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BUSINESS CREDIT REPORT

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					BUSINESS CREDIT REPORT



 Type of the Report     Standard Credit Report

   Entrust Style               Urgent

                      ※※ ※※    Pump Manufacture
      Subject
                              Co., Ltd.

       Time                   Jant, 2007

    Consigner

     Producer          Dalian Infobank co.,Ltd.

  Report Number              2007011503
Dalian Infobank Co., Ltd.                                              Credit Report



                                 Content
Part I : Introduction of
                            1-1 Basic Information of Its Location
        the Location
                            2-1 Registered Information     2-4 Shareholders/Shares
                                                           2-5 Appraisal on Legal
Part II: Legal Status       2-2 Business Scope
                                                              Status
                            2-3 Changes of Registered
                                                           2-6 Notes of Appraised Items
                               Information
                            3-1 Top Management             3-7 Sales Status
                            3-2 Basic Business
                                                           3-8 Purchasing Status
                               Information
                            3-3 Imports and Exports        3-9 Investment & Affiliates
Part III: Operation         3-4 Basic Structure            3-10 Appraisal on Operation
                                                           3-11 Notes of Appraised
                            3-5 Products & Services
                                                               Items
                            3-6 Manufacturing
                               Condition
                                                           4-6 Analysis on Financial
                            4-1 Annual Report of Assets
                                                              Ratio
                            4-2 Annual Report of           4-7 Appraisal on Operating
                               Liabilities                    Capital
Part IV: Financial Status   4-3 Loss & Profit              4-8 Analysis on Credit Limits
                            4-4 Structural Analysis on     4-9 Appraisal on Financial
                               Assets & Liabilities           Status
                            4-5 Structure Analysis on      4-10 Notes of Appraised
                               Sales Cost                      Items
                            5-1 Relevant Certificates      5-4 Explanation on the index
                            5-2 Positive & Negative
Part V: Others                                             5-5 Other Side Appraisal
                               News
                            5-3 Information about the
                                                           5-6 Notes of Appraised Items
                               industry
Part VI: Comprehensive      6-1 Comprehensive Credit       6-2 Explanations on Credit
        Credit Appraisal       Appraisal                      Grade
                            7-1 Methods of
Part VII: Notes                Investigation and           7-2 About Investigator
                               Source of Information




                                          1
Dalian Infobank Co., Ltd.                                                      Credit Report



                        Part I: Introduction of the Location


1-1 Basic Information of Its Location

Location: Zhejiang Province




Basic Economic Indicators                          Zhejiang Province                   State

Year                                                2005            2006      2005             2006

Land Area(million sq. kilometers)                           0.10                       9.60

Population(million)                                48.98           49.80     1,307.56     1,314.48

Gross Domestic Product(billion yuan)               1,336.5         1,564.9   18,232.1     20,940.7
Fixed Capital Investment Total Value(billion
                                                   665.2           759.3     8,860.4      10,987.0
yuan)
Industry Added Value(billion yuan)                 634.3           753.8     7,619.0       9,035.1
Import and Export Total Value ( billion
                                                   107.4           139.1     1,422.1       1,760.7
dollar)
Social Consumable Retail Total Value
                                                   463.2           532.5     6,717.7       7,641.0
(billion yuan)
Average Per Capita Annual Disposable
                                                   16,294          18,265    10,493           11,759
Income of Urban Household(Yuan/year)
Neighbor Provinces                                 Jiangsu, Shanghai, Anhui, Jiangxi, Fujian
Economy Degree                                                 Well-developed area



                                               2
Dalian Infobank Co., Ltd.                                           Credit Report




                             Part II: Legal Status




                            2-1 Registered Information

                            2-2 Business Scope

                            2-3 Changes of Registered Information

                            2-4 Shareholders/Shares

                            2-5 Appraisal on Legal Status

                            2-6 Notes of Appraised Items




       Key points in this part:


       □ Registered status
       □ Legal operation
       □ Investment Scale
       □ Background of shareholders and investment mode




                                         3
Dalian Infobank Co., Ltd.                                              Credit Report


2-1 Registered Information


        Registered Name        ※※※※ Pump Manufacture Co., Ltd.

                               No. 11, ※ ※ Road, ※ ※ Industrial Park, ※ ※ i
       Registered Address
                               Town, ※※, Zhejiang

                               No. 11, ※ ※ Road, ※ ※ Industrial Park, ※ ※ i
       Operation Address
                               Town, ※※, Zhejiang

               P.C.            325102


               Tel.            0577-6731※※※※


               Fax.            0577-6731※※※※

                               Oubei      Subbranch,      Yongjia   Administration   for
   Registered Administration
                               Industry & Commence

     Registered File Number    330324200※※※※


       Registered Capital      500 Thousand Yuan


      Legal Representative     ※※ Yang


         Starting Year         May 9th, 2003


            Changing           /


          Legal Status         Limited Company


              Line             Manufacturing


      Duration of Business     10 years

                               Yongjia       Subbranch,    Zhejiang    Branch,   China
              Bank
                               Construction Bank

          A/C Number           221000000※※※※


            Currency           RMB


      Imp. & Exp. Right        Yes

                                         4
Dalian Infobank Co., Ltd.                                            Credit Report


2-2 Business Scope




    Business Scope        u   Manufacturing and selling pump, valve and motors.




     Main Business        u   Manufacturing and selling pump used in industry.




2-3 Changes of Registered Information


          Time                                      Affairs



       Feb. 1995          Established and registered. Not changed.




                                         5
Dalian Infobank Co., Ltd.                                       Credit Report


2-4 Shareholders/Shares


                                          Investment

                                              Value
            Shareholders                               Shares         Mode
                                          (Thousand

                                              Yuan)

                ※※ Yang                       300       60%           Money

                ※※ Chen                       200       40%           Money

                 In All                       500      100%               --




2-5 Appraisal on Legal Status


        Items                   Weight Score                  Appraisal

  Registered Status                 20                           12

 Duration of Business               15                           11

   Investment Scale                 25                           15

    Shareholders                    25                           15

   Business Scope                   15                           11

        Total                       100                          64




                                          6
Dalian Infobank Co., Ltd.                                               Credit Report


2-6 Notes of Appraised Items


        Items                                      Key Point

                        Degree of the Registered Administration/ Legal Status /
  Registered Status
                        Registered Capital / Business Scope

 Duration of Business   Duration of Business / As of the end of the Duration

  Investment Scale      Investment Scale / Investment Mode

                        Background of the Shareholders / Purpose of the Investment /
    Shareholders
                        Relationship of the Shareholders

   Business Scope       Business Scope Limited / Main Business in Scope or Not

                        00~50:Non-legitimating operation

                        51~70:Legal normally operation

                        71~80:Legal operation

     Explanation        81~90:Legal operation with large investment scale and

                        good abilities of shareholders

                        91~100:Legal operation with large investment scale and

                        excellent abilities of shareholders




                                           7
Dalian Infobank Co., Ltd.                                   Credit Report




                              Part III: Operation



                        3-1 Top Management


                        3-2 Basic Business Information


                        3-3 Imports and Exports


                        3-4 Basic Structures


                        3-5 Products & Services


                        3-6 Manufacturing Condition


                        3-7 Sales Statuses


                        3-8 Purchasing Statuses


                        3-9 Investment & Affiliates


                        3-10 Appraisals on Operation


                        3-11 Notes of Appraised Items




       Key points in this part:


       □ Experience & abilities of top management in line
       □ Operation scale & relevant achievement
       □ Credit status in operation
       □ Investment and Affiliates




                                         8
Dalian Infobank Co., Ltd.                                                Credit Report


3-1 Top Management

Basic information:

          Name             ※※ Yang

           Age             56

           Sex             Male

        Nationality        China

         Position          Chairman of Board

        Education          Junior High School


Working Experience:

 Time                      Company                                      Position

 Before May 2005           Do his own Business                          Manager

 May 2005 until now        ※※ ※※ Pump Manufacture Co., Ltd.             Chairman of Board

 Also taken as             Zhejiang ※※ Pump Industry Co., Ltd.          Chairman of Board




3-2 Basic Business Information


        Sales value in 2006                          0 Thousand Yuan

     Exports value in 2006                          59 Thousand USD

         Net profit in 2006                         -35 Thousand Yuan


        Total assets in 2006                        571 Thousand Yuan


     Total liabilities in 2006                      107 Thousand Yuan

     Total equities in 2006                         464 Thousand Yuan




                                                9
Dalian Infobank Co., Ltd.                                                                                      Credit Report


3-3 Imports and Exports


       Imports                                   Degree                      Country / Area                    Value(USD)

         2006                                      0                               /                            0 thousand

       Exports                                   Degree                      Country / Area                    Value(USD)

         2006                                      3                          Hong Kong                        59 thousand

        Notes                                l   The above data doesn’t include the operations conducted

                                                 by the outside trade agents, and it is only generated by the

                                                 company itself.

                                             l   Dalian infobank co., ltd. owns the most detailed database

                                                 regarding each imports / exports transaction by the

                                                 company, which can be provided at extra charge.




3-4 Basic Structures


                                                          Director Board



                                                               GM
                       Manufacturing Dept.




                                                                                              General Office
                                                               Sales Dept.




                                                                     10
Dalian Infobank Co., Ltd.                                               Credit Report


3-5 Products & Services


  Main Products or Services      magnetic drive pump, centrifugal pump, etc.


           Brand                                    Shengang


    Product Value in 2006                       80 Thousand Yuan


    Sales Rate of Product                             90%


      Type of Customer                       Manufacturers or Dealers




3-6 Manufacturing Condition


      Working Condition                          200 sq. meters


           Status                                     Rent

                               numerically controlled machine, sealing machine,
 Main Production Equipment
                                                       etc.

  Source of Main Equipment                    Mainly made in China


         Number of Staff                                6


     Number of Administrator                            2


    Number of Technician                                /




                                        11
Dalian Infobank Co., Ltd.                                               Credit Report


3-7 Sales Status


                            Sales Status in Domestic
       Sales Proportion
                                                      80%

          Sales Area                      Mainly in Zhejiang Province

       Type of Customer
                                             Manufacturers or Dealers
        Payment/Period
                                          Payment for about 30 days

                              Sales Status Abroad
       Sales Proportion
                                                      20%
          Sales Area
                                                   Hong Kong

       Type of Customer                              Dealers

        Payment/Period
                                          Letter of Credit/30-60 days




3-8 Purchasing Status


                          Purchasing Status in Domestic
    Purchasing Proportion
                                                      100%
       Purchasing Area
                                               Mainly in East China

       Type of Supplier                      Manufacturers or Dealers

        Payment/Period
                                          Payment for about 30 days

                           Purchasing Status in Abroad
    Purchasing Proportion
                                                        /
       Purchasing Area
                                                        /

       Type of Supplier                                 /

        Payment/Period
                                                        /




                                        12
Dalian Infobank Co., Ltd.                              Credit Report


3-9 Investment & Affiliates


                    Name           Relationship with the subject


                       /                         /




                              13
Dalian Infobank Co., Ltd.                                              Credit Report


3-10 Appraisal on Operation


        Items                      Weight Score                      Appraisal

  Top Management                       10                               6

    Manufacturing
                                       30                               18
  Condition & Scale

     Sales Status                      30                               12

      Payment                          20                               14

     Investment                        10                               5

        Total                          100                              55




3-11 Notes of Appraised Items


        Items                                     Key Points

                       Working Experience in Line / Relationship with the Government
  Top Management
                       / Education & Abilities

    Manufacturing      Manufacturing Equipment / Manufacturing Scale / Working

  Condition & Scale    Condition

     Sales Status      Sales Scale / Target Customer / Sales Mode

      Payment          Purchasing Payment / Sales Payment

     Investment        Investment Scale / Investment Profitability

                       00~50:Bad operation

                       51~70:Unsatisfied operation with risk

        Note           71~80:Normal operation with defect

                       81~90:Good operation with satisfied prospect

                       91~100:Excellent operation with brilliant prospect




                                             14
Dalian Infobank Co., Ltd.                                              Credit Report




                           Part IV: Financial Status




                            4-1 Annual Report of Assets

                            4-2 Annual Report of Liabilities

                            4-3 Loss & Profit

                            4-4 Structural Analysis on Assets & Liabilities

                            4-5 Structure Analysis on Sales Cost

                            4-6 Analysis on Financial Ratio

                            4-7 Appraisal on Operating Capital

                            4-8 Analysis on Credit Limits

                            4-9 Appraisal on Financial Status

                            4-10 Notes of Appraised Items




       Key point in this part:


       □ Structural analysis on assets & liabilities
       □ Structural analysis on profit
       □ Financial indexes




                                         15
Dalian Infobank Co., Ltd.                             Credit Report


4-1 Annual Report of Assets


 Year: 2005-2006                                Unit: thousand Yuan




                              Assets

                                        2005                  2006
 Year

 Cash & bank                            3,637                 1,387

 Inventory                                 0                      0

 Accounts receivable                     140                    184

 Other current assets                   6,030

 Total current assets                   9,807                 3,046

 Fixed assets – net value               7,570               14,344

 Construction in progress                  0                      0

 Total fixed assets                     7,570               14,344

 Long term investment                      0                      0

 Intangible assets                         0                      0

 Other assets                              0                      0

 Total assets                          17,377               17,390




                                 16
Dalian Infobank Co., Ltd.                                       Credit Report


4-2 Annual Report of Liabilities


 Year: 2005-2006                                          Unit: thousand Yuan




                                   Liabilities

                                                  2005                  2006
 Year


 Short term loans                                    0                      0

 Accounts payable                                    0                      0

 Other current liabilities                        3,147                 1,468

 Total current liabilities                        3,147                 1,468

 Total long term liabilities                         0                      0

 Total liabilities                                3,147                 1,468

 Total equities                                  14,230               15,922

 Paid in capital                                  7,140                 7,140

 Total liabilities & equities                    17,377               17,390




                                        17
Dalian Infobank Co., Ltd.                                        Credit Report


4-3 Loss & Profit


 Year: 2005-2006                                           Unit: thousand Yuan




                                  Loss & Profit

                                                   2005                  2006
 Year


 Main business income                             25,778               24,855

 Main business cost                               11,902                 9,968

 Main business profit                             13,876               14,887

 Add: other business profit                           0                      0

 Less: operating expenses                          8,321                 6,682

         Administrative & General expenses           -10                   -14

         Financial expenses                           0                      0

 Main business profit                              5,565                 8,219

 Gains or Losses                                   2,169                 4,822

 Total profit                                      7,734                 3,397

 Less: income tax                                   373                    373

 Net-profit                                        7,361                 3,024




                                         18
Dalian Infobank Co., Ltd.                                                 Credit Report


4-4 Structural Analysis on Assets& Liabilities




         □ The fixed asset of the subject account for 49.6% of the total asset.
         □ The proportion of current asset is a bit low, and capital does not run rapidly.
         □ The current Liabilities account for 18.7% of the total asset. Such ratio is low,
             compared with the total equalities.




                                             19
Dalian Infobank Co., Ltd.                                       Credit Report


4-5 Structure Analysis on Sales Cost




In 2006, the company began manufacturing, but marketing had not started yet. The
income of 2006 is 0.




                                       20
Dalian Infobank Co., Ltd.                                                               Credit Report


4-6 Analysis on Financial Ratio

                                          Financial Indexes

                    Indexes                               2005              2006           Appraisal

                          Current ratio                   2.65              2.65              High
  Solvency
                           Quick ratio                    1.22              1.22              High

                  Liabilities to equities ratio           0.23              0.23              Low
  Stability          Current liabilities to
                                                          0.23              0.23              Low
                         equities ratio

                         Profit margin                      /                 /            No income
 Profitability
                 Return on total assets ratio             0%                 0%            No income

                                                  Notes

                 Current ratio =                        It refers to the short-term solvency of the
     Current assets/Current liabilities                                    subject.
                  Quick ratio=
                                                    It refers further to the short solvency of the
   (Current assets-Inventory)/Current
                                                                           subject.
                    liabilities
                                                   It refers to the liabilities status of the subject.
        Liabilities to equities ratio =
                                                   If the ratio is too high, the subject has risk on
           Total liabilities/Equities
                                                                operation for large liabilities.
                                                     It refers to the liabilities & solvency of the
    Current liabilities to equities ratio =
                                                     subject. If the ratio is too high, the subject
         Current liabilities/Equities
                                                           will face to much short-term loans.
                 Profit margin =
   Total profit/Main business income×                   It refers to the profitability of the subject.
                     100%

              Net profit margin =
                                                        It refers to the profitability of the subject.
 Net profit/Main business income×100%

       Return on total assets ratio =               It refers to the earnings of the investment of
      Total profit /Total assets×100%                                    the subject.




                                                   21
Dalian Infobank Co., Ltd.                                                    Credit Report


4-7 Appraisal on Operating Capital


                                     Operation Indexes


               Indexes                            2005               2006         Appraisal


            Inventory cycle                       0.00               0.00        No income


 Accounts receivable collection period             /                   /             No sales


         Current assets cycle                     0.00               0.00        No income


           Total assets cycle                     0.00               0.00        No income




                                                                    Notes

                                          High ratio of the inventory cycle refers to the

                                          good efficiency of the subject and quick

           Inventory cycle =              conversion from inventory to cash. Low ratio of

     Sales cost/Average inventory         the inventory cycle refers to much inventory of

                                          the product or much purchasing of the material.

                                          It should take steps in time.

 Accounts receivable collection period

                   =                      It refers the collection period of the accounts

   365×(Accounts receivable/Sales         receivable.

               income)

                                          It refers the cycle of the current assets. High

         Current assets cycle=            ratio    means     saving    current   assets    and

 Sales income/average current assets      enlarging        assets      investment,      adding

                                          profitability of the subject.

          Total assets cycle=             It refers the cycle of the total asset. High ratio

   Sales income/average total assets      means good sales ability.




                                            22
Dalian Infobank Co., Ltd.                                                      Credit Report


4-8 Analysis on Credit Limits


                           Analysis on Credit Limits in latest year


         Operating Capital                               321 Thousand Yuan


   Appraisal of Operating Capital                                 3.42

   Experience Ratio of the Credit
                                                                  25%
                Limit

          Ideal Credit Limit                              80 Thousand Yuan


 Ideal credit limit indicates the maximum limit for subject. The ideal credit limit in the

 report has been accounted according to its financial figures and just for reference.




                                            Notes

                                                       Operating Capital
      Operating Capital
                                   =(Current assets-Current liabilities +Total equities)/2

                                                Appraisal of Operating Capital
    Appraisal of Operating
                                   =Current ratio + Quick ratio-Liabilities to equities ratio +
           Capital
                                               Current liabilities to equities ratio

                                  Experience Ratio of the Credit Limit is decided on assets
   Experience Ratio of the
                                     appraisal. Different appraisal correspondence with
         Credit Limit
                                        different Experience Ratio of the Credit Limit

                                                       Ideal Credit Limit
      Ideal Credit Limit
                                  = Operating Capital×Experience Ratio of the Credit Limit




                                               23
Dalian Infobank Co., Ltd.                                                         Credit Report


4-9 Appraisal on Financial Status


              Items                         Weight Score                        Appraisal

     Appraisal on Financial
                                                   10                                6
            Structure

            Solvency                               20                               17

             Stability                             20                               15

           Profitability                           15                                /

           Operation                               15                                6

           Credit Limit                            20                               12

              Total                               100                                /



4-10 Notes of Appraised Items


        Items                                             Key Point

     Appraisal on
                           Assets structure / Liabilities structure / Operation cost structure
  Financial Structure

       Solvency            Current ratio / Quick ratio

       Stability           Liabilities to equities ratio / Current liabilities to equities ratio

      Profitability        Profit margin / Return on total assets ratio

                           Inventory cycle / Accounts receivable collection period
      Operation
                           Current assets cycle / Total assets cycle

      Credit Limit         Appraisal of Operating Capital / Ideal Credit Limit

                           00~50:Bad financial status

                           51~70:Certain crisis on finance

         Note              71~80:Normal financial status

                           81~90:Good financial status with no crisis

                           91~100:Excellent financial status with no crisis



                                                 24
Dalian Infobank Co., Ltd.                                    Credit Report




                                 Part V: Others




                            5-1 Relevant Certificate

                            5-2 Positive and Negative News

                            5-3 Other Side Appraisal

                            5-4 Notes of Appraised Items




       Key point in this part:


       □ Pass certificate or not
       □ Positive & negative news
       □ Other Side Appraisal




                                        25
Dalian Infobank Co., Ltd.                                               Credit Report


5-1 Relevant Certificates


      Certificate                 Pass or not                           Time


    ISO9001:2000                       Not                                /


      ISO14001                         Not                                /

         CCC                           Not                                /

          CE                           Not                                /

          UL                           Not                                /

        Other                          Not                                /




5-2 Positive & Negative News


      Certificate                     Compendium                              Time

    Positive News                             /                                /

    Negative News                             /                                /

   Litigation Record                          /                                /

                        Since the litigation system in China is not totally transparent,

                        there is no unified method of collecting such information, so the
         Note
                        only thing we can do is to search the general information. So the

                        information hereby is incomplete and just for reference.




                                             26
Dalian Infobank Co., Ltd.                                                 Credit Report


5-3 Other Side Appraisal


       Items                     Weight Score                          Appraisal

     Certificate                       50                                  25

  Outside Appraisal                    50                                  25

        Total                          100                                 50




5-4 Notes of Appraised Items


       Items                                        Key Point

     Certificate       Administration Certificate / Quality Certificate / Other Certificate

  Outside Appraisal    Positive Appraisal / Negative Appraisal / Litigation Record

                       Line Status / Line Business Trend / Location of the subject in the
 Line Business Trend
                       line

                       00~60:Bad

                       61~80:Normal
        Note
                       81~90:Good

                       91~100:Excellent




                                             27
Dalian Infobank Co., Ltd.                                                   Credit Report




                    Part VI: Comprehensive Credit Appraisal



6-1 Comprehensive Credit Appraisal


        Items               Appraisal             Proportion                  Score

     Legal Status               64                    25%                      16

      Operation                 55                    30%                      17

   Financial Status              /                    35%                       /

      Other Side                50                    10%                       5

        Total                                            /

  Credit Appraisal                                     CR5

                        The company is a private enterprise, which is established in

                        May 2003, and its main business is manufacturing pumps. The

                        investment scale of this company is fairly small.

                        In 2003, manufacture of the company is just at the very
   Comprehensive
                        beginning stage, and there is no income in whole year.
      Appraisal
                        At present, the company is in its early stage of development, the

                        sales condition is ordinary, so the target market area is narrow.

                        It has sizable unstabilizing factors, and we suggest not

                        cooperate with this company until further survey of its future.




                                           28
Dalian Infobank Co., Ltd.                                             Credit Report


6-2 Explanations on Credit Grade


     Credit
                        Score                          Conclusion
    Appraisal

      CR1              91~100      Excellent comprehensive credit with no risk

      CR2               81~90      Better comprehensive credit with little risk

      CR3               71~80      Good comprehensive credit with controllable risk

                                   Fairly normal comprehensive credit with higher
      CR4               61~70
                                   risk

      CR5               51~60      Bad comprehensive credit with high risk

      CR6             Below 50     Worst comprehensive credit and unacceptable




                                          29
Dalian Infobank Co., Ltd.                                                Credit Report




                                      Part VII: Notes


7-1 Methods of Investigation and Source of Information


  Registered Information               Registered Information in Administration

                                 Research on the Spot / Statistics Data / from Relevant
        Operation
                                                        Company

                              Annual Report / Audit Report / Taxation Sheet / Statistics
   Financial Information
                                                         Sheet

          Others              Second-hand Information / Other Sources of Information

               All information is obtained with canonical operating system.



7-2 About Investigator


          Name              Dalian Infobank Co., Ltd.

    Registered Capital      500 thousand Yuan

      Number of Staff       39

            Tel.            86-411-39816633

           Fax.             86-411-39816658

           Web              www.sinoimex.com




                                         The End




                                            30

				
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