MIRA INFORM REPORT

Report Date :

11.04.2012

IDENTIFICATION DETAILS

Name :	SHINNY STEEL & IRON CO LTD

Registered Office :	34 Chung Heng St Hsiaogang Dist, Kaohsiung City 812,

Country :	Taiwan

Date of Incorporation :	21.12.1994

Com. Reg. No.:	89273411

Legal Form :	Private Company With Limited Liability

Line of Business :	Local purchasing of iron and steel products

No. of Employees :	30

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 150,000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

COMPANY NAME & ADDRESS

SHINNY STEEL & IRON CO LTD

34 CHUNG HENG ST HSIAOGANG DIST, KAOHSIUNG CITY 812, TAIWAN

TEL: 886-7-8717826 FAX: 886-7-8719127

EXECUTIVE SUMMARY

INCORPORATION DATE : DECEMBER 21, 1994

REGISTRATION NO. : 89273411

LEGAL FORM : PRIVATE COMPANY WITH LIMITED LIABILITY

CHIEF EXECUTIVE : MR. PING-CHANG CHANG (CHAIRMAN)

STAFF STRENGTH : 30

CAPITAL : US$ 4,227,541

BUSINESS LINE : MANUFACTURER

TURNOVER : N/A (AS OF DEC. 31, 2008)

EQUITIES : N/A (AS OF DEC. 31, 2008)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : UP TO USD 150,000

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : TWD 31.98946 = 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 : 上菱鋼鐵有限公司

*Licenses & Permits*

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

License number : 6400451710

Date issued : 2 August, 1989

Issuing authority : Industrial Development Bureau, MOEA

Type of license : Factory license

*Capital Details*

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

Authorized capital : NTD 136,000,000.00, fully paid

Office & Facilities*

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

Size : 3,233 sq. meters (Approx)

Location : Kaohsung City

Type of building : Industrial building

Property status : Owned by SHINNY STEEL & IRON CO LTD

Comments : Serves as office and factory.

Other e-mail address : pinkystacy@gmail.com

*Corporate & Organization Structure*

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

A small sized company operated and managed by an experienced team of professionals.

www.metals.com.tw/shinny The design is professional and the content is well organized. At present it is in Chinese version.

E-mail: shinny.steel@mas.hinet.net

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

*Major Shareholders*

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

Total number of shareholders: 1

Total number of shares: N/A

Shareholders Country Number Amount (NTD) %

Mr. Ping-chang Chang Taiwan n/a 136,000,000.00 100.00

Management: Ms. Iris Yu-ping Wu, Representative

Mr. Chang-feng Tsai, Executive

Ms. Stacy Yi-wen Lu, Executive

Name Nationality Job Description Dept. / Division

Ms. Iris Yu-ping Wu Taiwanese Representative Sales

Mr. Chang-feng Tsai Taiwanese Executive Sales & Marketing

Ms. Stacy Yi-wen Lu Taiwanese Executive Sales & Marketing

Ms. Chia-ling Wu Taiwanese Accountant -

Mr. Ping-chang Chang Taiwanese General Manager -

*COMPANY DIRECTORS*

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

Name : Ms. Iris Yu-ping Wu

Sex : F

Name : Mr. Chang-feng Tsai

Sex : M

Name : Ms. Stacy Yi-wen Lu

Sex : F

Name : Ms. Chia-ling Wu

Sex : F

Name : Mr. Ping-chang Chang

Nationality : Taiwanese

Country of Residence : Taiwan

Work experience : More than 14 years experience.

Responsibilities : Handles the daily operation of the firm including all financials, sales and legal matters.

*Main Products & Services*

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

Specializes in the following areas of work:

1. Local purchasing of iron and steel products.

2. Value-added processing and cutting of cold rolled steel coil and hot rolled steel coil .

3. Sales and distribution of products to both domestic and international markets.

Products: Cold rolled steel coils

Flat rolled steel coil

Hot rolled steel coils

Iron

Steel

*Brand*

======

SHINNY

*Payment Terms*

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

Sales

------

Local : Cash

30-90 days credit

Export : Letter of Credit (L/C)

Telegraphic Transfer (T/T)

Purchases

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

Local : 30-90 days credit

*Competitors*

===========

The following locally based companies supply similar range of products :

- CHING YOUNG INDUSTRY CO LTD

- TRADE-WORKER CO LTD

- EVERSTRONG IRON & STEEL FOUNDRY CORP

- FORMOSA HEAVY INDUSTRIES CORP

- LO-TOUN STEEL & IRON WORKS CO LTD

- SANYANG INDUSTRY CO LTD

*DOMESTIC SUPPLIERS*

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

CHINA STEEL CORP

CHUNG HUNG STEEL CORP

YIEH PHUI ENTERPRISE CO LTD

*Local Distribution Network*

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

Approximately 30% of the annual turnover is attributed to local sales.

*International Trade Activity*

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

At the time of performing this report, the 2009 export figures had not yet been released by the Ministry of Economic Affairs which monitors exports and imports.

Note:

--------

The "import" figures listed above, is not actual products being imported by SHINNY STEEL & IRON CO LTD, but a small percentage of returned goods manufactured by the firm.

*Export Markets*

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

Approximately 70% of the annual turnover is attributed to export.

SC is not known to have any subsidiary at present.

PAYMENT RATING : 3 OBTAINED SCORES : 64

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.

As a private limited company with a paid-up capital of less than USD 6 million, there is no legal requirement according to local corporate law for public disclosure of detailed financials.

Although financial summaries were obtained for reference for 2006

Note: At the time of preparing this report, 2009 financial has not yet been submitted to Taiwan Tax Authorities.

*BANK DETAILS*

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

Bank Name : BANK OF TAIWAN

Branch : Chungcheng Dist, Taipei City

Branch Address : 120 Chung Ching South Rd Section 1

SWIFT Code : BKTWTWTP

*Financial Summary (Currency: U.S. $'s)

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

Year Sales Assets Net Income

2006 $12,894,377.27 $3,627,569.53 $695,284.16

2007 $18,497,284.25 $3,862,401.93 $814,725.41

2008 $21,242,236.02 $4,130,434.78 $1,055,900.62

*Int´l Trade Activity (Currency: U.S. $'s)

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

Year Imports Exports Total

2004 n/a $9,640,000.00 $9,640,000.00

2005 $40,000.00 $10,820,000.00 $10,860,000.00

2006 $39,000.00 $8,730,000.00 $8,769,000.00

2007 $48,000.00 $10,800,500.00 $10,848,500.00

2008 $7,200,000.00 $12,400,000.00 $19,600,000.00

SC is considered small-sized in its line with a development history of 16 years. Taking into consideration of SC’s general performance, a credit line up to USD 150,000 appears to be within SC’s capacities.

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Exporting 3325 Steel Foundries, NEC

Exporting 3462 Iron & steel forgings

Exporting 3499 Fabricated metal products,

Manufacturing 3316 Cold-Rolled Steel Products

Manufacturing 3325 Steel Foundries, NEC

Manufacturing 3462 Iron & steel forgings

Manufacturing 3499 Fabricated metal products,

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Exporting 7208380015 Flat-rolled high-strength iron or nonalloy steel, coils, 600mm or more wide, hot-rolled, not clad, plated or coated, 3 to under 4.75mm thick, nt pckld

Exporting 7208390015 Flat-rolled high-strength iron or nonalloy steel coils 600mm or more wide hot-rolled not clad, plated or coated less than 3 mm thick not pickled

Exporting 7208530000 Flat-rolled iron or nonalloy steel, 600mm or more wide, hot-rolled, not clad, plated or coated, not coiled, 3mm to under 4.75mm thick

Exporting 7208540000 Flat-rolled iron or nonalloy steel, 600mm or more wide, hot-rolled, not clad, plated or coated, not in coils, less than 3mm thick

Exporting 7209160010 Flat-rolled hi-strength steel, 600 mm wide or more, cold-rolled, not clad, etc, in coils, thickness over 1mm, less than 3mm

Exporting 7209170010 Flat-rolled high strength steel coils, 600 mm or more wide, cold-rolled, not clad, plated or coated, over 0.5 mm but not over 1 mm thick

Exporting 7209181500 Flat-rolled high-strength steel coils, 600 mm or more wide, cold-rolled, not clad, plated or coated, less than 0.5 mm thick

Exporting 7209260000 Flat-rolld iron or nonalloy steel 600 mm wide or more, not coils, cold-rolled, not clad, plated or coated, over 1 mm but less than 3 mm thick

Manufacturing 7300 Articles of iron or steel

Manufacturing 7326909090 Other articles of iron or steel

INTERNATIONAL TRADE: ACTIVITY & MARKETS

Country / Region Main Trading Activity

Asia / Pacific Exporting

China Exporting

Hong Kong Exporting

Indonesia Exporting

Malaysia Exporting

Philippines Exporting

Vietnam Exporting

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.20
UK Pound	1	Rs.81.50
Euro	1	Rs.67.15

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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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.

MIRA INFORM REPORT

Adopted abbreviations

Unit