MIRA INFORM REPORT

Report Date :

02.03.2007

IDENTIFICATION DETAILS

Name :	S.I. TEXTILES LTD.

Registered Office :	Flat D, 11/F, Winner Building,37 D'aguilar Street, Central

Country :	Hong Kong

Date of Incorporation :	29-5-1979

Com. Reg. No.:	70054

Legal Form :	Private

Line of Business :	Trading of garments (for men, women and children).

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 :	Usually correct

Litigation :	Clear

name & address

S.I. TEXTILES LTD.

FLAT D, 11/F, WINNER BUILDING,37 D'AGUILAR STREET,

CENTRAL, HONG KONG.

TEL: 852 23341778

FAX: 852 23343758

EXECUTIVE SUMMARY

INCORPORATION DATE : 29-5-1979

REGISTRATION NO. : 70054

REGISTERED LEGAL FORM : PRIVATE

CHIEF EXECUTIVE : MA WAI SHUN (DIRECTOR)

STAFF STRENGTH : 3.

AUTHORIZED CAPITAL : HK$0.8M = 8,000 SHARES @HK$100

PAID-UP CAPITAL : HK $0.8M

BUSINESS LINE : TRADING OF GARMENTS

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 7.811172 = USD1 AS OF 2007-03-01

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 "S I Textiles Ltd." given by you.

SC is a private limited company registered under incorporation file no. 70054 on 29-5-1979.

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

Shareholders (as at 29-5-2006) Number of shares held

Ma Wai Shun 7,999

Cheng Yui Man 1

--------

8,000

====

Directors (as at 29-5-2006)

Ma Wai Shun / A841877(5)

Maxforest Management Ltd.

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 : 3.

Location : Maintaining its office at the heading business address which occupies a gross area of 800 square feet at a commercial building in a commercial district.

Condition inside the premises during our visit : Normal.

Office/factory layout : Standard.

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 within the last 2 years as per our current search.

Mortgage Index:

Year(s) in which mortgage registration(s) are filed: 1981-1987 & 1995

Year(s) in which mortgage satisfaction record(s) are filed: 1986-1988 & 1995

Maxforest Management Ltd., SC's corporate director, whose partial information is as follows:

- Established year: 1993

- Business address: 5/F, May Gar Commercial Building, 288-290 Reclamation Street, Kowloon, HK.

- Business line: As an investment holding co.

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

Ma Wai Shun, director:

- In his early 60's

- Embarked upon his career to present field as a small businessman in his mid 20's

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

Registered residential address: 5/F, May Gar Commercial Building, 288-290 Reclamation Street, Kowloon, 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

Ownership background appraisal:

Rating : 3 Obtained scores : 58 (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 garments (for men, women and children).

Items available include silk garments, denim garments, suit, jackets, trousers, slacks, dresses, skirts, tee & sweat shirts, sportswear & others.

Principal purchases :

Major types of sourcing : Garments

Local--type of suppliers : Nil

Buying terms : Nil

Overseas--supplying countries : PR China & SE Asia

Buying terms : L/C, T/T & special agreed terms

Principal market :

Local--type of customers : Nil

Selling terms : Nil

Overseas--buying countries : USA, Canada & Europe

Selling terms : L/C, T/T & special agreed terms

SC is not known to have any subsidiary at present.

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:

- Bank of China (HK) Ltd.

- HSBC

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 29-5-2006 was NA.

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