MIRA INFORM REPORT

Report Date :

02.03.2007

IDENTIFICATION DETAILS

Name :	BON WHEEL CO. LTD.

Registered Office :	Rm 1101-1104, 11/F, Blk B, Wing Kut Ind'l Bldg.,608 Castle Peak Road, Kowloon

Country :	Hong Kong

Date of Incorporation :	16-3-1990

Com. Reg. No.:	273608

Legal Form :	Private

Line of Business :	Manufacturing & trading of bags & wallets.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Regular

Litigation :	Clear

name & address

BON WHEEL CO. LTD.

RM 1101-1104, 11/F, BLK B, WING KUT IND'L BLDG.,608 CASTLE PEAK ROAD,

KOWLOON, HONG KONG

TEL: 852 27860868

FAX: 852 27860622

EXECUTIVE SUMMARY

INCORPORATION DATE : 16-3-1990

REGISTRATION NO. : 273608

REGISTERED LEGAL FORM : PRIVATE

CHIEF EXECUTIVE : YAU CHING WAI (DIRECTOR)

STAFF STRENGTH : 25

AUTHORIZED CAPITAL : HK$10,000 = 10,000 SHARES @ HK$1.-

PAID-UP CAPITAL : HK$10,000

BUSINESS LINE : MANUFACTURE & TRADING OF BAGS & WALLETS

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

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

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : MODERATE AMOUNT

MARKET CONDITION : COMPETITIVE

FINANCIAL CONDITION : STABLE

OPERATIONAL TREND : FAIRLY STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : HKD 7.81110 = USD1 AS OF 2007-3-1

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

SC is a private limited company registered under incorporation file no. 273608 on 16-3-1990.

SC's shareholders & directors are shown to be as follows:

Shareholders (as at 16-3-2006) Number of shares held

Tang Suk Yee 8,000

Yau Ching Wai 2,000

--------

10,000

=====

Directors (as at 16-3-2006)

Leung Pui Kuen / A974316(5)

Tang Suk Yee / D158756(1)

Yau Ching Wai / C433461(0)

Leung Pik Shan Tiffany / Z423961(0)

The above registration information is based on SC's annual return filed at Companies Registry within the last 2 years.

No material change or amendment regarding SC has been traced & noted within last 2 years.

Total number of employees : 25.

Location : Maintaining its office at the heading business address which occupies a gross area of 4,000 square feet at an industrial building in an industrial district.

Condition inside the premises during our visit : Normal.

Office/factory layout : Standard.

Property ownership : Current land search indicates the ownership details of the captioned premises as follows: (For Rm 1101, 11/F of the heading business address)

- Owner(s) : Renmax Group Ltd.

- Date of purchase & consideration : 1-12-2005 / $1.73M

- Date of mortgage & secured amount : NA

- Mortgagee : NA

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 mortgages/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.

Tang Suk Yee, director:

- In her mid 50's

- She has over 20 years of experience in present field

Currently active in SC's day-to-day operations & is responsible for its management.

Registered residential address: Flat D, 28/F, Blk 8, Nan Fung Sun Chuen, Quarry Bay, HK.

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

Yau Ching Wai, director:

- In her late 50's

- She has over 20 years of experience in present field

Currently active in SC's day-to-day operations & is responsible for its management.

Registered residential address: Flat E, 11/F, Blk 2, Tsuen Wan Plaza, Tai Pa St., Tsuen Wan, N.T., HK.

Property ownership: Current land search indicates the said premises ownership as follows:

- Owner(s) : Yip Man Chiu & Yau Ching Wai

- Date of purchase & consideration : 23-6-1999 / $1.98M

- Date of mortgage & secured amount : 23-6-1999 / ANS

- Mortgagee : HSBC

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

Ownership background appraisal:

Rating : 3 Obtained scores : 57 (see explanatory notes below)

Keys : 1 : scores 81-100 : Excellent

2 : scores 61-80 : Good

3 : scores 46-60 : Average

4 : scores 21-45 : Fair

5 : scores 01-20 : Poor

The rating indicates the personal financial & operational strength of SC's major principals. It is calculated from a composite of scores obtained from the following 5 factors which carry equal weight in our analysis:

Personal financial strength, credit history & trade reputation, business experience & track record, market connection and management skill.

Business categories :

SC is engaged in manufacturing & trading of bags & wallets.

Items available include plastic breifcase, leather briefcase, PVC handbag, suede handbag, leather handbag, purse & wallet.

Production is assigned to its affiliated factory/joint venture factory located at Shenzhen, Guangdong Province, PR China (reportedly employing 500 workers).

Principal purchases :

Major types of sourcing : Merchandise & raw materials

Local--type of suppliers : Wholesalers

Buying terms : COD & credit of 30 to 60 days

Overseas--supplying countries : PR China

Buying terms : L/C & T/T

Principal market :

Local--type of customers : Wholesalers & retailers

Selling terms : COD & credit of 60 days

Overseas--buying countries : USA, Europe, Australia & Japan

Selling terms : L/C & T/T

Jointly occupying the premises with the below mentioned affiliate.

Affiliate(s):

Company name : Wheeltec Enterprise Ltd.

Year established : 1987

Business nature : Manufacture & export of leather products

Address : Same as heading business address

Turnover : NA

Civil litigation & winding-up petition records: None in our database

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 records and our debt collection record concerning SC.

Trade payment experience : A trade enquiry currently conducted with SC's supplier(s) reveal the following:

First Second

Type of supplies : Materials

Time known : 2 years

Selling terms : Net 30 to 60 days

Total purchases (last 6 months) : $890,000

Present balance : $190,000

Payment record : 3

Payment record keys : 1 = Prompt : Payment made before the credit period expires

2 = As agreed terms : Payment made upon due date

3 = Slightly slow but acceptable : Payment made 5 to 20 days beyond agreed terms

4 = Slow : Payment made 16 to 45 days beyond agreed terms

5 = Poor : Payment made over 45 days beyond agreed terms

6 = Payment slowing down : Payment formerly prompt but slowing down in recent months

7 = No comment : Account is newly opened & record is not yet established

Note : In some instances, payment beyond terms can be the result of disputes over merchandise, lost invoices, disputed accounts & etc.

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.

Banking relations are maintained principally with: HSBC.

Upon a current contact, Ms. Kwong, SC's administrator, declined forwarding any financial information on the ground that it is the company's policy not releasing any data to a third party without the benefit of knowing the identity of the inquiring party.

As per current co. search, total amount of indebtedness of SC in respect of all mortgages and charges which are required to be registered with Companies Registry as at 16-3-2006 was nil.

SC is considered a normally advancing concern with steady customers and good base to meet its trade engagements. Credit in the range of moderate amount can be considered.

-- 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