MIRA INFORM REPORT

Report Date :

20.09.2011

IDENTIFICATION DETAILS

Name :	GLOBAL METAL INDUSTRIAL CORP

Registered Office :	Not Available

Country :	Taiwan

Date of Incorporation :	Not Available

Com. Reg. No.:	Not Available

Legal Form :	Joint Stock Company

Line of Business :	Focuses on secondary aluminum smelting and metal scrap 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 80,000

Status :	Satisfactory

Payment Behaviour :	Usually Correct

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Taiwan

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

Bottom of Form

Contact Points

Company Name:	Global Metal Industrial Corp
Supplied Name:	Global Metal Industrial Corp
Trading Address:	24 Tai-Chi Road, Hsiao-Kang Dist-Kaohsiung, Taiwan
Supplied Address:	24 Tai-Chi Road, Hsiao-Kang Dist-Kaohsiung, Taiwan
Telephone Number:	+886-7-8019111

Credit Summary

Credit Rating:	Maximum credit USD 80,000
Credit Opinion:	Business connections are permissible.

Company Identification Details

Registered Name:	Global Metal Industrial Corp
Registered Address:	N/A
Date of Foundation:	N/A
Registration Number:	N/A
Registry:	N/A
Registered Capital:	N/A
Paid-up Capital:	N/A
Legal Representatives:	N/A
Legal Form:	Joint Stock Company
Principal Activities:	Focuses on secondary aluminum smelting and metal scrap trading
Staff:	More than 50 Employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	N/A

Notes: Since the subject was not registered in Taiwan, the registered information was not available. The subject declined to disclose it, either.

History

Subject was incorporated as Joint Stock Company in Taiwan.

Shareholders

(Unit: NTD)

Name	Subscription Amount
Sigma Group	N/A

Notes: The information above is that of subject’s major shareholders. Since the subject was not registered in Taiwan, the subscription amount was not available. The subject declined to disclose it, either.

Subsidiaries & Branches

The subject has relationship with plants in Shanghai (China), Zhangzhou (China), and Chongqing (China).

Personnel Information

Core Management

Notes: Since the subject was not registered in Taiwan, the registered information was not available. The subject declined to disclose it, either.

Personnel Structure

Total Employees

More than 50 Employees

Operation Information

Offices & Factories

	Headquarters
Add	24 Tai-Chi Road, Hsiao-Kang Dist-Kaohsiung, Taiwan

Production Information

l The subject is one of Sigma Group's subsidiaries and 100% owned by Sigma Group.

l Sigma has plants in Kaohsiung (Taiwan), Shanghai (China), Zhangzhou (China), and Chongqing (China), with over 2,500 employees and an annual turnover of 900 million US dollars.

l Sigma Brothers, Inc. in Kaohsiung was established in 1987 and has a monthly production capacity of 6,000 MT. Shanghai Sigma Metals was established in 1993. It has a monthly production capacity of 25,000 MT. Zhangzhou Sigma Metals began operating in March, 2007, and was established on the basis of the buyout of Tsann Kuen's Zhangzhou smelting plant. It has a monthly production capacity of 15,000 MT. Chongqing Sigma Plant plans to operate in 2011, which has a monthly production capacity of 50,000MT. With these 4 smelting plants, the Sigma Group has an annual production capacity of approximately 650,000 MT.

l The subject produces secondary aluminum smelting and metal scrap.

l The subject produces in Taiwan.

Purchase Information

l The raw material for production is mostly purchased from domestic markets.

Sales Information

l Approximately 70% of Sigma's products were exported to Japan and other Asian countries. Sigma's main export customers are automobile manufacturers such as Toyota, Honda, Nissan, Suzuki, Mazda, and Yamaha. Sigma's aluminum alloy exports represent 50% of China's total aluminum alloy exports, and 40% of China's aluminum alloy exports to Japan. The remaining 30% of Sigma's products were sold in the domestic market, mainly to customers in the automobile, home appliance, decorating, and IT industries.

l The subject handles all business for cargo booked to China.

Settlements

Purchase

Domestic Purchase (Taiwan and Mainland, China)

Product	Payment Terms	Proportion
Raw material	COD, etc	100%

Foreign Purchase

The subject seldom imports.

Sales

Domestic Markets (Taiwan)

Product	Sales Terms	Proportion
Secondary aluminum smelting and metal scrap	CBD, etc	100%

Export

The subject seldom exports.

Financial Information

Year:	Sales
2010	About USD 8,000,000

Notes: We obtain the information of subject from public files which is not confirmed by subject.

Bankers

Name	Taiwan Bank

Public Record

Mortgage

No chattel mortgage record of subject has been found within the recent 3 months.

Lawsuit

Up to date of reporting, no existing or latent litigation of the subject has been found.

Interview Details

Name

Mr. Huang

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.79
UK Pound	1	Rs.75.06
Euro	1	Rs.65.35

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.