MIRA INFORM REPORT

Report Date :

16.02.2011

IDENTIFICATION DETAILS

Correct Name :	TRS TYRE & WHEEL LTD

Formerly Known As :	TRS Agr-Tire Ltd

Registered Office :	Level 5, 10 Viaduct Harbour Ave, Auckland

Country :	New Zealand

Date of Incorporation :	16.04.2003

Legal Form :	Limited Company

Line of Business :	distribution of agricultural wheels and tyres

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	Unknown

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

New Zealand

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

REGISTERED NAME

TRS TYRE & WHEEL LTD

CORPORATE SEARCH

Entity Type:	NZ Limited Company
Incorporated:	16 Apr 2003
Current Status:	Registered
Constitution Filed:	No
Annual Return Filing Month:	March

Company Addresses

Registered Office

Level 5, 10 Viaduct Harbour Ave, Auckland

Address for Service

Level 5, 10 Viaduct Harbour Ave, , Auckland

Directors

JOLLY, Richard Peter

44 Sylvia Road, Saint Heliers, Auckland, 1071

WILLIAMSON, John Michael

33 Three Oaks Drive, Rd 4, Albany, 0794

Shareholdings

Total Number of Shares:	10,000,000
Extensive Shareholdings:	No

10,000,000

36293

HELLABY HOLDINGS LIMITED

Level 5, 10 Viaduct Harbour Ave, Auckland

BUSINESS STRUCTURE

TRADING ADDRESS 1 Imlay Pl

WANGANUI, NEW ZEALAND

TELEPHONE (646) 344 6385

FACSIMILE (646) 344 3769

HOLDING ENTITY HELLABY HOLDINGS LTD

BRANCHES CHRISTCHURCH, NZ

HAMILTON, NZ

AUCKLAND, NZ

BANK WESTPAC BANKING CORPORATION

EMPLOYEES Not determined

BACKGROUND

The subject was incorporated in New Zealand on 16 April 2003 as Hellaby TRS Ltd, changing name on 19 May 2003 to TRS Agr-Tire Ltd, before adopting the current style on 29 September 2005.

Established in 1977, TRS has grown to become the largest distributor of Agricultural tyres and wheels in NZ. TRS business activities span the entire spectrum of agricultural and industrial tyres and wheels.

Originally established as a small family business, TRS was acquired by Hellaby Holdings in April 2003 to become part of one of NZ’s most diversified and successful publicly listed investment companies

OPERATIONS

The subject operates in the distribution of agricultural wheels and tyres.

Activities are conducted from premises located at the above listed trading address.

FINANCES

The subject is not required to lodge financial statements with the New Zealand Companies Office.

During the current interview conducted with the subjects Financial Controller, he declined to confirm or provide any details pertaining to the subject unless the source of the enquiry was released.

Precious enquiries have revealed for the last financial year ended 30 June 2007, the subject traded profitably and recorded revenue of NZ$17,500,000.

A similar result is forecast for the current financial year ending 30 June 2008.

The subject is ultimately owned by Hellaby Holdings Ltd, a corporation that is listed on the New Zealand Stock Exchange.

For the last financial year ended 30 June 2010, the group recorded consolidated sales revenue of NZ$457,432,000 which resulted in an operating Profit before tax of $19,918,000 and an operating Profit after tax of $12,330,000.

The subject forms part of the group’s Automotive division which also includes Brake & Transmission NZ Limited, Diesel Distributors Limited and Diesel Distributors Australia Pty Limited. For the last financial year this division contributed revenue of NZ$157.3 million which resulted in EBITDA of NZ$19.4 million.

For this period the subject continued to be affected by tightening agricultural market conditions which resulted in lower on-farm spending and lower new tractor import levels. The subject’s working capital ratios improved significantly, and the company gained market share in the forklift tyre sector

As at 30 June 2010, the group recorded total Assets of $229,278,000 and Net Assets of $100,099,000.

TRADE SURVEY

During the current investigation, contact with the subject’s principals was unable to be established.

Subsequently details pertaining to the company’s suppliers were unable to be obtained and a trade survey could not be conducted.

SUMMARY

The subject was incorporated in New Zealand on 16 April 2003 before adopting the current style on 29 September 2005.

Operations were established in 1977.

Details pertaining to the subjects current trading and financial position were unable to be obtained for the current enquiry.

The subject is ultimately owned by Hellaby Holdings Ltd, a corporation that is listed on the New Zealand Stock Exchange.

As at 30 June 2010, the group recorded total Assets of $229,278,000 and Net Assets of $100,099,000.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.50
UK Pound	1	Rs.73.07
Euro	1	Rs.61.63

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

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.