MIRA INFORM REPORT

Report Date :

27.07.2007

IDENTIFICATION DETAILS

Name :	PIONEER MANUFACTURERS LTD

Registered Office :	Rm 2, 1FL Sea View Estate - Block A 2-8 Watson Rd North Point

Country :	Hong Kong

Date of Incorporation :	August. 27, 1959

Com. Reg. No.:	0005601

Legal Form :	Private

RATING & COMMENTS

MIRA’s 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

name & address

PIONEER MANUFACTURERS LTD

RM 2, 1FL SEA VIEW ESTATE - BLOCK A 2-8 WATSON RD NORTH POINT,

HONG KONG.

TEL: [+852] 25717291

FAX: [+852] 28073172

EXECUTIVE SUMMARY

INCORPORATION DATE : AUGUST. 27, 1959

REGISTRATION NO. : 0005601

LEGAL FORM : PRIVATE

CHIEF EXECUTIVE : N/A

STAFF STRENGTH : N/A

CAPITAL : US$ 255,754

BUSINESS LINE : N/A

TURNOVER : N/A (AS OF DEC. 31, 2006)

EQUITIES : N/A (AS OF DEC. 31, 2006)

PAYMENT : N/A

RECOMM. CREDIT RANGE : COD

MARKET CONDITION : FAIR

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : N/A

GENERAL REPUTATION : N/A

EXCHANGE RATE : HKD 7.82035 = USD1 AS OF 2007-07-26

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 : 0005601

Date issued : 27 August, 1959

Issuing authority : Companies Registry

Type of license : Corporate

(2)

License number : 00922292-000

Issuing authority : Business Registration Office - Inland Revenue Dept

Type of license : Business

*Capital Details*

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

Share value : HKD 100.00/-each

Authorized capital : HKD 2,000,000.00

Paid-up capital : HKD 50,000.00 divided into 500 ordinary shares

*Reputation*

===========

Due to the fact that the subject company :

(i) Does not maintain an operational office in Hong Kong; and

(ii) There is no knowledge or public record of overseas business activities

It has not been possible to ascertain the reputation of the company.

*Corporate Director*

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

YOUNG ENTERPRISES LTD

Address : Rm 2, 1Fl Sea View Estate - Block A 2-8 Watson Rd North Point Hong Kong

CR no : 13521

*Corporate Secretary*

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

CREDIT SECRETARIES LTD

Address : Rm 2, 1Fl Sea View Estate - Block A 2-8 Watson Rd North Point Hong Kong

CR no : 31114

*Approved Signatures*

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

Only YOUNG ENTERPRISES LTD can sign on behalf of the company with seal affixed.

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

For the past 48 years there is no record of litigation.

*Major Shareholders*

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

Total number of shareholders : 2

Total number of ordinary shares : 500

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

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

Daijiro Murai 436 43,600.00 87.20

Shinji Takeda 64 6,400.00 12.80

Note : YOUNG ENTERPRISES LTD had transferred its 40 shares to Shinji Takeda and Yukio Kurisaki had also transferred his 436 shares to Daijiro Murai on 5 November, 2005.

*Directors' Details*

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

Shinji Takeda

Japan passport no : TE7479715

Address : 2-23-1 Kikukawa Sumida-ku Tokyo 1300024 Japan

Shareholder's Details

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

Daijiro Murai

Address : 2-17-13 Nakane Meguro-ku Tokyo 1520031 Japan

*Operation Status*

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

Although the Subject Company is a legally registered entity, it does not maintain an operational office, nor any employees in this country, but rather employs the services of a local firm engaged in corporate secretarial management services to "maintain" their license on behalf of the owners who are located overseas.

The management services usually involves registering the office address as the same one used by the firm employed to "maintain" the license, as well as receive any mail address to the company, forward mail to owners, attend to license renewals, corporate levies and related issues.

The local firm employed to perform maintenance for this company is:

Company name : SY YANG & CO CPA

Address : Rm 2, 1Fl Sea View Estate - Block A 2-8 Watson Rd

Suburb : North Point

City : Hong Kong

SC is not known to have any subsidiary at present.

PAYMENT RATING : NR OBTAINED SCORES : No Data

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.

Under Hong Kong corporate law, the Subject Company, is exempt from the provisions of the Income Tax Act and therefore not obliged to disclose their financial statements.

*Bank Details*

===========

Bank name : HONG KONG & SHANGHAI BANKING CORP LTD, THE

Branch : Kowloon

Swiftcode : HSBCHKHH

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

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