MIRA INFORM REPORT

Report Date :

05.09..2014

IDENTIFICATION DETAILS

Name :	WILLOWOOD LTD.
Registered Office :	Room 01-05, 17/F., Seaview Plaza, 283 Shau Kei Wan Road, Shau Kei Wan,
Country :	Hong Kong
Date of Incorporation :	20.11.1987
Com. Reg. No.:	11999448
Legal Form :	Private Limited Company
Line of Business :	Importer and Exporter of All kinds of agro-chemicals
No of Employees :	6

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

WILLOWOOD LTD.

ADDRESS

Room 01-05, 17/F., Seaview Plaza, 283 Shau Kei Wan Road, Shau Kei Wan, Hong Kong.

PHONE: 852-2571 3011

FAX: 852-2571 3410

E-MAIL: sales@willowoodhk.com

MANAGEMENT

Managing Director: Mr. Vijay Mohan Das Mundhra

SUMMARy

Incorporated on: 20th November, 1987.

Organization: Private Limited Company.

Capital: Nominal: HK$40,000,000.00

Issued: HK$25,000,000.00

Business Category: Chemical Trader.

Annual Turnover: HK$200-250 million.

Employees: 6. (Hong Kong)

Main Dealing Banker: UCO Bank, Hong Kong Branch.

Banking Relation: Good.

ADDRESS

Registered Head Office:-

Room 01-05, 17/F., Seaview Plaza, 283 Shau Kei Wan Road, Shau Kei Wan, Hong Kong.

Associated Companies:-

Willowood (Africa) Ltd., Kenya.

Willowood (Hangzhou) Co. Ltd., China.

Willowood Chemicals Pvt. Ltd., India.

Willowood Corp. Science Pvt. Ltd., India.

Willowood USA LLC, USA.

BUSINESS REGISTRATION NUMBER

11999448

COMPANY FILE NUMBER

0204260

MANAGEMENT

Managing Director: Mr. Vijay Mohan Das Mundhra

CAPITAL

Nominal Share Capital: HK$40,000,000.00 (Divided into 40,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$25,000,000.00

SHAREHOLDERS

(As per registry dated 20-11-2013)

Name		No. of shares
Anita MUNDHRA		10,000
Vijay Mohan Das MUNDHRA		24,990,000
		–––––––––
	Total:	25,000,000 ========

DIRECTORS

(As per registry dated 20-11-2013)

Name (Nationality)	Address
Vijay Mohan Das MUNDHRA	Flat A, 58/F., Tower 7, Island Resort, 28 Siu Sai Wan Road, Chaiwan, Hong Kong.
Anita MUNDHRA [Alternate to Vijay Mohan Das MUNDHRA]	Flat A, 58/F., Tower 7, Island Resort, 28 Siu Sai Wan Road, Chaiwan, Hong Kong.

SECRETARY

(As per registry dated 20-11-2013)

Name	Address	Co. No.
RJA Management Ltd.	Room A & B, 2/F., Lee Kee Commercial Building, 221-227 Queen’s Road Central, Hong Kong.	1044456

HISTORY

The subject was incorporated on 20th November, 1987 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject increased its issued share capital to HK$25 million in 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 agro-chemicals.

Employees: 6. (Hong Kong)

6. (China)

Commodities Imported: China, India, Europe, etc.

Markets: Asian countries, Africa, Europe, North America, Central & South America, etc.

Annual Turnover: HK$200-250 million.

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

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

FINANCIAL INFORMATION

Nominal Share Capital: HK$40,000,000.00 (Divided into 40,000,000 shares of HK$1.00 each)

Issued Share Capital: HK$25,000,000.00

Mortgage or Charge: (See attachment)

Profit or Loss: Making a small profit every year.

Condition: Keeping in a satisfactory manner.

Facilities: Making rather active use of general banking facilities.

Payment: Met as required.

Commercial Morality: Satisfactory.

Bankers:-

UCO Bank, Hong Kong Branch.

Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

Bank of India, Hong Kong Branch.

Union Bank of India, Hong Kong Branch.

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

ICICI Bank Ltd., Hong Kong Branch.

Citibank N.A., Hong Kong Branch.

Indian Overseas Bank, Hong Kong Branch.

Standing: Good.

GENERAL

Having issued 25 million ordinary shares of HK$1.00 each, Willowood Ltd. is jointly owned by Mr. Vijay Mohan Das Mundhra, holding over 99.96%, while the balance equity 0.04% is owned by Ms. Anita Mundhra. Both are Hong Kong ID holders and have got the right to reside in Hong Kong permanently. They are also directors of the subject.

The subject is one of the fast growing agrochemical companies in Asia. Now, the subject has had associated companies in China, India, Africa and the United States.

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

Product/Service	Product/Service Remarks
Pharmaceutical and Medicine
Pharmaceutical Preparation
Chemicals (including Plastic Materials)
Pharmaceutical Chemicals
Industrial Chemicals
Agro-Chemicals	Crop protection chemicals
Pesticide For Agricultural Use

The subject is chiefly trading in the following commodities:-

Insecticides

Herbicides

Fungicides

Bio-Pesticides

New Products

The subject has grown substantially in terms of sales volume and coverage of wide range of agrochemicals. Marketing networks have extended to countries like Albania, Argentina, Bangladesh, Belarus,, Bosnia, Brazil, Bolivia, China, Costa Rica, Chile, Colombia, Croatia, Dominican Republic, Egypt, Ecuador, Ethiopia Greece, Hungary, India, Iraq, Israel, Jordan, Kazakhstan, Kenya, Korea, Kyrgyzstan Lebanon, Malaysia, Moldova, Oman, Pakistan, Panama, Peru, the Philippines, Paraguay, Saudi Arabia, Serbia South Africa, Tanzania, Tunisia, Turkey, Turkmenistan, Uganda, West Africa, Sri Lanka, Spain, Taiwan, Thailand, Uruguay, the U.A.E., Uzbekistan, Ukraine, the United States, Venezuela, Vietnam Yemen, etc.

The subject has acquired a factory in India which is an ingredient plant in India, primarily concentrating on production of A.I’s coming off patent. In order to expand its global presence, it is also going to acquire marketing companies in Russia and Brazil and other major markets that have reasonable presence in the respective markets.

The subject has got the ISO 9001:2000 certification.

In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in large cities of China.

The annual sales turnover of the subject ranges from HK$200 to 250 million. Making a small profit every year. History in Hong Kong is over 26 years and nine months.

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

REMARKS

Court Cases: None as per our.

Property information of the company:-

Property Location: Office 1, 2, 3 & 5 on 17/F., Seaview Plaza,
283 Shau Kei Wan Road, Hong Kong.

Owner: Willowood Ltd.

Date of Purchase: n.a.

Purchased Price: n.a.

Incumbrances:-

Date of Mortgage	Amount Consideration	Mortgagee	Nature
10-04-2008	-	Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.	Legal charge to secure general banking facilities

MORTGAGE OR CHARGE

Date	Description of Instrument	Mortgagee
02-11-1998	Undertaking Relating to Deposits	UCO Bank, Hong Kong Branch.
19-12-2005	Undertaking Relating to Deposits	UCO Bank, Hong Kong Branch.
10-04-2008	Legal Charge/Mortgage	Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
27-08-2008	Letter of Set-off and Appropriation	Bank of India, Hong Kong Branch.
27-10-2008	Charge on Deposit	Union Bank of India, Hong Kong Branch.
14-10-2011	Undertaking Relating to Deposits	Indian Overseas Bank, Hong Kong Branch.
25-04-2012	Security Over Deposits with the Bank (Fixed Deposits)	The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
14-01-2013	Deposit Deed	Citibank N.A., Hong Kong Branch.
25-01-2013	Security Agreement Over Bank Account (all moneys) (Own Obligations)	Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
29-07-2013	Undertaking Relating to Deposits	Indian Overseas Bank, Hong Kong Branch.
30-07-2013	Deed of Debenture	ICICI Bank Ltd., Hong Kong Branch.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.45
UK Pound	1	Rs.99.46
Euro	1	Rs.79.46

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SHG

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.