MIRA INFORM REPORT

Report Date :

10.01.2011

IDENTIFICATION DETAILS

Name :	BP ASIA LTD.

Registered Office :	Suite 2201-2202, 22/F., Devon House, Taikoo Place, 979 King’s Road, Quarry Bay

Country :	Hong Kong

Date of Incorporation :	13.08.1971

Com. Reg. No.:	03360439

Legal Form :	Private Limited Company

Line of Business :	Importer, Exporter, Wholesaler and Distributor of Marine bunker, fuel, lubricant, chemicals, cutting fluid, grease, dielectric oil, gear oil, hydraulic oil, aviation oil and other petroleum products.

RATING & COMMENTS

MIRA’s Rating :

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Hong Kong

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

Company name

BP ASIA LTD.

company aDDRESS

Suite 2201-2202, 22/F., Devon House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong.

PHONE: 2586 8899, 2586 8951

FAX: 2586 8981, 2586 8875, 2827 1609

E-MAIL: lop@bp.com

ratajsh@bp.com

jon.platt@bp.com

MANAGEMENT

Executive Director: Mr. Yim Chung Ching

SUMMARY

Incorporated on: 13th August, 1971.

Organization: Private Limited Company.

Capital: Nominal: HK$780,000,000.00

Issued: HK$780,000,000.00

Business Category: Petroleum Merchant.

Group Sales: US$239,272 million (Year ended 31-12-2009)

Group Employees: 80,300 worldwide. (As at 31-12-2009)

Employees: 111. (Including 96 local staff)

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

Banking Relation: Good.

Company address

Registered Head Office:-

Suite 2201-2202, 22/F., Devon House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong.

China Offices: In Beijing, Shanghai and Guangzhou, China.

Immediate Holding Company:-

BP Global Investments Ltd., UK.

Ultimate Holding Company:-

BP p.l.c.

1 St. James’s Square, London, SW1Y 4PD, UK.

[Tel: 44 (0) 20 7496 4000; Fax: 44 (0) 20 7496 4630]

Affiliated Companies:-

BP Group of Companies

· Abu Dhabi Marine Areas, UK.

· Abu Dhabi Petroleum Co., UK.

· Amoco Caspian Sea Petroleum, British Virgin Islands.

· Angola LNG Supply Services, USA.

· Atlantic 4 Holdings, USA.

· Atlantic LNG 2/3 Co. of Trinidad & Tobago, Trinidad & Tobago.

· Atlantic LNG Co. of Trinidad & Tobago, Trinidad & Tobago.

· Atlantic Richfield Co., USA.

· BP America, USA.

· BP America Production Co., USA.

· BP Amoco Chemical Co., USA.

· BP Amoco Exploration (In Amenas), Scotland.

· BP Australia Capital Markets, Australia.

· BP Berau, USA.

· BP Canada Energy, Canada.

· BP Canada Finance, Canada.

· BP Capital, Nederlands.

· BP Capital Markets, UK.

· BP Capital Markets America, USA.

· BP Company North America, USA.

· BP Corporate Holdings Ltd., UK.

· BP Corporation North America, USA.

· BP Developments Australia Proprietary Ltd., Australia.

· BP Egypt Co., USA.

· BP España S.A., Spain.

· BP Exploration (Alaska) Inc., USA.

· BP Exploration (Angola), UK.

· BP Exploration (Caspian Sea), UK.

· BP Exploration (El Djazair), Bahamas.

· BP Exploration Operating Co. Ltd., UK.

· BP Finance Australia, Australia.

· BP Holdings North America, UK.

· BP Hong Kong Ltd., Hong Kong. (Same address)

· BP Hong Kong Marketing Ltd., Hong Kong. [Dissolved]

· BP International Ltd., UK.

· BP Nederland B.V., Nederlands.

· BP Norge, Norway.

· BP Oil Australia, Australia.

· BP Oil International Ltd., UK.

· BP Oil New Zealand, New Zealand.

· BP Oil UK, UK.

· BP Products North America, USA.

· BP Shipping Ltd., UK.

· BP Southern Africa, South Africa.

· BP Trinidad & Tobago, USA.

· BP West Coast Products, USA.

· BP-Husky Refining, USA.

· Britoil, Scotland.

· Burmah Castol Ltd., Scotland.

· Deutsche BP AG, Germany.

· Elvary Neftegaz Holdings BV, Netherlands.

· Jupiter Insurance, Guernsey.

· Kenilworth Oil Co. Ltd., UK.

· Pan American Energy, USA.

· Petromonagas, Venezuela.

· Rhur Oel, Germany.

· Shanghai Secco Petrochemical Co. Ltd., China.

· South Caucasus Pipeline Co., Cayman Islands.

· Standard Oil Co., USA.

· Sunrise Oil Sands, Canada.

· The Baku-Tbilisi-Ceyhan Pipeline Co., Cayman Islands.

· TNK-BP, British Virgin Islands.

· United Gas Derivatives Co., Egypt.

· Watson Cogeneration, USA.etc.

BUSINESS REGISTRATION NUMBER

03360439

COMPANY FILE NUMBER

0024836

MANAGEMENT

Executive Director: Mr. Yim Chung Ching

CAPITAL

Nominal Share Capital: HK$780,000,000.00 (Divided into 780,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$780,000,000.00

SHAREHOLDERS

(As per registry dated 13-08-2010)

Name		No. of shares
BP Global Investments Ltd. Chertsey Road, Sunbury on Thames, Middlesex TW16 7BP, UK.		779,999,998
Kenilworth Oil Co. Ltd. Chertsey Road, Sunbury on Thames, Middlesex TW16 7BP, UK.		2
		––––––––––
	Total:	780,000,000 =========

DIRECTORS

(As per registry dated 15-09-2010)

Name (Nationality)	Address
YANG Shixu	Room 2602, Building 4, Four Season Garden, 149 Dong An Road, Shanghai 200032, China.
YIM Chung Ching	Room 2309, Ngar Tsui House, Hiu Tsui Court, Siu Sai Wan, Chai Wan, Hong Kong.
WONG Wai Yee	22D, Tower 1, Star Crest, 9 Star Street, Hong Kong.

SECRETARY

(As per registry dated 13-08-2010)

Name	Address
CHUNG Chin Kiat, Danny	Flat A2, 9/F., La Clare Mansion, 92 Pok Fu Lam Road, Hong Kong.

HISTORY

The subject was incorporated on 13th August, 1971 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject was originally registered under the name of Amoco Chemicals Hong Kong Ltd., name changed to Amoco Chemicals Far East Ltd. on 9th December, 1983; to Amoco Chemical Asia Pacific Ltd. on 22nd March, 1994; and further to the present style on 1st March, 2002.

Formerly the subject was located at 16/F., Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong, moved to the present address in December 2000.

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

OPERATIONS

Activities: Importer, Exporter, Wholesaler and Distributor.

Lines: Marine bunker, fuel, lubricant, chemicals, cutting fluid, grease, dielectric oil, gear oil,

hydraulic oil, aviation oil and other petroleum products.

Trade Marks: “BP” and “CASTROL” brands.

Group Employees: 80,300 worldwide. (As at 31-12-2009)

Employees: 111. (Including 96 local staff)

Commodities Imported:-

· “BP lubricant, cutting oil, grease, dielectric oil and hydraulic oil – Europe and Singapore.

· Gear oil – Europe and Singapore.

· Other petroleum products – Worldwide.

Markets: Hong Kong, China, etc.

Group Sales: US$239,792 million (Year ended 31-12-2005)

US$265,906 million (Year ended 31-12-2006)

US$284,365 million (Year ended 31-12-2007)

US$361,143 million (Year ended 31-12-2008)

US$239,272 million (Year ended 31-12-2009)

Terms/Sales: As per contracted.

Terms/Buying: On various terms.

FINANCIAL INFORMATION

Nominal Share Capital: HK$780,000,000.00 (Divided into 780,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$780,000,000.00

Alternation of Capital:-

20-10-1971	paid up	HK$ 1,000.00
30-12-1974	paid up	HK$ 9,000.00
31-12-1974	paid up	HK$ 15,000.00
13-06-2008	paid up	HK$ 779,975,000.00
		–––––––––––––––––
Total:	paid up	HK$ 780,000,000.00 ================

Increases of Nominal Capital:-

From	HK$10,000.00	to	HK$ 25,000.00	on	30-12-1974
From	HK$25,000.00	to	HK$780,000,000.00	on	13-06-2008

Group Net Profit: US$22,632 million (Year ended 31-12-2005)

US$22,286 million (Year ended 31-12-2006)

US$21,169 million (Year ended 31-12-2007)

US$21,666 million (Year ended 31-12-2008)

US$16,759 million (Year ended 31-12-2009)

Group Net Worth: US$ 79,976 million (As at 31-12-2005)

US$ 84,624 million (As at 31-12-2006)

US$ 93,690 million (As at 31-12-2007)

US$ 91,303 million (As at 31-12-2008)

US$101,613 million (As at 31-12-2009)

Profit or Loss: Traded at a profitable angle.

Condition: Business is active.

Facilities: Making active use of general banking facilities.

Payment: Met on time.

Commercial Morality: Good.

Bankers:-

· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

· Citibank N.A., Hong Kong Branch.

Banking:-

Bank source reported the subject maintains with the bank an active and properly conducted HKD account opened in August 1973 with balances averaging in low six figures for the past six months. It also maintains with the bank a USD account with an average balance of low three figures. Their relationship has been satisfactory.

Standing: Good.

GENERAL

BP Asia Ltd. [BP Asia] was incorporated in August 1971 as a wholly-owned subsidiary of BP Global Investments Ltd. which is a UK-based firm. BP Global Investments Ltd. is in turn a subsidiary of BP p.l.c. [BP], a listed company in the United Kingdom.

Being one of the United Kingdom’s largest companies, BP is the holding company of one of the world’s largest energy companies, providing customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items. BP Asia’s affiliated company, BP Hong Kong Ltd. [BPHK], which is the marketing office of the BP products in Hong Kong while BP Asia is administering the BP business in Hong Kong, China, Taiwan and the Asia Pacific region.

Since 1983, BPHK is the Asia Pacific Regional Centre for BP with representatives from Exploration and Production and Gas and Power (Upstream), Refining and Marketing (Downstream) and Chemicals business streams.

BP does not operate a retail network in Hong Kong, but supplies gas to Hong Kong along a 778-km pipeline from its Yacheng gas field (BP 34.3%) – the largest offshore natural gas field in China – some 90 kms southwest of Hainan Island. It is also a partner in the construction of a liquefied natural gas [LNG] terminal at Guangdong, which has supply Hong Kong since 2006. During 2008, The Yacheng Offshore gas field supplies Castle Peak Power Co. Ltd. with feedgas for up to 70% of Hong Kong’s gas-fired electricity generation.

BP’s ordinary shares is the London Stock Exchange [LSE]. BP’s ordinary shares are a constituent element of the Financial Times Stock Exchange 100 index. BP’s ordinary share are also traded on the Frankfurt Stock Exchange in Germany.

In the United States, BP’s securities are traded in the form of ADSs. ADSs are listed on the New York Stock Exchange.

Hong Kong is at the hub of BP’s expanding Asia operations, serving as a regional centre for the Group and providing a base for its Asia Pacific President. Several of the exploration, refining and marketing, chemicals, lubricants and marine businesses operating in the region are now represented in Hong Kong, as are the financial, legal, communications and human resource teams which support these activities.

BP in Hong Kong employs 111 employees, 96 of whom are local with 9 are currently posted outside Hong Kong. It operates under both the “BP” and “Castrol” brands in the Hong Kong SAR.

Nowhere is BP’s expansion into Asia more evident than in China where it is now the country’s leading foreign oil company investor having invested more than US$2.5 billion in commercial projects, plus a further US$1 billion in the Initial Public Offerings [IPOs] of Sinopec and PetroChina.

BP is building world scale petrochemicals sites in China, and with its partners expects to create a retail network of 1,500 fuel stations. BP is supporting the development of China’s natural gas resources and is developing the LNG, liquefied petroleum gas [LPG] and natural gas infrastructure to provide cleaner energy to expanding markets in the south, east and north of China.

BP and its partners in Indonesia’s Tangguh natural gas project signed an agreement in September 2002 to supply LNG to China’s Fujian LNG terminal. The agreement sees BP in all three legs of China’s LNG strategy. In August 2002, China selected Australia’s North West Shelf consortium – in which BP is an equal (16.7%) shareholder – to supply three million tonnes of LNG a year to China’s first LNG terminal in Guangdong Province. BP was also chosen in 2001 as China’s foreign partner in the construction of the Guangdong LNG terminal and pipeline, which will access a market that is forecast to grow rapidly.

BP is also engaged in a range of business activities in other Asian countries – Indonesia, Vietnam, Thailand, Malaysia, Singapore, Japan and Korea. One of the most significant of these projects is the commercialisation of the vast Tangguh gas fields in the remote Indonesian province of Papua where more than 14.4 trillion cu.ft. of gas has been discovered. This project also serves as an example of how BP works in partnership with local communities to manage environmental and social issues consistent with the Group’s strong belief that a good business should be both competitively successful and a force for good.

With international headquarters in London of the United Kingdom, BP was previously known as British Petroleum and began to involve in petroleum industry in 1909, later extended to other natural resources such as coal, gas and mineral. Today, BP has grown from a local oil company into a global energy group; employing over 92,000 people and operating in over 100 countries in Europe, the United States, Canada, Russia, South America, Australasia, Asia and Africa.

With effect from 1st January, 2008, the organizational structure of BP has been simplified into two business segments — Exploration and Production [E & P] and Refining and Marketing [R & M]. A separate business, Alternative Energy [AE], handles BP’s low-carbon businesses and future growth options outside oil and gas, including solar, wind, gas-fired power, hydrogen, biofuels and coal conversion.

E & P’s activities include oil and natural gas exploration, development and production (upstream activities), together with related pipeline, transportation and processing activities (midstream activities), as well as the marketing and trading of natural gas (including LNG), power and natural gas liquids [NGLS].

The activities of R & M include the supply and trading, refining, manufacturing, marketing and transportation of crude oil, petroleum and chemicals products and related services.

Presently, BP’s daily production is over 3.99 million barrels of oil and gas and its daily refined product sales reach 5.9 million barrels. The Group has 22,400 service stations worldwide. It has exploration and production in 30 countries. As at the end of 2009, the total employees of the BP Group was 80,300.

For the year ended 31st December, 2009, the BP Group’s turnover and net profit were US$239,272 million and US$16,759 million, compared with US$361,143 million and US$21,666 million in 2008 respectively.

On the whole, in view of the background and the parentage of BP Asia, consider it good for normal business engagements.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.70.38
Euro	1	Rs.58.93

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.