MIRA INFORM REPORT

Report Date :

22.06.2012

IDENTIFICATION DETAILS

Name :	YINCA LTD.
Registered Office :	Room 1701, 17/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon
Country :	Hong Kong
Date of Incorporation :	27.04.1990
Legal Form :	Private Limited Company
Line of Business :	Importers and Exporters; Transhipment Agent of Essential oils, aromatic chemicals, chemicals for cosmetics, flavour and fragrance.
No. of Employees :	6. (Office staff)

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)
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 and address

YINCA LTD.

ADDRESS: Room 1701, 17/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong.

PHONE: 2332 2308

FAX: 2771 4988

E-MAIL: aromas@yinca.com.hk

MANAGEMENT

Managing Director: Mr. Ng Sum Pui, Smitty

SUMMARY

Incorporated on: 27th April, 1990.

Organization: Private Limited Company.

Capital: Nominal: HK$1,000,000.00

Issued: HK$700,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 6. (Office staff)

Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

Room 1701, 17/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong.

Associated Companies:-

Yinca (Shanghai) Ltd.

Flat A, 5/F., 159 Zhao Jiabang Road, Shanghai, China.

[Tel: 86-21-64734300, Fax: 86-21-64734418

E-mail: sales@yinca.com ]

Tengzhou Jitian Aroma Chemical Co. Ltd., China.

Yinca Ltd., New Zealand.

COMPANY FILE NUMBER

0277150

MANAGEMENT

Managing Director: Mr. Ng Sum Pui, Smitty

CAPITAL

Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)

Issued Share Capital: HK$700,000.00

SHAREHOLDERS

(As per registry dated 27-04-2012)

Name		No. of shares
NG Sum Pui		59,999
NG Tien Hwa, Timothy		10,001
		––––––
	Total:	70,000 =====

DIRECTORS

(As per registry dated 27-04-2012)

Name (Nationality)	Address
NG Sum Pui	Flat D, 30/F., Tower 3, Central Park, Taikoktsui, Kowloon, Hong Kong.
NG Tien Hwa, Timothy	Flat D, 30/F., Tower 3, Central Park, Taikoktsui, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 27-04-2012)

Name (Nationality)	Address
MO Sau Ling	Flat 10, 32/F., Ka Lun House, Siu Lun Court, Tuen Mun, New Territories, Hong Kong.

HISTORY

The subject was incorporated on 27th April, 1990 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject moved from Room 615, 6/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong to Room 1701, 17/F., of the same building in September 1994.

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

OPERATIONS

Activities: Importers and Exporters; Transhipment Agent.

Lines: Essential oils, aromatic chemicals, chemicals for cosmetics, flavour and fragrance.

Agents for:-

SUNKIST essential oils - U.S.

J.M. natural essence - U.S.

BRI aromatic chemicals - U.S.

Employees: 6. (Office staff)

Commodities Imported: Mainly imported from China, other Asian countries, US, UK, other European countries, etc.

Markets: Hong Kong, Taiwan, Southeast Asia and Europe.

Terms/Sales: T/T, L/C, D/P and D/A.

Terms/Buying: T/T, L/C or 30 days credit.

FINANCIAL INFORMATION

Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)

Issued Share Capital: HK$700,000.00

Mortgage or Charge: (See attachment)

Profit & Loss: Traded at a small profitable angle.

Condition: Keeping in an active and satisfactory state.

Facilities: Making rather active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Bankers:-

Hang Seng Bank Ltd., Hong Kong.

Bank of China (Hong Kong) Ltd., Hong Kong.

Wells Fargo Bank N.A., Hong Kong Branch, Hong Kong.

Standing: Normal.

GENERAL

Yinca Ltd., formed in April 1990, is chiefly owned by Mr. Smitty Ng Sum Pui who is a Hong Kong merchant. At present, Mr. Smitty Ng is holding 85.7% of the subject’s interests. The other shareholder Mr. Ng Tien Hwa, Timothy, a Taiwan merchant holding 14.3%.

Formerly the subject was owned by Mr. Smitty Ng and four Taiwan merchants. It was reshuffled in February 2008 and changed to the present shareholding structure.

The subject is trading in essential oils, aromatic chemicals, raw materials for cosmetic and tobacco, food additives, flavours and fragrances.

Founded by Mr. Smitty Ng and his business associates, the subject has got associated companies in Shanghai, China and in Auckland, New Zealand. It also has got a joint venture factory known as Tengzhou Jitian Aroma Chemicals Co. Ltd. in Shandong Province, China.

The subject is representing the raw materials and products from the following companies:-

· Agan Aroma Chemicals Ltd. (Israel);

· AROMOR Falvors & Fragrances Ltd. (Israel);

· Bedoukian Research Inc. (USA);

· Chart corp.Inc. (USA);

· CTC Organics (USA);

· Mastertaste Inc.(USA);

· Midori Kagaku Co. Ltd. (Japan);

· Misitano & Stracuzzi (Italy);

· Nippon Zeon Co. Ltd. (Japan);

· Oxford Chemicals Ltd. (UK);

· Shiono Koryo Kaisha Ltd. (Japan);

· Soda Aromatic Co. Ltd. (Japan); &

· Sunkist Growers Inc. (USA).

The subject is also one of the main agents and distributors of Aromor Falvors & Fragrances Ltd. which is a rather famous fragrance manufacturer in Israel.

The subject also trades in other materials imported from France, Indonesia, Brazil, Japan and the United States.

In October 2005, the subject participated the conference held by International Federation of Essential Oils and Aroma Trades [IFEAT].

Tengzhou Jitian Aroma Chemical Co., Ltd. [Jitian] is a joint‑venture company set up by the subject and a firm in Tengzhou, Shandong Province, China. It is producing heterocyclic, sulphur aroma chemicals and pharmaceutical intermediates. Being the executive council members of China Food Additive Association (FAA) and China Association of Fragrance Flavor and Cosmetics, Jitian possesses a factory covering an area of 300 m². The factory is well-equipped with the 100L-3000L professional reaction vessels and some glass instruments. At present, Jitian is able to produce more than 280 kinds of products. It has got the ISO-9001 and Kosher certifications.

The subject is responsible for marketing Jitian’s products in Hong Kong and exporting to foreign countries. Business is rather active. Annual sales turnover is rather significant.

On the whole, having a history of over twenty-one years in Hong Kong, the subject is considered good for normal business engagements.

MORTGAGE OR CHARGE

Date	Particulars	Amount
02-10-2007	Instrument: Running Deep of Charge Property: All monies and deposits now or hereafter in the time deposit account No. 263-088270 kept by the Company with Hang Seng Bank Limited. Mortgagee: Hang Seng Bank Ltd., Hong Kong.	All monies and liabilities which are now or at any time hereafter may be outstanding owing or payable by the Company to Hang Seng Bank Ltd.
22-05-2008	Instrument: Charge Over Securities Property: (a) Any interest rights, title or property owned by the Chargor registered in the name of Hang Seng Bank Limited standing to the credit of the Chargor’s securities account number 263-088270-382 (b) All dividends, interest, distributions and other moneys (c) All accretions, allotments, rights, proceeds and other benefits (d) All stocks, securities, moneys or property (e) All present and future rights which the Chargor may have or acquire as against any Clearance System Mortgagee: Hang Seng Bank Ltd., Hong Kong.	All monies in any currency owing by the Company
22-12-2011	Instrument: Charge Over Securities Property: (a) Any interest, rights, title or property owned by the Chargor registered in the name of Hang Seng Bank Limited standing to the credit of the Chargor’s account number 263-088270-085 (b) All dividends, interest, distributions and other moneys (c) All accretions, allotments, rights, proceeds and other benefits (d) All Stocks, securities, moneys or property (e) All present and future rights which the Chargor may have or acquire as against any Clearance System Mortgagee: Hang Seng Bank Ltd., Hong Kong.	All monies in any currency by the Company

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.42
UK Pound	1	Rs.88.45
Euro	1	Rs.71.52

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%)

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.