MIRA INFORM REPORT

Report Date :

12.04.2012

IDENTIFICATION DETAILS

Name :	ORIND SPECIAL REFRACTORIES LTD.
Registered Office :	C/o Servcorp HK Central Ltd. Level 19, Two International Finance Centre, 8 Finance Street, Central
Country :	Hong Kong
Date of Incorporation :	16.03.2005
Com. Reg. No.:	35429447
Legal Form :	Private Limited Company
Line of Business :	Importer and Exporter of Refactories and related products, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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

ORIND SPECIAL REFRACTORIES LTD.

Company ADDRESS

c/o Servcorp HK Central Ltd.

Level 19, Two International Finance Centre, 8 Finance Street, Central, Hong Kong.

PHONE: 2251 1888, 2251 8965

FAX: 2251 8966

MANAGEMENT

Managing Director: Mr. Surendra Jhunjhunwala

SUMMARY

Incorporated on: 16th March, 2005.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$6,000.00

Business Category: Importer and Exporter.

Employees: Nil.

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

Banking Relation: Satisfactory.

company ADDRESS

Registered Head Office:-

c/o Servcorp HK Central Ltd.

Level 19, Two International Finance Centre, 8 Finance Street, Central, Hong Kong.

Associated/Affiliated Companies:-

Orind Group of Companies

Causmag Ore Co. Pty. Ltd., Australia. [Trading as Causmag International]

Excel Colours & Frits Ltd., India.

Orind Australia Pty. Ltd., Australia.

Orind Mauritius Private Ltd., Mauritius.

Orind Special Refractories Pvt. Ltd., India.

Young Mining Co. Pty. Ltd., Australia.

etc.

BUSINESS REGISTRATION NUMBER

35429447

COMPANY FILE NUMBER

0956145

MANAGEMENT

Managing Director: Mr. Surendra Jhunjhunwala

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$6,000.00

SHAREHOLDERS

(As per registry dated 16-03-2011)

Name		No. of shares
Surendra JHUNJHUNWALA		3,000
Siddharth JHUNJHUNWALA		3,000
		–––––
	Total:	6,000 ====

DIRECTORS

(As per registry dated 16-03-2011)

Name (Nationality)	Address
Siddharth JHUNJHUNWALA	916, Maker Chamber V, Nariman Point, Mumbai 400021, India.
Surendra JHUNJHUNWALA	2, RN Singh Deo Marg, Bhubaneswar 751012, Orissa, India.

SECRETARY

(As per registry dated 16-03-2011)

Name	Address	Co. No.
Corporation Accounting & Secretarial Services Ltd.	Room 1506-1508, 15/F., Asia Orient Tower, 33 Lockhart Road, Wanchai, Hong Kong.	0713352

HISTORY

The subject was incorporated on 16th March, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject’s registered office was located at Room 2301, 23/F., Worldwide House, 19 Des Voeux Road Central, Hong Kong, moved to Level 30, Bank of China Tower, 1 Garden Road, Central, Hong Kong with effect from 3rd July, 2009, and further moved to the present address in February 2010.

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

OPERATIONS

Activities: Importer and Exporter.

Lines: Refactories and related products, etc.

Employees: Nil.

Commodities Imported: India, China, etc.

Markets: Asian countries, Australia, etc.

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$6,000.00

Profit or Loss: Keeping a balance account in Hong Kong.

Condition: Business is not active in Hong Kong.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as contracted.

Commercial Morality: Satisfactory.

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

Standing: Small.

GENERAL

Having issued 6,000 ordinary shares of HK$1.00 each, Orind Special Refractories Ltd. is equally owned by Mr. Siddharth Jhunjhunwala and Mr. Surendra Jhunjhunwala. Being India passport holders, the two shareholders are also directors of the subject. Currently, they are residing in India.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Level 19, Two International Finance Centre, 8 Finance Street, Central Hong Kong known as Servcorp HK Central Ltd. which is handling its correspondences and documents. HK Central Ltd. is operating a business centre located at the above-mentioned address.

The subject has no employees in Hong Kong.

To our knowledge, the subject is one of the members of Orind Group of Companies. The Group provides the steel industry worldwide with Total Refractory Solutions.

At present, the Group is carrying the following products:-

· Magnesia Carbon Bricks

· Cassatted Tap Hole Sleeves

· Magnesia Carbon Ramming Mass for Knuckle

· Hot Patch Material

· Gunning Mass

· Tap Hole Repair Mass

· Magnesia Carbon Bricks for Hot Spots, Slag Zone, Metal Zone and Bottom

· Magnesite Safety Bricks

· Ebt Tap Hole Sleeves

· Alumina Silicon-Carbide Carbon End Bricks

· Gunning, Fettling and Dry Ramming Mass

· Ebt Repair Mass

· Roof Delta Bricks and Castables

· Pre-Cast Roof Delta

· Ebt Filling Mass (Magnesite Based and Olivine Based)

· Directional Plugs for Bottom Purging

· Magnesia Carbon Refractories for Working Lining

· Alumina Magnesia Carbon Bricks for Metal Zone, Impact Pad and Bottom

· High Alumina and Chrome Mag Safety Bricks

· High Alumina Low Cement Castables

· Precast Shapes of Ladle Bottom and Well Blocks

· Porous Plugs and Seating Blocks

· Nozzle Filling Compound

· Ladle Covering Compound

· Non Basic Bricks

· Basic Bricks

· Monolithics

Orind Special Refractories has been associated with the refractory industry for a number of years.

The Group is associated with a refractory manufacturer in China. The China plant is equipped with modern facilities. It has a monthly production capacity of more than 4,500 MT of different kinds of bricks and monolithics. Products are exported to worldwide countries.

The Group has set up its own laboratory and in-house R&D department. One of the key members of the Group is Orind Australia Pty. Ltd.

Causmag International [Causmag], a subsidiary of Orind Australia Pty. Ltd., has been mining and manufacturing high grade magnesium oxide products for use in agriculture, animal health, industrial and pharmaceutical processes for over 50 years. Causmag has claimed to be a world leader in calcined magnesia.

Causmag magnesium oxides are derived from high purity natural magnesite from its mining operations at Thuddungra near Young, NSW, Australia. The magnesites are cryptocrystalline with small crystallite size – high density and very high purity.

Causmag magenesias are available in a wide range of particle size from granular to superfine powders. All products are packaged to the highest standards, providing maximum protection and positive grade identification. Causmag currently exports its products to the United States, Europe, Asia, New Zealand and South Africa at competitive prices.

The diversity of particle size enables Causmag products to be employed in an ever widening variety of applications. Several grades of Causmag MgO and MgCO₃ have been developed and tailor made for specific agricultural and industrial purposes.

Another associate of the Group Excel Colours & Frits Ltd. [Excel Colours] is trading in ceramic colours. Ceramis colours are extensively used in ceramic tiles (both floor and wall), sanitary wares, crockeries, etc. They are also used for decoration and screen printing on ceramic products.

Excel Colours are used by leading manufactures of tiles, sanitary wares, potteries, etc. A wide range of ceramic colours with deep and pastel shades are manufactured to specific requirement of each industry. Excel Colours has had a modern plant employing experienced technical personnel with more than 3 decades of experience in the field.

The subject’s business in Hong Kong is not very active although it is fully supported by the Orind Group.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.

REMARKS

Brief information of director:-

Mr. Surendra JHUNJHUNWALA, born in 1952, is Managing Director of the subject. Jhunjhunwala is a leading industrialist of India. He is a metallurgical and ceramic engineer. Had been trained in Harbinson Walker Refractories International, the United States, Mr. Jhunjhunwala has been associated for over 30 years with various companies of Orind Group (assets over US$40 million) in senior director level positions. He has made major contributions in the growth of the group in the field of refractories, magnesite, ceramic pigments and other ceramic products. He has widely traveled and visited various refractories, ceramics and steel plants in different parts of the world. He has actively participated in many international conferences, expositions in countries like the United States, Japan, Germany, the United Kingdom, Spain, Italy and Brazil. He is also chairman of Orind Australia Pty. Ltd., Australia and Orind Special Refractories Pvt. Ltd., India. Besides, he is also involved in many charitable and philanthropic organizations.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.55
UK Pound	1	Rs.81.95
Euro	1	Rs.67.57

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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