MIRA INFORM REPORT

Report Date :

13.12.2014

IDENTIFICATION DETAILS

Name :	BRI-STEEL CORPORATION

Registered Office :	2125 64^th Avenue, Edmonton, Alberta T6P 1Z4, Canada

Country :	Canada

Date of Incorporation :	31.03.2004

Legal Form :	Corporation – Profit

Line of Business :	Distributes and Sells Pipes and Steel Products

No of Employees :	17

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Canada

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 high 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 merchandise exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its abundant 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 2010-13 and plans to balance the budget by 2015. In addition, the country's petroleum sector is rapidly expanding, because Alberta's oil sands significantly boosted Canada's proven oil reserves. Canada now ranks third in the world in proved oil reserves behind Saudi Arabia and Venezuela.

Source : CIA

Note

Your order on: BRI-STEEL DISTRIBUTION

This is a Trade Name registered in Alberta on September 4, 2014, under ID# AB-TN18452128, owned by:

Company name: BRI-STEEL CORPORATION

Address: 2125 64^th Avenue, Edmonton, Alberta T6P 1Z4, Canada

Telephone: +1 780-469-6603

Fax: +1 780-469-6986

Website: www.bristeeldistribution.com

Corporate ID#: AB-2011002660

State: Alberta

Judicial form: Corporation – Profit

Date incorporated: 03-31-2004

Stock: -

Value: -

Name of manager: DON CARON

ACTIVITIES & OPERATIONS

IST

Business:

Bri-Steel Corporation distributes and sells pipes and steel products in the United States, Canada, and China.

The company’s distribution products include carbon steel seamless and welded pipes, stainless steel seamless pipes, tubing and casings, sucker rods, HD galvanized fence pipes, and drill pipes.

It also supplies round and buttress threads for casing; and API NUE and EUE threads for tubing.

Bri-Steel Corporation was formerly known as Weifang Steel Canada Ltd. and changed its name to Bri-Chem Steel Corporation in June 2009.

The company was founded in 2003 and is based in Edmonton, Canada with sales offices in Dahlonega, Georgia; Chicago, Illinois; Edison, New Jersey; and

Wuxi City, China.

Bri-Steel Corporation is a former subsidiary of Bri-Chem Corp.

No name of foreign suppliers available.

Staff: 17

Operations & branches:

At the headquarters, we find the corporate office.

SHAREHOLDERS & MANAGERS

Shareholders:

BRI-CHEM CORP.

2125 64^th Avenue, Edmonton, Alberta T6P 1Z4

Bri-Chem Corp is a wholesale supplier of drilling fluids for the oil and gas industry.

The Company also manufactures carbon steel pipes and large diameter seamless steel pipes for the energy industry.

The Company is listed

Management:

Don Caron is the President, Director and CEO.

He has been President of Bri-Chem Corp., since April 30, 2009.

Mr. Caron serves as a Partner at Western America Capital Group. He has extensive experience in operational management, public company compliance, financing and reorganization. Mr. Caron has successfully advised and participated in several mergers and acquisition. Mr. Caron served as Vice President of Western America Bancorp. Mr. Caron served as the Chief Executive Officer of Synergy Acquisition Corp., since December 29, 2008. He served as the Secretary of Commercial Solutions, Inc. from 1993 to March 16, 2009.

He has been Chairman at Bri-Chem Corp. since July 1997. He has been Director of Bri-Chem Corp., since July 1997. He served as a Director at Salmon River Resources Ltd. He served as a Director of Synergy Acquisition Corp., since March 29, 2006 until October 10, 2013. He served as Director of Commercial Solutions, Inc. from 1993 to March 16, 2009.

He served as Director of MBase Commerce, Inc.

He served as Independent Director of Serenic Corp. from January 2000 to May 2010.

Jason THEISS is the CFO.

As far as we know, they are involved in other corporations, including:

BRI-CHEM CORP.

BRI-CHEM STEEL CORPORATION

BRI-STEEL MANUFACTURING INC.

BRI-CHEM SUPPLY, LTD

SODIUM SOLUTIONS INC.

FINANCIALS

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

On a direct call, a financial assistant controlled the present report and confirmed that all financials are consolidated into the parent company which reported sales for year 2013 up to CAD 179,900,000= and a net profit of

CAD 100,000=

Banks: HSBC Bank Canada

10250 – 101 Street, Edmonton, Alberta T5J 3P4

LEGAL FILINGS

Legal filings & complaints:

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

Secured debts summary (UCC): None

COMPANY CREDIT HISTORY

TRADE REFERENCES:

Date reported: November 2014

High credit: CAD 30,000

Now owing: 0

Past due: 0

Last purchase: October 2014

Line of business: Office supply

Paying status: On terms

Date reported: November 2014

High credit: USD 28,000

Now owing: 0

Past due: 0

Last purchase: October 2014

Line of business: Payroll

Paying status: As agreed

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 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.

The risk is low.

Our opinion:

A business connection may be conducted.

However, we suggest you a report on the parent company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.38

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	TPT

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.