MIRA INFORM REPORT

Report Date :

04.01.2011

IDENTIFICATION DETAILS

Name :	LANXESS BUTYL PTE. LTD.
Registered Office :	3A International Business Park #07-10/18 Icon@Ibp Singapore 609935
Country :	Singapore
Financials (as on) :	31.12.2009
Date of Incorporation :	14.03.2008
Com. Reg. No.:	200805083D
Legal Form :	Limited Private Company
Line of Business :	Manufacture of Basic Chemicals

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Singapore	A1	A1

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

Executive Summary

Company Name	:	LANXESS BUTYL PTE. LTD.
Registration No	:	200805083D
Date of Registration	:	14/03/2008
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	3A INTERNATIONAL BUSINESS PARK #07-10/18 ICON@IBP SINGAPORE 609935
Date of Change of Address	:	29/03/2010
Contact No.	:	NA
Fax No.	:	NA
Website	:	NA
Registered Activities	:	MANUFACTURE OF BASIC CHEMICALS NEC MANUFACTURE AND TRADING OF CHEMICALS
Issued Ordinary Capital*	:	$40,050,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 40,050,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$40,050,000.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	PRICEWATERHOUSECOOPERS LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 0.00 (FY2009)
Net Worth	:	SGD - SIN 25,967,777.00 (FY2009)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	NA

S1000 / SME 500 / FG50 Ranking	:	No found for SINGAPORE 1000 and SME 500
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Rating & Recommendation

Recommended Credit Line

:

No Recommendation

SHAREHOLDER DETAILS

NAME	:	LANXESS INTERNATIONAL HOLDING GMBH
SHAREHOLDER ID	:	T08UF1609K
NATIONALITY	:	GERMANY
ADDRESS	:	51369 LEVERKUSEN GERMANY
NO. OF ORD SHARES	:	40,050,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	DR WERNER BREUERS
ADDRESS	:	ALOYS-SCHULTE-STRASSE 22 53129 BONN
POSITION	:	DIRECTOR
DATE OF APPT	:	06/07/2010
NATIONALITY	:	GERMAN
I/C PASSPORT	:	C73Y3HLT4
NAME	:	RONALD JOHN COMMANDER
ADDRESS	:	1A LADY HILL ROAD #01-12 SHANGRI-LA RESIDENCES SINGAPORE 258685
POSITION	:	DIRECTOR
DATE OF APPT	:	06/07/2010
NATIONALITY	:	BRITISH
I/C PASSPORT	:	G6379742T
NAME	:	LIM JOO JOON
ADDRESS	:	65 SUMMER PLACE SUMMER PLACE SINGAPORE 555747
POSITION	:	SECRETARY DIRECTOR
DATE OF APPT	:	14/03/2008 30/09/2008
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1248311B

KEY PERSONNEL PROFILE

Name:	LIM JOO JOON
NRIC Number:	S1248311B
Available Address:	65 SUMMER PLACE SUMMER PLACE SINGAPORE 555747

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	LANXESS BUTYL PTE. LTD.	DIRECTOR	30/09/2008	-	-
2	LANXESS BUTYL PTE. LTD.	SECRETARY	14/03/2008	-	-
3	LANXESS PTE. LTD.	DIRECTOR	01/07/2004	-	-
4	LANXESS PTE. LTD.	SECRETARY	10/05/2004	-	-

Previous Business

No.		Name		Status		Position		Appt Date		Last Known Inactive Date
1		BAYER (SOUTH EAST ASIA) PTE LTD		LIVE COMPANY		SECRETARY		31/03/2000		25/11/2010
2		BAYER ENVIRONMENTAL HEALTH SINGAPORE PRIVATE LIMITED		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		SECRETARY		17/07/2003		31/03/2009
3		BAYER INTERNATIONAL S.A.		CEASED REGISTRATION		AGENT		27/12/2001		-
4		BAYER TRADING PTE LTD		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		SECRETARY		02/06/1998		-
5		DYSTAR SINGAPORE PTE LTD		LIVE COMPANY		SECRETARY		02/06/1998		29/12/2010
6		HAARMANN & REIMER (SEA) PTE LTD		DISSOLVED - MEMBERS' VOLUNTARY WINDING UP		SECRETARY		02/06/1998		03/06/2010
7		HENNECKE-MARUKA ASIA PTE LTD		LIVE COMPANY		SECRETARY		02/06/1998		03/11/2010
8		I.C. EQUIPMENT PTE LTD		LIVE COMPANY		DIRECTOR		05/02/2002		20/10/2010
9		JLYN INVESTMENT PTE LTD		GAZETTED TO BE STRUCK OFF		DIRECTOR		16/05/1990		-
10	QET MANUFACTURING PTE LTD		DISSOLVED - CREDITORS' VOLUNTARY WINDING UP		DIRECTOR		05/02/2002		-
11	SCHMIDT ELECTRONICS (S.E.A.) PTE LTD		LIVE COMPANY		SECRETARY		01/08/1991		22/11/2010

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

Clear

COMPLIANCE RECORDS

Date of Last AGM	:	03/06/2010
Date of Last AR	:	15/06/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2009	% Change	DEC 2008
Currency	SGD - SIN		SGD - SIN
Profit and Loss Key Figures
Turnover	0	NA	0
Profit/(Loss) Before Tax	(8,406,106)	NA	(5,673,489)
Profit After Tax attributable to Shareholders	(8,408,734)	NA	(5,673,489)
Balance Sheet Key Figures
Total Assets	88,344,043	109.11	42,247,485
Current Assets	3,280,169	-71.71	11,594,832
Non Current Assets	85,063,874	177.51	30,652,653
Total Liabilities	62,376,266	692.48	7,870,974
Current Liabilities	62,350,209	692.15	7,870,974
Non Current Liabilities	26,057	NA	0
Shareholders' Funds	25,967,777	-24.46	34,376,511
Share Capital	40,050,000	0.00	40,050,000
Total Reserves	(14,082,223)	NA	(5,673,489)

FINANCIAL RATIOS

	Company
	DEC 2009	DEC 2008
Growth %
Year-on-Year Growth	NA	NA
Profitability
Profit Margin (%)	NA	NA
Return on Equity (%)	NA	NA
Return on Assets (%)	NA	NA
Leverage
Total Debt/Equity (Times)	2.40	0.23
Current Debt/Equity (Times)	2.40	0.23
Long Term Debt To Equity (Times)	0.00	NA
Total Asset To Total Equity (Times)	3.40	1.23
Asset Management
Total Assets Turnover (Times)	NA	NA
Fixed Assets Turnover (Times)	NA	NA
Liquidity
Current Ratio (Times)	0.05	1.47

FINANCIAL COMMENTARY

Profitability

We are unable to comment on Subject's profitability as Subject posted losses for the financial year end under review.

Liquidity

Current ratio stood at 0.05 times in FY09 (FY08: 1.47 times). This means that the company has SGD - SIN 0.05 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 2.40 times in FY09, as compared with 0.23 times in FY08. This means that the company requires additional external financing of SGD - SIN 2.40 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

We are unable to comment on Subject's return on equity as Subject posted losses for the financial year end under review.

We are unable to comment on Subject's return on assets as Subject posted losses for the financial year end under review.

We are unable to comment on Subject's total assets turnover ratio as Subject has no turnover for the financial year end under review.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.67
UK Pound	1	Rs.69.45
Euro	1	Rs.59.37

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.