Creditsafe International Full Report

REGISTERED NAME & COMPANY SUMMARY Example Co., Ltd. HI - TECH INDUSTRIAL PARK EXAMPLE PROVINCE, 00000 PR CHINA TEL: 00 (0) 000-0000000 FAX: 00 (0) 000-0000000 EXECUTIVE SUMMARY INCORPORATION DATE : JUL. 5, 2005 REGISTRATION NO. : 000000000000000 REGISTERED LEGAL FORM : EXAMPLE-OWNED ENTERPRISE CHIEF EXECUTIVE : MR. P... X... STAFF STRENGTH : 10,000 REGISTERED CAPITAL : USD 846,550,000 BUSINESS LINE : MANUFACTURING AND TRADING TURNOVER : CNY 11,615,816,000 (AS OF DEC. 31, 2008) EQUITIES : CNY 7,679,152,000 (AS OF DEC. 31, 2008) PAYMENT : AVERAGE RECOMM. CREDIT RANGE : UP TO USD 30,000,000 MARKET CONDITION : COMPETITIVE FINANCIAL CONDITION : FAIRLY STABLE OPERATIONAL TREND : FAIRLY STEADY GENERAL REPUTATION : WELL-KNOWN EXCHANGE RATE : CNY 6.50= USD 1 AS OF 2011-6-8 WEB SITE http://www.example.com/ The design is professional and the content is well organized. At present the web is in both Chinese and English versions. E-mail: info@ example.com & sales@ example.com

CREDIT RECOMENDATION Current Credit Scoring: B Current Credit Limit: 30,000,000 USD Credit Scoring / Limit additional comments:

Scoring Explanation

A Very Good Credit Worthiness (Lowest Risk)

B Good Credit Worthiness (Low Risk)

C Satisfactory Credit Worthiness (Moderate Risk)

D Not credit worthy

E Ratiing suspended

DIRECTORS/MANAGEMENT Management Legal Representative and Chairman:

Mr. P... X... (...), ID#: 000000000000000000, 35 years old with MBA degree, is currently responsible for the overall management of Example. He founded the company in July 2005. Prior to founding the company, Mr. P... founded S... L... in March 1997 and was its chief executive officer until February 2006. S... L... is a leading manufacturer of personal protective equipment in Asia. Mr. P... graduated from Jiangxi Foreign Trade School in 1993 with a diploma in international business and from Beijing University Guanghua School of Management with an executive MBA degree in 2002. (The above information is from http://www.example.com .)

Working Experience(s):

From 1997 to 2006 Worked in S... L... as chief executive officer. (This information is from http://www.example.com ) From 2005 to present Working in Example as legal representative and chairman. Also working in J... L... P... S... Technology Co., Ltd. as legal representative and chairman

NEGATIVE INFORMATION No negative information found.

SHARE & SHARE CAPITAL INFORMATION REGISTERED CAPITAL : USD 846,550,000 OWNERSHIP/MANAGEMENT MAIN SHAREHOLDERS:

Name % of Shareholding

L... S... Co., Ltd. (Cayman Islands) 100

PAYMENT INFORMATION PAYMENT Overall payment appraisal : ( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet determined The appraisal serves as a reference to reveal Example's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with Example's suppliers), our delinquent payment records and our debt collection record concerning Example.

Trade payment experience: Example did not provide any name of trade/service suppliers and we have no other sources to conduct the enquiry at present.

Delinquent payment record: None in our database.

Debt collection record: No overdue amount owed by Example was placed to us for collection within the last 6 years. The buying terms of Example include Check, T/T, L/C, and Credit of 30-60 days. The payment terms of Example include T/T, L/C and Credit of 30-60 days.

GROUP STRUCTURE & AFFILIATED COMPANIES RELATED COMPANIES

J... L... P... S... Technology Co., Ltd.

Legal representative: P... X... Registration No.: 000000000000000 Incorporation date: July 12, 2007

According to Example’s website: L... S... USA, Inc. L... S...美国分公司 Add.: 1290 Example Street, Sunnyvale, CA 94085 USA Tel: +0-000-000-0000 Fax: +0-000 000 0000

L... S... Shanghai Office: L... S...r 上海办公室 Add.: Example Road, Shanghai PRC 000000 Tel: +00-00-0000-0000 Fax: +00-00-0000-0000

FINANCIAL INFORMATION FINANCIAL HIGHLIGHTS Balance Sheet Unit: CNY’000 As of Dec. 31, As of Dec. 31, 2008 2007 Cash & bank 2,147,325 1,489,049 Inventory 4,813,216 2,556,583 Accounts receivable 668,484 28,025 Advances to suppliers 4,289,992 1,338,713 Other receivables 403,332 329,023 Other current assets 7,248 13,880 ------Current assets 12,329,597 5,755,273 Fixed assets 5,520,151 2,330,690 Long term investment 1,754,082 0 Intangible and other 643,511 565,522 assets Other assets 324,682 0 ------Total assets 20,572,023 8,651,485 ======Short loans 4,372,958 1,782,641 Accounts payable 967,970 171,486 Advances from clients 1,752,464 1,041,634 Other payable 842,393 447,084 Other current liabilities 506,494 283,802 ------Current liabilities 8,442,279 3,726,647 Long-term loans 844,249 183,527 Other long-term liabilities 3,606,343 493,452 ------Total liabilities 12,892,871 4,403,626 Equities 7,679,152 4,247,859 ------Total liabilities & equities 20,572,023 8,651,485 ======

Income Statement Unit: CNY’000 As of Dec. 31, 2008 As of Dec. 31, 2007 Turnover 11,615,816 3,959,279 Cost of goods sold 8,862,919 2,661,512 Taxes and additional of 0 0 main operation Sales expense 26,756 6,346 Management 281,350 156,864 expense Finance expense 86,928 47,811 Non-operating income 133,957 49,459 Non-operating expense 1,589,018 62 Profit before tax 902,802 1,136,142 Less: profit tax 126,620 0 Profits 776,182 1,136,142 Note: The company has not lodged the latest annual returns in the local registry, hence no up- to-date detailed financial information could be provided.

Important Ratios ======As of Dec. 31, As of Dec. 31, 2008 2007 *Current ratio 1.46 1.54 *Quick ratio 0.89 0.86 *Liabilities to assets 0.63 0.51 *Net profit margin (%) 6.68 28.70 *Return on total assets (%) 3.77 13.13 *Inventory /Turnover ×365 152 days 236 days *Accounts receivable/Turnover ×365 21 days 3 days *Turnover/Total assets 0.56 0.46 * Cost of goods sold/Turnover 0.76 0.67

FOREIGN EXCHANGE RATES EXCHANGE RATE : CNY 6.50= USD 1 AS OF 2011-6-8

ADDITIONAL INFORMATION HISTORY Note: Example’s complete name should be the heading one.

Example was registered as a Chinese foreign equity joint venture enterprise at local Administration for industry & commerce (A.. - the official body of issuing and renewing business license) on July 5, 2005 and has been under present legal form since 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. Example’s registered business scope includes manufacturing, selling and storage of purified silicon, monocrystalling, multicrystalline wafers, multicrystalline solar cells, solar wafer products, solar pipes, solar water heaters, water heater system. (Excluding the items specially regulated, limited and prohibited by the state) Example is mainly engaged in manufacturing and selling monocrystalling, multicrystalline wafers, and multicrystalline solar cells. (该公司目前实际主要从事生产销售单晶及多晶硅棒以及多晶硅片、太阳能电池等。) Mr. P... X... has been legal representative and chairman of Example since 2005.

Example is known to have approx. 10,000 employees at present.

Example is currently operating at the above stated address, and this address houses its operating office and factory in the hi-tech industrial park of Xinyu. The accountant refused to release detailed information about the premise. KEY EVENTS/RECENT DEVELOPMENT Example has obtained the BSI ISO0000:0000 certificate, and was awarded as “J... Excellent Foreign Trading Company Of 2006”, “The Most Potential Company in Chinese New Material Industry”, etc.

Changes of Example’s registered information: Date Item Before changed After changed 2006/7 Registered Chinese foreign Wholly foreign-owned legal form equity joint venture enterprise enterprise Shareholders S... L... Industry Co., L... S... Co., Ltd. Ltd. 27.59%; L... I...l (Cayman Islands) Limited (Hong Kong) 100% 72.41% Registered USD 29,000,000 USD 35,900,000 2006/8 capital Registered USD 35,900,000 USD 83,600,000 2006/10 capital Registered USD 83,600,000 USD 103,600,000 2006/12 capital Registered USD 103,600,000 USD 110,950,000 2007/3 capital Registered USD 110,950,000 USD 158,675,000 2007/6 capital Registered USD 158,675,000 USD 248,650,000 2007/6 capital 2007/7 Registered USD 248,650,000 USD 298,650,000 capital Registered USD 298,650,000 USD 348,650,000 2007/8 capital Registered USD 348,650,000 USD 356,540,000 2007/11 capital Registered USD 356,540,000 USD 454,540,000 2008/3 capital Registered USD 454,540,000 USD 529,880,000 2008/9 capital Registered USD 529,880,000 USD 749,850,000 2008/12 capital Registered USD 749,850,000 USD 838,850,000 2009/12 capital Registered USD 838,850,000 USD 846,550,000 2010/1 capital Example has obtained the BSI ISO9001:2000 certificate, and was awarded as “J... Excellent Foreign Trading Company Of 2006”, “The Most Potential Company in Chinese New Material Industry”, etc.

Changes of Example’s registered information: Date Item Before changed After changed 2006/7 Registered Chinese foreign Wholly foreign-owned legal form equity joint venture enterprise enterprise Shareholders S... L... Industry Co., L... S... Co., Ltd. Ltd.. 27.59%; L... (Cayman Islands) Industrial Limited 100% (Hong Kong). 72.41% Registered USD 29,000,000 USD 35,900,000 2006/8 capital Registered USD 35,900,000 USD 83,600,000 2006/10 capital Registered USD 83,600,000 USD 103,600,000 2006/12 capital 2007/3 Registered USD 103,600,000 USD 110,950,000 capital Registered USD 110,950,000 USD 158,675,000 2007/6 capital Registered USD 158,675,000 USD 248,650,000 2007/6 capital Registered USD 248,650,000 USD 298,650,000 2007/7 capital Registered USD 298,650,000 USD 348,650,000 2007/8 capital Registered USD 348,650,000 USD 356,540,000 2007/11 capital Registered USD 356,540,000 USD 454,540,000 2008/3 capital Registered USD 454,540,000 USD 529,880,000 2008/9 capital Registered USD 529,880,000 USD 749,850,000 2008/12 capital Registered USD 749,850,000 USD 838,850,000 2009/12 capital Registered USD 838,850,000 USD 846,550,000 2010/1 capital BUSINESS OPERATIONS Example is mainly engaged in manufacturing and selling monocrystalling, multicrystalline wafers, and multicrystalline solar cells. (该公司目前实际主要从事生产销售单晶及多晶硅棒以及多晶硅片、太阳能电池等。)

Example’s products mainly include: lngots, multi-crystalline wafers, mono-crystalline wafers.

The brief introduction of Example’s manufacturing capacity: As of March 31, 2008, Example’s manufacturing capacity was 580 MW. Example plans to expand manufacturing capacity to 1.1GW by the end of 2008 Example further plans to expand manufacturing capacity to 2 GW by the end of 2009. (The above information is from http://www.example.com .) Example sources its materials 90% from domestic market, and 10% from the overseas market. Example sells 80% of its products to the overseas market, mainly Europe, America, and 20% to domestic market.

The buying terms of Example include Check, T/T, L/C, and Credit of 30-60 days. The payment terms of Example include T/T, L/C and Credit of 30-60 days. BANKING Example refused to release its bank information.