MIRA INFORM REPORT

Report Date :

31.12.2014

IDENTIFICATION DETAILS

Name :	INT'L CHEM LTD.
Registered Office :	c/o Tannet Group Ltd. Unit E, 3/F., Good Harvest Centre, 33 On Chuen Street, Fanling, New Territories,
Country :	Hong Kong
Date of Incorporation :	11.01.2002
Com. Reg. No.:	32327212
Legal Form :	Private Limited Liability Company
Line of Business :	Trader of chemicals and all kinds of organic and inorganic chemicals
No. of Employees :	No employees in Hong Kong It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.

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 :	Unknown
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

INT'L CHEM LTD.

ADDRESS: c/o Tannet Group Ltd.

Unit E, 3/F., Good Harvest Centre, 33 On Chuen Street, Fanling, New Territories, Hong Kong.

PHONE: 852-2675 6699

FAX: 852-2675 0303

MANAGEMENT

Managing Director: Mr. Pei Xiaofan

SUMMARY

Incorporated on: 11th January, 2002.

Organization: Private Limited Company.

Capital: Nominal:HK$10,000.00

Issued: HK$2.00

Business Category: Chemical Trader.

Employees: Nil.

Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.

Banking Relation: Satisfactory.

ADDRESS

Registered Office:-

c/o Tannet Group Ltd.

Unit E, 3/F., Good Harvest Centre, 33 On Chuen Street, Fanling, New Territories, Hong Kong.

Associated Companies:-

Hunan Phoebus Chemical Technology Co. Ltd.

Yueyang Baling Road Torch Innovation Center, Yueyang City, Hunan Province, China.

Tel: 0730-8284309 8284321

Sales Tel: 0730-8284632

Fax: 0730-8284329

E-mail: sell@phoebus.com.cn

Contact: Miss Xiao

Yueyang Xinchang Petrochemical Co. Ltd., China.

BUSINESS REGISTRATION NUMBER

32327212

COMPANY FILE NUMBER

0782379

MANAGEMENT

Managing Director: Mr. Pei Xiaofan

CAPITAL

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

Issued Share Capital: HK$2.00

SHAREHOLDERS: (As per registry dated 11-01-2014)

Name		No. of shares
PEI Xiaofan		1
LI Gangyi		1
		–
	Total:	2 =

DIRECTORS: (As per registry dated 11-01-2014)

Name (Nationality)	Address
LI Gangyi	6/F., Block 2-2, Kejiting, Hunan, China.
PEI Xiaofan	6/F., Block 2-2, Kejiting, Hunan, China.

SECRETARY: (As per registry dated 11-01-2014)

Name	Address	Co. No.
ATA Corporate Formation & Management Ltd.	Unit 1001, 10/F., Fourseas Building, 208‑212 Nathan Road, Kowloon, Hong Kong.	0768611

HISTORY

The subject was incorporated on 11th January, 2002 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: Chemical Trader.

Lines: All kinds of organic and inorganic chemicals

Employees: Nil.

Commodities Imported: China, etc.

Markets: China, the other Asian countries, Europe, North America, etc.

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

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

FINANCIAL INFORMATION

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

Issued Share Capital: HK$2.00

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: Bank of China (Hong Kong) Ltd., Hong Kong.

Standing: Small.

GENERAL

Having issued just two ordinary shares of HK$1.00 each, Int’l Chem Ltd. is equally owned by two China merchants, namely, Mr. Pei Xiaofan and Mr. Li Gangyi. They are China ID holders and do not have the right to reside in Hong Kong permanently. They are also directors of the subject.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit E, 3/F., Good Harvest Centre, 33 On Chuen Street, Fanling, New Territories, Hong Kong known as Tannet Group Ltd. which is handling its correspondences and documents.

The subject has no employees in Hong Kong.

In China the subject has had an associated company Hunan Phoebus Chemical Technology Co. Ltd. [Phoebus] which is a China-based company in Hunan Province, China. Its holding company is Yueyang Xinchang Petrochemical Co. Ltd. [YXPC] which is also a China-based firm.

YXPC and Phoebus are engaged in the same lines of business, more or less.

Phoebus is engaged in researching, manufacturing and distributing specialty chemical materials like latex of organosilicon and acrylic acid. It was founded in 2001 in Yueyang City, Hunan Province, China.

The followings are the main products of Phoebus:-

HBW-039 water-based adhesives;

HBW-038 water-based adhesives;

HBW-039B water-based adhesives;

HBW-206B water-based adhesives;

Water-based adhesives business standards;

Water-based adhesive products Safety Data Sheet (MSDS);

HBW-206 and features the use of technology;

HBW-206B water-based adhesives Product Description;

HBW-038 water-based adhesive test report;

HBW-038 adhesive test report;

HBW-038 water-based adhesives Product Description;

HBN-26 anti-adhesive;

Titanocene dichloride [bis (cyclopentadienyl) titanium dichloride];

HBB-133 Emulsion for Architectural Coatings;

HBB-237A architectural coatings Emulsion;

HBB-237 Emulsion for Architectural Coatings;

HBB-219 Emulsion for Architectural Coatings;

HBA-368 Emulsion elastic Architectural Coatings; &

HBA-01 Emulsion for Architectural Coatings.

Products are marketed in China, exported to the other Asian countries, Europe, the United States, etc.

Mr. Li Gangyi is the general manager of Phoebus. The subject also has had an office in the same address of Phoebus.

Phoebus deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Phoebus also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not active. History in Hong Kong is over twelve years and eleven months.

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

NOTE:

It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.75
UK Pound	1	Rs.99.88
Euro	1	Rs.77.32

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.