MIRA INFORM REPORT

Report Date :

20.02.2013

IDENTIFICATION DETAILS

Name :	ATH (HK) PVT LIMITED guangzhou representative office
Registered Office :	Rm. 1409 And 1411, 14/F, No. 7, Lujing Road, Yuexiu District, Guangzhou, Guangdong Province, 510095 PR
Country :	China
Date of Incorporation :	05.07.2004
Com. Reg. No.:	440101500006825
Legal Form :	Representative office
Line of Business :	Not Available
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

C

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

Status :	Undetermined
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
China	A2	A2

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

china - ECONOMIC OVERVIEW

Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.

Source : CIA

Company name and address

ATH (HK) PVT LIMITED guangzhou representative office

rm. 1409 and 1411, 14/f, no. 7, lujing road, yuexiu district, guangzhou, guangdong PROVINCE, 510095 PR CHINA (REGISTERED ADDRESS)

TEL: N/A FAX: N/A

EXECUTIVE SUMMARY

INCORPORATION DATE : july 5, 2004

REGISTRATION NO. : 440101500006825

REGISTERED LEGAL FORM : Representative office

CHIEF EXECUTIVE : shrivastava sankat mochan (principal)

STAFF STRENGTH : N/A

REGISTERED CAPITAL : n/a

BUSINESS LINE : liaison

TURNOVER : N/A

EQUITIES : N/A

PAYMENT : NOT YET DETERMINED

RECOMM. CREDIT RANGE : NO RECOMMENDATION

MARKET CONDITION : N/A

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : N/A

GENERAL REPUTATION : NOT YET DETERMINED

EXCHANGE RATE : CNY 6.24 = USD

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: Note: SC’s complete name should be the heading one, while the given name belongs to SC’s parent company.

SC was registered as a representative office at local Administration for industry & commerce (AIC - the official body of issuing and renewing business license) on July 5, 2004.

Company Status: Representative office

Foreign company, which has entered into a contract with a PR China co., is permitted to establish a representative office in PR China. The representative office may engage only in “non-direct operating activities” such as liaison, consulting, market research & general information gathering. At present, representative office is not allowed to employ local employees in its own name and must use PR China employment agencies.

SC’s registered business scope includes engaged in non-profit activities related to foreign (regional) enterprises.

Shrivastava Sankat Mochan is registered as principal 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.

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

No significant changes were found during our checks with local AIC.

MAIN SHAREHOLDERS:

Name % of Shareholding

ATH (HK) PVT LIMITED 100

CR No.: 0870149

Date of Incorporation: 12-November-2003

Company Status: Private

Active Status: Live

l Principal:

Shrivastava Sankat Mochan

We dialed the given tel. no. (+86 20-83597578/83594806) many times, but no one answered during office hours.

From internet, we found a number 86-20-61004219, but it also went unanswered during office hours. The other tel. number (86-20-61004211/88175059) doest not exist at present.

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

We are unable to contact SC. Therefore, the nature and extent of SC’s operations could not be determined.

The information on SC’s subsidiaries is not available.

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.

The bank information of SC is not available.

As a representative office, SC is not allowed to engage in direct business. All its expenses are supposed to be provided by its parent company. Therefore, its financial information is not available.

Despite having exhausted all our effort, we are unable to contact SC. 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.54.28
UK Pound	1	Rs.84.09
Euro	1	Rs.72.44

INFORMATION DETAILS

Report Prepared by :

PDT

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.