MIRA INFORM REPORT

Report Date :

26.07.2011

IDENTIFICATION DETAILS

Name :	LABEL CONVERTERS SUPPLY LIMITED

Formerly Known As :	MAX NO.8 SHELF COMPANY LIMITED

Registered Office :	C/o Markhams Chartered Accountants & Business Advisors, Level 10,203 Queen Street, Auckland, Zip/postal code 1010

Country :	New Zealand

Date of Incorporation :	20.10.1994

Legal Form :	Private Limited Company

Line of Business :	Subject is now a Dormant Company

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor
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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

New Zealand

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

Identification details Bottom of Form

Verified Address

Subject name : LABEL CONVERTERS SUPPLY LIMITED

Other style / Business name : LCS LIMITED

Business address : 1 Nandina Avenue, East Tamaki

Town : Manukau City

Province : Auckland

Zip/postal code : 2013

Country : New Zealand

Tel : +64 9 2744324

Fax : +64 9 2744662

Website : www.lcs.co.nz

Registered address : C/o Markhams Chartered Accountants & Business Advisors

Level 10,203 Queen Street

Town : Auckland

Zip/postal code : 1010

Country : New Zealand

Postal address : PO Box 58405, Botany

Town : Manukau City

Province : Auckland

Zip/postal code : 2163

Country : New Zealand

_{Comments :
The
asset and creditor of the Subject has been taken over by Blue Print Imaging}Limited, New Zealand since March 1, 2011. The Subject is now a dormant company. As part of the transition Blue Print Imaging Limited established the entity LCS 2011 Limited on 25 February 2011 however the business will be operating as a division of Blue Print Imaging Limited and not as a separate entity of LCS 2011 Limited. As part of the term of the acquisition, Mr. David Anthony Thomas Raos will be contracted with Blue Print Imaging Limited as a National Media Manager for 3 years.

The acquisition by Blue Print Imaging Limited was to form a full-featured digital solutions company. The future of the Subject has yet to be determined if it will operate in a different business nature or be struck off.

SUMMARY DETAILS

Executive Summary

Date founded or registered : 20/10/1994

Legal form : Private Limited Company Chief executive : David Anthony Thomas Raos Issued & paid up capital : NZD 445,700

Line of business : The asset and creditor of the Subject has been taken over by Blue Print Imaging Limited, New Zealand since March 1, 2011. The Subject is now a dormant company.

The Subject was previously engaged in the supply of digital media substrates; screen self-adhesive and signage products.

_{Staff
employed : Nil (Subject)}

Credit risk opinion

Credit Risk Interpretation

Credit risk rating : POOR

Credit risk theory : Clear indications of financial stress and operational weakness. Open credit in any form is not recommended. This is due to detrimental record found on the Subject. Exercise business relations with caution.

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is stalled (dormant) Management experience : Management is inadequately experienced Financial performance : Financial performance is undetermined Organisation structure : Organisational structure is flawed Detrimental : Serious detrimental records found Payment history : No payment delays noted

Credit amount suggestion : Fully secured terms.

Credit amount asked : USD 50,000

_{Comments : It is strictly advisable not to grant
any amount of credit as the Subject}

_has
ceasedtrading.

The asset and creditor of the Subject has been taken over by Blue Print Imaging Limited, New Zealand since March 1, 2011. The Subject is now a dormant company. As part of the transition Blue Print Imaging Limited established the entity LCS 2011 Limited on 25 February 2011 however the business will be operating as a division of Blue Print Imaging Limited and not as a separate entity of LCS 2011 Limited. As part of the term of the acquisition, Mr. David Anthony Thomas Raos will be contracted with Blue Print Imaging Limited as a National Media Manager for 3 years.

Statutory details

Registry Data

Registration date : 20/10/1994

Legal form : Private Limited Company

Registration no 653313

Registered authority : New Zealand Companies Office

Registry status : Dormant

Previous name : The Subject was established under the name MAX NO.8 SHELF COMPANY LIMITED on 20-10-1994 and changed to the current style on 26-09-1995.

Change of legal form : None reported.

Comments : The asset and creditor of the Subject has been taken over by Blue Print Imaging Limited, New Zealand since March 1, 2011. The Subject is now a dormant company. As part of the transition Blue Print Imaging Limited established the entity LCS 2011 Limited on 25 February 2011 however the business will be operating as a division of Blue Print Imaging Limited and not as a separate entity of LCS 2011 Limited. As part of the term of the acquisition, Mr. David Anthony Thomas Raos will be contracted with Blue Print Imaging Limited as a National Media Manager for 3 years.

mANAgement / directors

Key Management

Name : David Anthony Thomas Raos

_{Designation : Director}

Board of directors / other appointments

Appointments

Name : David Anthony Thomas Raos

Designation : Director

Appointment date : 02/09/97

Address : 334 Trig Road, Rd 1

Howick 2571

New Zealand

Staff employed : Nil (Subject)

Key Advisors

Auditors : Markhams Chartered Accountants & Business Advisors

Level 10,203 Queen Street

Auckland 1010

_{New Zealand}

Shares capital

Composition

Authorized Capital : NZD 445,700

No of shares : 445,700 Shares

Share par value : NZD 1

Issued capital : NZD 445,700

_{Paid
up capital : NZD 445,700}

How listed : Full List

Ownership / shareholders

Composition

Shareholder name : RAOS LCS HOLDINGS LIMITED

Address : 1 Nandina Avenue, East Tamaki

Manukau City, Auckland 2013

New Zealand

_{No. of shares : 445,700 Shares}

Related companies & corporate affiliations

Structure

Name : RAOS LCS HOLDINGS LIMITED

Affiliation type : Parent Company

Address : 1 Nandina Avenue, East Tamaki

Manukau City, Auckland 2013

New Zealand

Comments : Mr. David Anthony Thomas Raos is a director of the company.

Name : LCS TRADING LIMITED Affiliation type : Wholly-owned Subsidiary Address : New Zealand

Comments : The company has been struck off. Mr. David Anthony Thomas Raos is a director of the company.

Name : RAOSINI FARMS LIMITED

Affiliation type : Associate

Address : C/o GILLIGAN SHEPPARD CHARTERED ACCOUNTANTS 4th Floor, Smith & Caughey Building

253 Queen Street, Auckland, 1141

Comments : Mr. David Anthony Thomas Raos is the 100% shareholder of the

company.

Name : MARINA INDUSTRIAL PAPERS LIMITED

Affiliation type : Associate

Address : New Zealand

Comments : The company has been struck off. Mr. David Anthony Thomas Raos is a director of the company.

Name : RITRAMA NZ LIMITED

Affiliation type : Associate

Address : New Zealand

Comments : The company has been struck off. Mr. David Anthony Thomas Raos is a director of the company.

Name : SHERLE PAPER SUPPLIES (IMPORTERS AND EXPORTERS)

LIMITED

Affiliation type : Associate

Address : New Zealand

Comments : The company has been struck off. Mr. David Anthony Thomas Raos is a director of the company.

Name : WILLY & RAOS PAPER (NEW ZEALAND)

LIMITED

Affiliation type : Associate

Address : New Zealand

Comments : The company has been struck off. Mr. David Anthony Thomas Raos is a director of the company.

Bank & mortgages

Bank Details

Name of bank : Bank of New Zealand

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 : The asset and creditor of the Subject has been taken over by Blue

Print Imaging Limited, New Zealand since March 1, 2011. The Subject is now a dormant company. As part of the transition Blue Print Imaging Limited established the entity LCS 2011 Limited on 25 February 2011 however the business will be operating as a division of Blue Print Imaging Limited and not as a separate entity of LCS 2011 Limited. As part of the term of the acquisition, Mr. David Anthony Thomas Raos will be contracted with Blue Print Imaging Limited as a National Media Manager for 3 years.

Financials data

Description

Comments : The Subject's financial is not available as it is now a dormant

company.

_{The acquisition by
Blue Print Imaging Limited was to form a full-featured digital} solutions company. The future of the Subject has yet to be determined if it will operate in a different business nature or be struck off.

Main activities : The asset and creditor of the Subject has been taken over by Blue

Print Imaging Limited, New Zealand since March 1, 2011. The

Subject is now a dormant company.

The Subject was previously engaged in the supply of digital media substrates; screen self-adhesive and signage products.

Product & services : Wide Format Digital Media

Signage Media & Supplies

Screen Printing Media

Ink & Printer Cartridges for Digital Printers

Display Stands & Systems

Purchases

Local : None.

International : The Subject was previously importing from Belgium, Korea, Taiwan, China, United States, Germany, United Kingdom.

Sales

Local : None.

International : None.

Property & Assets

Premises : The Subject still operates from the verified heading address consisting of administrative office however no trading is done at the address. Since the takeover by Blue Print Imaging Limited, New Zealand the business is now being conducted through the Blue Print Imaging Limited, New Zealand office located at:

3 Inlet Road, Takanini, Auckland

P. O. Box 272 1130, Papakura, Auckland, New Zealand

Tel: +64 9 2997770

Fax: +64 9 2997771

_{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$ 140,434 billion

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

GDP per capita - current prices : US$ $32,145

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

(General Government

gross debt as a % GDP) : 2008: 20.4%

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)}

Purchase Term

Local : None

International : None

Sales Term

Local : None

International : None

Payment history

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.72.49
Euro	1	Rs.63.87

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.