MIRA INFORM REPORT

Report Date :

25.10.2011

IDENTIFICATION DETAILS

Name :	H DAWSON SONS & CO WOOL NZ LIMITED
Registered Office :	10 Saint Albans Christchurch 8052
Country :	New Zealand
Financials (as on) :	30.06.2006
Date of Incorporation :	21.11.1969
Com. Reg. No.:	131690
Legal Form :	Private Limited Company
Line of Business :	Wool brokers & exporters.

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 300,000
Status :	Satisfactory
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 – September 30, 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

IDENTIFICATION DETAILS

Verified Address

Subject name : H DAWSON SONS & CO WOOL NZ LIMITED

Business address : 10 Ketton Place

Town : Saint Albans

Province : Christchurch

Zip/postal code : 8052

Country : New Zealand

Tel : +64 3 3666917

Fax : +64 3 3665702

Website : www.hdawson.co.nz

Registered address : Level 1, 518 Colombo

Street Town : Christchurch Central

Province : Christchurch

Zip/postal code : 8011

Country : New Zealand

Postal address : P.O. Box 21135

Town : Edgeware

Province : Christchurch

Zip/postal code : 8143

Country : New Zealand

Comments : The provided address Level 1, 518 Colombo Street, Christchurch Central, Christchurch 8011, New Zealand is no longer the Subject’s operating address as it was destroyed by the recent earthquake in New Zealand. The address remains as the registered address however the Subject operates from the verified address above. The representative contacted advised that the Subject could possibly

move to a different location in the near future as they have yet to find a permanent location.

SUMMARY DETAILS

Executive Summary

Date founded or registered : 21/11/1969

Legal form : Private Limited Company

Chief executive : Mark Bruce Johnston

Issued & paid up capital : NZD 50,000

Sales turnover : NZD 60,043,737 (Non-consolidated 12 months, 30/06/2006)

Net income : NZD 336,645 (Non-consolidated 12 months, 30/06/2006)

Total fixed assets : NZD 9,473,062 (Non-consolidated 12 months, 30/06/2006)

Line of business : Wool brokers & exporters.

_{Staff employed : 8 employees}

CREDIT RISK OPINION

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is steady

Management experience : Management is adequately experienced

Financial performance : Financial performance is good

Organization structure : Organizational structure is stable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion : USD 300,000}

_{Credit amount asked : Not described.}

STATUTORY DETAILS

Registry Data

Registration date : 21/11/1969

Legal form : Private Limited Company

Registration no 131690

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 : Mark Bruce Johnston

_{Designation : Managing Director}

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Andrew Gerard Dawson

Designation : Director

Appointment date : 01/05/07

Address : Hall Wells Barn

Appletreewick

Skipton, North Yorkshire BD23 6DD United Kingdom

Name : Jo Harry Dawson Designation : Director Appointment date : 01/05/07

Address : 10 Low Green

Rawdon

Leeds, West Yorkshire LS19 6HB United Kingdom

Name : Mark Bruce Johnston

Designation : Director

Appointment date : 27/06/03

Address : 5 Brigadoon Place

Avonhead, Christchurch 8042

New Zealand

_{Staff employed : 8 employees}

SHARE CAPITAL

Composition

Authorized Capital : NZD 50,000

No of shares : 50,000 Shares

Share par value : NZD 1

Issued capital : NZD 50,000

_{Paid up capital : NZD 50,000}

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : Andrew Gerard Dawson

Address : Hall Wells Barn

Appletreewick

Skipton, North Yorkshire BD23 6DD United Kingdom

No. of shares : 50,000 Shares

_{% of shares : 100%}

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Name : H. DAWSON SONS AND COMPANY (WOOL) LIMITED

Affiliation type : Associate

Address : Mercury House

Essex Street

Bradford, West Yorkshire BD4 7PG United Kingdom

Name : H. DAWSON SONS & CO. (AUST.) PTY. LIMITED

Affiliation type : Associate

Address : 181-183 King Street

Melbourne, VIC 3000

Australia

Name : H. DAWSON ITALIA S.R.L.

Affiliation type : Associate

Address : Via Serralunga 8

_{13900 Biella}

_Italy

BANK & MORTGAGES

Bank Details

Name of bank : Australia and New Zealand Banking Group 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.

FINANCIAL DATA

Description

Source of financial statement : Commercial Registry Filings

Financial statement date : 30/06/06

Type of accounts : Full audited

Currency : New Zealand, Dollar (NZD)

Exchange rate : 1 USD = NZD 1.26 as of22-10-2011

Summarized Financial Information

Consolidation type : _{Non Consolidated Non Consolidated}

^{Currency :} New Zealand, Dollar New Zealand, Dollar

_{(NZD) (NZD)}

^{Denomination :} (x1) One (x1) One

^{Date of financial year end :} 30/06/06 30/06/05

^{Length of accounts :} 12 months 12 months

^{Sale turnover / Income :} 60,043,737 65,128,244

^{Gross profit :} 2,743,685 2,132,083

^{Profit before tax :} 541,291 166,960

^{Net income :} 336,645 94,759

^{Non current assets :} 259,754 250,364

Current assets : _{9,213,308 11,764,300}

^{Inventories :} 5,692,649 7,284,974

^{Total assets :} 9,473,062 12,014,664

^{Current liabilities :} 1,074,947 3,953,194

^{Total liabilities :} 1,074,947 3,953,194

^{Share equity :} 8,398,115 8,061,470

^{Retained earning :} 8,233,961 7,897,316

_{Comments : The Subject latest financial information was not made available at the registry.}

OPERATION DETAILS

Main activities : The Subject is engaged as wool brokers & exporters.

Purchases

Local : 100% local suppliers

International : No import.

Sales

International : Worldwide

Property & Assets

Premises : The Subject operates from 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$ 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: 31.6%}

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, 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

Local : Prepayment, Credit 30-60 days

Sales Term

International : L/C, 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.49.87
UK Pound	1	Rs.79.73
Euro	1	Rs.69.53

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.