`xMIRA INFORM REPORT

Report Date :

01.06.2011

IDENTIFICATION DETAILS

Name :	SHANGHAI PERFECT PIPING MACHINERY (PPM) INDUSTRIES CO., LTD.
Registered Office :	Room 1719, Junjiang International Building, No. 218 Ningguo Road, Yangpu District, Shanghai, 200090 PR
Country :	China
Date of Incorporation :	28.10.2009
Com. Reg. No.:	1385547
Legal Form :	Private Company with Limited Liability
Line of Business :	----

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Not Registered in China
Payment Behaviour :	----
Litigation :	----

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, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
China	a2	a2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bottom of Form

Company name & address

SHANGHAI PERFECT PIPING MACHINERY (PPM) INDUSTRIES CO., LTD.

ROOM 1719, JUNJIANG INTERNATIONAL BUILDING, NO. 218 NINGGUO ROAD, YANGPU DISTRICT, SHANGHAI, 200090 PR CHINA

TEL: 86 (0) 21-61807359 FAX: 86 (0) 21-61807360

Narrative report:

This refers to a type of report whose format is different from that of a standard report. Such type of report is provided when:

l Information obtained is insufficient for compiling a standard report.

l The enquired co has been out of business or its business address has been untraceable.

It should be noted that the time and manpower spent on preparing such type of report might be greater than those on a standard report. On many occasions, the information in this type of report still indicates the current status of the enquired co. and serves as a useful reference to assess its credit standing.

The provided telephone number is:

86 021-61807359

When we dialed the number, a male staff surnamed Zhou answered.

He admitted the given name and released its Chinese name –上海普菲科特实业有限公司.

He also released the following information:

SC is registered in Hong Kong, and operating in Shanghai, mainland China.

SC is mainly engaged in exporting piping machinery.

http://www.shppm.com The design is professional and the content is well organized. At present the web site is only in English version.

E-mail: sale@shppm.com / machine.shppm@gmail.com / fittings.shppm@gmail.com

According to the Chinese name 上海普菲科特实业有限公司, investigations were made with Shanghai Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license); however, no record was found.

In HK Company Registry, we found the following registration information on SC:

Shanghai PPM Industries Co., Limited

Incorporation Date : Oct. 28, 2009

Registration No. : 1385547

Registered Legal Form : Private

Active Status : Live

The address client provided is:

Room 1719, Junjiang International Building, No. 218 Ningguo Road, Yangpu District, Shanghai

According to Mr. Zhou, SC is currently operating at the above stated address.

SC was established on Oct. 28, 2009 in Hong Kong and operating in Shanghai, mainland China. Credit dealings with SC should be confined into C.O.D. at present.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.03
UK Pound	1	Rs.74.43
Euro	1	Rs.64.75

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.