MIRA INFORM REPORT

Report Date :

10.06.2011

IDENTIFICATION DETAILS

Name :	ACCESS JOINERY SUPPLIES LIMITED
Registered Office :	C/O Sudburys Limited, 20 Commerce Street, Whangarei, Zip/Postal Code 0110
Country :	New Zealand
Date of Incorporation :	03.11.2010
Com. Reg. No.:	3181266
Legal Form :	Private Limited Company
Line of Business :	Importation and supplying of joinery components, kitchen storage products, waste bin and kitchen drawer products.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 16,000
Status :	Moderate
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 – 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 : ACCESS JOINERY SUPPLIES LIMITED

Business address : 31 Whakapirau Road

Town : Maungaturoto

Zip/postal code : 0583

Country : New Zealand

Tel : +64 9 4310025 / 21 408927

Fax : +64 9 4319147

Email : info@accessjs.co.nz

Website : www.accessjs.co.nz

Registered address : C/o SUDBURYS LIMITED

20 Commerce Street

Town : Whangarei

Zip/postal code : 0110

Country : New Zealand

Postal address : P.O. Box 45

Town : Maungaturoto

Zip/postal code : 0547

Country : New Zealand

Comments : The provided address 1018 State Highway 12, Maungaturoto 0583, New Zealand belongs to an old address of the Subject. The Subject moved from the provided address to the verified address since January 2011.

SUMMARY DETAILS

Executive Summary

Date founded or registered : 03/11/2010

Legal form : Private Limited Company

Chief executive : Lyndon Raphael Sydney Boakes

Issued & paid up capital : NZD 1,000

Line of business : Suppliers of joinery components, kitchen storage products, waste bin and kitchen drawer products.

_{Staff employed : 7 employees}

CREDIT RISK OPINION

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is in start-up phase Management experience : Management is modestly experienced Financial performance : Financial performance is undetermined Organisation structure : Organisational structure is acceptable Detrimental : No detrimental records found

Payment history : No payment delays noted

Credit amount suggestion : USD 16,000

_{Comments : It is advisable to conduct business dealings on prepayment basis for}

_{larger credit transaction due to the Subject's recent date of establishment.}

STATUTORY DETAILS

Registry Data

Registration date : 03/11/2010

Legal form : Private Limited Company

Registration no 3181266

Registered authority : New Zealand Companies Office

Registry status : Live/Active

Previous name : The Subject was established under the name ACCESS JOINERY SUPPLIES (2010) LIMITED on 03-11-2010 and changed to the current style on 15-04-2011.

Change of legal form : Prior to the Subject’s establishment, the Directors of the Subject was doing business under the partnership of Lyndon & Martin Boakes trading as Access Joinery Supplies since 2005. On 03-11-2010, the Directors established the Subject as the successor of the partnership.

MANAGEMENT / DIRECTORS

Key Management

Name : Lyndon Raphael Sydney Boakes

Designation : Managing Director Name : Martin Wayne Boakes Designation : Director

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Lyndon Raphael Sydney Boakes

Designation : Managing Director

Appointment date : 03/11/10

Address : 13 Ash Grove

Maungaturoto 0520

New Zealand

Name : Martin Wayne Boakes

Designation : Director

Appointment date : 03/11/10

Address : 3 Judd Road

Maungaturoto 0520

New Zealand

Staff employed : 7 employees

Key Advisors

Auditors : SUDBURYS LIMITED

20 Commerce Street

Whangarei 0110

_{New Zealand}

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 : Lyndon Raphael Sydney Boakes

Address : 13 Ash Grove

Maungaturoto 0520

New Zealand

No. of shares : 500 Shares

% of shares : 50%

Shareholder name : Martin Wayne Boakes

Address : 3 Judd Road

Maungaturoto 0520

New Zealand

No. of shares : 500 Shares

_{% of shares : 50%}

RELATED COMPANIES & CORPORATE AFFILIATIONS

Bank Details

Name of bank : Westpac New Zealand Limited

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.

Description

Comments : Financial information is not available for the Subject due to the recent date of establishment. However the representative contacted Mr. Lyndon Raphael Sydney Boakes advised that prior to the Subject’s establishment, estimated turnover annually for business conducted through the partnership was NZD

2,500,000. In addition he advised Subject’s future estimated turnover is approximately the same for financial year end 31 December 2011.

Private Companies in New Zealand are not required to file accounts unless classified as "Large", which at the moment means that two out of the following three conditions are met:

- The company has a sales turnover of over NZD 20,000,000;

- The company has total assets of over NZD 10,000,000;

- The company employs 50 people or more.

_{The Subject does not meet the criteria of being a large Private Company.}

Main activities : The Subject is engaged in importation and supplying of joinery components, kitchen storage products, waste bin and kitchen drawer products.

Brand : LAMA Hinges

KARO Soft Close Hinges Impala® Soft Closing Drawers

Tanova waste bin

Giamo

Duplo

Purchases

Local : Yes

International : India, China, Germany, Italy, Malaysia

Sales

Local : Yes

International : No exports.

Property & Assets

Premises : The Subject operates from the verified heading address consisting of administrative office and warehouse.

_{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 2009 : 26.2%

debt as a % GDP) 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%

Purchase Term

Local : Prepayment, Credit up to 60 days

International : Prepayment, Credit up to 60 days

Sales Term

Local : Prepayment, Credit up to 30 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.44.72
UK Pound	1	Rs.73.47
Euro	1	Rs.65.38

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.