MIRA INFORM REPORT

Report Date :

25.07.2012

IDENTIFICATION DETAILS

Name :	BORUIFU INTERNATIONAL CHEMICALS (BEIJING) CO., LTD.
Registered Office :	Room 104, 1/F, Building 5, Yard 2, Dawayao North Road, Fengtai District, Beijing, 100036 Pr
Country :	China
Date of Incorporation :	09.11.2010
Com. Reg. No.:	110106013351606
Legal Form :	Limited Liabilities Company
Line of Business :	Selling chemical products, mechanical and electrical equipment, clothing, hardware
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 :	Moderate
Payment Behaviour :	Unknown
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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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 and address

BORUIFU INTERNATIONAL CHEMICALS (BEIJING) CO., LTD.

ROOM 104, 1/F, BUILDING 5, YARD 2, DAWAYAO NORTH ROAD,

FENGTAI DISTRICT, BEIJING, 100036 PR CHINA (REGISTERED ADDRESS)

TEL: N/A FAX: N/A

EXECUTIVE SUMMARY

INCORPORATION DATE : NOV. 9, 2010

REGISTRATION NO. : 110106013351606

REGISTERED LEGAL FORM : LIMITED LIABILITIES CO.

CHIEF EXECUTIVE : MR. ZHAO JUN (LEGAL REPRESENTATIVE)

STAFF STRENGTH : N/A

REGISTERED CAPITAL : CNY 1,000,000

REGISTERED BUSINESS LINE : TRADING

TURNOVER : N/A

EQUITIES : N/A

PAYMENT : NOT YET DETERMINED

MARKET CONDITION : N/A

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : N/A

GENERAL REPUTATION : NOT YET DETERMINED

EXCHANGE RATE : CNY 6.378=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 Ren Min Bi

SC was registered as a limited liabilities co. at local Administration for Industry & Commerce (AIC-The official body of issuing and renewing business license) on Nov. 9, 2010.

Company Status: Limited liabilities co.

This form of business in PR China is defined as a legal person. No more than fifty shareholders contribute its registered capital jointly. Shareholders bear limited liability to the extent of shareholding, and the co. is liable for its debts only to extent of its total assets. The characteristics of this form of co. are as follows:

Upon the establishment of the co., an investment certificate is issued to the each of shareholders.

The board of directors is comprised of three to thirteen members.

The minimum registered capital for a co. is CNY 30,000.

Shareholders may take their capital contributions in cash or by means of tangible assets or intangible assets such as industrial property and non-patented technology.

Cash contributed by all shareholders must account for at least 30% of the registered capital.

Existing shareholders have pre-exemption right to purchase shares of the co. offered for sale by the other shareholders and to subscribe for the newly increased registered capital of the co.

SC’s registered business scope includes selling chemical products, mechanical and electrical equipment, clothing, hardware; importing and exporting goods and technology; import and export agent.

Mr. Zhao Jun is registered as legal representative of SC.

No telephone listing could be found for the company. It is therefore 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.brf-watertreat.com ; http://www.brf-acid.com The two website all belong to SC. The design is professional and the content is well organized. At present they are in English version.

E-mail: admin@boruifuchem.com

(Note: we have sent an E-mail to the email address, but have not received reply.)

No significant events or changes were found during our checks with the local Administration for Industry and Commerce.

MAIN SHAREHOLDERS:

Name % of shareholdings

Zhao Jun 95

Liang Enze 5

l Legal Representative:

Mr. Zhao Jun

We dialed SC’s tel. no. 86-10-52859548/15210471097, but they are both power off; we dialed another one 86-10-63736217, but nobody answered.

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

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.

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.

Failing to contact SC, the given bank information can not be confirmed.

SC’s financial reports were not found during our checks with the local Administration for Industry and Commerce.

Despite having exhausted all our effort, we are unable to contact SC, so precise credit estimate can not be made at present. If further contact details of SC can be provided, we will definitely continue this research.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.01
UK Pound	1	Rs.86.89
Euro	1	Rs.67.83

INFORMATION DETAILS

Report Prepared by :

PRL

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.