MIRA INFORM REPORT

Report Date :

10.05.2012

IDENTIFICATION DETAILS

Correct Name :	YORKSHIRE (ZHEJIANG) DYES & CHEMICALS CO., LTD.
Registered Office :	20/F, Building 1, Fortune Square, No. 1009 Shimin Avenue, Shangyu, Zhejiang Province 312300 Pr
Country :	China
Date of Incorporation :	04.11.2011
Com. Reg. No.:	330600400022198
Legal Form :	Wholly Foreign-Owned Enterprise
Line of Business :	Subject is in the preparatory phase of production
No. of Employees :	20

RATING & COMMENTS

MIRA’s Rating :

NB

RATING		STATUS	PROPOSED CREDIT LINE
----	NB	New Business	----

Status :	New Company
Payment Behaviour :	Unknown
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 & address

YORKSHIRE (ZHEJIANG) DYES & CHEMICALS CO., LTD.

20/F, BUILDING 1, FORTUNE SQUARE, NO. 1009 SHIMIN AVENUE, SHANGYU,

ZHEJIANG PROVINCE 312300 PR CHINA

TEL: 86 (0) 575-81289909 FAX: 86 (0) 575-81289909

EXECUTIVE SUMMARY

INCORPORATION DATE : NOV. 4, 2011

REGISTRATION NO. : 330600400022198

REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED enterprise

CHIEF EXECUTIVE : MR. WU QINGHE (CHAIRMAN)

STAFF STRENGTH : 20

REGISTERED CAPITAL : USD 1,000,000

BUSINESS LINE : manufacturing

TURNOVER : N/A

EQUITIES : N/A

PAYMENT : NOT YET DETERMINED

MARKET CONDITION : FAIR

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : SUBJECT TO LONGER PERIOD OF OBSERVATION

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : CNY 6.29= USD 1

Adopted abbreviations:

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

CNY - China Yuan Ren Min Bi

SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Nov. 4, 2011.

Company Status: 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.

SC’s registered business scope includes manufacturing and processing dyes and additives; selling self-made products. (production in consists of the workshop)

According to SC’s accountant, SC is in the preparatory phase of production, and hasn’t started its normal operation yet. It will be mainly engaged in manufacturing and selling dyes and additives.

Mr. Wu Qinghe is the legal representative, chairman and general manager of SC at present.

SC is known to have approx. 20 employees at present, and SC will recruit staff after normal operation.

SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Shangyu. Our checks reveal that SC rents the total premise, but SC’s accountant refused to release the gross area.

SC is not known to host website of its own at present.

According to SC’s accountant, SC is in the preparatory phase of production, and hasn’t started its normal operation yet.

No significant changes were found during our checks with local AIC.

MAIN SHAREHOLDERS:

Name % of Shareholding

Yorkshire Chemicals Holding Limited 100

CR No.: 1174915

Incorporation date: Oct. 11, 2007

Legal form: Private

Status: Live

Website: http://www.yorkshire-chem.com/

Tel: +852-27231787, 23683810

Fax: +852-27244263, 23683700

Legal representative, Chairman and General manager:

Mr. Wu Qinghe is currently responsible for the overall management of SC.

Working Experience(s):

At present Working in SC as legal representative, chairman and general manager

Supervisor:

……………

Fu Xiaoli

According to SC’s accountant, SC is in the preparatory phase of production, and hasn’t started its normal operation yet. It will be mainly engaged in manufacturing and selling dyes and additives.

According to the above website:

· Yorkshire Asia Pacific Ltd.

Yorkshire (China) Trading Ltd.

Yorkshire (Guangzhou) Chemicals Co. Ltd.

Yorkshire Dyestuffs (Zhongshan) Ltd.

Yorkshire Auxiliaries (Zhongshan) Ltd. Etc.

Overall payment appraisal:

( ) Excellent ( ) Good ( ) Average ( ) Fair ( ) Poor (X) Not yet determined

The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment and our debt collection record concerning SC.

Trade payment experience: N/A

Delinquent payment record: None in our database.

Debt collection record: No overdue amount owed by SC was placed to us for collection within the last 6 years.

SC’s management declined to release its banking information.

Established in November of 2011, SC’s financial reports are not available at present.

Established in November of 2011, SC has not started normal operation yet.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.46
UK Pound	1	Rs.86.27
Euro	1	Rs.69.40

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.