MIRA INFORM REPORT

Report Date :

28.02.2007

IDENTIFICATION DETAILS

Name :	HUAWEI TECH. INVESTMENT CO., LTD.

Registered Office :	Rm 3610-3612, 36/F, The Centre, No.99 Queen's Road Central, Central

Country :	Hong Kong

Date of Incorporation :	26-4-2000

Com. Reg. No.:	82002

Legal Form :	Private

Line of Business :	Trading of telecommunications equipment.

RATING & COMMENTS

MIRA’s Rating :

Aaa

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

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

name & address

HUAWEI TECH. INVESTMENT CO., LTD.

RM 3610-3612, 36/F, THE CENTRE, NO.99 QUEEN'S ROAD CENTRAL,

CENTRAL, HONG KONG.

TEL: 852 25881899

FAX: 852 28020768

EXECUTIVE SUMMARY

INCORPORATION DATE : 26-4-2000

REGISTRATION NO. : 82002

REGISTERED LEGAL FORM : PRIVATE

CHIEF EXECUTIVE : JI PING (DIRECTOR)

STAFF STRENGTH : 25

AUTHORIZED CAPITAL : HK$500M = 500M SHARES @ HK$1.-

PAID-UP CAPITAL : HK$500M

BUSINESS LINE : TRADING OF TELECOMMUNICATIONS EQUIPMENT

TURNOVER : RMB45,300M (GROUP, YEAR ENDED 31-12-2005)

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

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : LARGE AMOUNT

MARKET CONDITION : COMPETITIVE

FINANCIAL CONDITION : GOOD

OPERATIONAL TREND : FAIRLY STEADY

GENERAL REPUTATION : WELL KNOWN

EXCHANGE RATE : HKD 7.81066 = USD1 AS OF 2007-02-28

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

The correct name of SC is the heading one instead of `Huawe Tech Investment Co.Ltd.' given by you.

SC is a private limited company registered under incorporation file no. 714018 on 26-4-2000.

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

Shareholders (as at 26-4-2006) Number of shares held

Huawei Technologies Co., Ltd. 500,000,000

=========

Directors (as at 26-4-2006)

Ji Ping / G10999940

Meng Wanzhou / R075030(0)

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

Our current search revealed certain material change or amendment of SC has been recorded within the last 2 years & noted as follows:

Shares transfers :

Date No. of shares Transferor(s) Transferee(s)

14-12-2005 50,000,000 Speedcom (Hong Kong) Co. Ltd. Huawei Technologies Co., Ltd.

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 a commercial building in a commercial district.

Condition inside the premises during our visit : Normal.

Office/factory layout : Well-furnished.

The premises is rented.

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 : (X) see below ( ) see attached sheet

Date : 20-9-2006

Defendant(s) : SC

Plaintiff(s) : Commissoner of Inland Revenue

Cause of claim : Tax

Claimed amount : ANS

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

Mortgage Index:

Year(s) in which mortgage registration(s) are filed: 2000, 2001, 2003, 2004

Year(s) in which mortgage satisfaction record(s) are filed: 2002, 2003, 2005, 2006

SC is a subsidiary of Huawei Technologies Co., Ltd. whose partial information is as follows:

- Year established: 1987

- Registered address: Huawei Headquarter Office Building, Bantian, Longgang District, Shenzhen, Guangdong

Province, PR China (Postal Code: 518129.).

- Business line: As a holding co. with core interests in manufacturing & supply of telecommunications equipment.

Items available include switch equipment, connected network systems, optical fiber transmission systems,

support network systems, multi-media telecommunications products, digital telecommunications products,

intelligent network systems & others. As at June 2006, the said co. serves 40M CDMA subscribers worldwide

and is amongst the top three in the global CDMA market.

- No. of employees: 56,333 (group, as at 30-9-2006)

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

- Turnover: RMB45,300M (year ended 31-12-2005)

Registered capital of the said co.: RMB4,311,511,820

Bankers of the said co.:

- China Construction Bank (Shenzhen Branch & Shekou Sub-Branch)

- Bank of China (Shenzhen Branch & Nantou Sub-Branch)

As at 7-11-2006, SC holds 296,404,000 shares (9.9%) of Sunday Communication Ltd.

Ji Ping, director:

- He is a Chinese mainlander

- Embarked upon his career to present field as an executive trainee in his mid 20's

- Currently CFO & vice president of Huawei Technologies Co. Ltd.

- Also currently director of the following companies in Hong Kong:

~ Huawei-3Com Co., Ltd.

~ Ripple Telecommunications Tech. Co. Ltd.

~ Hua Ying Management Co. Ltd.

Currently residing in PR China & only visits Hong Kong for business occasionally.

Registered residential address: Kefa Road, Science-Based Industrial Park, Nanshan District, Shenzhen, Guangdong Province, PR China.

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

Meng Wanzhou, director:

- He is a Chinese mainlander

- Embarked upon his career to present field as an executive trainee in his mid 20's

- Currently vice president of Huawei Technologies Co. Ltd.

- Also currently director of the following companies in Hong Kong:

~ Heyi Co., Ltd.

~ Long Good Investments Ltd.

~ Ripple Telecommunications Tech. Co. Ltd.

~ Speedcom (Hong Kong) Co., Ltd.

Currently residing in PR China & only visits Hong Kong for business occasionally.

Registered residential address: Same as Ji Ping.

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 : 1 Obtained scores : 85 (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 trading of telecommunications equipment.

SC's sideline business deals in sourcing of materials for SC's group and investment holding.

Items available include switch equipment, optical fiber transmission systems, support network systems, multi-media telecommunications products, digital telecommunications products & others.

A portion is sold under its own brand(s) `Huawei'.

The patrons of SC's group include:

- China Mobile

- China Telecom

- AT & T

- PCCW

- Telecom Egypt

SC is a Radio Dealer (Unrestricted) Licensee by Office of the Telecommunications Authority (OFTA), HKSAR Government with licence no. of RU 9037.

The suppliers of SC's group include:

Name / Main commodities supplied

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

1) Shenzhen Yunjiaxing Industrial Co., Ltd. / Metal components

2) Guangzhou Baiyun Electric Group Co. Ltd. / Power transmission, transformation & distribution equipment

3) Multek China Ltd. / Printed circuit boards

Principal purchases :

Major types of sourcing : Merchandise

Local--type of suppliers : Importers & manufacturers

Buying terms : COD & credit of 30 to 60 days

Overseas--supplying countries : PR China, USA, Europe & SE Asia

Buying terms : L/C, T/T, open account of 30 to 60 days & intercompany account basis

Principal market :

Local--type of customers : Corporate sector & wholesalers

Selling terms : COD & credit of 30 to 60 days

Overseas--buying countries : PR China, SE Asia, USA & Europe

Selling terms : Intercompany account basis, L/C & T/T

SC also maintains a branch in Oman.

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 : 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.

Banking relations are maintained principally with:

- HSBC

- Bank of China (HK) Ltd.

During our report preparation, the principals could not be contacted while the staff members hesitated to release financial information without the principals' consent.

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 26-4-2006 was nil.

SC is considered a well-maintained business with solid base to meet fairly large amount of credit dealings.

NOTES:

Current land search indicates that SC owns the following premises:

- Address: Unit F, 35/F, Tower 1, Island Harbourview, 11 Hoi Fai Road, Tai Kok Tsui, Kln., HK.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $3,580,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit E, 35/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $2,950,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit D, 35/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 27-5-2003 / $3,450,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit C, 35/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 27-3-2003 / $3,440,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit B, 35/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 17-3-2003 / $3,190,000

- Date of mortgage & secured amount: NA

- Mortgagee: NA

- Address: Unit A, 35/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 17-3-2003 / $3,210,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit A, 33/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $3,770,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit F, 33/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $3,460,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit E, 33/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $2,940,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit D, 33/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $4,060,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit C, 33/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $4,050,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit B, 33/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $3,750,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit F, 32/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $3,440,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit D, 32/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $4,040,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit C, 32/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $4,030,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit B, 32/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $3,750,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

- Address: Unit A, 32/F of the abovesaid bldg.

- Owner(s): SC

- Date of purchase & consideration: 26-10-2004 / $3,760,000

- Date of mortgage & secured amount: 26-10-2004 / ANS

- Mortgagee: HSBC

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