MIRA INFORM REPORT

Report Date :

27^th January, 2007

IDENTIFICATION DETAILS

Name :	JOYFUL FAIRY (FRUITS) LTD

Registered Office :	Rm 2, 7 & 8, 1fl Kam Fai Bldg 20 Waterloo Rd, Yaumatei Kowloon, Hong Kong

Country :	Hong Kong

Date of Incorporation :	19.03.1991

Com. Reg. No.:	0302532

Legal Form :	Private Company

Line of Business :	Engaged in trading wide range of fruits.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	Small

Maximum Credit Limit :	USD 10,000

Status :	Small Company

Payment Behaviour :	Regular

Litigation :	Exist

Company Name & Address

JOYFUL FAIRY (FRUITS) LTD

RM 2, 7 & 8, 1FL KAM FAI BLDG 20 WATERLOO RD, YAUMATEI KOWLOON, HONG KONG,

TEL : 852-23854199

FAX : 852-23854567

EXECUTIVE SUMMARY

INCORPORATION DATE : MARCH 19, 1991

REGISTRATION NO. : 0302532

LEGAL FORM : PRIVATE

CHIEF EXECUTIVE : MR. HENRY KAM-WAH SO (MANAGER)

STAFF STRENGTH : 8

CAPITAL : US$ 19,305

BUSINESS LINE : TRADER

TURNOVER : N/A (AS OF DEC. 31, 2005)

EQUITIES : N/A (AS OF DEC. 31, 2005)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : USD 10,000

MARKET CONDITION : COMPETITIVE

FINANCIAL CONDITION : STABLE

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : HKD 7.80478 = US$1 AS OF 2007-1-26

Adopted abbreviations:

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

M - million

HKD –Hong Kong Dollars

*Company Registration*

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

(1)

License number : 0302532

Date issued : 19 March, 1991

Issuing authority : Companies Registry

Legal form : Limited Liability Company

Type of license : Corporate

(2)

License number : 14415786

Issuing authority : Business Registration Office - Inland Revenue Dept

Type of license : Business

*Corporate & Organization Structure*

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

A small company operated and managed by an experienced team of professionals.

*Capital Details*

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

Authorized capital : HKD 150,000.00 divided into 150,000 ordinary shares of HKD 1.00/-each, fully paid

*Approved Signatures*

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

Only Mr. Wing-pui So can sign on behalf of the company with seal affixed.

SC is not known to host website of its own at present.

Litigation ( 1 )

Position : Defendant

Other Parties Involved : Position Country Party's Name

Plaintiff Hong Kong CIR

Case Issue : A petition to the court claiming unpaid taxes amounting to HKD 7,234,162.00 (filed under case no. DCTC5514/2004)

Court : District Court, Hong Kong

Date Commenced : 7 April, 2004

Status : Not stated

Summary : Case Address : Rm 7 & 8, 1Fl Kam Fai Bldg, 20 Waterloo Rd Yaumatei Kowloon

Hong Kong

Litigation ( 2 )

Position : Defendant

Other Parties Involved : Position Country Party's Name

Plaintiff Hong Kong CIR

Case Issue : A petition to the court claiming unpaid taxes amounting to HKD 377,818.00 (filed under case no. DCTC4245/2005)

Court : District Court, Hong Kong

Date Commenced : 15 April, 2005

Status : Not stated

Summary : Case Address : Rm 7 & 8, 1Fl Kam Fai Bldg, 20 Waterloo Rd Yaumatei Kowloon

Hong Kong

*Major Shareholders*

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

Total number of shareholders : 2

Total number of ordinary shares : 150,000

Shareholders' Name No. of Ordinary Shares Amount of Shares (HKD) % of Shares

-------------------------- ------------------------------- --------------------------------- ----------------

Mr. Henry Kam-wah So 75,000 75,000.00 50.00

Mr. Wing-pui So 75,000 75,000.00 50.00

*Directors' Details*

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

(1)

Mr. Kam-ming So

HKID no : A851730(7)

Address : 4Fl, 1 Mee Lun St, Central, Hong Kong

(2)

Mr. Wing-pui So

HKID no : E332926(0)

Address : Flat B 36Fl Block T6 Sorrento 1 Austin Rd West, Tsimshatsui, Kowloon Hong Kong

*Corporate Secretary*

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

WKL SERVICES LTD

CR no : 981341

Address : Unit 1506 Vicwood Plaza 199 Des Voeux Rd Central Hong Kong

Management: Mr. Henry Kam-wah So, General Manager

Name Nationality Job Description

Mr. Henry Kam-wah So Hong Kong General Manager

*Key Personnel*

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

Mr. Henry Kam-wah So

HKID no. : A650635(9)

Founder : Co-Founder

Address : Flat C 10Fl, On Wing Bldg, 51-59 Bonham Strand E Hong Kong Hong Kong

Work experience : More than 15 years

Responsibilities : Handles the daily operation of the firm including all financials and legal matters.

*Main Products & Services*

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

Specializes in trading wide range of fruits.

Products: Citrus, fruits

Fresh fruits

Fruit, berries

Mushrooms

Vegetables

*Payment Terms*

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

Sales

------

Local : Cash

30-90 days credit

Export : Letter of Credit (L/C)

Telegraphic Transfer (T/T)

Purchases

--------------

Import : Letter of Credit (L/C)

Telegraphic Transfer (T/T)

*Imports*

========

100% of the products are imported from the following countries :

- USA

- South Africa

- Australia

- France

- Pakistan

- India

- Italy

- Japan

- Philippines

- Taiwan

- Malaysia

*Local Distribution Network*

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

50% of the annual turnover is attributed to local sales.

*Export Markets*

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

50% of the annual turnover is attributed to export.

*(Subsidiaries, Joint-ventures & Affiliates)

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

Company Name : KASTOR DEVELOPMENT LTD

Country : Hong Kong

Relationship : Affiliate

Legal Form : Private Limited Company

Company Type : Trader

Industry : Food Products

PAYMENT RATING :4 OBTAINED SCORES : 45

Rating Key	Implication	Implications
1	Scores 85–100	Excellent
2	Scores 75 – 84	Above Average
3	Scores 50 – 74	Average
4	Scores 35 – 49	Fair
5	Scores 15 – 34	Below Average
6	Scores 01 – 14	Poor
NR	No Data	No Data

The rating indicates the payment pattern of SC based upon our Payment Database, comments from suppliers of SC, information from banks (if available), as well as industrial sources.

Dealings on open terms may be possible for SMALL amounts depending on individual judgement experience.

As a limited liability company there is no legal requirement according to local corporate law for public disclosure of detailed financials.

SC is considered small-sized in its line with a development history of 16 years. It is considered a credit line up to USD 10,000 appears to be within SC’s capacities.

ATTACHED: TRADE REFERENCES

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 0100 Agricultural Production-Crops

Trading 0161 Vegetables and melons

Trading 0174 Citrus fruits

Trading 0179 Fruits and tree nuts,

Trading 5148 Fresh Fruits & Vegetables

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 0709 Vegetables, fresh or chilled

Trading 0709510000 Mushrooms, fresh or chilled

Trading 0800 Ed. fruits & nuts, peel of citrus/melons

Trading 0805 Citrus fruit, fresh or dried

Trading 0810 Fruit, fresh

Trading 0810902090 Berries, fresh

INTERNATIONAL TRADE : ACTIVITY & MARKETS

Exporting to Asia

Exporting to China

Importing from Africa

Importing from Asia

Importing from Australia

Importing from Europe

Importing from France

Importing from India

Importing from Italy

Importing from Japan

Importing from Malaysia

Importing from North America

Importing from Oceania

Importing from Pakistan

Importing from Philippines

Importing from South Africa

Importing from Taiwan

Importing from USA

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

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