MIRA INFORM REPORT

Report Date :

05.01.2011

IDENTIFICATION DETAILS

Correct Name :	STYLISH CLOTHING COMPANY (1988) LTD

Registered Office :	15 Taylors Road, Morningside, Auckland

Country :	New Zealand

Date of Incorporation :	31.01.1989

Legal Form :	Limited Company

Line of Business :	import and distribution of women’s clothing

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

STYLISH CLOTHING COMPANY (1988) LTD

CN: 417633

CORPORATE SEARCH

Entity Type:	NZ Limited Company
Incorporated:	31 Jan 1989
Current Status:	Registered
Constitution Filed:	No
Annual Return Filing Month:	June

Company Addresses

Registered Office

15 Taylors Road, Morningside, Auckland

Address for Service

15 Taylors Road, Morningside, Auckland

Directors

BACON, Francis Frederick

Flat 11, 387 Parnell Road, Parnell, Auckland, 1052

BACON, Josephine Marie

110 Tarawera Terrace, Saint Heliers, Auckland, 1071

Shareholdings

Total Number of Shares:	1,000
Extensive Shareholdings:	No

750

BACON, Josephine Marie

110 Tarawera Terrace, Kohimarama, Auckland

250

BACON, Francis Frederick

11/387 Parnell Road, Parnell, Auckland

BUSINESS STRUCTURE

TRADING ADDRESS 15 Taylors Rd

MORNINGSIDE, AUCKLAND, NZ

POSTAL ADDRESS PO Box 2414

AUCKLAND 1140

TELEPHONE (649) 815 5922

BANK ANZ BANKING GROUP

EMPLOYEES 5

BACKGROUND

The subject was incorporated in New Zealand on 31 January 1989.

Operations were originally established in 1964.

OPERATIONS

The subject operates in the import and distribution of women’s clothing from China and India.

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 Director Francis Bacon, he confirmed the subjects search and operational details, however declined to provide any financial or trading information as a matter of strict company policy.

Subsequently details in this regard were unable to be obtained during the current investigation.

Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.

TRADE SURVEY

A trade survey on the subject traced the following accounts:

1.(Compass Customs) Purchases range up to $20,000 per month on 20 day terms. Payment is met in 20 days and the account is considered satisfactory having been known for 20 years.

SUMMARY

The subject was incorporated in New Zealand on 31 January 1989.

Operations were originally established in 1964.

Details pertaining to the subject’s financial position were unable to be obtained for the current enquiry.

Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.84
UK Pound	1	Rs.69.32
Euro	1	Rs.59.79

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.