MIRA INFORM REPORT

Report Date :

09.11.2012

IDENTIFICATION DETAILS

Name :	CYKLOP HONG KONG LTD.
Registered Office :	Unit 8, 23/F., CCT Telecom Building, 11 Wo Shing Street, Fotan, Shatin, New Territories
Country :	Hong Kong
Date of Incorporation :	04.06.2001
Com. Reg. No.:	31923023
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Manufacturer of all kinds of packaging materials, etc
No. of Employees :	5

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

Maximum Credit Limited :	US$450,000
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Hong Kong	A2	A2

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

HONG KONG - ECONOMIC OVERVIEW

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983

Source : CIA

Company name

CYKLOP HONG KONG LTD.

Company ADDRESS

Unit 8, 23/F., CCT Telecom Building, 11 Wo Shing Street, Fotan, Shatin, New Territories, Hong Kong.

PHONE: 2994 6900

FAX: 2793 1077

E-MAIL: info@hk.cyklop-asia.com

MANAGEMENT

Managing Director: Mr. Ngo Chi Chiu

SUMMARY

Incorporated on: 4th July, 2001.

Organization: Private Limited Company.

Capital: Nominal: HK$1,000,000.00

Issued: HK$300,000.00

Business Category: Importer, Exporter and Manufacturer.

Employees: 5.

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

Banking Relation: Satisfactory.

Company name

CYKLOP HONG KONG LTD.

Company ADDRESS

Registered Office:-

Unit 8, 23/F., CCT Telecom Building, 11 Wo Shing Street, Fotan, Shatin, New Territories, Hong Kong.

Holding Company:-

Cyklop Asia Ltd., British Virgin Islands.

Associated Companies:-

Cyklop AB, Sweden.

Cyklop Austria GmbH, Austria.

Cyklop Belgium N.V., Belgium.

Cyklop do Brazil Embalagens S/A, Brazil.

Cyklop Emballering A/S, Denmark.

Cyklop France SARL, France.

Cyklop GmbH, Germany.

Cyklop International GmbH, Germany.

Cyklop Manufacturing (Thailand) Ltd., Thailand.

Cyklop Nederland BV, Netherlands.

Cyklop Packaging (M) Sdn. Bhd. Ltd., Malaysia.

Cyklop Packaging (Thailand) Ltd., Thailand.

Cyklop Packaging Corp., USA.

Cyklop Packaging Systems (India) Pvt. Ltd., India.

Cyklop Packaging Trading (Shanghai) Co. Ltd., China.

Cyklop Russia, Russia.

Cyklop S.r.l., Italy.

Cyklop Strapesa S.A., Spain.

Cyklop Straps Ltd., Thailand.

Cyklop UK Ltd., UK.

Cyklopack Spol s.r.o., Czech Republic.

Oy Cyklop AB, Finland.

BUSINESS REGISTRATION NUMBER

31923023

COMPANY FILE NUMBER

0762225

MANAGEMENT

Managing Director: Mr. Ngo Chi Chiu

Contact Person: Mr. Darren Chow Wing Tat

CAPITAL

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$300,000.00

SHAREHOLDERS

(As per registry dated 04-07-2012)

Name		No. of shares
Cyklop Asia Ltd. Pasea Estate, Road Town, Tortola, British Virgin Islands.		299,999
Cyklop Packaging Singapore Pte. Ltd. No. 2, Penjuru Close #03-01, 608611, Singapore.		1
		–––––––
	Total:	300,000 ======

DIRECTORS

(As per registry dated 04-07-2012)

Name (Nationality)	Address
NGO Chi Chiu	Flat 05, 26/F., Tower C, Galaxia, 3 Lung Poon Street, Diamond Hill, Kowloon, Hong Kong.
Jean-Charles, Bernard Marie POILLEUX	6, route de Mareil, F-78124 Montainville, France.
Samir Tayeb DAJANI	18 Boon Lay Way, #03-129 TradeHub 21, S609966, Singapore.

SECRETARY

(As per registry dated 04-07-2012)

Name	Address	Co. No.
Hotex Company Secretary Ltd.	Room 2707, 27/F., Shui On Centre, 6‑8 Harbour Road, Wanchai, Hong Kong.	0401167

HISTORY

The subject was incorporated on 4th July, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Smart Talent (Hong Kong) Ltd., name changed to the present style on 20th July, 2001.

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

OPERATIONS

Activities: Importer, Exporter and Manufacturer.

Lines: All kinds of packaging materials, etc.

Employees: 5.

Commodities Imported: Europe, China, other Asian countries, etc.

Markets: China, other Asian countries, Europe, North America, etc.

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$300,000.00

Mortgage or Charge: (See attachment)

Profit or Loss: Making a small profit every year.

Condition: Keeping in an active manner.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

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

Standing: Good.

GENERAL

Cyklop Hong Kong Ltd. is a wholly-owned subsidiary of Cyklop Asia Ltd. which is a BVI-registered firm. The subject is one of the members of the Cyklop Group [Cyklop] of companies.

The subject and Cyklop are trading in all kinds of packaging materials and systems. The followings are the main products of the subject and the Group:-

· Plastic strapping system: Tools, equipment and accessories

· Steel strapping system: Hand tools and automatic equipment

· Stretch film wrapping system: Semi-auto to fully-auto wrapper

· Specialty system: For paper, beverage, electronic, timber, etc. industries

· Packaging materials: PP/ PET/ STEEL strap, film, tape, air bag, etc.

Most of the products bear the brand name Cyklop.

In May 2002, the subject set up an office in Shanghai and in late 2004, set up an office in Guangzhou, Guangdong Province, China. Its associated company Cyklop Packaging Trading (Shanghai) Co. Ltd. [Shanghai Cyklop] is in Shanghai, China. This firm is a wholly-owned subsidiary of Cyklop Int’l, Germany, one of the world’s largest packaging companies. Cyklop is a multi-national packaging specialist with over 90 years of experience in the research and development, production, sales and marketing and service of the packaging equipment and materials. It has had an experienced service team who provides professional after sales service to customers. Shanghai Cyklop is trading in the following products:-

· Packaging and Protective Materials

· Hand Held Tools for PP, PET Strapping

· Pre-stretch Film Wrapping Machine

· Steel Strapping System

· Speciality Industrial Packaging System

Founded in 1912, Cyklop is a Germany-based firm. Cologne, Germany is also the headquarters of the Group. Now, the Group has set up offices in the Netherlands, Sweden, the United Kingdom, Czech Republic, Italy, Brazil, Spain, Austria, Belgium, Denmark, Finland, France, India, Thailand, etc. The Group now has branches, production plants and agencies in over 50 countries of the world. The total employees are over 1,100. At present, Cyklop maintains other plants and production sites in Spain, Italy, Sweden, the Netherlands, Thailand and Brazil.

Cyklop Manufacturing (Thailand) Ltd. is one of the main production bases of the Group.

The subject is fully supported by the Group.

As the history of the subject is over eleven years and four months in Hong Kong, on the whole, consider it good for normal business engagements.

MORTGAGE OR CHARGE

Date	Particulars	Amount
06-10-2005	Instrument: Debenture constituting a fixed and/or floating Charge over all the assets of the company Property: (a) by way of first fixed charge: (i) all chattels as at the date of the Debenture or at any time thereafter belonging to the Company (ii) all book debts and other debts and monetary claims (iii) any credit balance on any account of the Company (iv) all goodwill and uncalled capital for the time being of the Company (v) all stocks shares debentures bonds loan capital and other securities (vi) all letters patent trademarks service marks designs utility models copyrights design rights and applications (vii) all present and future contracts or policies of insurance and all rights and claims to which the Company (viii) save to the extent charged (b) by way of floating charge all the undertaking of the Company and all its property whatsoever and wheresoever both present and future Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	All monies and liabilities

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.44
UK Pound	1	Rs.87.00
Euro	1	Rs.69.47

INFORMATION DETAILS

Report Prepared by :

PDT

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.