MIRA INFORM REPORT

Report Date :

26.07.2012

IDENTIFICATION DETAILS

Name :	JOO KIAT TRADING CO., LTD.

Registered Office :	No.39, Lane 256, Nonggong Rd., Daliao Dist., Kaohsiung City 831

Country :	Taiwan

Date of Incorporation :	12.07.1982

Com. Reg. No.:	85901332

Legal Form :	Joint Stock Company

Line of Business :	Trading of Iron or non-alloy steel products, etc

No. of Employees :	About 20 employees

RATING & COMMENTS

MIRA’s Rating :

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Taiwan

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

Contact Points

Company Name:	Joo Kiat Trading Co., Ltd.
Supplied Name:	Joo Kiat Trading Co Ltd.
Trading Address:	No. 6, Lane 251, Guanghua Road, Guosi Village, Daliao Township, Kaohsiung County 831 Taiwan
Supplied Address:	No. 6, Lane 251, Guanghua Road, Guosi Village, Daliao Township, Kaohsiung County 831 Taiwan
Telephone Number:	+886-7-787-1151
Fax Number:	+886-7-787-5028
E-mail:	j7871151@ms15.hinet.net; bettyhu007@msn.com

Notes: Subject’s exact name and address are as above.

Credit Summary

Credit Opinion:

Business connections are permissible.

Company Identification Details

Registered Name:	Joo Kiat Trading Co., Ltd.
Registered Address:	No.39, Lane 256, Nonggong Rd., Daliao Dist., Kaohsiung City 831, Taiwan (R.O.C.)
Date of Foundation:	1982-7-12
Registration Number:	85901332
Registry:	Economic Development Bureau,Kaohsiung City
Registered Capital:	NTD 15,900,000 (USD 529,470) (As of 2012.07, 1 NTD = 0.0333 USD)
Paid-up Capital:	NTD 15,900,000 (USD 529,470)
Legal Representatives:	Fubin Xie
Legal Form:	Joint Stock Company
Principal Activities:	Trading of Iron or non-alloy steel products, etc
Staff:	About 20 employees
Listed at Stock Exchange:	No
Date of Last Annual Return:	2012-1-5

History

Subject was incorporated on 1982-7-12 with registered number 85901332 as Joint Stock Company in Taiwan.

Shareholders

Name	Subscription Shares
Fubin Xie	711,000
Zhongxun Xie
336,000
Lihua Chen	81,300
Zongxian Xie	274,800

The information above is that of subject’s major shareholders.

Subsidiaries & Branches

Factory

Address:	No.39, Lane 256, Nonggong Rd., Daliao Dist., Kaohsiung City 831, Taiwan (R.O.C.)
Activities:	Processing of steel

Personnel Information

Core Management

Directors

1
Name	Fubin Xie
Position	Board Chairman
2
Name	Zhongxun Xie
Position	Director
3
Name	Lihua Chen
Position	Director
4
Name	Zongxian Xie
Position	Supervisor

Operation Information

Offices & Factories

	Headquarters
Add	No. 6, Lane 251, Guanghua Road, Guosi Village, Daliao Township, Kaohsiung County 831 Taiwan

Production Information

l Subject is engaged in processing of secondary steel products.

Purchase Information

l The registered activities of subject:

Business Code	Details
CA01050	Steel secondary processing industry
F106010	Wholesales of hardware
F113010	Wholesales of machinery
F199010	Wholesales of recovered materials
F199990	Other Wholesales
F401010	International Trading Business
J101030	Waste removal industry
ZZ99999	Besides licensed business, all other business items those are not banned or restricted.

l Subject purchases steel materials mainly from steel mills in Taiwan.

Sales Information

l The subject is mainly engaged in sales of steel products including hot rolling steel plate and coil, etc

l Subject’s products are both sold in domestic and overseas market and it is introduced that subject’s sales business mainly focus on the Middle East and South East Asia.

Import and export right:

Import right	Yes
Export right	Yes

Settlements

Purchase

Domestic Purchas

Product	Payment Terms	Proportion
Steel materials, etc	COD, CBD, etc	100%

Foreign Purchase

Subject has little import business

Sales

Domestic Markets

Product	Sales Terms	Proportion
Steel products, etc	CBD, etc	100%

Export

Product	Payment/ Terms	Proportion
Steel products, etc	L/C, etc	100%

Financial Information

Subject has no obligations to disclose its financial statements to the third party according to the relevant policy in Taiwan and the only source from which we can obtain the information is the subject itself.

Subject’s staff Betty introduced the estimated sales of subject as follows for reference, and we can not obtain any further information from other sources.

Unit: NTD

Annual Sales

20,000,000

(USD 666,000)

(As of 2012.07, 1 NTD = 0.0333 USD)

Bankers

Subject declined to disclose its bank details; from other source we can not obtain the relevant information, either.

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

Position	Betty Hu
Department	Sales department

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.37
UK Pound	1	Rs.87.44
Euro	1	Rs.68.04

INFORMATION DETAILS

Report Prepared by :

PRL

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.