MIRA INFORM REPORT

Report Date :

08.12.2014

IDENTIFICATION DETAILS

Name :	BAYER MATERIALSCIENCE LTD.
Registered Office :	43/F., Hopewell Center, 183 Queen’s Road East, Wanchai
Country :	Hong Kong
Date of Incorporation :	11.02.1998
Com. Reg. No.:	21927744
Legal Form :	Private Limited Company
Line of Business :	Importer and Exporter of all kinds of plastic raw materials
No. of Employees	180

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Hong Kong	A1	A1

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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies

Source : CIA

Company name and address

BAYER MATERIALSCIENCE LTD.

ADDRESS: 43/F., Hopewell Center, 183 Queen’s Road East, Wanchai, Hong Kong.

PHONE: 852-2895 5888, 2158 2467

FAX: 852-3526 4505, 3526 4730, 2576 8862

E-MAIL: dirk.lang@bayermaterialscience.com

MANAGEMENT

Managing Director: Mr. Johannes Matthias Dietsch

SUMMARY

Incorporated on: 11th February, 1998.

Organization: Private Limited Company

Capital: Nominal: HK$100,000.00

Issued: HK$100,000.00

Business Category: Plastic Material Trader.

Group Turnover: (Year ended 31-12-2013)

€40,157 million (Whole Group)

€11,238 million (Bayer MaterialScience Subgroup)

Company Employees: 180. (Hong Kong) - Including associates

Group Employees:- (As at 31-12-2013)

113,200. (Whole Group)

14,300. (Bayer MaterialScience Subgroup)

Main Dealing Banker: Deutsche Bank AG, Hong Kong Branch.

Banking Relation: Good.

ADDRESS

Registered Head Office:-

43/F., Hopewell Center, 183 Queen’s Road East, Wanchai, Hong Kong.

Holding Company:-

Bayer Far East Service Co. Ltd., Hong Kong.

Intermediate Holding Company:-

Bayer MaterialScience AG, Germany.

Ultimate Holding Company:-

Bayer AG, Germany.

Associated/Affiliated Companies:-

Bayer Group of Companies

Agreva GmbH, Germany.

AgrEvo Verwaltungsgesellschaft mbH, Germany.

Alcafleu Management GmbH & Co. KG, Germany.

Alimtec S.A., Chile.

Artificial Muscle Inc., US.

Ausbildungsinitiative Rheinland GmbH, Germany.

Baulé Inc., US.

Baulé S.A.S., France.

Baule UK Ltd., UK.

Baulé USA LLC, US.

Bayer (China) Ltd., China.

Bayer (Malaysia) Sdn. Bhd., Malaysia.

Bayer (Proprietary) Ltd., South Africa.

Bayer (Schweiz) AG, Switzerland.

Bayer (Sichuan) Animal Health Co. Ltd., China.

Bayer (South East Asia) Pte Ltd., Singapore.

Bayer 04 Immobilien GmbH, Germany.

Bayer 04 Leverkusen Fußball GmbH, Germany.

Bayer 04 Leverkusen Sportförderung gGmbH, Germany.

Bayer 04 Marketing GmbH, Germany.

Bayer A/S, Denmark.

Bayer AB, Sweden.

Bayer AEH Ltd., UK.

Bayer AGCO Ltd., UK.

Bayer Agriculture Ltd., UK.

Bayer Algerie S.P.A., Algeria.

Bayer Altersversorgung GmbH, Germany.

Bayer Animal Health GmbH, Germany.

Bayer Antwerpen NV, Belgium.

Bayer AS, Norway.

Bayer Australia Ltd., Australia.

Bayer Austria Gesellschaft m.b.H., Austria.

Bayer B.V., Netherlands.

Bayer Beteiligungsverwaltung Goslar GmbH, Germany.

Bayer BioScience Pvt. Ltd., India.

Bayer Bitterfeld GmbH, Germany.

Bayer Boliviana Ltda., Bolivia.

Bayer Bulgaria EOOD, Bulgaria.

Bayer Business and Technology Services LLC, US.

Bayer Business Services GmbH, Germany.

Bayer Business Services Philippines Inc., Philippines.

Bayer Business Services Private Ltd., India.

Bayer Canadian Holdings Inc., Canada.

Bayer Capital Corporation B.V., Netherlands.

Bayer Chemicals AG, Germany.

Bayer Co. (Malaysia) Sdn. Bhd., Malaysia.

Bayer Consumer Care AG, Switzerland.

Bayer Corporation, US.

Bayer Cotton Seed International Inc., US.

Bayer CropScience (China) Co. Ltd., China.

Bayer CropScience (Portugal) Produtos para a Agricultura Lda., Portugal.

Bayer CropScience AG, Germany.

Bayer CropScience Beteiligungsgesellschaft mbH, Germany.

Bayer CropScience Deutschland GmbH, Germany.

Bayer CropScience Holding Inc., US.

Bayer CropScience Holding SA, France.

Bayer CropScience Holdings Inc., Canada.

Bayer CropScience Holdings Ltd., UK.

Bayer CropScience Holdings Pty Ltd., Australia.

Bayer CropScience Inc., Canada.

Bayer CropScience Inc., Philippines.

Bayer CropScience Inc., US.

Bayer CropScience K.K., Japan.

Bayer CropScience LLC, US.

Bayer CropScience LP, US.

Bayer CropScience Ltd., Bangladesh.

Bayer CropScience Ltd., India.

Bayer CropScience Ltd., South Korea.

Bayer CropScience Ltd., UK.

Bayer CropScience N.V., Belgium.

Bayer CropScience Norwich Ltd., UK.

Bayer CropScience Pty Ltd., Australia.

Bayer CropScience Raps GmbH, Germany.

Bayer CropScience S.L., Spain.

Bayer CropScience S.r.l., Italy.

Bayer CropScience Vermögensverwaltungs-gesellschaft mbH, Germany.

Bayer d.o.o. Sarajevo, Bosnia & Herzegovina.

Bayer d.o.o., Croatia.

Bayer d.o.o., Serbia.

Bayer d.o.o., Slovenia.

Bayer de Mexico S.A. de C.V., Mexico.

Bayer Direct Services GmbH, Germany.

Bayer East Africa Ltd., Kenya.

Bayer Far East Service Co. Ltd., China.

Bayer Finance & Portfolio Management S.A., Chile.

Bayer Finance Ltda., Chile.

Bayer Gastronomie GmbH, Germany.

Bayer Gesellschaft für Beteiligungen mbH, Germany.

Bayer Global Investments B.V., Netherlands.

Bayer HealthCare AG, Germany.

Bayer HealthCare Co. Ltd., China.

Bayer HealthCare LLC, US.

Bayer HealthCare Ltd., China.

Bayer HealthCare Manufacturing S.r.l., Italy.

Bayer HealthCare Pharmaceuticals Inc., US.

Bayer HealthCare Pharmaceuticals LLC, US.

Bayer Healthcare S.r.l., Italy.

Bayer Hellas AG, Greece.

Bayer Hispania S.L., Spain.

Bayer Holding France SCS, France.

Bayer Holding Ltd., Japan.

Bayer Hungaria Kft., Hungary.

Bayer IMSA S.A. de C.V., Mexico.

Bayer Inc., Canada.

Bayer Innovation GmbH, Germany.

Bayer Intellectual Property GmbH, Germany.

Bayer International S.A., Switzerland.

Bayer International Trade Services Corporation, US.

Bayer Israel Ltd., Israel.

Bayer Jinling Polyurethane Co. Ltd., China.

Bayer Korea Ltd., South Korea.

Bayer Ltd., Ireland.

Bayer Ltd., Ukraine.

Bayer MaterialScience (Beijing) Co. Ltd., China.

Bayer MaterialScience (China) Co. Ltd., China.

Bayer MaterialScience (Qingdao) Co. Ltd., China.

Bayer MaterialScience (Shanghai) Management Co. Ltd., China.

Bayer MaterialScience A/S., Denmark.

Bayer Materialscience Brunsbüttel Energie GmbH, Germany.

Bayer MaterialScience Customer Services GmbH, Germany.

Bayer MaterialScience GmbH, Germany.

Bayer MaterialScience LLC, US.

Bayer MaterialScience Ltd., China.

Bayer MaterialScience Ltd., Japan.

Bayer MaterialScience Ltd., South Korea.

Bayer MaterialScience N.V., Belgium.

Bayer MaterialScience Oldenburg GmbH & Co. KG, Germany.

Bayer MaterialScience Oldenburg Verwaltungs-GmbH, Germany.

Bayer MaterialScience Private Ltd., India.

Bayer MaterialScience Pty. Ltd., Australia.

Bayer MaterialScience S.L., Spain.

Bayer MaterialScience S.p.A., Italy.

Bayer MaterialScience S.r.l., Italy.

Bayer MaterialScience s.r.o., Czech Republic.

Bayer MaterialScience Taiwan Ltd., Taiwan.

Bayer MeterialScience B.V., Netherlands.

Bayer Middle East FZE, UAE.

Bayer New Zealand Ltd., New Zealand.

Bayer Nordic SE, Finland.

Bayer NV., Belgium.

Bayer OÜ, Estonia.

Bayer Overseas Trade Services Corporation, US.

Bayer Oy, Finland.

Bayer Pakistan (Private) Ltd., Pakistan.

Bayer Pearl Polyurethane Systems FZCO, UAE.

Bayer Pearl Polyurethane Systems LLC., UA.

Bayer Pharma AG, Germany.

Bayer Pharma Chemicals Inc., US.

Bayer Pharmaceuticals Private Ltd., India.

Bayer Philippines Inc., Philippines.

Bayer Polyols S.N.C., France.

Bayer Polyurethanes B.V., Netherlands.

Bayer Polyurethanes Taiwan Ltd., Taiwan.

Bayer Portugal S.A., Portugal.

Bayer Public Ltd. Co., UK.

Bayer Puerto Rico Inc., Puerto Rico.

Bayer Real Estate GmbH, Germany.

Bayer Real Estate Leverkusen Verwaltungs-GmbH, Germany.

Bayer Real Estate Waltersdorf Verwaltungs-GmbH, Germany.

Bayer S.A. de C.V., Honduras.

Bayer S.A., Argentina.

Bayer S.A., Brazil.

Bayer S.A., Chile.

Bayer S.A., Colombia.

Bayer S.A., Costa Rica.

Bayer S.A., Dominican Republic.

Bayer S.A., Ecuador.

Bayer S.A., EI Salvador.

Bayer S.A., Guatemala.

Bayer S.A., Morocco.

Bayer S.A., Nicaragua.

Bayer S.A., Panama.

Bayer S.A., Paraguay.

Bayer S.A., Peru.

Bayer S.A., Uruguay.

Bayer S.A., Venezuela.

Bayer S.A.R.L., France.

Bayer S.A.S., France.

Bayer S.p.A., Italy.

Bayer s.r.o., Czech Republic.

Bayer Santé Familiale SAS, France.

Bayer Santé SAS, France.

Bayer Schering Pharma AG, Germany.

Bayer Sp. z.o.o., Poland.

Bayer spol. s.r.o., Slovakia.

Bayer Taiwan Co. Ltd., Taiwan.

Bayer Technology and Engineering (Shanghai) Co. Ltd., China.

Bayer Technology Services GmbH, Germany.

Bayer Thai Co. Ltd., Thailand.

Bayer TPU (Shenzhen) Co. Ltd., China.

Bayer Türk Kimya Sanayi Ltd. Sirketi, Turkey.

Bayer UK Ltd., UK.

Bayer Uretech Ltd., Taiwan.

Bayer US IP GmbH, Germany.

Bayer Verwaltungsgesellschaft mbH, Germany.

Bayer Vietnam Ltd., Vietnam.

Bayer Vital GmbH, Germany.

Bayer Weimar GmbH und Co. AG, Germany.

Bayer West Coast Corporation, US.

Bayer World Investments B.V., Netherlands.

Bayer Yakuhin Ltd., Japan.

Bayer Zydus Pharma Private Ltd., India.

Bayer-Handelsgesellschaft mit beschränkter Haftung, Germany.

Bayer-Unterstützungskasse GmbH, Germany.

Bayhealth Comercializacãa de Produtos Garmacêuticos Unipessoal Lda., Portugal.

Bayhealth S.L., Spain.

Baypo I LLC, US.

Baypo II LLC, US.

BAYPO Ltd. Partnership, US.

Baysalud S.L., Spain.

Berlex - Especialidades Farmacêuticas Lda., Portugal.

Berlex Canada Inc., Canada.

Berlimed - Especialidades Farmacêuticas Lda., Portugal.

Berlimed S.A., Spain.

Berlipharm B.V., Netherlands.

Berlis AG, Swizerland.

BHCP Holdings LLC, US.

Bilag Industries Private Ltd., India.

Biogenetic Technologies B.V., Netherlands.

BIPPO Corporation, US.

CENTROFARMA-Indústria e Comério de Prod. Farmacêuticas Lda., Portugal.

Chemie-Beteiligungsaktiengesellschaft, Switerland.

Chemion Logistik GmbH, Germany.

CleanTech NRW GmbH, Germany.

Codena Inc., Canada.

Collateral Therapeutics Inc., US.

Cooper Land Co. of New Jersey Inc., US.

Corporación Bonima S.A. de C.V., El Salvador.

Currenta Geschäftsführungs-GmbH, Germany.

Currenta GmbH & Co. OHG, Germany.

Delinting & Seed Treating Co., US.

DIC Bayer Polymer Ltd., Japan.

Dritte Bayer Real Estate VV GmbH & Co. KG, Germany.

Drugofa GmbH, Germany.

Dynevo GmbH, Germany.

Ehrfeld Mikrotechnik BTS GmbH, Germany.

Epurex Films Geschäftsführungs-GmbH, Germany.

Epurex Films GmbH & Co. KG, Germany.

Erste Bayer Real Estate VV GmbH & Co. KG, Germany.

Erste K-W-A Beteiligungsgesellschaft mbH, Germany.

Euroservices Bayer GmbH, Germany.

Euroservices Bayer S.L., Spain.

Fünfte Bayer Real Estate VV GmbH & Co. KG, Germany.

Generics Holding GmbH, Germany.

Goiania Investimentos e Participacões Ltda, Brazil.

GP Grenzach Produktions GmbH, Germany.

Guangzhou Bayer MaterialScience Co. Ltd., China.

Guidance Interactive Healthcare Inc., US.

Hild Samen GmbH, Germany.

Hornbeck Seed Co. Inc., US.

Imaxeon Pty. Ltd., Australia.

Indurisk Rückversicherung KG, Luxembourg.

Intendis Derma S.L., Spain.

Intendis GmbH, Germany.

Intendis Inc., US.

Intendis llac Ticaret Ltd. Sirketi, Turkey.

Intendis Manufacturing S.p.A., Italy.

Intraserv GmbH & Go. KG, Germany.

Intraserv Verwaltungs-GmbH, Germany.

iSense Corporation, US.

iSense Development Corporation, US.

Jenapharm GmbH & Co. AG, Germany.

KOSINUS Geschäftsführungs-Verwaltungsgesellschaft mbH, Germany.

KOSINUS Grundstücks-Verwaltungsgesellschaft mbH & Co. Gamma OHG, Germany.

KVP Pharma+Veterinär Produkte GmbH, Germany.

Lilienthalstraße Nr. 4 GmbH, Germany.

Lusal Producão Quimico Farmacêutica Luso-Alema Lda., Portugal.

Lusalfarma - Especialidadees Farmacêutica Lda., Portugal.

Lyondell Bayer Manufacturing Maasvlakte VOF, Netherlands.

Marotrast GmbH, Germany.

Medipharm (Pvt) Ltd., Pakistan.

Mediterranean Seeds Ltd., Israel.

Mediwest Norway AS, Norway.

Medrad Asia Pte. Ltd., Singapore.

Medrad Belgium BVBA, Belgium.

Medrad Denmark ApS, Denmark.

Medrad do Brasil Ltda., Brazil.

Medrad Europe B.V., Netherlands.

Medrad France S.A.R.L., France.

Medrad Inc., US.

Medrad Italia S.r.l., Italy.

Medrad Medical Equipment Trading Co., China.

Medrad Medizinische Systeme GmbH, Germany.

Medrad Mexicana S. de R.L. de CV, Mexico.

Medrad Sweden AB, Sweden.

Medrad UK Ltd., UK.

MENADIER Heilmittel GmbH, Germany.

Neunte Bayer VV GmbH, Germany.

Nihon Medrad K.K., Japan.

NippoNex Holdings LLC, US.

NippoNex Inc., US.

NOR-AM Agro LLC, US.

NOR-AM Land Co., US.

Nunhems B.V., Netherlands.

Nunhems Beijing Seeds Co. Ltd., China.

Nunhems Chile S.A., Chile.

Nunhems do Brasil Comercio de Sementes Ltds., Brazil.

Nunhems France S.A.R.L., France.

Nunhems Hungary Kft., Hungary.

Nunhems India Private Ltd., India.

Nunhems Italy S.r.l., Italy.

Nunhems Melons Inc., US.

Nunhems Mexico S.A. de C.V., Mexico.

Nunhems Netherlands B.V., Netherlands.

Nunhems Poland Sp. z.o.o., Poland.

Nunhems Spain S.A., Spain.

Nunhems Tohumculuk Ltd. Sirketi, Turkey.

Nunhems USA Inc., US.

Pallas Versicherung AG, Germany.

Paltough Industries (1998) Ltd., Israel.

Pandias Re AG, Luxembourg.

pbi Home & Garden Ltd., UK.

PGS International N.V., Netherlands.

Pharma-Verlagsbuchhandlung GmbH, Germany.

PO JV LP, US.

Productos Quimicos Naturales S.A. de C.V., Mexico.

PT. Bayer Indonesia, Indonesia.

PT. Bayer MaterialScience Indonesia, Indonesia.

Radimetrics Inc., Canada.

Radimetrics UK Ltd., UK.

SB Capital Corporation, US.

SC Bayer SRL, Romania.

Schering Agrochemicals Holdings, UK.

Schering Berlin Inc., US.

Schering do Brasil Quimica e Farmaceutica Ltda., Brazil.

Schering Health Care Ltd., UK.

Schering Holdings Ltd., UK.

Schering Industrial Products, UK.

Schering International Holding GmbH, Germany.

Schering-Kahlbaum Gesellschaft mit beschränkter Haftung, Germany.

Secmer SARL., France.

SIA Bayer, Latvia.

Siebte Bayer VV GmbH, Germany.

Soytech Seeds Pesquisa em Soja Ltda., Brazil.

Stoneville Pedigreed Seed Co., US.

STWB Inc., US.

Sumika Bayer Urethane Co. Ltd., Japan.

TecArena+GmbH, Germany.

TECTRION GmbH, Germany.

Texas Brine Co. LLC, US.

The SDI Divestiture Corporation, US.

TOO Bayer KAZ, Kazakhstan.

TravelBoard GmbH, Germany.

U I M Agrochemicals (Aust) Pty Ltd., Australia.

UAB Bayer, Lithuania.

Vierte Bayer Real Estate VV GmbH & Co. KG, Germany.

Viterion TeleHealthcare LLC, US.

Willow Road Co., US.

Worldwide Soy Technologies LLC, US.

ZAO Bayer, Russia.

Zweite Bayer Real Estate VV GmbH & Co. KG, Germany.

Zweite K-W-A Beteiligungsgesellschaft mbH, Germany.

etc.

BUSINESS REGISTRATION NUMBER

21927744

COMPANY FILE NUMBER

0636023

MANAGEMENT

Managing Director: Mr. Johannes Matthias Dietsch

CAPITAL

Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

Issued Share Capital: HK$100,000.00

SHAREHOLDER: (As per registry dated 11-02-2014)

Name	No. of shares
Bayer Far East Service Co. Ltd., Hong Kong.	100,000 ======

DIRECTORS: (As per registry dated 01-04-2014)

Name (Nationality)	Address
WAN Yim Ling	Flat A, 10/F., Block 3, The Grand Panorama, 10 Robinson Road, Mid-Level, Hong Kong.
Wolfgang Werner MIEBACH	Fraser Residence Shanghai App 2906, No. 98 Shouning Road, 200021 Shanghai, China.

SECRETARY: (As per registry dated 11-02-2014)

Name	Address
LEE Yuk Kwan	Flat 1115, 11/F., Sheung Yat House, Upper Ngau Tau Kok Estate, Kwun Tong, Kowloon, Hong Kong.

HISTORY

The subject was incorporated on 11th February, 1998 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of King Lion Corporation Ltd., name changed to Sybron Chemicals (Hong Kong) Ltd. on 31st July, 1998; changed to Bayer Polymers Co. Ltd. on 26th September, 2001; and further to the present style on 1st September, 2004.

Formerly the subject was located at 77/F., The Center, 99 Queen’s Road Central, Hong Kong, moved to the present address with effect from 18th June, 2012.

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

OPERATIONS

Activities: Importer and Exporter.

Lines: All kinds of plastic raw materials.

Company Employees: 180. (Hong Kong) - Including associates

Group Employees:- (As at 31-12-2013)

113,200. (Whole Group)

14,300. (Bayer MaterialScience Subgroup)

Commodities Imported: Germany, other European countries, India, etc.

Markets: Worldwide.

Group Net Turnover:-

FY	Whole Group	Bayer MaterialScience Subgroup
Year ended 31-12-2009	€31,168 million	€ 7,520 million
Year ended 31-12-2010	€35,088 million	€10,154 million
Year ended 31-12-2011	€36,528 million	€10,832 million
Year ended 31-12-2012	€39,741 million*	€11,491 million*
Year ended 31-12-2013	€40,157 million	€11,238 million

* Restated

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

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

MEMBERSHIP

The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKB0043]

FINANCIAL INFORMATION

Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)

Issued Share Capital: HK$100,000.00

Group Net Income: €1,359 million (Year ended 31-12-2009)

€1,301 million (Year ended 31-12-2010)

€2,470 million (Year ended 31-12-2011)

€2,403 million (Year ended 31-12-2012)

€3,189 million (Year ended 31-12-2013)

MaterialScience EBIT: €633 million (Year ended 31-12-2011)

€581 million (Year ended 31-12-2012)

€435 million (Year ended 31-12-2013)

Profit or Loss: Business is profitable.

Condition: Keeping in an active condition.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as contracted.

Commercial Morality: Good.

Banker: Deutsche Bank AG, Hong Kong Branch.

Standing: Very Good.

GENERAL

Bayer MaterialScience Ltd. is a wholly-owned subsidiary of Bayer Far East Service Co. Ltd. [Bayer FE], a Hong Kong-registered firm located at the subject’s operating address. In turn, Bayer FE is a subsidiary of Bayer MaterialScience AG [Bayer MaterialScience], Germany. The ultimate holding company of the subject is Bayer AG [Bayer], a world famous Germany-based firm which is the holding company of the Bayer Group.

The subject is trading in the products of the Group.

The Group is principally engaged in supplying plastics, basic and fine chemicals flavours, fragrances and aromatic chemicals, polyurethanes, synthetic rubbers and rubber chemicals, coating and colorants, specialty products, fibres, pharmaceuticals, diagnostics, consumer care, crop protection and animal-health products to the Chinese market and importing finished and semi-finished raw materials and other intermediates and native products from the People’s Republic of China.

Bayer is one of the largest diversified international health care and chemicals groups. Founded in 1863 and headquartered at Leverkusen, Germany, Bayer today has subsidiaries or agencies in almost every country in the world.

Bayer (China) Ltd., a wholly-owned holding company, was registered in Beijing in September 1994 and is responsible for Bayer’s investments in China.

Bayer has eleven joint ventures and one wholly-owned enterprise in China: Bayer Healthcare Co. Ltd., Rhein Chemie (Qingdao) Ltd., Bayer Wuxi Leather Chemical Co. Ltd., Bayer Shanghai Pigments Co. Ltd., Bayer Sichuan Animal Health Co. Ltd., H & R Cosfra Ltd., Bayer Guangyi Panel Co. Ltd., Bayer Jinling Polyurethane Co. Ltd., Bayer Zhongxi Agrochemcial Co. Ltd., Bayer Zhongxi Consumer Care Co. Ltd., and Shanghai Fortune Long March - Trace Medical Science Co. Ltd.

Currently, the subject is trading in the following products and offering clients with the following services:-

Product/Service	Product/Service Remarks
Pharmaceutical and Medicine
Veterinary Medicine	From Germany (Importer) From Germany (Exporter)
Pharmaceutical Preparation	Include veterinary from Germany (Importer) Include veterinary from Germany (Exporter)
Chemicals (including Plastic Materials)
Plastic Materials (including Resins and Sheet)	Include fluorescent plastic from Western Europe (Importer) Include fluorescent plastic from Western Europe (Exporter)
Textile Chemicals
Dyeing, Tanning and Colouring Materials	Dyestuff from Germany (Importer) Dyestuff from Germany (Exporter)
Industrial Chemicals	From Germany (Importer) From Germany (Exporter)
Household Chemicals
Insecticide
Agro-Chemicals
Pesticide For Agricultural Use

The subject carries the following brands:-

Brand Name	Brand Product/Service	Brand Remarks
Bayer (Brand Owner)	Pharmaceutical Preparation
	Veterinary Medicine
	Agro-Chemicals
	Pesticide For Agricultural Use
	Insecticide	Insecticides
	Industrial Chemicals
	Dyeing, Tanning and Colouring Materials
	Plastic Materials (including Resins and Sheet)
Haarmann And Reimer (Official Agent)	Industrial Chemicals	SPICE

Bayer MaterialScience is an independent, globally operating company within the Bayer Group. The name Bayer MaterialScience stands for the materials that the company develops and produces. It also stands for the know-how and expertise of its employees all over the world.

Bayer MaterialScience is a renowned supplier of high-tech polymers and develops innovative product solutions for a wide variety of everyday uses.

Bayer MaterialScience’s famous products are coating raw materials bearing the brandnames of “Bayhydrol®” and “Bayhydur®”. High-grade “Makrolon®”, “Makrofol®” and “Apec®” polycarbonates, together with the “Bayblend®” and “Makroblend®” polycarbonate blends, rank among Bayer MaterialScience’s best-sellers. These products are indispensable when it comes to the production of automotive components, data carriers such as CDs and DVDs, and a large number of other everyday items. The key product brands of Polyurethanes are “Desmodur®” and “Desmophen®”. Resins under the brand names “Desmopan®” and “Texin®” are used in technical films and textile coatings, belts, hoses, cables and profiles, in the automotive sector (interior, exterior, and chassis), in a multitude of applications in sports and leisure (e.g. ski and sport shoes and sport equipment), etc.

For the year ended 31st December, 2013, Bayer’s sales rose by 1.3% to a record €40.2 billion from €39.7 billion in FY 2012. Net income of the Group was €3.2 billion (2012: €2.4 billion), grew by 75.0%.

With 2013 sales of €11.2 billion (2012: €11.5 billion), decreased by 2.6%, Bayer Sales of the MaterialScience subgroup decreased in 2013 by 2.6% to €11.2 billion from €11.5 billion in 2012.

MaterialScience, with its high-tech polymer materials and application solutions, is helping to address the challenges posed by population growth, the depletion of fossil resources, climate change, greater mobility and increasing urbanization. The Group is continuing to develop its product portfolio, which mainly comprises components for polyurethane foams, high-tech polycarbonate plastics and raw materials for coatings and adhesives.

Against this background, MaterialScience is targeting long-term, profitable growth. It aims to sustainably earn a premium on its capital costs and thus help to increase corporate value. We intend to safeguard or expand its leading competitive positions in world markets in a challenging environment. This applies particularly to emerging economies such as China, India, Brazil and Russia.

On 31st December, 2013 Bayer had 113,200 employees worldwide, 107,700 of whom had permanent employment contracts, while 5,500 had temporary contracts. Thus the headcount showed a slight increase of 2.9% from the prior year. In Germany we had 35,300 employees (2012: 34,600), who made up 31.2% of the Group workforce. HealthCare had 56,000 employees, CropScience 22,400 and MaterialScience 14,300. The remaining 20,500 employees, reported in the reconciliation, worked for the service companies or Bayer AG. In addition there were 2,500 (2012: 2,500) a prentices on the closing date who are not included in the Group total.

The subject is fully supported by Bayer MaterialScience and ultimately by Bayer.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.85
UK Pound	1	Rs.96.73
Euro	1	Rs.76.53

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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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