MIRA INFORM REPORT

Report Date :

14.11.2013

IDENTIFICATION DETAILS

Name :	PINACLE STAINLESS STEEL INC
Registered Office :	4665 Rue Cousens, Montreal, Quebec H4S 1X5
Country :	Canada
Date of Incorporation :	10.05.1995
Legal Form :	Corporation – Profit
Line of Business :	Distributor of stainless steel industrial plumbing and fluid handling products.
No. of Employees :	60

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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 a 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 economic crisis, 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 2010-12 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 & address

Company name: ACIER ONOXYDABLE PINACLE INC. (in French)

PINACLE STAINLESS STEEL INC. (in English)

Address: 4665 Rue Cousens, Montreal, Quebec H4S 1X5 - Canada

Telephone: +1 514-745-0360

Fax: +1 514-745-0387

Website: www.pinacle.ca

COMPANY SUMMARY

Corporate ID#: 1144600005

State: Quebec

Judicial form: Corporation – Profit

Date incorporated: 05-10-1995

Date founded: 01-16-1987

Stock: -

Value: -

Name of manager: John GOUGH

ACTIVITIES & OPERATIONS

IST

Business:

PinAcle Stainless Steel Inc. operates as a distributor of stainless steel industrial plumbing and fluid handling products.

It offers stainless steel pipes, tubes, fittings, valves, hangers, and fasteners.

Suppliers include:

ZHEJIANG STELLAR PIPE INDUSTRY CO LTD

INDUSTRIAL PARK, XIAOZHI, QINGTIAN 323900, ZHEJIANG CHINA

Staff: 60

Operations & branches:

At the headquarters, we find the corporate office.

The Company maintains branches located:

7007 54^th Street SE

Calgary, Alberta

455 Ambassador Drive

Mississauga, Ontario

484 Adelard Savoie Bld

Dieppe, New Brunswick

3603 Milar Avenue

Saskatoon, Saskatchewan

SHAREHOLDERS & MANAGERS

Shareholders:

3097-4729 QUEBEC INC.

4665 Rue Cousens, Montreal, Quebec H4S 1X5 – Canada

Incorporated in Quebec on 03-15-1994

ID# 1140175432

Management:

John GOUGH is the President, Director and CEO

As far as we know, he is involved in other corporations, including:

3097-4729 QUEBEC INC.

4665 Rue Cousens, Montreal, Quebec H4S 1X5 – Canada

9255-0813 QUÉBEC INC.

4665 Rue Cousens, Montreal, Quebec H4S 1X5 – Canada

6525717 CANADA INC.

2405-220 - 12th Avenue SE, Calgary, Alberta T2G 0R5 - Canada

and others.

Marc HEBERT is Secretary and Treasurer

FINANCIALS

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

On a direct call, a financial assistant controlled the present report but deferred any financials.

We sent a fax but no answer received.

However, sales estimate for year 2012 is in the range of CAD 10,000,000=

The business is said to be profitable.

Banks: Royal Bank of Canada

Scotia Bank

…

LEGAL FILINGS

Legal filings & complaints:

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

Secured debts summary: None

COMPANY CREDIT HISTORY

Trade references:

Date reported: October 2013

High credit: CAD 30,000

Now owing: 0

Past due: 0

Last purchase: September 2013

Line of business: Office supply

Paying status: On terms

Date reported: October 2013

High credit: CAD 80,000

Now owing: 0

Past due: 0

Last purchase: September 2013

Line of business: Payroll

Paying status: As agreed

Date reported: October 2013

High credit: CAD 2,000

Now owing: 0

Past due: 0

Last purchase: September 2013

Line of business: Telecommunications

Paying status: On terms

Domestic credit history:

National Credit Bureaus gave a satisfying credit rating.

According to our credit analysts, during the last 6 months, domestic payments were made on due date.

International credit history:

Payments of imports are currently made on terms.

Other comments:

The Company maintains a regular business.

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

Last report was filed on 05-16-2013

The risk is low.

Our opinion:

A business connection may be conducted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.65
UK Pound	1	Rs.101.16
Euro	1	Rs.85.55

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%)