MIRA INFORM REPORT

Report Date :

14.10.2011

IDENTIFICATION DETAILS

Name :	COMPUTER DYNAMICS LIMITED
Registered Office :	North Harbour Industrial Estate, 225 Bush Road, Albany, Auckland , Zip/postal code 0632
Country :	New Zealand
Date of Incorporation :	01.06.1989
Com. Reg. No.:	435416
Legal Form :	Private Limited Company
Line of Business :	Importer, online sales, wholesale and distributor of network and computer connectivity solutions

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 220,000
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 – September 30^th, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
New Zealand	a1	a1

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

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Identification details

Verified Address

Subject name : COMPUTER DYNAMICS LIMITED

Business address : North Harbour Industrial Estate

225 Bush Road

Town : Albany

Province : Auckland

Zip/postal code : 0632

Country : New Zealand

Tel : +64 9 4159002

Fax : +64 9 4159003

Email : sales@cdlnz.com

Website : www.cdlnz.com

Registered address : North Harbour Industrial Estate

: 225 Bush Road

Town : Albany

Province : Auckland

Zip/postal code : 0632

Country : New Zealand

Postal address : PO Box 100-888

: North Shore Mail Centre

Town : North Shore City

_{Province : Auckland}

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Zip/postal code : 0745

_{Country : New Zealand}

Summary details

Executive Summary

Date founded or registered : 01/06/1989

Legal form : Private Limited Company

Chief executive : Peter Anthony Rakich

Issued & paid up capital : NZD 1,000

Line of business : Importer, online sales, wholesale and distributor of network and computer

connectivity solutions.

_{Staff employed : 30 employees}

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is steady

Management experience : Management is reasonably experienced

Financial performance : Financial performance is undetermined

Organization structure : Organizational structure is stable

Detrimental records : No detrimental records found

Payment history : No payment delays noted

Credit amount suggestion : USD 220,000

_{Credit amount asked : Not described.}

Statutory details

Registry Data

Registration date : 01/06/1989

Legal form : Private Limited Company

Registration no : 435416

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 : Peter Anthony Rakich

Designation : Managing Director

Name : Fletcher Prendergast

Designation : Sales Manager

Name : Mark Pedersen

Designation : Accounts Manager

Name : Angela Van Der Werff

Designation : Financial Manager

Name : Rhys Hodgson

_{Designation : Branch Manager}

Board of directors / other appointments

Appointments

Name : Michelle Rakich

Designation : Director

Appointment date : 01/06/89

Address : 39 Lake View Road

Takapuna, North Shore City 0622

New Zealand

Name : Peter Anthony Rakich

Designation : Director

Appointment date : 01/06/89

Address : 39 Lake View Road

Takapuna, North Shore City 0622

New Zealand

_{Staff employed : 30 employees}

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 Jointly held by Michelle Rakich, Peter Anthony Rakich & Daryl Greeory

Address Michelle Rakich & Peter Anthony Rakich

39 Lake View Road

Takapuna, North Shore City 0622

New Zealand

Daryl Greeory

C/o COMPUTER DYNAMICS LIMITED

North Harbour Industrial Estate

225 Bush Road

Albany 0632

Auckland

New Zealand

No. of shares 998 Shares

Shareholder name Michelle Rakich

Address 39 Lake View Road

Takapuna, North Shore City 0622

New Zealand

No. of shares 1 Share

Shareholder name Peter Anthony Rakich

Address 39 Lake View Road

Takapuna, North Shore City 0622

New Zealand

_{No. of shares 1 Share}

Related companies & corporate Affiliations

Structure

Related companies and corporate affiliations comments : None Reported

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 : None reported.

financial DATA

Description

Comments : The representative contacted Mr. Peter Anthony Rakich declined to provide any financial information until the Subject’s exporter identity is revealed.

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

- 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.}

Operation details

Main activities : The Subject's main activities is importation, online sales, wholesale and

distribution of computer cables, network patch leads, network cabling solutions and a variety of networking and communication technologies.

Product & services Adapters & Gender Changers

Add on Cards

Audio-Video Cables & Adapters

CCTV Security Products

Computer Accessories

Computer Cables

Display Port Products

External Enclosures

Fibre Networking Products

Firewire Products

HDMI Products

Interface & Protocol Converters

KVM Switches

LCD-Plasma Display Brackets

Media Players

Memory Products-Hard Drives

Mice, Keyboards & Webcams

Network Cabinets & Racks

Network Cable Rolls

Network IP Cameras

Network Patch Leads UTP,STP,110

Networking Hardware - Wired

Networking Hardware - Wireless

Notebook & Digital Accessory Bags Power Products

Projector Screens & Brackets

Retail Point of Sale Stands

Speakers & Headsets

Structured Cabling Solutions

Structured Home Wiring Solution

Telephone Accessories

TV Reticulation Products

UPS's & Power Invertor

USB Products

Purchases

International : Mainly from Taiwan, China

Sales

Local : 100% local sales.

International : No exports.

Property & Assets

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

Branches : In addition, the Subject operates from a branch office and warehouse located at:

10b Moncur Place

Middleton, Christchurch, 8024

New Zealand

_{Tel: +64 3 3385520}

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$ 153.252 billion

GPP (Purchasing power parity) : 120.2 billion of International dollars

GDP per capita - current prices : US$ 34,701

GDP - composition by sector : agriculture: 4.6% industry: 23.7% services: 71.7%

Inflation 2008: 4%

2009: 2.1%

2010: 2.3%

Unemployment rate 2008 4.2 %

2009 6.2 %

2010 6.5 %

Public debt

(General Government gross

debt as a % GDP) 2008: 20.4 %

2009: 26.1%

_{2010: 36.1 %}

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 million

Largest companies in the country : Telecom of New Zealand, Fletcher Building

Trade & Competitiveness Overview

Total exports US$33.24 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 : 25 (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 : Prepayment, Credit 30-60 days

Sales Term

Local : Credit card, Bank transfer, Credit 30-60 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.49.02
UK Pound	1	Rs.77.13
Euro	1	Rs.67.56

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.