MIRA INFORM REPORT

Report Date :

14.03.2011

IDENTIFICATION DETAILS

Name :	ESSOR INT'L INC

Registered Office :	4fl-8, 3, Lane 2, Kung Yeh 1st Rd, Hsitun Dist, Taichung City 407

Country :	Taiwan

Date of Incorporation :	17.07.1992

Com. Reg. No.:	86794107

Legal Form :	Private Company With Limited Liability

Line of Business :	General trading

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 30,000

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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Taiwan

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

Company name & address

ESSOR INT'L INC

4FL-8, 3, LANE 2, KUNG YEH 1ST RD,

HSITUN DIST, TAICHUNG CITY 407, TAIWAN

TEL: 886- 4-23597440 FAX: 886-4-23597446

EXECUTIVE SUMMARY

INCORPORATION DATE : JUL. 17, 1992

REGISTRATION NO. : 86794107

LEGAL FORM : PRIVATE COMPANY WITH LIMITED LIABILITY

CHIEF EXECUTIVE : MS. HSIU-HSUN LIN (CHAIRMAN)

STAFF STRENGTH : 15

PAID-UP CAPITAL : NTD 18,000,000

BUSINESS LINE : TRADER

TURNOVER : NTD 192,000,000 (AS OF DECEMBER, 2009)

EQUITIES : N/A (AS OF DECEMBER, 2009)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : UP TO USD 30,000

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : TWD 29.53247 = US$1

Adopted abbreviations

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

M - million

TWD –Taiwan New Dollars

Name in Local Language : 昱照股份有限公司

*CAPITAL (Currency: NTD - New Taiwan Dollars)

======================================

Authorized Capital: 18,000,000

Paid-up Capital: 18,000,000

*REAL ESTATE OWNERSHIP*

========================

The following property / ies are owned by ESSOR INT'L INC:

Property Name : ESSOR INT'L INC - HSITUN DIST, TAICHUNG CITY

Type of Property : Entire office building

Address : 4Fl-8, 3, Lane 2, Kung Yeh 1st Rd, Hsitun Dist, Taichung City 407

Office Size : 67 Square meters

Estimated Value : NTD 2,400,000.00

Property Legal Status : Mortgaged

*REPUTATION*

=============

Reference checking for the purpose of establishing the ESSOR INT'L INC's reputation within the respective industry failed to reveal any adverse information.

www.essor.com.tw The design is professional and the content is well organized. At present it is in English version.

E-mail: sales@essor.com.tw

For the past two years there is no record of litigation.

*Major Shareholders*

================

Total number of shareholders: 4

Total number of shares: 951,600

Shareholders Country Number %

Mr. Chin-shan Chen Taiwan 344,400 36.19

Ms. Hsiu-hsun Lin Taiwan 296,800 31.19

Mr. Ming-an Hsueh Taiwan 260,000 27.32

Mr. Chiang-chuan Wu Taiwan 50,400 5.30

Name Nationality Job Description Dept. / Division

Mr. Andrew Ku Taiwanese Representative Sales

Ms. Hsiu-hsun Lin Taiwanese General Manager -

*COMPANY DIRECTORS*

=====================

Name : Mr. Chiang-chuan Wu

Nationality : Taiwanese

Name : Mr. Chin-shan Chen

Nationality : Taiwanese

Name : Ms. Hsiu-hsun Lin

Nationality : Taiwanese

Name : Mr. Andrew Ku

Email : andrew@essor.com.tw

*Core Business Description*

====================

Core Business

--------------------

The primary business focus of ESSOR INT'L INC is:

·General trading - Finished products

Supplementary Business

-----------------------------

In addition to the core business, ESSOR INT'L INC also is engaged in the following areas of business:

Exporting

·Exporting - Finished products

Importing

·Importing - Materials

*Primary Products*

==============

Activity Products / Materials / Services Description

Trading Beryllium copper

Trading Chromium copper

Trading Copper alloys

Trading Copper aluminum

Trading Gear cutting tools

*PAYMENT TERMS*

=================

Selling

--------

Type Terms

Local Cash on delivery (COD)

Credit - Secured with Post-dated checks 30~60 days

Export Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Received at time of transaction

Purchasing

------------

Type Terms

Local Credit - Secured with Post-dated checks 30~60 days

Credit - Unsecured 30~60 days

Import Letter of Credit (At-sight)

Telegraphic Transfer (T/T) - Executed at time of transaction

*COMPETITORS*

==============

The following is a representative list of local competitors:

ASIA SOURCING (TAIWAN) CORP

CHUN YANG INDUSTRIAL CO LTD

DAI YEH HEAVY INDUSTRIAL CO LTD

DELIGENCE INDUSTRIAL CO LTD

GONG YUAN MACHINERY INDUSTRIAL CO LTD

*ASSOCIATIONS*

===============

TAIWAN TURNKEY PROJECT ASSOCIATION - TTA

*DOMESTIC SALES & PURCHASES*

==============================

Annual Sales Analysis Percentage

--------------------------- --------------

Domestic Sales 60%

International Sales (Export) 40%

Annual Purchases Analysis Percentage

--------------------------- --------------

Local Purchases 60%

Imports 40%

*Sales Channel Analysis*

===================

Sales Channel Sales Channel Ownership Percentage

General trading Owned by Subject Business Entity (SBE) 100%

*Customer Type Analysis*

====================

Customer Type Percentage

Automotive manufacturers n / a

*OVERSEAS SUPPLIERS*

=====================

LE BRONZE INDUSTRIEL

*(Subsidiaries, Joint-ventures & Affiliates)

===============================

Business Entity Name : HANGZHOU TONGYUN MACHINERY CO LTD

Country : China

Relationship : Subsidiary

Primary Business Activity : Trader

Industry : Testing and Measuring and Scientific

Business Entity Name : HANGZHOU TONGYUN MACHINERY CO LTD - CHONGQING OFFICE

Country : China

Relationship : Affiliate

Business Entity Name : HANGZHOU TONGYUN MACHINERY CO LTD - HARBIN OFFICE

Country : China

Relationship : Affiliate

Business Entity Name : HANGZHOU TONGYUN MACHINERY CO LTD - TIANJING OFFICE

Country : China

Relationship : Affiliate

Business Entity Name : HANGZHOU TONGYUN MACHINERY CO LTD GANZHOU OFFICE

Country : China

Relationship : Affiliate

PAYMENT RATING : 3 OBTAINED SCORES : 69

Rating Key	Implication	Implications
1	Scores 85–100	Excellent
2	Scores 75 – 84	Above Average
3	Scores 50 – 74	Average
4	Scores 35 – 49	Fair
5	Scores 15 – 34	Below Average
6	Scores 01 – 14	Poor
NR	No Data	No Data

The rating indicates the payment pattern of SC based upon our Payment Database, comments from suppliers of SC, information from banks (if available), as well as industrial sources.

Dealings on open terms may be possible for MODERATE amounts depending on individual judgement experience.

*BANK DETAILS*

===============

Bank Name : CHINATRUST COMMERCIAL BANK LTD

Branch : Hsin-i Dist, Taipei City

Branch Address : 14Fl China Trust Bldg 3 Sung Shou Rd, Hsin-i Dist, Taipei City 110 (Head Office)

SWIFT Code : CTCBTWTP

Bank Name : MEGA INT'L COMMERCIAL BANK CO LTD

Branch : Chungcheng Dist, Taipei City

Branch Address : 123 Jhongsiao E Rd, Section 2, Chungcheng Dist, Taipei City 100 (Head Office)

SWIFT Code : ICBCTWTP

*FINANCIAL STATEMENT – DETAILED*

=================================

Currency : NTD

Denomination : 1

Financial Year Ending : December

Financial Highlights As of 2009

------------------------- -------------

Total Assets(*) 19,000,000

Turnover(*) 192,000,000

Profit After Tax attributable to Shareholders(*) 15,400,000

*Financials - Summary (Currency: USD - US Dollar)

======================================

Year Sales Assets Net Income

2009 (*) $5,968,293 $590,612 $478,707

Note: (*)

Financials listed are the most recent available for this company.

*Int´l Trade Activity (Currency: USD - US Dollar)

======================================

Year Imports Exports Total

2007 $1,750,000 $850,000 $2,600,000

2008 $1,870,000 $2,350,000 $4,220,000

2009 $350,000 $1,850,000 $2,200,000

SC is considered small-sized in its line with a development history of 19 years. Taking into consideration of SC’s general performance, a credit line up to USD 30,000 appears to be within SC’s capacities.

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 3365 Aluminum foundries

Trading 3366 Copper Foundries

Trading 3541 Machine tools, metal-cutting, and parts,

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 7600 Aluminum & articles thereof

Trading 7419 Articles of copper

Trading 7405006030 Beryllium copper master alloy

Trading 8112 Beryllium, chromium, germ, vanad, gallium, hafnm, etc

Trading 8461401020 Gear cutting machines for bevel gears, metal removing by cutting, new

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Activity Ranking Products / Materials / Services Description

Trading Primary Worm Shafts

Trading Primary Worm gears

INTERNATIONAL TRADE: ACTIVITY & MARKETS

Country / Region Estimated level of importance Trading Activity

Asia / Pacific Medium Importing, Exporting

Europe Medium Importing, Exporting

China Medium Importing, Exporting

France Medium Importing

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.21
UK Pound	1	Rs.72.55
Euro	1	Rs.62.43

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

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.

Company name & address

EXECUTIVE SUMMARY

Adopted abbreviations

Unit