MIRA INFORM REPORT

Report Date :

02.08.2011

IDENTIFICATION DETAILS

Name :	SOUTHLAND MONUMENTAL MASONS LIMITED
Registered Office :	C/o Malloch Mcclean Limited, 45 Don Street, Invercargill, Zip/postal code 9810
Country :	New Zealand
Date of Incorporation :	14.03.2007
Com. Reg. No.:	1920215
Legal Form :	Private Limited Company
Line of Business :	Sales and service of headstones

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 15,000
Status :	Moderate
Payment Behaviour :	No Complaints
Litigation :	Clear

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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
New Zealand	a1	a1

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

Identification details Bottom of Form

Verified Address

Subject name : SOUTHLAND MONUMENTAL MASONS LIMITED

Business address : 287 Dee Street

Town : Avenal Province

: Invercargill

Zip/postal code :9810

Country : New Zealand

Tel : +64 3 2141551

Fax : +64 3 2141552

Email : southlandmonumental@woosh.co.nz

Website : www.memorialstones.co.nz

Registered address : C/o Malloch Mcclean Limited

45 Don Street

Town : Invercargill Central Province : Invercargill Zip/postal code : 9810

Country : New Zealand

Postal address : P.O. Box 1319

Province : Invercargill

Zip/postal code : 9840

_{Country : New Zealand}

Summary details

Executive Summary

Date founded or registered : 14/03/2007

Legal form : Private Limited Company

Chief executive : Michael David Anderson

Issued & paid up capital : NZD 100

Sales turnover : NZD 260,000 (Estimated Non-consolidated 12 months,

31/03/2011)

Line of business : Sales and service of headstones.

_{Staff employed : 3 employees (Mr. Michael David Anderson and two part timers)}

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is steady

Management experience : Management is modestly experienced

Financial performance : Financial performance is fair

Organisation structure : Organisational structure is acceptable

Detrimental : No detrimental records found

Payment history : No payment delays noted

Credit amount suggestion : USD 15,000

Credit amount asked : USD 1,000,000

Comments : The credit amount requested is too large for the Subject to uphold. It is

advisable to conduct business dealing on prepayment or L/C basis for larger credit amount than suggested.

We took in consideration years of establishment, employees, nature of business and turnover. Subject operates on a small scale for the Invercargill community therefore credit amount requested is questionable with the proportion of turnover.

Statutory details

Registry Data

Registration date : 14/03/2007

Legal form : Private Limited Company

Registration no : 1920215

Registered authority : New Zealand Companies Office

Registry status : Live/Active

Previous name : None reported.

Change of legal form : None reported.

Management / directors

Key Management

Name : Michael David Anderson

Designation : Managing Director

Name : Rosemary Ruth Anderson

_{Designation : Director}

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Michael David Anderson

Designation : Director

Appointment date : 14/03/07

Address : 46 Millton Park Road, Rd 1

Invercargill, 9871

New Zealand

Name : Rosemary Ruth Anderson

Designation : Director

Appointment date : 14/03/07

Address : 46 Millton Park Road, Rd 1

Invercargill, 9871

New Zealand

Staff employed : 3 employees (Mr. Michael David Anderson and two part timers)

Key Advisors

Auditors : Malloch Mcclean Limited

45 Don Street, Invercargill Central

Invercargill, 9810

_{New Zealand}

Share capital

Composition

Authorized Capital : NZD 100

No of shares : 100 Shares

Share par value : NZD 1

Issued capital : NZD 100

_{Paid up capital : NZD 100}

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : Michael David Anderson

Address : 46 Millton Park Road, Rd 1

Invercargill, 9871

New Zealand

No. of shares : 50 Shares

% of shares : 50%

Shareholder name : Rosemary Ruth Anderson

Address : 46 Millton Park Road, Rd 1

Invercargill, 9871

New Zealand

No. of shares : 50 Shares

_{% of shares : 50%}

RELATED COMPANIES & CORPORATE AFFILIATION

Structure

Name : MACDONALD & WESTON (2008) LIMITED

Affiliation type : Sister Company

Address : 131 Yarrow Street

Invercargill 9810

_{New Zealand}

BANK & MORTGAGES

Bank Details

Name of bank : The National Bank of New Zealand Ltd

Address : New Zealand

Account details : Current Account

Comments : It is generally not the policy of local banks to provide credit status

information to non related parties, however interested parties would be

advised to consult first with the Subject if banker's references are required.

_Mortgages : None reported.

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

Financial data

Description

Source of financial statement : Provided by the Subject

Financial statement date : 31/03/11

Type of accounts : Estimated key figures

Currency : New Zealand, Dollar (NZD)

Exchange rate : 1 USD = NZD 1.13 as of 01-08-2011

Summarized Financial Information

Consolidation type : _{Non Consolidated Non Consolidated}

^{Currency :} New Zealand, Dollar New Zealand, Dollar

_{(NZD) (NZD)}

^{Denomination :} (x1) One (x1) One

^{Date of financial year end :} 31/03/11 31/03/10

^{Length of accounts :} 12 months 12 months

^{Sale turnover / Income :} 260,000 270,000

Comments : The estimated turnover was provided by Mr. Michael David Anderson.

Private Companies in New Zealand are not required to file accounts unless classified as "Large", which at the moment means that two out of the following three conditions are met:

- The company has a sales turnover of over NZD 20,000,000;

- The company has total assets of over NZD 10,000,000;

- The company employs 50 people or more.

_{The Subject does not meet the criteria of being a large Private Company.}

Operations details

Main activities : The Subject main activities are sales and service of headstones.

The Subject provides new stones, added inscriptions, artwork, restoration work, glass etching, ceramic photos, plaques, panels and cremation blocks.

Purchases

Local : None.

International : India, China

Sales

Local : Yes

International : No exports.

Trade bodies : New Zealand Master Monumental Mason Association

Property & Assets

Premises : The Subject operates from premises located at the verified

heading address consisting of administrative office, showroom

and workshop.

_{Branches : None reported.}

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) & Economic Overview

Central bank : Reserve Bank of New Zealand

Reserve of foreign exchange & gold : US$ 18.421 billion

Gross domestic product - GDP : US$ 140,434 billion

GPP (Purchasing power parity) : 119.791 billion of International dollars

GDP per capita - current prices : US$ $32,145

GDP - composition by sector : Agriculture: 4.6%

Industry: 23.7%

Services: 71.7%

Inflation : 2008: 4%

2009: 2.1%

2010: 2.5%

Unemployment rate : 2008: 4.2%

2009: 6.2%

2010: 6.2%

Public debt

(General Government

gross debt as a % GDP) :2008: 20.4%

2009: 26.2%

_{2010: 31%}

Government bond ratings : Standard & Poor's: AA+/Stable/A-1+

Moody's rating: Aaa

Moody's Outlook :STA

Market value of publicly traded shares US$ 67.061 billion

Largest companies in the country : Telecom of New Zealand, Transpower, Fletcher Building, Infratil

Trade & Competitiveness Overview

Total exports : US$29.53 billion

Exports commodities : dairy products, meat, wood and wood products, fish, machinery

Total imports : US$31.11 billion

Imports commodities : machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles,

plastics

Export - major partners : Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6%

Import - major partners Australia 20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%,

Germany 4.7%

FDI Inflows 2007: US$3,441 million

2008: US$4,993 million

2009: US$348 million

FDI Outflows 2007: US$3,703 million

2008: US$-239 million

2009: US$-406 million

_{Best countries for}

doing business 3 out of 183 countries

Global competitiveness

Ranking 23 (ranking by country on a basis of 133, the first is the best)

Country and Population Overview

Total population : 4.37 million

Total area : 270,467 km2

Capital : Wellington

_{Currency : New Zealand dollars (NZD)}

Internet users as % of total population : 84.8%

Payment history

Purchase Term

International : Credit 60 days after B/L, 50% prepayment and 50% after B/L

Sales Term

Local : Cash, Cheque, Bank transfer

Trade Reference/ Payment

Behaviour

Comments : As local and international trade references were not supplied, the Subject's payment track record history cannot be appropriately determined but based on our research, payments are believed to be met without delay.

Investigation Note

Sources : Interviews and material provided by the Subject

: Other official and local business sources

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.05
UK Pound	1	Rs.72.40
Euro	1	Rs.63.46

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.