MIRA INFORM REPORT

Report Date :

31.12.2013

IDENTIFICATION DETAILS

Name :	MRC HONG KONG CO. LTD.
Registered Office :	Suite 1610-1611, 16/F., North Tower, World Finance Centre, Harbour City, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	27.10.1972
Com. Reg. No.:	03795478
Legal Form :	Private Limited Company.
Line of Business :	Importer, Exporter and Wholesaler of Micro-acrylic synthetic suede fabrics, other synthetic fibre fabrics, chemicals & plastics.
No. of Employees :	15

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 & ADDRESS

MRC HONG KONG CO. LTD.

ADDRESS: Suite 1610-1611, 16/F., North Tower, World Finance Centre, Harbour City, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 2368 0121

FAX: 2724 4174

MANAGEMENT

Managing Director: Mr. Hiroaki Okuno

SUMMARY

Incorporated on: 27th October, 1972.

Organization: Private Limited Company.

Capital: Nominal: HK$1,482,000.00

Issued: HK$1,482,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 15.

Main Dealing Banker: Mizuho Corporate Bank Ltd., Hong Kong Branch.

Banking Relation: Good.

COMPANY ADDRESS

Registered Head Office:-

Suite 1610-1611, 16/F., North Tower, World Finance Centre, Harbour City, Tsimshatsui, Kowloon, Hong Kong.

Holding Company

Mitsubishi Rayon Co. Ltd., Japan.

Ultimate Holding Company

Mitsubishi Chemical Holdings Corporation, Japan.

Associated Companies

Acry Sunday Co. Ltd., Japan.

Asahi Plastics Co. Ltd., Japan.

Daesan MMA Corp., Korea.

Dalian Rayon Environmental Equipment Co. Ltd., China.

Dia Carpet Co. Ltd., Japan.

Dia Mode Co. Ltd., Japan.

Dianal America Inc., US.

Dia-Nitrix Co. Ltd., Japan.

Diapolyacrylate Co. Ltd., Thailand.

Diatec (Shanghai) Co. Ltd., China.

Diatec Co. Ltd., Japan.

Du Pont-MRC Co. Ltd., Japan.

Fujiwara Co. Ltd., Japan.

Grafil Inc., US.

Huizhou MMA Co. Ltd., China.

Lucite International Group Ltd., UK.

MEC Co. Ltd., Japan.

Meiho Co. Ltd., Japan.

Mitsubishi Rayon (Shanghai) Co. Ltd., China.

Mitsubishi Rayon America Inc., US.

Mitsubishi Rayon Cleansui Co. Ltd., Japan.

Mitsubishi Rayon Polymer Nantong Co. Ltd., China.

Mitsubishi Rayon Textile Co. Ltd., Japan.

Mitsubushi Rayon America Inc., US.

MRC - SGL Precursor Co. Ltd., Japan.

MRC Asia (Thailand) Ltd., Thailand.

MRC Composite Products Co. Ltd., Japan.

MRC Golf Inc., US.

MRC Kohda Co. Ltd., Japan.

MRC Polysaccharide Co. Ltd., Japan.

MRC Pylen Co. Ltd., Japan.

MRC Resins (Thailand) Co. Ltd., Thailand.

MRC Unitec Co. Ltd., Japan.

Nippon Rensui Co., Japan.

Nitto Gypsum Board Co. Ltd., Japan.

P.T. Diachem Resins Indonesia, Indonesia.

Ryoko Co. Ltd., Japan.

Ryoko Sizing Co. Ltd., Japan.

San Esters Corp., US.

Sanyu Chemical Co. Ltd., Japan.

Suzhou MRC Opto-Device Co. Ltd., China.

Suzhou Sanyouli Chemicals Co. Ltd., China.

Thai MMA Co. Ltd., Thailand.

Toei Kasei Co. Ltd., Japan.

Tosen Co. Ltd., Japan.

Toyama Filter Tow Co. Ltd., Japan.

UMG ABS. Ltd., Japan.

Wuxi MRC Origin Water Membrane Tech. Co. Ltd., China.

etc.

BUSINESS REGISTRATION NUMBER

03795478

COMPANY FILE NUMBER

0030161

MANAGEMENT

Managing Director: Mr. Hiroaki Okuno

CAPITAL

Nominal Share Capital: HK$1,482,000.00 (Divided into 148,200 shares of HK$10.00 each)

Issued Share Capital: HK$1,482,000.00

SHAREHOLDER

(As per registry dated 27-10-2012)

Name	No. of shares
Mitsubishi Rayon Co. Ltd. 1-1 Marunouchi 1-Chome, Chiyoda-ku, Tokyo 100-8253, Japan.	148,200 ======

DIRECTORS

(As per registry dated 27-10-2012)

Name (Nationality)	Address
Hiroaki OKUNO	Room A, 46/F., Block 6, Sorrento, 1 Austin Road, Kowloon, Hong Kong.
Koichi KOBAYASHI	#507, 6-2 Yamamotodori 2-Chome, Chuo-ku, Kobe, Hyogo, Japan.
Yoshitaka KATAYAMA	997-20, Daigiri, Fujisawa-shi, Kanagawa 251-0002, Japan.
Ryozo KIKUCHI	29-11-501, Sengoku 1-Chome, Bunkyo-ku, Tokyo 112‑0011, Japan.

SECRETARY

(As per registry dated 27-10-2012)

Name	Address	Co. No.
Commonwealth Secretarial Services Ltd.	Office B, 22/F., Guangdong Investment Tower, 148 Connaught Road Central, Hong Kong.	0030664

HISTORY

The subject was incorporated on 27th October, 1972 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Shinko Trading Co. Ltd., name changed to the present style on 12th March, 1997.

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

OPERATIONS

Activities : Importer, Exporter and Wholesaler.

Lines : Micro-acrylic synthetic suede fabrics, other synthetic fibre fabrics, chemicals, plastics

Employees : 15.

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

Markets : Asian countries, Europe, etc.

Terms/Sales : Various terms.

Terms/Buying : As per contracted.

FINANCIAL INFORMATION

Nominal Share Capital: HK$1,482,000.00 (Divided into 148,200 shares of HK$10.00 each)

Issued Share Capital: HK$1,482,000.00

Profit or Loss: Making a small profit every year.

Condition: Keeping in a satisfactory manner.

Facilities: Making rather active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: Mizuho Corporate Bank Ltd., Hong Kong Branch.

Standing: Good.

GENERAL

MRC Hong Kong Co. Ltd. is a wholly-owned subsidiary of Mitsubishi Rayon Co. Ltd. [Mitsubishi Rayon] which is a Japan-based firm.

The ultimate holding company Mitsubishi Chemical Holdings Corporation [MCHC] is also a Japan-based firm. MCHC is a listed firm in Japan. Its shares have been traded in Tokyo Stock Exchange and Osaka Stock Exchange.

The subject is trading in the products of Mitsubishi Rayon. It makes the most of its good advantage to have the function to sell Mitsubishi Rayon Group’s products especially in the Pearl River Delta of Guangdong Province, China.

The subject in fact is the sales division of Mitsubishi Rayon Group.

Mitsubishi Rayon Group, established in 1933, is a leading manufacturing enterprise group of polymer products. The Group is chiefly engaged in MMA businesses. MMA means methyl methacrylate.

The subject, as a member of Mitsubishi Rayon Group, is not only distributes products but also provides technical services and solutions on customer basis.

The subject also has a mission to grow Mitsubishi Rayon Group’s business globally by connecting Hong Kong with Asian, European and American countries.

The subject and Mitsubishi Rayon Group are trading in the following products:-

· Acrylic fibres, Acrylic fibres [MIYABI];

Carbon Fibres;

Carbon fibres & Composite materials [PYROFIL], Graphite golf shaft;

Chemicals;

Fibres;

MMA monomer & MAA & Methacrylic Esters;

Plastic modifier [METABLEN], Acrylic moulding material [ACRYPET], Acrylic film, Acrylic sheet [SHINKOLITE];

Plastics;

Water Purifiers [CLEANSUI], Polyethylene hollow fibre membrane, Polyamdine; &

Water Treatment Systems.

Currently, Mitsubishi Rayon Group has had the following two associated companies:-

· Mitsubishi Rayon (Shanghai) Co. Ltd., China

Mitsubishi Rayon America Inc., US

MRC Asia (Thailand) Ltd., Thailand

Established on 1st June, 1950, Mitsubishi Rayon had 8,174 employees as at 31st March, 2012.

As at 31st March, 2012, the paid-in-capital of Mitsubishi Rayon was JPY 53,229 million. Its net sales for the year was JPY 473,999 million while its ordinary income was JPY 32,037 million.

MCHC was jointly established by Mitsubishi Chemical Corporation and Mitsubishi Pharma Corporation (Current Mitsubishi Tanabe Pharma Corporation) with a stock-for-stock exchange effective in October 2005. Then, Mitsubishi Tanabe Pharma Corporation, formed by the merger between Mitsubishi Pharma Corporation and Tanabe Seiyaku Co., Ltd. began operation on 1st October, 2007. Subsequently, the functional products businesses of the MCHC Group were restructured and consolidated as a new company, Mitsubishi Plastics, Inc., on 1st April, 2008. Further, Mitsubishi Rayon joined in the MCHC Group on 1st April, 2010.

Thus the MCHC Group currently consists of four core business companies: Mitsubishi Chemical Corporation, Mitsubishi Tanabe Pharma Corporation, Mitsubishi Plastics, Inc., and Mitsubishi Rayon, and their group companies. As the holding company, MCHC will further develop and enhance its Group portfolio so as to increase overall Group value.

The subject is fully supported by Mitsubishi Rayon Group. History in Hong Kong is over 40 years.

On the whole, in view of the background of the subject, consider it good for normal business engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.00
UK Pound	1	Rs.102.17
Euro	1	Rs.85.19

INFORMATION DETAILS

Report Prepared by :

MNL

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.