MIRA INFORM REPORT

Report Date :

10.12.2012

IDENTIFICATION DETAILS

Name :	AKCOME METALS TECHNOLOGY (SUZHOU) CO., LTD.
Registered Office :	Jintang Road, Economic Development Zone, Zhangjiagang, Jiangsu Province 215618 Pr China
Country :	China
Financials (as on) :	30.06.2012
Date of Incorporation :	23.04.2010
Com. Reg. No.:	320582000204747
Legal Form :	One-Person Limited Liability Company
Line of Business :	Subject engaged in developing, manufacturing and selling solar power installation system products.
No. of Employees :	200

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 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
China	A2	A2

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

china - ECONOMIC OVERVIEW

Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.

Source : CIA

COMPANY NAME & ADDRESS

AKCOME METALS TECHNOLOGY (SUZHOU) CO., LTD.

jintang road, economic development zone, zhangjiagang

jiangsu PROVINCE 215618 PR CHINA

TEL: 86 (0) 512-35002623/35002614

FAX: 86 (0) 512-82553607

EXECUTIVE SUMMARY

Date of Registration : april 23, 2010

REGISTRATION NO. : 320582000204747

LEGAL FORM : One-person Limited Liability Company

CHIEF EXECUTIVE : zou chenghui (LEGAL REPRESENTATIVE)

REGISTERED CAPITAL : cny 187,048,000

staff : 200

BUSINESS CATEGORY : manufacturing

REVENUE : CNY 48,439,000 (JAN. 1 2012 TO JUN. 30, 2012)

EQUITIES : CNY 179,847,000 (AS OF JUN. 30, 2012)

WEBSITE : N/A

E-MAIL : N/A

PAYMENT : AVERAGE

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : FAIR

OPERATIONAL TREND : Ordinary

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : CNY 6.23 = USD 1

Adopted abbreviations (as follows)

SC - Subject Company (the company inquired by you)

N/A – Not available

CNY – China Yuan Ren Min Bi

OPERATIONAL TREND & GENERAL REPUTATION

This section aims at indicating the relative positions of SC in respect of its operational trend & general reputation

Operational Trend:- General Reputation:-

Upward Excellent

Steady Good

Fairly Steady Fairly Good

Ordinary Average

Fair Fair

Stagnant Detrimental

Downward Not known

Not known Not yet be determined

Not yet be determined

LEGAL STATUS & HISTORY

SC was established as a one-person limited liability company of PRC with State Administration of Industry & Commerce (SAIC) under registration No.: 320582000204747 on April 23, 2010.

SC’s Organization Code Certificate No.: 55460744-5

SC’s Tax No.: 320582554607445

SC’s registered capital: cny 187,048,000

SC’s paid-in capital: cny 187,048,000

Registration Change Record:-

Date	Change of Contents	Before the change	After the change
2011	Registered Capital	CNY 80,000,000	cny 187,048,000
2012	Company Name	Suzhou Akcome Photovoltaics System Co., Ltd.	Akcome Metals Technology (Suzhou) Co., Ltd.

Current Co search indicates SC’s shareholders & chief executives are as follows:-

Name of Shareholder (s)	% of Shareholding
Jiangsu Akcome Solar Science & Technology Co., Ltd.	100

SC’s Chief Executives:-

Position	Name
Legal Representative and Chairman	Zou Chenghui
Director	Huang Guoyun
	Ji Haiyu
Supervisor	Zhang Jianwe

RECENT DEVELOPMENT

No recent development was found during our checks at present.

SHAREHOLDER CHART & BACKGROUND

Name % of Shareholding

Jiangsu Akcome Solar Science & Technology Co., Ltd.

100

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

Date of Registration: March 9, 2006

Registration No.: 320281400010819

Legal Form: Shares Limited Company

Chief Executive: Zou Chenghui

Registered Capital: CNY 300,000,000

Jiangsu Akcome Solar Science & Technology Co., Ltd was formed in 2006. It is located in Huashi town of Jiangyin City which is a famous south town where is the economic center of China and the flourishing district in solar industry. There are four manufacturing bases of Akcome respectively in Wuxi, Suzhou, Nantong and Foshan. Akcome is a high-tech company which focuses on producing accessories and providing service for solar industry.

Tel: (00)86-512-35002666

Fax: (00)86-512-35002659

E-mail: akpv@akcome.com

Web: www.akcome.com

MANAGEMENT

Zou Chenghui, Legal Representative and Chairman

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

Ø Gender: M

Ø Age: 50

Ø ID# 32021919740908851X

Ø Qualification: University

Ø Working experience (s):

At present, working in SC as legal representative and chairman

Also working in Jiangsu Akcome Solar Science & Technology Co., Ltd. and Jiangyin Akcome Investment Co., Ltd. as legal representative

Huang Guoyun, Director

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

Ø Gender: M

Ø Age: 51

Ø ID# 320221196110117774

Ø Qualification: University

Ø Working experience (s):

At present, as director of SC

Ji Haiyu, Director

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

Ø Gender: M

Ø Age: 37

Ø ID# 320219197509123263

Ø Qualification: University

Ø Working experience (s):

At present, as director of SC, also working in Suzhou Akcome Power Development Co., Ltd. as legal representative

Zhang Jianwei, Supervisor

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

Ø Gender: M

Ø Age: 33

Ø ID# 320222197908096934

Ø Qualification: University

Ø Working experience (s):

At present, as supervisor of SC

BUSINESS OPERATION

SC’s registered business scope includes technology development, technology consulting, technology transfer and technology services of metal materials; developing, designing and manufacturing solar power installation system products; developing, designing, manufacturing, processing and selling metal molds, machinery parts, motorcycle accessories, hardware and machinery, metal structural parts; rolling processing and selling commonly used nonferrous metal; operating and acting as an agent of importing and exporting various kinds of commodities and technology.

SC is mainly engaged in developing, manufacturing and selling solar power installation system products.

Brand: Akcome

SC’s products mainly include: aluminum frame for solar modules, solar mounting systems, junction box, eva film, solar accessories etc.

SC sources its materials 100% from domestic market, mainly Jiangsu. SC sells 60% of its products in domestic market, and 40% to overseas market, mainly U.S.A., Europe, Mid East, Southeast Asia, etc.

The buying terms of SC include Check, T/T and Credit of 30-60 days. The payment terms of SC include T/T, L/C and Credit of 30-60 days.

*Major Customer:

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

Solartechnics Crystal LLC.

Staff & Office:

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

SC is known to have approx. 200 staff at present.

SC rents an area as its operating office & factory of approx. 50,000 sq. meters at the heading address.

RELATED COMPANY

n Suzhou Akcome Solar New Material Co., Ltd.

n Wuxi Akcome Solar Electronics & Technology Co., Ltd.

n Zhangjiagang Bonded area Alcom International Business Co. Ltd.

n Jiangyin Akcome Investment Co., Ltd.

Etc.

PAYMENT

Overall payment appraisal:

( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined

The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment and our debt collection record concerning SC.

Trade payment experience: SC did not provide any name of trade/service suppliers and we have no other sources to conduct the enquiry at present.

Delinquent payment record: None in our database.

Debt collection record: No overdue amount owed by SC was placed to us for collection within the last 6 years.

BANKING

The bank information of SC is not filed in SAIC.

FINANCIALS

Financial Summary

Unit: CNY’000	As of Jun. 30, 2012
Total assets	281,156
	-------------
Total liabilities	101,309
Equities	179,847
	-------------
Unit: CNY’000	Jan. 1, 2012 to Jun. 30, 2012
Revenue	48,439
Profit before tax	-1,440
Less: profit tax	-172
Profits	-1,268

Note: The detailed financials of SC are not available in SAIC.

Important Ratios

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

	As of Jun. 30, 2012
*Liabilities to assets	0.36
*Net profit margin (%)	-2.62
*Return on total assets (%)	-0.45
* Revenue/Total assets	0.17

FINANCIAL COMMENTS

PROFITABILITY: FAIR

l The revenue of SC appears fair in its line.

l SC’s net profit margin is fair.

l SC’s return on total assets is fair.

LIQUIDITY: FAIR

l SC’s revenue is in a fair level, comparing with the size of its total assets.

LEVERAGE: AVERAGE

l The debt ratio of SC is low.

l The risk for SC to go bankrupt is average.

Overall financial condition of the SC: Fair.

CONCLUSIONS

SC is considered medium-sized in its line with fair financial conditions. Taking into consideration of SC’s good background

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.20
UK Pound	1	Rs.86.99
Euro	1	Rs.70.21

INFORMATION DETAILS

Report Prepared by :

NLM

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.