MIRA INFORM REPORT

Report Date :

26.03.2014

IDENTIFICATION DETAILS

Name :	MET TRADE BHUTAN LTD
Registered Office :	L-17, Industrial Estate, Pasakha, Phunsheling,
Country :	Bhutan
Financials (as on) :	31.12.2012
Date of Incorporation :	03.06.1992
Legal Form :	Limited Company
Line of Business :	· Tin Ingot · Lead Ingots · Pure Tin Ingot · Aluminium Billet · Aluminium Ingots · Copper Bar · Tin Lead Solder Bar · Aluminium Products · Aluminium Coil · Read Lead, Letharge & Grey Oxide
No. of Employees :	32

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 :	Unknown
Litigation :	Clear

NOTES :

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ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Bhutan	B2	B1

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

BHUTAN - ECONOMIC OVERVIEW

Bhutan's economy, small and less developed, is based largely on agriculture and forestry, which provide the main livelihood for more than half of the population. Because rugged mountains dominate the terrain and make the building of roads and other infrastructure difficult and expensive, industrial production is primarily of the cottage industry type. The economy is closely aligned with India's through strong trade and monetary links and is dependent on India for financial assistance and migrant laborers for development projects, especially for road construction. Multilateral development organizations administer most educational, social, and environment programs, and take into account the government's desire to protect the country's environment and cultural traditions. For example, the government, in its cautious expansion of the tourist sector, encourages visits by upscale, environmentally conscientious tourists. Complicated controls and uncertain policies in areas such as industrial licensing, trade, labor, and finance continue to hamper foreign investment. Bhutan’s largest export - hydropower to India - is creating employment and will probably sustain growth in the coming years, but the sector has also expanded the trade and current account deficits because of the large amount of equipment needed to import materials to build hydropower plants. Bhutan’s GDP has rebounded strongly since the global recession began in 2008

Source : CIA

Company Identification Details

Enquired Name	:	MET TRADE BHUTAN LTD
Correct Name of Company	:	MET TRADE BHUTAN LTD
Registered Office	:	L-17, Industrial Estate, Pasakha, Phunsheling, Bhutan Phone: 00975-5-252909 Fax: 00975-5-252909
Industry	:	Metal
Nature of Activity	:	Tin Ingot Lead Ingots Pure Tin Ingot Aluminium Billet Aluminium Ingots Copper Bar Tin Lead Solder Bar Aluminium Products Aluminium Coil Read Lead, Letharge & Grey Oxide

Official Company Data

Legal Form	:	Limited Company
Corporate Identity Number (CIN)	:	C-5672
ROC Code	:	Thimpu
Registration Date	:	03.06.1992
Employee	:	32
Auditor	:	S. Giri & Co.
Bankers	:	Bank of Bhutan Ltd.

Financial

CEO

Director

Dr. H. Sood

Mr. S. K. Shamuar

Mr. T. Duba

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.49
UK Pound	1	Rs.99.77
Euro	1	Rs.83.67

INFORMATION DETAILS

Report Prepared by :

NIS

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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