MIRA INFORM REPORT

Report Date :

17.04.2008

IDENTIFICATION DETAILS

Name :	OCI (HONG KONG) LTD

Registered Office :	7FL Shum Tower 268 Des Voeux Rd Central

Country :	Hong Kong

Date of Incorporation :	16.05.1989

Com. Reg. No.:	0252510

Legal Form :	Private Limited Company

Line of Business :	Trading wide range of Chemicals.

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 :	No Complaints

Litigation :	Exists

name & address

OCI (HONG KONG) LTD

7FL SHUM TOWER

268 DES VOEUX RD CENTRAL, HONG KONG.

TEL: 852-25436383 FAX: 852-25412780

EXECUTIVE SUMMARY

INCORPORATION DATE : MAY 16, 1989

REGISTRATION NO. : 0252510

LEGAL FORM : PRIVATE

CHIEF EXECUTIVE : MR. HSUEH-CHIH CHIANG (DIRECTOR)

STAFF STRENGTH : 20

CAPITAL : US$ 913,992

BUSINESS LINE : TRADER

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

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

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : MODERATE AMOUNT

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : HKD 7.78726 = 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 : 0252510

Date issued : 16 May, 1989

Issuing authority : Companies Registry

Type of license : Corporate

(2)

License number : 12786038-000

Date issued : N/A

Issuing authority : Business Registration Office - Inland Revenue Dept

Type of license : Business

*Capital Details*

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

Authorized capital : HKD 7,120,000.00 divided into 7,120,000 at HKD 1.00/-each, fully paid

*Approved Signatures*

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

Only Hsueh-chih Chiang can sign on behalf of the company with seal affixed.

www.ocicorp.co.kr The design is professional and the content is well organized. At present it is both in Korean and English version.

Litigation ( 1 )

Position : Defendant

Other Parties Involved : Position Country Party's Name

Plaintiff Hong Kong CHINA INSPECTION CO LTD

Case Issue : A petition to the court to rule over a dispute on services rendered (filed under action no SCTC52647/2001).

Court : District Court, Hong Kong

Date Commenced : 3 April, 2002

Status : Not stated

*Major Shareholder*

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

Total number of shareholders: 2

Total number of shares: 7,120,000

Shareholders Country %

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

OCI CORP South Korea 100.00

Mr. Hsueh-chih Chiang China 0.00

*Company Secretary*

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

FANKENT SECRETARIES LTD

Address : Rm 1901 C C Wu Bldg 302 Hennessy Rd Wanchai Hong Kong

CR number : 234450

*Company Directors*

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

Name : Mr. Hsueh-chih Chiang

Nationality : China

ID/Passport No. : JR2734632

Registered Address : Rm 73, 1600 Ling Bai Rd, Pudong Dist, Shanghai

Country of Residence : China

Name : Mr. Wha-young Lee

Nationality : South Korea

ID/Passport No. : JR2734632

Registered Address : 330-22 Seongbuk-dong

Country of Residence : South Korea

*Main Products & Services*

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

Specializes in trading wide range of chemicals.

Products: Chemical products

*Payment Terms*

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

Sales

-------

Local : Cash or credit

Export : Letter of Credit (L/C)

Telegraphic Transfer (T/T)

Purchases

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

Local : Cash or credit

*Associations*

===========

Member of The Korean Chamber of Commerce in Hong Kong.

*Mergers & Acquisitions*

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

Type : Acquisition

Parties involved : OCI INT'L INC

Date of transaction : N/A

Details : The company acquired OCI INT'L INC from DC CHEMICAL for trading activities in the USA.

*Local Distribution Network*

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

Part of the annual turnover is attributed to local sales.

*Export Markets*

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

Part of the annual turnover is attributed to export to South East Asian region.

*(Subsidiaries, Joint-ventures & Affiliates)

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

Company Name : OCI (SHANGHAI) INT'L TRADING LTD

Address : Rm 1701 Zhongrong Hengrui International Plaza 620 Zhangyang Rd Shanghai China

Country : China

Relationship : Subsidiary

Legal Form : Private company with limited liability

Company Type : Trader

Industry : Chemicals

Company Name : OCI INT'L INC

Address : Suite 1140, 11767 Katy Freeway Houston 77079 Texas USA

Country USA

Relationship : Subsidiary

Legal Form : Private company with limited liability

Company Type : Trader

Industry : Chemicals

*Subsidiaries, Joint-ventures & Affiliates*

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

Maintains four (4) representative offices in the following countries :

- Guangzhou, China

- Shenyang, China

- Jakarta, Indonesia

- Manila, Philippines

PAYMENT RATING : 3 OBTAINED SCORES : 55

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 medium-sized in its line with a long history. Credit up to moderate amount may be considered.

Attached: trade references

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 2800 Chemicals and Allied Products

Trading 2899 Chemical preparations,

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Trading 3800 Miscellaneous chemical products

Trading 3823905050 Chemical products and preparations of the chemical or allied industries

INTERNATIONAL TRADE: ACTIVITY & MARKETS

Exporting to Asia

Importing from South Korea

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%)

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