MIRA INFORM REPORT

Report Date :

18.09.2007

IDENTIFICATION DETAILS

Name :	STELLAR LTD

Registered Office :	Rm 301 Kam On Bldg 176a Queen's Rd C Central

Country :	Hong Kong

Date of Incorporation :	January 24, 2006

Com. Reg. No.:	1021514

Legal Form :	Offshore Company - Private Limited

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 :	Offshore Company

Payment Behaviour :	Unknown

Litigation :	Clear

name & address

STELLAR LTD

RM 301 KAM ON BLDG 176A QUEEN'S RD C CENTRAL, HONG KONG.

TEL: [+852] 25430565

FAX: [+852] 28543813

EXECUTIVE SUMMARY

INCORPORATION DATE : JANUARY 24, 2006

REGISTRATION NO. : 1021514

LEGAL FORM : OFFSHORE COMPANY - PRIVATE LIMITED

CHIEF EXECUTIVE : MR. AMIT JOSHI (COMPANY DIRECTOR)

STAFF STRENGTH : N/A

CAPITAL : US$ 25,575

BUSINESS LINE : N/A

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

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

PAYMENT : NR

RECOMM. CREDIT RANGE : C.O.D.

MARKET CONDITION : FAIR

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : N/A

GENERAL REPUTATION : N/A

EXCHANGE RATE : HKD 7.78779 = USD1

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

*Capital Details*

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

Share value : HKD 1.00/-each

Authorized capital : HKD 200,000.00

Paid-up capital : HKD 10,000.00 divided into 10,000 ordinary shares

*Company Registration*

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

(1)

License number : 1021514

Date issued : 24 January, 2006

Issuing authority : Companies Registry

Type of license : National Corporate

(2)

License number : 36398946-000

Date issued : N/A

Issuing authority : Business Registration Office - Inland Revenue Dept

Type of license : National Business

*Approved Signatures*

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

Mr. Amit Joshi can sign on behalf of the company with seal affixed.

*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.

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

For the past 1 year there is no record of litigation.

*Major Shareholders*

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

Total number of shareholder : 1

Total number of shares : 10,000

Shareholder's Name No. of Shares Amount of Shares (HKD) % of Shares

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

Mr. Amit Joshi 10,000 10,000.00 100.00

*Directors' Details*

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

(1)

Mr. Amit Joshi

Indian passport no : E 9249721

Address : Flat 308 Yi Xing Ge Jing Ju 150 Hebin Zhong Rd Leong Shunde Area Foshan Guangdong

China

Mobile no : 13794610820

(2)

Mr. Pawan Kumar Pamecha

Indian passport no : Z1594207

Address : Flat 308 Yi Xing Ge Jing Ju 150 Hebin Zhong Rd Leong Shunde Area Foshan Guangdong

China

Date of appointment : 14 April, 2007

*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 : MULTI-CHAIN LTD

Address : Rm 301 Kam On Bldg 176A Queen's Rd C

Suburb : Central

City : Kowloon

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, which is an offshore entity, is exempt from the provisions of the Income Tax Act and therefore not obliged to disclose their financial statements.

Based on the investigations performed, it has not been possible to prepare a normal credit report on the company. Given the circumstances, caution is advised in providing credit to SC and COD is recommended.

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.	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