MIRA INFORM REPORT

Report Date :

08.04.2008

IDENTIFICATION DETAILS

Name :	T&H EXPRESS (HK) CO LTD

Registered Office :	Unit 27-29, 2Fl Focal Industrial Centre - Block B 21 Man Lok St Hunghom Kowloon

Country :	Hong Kong

Date of Incorporation :	08.08.1997

Com. Reg. No.:	0620054

Legal Form :	Private Limited Company

Line of Business :	Providing a range of Cargo Transport, Logistics, Warehousing, Consulting and other related services

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 100,000

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Exists

name & address

T&H EXPRESS (HK) CO LTD

UNIT 27-29, 2FL FOCAL INDUSTRIAL CENTRE - BLOCK B

21 MAN LOK ST HUNGHOM KOWLOON, HONG KONG

TEL: 852-27577993 FAX: 852-23313035

EXECUTIVE SUMMARY

INCORPORATION DATE : AUGUST 8, 1997

REGISTRATION NO. : 0620054

LEGAL FORM : PRIVATE

CHIEF EXECUTIVE : MR. TONY CHEUNG (MANAGER)

STAFF STRENGTH : 20

CAPITAL : US$ 257,069

BUSINESS LINE : SERVICE

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

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

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : UP TO USD 100,000

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : HKD 7.79037 = US$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

*Company Registration*

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

(1)

License number : 0620054

Date issued : 8 August, 1997

Issuing authority : Companies Registry

Legal form : Private Company having a Share Capital

Type of license : Corporate

(2)

License number : 21186512-000

Date issued : N/A

Issuing authority : Business Registration Office - Inland Revenue Dept

Type of license : Business

*Capital Details*

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

Authorized capital: HKD 2,000,000.00 divided into 2,000,000 ordinary shares at HKD 1.00/-each, fully paid

*Office & Facilities*

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

Other fax no. : 23313058

*Approved Signatures*

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

Mr. Chin-lung Huang can sign on behalf of the company with seal affixed.

www.thexp.com.hk The web belongs to T&H Logistics Group. The design is professional and the content is well organized. At present it is in both Chinese and English versions.

E-mail: tony@thexp.com

Litigation ( 1 )

Position : Defendant

Other Parties Involved : Position Country Party's Name

Defendant Taiwan T&H EXPRESS CO LTD

Defendant Hong Kong TEAMWORK TRANSPORTATION CO

Plaintiff Taiwan JAENN CORP LTD

Defendant Hong Kong TEAMWORK TRANSPORTATION CO

Case Issue : Breach of Contract (filed under case no. HCCL24/2004)

Court : High Court, Hong Kong

Date Commenced : 7 May, 2004

Status : Not stated

Litigation ( 2 )

Position : Defendant

Other Parties Involved : Position Country Party's Name

Plaintiff Hong Kong WING KIT TRANSPORT CO LTD

Case Issue : A petition to the Court claiming unpaid service charge (filed under case no. SCTC68520/2004).

Court : District Court, Hong Kong

Date Commenced : 12 November, 2004

Status : Not stated

*Major Shareholders*

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

Total number of shareholders: 4

Total number of shares: 2,000,000

Shareholders Country Number Amount (HKD) %

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

T&H LOGISTICS Hong Kong 1,046,000.00 1,046,000.00 52.30

(HK) CO LTD

T&H EXPRESS CO LTD Taiwan 410,000.00 410,000.00 20.50

Mr. Chin-lung Huang Taiwan 407,000.00 407,000.00 20.35

SAN KWANG AIR Taiwan 137,000.00 137,000.00 6.85

CARGO CO LTD

*Company Secretary*

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

COMPUTAX ACCOUNTANCY SERVICES LTD

CR no. : 326146

Address : Rm 2701, 27Fl Wing On House 71 Des Voeux Rd Central Hong Kong

Management: Mr. Tony Cheung, Manager

Name Nationality Job Description

Mr. Tony Cheung Hong Kong Manager

*Main Products & Services*

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

Engaged in providing a range of cargo transport, logistics, warehousing, consulting and other related services.

Products: Air cargo transportations

Cargo agents

Cargo forwarding

Customs brokerage

Customs clearance

*Shipping*

========

Maintains shipping agents in the following locations:

1. Australia

- Canberra

- Brisbane

- Melbourne

- Sydney

2. Austria

- Vienna

3. Bangladesh

- Chittagong

- Dhaka

4. Belgium

- Rntwerp

- Brussels

5. Canada

- Dorval

- Monteral

- Ottowa

- Toronto

- Vancouver

- Winnipeg

6. China

- Shanghai Office

- Shenzhen Office

- Suzhou Office

- Beijing

- Dalian

- Guangzhou

- Qingdao

- Tianjin

- Xiamen

7. Denmark

- Copenhagen

8. France

- Paris

- Lyon

9. Germany

- Bremen

- Cologne

- Dusseldorf

- Frankfurt

- Hamburg

- Hanover

- Munich

- Stuttgart

10. Hong Kong

- Hong Kong Office

11. Hungary

- Budapest

12. Indonesia

- Batam

- Denpasar

- Jakarta

- Palembang

- Semarang

- Surabaya

13. India

- Bangalore

- Chennai

- Mombai

- New Delhi

- Tirupur

- Tuticorin

14. Ireland

- Dublin

- Shannon

15. Israel

- Tel Aviv

16. Italy

- Florence

- Milan

- Rome

- Genoa

- Venice

17. Japan

- Fukuoka

- Nagoya

- Tokyo

- Osaka

- Yokohama

18. Korea

- Pusan

- Inchon

19. Malaysia

- Kuala Lumpur

- Penang

20. Mongolia

- Ulaan Baatar

21. Netherlands

- Amsterdam

- Rotterdam

22. Philippines

- Manila

- Cebu

- Subic Bay

23. Poland

- Warsaw

24. Singapore

25. Spain

- Barcelona

- Madrid

- Valencia

26. Sweden

- Stockholm

- Gothenburg

27. Switzerland

- Basel

- Bern

- Zurich

28. Thailand

- Bangkok

29. UAE (United Arab Emirates)

- Dubai

- Sharjah

30. United Kingdom

- Birmingham

- London

- Manchester

31. United States of America

- Chicago

- Los Angeles

- New York

- San Francisco

32. Vietnam

- Danang

- Hanoi

- Ho Chi Min City

*Strategic Partners & Alliances*

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

Group name : T&H LOGISTICS Group

Date founded : March 1995

Other details : The group provides logistics services including import, export and transit for air and sea shipments between Taiwan and Hong Kong then expanded to China and became a worldwide freight forwarder.

Group members : - T&H EXPRESS CO LTD

- T&H INT'L CO LTD

- T&H EXPRESS (HK) CO LTD

- T&H INT'L LOGISTICS (HK) CO LTD

PAYMENT RATING : 3 OBTAINED SCORES : 50

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.

Dealings on open terms may be possible for MODERATE amounts depending on individual judgement experience.

As a private limited company there is no legal requirement according to local corporate law for public disclosure of detailed financials.

SC is considered small-sized in its line with an 11 years development history. A credit line at the above amount appears beyond SC’s capacities, while a credit line up to USD 100,000 is recommended.

Attached: trade references

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Service 4225 General Warehousing & Storage

Service 4449 Water Freight Transport, NEC

Service 4500 Transportation by Air

Service 4700 Transportation Services

Service 4731 Arrange Trans Freight/Cargo

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Service 9838 General warehousing and storage

Service 9841 Deep sea foreign freight transportation of freight

Service 9847 Air transportation, scheduled

Service 9852 Freight transportation arrangement, NVOCC, customs brokerage

Service 9958 Assembly and distribution services of gen commodities

DETAILED PRODUCT CLASSIFICATION & ACTIVITY

Activity Product/Service Description

Service Door-to-door delivery

Service Transshipment

Service Logistics consultancy

Service Customs consultancy

Service Project handling

Service Transportation

Service Warehousing

Service Storage & distribution

Service Freight forwarding

Service Cargo agents

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