MIRA INFORM REPORT

Report Date :

18.09.2012

IDENTIFICATION DETAILS

Name :	MICROCHEM SPECIALITIES TRADE LTD.
Registered Office :	c/o Universal Link Corporate Secretary Ltd., Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s Road Central
Country :	Hong Kong
Date of Incorporation :	15.04.2011
Com. Reg. No.:	58234403
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of Pharmaceuticals, organic chemicals and derivatives, dyestuffs, pigments, etc.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	No operating Office in Hong Kong
Payment Behaviour :	---
Litigation :	---

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

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

MICROCHEM SPECIALITIES TRADE LTD.

Company ADDRESS

c/o Universal Link Corporate Secretary Ltd.

Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s Road Central, Hong Kong.

PHONE: 3106 2622

FAX: 3106 2629

E-MAIL: info@unilink8.com

vishalgci@gmail.com

MANAGEMENT

Managing Director: Mr. Vishal Ramesh Saheta

SUMMARY

Incorporated on: 15th April, 2011.

Organization: Private Limited Company.

Capital: Nominal: HK$10,000.00

Issued: HK$100.00

Business Category: Importer, Exporter and Wholesaler.

Employees: Nil.

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

Banking Relation: Satisfactory.

Company ADDRESS

Registered Office:-

c/o Universal Link Corporate Secretary Ltd.

Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s Road Central, Hong Kong.

Headquarters:-

Kunshan Microchem Specialties Co. Ltd.

Room 1419-1420, Modern Plaza, 18 Weiye Road, Kunshan, Jiangsu Province, China.

[ Tel: (86-512) 8616 7005, 8616 7006

Fax: (86-512) 8616 7008

E-mail: info@micro-chem.cn ]

Associated Companies:-

G.C Int’l

Head Office

Kilfire Premises Co-Operative Society, Unit No. 4, G/F., C-17 Dalia Industrial Area, Off Link Road, Andheri (W), Mumbai-400053, India.

[Tel: 0091-22-2673 6487, 4085 0400; Fax: 0091-22-2673 6486]

China Office

Room 1509, Baihua Plaza, 33 Zumiao Road, Foshan, Guangdong Province, China.

[Tel: 86-757-8320 1955; Fax: 86-757-8320 1965]

Microchem Specialities Corpn Ltd., Hong Kong. (Same address)

BUSINESS REGISTRATION NUMBER

58234403

COMPANY FILE NUMBER

1588652

MANAGEMENT

Managing Director: Mr. Vishal Ramesh Saheta

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$100.00

SHAREHOLDER

(As per registry dated 15-04-2012)

Name	No. of shares
Vishal Ramesh SAHETA	100 ===

DIRECTOR

(As per registry dated 14-05-2012)

Name (Nationality)	Address
Vishal Ramesh SAHETA	Room 1509, Baihua Plaza, 33 Zumiao Road, Foshan, Guangdong, China.

SECRETARY

(As per registry dated 15-04-2012)

Name	Address	Co. No.
Universal Link Corporate Secretary Ltd.	Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s Road, Central, Hong Kong.	1124701

HISTORY

The subject was incorporated on 15th April, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: Pharmaceuticals, organic chemicals and derivatives, dyestuffs, pigments, etc.

Employees: Nil.

Commodities Imported: China, India, Europe, etc.

Markets: China, India, other Asian countries, Europe, etc.

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$100.00

Profit or Loss: Keeping a balance account in Hong Kong.

Condition: Business is not active in Hong Kong.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as contracted.

Commercial Morality: Satisfactory.

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

Standing: Small.

GENERAL

Having issued 100 ordinary share of HK$1.00, Microchem Specialities Trade Ltd. is wholly owned by Mr. Vishal Ramesh Saheta who is an India passport holder. Saheta is also the only director of the subject and currently residing in Foshan City, Guangdong Province, China.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s Road Central, Hong Kong known as Universal Link Corporate Secretary Ltd. [Universal Link] which is handling its correspondences and documents. Universal Link is also the corporate secretary of the subject. The subject has no employees in Hong Kong.

To our knowledge, the subject is an associated company of G.C Int’l which is an India-based firm. G.C Int’l has set up a branch office in Foshan, Guangdong Province, China.

Headquartered in India, G.C Int’l is a global company trading in more than 1,200 chemicals and a wide range of aromatic and perfumery compounds and solvents, pharmaceutical and agro intermediates. G.C Int’l is one of the largest indenters in India and a reliable supplier for chemical raw materials, specialty chemicals, basic and advance intermediates to the chemical and pharmaceutical industry.

Today, China is one of the biggest suppliers of chemical raw materials and intermediates to the global market; hence G.C Int’l established its own office in the Foshan, Guangdong in 2001.

G.C Int’l ships more than 75 containers of chemicals every month from different parts of the world to India. The China Office is responsible for sourcing series of chemical compounds and molecules in the field of chemistry from basic chemicals and intermediates related to gas, paints, aromatic, food additives to various advanced intermediates for pharmaceutical and agro industries.

G.C Int’l has close co-operation with a number of trading companies, research institutes and fine chemical manufacturing plants in China as well as India. G.C Int’l also has had its trading company since the last 40 years, handling fine chemicals and food additives with their own warehousing facilities on the outskirts of Mumbai.

The subject’s headquarters is in Kunshan known as Kunshan Microchem Specialties Co. Ltd. [Kunshan Microchem]. Kunshan Microchem has got the ISO 9001:2000 certification. The subject’s main markets are India, South America and South Asian countries. Kunshan Microchem is also managed by Saheta who is residing in Foshan City, Guangdong Province, China.

The subject is carrying agrochemicals, pharmaceuticals, specialty and health products, intermediates, etc. In China, the subject has developed business ties with a number of chemical companies. The business of Kunshan Microchem is rather active, but not the subject’s business in Hong Kong.

The subject has had an associated company in Hong Kong known as Microchem Specialities Corpn Ltd. The registered address of this firm is also located at the operating address of the secretarial firm Universal Link.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.97
UK Pound	1	Rs.87.52
Euro	1	Rs.70.84

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%)

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