MIRA INFORM REPORT

Report Date :

25.01.2011

IDENTIFICATION DETAILS

Name :	Coastlines (CSG) New Zeland Ltd

Formerly Known As :	AQUAPULSE FINANCE LTD

Registered Office :	49 Mackelvie Street, Grey Lynn, Auckland, 1021

Country :	New Zealand

Date of Incorporation :	09.07.1997

Legal Form :	Limited Company

Line of Business :	Distribution of Men’s, Women’s and Children’s Surf Apparel and Equipment including Boards and Wetsuits.

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

COASTLINES (CSG) NEW ZEALAND LTD

CORPORATE SEARCH

Entity Type: NZ Limited Company

Incorporated: 09 Jul 1997

Current Status: Registered

Constitution Filed: Yes

Annual Return Filing Month: July

Company Addresses

Registered Office

49 Mackelvie Street, Grey Lynn, Auckland, 1021

Address for Service

49 Mackelvie Street, Grey Lynn, Auckland, 1021

Directors

BOUWER, Du Plessis

15 Oak Manor Drive, Albany, North Shore, Aucskland, 0632

BROWN, Wayne

Waterfront Road, Mangonui

KENNEDY, Sean Robin

1/117 Portland Rd, Remuera, Auckland, 1050

Shareholdings

Total Number of Shares: 1,130,000

Extensive Shareholdings: No

1,100,000 2082964

BEACHLINES HOLDING LIMITED

145 Foreshore Road, Ahipara

10,000 FRANICEVIC-MITCHELL, Fleur Helen

200 Casement Road, Whangamata

MITCHELL, Peter John

200 Casement Road, Whangamata

10,000 KING, Carol May

178 Stafford Street, Timaru

MORRISON, Jeffrey Robert

178 Stafford Street, Timaru

10,000 CRAGHILL, Allen Harold

336 Foreshore Road, Ahipara

BUSINESS STRUCTURE

TRADING ADDRESS 49 Mackelvie St

PONSOMBY, AUCKLAND, NZ

TELEPHONE (649) 360 0094

FACSIMILE (649) 360 0213

BANK BANK OF NEW ZEALAND

EMPLOYEES 20

BACKGROUND

The subject was incorporated in New Zealand on 9 July 1997 as Aquapulse Finance Ltd before adopting the current style on 23 June 2003.

OPERATIONS

The subject operates in the distribution of men’s, women’s and children’s surf apparel and equipment including boards and wetsuits.

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 investigation contact with Financial Controller Lianne Kennedy was unable to be established. It was advised that she is still on annul leave and is not due back for one week.

Subsequently, details pertaining to the subject’s financial or trading information were unable to be obtained.

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 9 July 1997 as Aquapulse Finance Ltd before adopting the current style on 23 June 2003.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.58
UK Pound	1	Rs.62.01
Euro	1	Rs.72.79

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 Company	----

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.