MIRA INFORM REPORT

Report Date :

26.10.2013

IDENTIFICATION DETAILS

Name :	JOINT FORCE PHARMACEUTICAL LTD.
Registered Office :	Room 706, 7/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	05.10.1995
Com. Reg. No.:	19766128
Legal Form :	Private Limited Company
Line of Business :	Importer and Re-exporter of All kinds of pharmaceuticals.
No. of Employees :	5. (Including associate)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but Correct
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

JOINT FORCE PHARMACEUTICAL LTD.

ADDRESS

Room 706, 7/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

Old Address at:

Room 607, 6/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.)

PHONE: 852-2368 8474, 2366 1536

FAX: 852-2311 8738

E-MAIL: jfpl@on-nets.com

MANAGEMENT

Managing Director: Dr. Tarun Gupta

SUMMARY

Incorporated on: 5th October, 1995.

Organization: Private Limited Company.

Capital: Nominal: HK$500,000.00

Issued: HK$2.00

Business Category: Pharmaceutical Trader.

Employees: 5. (Including associate)

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

Banking Relation: Satisfactory.

Company name

JOINT FORCE PHARMACEUTICAL LTD.

ADDRESS

Registered Head Office:-

Room 707, 7/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

Associated Companies:-

Koson Industries Ltd., Hong Kong. [Dissolved]

Scube Pharmachem Ltd., Hong Kong. (Same address)

BUSINESS REGISTRATION NUMBER

19766128

COMPANY FILE NUMBER

0527204

MANAGEMENT

Managing Director: Dr. Tarun Gupta

CAPITAL

Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)

Issued Share Capital: HK$2.00

SHAREHOLDERS

(As per registry dated 05-10-2013)

Name		No. of shares
Tarun GUPTA		1
Sarita Tarun GUPTA		1
		––
	Total:	2 =

DIRECTORS

(As per registry dated 05-10-2013)

Name (Nationality)	Address
Tarun GUPTA	5/G, Tower 23, Laguna Verde, Hunghom, Kowloon, Hong Kong.
Sarita Tarun GUPTA	5/G, Tower 23, Laguna Verde, Hunghom, Kowloon, Hong Kong.

SECRETARY

Sarita Tarun GUPTA (As per registry dated 05-10-2013)

HISTORY

The subject was incorporated on 5th October, 1995 as a private limited liability company under the Hong Kong Companies Ordinance.

It was originally registered under the name of Joint Force Investments Ltd., name changed to the present style on 24th October, 1996.

Last time, the subject was located at Room 607, 6/F., Empress Plaza, 17‑19 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved to “Room 706, 7/F.” of the same building in August 2013.

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

OPERATIONS

Activities: Importer and Re-exporter.

Lines: All kinds of pharmaceuticals.

Employees: 5. (Including associate)

Commodities Imported: Imported from India, Europe, etc.

Markets: Hong Kong, China and other Asian countries.

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

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

MEMBERSHIP

Federation of Hong Kong Industries, Hong Kong.

FINANCIAL INFORMATION

Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)

Issued Share Capital: HK$2.00

Increase of Nominal Capital:-

From

HK$10,000.00

to

HK$500,000.00

on

27-08-1996

Alternation of Issued Capital:-

28-09-1995

paid up

HK$2.00 =======

Mortgage or Charge: (See attachment)

Profit & Loss: Made small profits in the past years.

Condition: Business is normal.

Facilities: Making rather active use of general banking facilities.

Payment: Met as required.

Commercial Morality: Satisfactory.

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

Standing: Moderate.

GENERAL

The subject, originally known as Joint Force Investments Ltd., was incorporated in October 1995. It was renamed as Joint Force Pharmaceutical Ltd. in October 1996.

Equally owned by an Indian couple Mr. and Mrs. Tarun Gupta, the subject has just issued 2 ordinary shares of HK$1.00 each while each of the shareholders holds a single share. Originally each single share was held by two nominee firms Tapman (Nominees) Ltd. and Chrisanda (Nominees) Ltd. respectively. The two holding companies transferred their shares to the couple respectively on 18th January, 2000.

Formerly, the directors were Mr. Tarun Gupta and Tapman (Nominees) Ltd. On 20th November, 1997, Chrisanda (Nominees) Ltd. was appointed director taking the place of Mr. Tarun Gupta who remained manager of the subject. Now, the directors of the subject are Tarun Gupta and Sarita Tarun Gupta. Both are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.

The subject is a small Indian company trading in chemicals, chemical raw materials, pharmaceuticals. It mainly imports the products from India and Europe and markets in Hong Kong. Some of the pharmaceuticals are re‑exported to China and the other Asian countries. Business is steady as regular foreign suppliers and local and overseas customers have been maintained.

The subject had got an associate Koson Industries Ltd. which was also a pharmaceutical trader. However, this firm was dissolved by deregistration on 31st December, 2009.

The subject had got another associated company Scube Pharmachem Ltd. [Scube] located at the same address. Engaged in the same lines of business as the subject, Scube is also owned and operated by the couple.

The subject has been listed on the website IndianDirectory.HK under the section of “Pharmaceutical API and Chemicals”.

Having a history of over eighteen years, on the whole, the subject is considered good for normal business engagements.

MORTGAGE OR CHARGE

Date	Particulars	Amount
11-06-2012	Instrument: Security Over Deposits with the Bank (Limited Company) - Under Seal Property: Initially CNY 1,910,000 or equivalent and all monies whether now or hereafter standing to the credit of the company’s deposit with the bank under deposit No.:808-821995-838 and whatever currency it may subsequently be denominated in, any renewal of such deposit & the interest thereon together with any further moneys in any deposit account with the bank at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.	To secure all monies in respect of banking facilities

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.