MIRA INFORM REPORT

Report Date :

26.10.2013

IDENTIFICATION DETAILS

Name :	FRESENIUS MEDICAL CARE ASIA-PACIFIC LTD.
Registered Office :	Room 5101-5123, 51/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai
Country :	Hong Kong
Date of Incorporation :	14.08.1998
Com. Reg. No.:	21925598
Legal Form :	Private Limited Company
Line of Business :	Importer, Exporter and Wholesaler of All kinds of medical disposable products, medical devices.
No. of Employees :	30. (Including associates)

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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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

FRESENIUS MEDICAL CARE ASIA-PACIFIC LTD.

ADDRESS

Room 5101-5123, 51/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.

PHONE: 852-2802 2900

FAX: 852-2598 9199, 2898 2273

MANAGEMENT

Managing Director: Mr. Roberto Fuste Fernandez

SUMMARY

Incorporated on: 14th August, 1998.

Organization: Private Limited Company.

Capital: Nominal: HK$1,000.00

Issued: HK$2.00

Business Category: Importer, Exporter and Wholesaler.

Group Net Revenue: US$13,800,282,000 (Year ended 31-12-2012)

Employees: 30. (Including associates)

Group Employees: 86,153. (As at 31-12-2012)

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

Banking Relation: Satisfactory.

Company name

FRESENIUS MEDICAL CARE ASIA-PACIFIC LTD.

ADDRESS

Registered Head Office:-

Room 5101-5123, 51/F., Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong Kong.

Holding Company:-

Fresenius Medical Care AG & Co. KGaA, Germany. [Formerly known as Fresenius Medical Care Beteiligungsgesellschaft mbH]

Associated Companies:-

FMC Group of Companies

Biocare Technology Co. Ltd., Hong Kong.

Euromedical d.o.o., Croatia.

Excelsior Renal Service Co. Ltd., Singapore.

FMC (Jiangsu) Co. Ltd., China.

FMC (Schweiz) AG, Switzerland.

FMC (Shanghai) Co. Ltd., Shanghai.

FMC (Thailand) Co. Ltd., Thailand.

FMC (U.K.) Ltd., UK.

FMC Argentina S.A., Argentina.

FMC Australia PTY Ltd., Australia.

FMC Austria GmbH, Austria.

FMC Belgium N.V., Belgium.

FMC Colombia S.A., Colombia.

FMC Danmark A/S, Denmark.

FMC de Venezuela C.A., Venezuela.

FMC del Peru S.A., Peru.

FMC Deutschland GmbH, Germany.

FMC Dializis Center Eges. Kft., Danmark.

FMC Dializis Center Kft, Hungary.

FMC Espana S.A., Spain.

FMC France S.A.S., France.

FMC GmbH, Germany.

FMC Holdings Inc., US.

FMC Hong Kong Ltd., Hong Kong.

FMC India Private Ltd., India.

FMC Italia S.p.A., Italy.

FMC Japan K.K., Japan.

FMC Korea Ltd., South Korea.

FMC Lebanon S.a.r.l., Lebanon.

FMC Ltda, Brazil.

FMC Malaysia Sdn. Bhd., Malaysia.

FMC Maroc S.A., Morocco.

FMC Nederland B.V., The Netherlands.

FMC Pakistan (Private) Ltd., Pakistan.

FMC Philippines Inc., Philippines.

FMC Polska S.A., Poland.

FMC Portugal S.A., Portugal.

FMC Renalcare Corp, South Korea.

FMC Romania Srl, Romania.

FMC Serige AB, Sweden.

FMC Slovenija d.o.o., Slovenia.

FMC Slovensko spol s.r.o., Slovakia.

FMC South Africa (Pty) Ltd., South Africa.

FMC Srbija d.o.o., Serbia.

FMC Suomi OY, Finland.

FMC Taiwan Co. Ltd., Taiwan.

FMC Ukraine TOV, Ukraine.

FMC Vietnam LLC, Vietnam.

Fresenius Medical Care (Ireland) Ltd., Ireland.

Fresenius Medical Care (Schweiz) AG, Switzerland.

Fresenius Medical Care (Shanghai) Co. Ltd., China.

Fresenius Medical Care (Thailand) Ltd., Thailand.

Fresenius Medical Care (U.K.) Ltd., UK.

Fresenius Medical Care Argentina S.A., Argentina.

Fresenius Medical Care Australia PTY Ltd., Australia.

Fresenius Medical Care Austria GmbH, Austria.

Fresenius Medical Care Belgium N.V., Belgium.

Fresenius Medical Care Chile S.A., Chile.

Fresenius Medical Care Colombia S.A., Colombia.

Fresenius Medical Care Danmark A/S., Denmark.

Fresenius Medical Care de Venezuela C.A., Venezuela.

Fresenius Medical Care del Peru S.A., Peru.

Fresenius Medical Care Deutschland GmbH, Germany.

Fresenius Medical Care DS s.r.o., Czech Republic.

Fresenius Medical Care Estonia OU, Estonia.

Fresenius Medical Care France S.A.S., France.

Fresenius Medical Care Holdings Inc., US.

Fresenius Medical Care Hong Kong Ltd., Hong Kong.

Fresenius Medical Care Inc., Mexico.

Fresenius Medical Care India Private Ltd., India.

Fresenius Medical Care Italia S.p.A., Italy.

Fresenius Medical Care Korea Ltd., South Korea.

Fresenius Medical Care Lebanon s.a.r.L., Lebanon.

Fresenius Medical Care Ltda., Brazil.

Fresenius Medical Care Malaysia Sdn. Bhd., Malaysia.

Fresenius Medical Care Maroc S.A., Morocco.

Fresenius Medical Care Mexico S.A., Mexico.

Fresenius Medical Care Nederland B.V., The Netherlands.

Fresenius Medical Care Pakistan (Private) Ltd., Pakistan.

Fresenius Medical Care Philippines Inc., Philippines.

Fresenius Medical Care Polska S.A., Poland.

Fresenius Medical Care Romania, Romania.

Fresenius Medical Care Saudi Arabia Ltd., Saudi Arabia.

Fresenius Medical Care Singapore Pte. Ltd., Singapore.

Fresenius Medical Care Slovenija d.o.o., Slovenia.

Fresenius Medical Care South Africa (PTY) Ltd., South Africa.

Fresenius Medical Care Suomi Oy, Finland.

Fresenius Medical Care Sverige AB, Sweden.

Fresenius Medical Care Taiwan Co. Ltd., Taiwan.

Fresenius Medical Care Ukraine TOV, Ukraine.

Fresenius Medical Care Vietnam LLC., Vietnam.

Fresenius Medikal Hizmetler A.S., Turkey.

Fresenius Nephrocare Polska Sp.z.o.o., Portugal.

Fresenius U.S. Inc., Mexico.

Fresenius-Kawasumi Co. Ltd., Japan.

Jiate Excelsior Co. Ltd., Taiwan.

Manadialisis S.A., Ecuador.

National Medical care Inc., US.

National Medical care of Spain S.A., South Africa.

National Medical Care of Spain S.A., Spain.

Nefrodial d.o.o., Slovenia.

NephroCare Korea Inc., Thailand.

NephroCare Portugal S.A., Portugal.

NephroCare Portugal S.A., Romania.

OU FMC Estonia, Estonia.

Pentafarma S.A., Chile.

PT FMC Indonesia, Indonesia.

PT Fresenius Medical Care Indonesia, Indonesia.

Renal Care Group Inc., Mexico.

SIS-TER S.p.A., Italy.

ZAO Fresenius S.P., Russia.

etc.

BUSINESS REGISTRATION NUMBER

21925598

COMPANY FILE NUMBER

0652453

MANAGEMENT

Managing Director: Mr. Roberto Fuste Fernandez

CAPITAL

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

Issued Share Capital: HK$2.00

SHAREHOLDER

(As per registry dated 14-08-2013)

Name	No. of shares
Fresenius Medical Care AG & Co. KGaA Else-Kroner-Strasse 1, 61352 Bad Homburg v.d.H., Germany.	2 =

DIRECTORS

(As per registry dated 14-08-2013)

Name (Nationality)	Address
Markus Andreas LOEFFLER	Flat C, 15 Seahorse Lane, Discovery Bay, Lantau Island, Hong Kong.
MA Yuk Ling, Betty	Flat A, 22/F., Tower 1, The Wings, 9 Tong Yin Street, Tseung Kwan O, New Territories, Hong Kong.
Mahesh NAIR	35 Miowera Road, North Turramurra, NSW 2074, Australia.
Frank Michael WAGNER	Flat A, Block 29, Hong Kong Gold Coast, 1 Castle Peak Bay, New Territories, Hong Kong.
Roberto FUSTE FERNANDEZ	House 7, Lobster Bay Villas, 115 Tai Hang Hau Road, Clearwater Bay, New Territories, Hong Kong.

SECRETARY

(As per registry dated 14-08-2013)

Name	Address	Co. No.
Clarson Services Ltd.	18/F., Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong Kong.	0582737

HISTORY

The subject was incorporated on 14th August, 1998 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Mitre House Bannana Ltd., name changed to the present style on 18thNovember, 1998.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of medical disposable products, medical devices.

Employees: 30. (Including affiliates)

Group Employees: 86,153. (As at 31-12-2012)

Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished products from China.

Markets: China, Europe, North America, etc.

Group Net Revenue: US$10,403,182,000 (Year ended 31-12-2008)

US$11,047,489,000 (Year ended 31-12-2009)

US$11,844,194,000 (Year ended 31-12-2010)

US$12,570,515,000 (Year ended 31-12-2011)

US$13,800,282,000 (Year ended 31-12-2012)

Note: Revenues have been restated

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

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

FINANCIAL INFORMATION

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

Issued Share Capital: HK$2.00

Group Net Income: US$ 817,607,000 (Year ended 31-12-2008)

US$ 891,138,000 (Year ended 31-12-2009)

US$ 978,517,000 (Year ended 31-12-2010)

US$1,071,154,000 (Year ended 31-12-2011)

US$1,186,809,000 (Year ended 31-12-2012)

Profit or Loss: Group business is profitable.

Condition: Keeping in a 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

Fresenius Medical Care Asia-Pacific Ltd. is equally owned by Fresenius Medical Care AG & Co. KGaA [FMC], Germany, and Blue Tiger Ltd., Hong Kong. The subject had just issued 2 ordinary shares of HK$1.00 each while each of the holding companies held a single share.

On 6th November 2012, BlueTiger Ltd transferred its share to FMC. Now the subject is wholly owned by this firm.

The subject is trading in the products of FMC.

FMC is the world’s largest integrated provider of products and services for individuals undergoing dialysis because of chronic kidney failure, a condition that affects more than 2.3 million individuals worldwide. Through its network of 3,212 dialysis clinics in North America, Europe, Latin America, Asia-Pacific and Africa, FMC provides dialysis treatment for 264,290 patients around the globe. FMC is also the world’s leading provider of dialysis products such as hemodialysis machines, dialyzers and related disposable products. FMC is listed on the Frankfurt Stock Exchange and the New York Stock Exchange.

FMC is the holding company of the FMC Group.

In 1996, FMC was founded. In 2006, it acquired Renal Care Group Inc. In 2007, FMC continued to be the leading manufacturer of dialyzers, producing its 500 millionth dialyzer.

FMC is the world’s largest integrated provider of products and services for individuals undergoing dialysis because of chronic kidney failure.

The International segment consists of the three regions: Europe/ Middle East/Africa, Asia-Pacific and Latin America which allows for proximity to patients and customers, awareness of local environments and needs and focused activities.

In order to strengthen its market position in the area of dialysis services in the Asian Pacific region, FMC acquired Asia Renal Care Ltd. in 2010. This firm is the second largest dialysis provider in the region after FMC.

In 2011, worldwide expansion of the service business of FMC was by the acquisitions of IDC, Liberty Dialysis Holdings Inc. and American Access Care.

In 2012, FMC marked a production capacity of 500,000th dialysis machine.

For the year ended 31st December, 2012, the net revenue of the FMC Group amounted to US$13,800 million, grew by 9.8% as compared with US$12,571 million in FY 2011; net income amounted to US$1,187 million, grew by 10.8% as compared with US$1,071 million in FY 2011.

The Group also maintains manufacturing facilities in European and Asian countries as well as in Latin America.

As at 31st December, 2012, the Group had 86,153 employees (2011: 79,159).

The subject is fully supported by the FMC Group.

On the whole, consider it good for normal business engagements.

REMARKS

Brief personal profile of the principal director:

Mr. Roberto FUSTE FERNANDEZ, aged 61, is Chief Executive Officer for Asia-Pacific. After completing his studies in Economic Sciences at the University of Valencia, Spain, he founded the company Nephrocontrol S.A. in 1983. After Nephrocontrol was acquired by the Fresenius Group in 1991, he held several senior positions within the Company in the Latin America and Asia-Pacific regions, among others. He was appointed to the Management Board of Fresenius Medical Care in 1999.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.85.14

INFORMATION DETAILS

Report Prepared by :

SDA

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.