MIRA INFORM REPORT

Report Date :

14.06.2012

IDENTIFICATION DETAILS

Name :	WUXI SUNMART SCIENCE AND TECHNOLOGY CO LTD
Registered Office :	No.6 Fenghuang Road, Huangtang, Xiake Town, Jiangyin City, Jiangsu Province 214407
Country :	China
Date of Incorporation :	23.02.2006
Com. Reg. No.:	320281400010747
Legal Form :	Wholly Foreign-Owned Enterprise
Line of Business :	Manufacture of plastic spraying packaging products
No. of Employees :	1,200

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
China	A2	A2

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

Company name

Wuxi Sunmart Science And Technology Co Ltd

Currency in this report is Chinese Yuan unless otherwise stated.

Exchange Rate: 1 USD=6.37 Chinese Yuan

"--"in this report indicates "unavailable" due to insufficient information or "no comments"

EXECUTIVE SUMMARY

DATE OF establishment	Feb.23^rd, 2006
Aic Registration No.	320281400010747
REGISTERED LEGAL FORM	Wholly foreign-owned enterprise
REGISTERED CAPITAL	USD 13,000,000.00
main BUSINESS	Manufacture of plastic spraying packaging products
employees	1,200
import and export permits	yes
EXCHANGE RATE	1 Usd=6.37CNY (jun.13^th, 2012)

Registered Address	No.6 Fenghuang Road, Huangtang, Xiake Town, Jiangyin City, Jiangsu Province
Zip Code	214407
Business Address	No.6 Fenghuang Road, Huangtang, Xiake Town, Jiangyin City, Jiangsu Province
Zip Code	214407
Telephone	86 510 86534301/86913619
Fax	86 510 86534300
SIC Code (China)	3060 manufacture of plastic packaging boxes and containers

REGISTRATION

Name (Chinese)	无锡圣马科技有限公司
Name (English)	Wuxi Sunmart Science And Technology Co Ltd
Date of Establishment	Feb.23^rd, 2006
Registry	Administration Bureau for Industry and Commerce - Jiangyin
Legal Representative	Sun Bingzhong
AIC Registration Number	320281400010747
Registered Legal Form	Wholly foreign-owned enterprise
Registered Capital	USD 13,000,000.00
Operating Duration	Feb. 23^rd, 2006-02-23 to Feb. 22^nd, 2036
Business Scope	R&D, manufacture of spraying pumps, valves and other plastic products and aluminum cans

Wholly foreign-owned enterprise

This form of business in PR China is defined as a legal person. It is a limited co. established within the territories of PR China with capital provided totally by the foreign investors. More than one foreign investor may jointly invest in a wholly foreign-owned enterprise. The investing party/parties solely exercise management, reap profit and bear risks and liabilities by themselves. This form of companies usually have a limited duration is extendible upon approval of Examination and Approval Authorities.

REGISTRATION INFO: AVAILABLE

FINANCIAL REPORTS: AVAILABLE

FIELD INVESTIGATION

Subject’s income mainly comes from manufacture of PET cups, sprayers, aluminum cans etc. Its customers are mainly from pharmaceutical, cosmetic industries etc. The competition in plastic spray packaging products is fierce and subject has a lot of competitors in the local place. However, with long history, subject has established branches and distributors in many cities and has accumulated certain customer network. Its overall competitiveness in the industry is above average.

Located in the southern part of Jiangsu Province, northern part of the Taihu Plain, Jiangyin City is in the neighborhood of Wuxi, Shanghai and Nanjing etc. It has been in the No.1 of Top 100 counties of China for 9 consecutive years. In 2010, the total GDP was 200 billion CNY, increasing 13.3% y/y.

SHAREHOLDERS AND SHARES

As indicated in the following table:

Shareholder	Capital Subscribed	Percentage
SUNMART HOLDINGS PTE.LTD.	USD 13,000,000.00	100%
Total	USD 13,000,000.00	100%

Shareholder	Way of Investment	Paid-up Percentage
SUNMART HOLDINGS PTE.LTD.	Capital	100%

Background of major shareholder

Name	SUNMART HOLDINGS PTE.LTD.
Country	Singapore

AFFILIATE(S)

No affiliate of subject is found after checking.

MANAGEMENT

Name	Sun Bingzhong
Gender	Male
Title	Executive director; general manager
Date of birth	Jan.18^th, 1955
Working experience	Industry experience: 10 years; Management experience: 8 years
Name	Cao Jun
Gender	Male
Title	Supervisor
Date of birth	Jan. 27^th, 1975

NUMBER OF EMPLOYEES

Employees: 1,200

Management Staff: 50

Recent recruitment: Yes

Job-hunting websites	Job title	Number
http://company.zhaopin.com/%E6%97%A0%E9%94%A1%E5%9C%A3%E9%A9%AC%E7%A7%91%E6%8A%80%E6%9C%89%E9%99%90%E5%85%AC%E5%8F%B8_CC352580613.htm	Sales assistants	4

BANKERS INFORMATION

Bank name	Agricultural Bank of China – Huangtang Sub-branch, Jiangyin
Account No. (CNY)	641001040006655
Tel.	86 510 86531757
Comment	The bank staff confirmed the above information is correct.

OFFICE FACILITIES

Geographic Location	No.6 Fenghuang Road, Huangtang, Xiake Town, Jiangyin City, Jiangsu Province
Area	200,000 square meters
Environment	Industrial area
Traffic condition	With neighborhood to Fengxiang Road, Xinren Road etc, the traffic condition is good.
Purpose	Office; warehouse; factory
Property Ownership	Unkown

WEBSITE

Website	http://www.sunmart.cn/
e-mail	sunmart001@163.com
Operation status	Operational
Copyright	Subject
Language	Chinese; English

TRADEMARKS

Total trademark	38 (only the latest 3 are listed)
Registration No.	6895866
Registration date	Aug.13^th, 2008
Image
Registration No.	6895879
Registration date	Aug.13^th, 2008
Image
Registration No.	6895880
Registration date	Aug.13^th, 2008
Image

PATENTS

Total patents	24 (only the latest 3 are listed)
Application No.	200820042171.0
Application date	Aug. 11^th, 2008
Patent name	Assembling machine
Application No.	200820042172.5
Application date	Aug. 11^th, 2008
Patent name	Assembling machine
Application No.	201130019539.9
Application date	Aug. 11^th, 2008
Patent name	Rotary table device

MAIN PRODUCTS & SERVICES

Main business	Manufacture of plastic spray package products
Products and services	Mini spray valves, aluminum cans, plastic bottles used for pharmaceutical, food and health care industry; Cream pump; foam pump; fine mist spray; crump-on; micro aluminum cans; PP/PE/PET plastic bottles etc.
Picture of specific products
Production capacity	2,600,000 perfume sprayers per day 1,100,000 medicine sprayer per day 100,000 pharmaceutical aluminum cans per day 500,000 plastic bottles
Plants and equipments	Plastic injection machine: 500 sets; Punching machine: 400 sets; Mould processing equipments: 50 sets; Automatic oxidation production lines: 4
Awards & Honors	Excellent Private Enterprise of Jiangsu Province; National AAA credit enterprise; Private technical enterprise of Jiangsu Province Hi-tech enterprise of Jiangsu Province Top 100 company in packaging industry of Jiangsu Province Quality trustworthy enterprise of Jiangsu Province Top 100 companies of plastic product industry of China Top 500 of high-growth light industry companies Etc.
Certificates / licenses	ISO09001-2000; GMP qualification

SALES INFORMATION

Domestic sales	30%
Regions	All over China
Major domestic clients	HARBIN PHARMACEUTICAL GROUP SIXTH PHAM FACTORY; JIANGSU LONGLIQI BIOSCIENCE CO.,LTD; AVON PRODUCTS (CHINA) CO., LTD; MARY KAY (CHINA) COSMETICS CO., LTD
Competitors	SHANTOU CITY RONGSEN DISPENSING PUMP CO.,LTD; ZHONGSHAN LUENCHEONG DISPENSING PUMP LTD; SHENZHEN XINJITAI SPRAYER & PUMP CO., LTD
Payment terms	Prompt payment; on credit
Export	70%
Regions	Japan; North America; South America; Europe; Southeast Asia; Mid-east etc.
Major overseas clients	L-EUDINE GLOBAL etc.
Payment terms	L/C, T/T
With certain history, subject has developed stable sales channel and customer network.
The above information was confirmed by SC’s employee.

PURCHASE INFORMATION

Main Commodities Purchased	plastic; aluminum; plastic injection machine, bunching machine
Number of Major Suppliers	About 5
Region	Domestic:100 % Import: 0%
Major suppliers	SINOPEC SHANGHAI PETROCHEMICAL CO.,LTD; SHANGHAI QICHUANG METAL PRODUCTS CO. LTD
Main Terms of Payment	Local: Prompt payment; on credit
Subject’s raw materials and equipments are all supplied by domestic suppliers.
The above information was confirmed by SC’s employee.

CREDIT

Name of supplier	SHANGHAI QICHUANG METAL PRODUCTS CO. LTD
Main commodities and service supplied	Metal products
Interviewee	Manager Zhu (sales department)
Telephone of Interviewee	86 21 58087530
Payment comment	The investigated person confirmed that SC is one of their clients and SC’s credit status is good.
Date of interview	Jun. 13^th, 2012
Name of supplier	SINOPEC SHANGHAI PETROCHEMICAL CO.,LTD
Main commodities and service supplied	Plastic products
Interviewee	Sales staff
Telephone of Interviewee	86 21 57941941
Payment comment	According to subject’s staff, subject’s plastic is mainly purchased from SINOPEC SHANGHAI PETROCHEMICAL CO.,LTD. However, the interviewed staff couldn’t confirm whether subject is a client of the above company.
Date of interview	Jun. 13^th, 2012

LITIGATION RECORDS

After checking with China Court organization, the local court website and other major searching websites, no litigation record related to SC in the latest three years is found.

OTHER ADVERSE MEDIA INFORMATION

N/A

MEDIA INFORMATION

1. Subject’s information filed on Alibaba Website: http://jsxuebaolgp.cn.alibaba.com/

2.Subject’s introduction: http://www.zhuangpin.com/baocai/gy/328.html

3.Subject’s product information: http://qianzifu.cn.china.cn/

FINANCE

According to subject’s staff Mr. Hu, subject is a large-sized company in the industry, and its annual sales volume of 2011 was about 350 million CNY.

Industry Ratios:

	2010
Return on net assets (%)	9.10
Return on total assets (%)	4.61
Net profit margin (%)	5.80
Turnover of total assets	0.82
Turnover of current assets	1.55
Turnover days of account receivable	65.82
Inventory turnover days	63.63
Asset liability ratio (%)	48.50
Current ratio	1.22
Quick ratio	0.94

INDUSTRY PROFILE

Industry

SIC Code (China): 3060 manufacture of plastic packaging boxes and containers

Description: manufacture of plastic packaging boxes and containers that can be used to hold solid or liquid goods for storage or transportation.

Status Quo & Trend

Recently China’s plastic packaging box and container industry has been growing at a speed higher than national GDP. Since 2010, both manufacture and sales in the industry were well performed. From Jan to Jun. 2011, the total sales volume of the industry was 61.5 billion CNY, increasing 30.92% y/y.

Industry Associations

Name of association	Membership of subject (Yes/No)
China Packaging Federation	YES
China Pharmaceutical Packaging Association	YES
National Science and Technology Association	YES
National Environmental Protection Industry Association	YES
China Association of Health Sciences	YES

GENERAL COMMENTS

Established in Feb. 2006 as a wholly foreign-owned enterprise, subject is engaged in manufacture of micro spray valve, aluminum cans and plastic bottles used in pharmaceutical, food and health care industry. It holds large size of business scale and advanced equipments. The Shengma Brand packaging material produced by subject enjoys certain popularity in the domestic and international market. As a foreign invested company, subject also enjoys some favorable policies provided by the local government.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.85
UK Pound	1	Rs.86.88
Euro	1	Rs.69.88

INFORMATION DETAILS

Report Prepared by :

PRL

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.