MIRA INFORM REPORT

Report Date :

2^nd March, 2007

IDENTIFICATION DETAILS

Name :	THE UNITED TRADING CORPORATION

Registered Office :	Rm B4, Blk B, 12/F, Hankow Centre,4a Ashley Road, Tsimshatsui, Kowloon, Hong Kong.

Country :	Hong Kong

Date of Incorporation :	23.10.1969

Com. Reg. No.:	02821929

Legal Form :	Partnership

Line of Business :	Engaged in trading of general merchandise.

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

Company Name & Address

THE UNITED TRADING CORPORATION

RM B4, BLK B, 12/F, HANKOW CENTRE,4A ASHLEY ROAD, TSIMSHATSUI, KOWLOON, HONG KONG.

TEL: 852 23760530

FAX: 852 23763910

EXECUTIVE SUMMARY

INCORPORATION DATE : 23-10-1969

REGISTRATION NO. : 02821929

REGISTERED LEGAL FORM : PARTNERSHIP

CHIEF EXECUTIVE : PACKEER MOHAMED ABOOBACKER (PARTNER)

STAFF STRENGTH : 4

AUTHORIZED CAPITAL : [IN HK, UNLIMITED COMPANIES ARE NOT REQUIRED FILE ITS CAPITAL

PARTICULARS TO BR OFFICE (THE INLAND REVENUE)

PAID-UP CAPITAL : NOT APPLICABLE

BUSINESS LINE : TRADING OF GENERAL MERCHANDISE

TURNOVER : US$2M (YEAR ENDED 31-3-2006)

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 7.81233 = 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

The correct address of SC is the heading one instead of " B-4, 12/FL, BIB-B Harkow Centre, 4A, Ashley Road, TST Kowloon, Hong Kong" given by you.

SC was established under Business Registration number 02821929 on 23-10-1969 with present status as partnership.

Currently obtained BR copy indicate the particulars of SC's principal(s) are as follows:

Name(s) of principal(s) & ID/Passport number(s) Registered address

- Packeer Mohamed Aboobacker/XE4499616 7/F, Wing On Mansion,18 Hankow Rd.,

Tsimshatsui, Kowloon, HK.

- Mohamed Shafeek Ahamed Jalaludeen -- ditto --

/ XG404144

- Ahamed Jalaludeen Ameer H / K5117097 Flat 4B, Bo Yip Bldg.,6 Ashley Rd.,

Tsimshatsui, Kowloon, HK.

No material change or amendment regarding SC has been traced & noted since its inception.

Total number of employees : 4.

Location : Maintaining its office at the heading business address which occupies a gross area of 600 square feet at a residential building in a commercial & residential 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) : In HK, unlimited companies are not required to file its charge particulars for public inspection.

Packeer Mohamed Aboobacker, partner. Embarked upon his career to present field in his 20's.

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

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

Ahamed Jalaludeen Ameer H, partner. Embarked upon his career to present field in his 20's.

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

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 : 55 (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 general merchandise.

Items available include garnet sand-mineral abrasive gift for sand blast, cotton terry towels, neem seeds, goat leather for ladies' sandles, buffalo sole leather, power-pesticide, silicon metal powder & feldspar.

Principal purchases :

Major types of sourcing : Merchandise

Local--type of suppliers : Importers & manufacturers

Buying terms : COD & credit of 14-30 days

Overseas--supplying countries : PR China, India, SE Asia & other Asian countries

Buying terms : L/C & T/T

Principal market :

Local--type of customers : Manufacturers & wholesalers

Selling terms : COD & credit of 14-30 days

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

Selling terms : L/C & T/T

Sources indicated that SC also maintains an office in PR China, whose contact information is as follows:

- Address: Rm 1406, Block C, Carnanne Friendshi Square, South Renmin Road, Shenzhen, Guangdong Province, PR China.

- Tel: 86-755-2518-2942

- Fax: 86-755-2518-2964

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.

Upon a current contact, Packeer Mohamed Aboobacker, SC's partner, 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.

Outside sources indicated that SC's turnover for the year ended 31-3-2006 was US$2M.

SC is considered small-sized in its line locally with acceptable base to meet its normal dealings. Credit up to moderate amount may be considered.

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