MIRA INFORM REPORT

Report Date :

13.06.2012

IDENTIFICATION DETAILS

Name :	EVONIK (SEA) PTE. LTD

Formerly Known As :	Evonik Degussa (Sea) Pte. Ltd.

Registered Office :	3 International Business Park, #07-18, Nordic European Centre Singapore 609927

Country :	Singapore

Financials (as on) :	31.12.2010

Date of Incorporation :	01.07.1997

Com. Reg. No.:	199704503Z

Legal Form :	Limited Private Company

Line of Business :	Other Investment Holding Companies

No. of Employees :	Not Available

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

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

Contact Points

Company Name:	Evonik (Sea) Pte. Ltd.
Supplied Name:	Evonik (Sea) Pte Ltd.
Trading Address:	3 International Business Park, #07-18, Nordic European Centre Singapore 609927
Supplied Address:	3 International Business Park, #0/-18 Nordic European centre 60992 Singapore
Telephone Number:	+65-6809-6666
Fax Number:	+65-6809-6866
E-mail:	info-seaanz@evonik.com

Note:

The correct address is as above mentioned.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Evonik (Sea) Pte. Ltd.
Registered Address:	3 International Business Park, #07-18, Nordic European Centre Singapore 609927
Date of Registration::	1997-7-1
Registered Number:	199704503Z
Country of Incorporation:	Singapore
Registered Capital:	SGD 11,000,000.00 (USD 8,598,700) (Ordinary) SGD 51,000,000.00 (USD 39,866,700) (Preference) (As of 2012.06, 1 SGD = 0.7817 USD)
Paid-up Capital:	SGD 11,000,000.00 (USD 8,598,700) = 11,000,000 Ordinary Shares@1 SGD SGD 51,000,000.00 (USD 39,866,700) = 51,000,000 Preference Shares@1 SGD
Legal Form:	Limited Private Company
Principal Activities:	64202 Other Investment Holding Companies
Staff:	N/A
Status:	Live Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2011-6-15

Notes:

Subject did not introduce its staff number; from other source we can not obtain the relevant information, either.

History

Subject was incorporated on 1997-7-1 with registered number 199704503Z as Limited Private Company in Singapore.

Change of Name:

Date	Change
2012-1-3	Evonik (Sea) Pte. Ltd.
1997-7-1	Evonik Degussa (Sea) Pte. Ltd.

Shareholders

Unit: SGD

Name

Subscription Amount

Proportion of Investment (%)

Evonik International Holding B.V.

(Ordinary) 11,000,000

(Preference) 51,000,000

100%

Total

(Ordinary) 11,000,000

(Preference) 51,000,000

100%

Major Shareholder Information:

Name:	Evonik International Holding B.V.
Registered Number:	T11UF1302L
Address:	Hettenheuvelweg 37/39, 1101 BM Amsterdam Zuidoost
Place of Origin:	Netherlands

Subsidiaries & Branches

Parent Company:

Name:	Evonik International Holding B.V.
Registered Number:	T11UF1302L
Address:	Hettenheuvelweg 37/39, 1101 BM Amsterdam Zuidoost

Related Companies

Name:	Evonik RohMax Asia Pacific Pte. Ltd.
Registered Number	200604133K
Address	3 International Business Park #07-18 Nordic European Centre Singapore 609927
Telephone Number:	+65-6809-6666
Fax Number:	+65-6809-6866

Management Information

Core Management

Detailed Information of Management:

1
Name:	DR. YU DAHAI
Position:	Director
ID Number:	C4JHCXN50
Address:	House 20, 6^th Street, the Emerald, 2888 Hu Nan Gong Road, Shanghai, China
Nationality:	German
Date of Appointment:	2011-7-4
2
Name:	DR KUSTHARDT ULRICH
Position:	Director
ID Number:	C5NPGLH64
Address:	Philipp-Kremer-Strabe 8, 65779 Kelkheim / TS.
Nationality:	German
Date of Appointment:	2010-9-1
3
Name:	REINER BESTE
Position:	Director
ID Number:	CGFVM41YM
Address:	Rannenbergring 82 D-63755 Alzenau, Germany
Nationality:	German
Date of Appointment:	2011-1-1
4
Name:	PETER HANS MEINSHAUSEN
Position:	Director
ID Number:	G6312489W
Address:	23 Claymore Road, #23-03, Tate Residences, the Singapore 229546
Nationality:	German
Date of Appointment:	2009-7-1
5
Name:	IAN NG FOOK YUN
Position:	Secretary
ID Number:	S2565916C
Address:	151 Cavenagh Road, #09-161, Cavenagh Court Singapore 229628
Nationality:	Singapore P.R.
Date of Appointment:	2011-7-23

Operation Information

Offices & Factories

	Office
Address:	3 International Business Park, #07-18, Nordic European Centre Singapore 609927

Production Information

l Subject operates as a sales office and it does not have production activities by itself.

Purchase Information

l Subject purchases from its related companies in the same group

l Subjects’ group is a supplier of specialty chemicals in Germany with several offices and manufacturing sites in the South East Asia, Australia and New Zealand.

Sales Information

l Subject is engaged in sales of specialty chemical and its major products include feed additives, lubricant additives, hydrogen peroxide, precipitated and fumed silica, acrylic resins, performance and specialty monomers, molding compounds, high performance polymers and colorants.

l Subject’s products are mainly sold in Singapore and surrounding countries and subject’s group has offices in different regions for local sales and the group’s business spreads over 100 countries around the world.

The major items:

ACRYLIC POLYMER

ADHESION RESINS

AMINO ACIDS

BUILDING PROTECTION SILANES

CARBON BLACK PIGMENTS

CATALYST CARRIER

CYANURIC CHLORIDE

DE-AERATORS

DEFOAMERS

FUMED SILICA

FUNCTIONAL SILANES

H-TEMPO BASED ANTIPOLYMERANT

HYDROXY TEMPO

KETONE RESINS

MATTING AGENT

MMA BINDER (RESIN)

ORGANO MODIFIED SILOXANES

PIGMENT DISPERSIONS

POLYAMIDE HOT MELT ADHESIVES

POLYAMIDE POWDERS

POLYAMIDE RESINS & ELASTOMERS

POLYURETHANES ADDITIVE

POTASSIUM CARBONATE

POTASSIUM METHYLATE

PRECIPITATED SILICA

RUBBER BLACK

RUBBER SILANE - COUPLING AGENT

RUBBER SILICA

SILICONE POLYESTER

SILICONE RESINS

SLIP & FLOW

SODIUM METHYLATE 30% SOLUTION IN METHANOL

SPECIALTY PLASTICS

STRUCTURAL FOAM

SUBSTRATE WETTING AGENT

SURFACE CONTROL AGENTS

TETRA METHYL PIPERIDINE

TRANSPARENT NYLON

TRIETHYL ORTHOPROPIONATE

WETTING & DISPERING AGENTS

Settlements

Purchase

Domestic Markets

Subject has little domestic purchase

Overseas Markets

Products	Payment Terms	Proportion
Specialty Chemical	Interior settlement, etc	100%

Sales

Domestic Markets

Product	Sales Terms	Proportion
Specialty Chemical	CBD, etc	100%

Overseas Markets

Product	Sales Terms	Proportion
Specialty Chemical	CBD, etc	100%

Balance Sheet

Unit: SGD

Date	2010-12-31	2009-12-31	2008-12-31
Total Assets	10,795,553.00	9,052,800.00	10,575,312.00
Total Current Assets	10,018,869.00	8,844,676.00	10,334,606.00
Total Non-Current Assets f.k.a. [Fixed And Others]	776,684.00	208,124.00	240,706.00
Total Liabilities	6,275,763.00	6,145,430.00	4,552,978.00
Total Current Liabilities	6,249,344.00	6,125,039.00	4,531,873.00
Total Non-Current Liabilities	26,419.00	20,391.00	21,105.00
Total Equity f.k.a [Shareholder's Funds]	4,519,790.00 (USD 3,533,119.84	2,907,370.00 (USD 2,272,691.13	6,022,334.00 (USD 4707658.49
Paid-Up Capital	N.A.	N.A.	N.A.
Share Capital	1,000,000.00	1,000,000.00	1,000,000.00
Other Reserves, Total f.k.a. [Reserves]	0.00	0.00	0.00
Retained Earnings/(Accumulated Loss)	3,519,790.00	1,907,370.00	5,022,334.00

(As of 2012.06, 1 SGD = 0.7817 USD)

Profit/Loss Account

Unit: SGD

Date	2010	2009	2008
Revenue f.k.a [Sales Turnover And Other Operating Revenues]	10,317,901.00 (USD 10,317,901)	9,058,818.00 (USD 7,081,278.03)	9,769,333.00 (USD 7,636,687.61)
Profit/(Loss) before Tax from Continuing Operations f.k.a [Profit/(Loss) before tax]	2,158,654.00	1,868,789.00	1,431,122.00
Profit/(Loss) after Tax from Continuing Operations f.k.a [Profit/(Loss) After Tax]	1,612,420.00	1,385,036.00	990,075.00
Net Income/(Loss) From Extraordinary And Non-Operating Items	N.A.	N.A.	N.A.
Profit/(Loss) After Tax and Extraordinary Items	N.A.	N.A.	N.A.

(As of 2012.06, 1 SGD = 0.7817 USD)

Financial Ratio

Date	2010	2009	2008
Earning Capacity
Rate of Net Profit on Sales (%)	15.63	15.29	10.13
Return of Investment (%)	14.94	15.30	9.36
Return of Shareholder's Funds (%)	35.67	47.64	16.44
Total Assets Turnover (%)	0.96	1.00	0.92
Financial Stability
Current/Working Capital Ratio (%)	1.60	1.44	2.28
Proprietary Ratio (%)	41.87	32.12	56.95
Total Debt to Equity Ratio (%)	58.13	67.88	43.05

Bankers

Subject declined to disclose its bank details; from other source we can not obtain the relevant information, either.

Auditors

Name:

Pricewaterhousecoopers LLP

Interview Details

Department:

Sales department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.05
UK Pound	1	Rs.86.69
Euro	1	Rs.69.98

INFORMATION DETAILS

Report Prepared by :

MNL

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.