MIRA INFORM REPORT

Report Date :

31.10.2011

IDENTIFICATION DETAILS

Name :	GARRA INTERNATIONAL LIMITED

Registered Office :	C/O Beecroft & Associates Ltd Level 2, 256 Oxford Terrace, Christchurch Central, Christchurch, Zip/Postal Code 8011

Country :	New Zealand

Date of Incorporation :	22.01.1997

Com. Reg. No.:	839319

Legal Form :	Private Limited Company

Line of Business :	Import and export of cut meat, seafood, dairy products, vegetables, poultry and packaged food products

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 130,000

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

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

Bottom of Form

Identification details Bottom of Form

Verified Address

Subject name : GARRA INTERNATIONAL LIMITED

Business address : 20A Leslie Hills Drive

Town : Riccarton

Province : Christchurch

Zip/postal code : 8011

Country : New Zealand

Tel : +64 3 3570055

Fax : +64 3 3570066

Email : export@garra.co.nz

Website : www.garrainternational.com

Registered address : C/o BEECROFT & ASSOCIATES LTD Level 2, 256 Oxford Terrace

Town : Christchurch Central

Province : Christchurch

Zip/postal code : 8011

Country : New Zealand

Postal address : P O Box 2022, Christchurch

Town : Christchurch Central

Province : Christchurch

Zip/postal code : 8140

_{Country : New Zealand}

Summary details

Executive Summary

Date founded or registered : 22/01/1997

Legal form : Private Limited Company

Chief executive : Ali Mossalem

Issued & paid up capital : NZD 100,000

Line of business : Import and export of cut meat, seafood, dairy products, vegetables, poultry

and packaged food products.

_{Staff employed : 6 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 : No detrimental records found

Payment history : No payment delays noted

Credit amount suggestion : USD 130,000

_{Credit amount asked : Not described.}

Statutory details

Registry Data

Registration date : 22/01/1997

Legal form : Private Limited Company

Registration no : 839319

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 : Ali Mossalem

_{Designation : Managing Director}

Board of directors / other appointments

Appointments

Name : Ali Mossalem

Designation : Director

Appointment date : 22/01/97

Address : 55 Rhodes Street

Merivale, Christchurch 8014

New Zealand

_{Staff employed : 6 employees}

Share capital

Composition

Authorized Capital : NZD 100,000

No of shares : 100,000 Shares

Share par value : NZD 1

Issued capital : NZD 100,000

_{Paid up capital : NZD 100,000}

ownership / shareholders

How listed Full List

Composition

Shareholder name Ali Mossalem

Address 55 Rhodes Street

Merivale, Christchurch 8014

New Zealand

No. of shares 60,300 Shares

Shareholder name Rosemary Jane Goodey

Address 55 Rhodes Street

Merivale, Christchurch 8014

New Zealand

No. of shares 6,700 Shares

Shareholder name Jointly held by Ali Mossalem, Rosemary Jane Goodey & G BEECROFT &

ASSOCIATES TRUSTEES LIMITED

Address Ali Mossalem & Rosemary Jane Goodey

55 Rhodes Street

Merivale, Christchurch 8014

New Zealand

G BEECROFT & ASSOCIATES TRUSTEES LIMITED

Level 2, 256 Oxford Terrace

Christchurch Central, Christchurch 8011

New Zealand

_{No.
of shares 33,000 Shares}

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 Ms. Kerry declined to provide any information unless the exporter's 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 is engaged in the import and export of cut meat, seafood, dairy

products, vegetables, poultry and packaged food products.

The Subject's exports focuses on Midde East and North Africa.

Purchases

Local : Yes

International : Argentina, Brazil, Australia, Vietnam, India, Egypt, China

Sales

Local : Yes

International : Algeria, Egypt, Jordan, Saudi Arabia, Qatar, Kuwait, Lebanon, Palestine, United Arab Emirates

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$ 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 200 8: 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)}

Internet users as % of total population : 84.38%

Payment history

Purchase Term

Local : Prepayment, Credit 30-60 days

International : L/C, Prepayment, Credit 30-60 days

Sales Term

Local : Prepayment, Credit 30-60 days

International : Prepayment, 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.49.18
UK Pound	1	Rs.76.65
Euro	1	Rs.66.63

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.