MIRA INFORM REPORT

Report Date :

06.11.2012

IDENTIFICATION DETAILS

Name :	ALLIED FITTING L.P.
Registered Office :	7200 Mykawa Road, Houston, TX 77033
Country :	Canada
Date of Incorporation :	01.01.2000
Legal Form :	LP
Line of Business :	Manufacture of carbon steel fittings and flanges for mechanical and industrial markets.
No. of Employees :	300

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow
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 (31.03.2011)	Current Rating (30.06.2012)
Canada	A1	A1

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

CANADA - ECONOMIC OVERVIEW

As an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and affluent living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its great natural resources, highly skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economiccrisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada''s major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector''s tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010 and 2011 and plans to balance the budget by 2015. In addition, the country''s petroleum sector is rapidly becoming an even larger economic driver with Alberta''s oil sands significantly boosting Canada''s proven oil reserves, ranking the country third in the world behind Saudi Arabia and Venezuela

Source : CIA

Company name and address

ALLIED FITTING CANADA

172 Turbo Drive, Sherwood Park, Alberta T8H 2J6 – Canada

This is a branch of:

Company name: ALLIED FITTING L.P.

Address: 7200 Mykawa Road, Houston, TX 77033

Telephone: +1 713-799-1100

Fax: +1 713-799-1007

Website: www.alliedfit.com

Corporate ID#: 0012974510

State: Texas

Judicial form: LP

Date incorporated: 01-01-2000

Stock Value: A LP has no stock

Name of manager: Marc HERZSTEIN

ACTIVITIES & OPERATIONS

History:

Business started as ALLIED FITTING CORPORATION on 02-10-1965? converted to a LP on 01-01-2000.

IST

Business:

Allied Fitting, LP engages in the manufacture of carbon steel fittings and flanges for mechanical and industrial markets.

It offers heavy walls, schedule flanges, and O.D. material.

The company maintains branches in Atlanta, Georgia; Dayton, New Jersey; Ontario, California; Denver, Colorado; and Alberta and Paris, Canada.

The company also has subsidiaries and sales offices in France, the United Kingdom, the Russian Federation, Australia, China, India, Nigeria, the United Arab Emirates, and Singapore.

Since 01-10-2008, the Company is also doing business as

ALLIED FITTING AND FLANGE.

Suppliers include:

VALVITALIA SpA

Via Tortona, 69, 27055 Rivanazzano (PV) Italy

AIMS INDIA Pvt. Ltd.

292A, Jodhpur Park , Kolkata – 700 068 India

ECHJAY INDUSTRIES PVT. LTD.
Lalpari Lake Road Rajkot-360 003, Gujarat State, India

Texas Tax ID# 17415015787

Staff: 300

Operations & branches:

At the headquarters, we find a factory, warehouse and office, owned.

The company maintains branches in Atlanta, Georgia; Dayton, New Jersey; Ontario, California; Denver, Colorado; and Alberta and Paris, Canada.

The company also has subsidiaries and sales offices in France, the United Kingdom, the Russian Federation, Australia, China, India, Nigeria, the United Arab Emirates, and Singapore.

SHAREHOLDERS & MANAGERS

Shareholders:

RELIQUA, LLC

7200 Mykawa Road, Houston, TX 77033

Incorporated in Texas on 12-23-1999

ID# 0706056722

The ultimate parent company is:

ALLIED INTERNATIONAL S.R.L.

Vascellino Nibbiano, PC 29010

Italy

Allied International S.R.L. manufactures and distributes carbon/stainless steel and non ferrous alloy fittings, pipes, and flanges used in nuclear installations, thermal power plants, oil and gas production facilities, oil and gas pipelines, and the refining industry in Italy and internationally.

It offers piping materials, S.R. and L.R. return bends and elbows, caps, eccentric and concentric reducers, and reducing and equal tees; and special fittings according to customer drawings, Y pieces, manifolds and headers, barred and special flow tees, reinforcement saddles, equal and reducing laterals, reducing and long tangent elbows, and special crosses.

The company was founded in 2000 and is based in Nibbiano, Italy with subsidiaries and sales offices in the United States, Canada, France, the United Kingdom, the Netherlands, Russia, Kazakhstan, Australia, China, India, Nigeria, the United Arab Emirates, Nigeria, Singapore, and Japan.

It has warehouses in Italy, Scotland, Kazakhstan, the United States, and Canada.

Management:

Marc HERZSTEIN is the President and CEO.

Mr. Herzstein serves as the Chief Executive Officer of Allied International S.r.l. He served as Vice President Of Apex Valves & Fittings, Houston from 1970 to 1988. He has been at Allied Fitting Corporation since 1988.

Mr. Herzstein graduated from The University of Texas in 1970.

Subsidiaries

And partnership: None

FINANCIALS

In United States, privately held corporations are not required to publish any financials.

On a direct call, a financial assistant controlled the present report.

Sales declared for year 2011 is in the range of USD 20,000,000=

Net profit is the range of USD 500,000=

Banks: JPMorgan Chase Bank

707 Travis Street, Houston, TX 77002

Ph: 713-223-1818

LEGAL FILINGS

Legal filings & complaints:

As of today date, there is no legal filing pending with the Courts.

Secured debts summary (UCC):

File number: 09-0019900311

Date filed: 07-14-2009

Lapse date: 07-14-2014

Secured Party: Dell Financial Services LLC

12234 N. IH-35, Bldg B, Austin, TX 78753

File number: 09-0023538272

Date filed: 08-24-2009

Lapse date: 08-24-2014

Secured Party: Dell Financial Services LLC

12234 N. IH-35, Bldg B, Austin, TX 78753

File number: 10-0009232855

Date filed: 04-01-2010

Lapse date: 04-01-2015

Secured Party: JPMorgan Chase Bank

707 Travis Street, Houston, TX 77002

COMPANY CREDIT HISTORY

Trade references:

Date reported: October 2012

High credit: USD 40,000

Now owing: 0

Past due: 0

Last purchase: September 2012

Line of business: Office supply

Paying status: 5 days beyond terms

Date reported: October 2012

High credit: USD 500,000+

Now owing: 0

Past due: 0

Last purchase: September 2012

Line of business: Payroll

Paying status: As agreed

Date reported: October 2012

High credit: USD 5,000

Now owing: 0

Past due: 0

Last purchase: September 2012

Line of business: Telecommunications

Paying status: On terms

Date report: October 2012

High credit: USD 100,000+

Now owing: 0

Past due: 0

Line of business: Insurance

Paying status: On terms

Domestic credit history:

Domestic credit history appears as follow:

Monthly Payment Trends - Recent Activity

Date	Balance	Current	Up to 30 DBT	31-60 DBT	61-90 DBT	>90 DBT
05/12	$119,000	74%	25%	1%	0%	0%
06/12	$119,300	74%	16%	10%	0%	0%
07/12	$143,900	75%	14%	4%	7%	0%
08/12	$124,700	76%	19%	1%	3%	1%
09/12	$116,000	82%	13%	0%	3%	2%
10/12	$138,200	89%	7%	2%	0%	2%

National Credit Bureaus gave a medium credit rating.

According to our credit analysts, during the last 6 months, 78% of trade experience indicates a regular payment.

International credit history:

Payments of imports are currently made with an average of 2 to 5 days beyond terms.

Other comments:

The Company maintains a regular business.

The bank confirmed a small account.

The Company is late to file its annual report.

Last report was filed on 11-16-2009.

Local and Federal taxes were not paid for year 2010 and 2011.

The risk is medium.

Our opinion:

We suggest you to be careful.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.08
UK Pound	1	Rs.86.68
Euro	1	Rs.69.36

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%)

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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.