MIRA INFORM REPORT

Report Date :

24.01.2011

IDENTIFICATION DETAILS

Name :	PERFORMANCE FIBERS (HONG KONG) LTD.
Registered Office :	Room 2701, 27/F., Olympia Plaza, 255 King’s Road, North Point
Country :	Hong Kong
Date of Incorporation :	29.10.2004
Com. Reg. No.:	35051864
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Industrial polyester fibres, fabrics, etc.

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 – June 30, 2010

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

PERFORMANCE FIBERS (HONG KONG) LTD.

Company ADDRESS

Room 2701, 27/F., Olympia Plaza, 255 King’s Road, North Point, Hong Kong.

PHONE: 2110 8242, 2571 1071

FAX: 2110 0033

MANAGEMENT

Managing Director: Ms. Lee Yuk Mei

SUMMARY

Incorporated on: 29th October, 2004.

Organization: Private Limited Company.

Capital: Nominal: HK$1,000.00

Issued: HK$1,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 14.

Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

Banking Relation: Satisfactory.

Company address

Head Office:-

Room 2701, 27/F., Olympia Plaza, 255 King’s Road, North Point, Hong Kong.

Holding Company:-

Performance Fibers Holdings Inc., USA.

Ultimate Holding Company:-

Sun Capital Partners Inc., USA.

Sister & Affiliated Companies:-

· Dsefl Holding Corporation, USA.

· Longlaville Performance Fibers SAS, France.

· Performance Fibers Asia LLC, USA.

· Performance Fibers Co. Ltd., India.

· Performance Fibers Enterprises Inc., USA.

· Performance Fibers Europe Sarl, Luxemburg.

· Performance Fibers GmbH, Germany.

· Performance Fibers Holdings Finance Inc., USA.

· Performance Fibers Inc., USA.

· Performance Fibers International (Hong Kong) Ltd., Hong Kong. [Dissolved]

· Performance Fibers Kaiping Co. Ltd., China.

· Performance Fibers Mexico Operations S.A. de C.V., Mexico.

· Performance Fibers Operations Inc., USA.

· Performance Fibers Sysko Inc., South Korea.

BUSINESS REGISTRATION NUMBER

35051864

COMPANY FILE NUMBER

0930822

MANAGEMENT

Managing Director: Ms. Lee Yuk Mei

CAPITAL

Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)

Issued Share Capital: HK$1,000.00

SHAREHOLDER

(As per registry dated 29-10-2010)

Name	No. of shares
Performance Fibers Holdings Inc. c/o Sun Capital Partners Inc., 5200 Town Center Circle, Suite 470, Boca Raton, FL 33486, USA.	1,000 ====

DIRECTORS

(As per registry dated 29-10-2010)

Name (Nationality)	Address
LEE Yuk Mei	Room 1814, Man Kin House, Tsz Man Estate, Tsz Wan Shan, Kowloon, Hong Kong.
SHA Hongjian	108 Wuxing Road, 21K Shanghai, 200030 China.
WU Cho Yiu, David	3 Hongqiao Road, Kaiping, Guangdong, China 529300.

SECRETARY

(As per registry dated 29-10-2010)

Name	Address	Co. No.
Sands Secretaries Ltd.	35/F., Cheung Kong Centre, 2 Queen’s Road Central, Hong Kong.	0133419

HISTORY

The subject was incorporated on 29th October, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Brentlon Ltd., name changed to the present style on 24th November, 2004.

Formerly the subject was located at Room 1710, 17/F., Olympia Plaza, 255 King’s Road, North Point, Hong Kong, has moved to Room 2701, 27/F. of the same building recently.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Industrial polyester fibres, fabrics, etc.

Employees: 14.

Commodities Imported: Europe, China, etc.

Markets: Worldwide countries.

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)

Issued Share Capital: HK$1,000.00

Profit & Loss: Made small profits in the past years.

Condition: Keeping in an active state.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments on time.

Commercial Morality: Satisfactory.

Bankers:-

· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

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

Standing: Normal.

GENERAL

Performance Fibers (Hong Kong) Ltd. is a wholly-owned subsidiary of Performance Fibers Holdings Inc. [Performance Fibers] which is a US-based firm. The ultimate holding company of the subject Sun Capital Partners Inc. [Sun Capital] is also a US-based firm.

Performance Fibers is one of the world’s leading suppliers and manufacturers of high-tenacity polyester and other man-made industrial fibers and fabrics for the automotive, cordage, and industrial fabrics industries. With manufacturing facilities in North and South America, Asia, and Europe, its products are used in a wide range of consumer and industrial applications including tire reinforcement as tire yarn, carcass reinforcement, and cap plies, as well as seat belts, airbags, mooring rope, and mechanical rubber goods.

For nearly a century, Performance Fibers has been at the forefront of the industrial fibers and fabrics industry, developing next-generation technologies and products used in a wide variety of industrial and consumer applications, from tires and offshore mooring ropes to seat belts and sewing thread. The industries Performance Fibers served are some of the world’s largest and most critical, including energy, transportation and safety.

Performance Fibers creates fibers, fabrics and finishes for a distinguished roster of customers across a diverse group of industries. Its locations in North America, Europe and Asia provide its customers with local support and global resources.

Performance Fibers of today was established in 2004 when the business was sold by Honeywell International to Sun Capital. Performance Fibers continues a legacy of commitment, reliability, growth and innovation that traces its roots to the post-World War II years when the fibers business was begun by Allied Chemical (subsequently AlliedSignal and Honeywell).

Initially, the fibers group produced nylon for use in apparel and industrial applications. In the early 1970s, production of polyester began and in the years that followed came product improvements and innovation, as well as domestic and international expansion.

Now, Performance Fibers’ industry-leading portfolio includes fibers and fabrics manufactured from PEN (polyethylene naphthalate), PET (polyethylene terephthalate), PEEK (polyetheretherketone), PBT (polybutylene terepthalate) and Nylon 6. Its wide range of PEN, PET, PEEK and PBT products are used in applications requiring high strength and high modulus, such as tire reinforcements, offshore mooring, sailcloth and specialty applications. Its tough, abrasion-resistant Nylon 6 is used in a variety of industrial applications including tire cord and industrial textiles. The CEO of Performance Fibers is Rick Brown.

Sun Capital is a leading private investment firm focused on leveraged buyouts, equity, debt, and other investments in market-leading companies that can benefit from its in-house operating professionals and experience. Sun Capital affiliates invest in companies which typically have the number one or two market position in their industry, long-term competitive advantages, and significant barriers to entry. Sun Capital has offices in Boca Raton, Los Angeles and New York, and affiliates with offices in London, Frankfurt, Paris, Luxembourg, Shanghai and Shenzhen.

Sun Capital affiliates have invested in more than 250 companies worldwide since Sun Capital’s inception in 1995, with combined sales in excess of US$40 billion and more than 170,000 employees. On a consolidated basis, Sun Capital’s affiliated portfolio companies would rank in the top 100 of Fortune Magazine’s listing of the 500 largest companies in the United States.

Industries targeted for investment are broad and diverse. Investments have included companies in paper and packaging, food and beverages, metals and mining, automotive after-market parts, consumer products, financial services, healthcare, media and communications, building products, telecommunications, technology, retailing and catalogs, restaurants, manufacturing and industrial, etc.

Sun Capital has approximately US$8 billion of equity capital under management, and can invest more than US$2 billion of capital in any one transaction. Sun Capital often bridges the entire purchase price at closing; raising permanent debt financing afterwards. Sun Capital is one of the very few private equity firms that has completed all transactions to which it has committed, despite the difficult economic and financing environment since 2007.

The subject is fully supported by Performance Fibers.

On the whole, consider the subject good for normal business engagements.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.70
UK Pound	1	Rs.72.78
Euro	1	Rs.61.65

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

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.