MIRA INFORM REPORT

Report Date :

20.04.2011

IDENTIFICATION DETAILS

Name :	HORUN (UK) LTD.

Registered Office :	RM 1101, D & D Fortune Centre, No. 182-6, Haier Road, Laoshan District, Qingdao, Shandong Province, 266102 PR

Country :	China

Date of Incorporation :	----

Com. Reg. No.:	----

Legal Form :	----

Line of Business :	Selling Shoe Materials, such as cow leather.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Registered in UK
Payment Behaviour :	----
Litigation :	----

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

China

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

HORUN (UK) LTD.

RM 1101, D & D FORTUNE CENTRE, NO. 182-6, HAIER ROAD, LAOSHAN DISTRICT, QINGDAO, SHANDONG PROVINCE, 266102 PR CHINA

TEL: 86 (0) 532-66711019 / 13335059377 FAX: 86 (0) 532-66711029

Alert report!

This refers to a type of report whose format is different from that of a standard report. Such type of report is provided when:

l Information obtained is insufficient for compiling a standard report.

l The enquired co has been out of business or its business address has been untraceable.

It should be noted that the time and manpower spent on preparing such type of report might be greater than those on a standard report. On many occasions, the information in this type of report still indicates the current status of the enquired co. and serves as a useful reference to assess its credit standing.

The telephone number clients provided is

86 (0) 532-66711019

When we dialed the above number, a lady Ms. Meng answered. She admitted the given name and released the following information:

SC is registered in United Kingdom and has no Chinese name.

SC is mainly engaged in selling shoe materials, such as cow leather.

However, she refused to release any more information on SC.

the given mobile phone no. (13335059377) belongs to Mr. Song, but he refused to release any information about SC.

The address client provided is: RM 1101, D & D FORTUNE CENTRE, NO. 182-6, HAIER ROAD, LAOSHAN DISTRICT, QINGDAO

According to Ms. Meng, SC is now operating at the above address, but she refused any means of interview.

Since it is a practice for a company in China to register in Administration of Industry and Commerce (AIC) with a total set of required documents in CHINESE, we are unable to find its in local AIC according to its English name.

We’ll definitely go on with this report if its Chinese company name is available.

According to Ms. Meng, there is another company operating in the heading address - Qingdao Higher In Nice Imp. & Exp. Co., Ltd. and its registration details are as below:

Registration no.: 370202228121363

Legal representative: Fan Liyan

Registered capital: CNY 1,000,000

Date of incorporation: Apr. 28, 2004

It is likely that SC is not registered in the local AIC. Judging from the above investigation results, no credit dealings with SC are recommended.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.68
UK Pound	1	Rs.72.56
Euro	1	Rs.63.53

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	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

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.