MIRA INFORM REPORT

Report Date :

08.07.2011

IDENTIFICATION DETAILS

Name :	ASIM NZ LIMITED
Registered Office :	16 Whittle Place Avondale Auckland 0600
Country :	New Zealand
Date of Incorporation :	19.06.2007
Com. Reg. No.:	1950787
Legal Form :	Private Limited Company
Line of Business :	Importation and distribution of grocery products and spices.

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

Maximum Credit Limit :	USD 30,000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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

Verified Address

Subject name : ASIM NZ LIMITED

Business address : 16 Whittle Place

Town : Avondale

Province : Auckland

Zip/postal code : 0600

Country : New Zealand

Tel : +64 9 8205926 / 212523965

Fax : +64 9 8284972

Email : asimnzlimited@yahoo.co.in

Registered address : 16 Whittle Place

Town : Avondale

Province : Auckland

Zip/postal code : 0600

_{Country : New Zealand}

Summary details

Executive Summary

Date founded or registered : 19/06/2007

Legal form : Private Limited Company

Chief executive : Kalpeshkumar Kanubhai Patel

Issued & paid up capital : NZD 1,000

Sales turnover : NZD 800,000 (Estimated Non-consolidated 12 months, 31/03/2011) Net income : NZD 56,000 (Estimated Non-consolidated 12 months, 31/03/2011) Line of business : Import and distribution of grocery products and spices.

_{Staff employed : 2 employees who are the director and his wife}

Credit Risk Interpretation

Credit risk rating : PASSABLE

Credit risk theory : Some indications of financial and operational stress. More caution is recommended when considering granting credit. Smaller credits plus loan guarantees is an advantage. A strict credit control policy applies.

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is developing 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 30,000

Comments : The Subject conducts business on a very small scale. For larger credit amount then suggested it is advisable to conduct business dealing on prepayment and L/C basis.

We took in consideration years of establishment, employees, nature of business and estimated turnover. In addition Subject does not have their own physical office and operates from the Subject’s director residential premise which indicates some negative credibility in terms of sustaining the business for a long period of time.

Statutory details

Registry Data

Registration date : 19/06/2007

Legal form : Private Limited Company

Registration no 1950787

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 : Kalpeshkumar Kanubhai Patel

_{Designation : Managing Director}

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Kalpeshkumar Kanubhai Patel Designation : Managing Director Appointment date : 19/06/07

Address : 16 Whittle Place

Avondale, Auckland 0600

New Zealand

_{Staff employed : 2 employees who are the director and his wife}

SHARE CAPITAL

Composition

Authorized Capital : NZD 1,000

No of shares : 1,000 Shares

Share par value : NZD 1

Issued capital : NZD 1,000

_{Paid up capital : NZD 1,000}

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : Kalpeshkumar Kanubhai Patel

Address : 16 Whittle Place

Avondale, Auckland 0600

New Zealand

No. of shares : 500 Shares

% of shares : 50%

Shareholder name : Bhavana Kalpeshkumar Patel

Address : 16 Whittle Place

Avondale, Auckland 0600

New Zealand

No. of shares : 500 Shares

_{% of shares : 50%}

Related companies and corporate affiliations

Structure

Related companies and corporate affiliations comments : Mr. Kalpeshkumar Kanubhai Patel is not a director and shareholder of any other companies in New Zealnd.

BANKS AND MORTGAGES

Bank Details

Name of bank : Bank of New Zealand

Address : New Zealand

Account details : Current Account

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 1.21 as of 07-07-2011

Summarized Financial Information

Consolidation type : _{Non Consolidated Non Consolidated}

^{Currency :} New Zealand, Dollar _(NZD) New Zealand, Dollar _(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 :} 800,000 656,000

Net income : _{56,000 65,000}

Comments : The estimated turnover figures was provided by Mr. Kalpeshkumar Kanubhai

_Patel.

OPERATION DETAILS

Main activities : The Subject main activities are importation and distribution of grocery products and spices.

Purchases

International : Only from India

Sales

Local :Yes.

International :No Export

Property & Assets

Premises : The Subject operates from residential premises located at the verified heading address consisting of administrative office.

_{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$ 138.003 billion

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

GDP per capita - current prices : US$ 31,589

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 : 2008: 20.4%

(General Government

gross debt as a % GDP) 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 : 84.38%

PAYMENT HISTORY

Purchase Term

International : Credit 30-60 days

Sales Term

Local : Credit 7-90 days

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.44.42
UK Pound	1	Rs.70.95
Euro	1	Rs.63.63

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
--	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.