MIRA INFORM REPORT

Report Date :

21.01.2011

IDENTIFICATION DETAILS

Name :	PANDA SOCIEDADE DE GESTAO DE INVESTIMENTOS LTDA

Registered Office :	9fl Avenida Comercial De Macau Zona-A Lote 1

Country :	Macao

Date of Incorporation :	19.01.1993

Com. Reg. No.:	SO7174

Legal Form :	Private Company With Limited Liability

Line of Business :	Investment

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 15,000

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Macau

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

Name and address

PANDA SOCIEDADE DE GESTAO DE INVESTIMENTOS LTDA

9FL AVENIDA COMERCIAL DE MACAU ZONA-A LOTE 1, MACAO

TEL: 853-28725338 FAX: 853-87918888

EXECUTIVE SUMMARY

INCORPORATION DATE : JAN. 19, 1993

REGISTRATION NO. : SO7174

LEGAL FORM : PRIVATE COMPANY WITH LIMITED LIABILITY

CHIEF EXECUTIVE : MS. DAISY CHIU-FUNG HO (DIRECTOR)

STAFF STRENGTH : 15

CAPITAL : MOP 200,000

BUSINESS LINE : SERVICE

TURNOVER : N/A (AS OF DEC. 31, 2009)

EQUITIES : N/A (AS OF DEC. 31, 2009)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : UP TO USD 15,000

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : MOP 8.01901 = US$1

Adopted abbreviations:

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

M - million

MOP –Macau Pataca

Registered Legal Address: Edificio Hotel Lisboa Avenida de Lisboa S/N Nova Ala 2, Andar, Macao

Trading Name / DBA: NEW YAOHAN

*CAPITAL (Currency: MOP - Macau Patacas)

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

Authorized Capital: 200,000

Paid-up Capital: 200,000

*OFFICE & FACILITIES*

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

Name : PANDA SOCIEDADE DE GESTAO DE INVESTIMENTOS LTDA - MACAO

Building Size : 2,000 Square feet

Address : 9Fl Avenida Comercial De Macau Zona-a Lote 1, Macao

Country : Macao

Status : Operational

*REPUTATION*

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

Reference checking for the purpose of establishing the PANDA SOCIEDADE DE GESTAO DE INVESTIMENTOS LTDA's reputation within the respective industry failed to reveal any adverse information.

*APPROVED SIGNATURES*

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

The Company Director/s listed below maintains the legal right to sign on behalf of the company:

Ms. Daisy Chiu-fung Ho

Mr. Alan Reginald John Ho

Mr. Ambrose So So Shu Fai Ou

Mr. Anthony Chan Chan Wai Lun

Mr. On Kei Leong

Mr. Pansy Catilina Chiu-king Ho

Mr. Patrick Wing-ming Huen

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

E-mail: nyaohan@macau.ctm.net

For the past two years there is no record of litigation.

*Major Shareholders*

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

Total number of shareholders: 2

Total number of shares: N/A

Shareholders Country Number Amount (MOP) %

SOCIEDADE DE TURISMO Macao n/a 190,000 95.00

E DIVERSOES DE

MACAU SARL

Mr. Stanley Hung Sun Ho Macao n/a 10,000 5.00

*Company Director*

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

Name : Ms. Daisy Chiu-fung Ho

Nationality : Macanese

Name : Mr. Alan Reginald John Ho

Nationality : Macanese

Name : Mr. Ambrose So So Shu Fai Ou

Nationality : Macanese

Name : Mr. Anthony Chan Chan Wai Lun

Nationality : Macanese

Name : Mr. On Kei Leong

Nationality : Macanese

Name : Mr. Pansy Catilina Chiu-king Ho

Nationality : Macanese

Name : Mr. Patrick Wing-ming Huen

Nationality : Macanese

*CORE BUSINESS DESCRIPTION*

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

Core Business

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

The primary business focus of PANDA SOCIEDADE DE GESTAO DE INVESTIMENTOS LTDA is:

Investment

*Primary Products*

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

Activity Products / Materials / Services Description

Service Investment

Direct Parent: SOCIEDADE DE TURISMO E DIVERSOES DE MACAU SARL

Country: Macao

PAYMENT RATING : 3 OBTAINED SCORES : 51

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.

Based on the corporate laws of Macao, legal entities which are Private Company with Limited Liability are not required to make public disclosure of the annual financials. Therefore no financials are available for this entity.

SC is considered small-sized in its line with a development history of 18 years. A credit line up to USD 15,000 appears to be within SC’s capacities.

Attached: trade references

SIC PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Service 6700 Holding & Investment Offices

HARMONIZED PRODUCT CLASSIFICATION & ACTIVITY

Activity Code Product/Service Description

Service 9900 Business services, health, financial/insur. legal/real estate, hotels, and misc repairs

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.58
UK Pound	1	Rs.72.73
Euro	1	Rs.61.45

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
--	NB	New Business	--

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.

MIRA INFORM REPORT

Name and address

EXECUTIVE SUMMARY

Unit