MIRA INFORM REPORT

Report Date :

7^th November, 2006

IDENTIFICATION DETAILS

Name :	GUILIN SHENGJING (INTERNATIONAL) INVESTMENT COMPANY LIMITED

Registered Office :	Room 418, Nancheng Shopping Mall, No. 26, Lijiang Road, Guiling City, Guangxi Province 541004 Pr China

Country :	China

Date of Incorporation :	24.05.2006

Com. Reg. No.:	4503051105281

Legal Form :	limited liabilities company

Line of Business :	The company is engaged in item investment.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	New Company

Payment Behaviour :	Usually Correct

Litigation :	Clear

Company name & Address

GUILIN SHENGJING (INTERNATIONAL) INVESTMENT CO., LTD.

ROOM 418, NANCHENG SHOPPING MALL, NO. 26, LIJIANG ROAD, GUILING CITY

GUANGXI PROVINCE 541004 PR CHINA

TEL : 86 (0) 773-5850566

FAX : 86 (0) 773-5857766

EXECUTIVE SUMMARY

INCORPORATION DATE : MAY 24, 2006

REGISTRATION NO. : 4503051105281

REGISTERED LEGAL FORM : limited liabilities company

CHIEF EXECUTIVE : Mr. yang ye (chairman)

STAFF STRENGTH : 12

REGISTERED CAPITAL : CNY 2,000,000

BUSINESS LINE : investing

TURNOVER : n/a

EQUITIES : n/a

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : COD TO SMALL AMOUNT

MARKET CONDITION : COMPETITIVE

FINANCIAL CONDITION : undetermined

OPERATIONAL TREND : steady

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : CNY 7.87 = US$1 AS OF 2006-11-06

SC was registered as a limited liabilities company at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on May 24, 2006.

Company Status: Limited liabilities co.

This form of business in PR China is defined as a legal person. Shareholders bear limited liability to the extent of shareholding, and the co. is liable for its debts only to extent of its total assets. The characteristics of this form of co. are as follows:

Upon the establishment of the co., an investment certificate is issued to the each of shareholders.

The board of directors is comprised of three to thirteen members.

The minimum registered capital for a co. is listed as follows:

-manufacturing co.                                 : CNY 500,000.00

-trading &wholesaling co.            : CNY 500,000.00

-retailing co.                              : CNY 300,000.00

-consultancy & service co.          : CNY 100,000.00

Shareholders may take their capital contributions in cash or by means of tangible assets or intangible assets such as industrial property and non-patented technology.

Cash contributed by all shareholders must account for at least 50% of the registered capital while contribution by intangible assets must not exceed 20% of the registered capital.

Existing shareholders have pre-exemption right to purchase shares of the co. offered for sale by the other shareholders and to subscribe for the newly increased registered capital of the co.

SC’s registered business scope includes commercial investment, import and export business, and

information consultation service.

SC is mainly engaged in item investment.

Mr. Yang Ye has been chairman of SC since 2006.

SC owns about 12 staff at present.

SC is currently operating at the above stated address, and this address houses its operating office in the commercial zone of Guilin. Our checks reveal that SC rents the total premise about 150 square meters.

http://www.qqcgt.com The design is professional and the content is well organized. At present the web site is both in English and Japanese versions.

No significant events or changes were found during our checks with the local Administration for Industry & Commerce.

MAIN SHAREHOLDERS:

Name % of Shareholding

Yang Ye 70

Lv Jianhui 30

l Chairman and General Manager:

Mr. Yang Ye , in his 40’s with university education. He is currently responsible for the overall management of SC.

Working Experience(s):

Since 2006 Working in SC as chairman and general manager.

l Assistant Manager:

Mr. Li Weidong, in his 40’s with university education. He is currently responsible for the daily management of SC.

Working Experience(s):

Since 2006 Working in SC as assistant manager.

SC is mainly engaged in item investment.

SC’s investment includes: investment of real estate, etc.

SC is not known to have any subsidiary at present.

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.

Bank of China

AC#：480593601880008681

Relationship: Normal.

SC was established recently in 2006, and its financial reports are not available at present.

SC was established recently in 2006, and its credit has not been established yet. Credit dealings with SC should be confined into small amount at present.

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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