MIRA INFORM REPORT

Report Date :

27^th February, 2007

IDENTIFICATION DETAILS

Name :	MOTOR TECHNOLOGIES LIMITED
Registered Office :	c/- Horwath Rutherfords Ltd, 277 Broadway Avenue,, Palmerston North
Country :	New Zealand (Aotearoa)
Date of Incorporation :	13.05.1991
Com. Reg. No.:	502967
Legal Form :	Limited Company
Line of Business :	Importer and Distributor of electric motors and gear boxes.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear

REGISTERED NAME:	MOTOR TECHNOLOGIES LIMITED
REGISTERED NUMBER:	502967
OPERATING ADDRESS:	62 Sir William Avenue, Green Mount, East Tamaki, AUCKLAND
REGISTERED ADDRESS:	c/- Horwath Rutherfords Ltd, 277 Broadway Avenue, PALMERSTON NORTH
OTHER TRADING NAMES:	Nil
TELEPHONE NUMBER:	(09) 917 4570
WEB SITE ADDRESS:	Nil
DATE OF INCORPORATION:	13 May 1991 – Incorporated in New Zealand
CHANGE OF NAME:	Nil
PAID CAPITAL:	$1,000 in $1 shares.
DIRECTORS:	DAVID JOHN KENYON 2121A River Road, R D 1, HAMILTON KEITH RAYMOND NORLING 41 John F Kennedy Drive, PALMERSTON NORTH
SHAREHOLDERS:	Refer HISTORY
SECRETARY:	Not shown
AUDITORS:	Not shown
REGISTERED CHARGES:	Refer REGISTERED CHARGES
PAYMENTS:	34-37 days
LEGAL ACTIONS / DEFAULTS:	Nil
EMPLOYEES:	3

PARENT COMPANY

NIL

ACTIVITIES

The subject is an importer and distributor of electric motors and gear boxes.

Operations are conducted from owned premises situated at the heading address.

The company does not have any branches.

The subject employs 3 in activities.

HISTORY

The subject was incorporated in New Zealand on 13 May 1991 as Motor Technologies Limited.

Registered Number: 502967.

Paid capital $1,000 in 1,000 shares paid to $1 each.

Shares are held by:

KEITH RAYMOND NORLING 450

DAVID JOHN KENYON 450

BRENT WRAY 100

The above information is in accordance with the last Annual Return lodged with the New Zealand Companies Office on 28 July 2006 and compiled at report date.

Operations of the company were commenced 15-20 years ago.

DIRECTORS

DAVID JOHN KENYON was appointed to the board of directors on 16 August 1991. He is fully active in the day to day operations of the company.

KEITH RAYMOND NORLING was appointed to the board of directors on 16 August 1991. He is also active in company operations.

BANK

ANZ NATIONAL BANK LIMITED

PALMERSTON NORTH

The bank holds a Registered Charge over company assets. Please refer to the REGISTERED CHARGE section for details.

TRADING

Following are details of a trade survey undertaken in February 2007:

1. This is a very small account, averaging $200 per month. The terms of the account are payment by the 20^th of the following month, with payment being met on the 24^th-27^th of the following month. The account has been held for 8 years and there are no problems.

2. This supplier could not be contacted as at report date. Messages left have remained unanswered.

As the subject is an importer, the company is not a major seeker of local commercial credit.

FINANCE

The subject has not lodged financial accounts with the New Zealand Companies Office.

REGISTERED CHARGES

The following Registered Charge has been recorded over the subject’s assets:

On 8 April 1998, Charge to ANZ National Bank Limited, charging all present and after acquired personal property.

Should you require further details in relation to the above Charge a Registered Charge Search can be undertaken.

The ‘Personal Property Securities Act 1999’ (PPSA) came into effect on 1 May 2002.

The PPSA has brought together registered charges that were historically created under several different Acts, e.g. debentures registered pursuant to the Companies Act and charges over specific assets registered pursuant to the Chattels Transfer Act 1924.

Charges registered are called Security Interests.

The PPSA is also used by suppliers to register a charge over goods which have been supplied to the subject in respect of which the supplier terms of trade may previously have contained a “reservation of title” clause.

Charges over land are not registered under the PPSA and there may be charges over land in the name of the subject.

There are also 2 Security Interests registered over goods – other and/or goods – motor vehicles.

RECORDED ACTIONS

Nothing of an adverse nature has been recorded against the subject.

INVESTIGATION

An interview was conducted with Ms Janet Bottica, Office Manger, in February 2007. At this time she confirmed operational and trading details, however declined all financial information as a matter of company policy.

It was advised that premises at the heading address are owned by the directors. .

Enquiries made with trade sources failed to trace any additional information in relation to the subject.

A Land Titles Search has not been undertaken to ascertain what land, if any, stands in the subject’s name. This can be undertaken on request.

CONCLUSION

The subject was incorporated in New Zealand on 13 May 1991 as Motor Technologies Limited.

Paid capital $1,000 in 1,000 shares paid to $1 each.

The subject is an importer and distributor of electric motors and gear boxes.

One supplier contacted has reported small monthly commitments being met in 34-37 days and is a no problem account.

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	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.	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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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