MIRA INFORM REPORT

Report Date :

26^th February, 2007

IDENTIFICATION DETAILS

Name :	KOWLOONLAND (HONGKONG) DEVELOPMENT CO. LTD.
Registered Office :	Unit D, 10/F, China Overseas Building, 139 Hennessy Road, Wanchai, Hong Kong
Country :	Hong Kong
Date of Incorporation :	23.04.2004
Com. Reg. No.:	896889
Legal Form :	Private Limited Company

RATING & COMMENTS

MIRA’s Rating :

NR (No Rating)

RATING	STATUS	PROPOSED CREDIT LINE
NR	In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

Status :	Undetermined
Payment Behaviour :	Unknown
Litigation :	Clear

Company name & Address

KOWLOONLAND (HONG KONG) DEVELOPMENT CO. LTD.

UNIT D, 10/F, CHINA OVERSEAS BUILDING, 139 HENNESSY ROAD, WANCHAI, HONG KONG. (AS REGISTERED)

TEL : NOT REGISTERED

FAX : NOT REGISTERED

Narrative report

This refers to a type of report whose format is different from that of a standard report. Such type of report is provided when:

l Information obtained is insufficient for compiling a standard report.

l The enquired co has been out of business or its business address has been untraceable.

It should be noted that the time and manpower spent on preparing such type of report might be greater than those on a standard report. On many occasions, the information in this type of report still indicates the current status of the enquired co. and serves as a useful reference to assess its credit standing.

SC is a private limited co. incorporated under co. file no. 896889 on 23-4-2004.

Details of its incorporation information are shown to be as follows:

Authorized capital :HKD10,000 divided into 10,000 shares @ HKD1.-

Paid-up capital :HKD10,000

Shareholders/subscribers (as at 23-4-2006)

Name(s), ID/passport number, nationality & registered address No. of Shares

- *Yang Jian / 149748205 / Chinese 5,500

/ Rm 402, Blk 45, Dongdao Yuan North Part, Dongxiao Road,

Buxin, Shenzhen, Guangdong Province, PR China.

- *Hua Hui Zhen / G09612370 / Chinese 4,500

/ -- ditto -- --------

10,000

=====

Directors(as at 23-4-2006)

Name(s), ID/passport number & nationality Registered address

*Also directors

The above information is based on SC's registration documents filed in Companies Registry within the last 2 years.

This section will contain the civil litigations & winding-up petitions filed against SC for the last 6 years (as stored in our database), and the mortgage/charge filed by SC for the last 2 years. In Hong Kong, creation of such mortgage/charges by an unlimited co is not required to be registered in the public records.

Civil litigation/winding-up petitions : None in our database.

Mortgage/charge record(s) : None filed since its incorporation date.

Yang Jian, director: He is a Chinese mainlander.

Credit history check : This refers to a check of our database whether the said person has been involved in any of the following records stored by us within the last 6 years:

Civil litigation as defendants : None in our database

Bankruptcy/winding-up petitions : None in our database

Delinquent payment records : None in our database

Debt collection records : No overdue amount owed by the said person was placed to us for

collection

Hua Hui Zhen, director: He is a Chinese mainlander.

Credit history check : This refers to a check of our database whether the said person has been involved in any of the following records stored by us within the last 6 years:

Civil litigation as defendants : None in our database

Bankruptcy/winding-up petitions : None in our database

Delinquent payment records : None in our database

Debt collection records : No overdue amount owed by the said person was placed to us for

collection

Detailed information regarding its activities is not available.

SC is not known to have any subsidiary at present.

On 8-2-2007, a visit to the premises at the heading business address by our field reporter revealed the following:

The address is a commercial premises outside of which SC's name was not seen on display. Instead, the following co. name(s) was/were seen on display:

- Offshore Business Consultant (HK) Ltd.

The gross area of the premises is estimated at 1,200 square feet.

Condition inside the premises during our visit: Normal

Office/factory outlay: Standard

The premises is occupied as office by the aforesaid co. (tel: 852-28673793 & fax: 852-25273298) which is a business centre.

The said co. provides operational (like telephone, fax & office equipment) & clerical support service to its clients each of whom usually sub-leases a desk or a room as office there.

Our reporter then contacted a female who identified herself as a staffmember of the said co.

She confirmed that SC is one of the many cos. whose secretarial & accounting affairs are being handled by them.

It is a general practice in Hong Kong that a firm of such business nature does not disclose a client's information to the third party without the client's consent.

She had promised to pass our message & deliver our brochure & questionnaire to SC's principal(s). However, we have not yet received any reply.

Our current inquiry reveals that no such name as SC is registered as a current user of local fixed line telephone companies.

Despite having exhausted all our effort, we are unable to obtain sufficient information to assess SC's credit standing.

-- Asset Tracing --

Upon our current investigation, our database & sources consulted indicate that SC was not involved in any property transaction (both purchase & disposal) in Hong Kong for the last 6 years.

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

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