MIRA INFORM REPORT

Report Date :

01.03.2008

IDENTIFICATION DETAILS

Name :	HC (ASIA) HOLDINGS CO LTD

Registered Office :	Suite 2000, 430 West Bay Road, P O Box 30691 SMB Grand Cayman

Country :	Cayman Islands

Date of Incorporation :	2005

Legal Form :	International Business Company

Line of Business :	Finance and Investment

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	EUR 800,000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

REQUIRED CREDIT

ADVISED CREDIT

MAXIMUM

800,000 EUR

GEOPOLITICS

POLITICAL DATA

ECONOMIC DATA

FORM OF GOVERNMENT

ECONOMIC RISK

Parliamentary system

None

CURRENCY

BRANCH SITUATION

Cayman Islands Dollar (KYD)

100 KYD = 78 EUR

Stable

IDENTIFICATION

Company Name:

HC (ASIA) HOLDINGS CO LTD

Address:

Suite 2000, 430 West Bay Road,

P O Box 30691 SMB Grand Cayman

Cayman Islands

Phone:

Fax:

ID:

State:

Managers:

N.A.

CAYMAN ISLANDS

N.A.

Date founded:

2005

International Business Company

N.A.

Nil

Legal form:

Stock:

Value:

Staff:

Business:

Finance and Investment

BANKS

CIBC BANK

BUSINESS

HC (Asia) Holdings Co Ltd is an International Business Company / Offshore Company incorporated in the Cayman Islands for tax purposes.

However the company does not carry any operation in the Cayman Islands

It is not registered with the Cayman Islands Chamber of Commerce as being an active business.

It is not listed with the Cayman Islands yellow pages.

It is not listed with the major local credit bureaus.

The Address provided by the client is that of the registered agent:

Suite 2000, 430 West Bay Road,

P O Box 30691 SMB Grand Cayman

Cayman Islands

However we found several law firms at this address and it has not been possible to identify which one operates as the registered agent of the subject.

The company does not have any employee in the Cayman Islands. It uses the registered agent staff.

Trade references : In virtue of the nature of its business activities its local transactions are seldom. Therefore, commercial sources consulted in the marketplace report that they are unable to establish subject's payment performance and general reputation regarding commitments contracted as same it is UNKNOWN as making use of credit facilities.

SHAREHOLDERS – SUBSIDIARIES – MANAGERS

The company is owned by foreign shareholders.

It is locally managed by the registered agent mentioned above.

Through outside source we could obtain the following information:

HC (ASIA) HOLDINGS CO LTD is the holdings company of a mining project in China.

FINANCIALS – COMMERCIAL TRENDS AND FORECAST

The Subject Company is registered as an International Business Company/ Offshore Company in the Cayman Islands and is therefore exempt from filing and/or publishing Annual Audited Accounts at the Registrar of Companies, under the Cayman Islands Law. In addition, due to the laws of privacy governing disclosure of BANKING INFORMATION, we are unable to demand a copy of the subject’s Latest FINANCIAL STATEMENTS.

However our financial sources could provide us with the following information:

	Fiscal Year	2007
Turnover in USD			0
Net income in USD			90 million
Liabilities in USD			0
Cash on the account in USD			56 million

Debentures/Mortgages/Charges:

Our Legal searches in the Credit Bureau Data Base of the Cayman Islands and the Companies registration file have revealed no evidence of any current registered Mortgage, Chattel Mortgage or Debentures filed in the name of the Company or any of its given Directors.

Other relevant data:

With reference to your request dated February 11^th 2008 for a Business Credit Report on the above Subject, we hereby advise that according to the Credit Bureau files there are no reports of any Credit Delinquencies registered in the name of the subject Company in the Cayman Islands.

In addition, there was no record of any High Court or Petty Civil Court Judgments entered against the Company or its Directors in any civil suit and/or litigation matter in the Cayman Islands during the period of our Judgment searches (6 years).

Based on our credit Bureau Data Base investigations we have found no evidence of any Reported Credit Delinquency or delay /default /caution on this subject Company’s part in meeting any past trade or financial obligation strictly in accordance with terms in the Cayman Islands.

RATING

Local credit bureau did not rate this company.

The company has USD 56 million on its bank account.

Payments are made cash.

Our Final opinion:

We are reporting on an offshore company which belongs to foreign shareholders. Although it is registered in the Cayman Islands, it uses such territory only as its legal and administrative address, but all its operations are carried out abroad. It is managed by a resident registration agent and it is unknown in the marketplace, so its commercial morality and general reputation cannot be assessed, although nothing detrimental is noted upon subject. However our banking sources confirm that the company has good financial standing, even though it does not have credit history, since the payments are made cash.

A credit line may be considered for EUR 800,000.

SUMMARY

FINANCIAL SUMMARY

DEBT COLLECTIONS AND PAYMENTS

PROFITABILITY

INDEBTNESS

CASH

GOOD

NIL

VERY GOOD

PUBLIC

PAYMENTS

CASH

ADVISED CREDIT

800,000 EUR

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