financial structure, Arkema’s assets combine to make the Company a major world chemical player.

For the year ended 31st December, 2010, the sales of the Group amounted to €5,905 million, grew by 33.0% as compared with €4,444 million in FY 2009; profit for the year was €347 million as compared with a net loss of €172 million in FY 2009.

The subject is fully supported by the Arkema Group.

On the whole, in view of the subject’s parentage and lines of business, consider it good for normal business engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.26
UK Pound	1	Rs.82.10
Euro	1	Rs.68.90

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.