MIRA INFORM REPORT

Report Date :

06.04.2012

IDENTIFICATION DETAILS

Correct Name :	YOUJUBI TRADE (SHANGHAI) CO., LTD. (IN CHINESE PINYIN)
Formerly Known As :	BIK Shanghai International Ltd
Registered Office :	Building 8-D-1, No. 188 Shengli Road, Pudong New District, Shanghai, 201201 Pr
Country :	China
Financials (as on) :	31.12.2009
Date of Incorporation :	25.10.2006
Com. Reg. No.:	310115400207777
Legal Form :	Wholly Foreign-Owned Enterprise
Line of Business :	Not Available
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Undetermined
Payment Behaviour :	Unknown
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
China	a2	a2

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

Company name & address

YOUJUBI TRADE (SHANGHAI) CO., Ltd. (IN CHINESE pINYIN)

building 8-D-1, NO. 188 SHENGLI ROAD, PUDONG NEW DISTRICT,

SHANGHAI, 201201 PR CHINA (AS REGISTERED)

TEL: N/A FAX: N/A

EXECUTIVE SUMMARY

INCORPORATION DATE : OCTOBER 25, 2006

REGISTRATION NO. : 310115400207777

REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED enterprise

CHIEF EXECUTIVE : MR. LUC H. M. LAUWERS (CHAIRMAN)

STAFF STRENGTH : N/A

REGISTERED CAPITAL : USD 400,000

REGISTERED BUSINESS LINE : TRADING

TURNOVER : CNY 0 (AS OF DEC. 31, 2009)

EQUITIES : CNY 5,900,000 (AS OF DEC. 31, 2009)

PAYMENT : NOT YET DETERMINED

RECOMM. CREDIT RANGE : NO RECOMMENDATION

MARKET CONDITION : N/A

FINANCIAL CONDITION : FAIRLY STABLE (AS OF DEC.31, 2009)

OPERATIONAL TREND : N/A

GENERAL REPUTATION : N/A

EXCHANGE RATE : CNY 6.30 = USD 1

Adopted abbreviations

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

CNY - China Yuan Renminbi

Note: the given name “BIK Shanghai International Ltd.” was the former one of SC.

SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on October 25, 2006.

Company Status: Wholly foreign-owned enterprise

This form of business in PR China is defined as a legal person. It is a limited co. established within the territories of PR China with capital provided totally by the foreign investors. More than one foreign investor may jointly invest in a wholly foreign-owned enterprise. The investing party/parties solely exercise management, reap profit and bear risks and liabilities by themselves. This form of companies usually have a limited duration is extendible upon approval of Examination and Approval Authorities.

SC’s registered business scope includes wholesaling, importing and exporting, acting as a commission agency (excluding auction) of furniture, textile products, hardware, toys, general merchandise, building materials, sports goods, clocks & watches; related supporting businesses (in accordance with the related regulations and license).

Mr. Luc H. M. Lauwers is registered as legal representative and chairman of SC.

It is not possible to contact the company directly to obtain further information. The nature and extent of the company’s operations could not be determined and it could not be confirmed whether the company operates from the Registered Office address or in another location.

http://www.bikinternational.com/ The design is professional and the content is well organized. At present it is in English version.

Email: webinquiries@bikinternational.com

The given telephone number 86-21-68918200 and fax number 86-21-68918205 does not exist now. We sent email to webinquiries@bikinternational.com, but no answer was received.

Changes of its registered information:

Date of change	Item	Before the change	After the change
Unknown	Company name	BIK Shanghai International Ltd.	Present one
	Shareholder	Heildverslunin Bik Ehf (Iceland) 100%	Present one

MAIN SHAREHOLDERS:

Name % of Shareholding

Lagerinn Home Purchasing Ehf 100

Legal representative and chairman:

Mr. Luc H. M. Lauwers, Dane. He is registered as legal representative and chairman of SC.

Exhausting our efforts, we are unable to find SC’s current telephone number in various information sources, including the internet, yellow pages and telecom companies.

SC is unable to be contacted at present, so its current operation status is not available.

SC is not known to have any subsidiary at present.

Overall payment appraisal:

( ) Excellent ( ) Good ( ) Average ( ) Fair ( ) Poor (X) Not yet determined

The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment and our debt collection record concerning SC.

Trade payment experience: N/A

Delinquent payment record: None in our database.

Debt collection record: No overdue amount owed by SC was placed to us for collection within the last 6 years.

China Construction Bank Shanghai Jinqiao Sub-branch

AC#N/A

Relationship: Normal.

Balance Sheet (as of Dec. 31, 2009)

Unit: CNY’000

Cash & bank	190
Inventory	0
Accounts receivable	4,980
Advances to suppliers	0
Other receivables	550
Other current assets	0
	------------------
Current assets	5,720
Fixed assets net value	890
Projects under construction	0
Long term investment	0
Intangible assets	440
Long-term deferred expenses	1,110
Deferred assets	70
Other assets	0
	------------------
Total assets	8,230
	=============
Short loans	0
Accounts payable	0
Advances from customers	0
Employee pay payable	90
Taxes payable	160
Other payable	2,070
Other current liabilities	10
	------------------
Current liabilities	2,330
Long term liabilities	0
	------------------
Total liabilities	2,330
Equities	5,900
	------------------
Total liabilities & equities	8,230
	=============

Income Statement (as of Dec. 31, 2009)

Unit: CNY’000

Turnover	0
Cost of goods sold	0
Income from other operations	10,310
Sales expense	5,280
Management expense	4,470
Finance expense	190
Profit before tax	370
Less: profit tax	90
Profits	280

Note: SC’s main business in Yr2009 is trade agency, so its income all comes from other operations, mainly agency fee.

SC’s latest financial reports can not be found in the local AIC.

Important Ratios

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

	as of Dec. 31, 2009
*Current ratio	2.45
*Quick ratio	2.45
*Liabilities to assets	0.28
*Net profit margin (%)	/
*Return on total assets (%)	3.40
*Inventory /Turnover ×365	/
*Accounts receivable/Turnover ×365	/
*Turnover/Total assets	0
* Cost of goods sold/Turnover	/

PROFITABILITY: AVERAGE

l SC’s return on total assets is average.

LIQUIDITY: AVERAGE

l The current ratio of SC is maintained in a fairly good level.

l SC’s quick ratio is maintained in a fairly good level.

l SC has no inventory in 2009.

l The accounts receivable of SC appears large.

l SC has no short-term loan in 2009.

LEVERAGE: AVERAGE

l The debt ratio of SC is low.

l The risk for SC to go bankrupt is average.

Overall financial condition of the SC: Fairly Stable (As of Dec. 31, 2009).

SC is unable to be contacted, and no precise credit assessment on SC can be made. If further contact details of SC are provided, we will definitely continue our research on SC.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.05
UK Pound	1	Rs.81.09
Euro	1	Rs.67.39

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.