MIRA INFORM REPORT

Report No. :	326434
Report Date :	16.06.2015

IDENTIFICATION DETAILS

Name :	NINGBO JINTIAN COPPER (GROUP) CO., LTD.
Registered Office :	No. 1 Chengxi West Road, Cicheng, Jiangbei District, Ningbo City, Zhejiang Province, 315034 Pr
Country :	China
Date of Incorporation :	20.06.1992
Com. Reg. No.:	330200000017076
Legal Form :	Shares limited co.
Line of Business :	Subject is engaged in manufacturing, processing and sales of copper products
No. of Employee :	Not Available

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 :

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
China	A2	A2

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

CHINA - ECONOMIC OVERVIEW

Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US that year... Still, per capita income is below the world average.

The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including legislation allowing local governments to issue bonds, further opening several state-owned enterprises to private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.

Source : CIA

Company name and address

NINGBO JINTIAN COPPER (GROUP) CO., LTD.

NO. 1 CHENGXI WEST ROAD, CICHENG, JIANGBEI DISTRICT,

NINGBO CITY, ZHEJIANG PROVINCE, 315034 PR CHINA

TEL: 86 (0) 574-87567880/ 87597760 FAX: 86 (0) 574-87597573

EXECUTIVE SUMMARY

INCORPORATION DATE : jun. 20, 1992

REGISTRATION NO. : 330200000017076

REGISTERED LEGAL FORM : Shares limited co.

CHIEF EXECUTIVE : Mr. Lou guoqiang (legal representative)

STAFF STRENGTH : n/a

REGISTERED CAPITAL : CNY 1,214,969,000

BUSINESS LINE : TRADING, processing & manufacturing

TURNOVER : N/A

EQUITIES : N/A

PAYMENT : Uknown

MARKET CONDITION : competitive

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : steady

GENERAL REPUTATION : well-known

EXCHANGE RATE : CNY 6.2064 = USD 1

Adopted abbreviations:

ANS - amount not stated NS - not stated SC - subject company (the company inquired by you)

NA - not available CNY - China Yuan Renminbi

SC was registered as a Shares limited co. at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license).

Company Status: Shares limited co.

This form of business in PR China is defined as a legal person. Its registered capital is divided into shares of equal par value and the co. raises capital by issuing share certificates by promotion or by public offer. Shareholders bear limited liability to the extent of shareholding, and the co. is liable for its debts only to the extent of its total assets. The co has independent property of legal person and enjoys property rights of legal person. The characteristics of the shares limited co. are as follows:

The establishment of the co. requires at least two promoters and no more than 200, half of whom shall be domiciled in China.. Natural person are allowed to serve as promoters.

The minimum registered capital of a co. is CNY 5M. while that of the co. with foreign investment is CNY 5M. The total capital of a co. which propose to apply for publicly listed must be no less than CNY 30M.

The board of directors must consist of five to nineteen directors.

If the co. raises capital by public offer, the promoters must not subscribe less than 35% of the total shares. the promoters’ shares are restricted to transfer- within one year of the offer.

A state-owned enterprise that is restructured into a shares limited co. must comply with the conditions & requirements specified under the law & administrative rule.

SC’s registered business scope includes black, non-ferrous metal rolling, processing; manufacture and processing of grinding wheel, wire, motor, hardware, valve, electronic components, fasteners; manufacturing and processing of enameled wire, electrolytic copper, copper rod, plate, strip, wire, tube, magnetic materials, stainless steel products (limited to the branch); wholesale and retail of electrical and mechanical equipment (excluding cars), packaging materials, hardware, electricity, goods, consignment-sales and consignment-purchase; scrap, stainless steel scrap, chemical raw materials (excluding hazardous chemicals) recovery; export of own products; import of raw and auxiliary materials, mechanical equipment, instrumentation, spare parts and related technology; processing with imported materials, processing with imported samples, assembling with imported parts, and compensation trade in agreement.

SC is mainly engaged in manufacturing, processing and sales of copper products.

Mr. Lou Guoqiang is legal representative, general manager and chairman of SC at present.

SC’s employee’s information is unavailable at present.

SC is currently operating at the above stated address, and this address houses its operating office and factory in Ningbo. Detailed premise information is not available at present.

http://www.jtgroup.com.cn/ The design is professional and the content is well organized. At present it is in English and Chinese versions.

Email: export@jtgroup.com.cn; import@jtgroup.com.cn

For the past two years there is no record of litigation.

Changes of its registered information are as follows:

Date of change	Item	Before the change	After the change
2007-11-29	Registered capital	CNY 65,670,000	Present one
	Registration no.	3302002007959

Organization Code: 144229592

MAIN SHAREHOLDERS:

Name Amount (CNY) % of Shareholding

Zhejiang Resource Development

Group Co., Ltd. 5,400,000 0.44

Yang Jianjun 8,325,000 0.69

Cao Lisu 8,853,000 0.73

Ningbo Simei Investment Co.,

Ltd. (In Chinese Pinyin) 15,000,000 1.23

Zhejiang Hongshi Venture Capital

Co., Ltd. (In Chinese Pinyin) 16,000,000 1.32

Youngor Investment Co., Ltd. 37,000,000 3.05

Lou Guohua 41,162,500 3.39

Lou Guojun 75,840,000 6.24

Lou Guoqiang 357,115,500 29.39

Ningbo Jintian Investment Holdings Co., Ltd. 421,800,000 34.72

Ding Guoan and other 176 shareholders 228,473,000 18.81

Zhejiang Resource Development Group Co., Ltd.

===================================

Incorporation Date: 1997-08-05

Registration No.: 330000000017110

Legal representative: Wen Lihua闻利华

Web: http://www.zj-zs.cn/

l Legal Representative, Chairman and general manager:

Mr. Lou Guoqiang, ID# 33020519570825XXXX, born in 1957, with university education, senior economist. He is currently responsible for the overall management of SC.

Working Experience(s):

At present Working in SC as legal representative, chairman and general manager.

l Vice chairman:

Mr. Lou Guojun , ID# 33020519640621XXXX, born in 1964, senior economist. He is currently responsible for the daily management of SC.

Working Experience(s):

At present Working in SC as vice chairman.

Also working in Ningbo Jintian Copper Tube Co., Ltd. as legal representative.

l Directors:

Xu Hong

Cao Zhong

Ma Shiguang

Etc.

l Supervisor:

Hu Songcai

Ding Liwu

Lu Xiaohong

SC is mainly engaged in manufacturing, processing and sales of copper products.

SC’s products mainly include: Copper tube, Copper Strip and Copper wire.

SC sells its products in domestic market, and to overseas market.

The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.

Note: SC declined to release its major suppliers and clients.

Trademark & Patents

Registration No.	4302100	5421026	5399956
Registration Date	2007-7-14	2009-11-28	2009-5-21
Trademark Design

Ningbo Jintian Copper (Group) Co., Ltd. Metallurgical Research Institute

Incorporation Date: 1997-10-06

Registration No.: 330200000039152

Principal: Wang Yongru

SC is known to invest in the following companies:

Ningbo Jintian New Material Co., Ltd.

Ningbo Ketian Magnet Co., Ltd.

Ningbo Jintian Copper Tube Co., Ltd.

Ningbo Jiangbei Dachuang Copper Wire Co., Ltd.

Ningbo Jiekelong Precision Manufacturing Co., Ltd.

Etc.

Overall payment appraisal:

( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet determined

The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment and our debt collection record concerning SC.

Trade payment experience: SC did not provide any name of trade/service suppliers and we have no other sources to conduct the enquiry at present.

Delinquent payment record: None in our database.

Debt collection record: No overdue amount owed by SC was placed to us for collection within the last 6 years.

SC’s bank details are not available at present.

SC’s accountant refused to release the financial information.

SC has developed for 23 years. Due to lack of financial statements, we are unable to determine the maximum credit limit for SC. Taking into consideration of all the factors above.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.09
UK Pound	1	Rs.99.57
Euro	1	Rs.71.84

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	ASH

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.