Credit Report

Our Ref: c901893

To: Whom it May Concern

Date: 2002/12/21

We, Bank of China, Liaoning Branch hereby certify that Young’s Refractory Materials Ltd. Is a private-owned company which was credited AAA by Bank of China, Liaoning Branch in the year of 1999 and registered place of business at Dalian, China.

Any informrmation furnished will be treated as confidential and private, and is only for your reference without any responsibilities on our part.

Yours faithfully,

For Bank of China, Liaoning Branch