MIRA INFORM REPORT

Report Date :

11.01.2011

IDENTIFICATION DETAILS

Name :	PSP LTD
Registered Office :	320 Rosedale Road, Albany
Country :	New Zealand
Date of Incorporation :	15.11.1996
Legal Form :	Limited Company
Line of Business :	Importers & suppliers of a wide range of innovative architectural and building products for architects, builders, designers, signwriters, shopfitters, merchants etc.

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 :	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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
New Zealand	a1	a1

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

REGISTERED NAME

PSP LTD

CN:835414

CORPORATE SEARCH

Entity Type:	NZ Limited Company
Incorporated:	15 Nov 1996
Current Status:	Registered
Constitution Filed:	Yes
Annual Return Filing Month:	April

Registered Office

320 Rosedale Road, Albany

Address for Service

320 Rosedale Road, Albany

Directors

BOOTH, Christopher Roy

329a Beach Road, Campbells Bay, 0630

DEW, Roydon Andrew

4 Helmsdale Court, Hamilton, 3210

GIBBS, Graham William

10 Audrey Road, Takapuna, North Shore City, 0620

HODGSON, Dean Raymond

18 Pimento Place, New Lynn, 0600

Shareholdings

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

10,000	GIBBS, Graham 320 Rosedale Road, Albany, Auckland
	HODGSON, Dean 320 Rosedale Road, Albany, Auckland

BUSINESS STRUCTURE

TRADING ADDRESS 320 Rosedale Rd

ALBANY, NZ

TELEPHONE (649) 415 2800

FACSIMILE (649) 415 2809

ASSOCIATED ENTITY PSP STONECRAFT LTD

BRANCHES HAMILTON, NZ

WELLINGTON, NZ

CHRISTCHURCH NZ

BANK ANZ BANKING GROUP

EMPLOYEES 50

BACKGROUND

The subject was incorporated in New Zealand on 15 November 1996 under the current style.

The subject was formed to take over the assets and operations of an existing business that was founded in 1984.

The subject was established under the name of the Plastic Sheeting Place. At that time, the business specialised in the marketing and distribution of flat plastic sheet products, predominantly acrylics.

The company's name was formally changed to PSP Limited in late 1996 at which time Graham Gibbs purchased the company.

The introduction of corrugated plastic sheet in 1987 saw the company expand its product range and become a supplier of building brands as well as flat plastic sheets.

OPERATIONS

The subject operates in the Importers & suppliers of a wide range of innovative architectural and building products for architects, builders, designers, signwriters, shopfitters, merchants etc.

The subject operates four sales and warehouse branches in Auckland, Hamilton, Wellington and Christchurch.

The subjects range includes corrugated plastic sheeting, acrylic, polycarbonate, PVC, aluminium composite materials (ACM), engineered and hardwood timber flooring, marble, granite, cedar weatherboards and roofing shingles, and much more.

The subject has become one of the largest importers and suppliers of a wide range of quality manufactured building and architectural products for domestic and commercial applications, including well-known brands such as Suntuf, Alpolic, Plexiglas, Klass, KD Display, Trueloc, Trimatrx, Xanita, etc.

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 Dean Hodgson he advised that for the last financial year ended 31 March 2010 the subject traded profitably and recorded revenue of NZ$26,000,000.

ON a projected basis revenue is expected to reach $25,500,000 for the current financial year ending 31 December 2011. A slight decline in profits is expected.

Current assets include stock on hand of over $6,000,000 and receivables of NZ$3,800,000.

The subject maintains an overdraft facility with its banker which is used to assist in funding Working Capital requirements.

Current liabilities include creditors of NZ$2,200,000.

Non-current assets include plant and equipment with a written down value of $800,000.

Net Assets are valued at over $2,500,000.

TRADE SURVEY

A trade survey on the subject traced the following accounts:

1. (Manufacturing Suppliers) Subject operates a large account on 30 day terms. Payment is met in 60 days and the account is considered satisfactory having been known July 1992.

2. (Brokerage Solutions) Nominated supplier failed to respond to correspondence despite chasing.

SUMMARY

The subject was incorporated in New Zealand on 15 November 1996 under the current style.

The subject was formed to take over the assets and operations of an existing business that was founded in 1984.

For the last financial year ended 31 March 2010 the subject traded profitably and recorded revenue of NZ$26,000,000.

ON a projected basis revenue is expected to reach $25,500,000 for the current financial year ending 31 December 2011. A slight decline in profits is expected.

Net Assets are valued at over $2,500,000.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.37
UK Pound	1	Rs.70.38
Euro	1	Rs.58.93

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%)

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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.