MIRA INFORM REPORT

Report Date :

12.11.2014

IDENTIFICATION DETAILS

Name :	JCB HONG KONG LTD.

Registered Office :	c/o Trusec (H.K.) Ltd Room 4603-4609, 46/F., Jardine House, One Connaught Place, Central

Country :	Hong Kong

Date of Incorporation :	11.06.2001

Com. Reg. No.:	31892864

Legal Form :	Private Limited Company

Line of Business :	Subject is engaged in the manufacture of equipment for construction, demolition and agriculture It produces over 300 types of machines, including diggers (Backhoes), excavators, tractors and diesel engines

No. of Employees :	06

RATING & COMMENTS

MIRA’s Rating :

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Hong Kong

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

note

[Formerly located at

c/o Regus HK Management Ltd.

Unit 1215, 12/F., International Commerce Centre,

1 Austin Road West, Kowloon, Hong Kong.]

Company name and address

JCB HONG KONG LTD.

ADDRESS: Room 407-408, 4/F., New East Ocean Centre, 9 Science Museum Road, Kowloon, Hong Kong.

PHONE: 852-2722 9500

FAX: Not Available

MANAGEMENT

Managing Director: Mr. Anthony Lord Bamford

SUMMARY

Incorporated on: 11th June, 2001.

Organization: Private Limited Company.

Capital: Nominal:HK$1,000.00

Issued: HK$100.00

Business Category: Construction Machinery Trader.

Employees: 6.

Main Dealing Banker: Standard Chartered Bank Ltd., Hong Kong.

Banking Relation: Good.

ADDRESS

Registered Office:-

c/o Trusec (H.K.) Ltd

Room 4603-4609, 46/F., Jardine House, One Connaught Place, Central, Hong Kong.

Head Office:-

Room 407-408, 4/F., New East Ocean Centre, 9 Science Museum Road, Kowloon, Hong Kong.

Holding Company:-

JC Bamford Mauritius Ltd., Mauritius.

Associated Companies:-

J C Bamford Excavators Ltd., UK.

JCB Cab Systems Ltd., UK.

JCB Compact Products Ltd., UK.

JCB Construction Equipment (Shanghai) Co. Ltd., China.

JCB Deutschland GmbH, Germany.

JCB do Brasil Ltda., Brazil.

JCB Earthmovers Ltd., UK.

JCB Finance Ltd., UK.

JCB Heavy Products Ltd., UK.

JCB Manufacturing Inc., US.

JCB India Ltd., India.

JCB Insurance Services Ltd., UK.

JCB Landpower Ltd., UK.

JCB Power Systems Ltd., UK.

JCB Service, UK.

JCB Transmissions Ltd., UK.

JCB Utility Products Ltd., UK.

JCB Vibromax GmbH, Germany.

JCBVertrieb und Service GmbH, Germany.

etc.

BUSINESS REGISTRATION NUMBER

31892864

COMPANY FILE NUMBER

0759945

MANAGEMENT

Managing Director: Mr. Anthony Lord Bamford

CAPITAL

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

HK$1.00 each)

Issued Share Capital: HK$100.00

SHAREHOLDERS: (As per registry dated 11-06-2014)

Name		No. of shares
Trux Nominees Ltd., Hong Kong.		1
JC Bamford Mauritius Ltd. 6/F., Tower A, 1 Cyber City, Ebeme, Republic of Mauritius.		99
		–––
	Total:	100 ===

DIRECTORS: (As per registry dated 11-06-2014)

Name (Nationality)	Address
Onkar Singh SUNAR	10 Newick Avenue, Little Aston, Sutton Coldfield, West Midlands B74 3DA, UK.
Michael HARGREAVES	16 Northesk Street, Stone Staffordshire UK ST15 8EP, UK.
Anthony LORD BAMFORD	Daylesford House, Moreton in Marsh, Gloucestershire, GL56 0YH, Britain.

SECRETARY: (As per registry dated 11-06-2014)

Name	Address	Co. No.
Trusec (H.K.) Ltd.	Room 4603-4609, 46/F., Jardine House, One Connaught Place, Central, Hong Kong.	0068132

HISTORY

The subject was incorporated on 11th June, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Horseheads Ltd., name changed to the present style on 12th March, 2004.

Formerly the subject was located at Unit 1215, 12/F., International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong where was the operating address of a commercial service provider Regus HK Management Ltd. The subject moved to the present address in mid-2013.

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

OPERATIONS

Activities: Construction Machinery Trader.

Lines: All kinds of equipment for construction,

Employees: 6.

Commodities Imported: Asian countries, Europe, North America, South America,

Markets: Worldwide countries.

Terms/Sales: As per contracted.

Terms/Buying: Various terms.

FINANCIAL INFORMATION

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

HK$1.00 each)

Issued Share Capital: HK$100.00

Profit or Loss: Made very small profits in past years.

Condition: Business is fairly active in Hong Kong.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as required.

Commercial Morality: Satisfactory.

Banker: Standard Chartered Bank Ltd., Hong Kong.

Standing: Small.

GENERAL

JCB Hong Kong Ltd. is a subsidiary company of JC Bamford Mauritius Ltd. which is a Mauritius-registered firm. The ultimate holding company J C Bamford Excavators Ltd. [JCB] which is a UK-based firm.

The subject’s old office was is in a commercial service firm located at Unit 1215, 12/F., International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong known as Regus HK Management Ltd. which had handled its correspondences and documents.

The subject’s registered office is in a commercial service firm located at Room 4603-4609, 46/F., Jardine House, One Connaught Place, Central, Hong Kong known as Trusec (H.K.) Ltd. This firm is also the corporate secretary of the subject. Trusec (H.K.) Ltd. is an associated company of a law firm Slaughter And May which is located at the same address.

The subject is trading in the same products as JCB.

JCB is trading in the following products:-

Excavators;

Military Vehicles;

Tractors; &

Wheeled Loaders.

JCB (formally J C Bamford Excavators Limited) is a British Multinational corporation, with headquarters in Rocester, the United Kingdom. It is engaged in the manufacture of equipment for construction, demolition and agriculture. It is the world’s third-largest construction equipment manufacturer. It produces over 300 types of machines, including diggers (Backhoes), excavators, tractors and diesel engines. It has 18 factories in the United Kingdom, Germany, North and South America, India, and China. Its products are sold in over 150 countries of the world. There are about 2,000 dealers.

JCB was founded in 1945 by Joseph Cyril Bamford, after whom it is named, and continues to be owned by the Bamford family.

According to JCB, its annual revenue ranges from GBP 2.75 to 3.00 billion. Business is active and good. The whole Group has approximately 10,000 employees worldwide.

The key officer of the Group is Anthony Lord Bamford.

JCB’s products has a range of more than 300 products.

JCB is headquartered in Rocester, the United Kingdom, which is also the production site for backhoe loaders and telescopic “Loadall” handlers. It has a further three factories in nearby Cheadle, Staffordshire (JCB Earthmovers, JCB Landpower and JCB Compact Products), one in Rugeley (JCB Cab Systems), three in Uttoxeter (JCB Attachments, JCB Heavy Products and JCB World Parts Centre), one in Foston in Derbyshire (JCB Power Systems) and one in Wrexham in North Wales (JCB Transmissions).

Its Indian factories are based in Ballabgarh (Haryana) and Pune, its US factory is in Pooler, Georgia, its Brazilian factory in Sorocaba, and its Chinese factory was completed in 2005 in Pudong near Shanghai. JCB also owns Vibromax, a German compaction equipment company based in Gatersleben.

JCB has also licensed its name and image to a line of consumer power tools, manufactured by Alba PLC. The products are sold through franchised dealerships, many of which are often exclusive and cover whole countries.

According to the subject, it has 71 JCB dealer depots in Asia. The JCB Asia Headquarters are in Singapore.

The subject’s history in Hong Kong is over thirteen years and three months.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.55
UK Pound	1	Rs.97.52
Euro	1	Rs.76.48

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.