MIRA INFORM REPORT

Report Date :

20.01.2012

IDENTIFICATION DETAILS

Name :	STAINLESS PRODUCTS LIMITED

Registered Office :	Unit 22, 298 Neilson Street Onehunga Auckland 1061

Country :	New Zealand

Date of Incorporation :	05.11.1999

Com. Reg. No.:	1000251

Legal Form :	Private Limited Company

Line of Business :	Stainless Steel Merchant.

No. of Employees :	_{12 employees}

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	_{USD 110,000}
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 – September 30, 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

IDENTIFICATION DETAILS

Verified Address

Subject name : STAINLESS PRODUCTS LIMITED

Business address : Unit 22, 298 Neilson Street

Town : Onehunga

Province : Auckland

Zip/postal code : 1061

Country : New Zealand

Tel : +64 9 6341241

Fax : +64 9 6341242

Email : stainless.products@xtra.co.nz

Website : www.stainlessproducts.co.nz

Registered address : C/o MABEE HALSTEAD & KIDDLE LIMITED

4th Floor, 70 Shortland Street

Town : Auckland Central

Province : Auckland

Zip/postal code : 1010

Country : Australia

Postal address : P.O. Box 17366

Town : Greenlane

Province : Auckland

Zip/postal code : 1546

_{Country : New
Zealand}

SUMMARY DETAILS

Executive Summary

Date founded or registered : 05/11/1999

Legal form : Private Limited Company

Chief executive : John Robert Johnson

Issued & paid up capital : NZD 100,000

Sales turnover : NZD 5,000,000 (Estimated non-consolidated 12 months, 31/03/2011)

Line of business : Stainless steel merchant.

_{Staff employed : 12 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 fair

Organization structure : Organizational structure is stable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion:
USD 110,000}

_{Credit amount asked : USD 500,000}

STATUTORY DETAILS

Registry Data

Registration date : 05/11/1999

Legal form : Private Limited Company

Registration no 1000251

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 : Maxwell Robert Clinick

Designation : Director

Name : Alan Francis Ewart

Designation : Director

Name : John Robert Johnson

Designation : Director

Name : Lewis Michael Lancaster

_{Designation : Director}

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Maxwell Robert Clinick

Designation : Director

Appointment date : 05/04/07

Address : 120 Beachlands Road

Beachlands, Auckland 2018

New Zealand

Name : Alan Francis Ewart Designation : Director Appointment date : 01/02/00

Address : 44 Maungakiekie Avenue

Greenlane, Auckland 1051

New Zealand

Name : John Robert Johnson

Designation : Director

Appointment date : 01/02/00

Address : 45 Greenbank Drive

St. Johns Park, Auckland 1072

New Zealand

Name : Lewis Michael Lancaster

Designation : Director

Appointment date : 06/11/99

Address : 153 Marine Parade North

Piha, Waitakere, 0772

New Zealand

_{Staff employed : 12 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 : Jointly held by Ian Donald Malcolm, Lewis Michael Lancaster & G. M. Lancaster

Address : Ian Donald Malcolm

1/7 Masefield Avenue

Herne Bay, Auckland 1011

New Zealand

Lewis Michael Lancaster & G. M. Lancaster

153 Marine Parade North

Piha, Waitakere, 0772

New Zealand

No. of shares : 33,333 Shares

Shareholder name : Jointly held by Ian Donald Malcolm & Alan Francis Ewart

Address : Ian Donald Malcolm

1/7 Masefield Avenue

Herne Bay, Auckland 1011

New Zealand

Alan Francis Ewart

44 Maungakiekie Avenue

Greenlane, Auckland 1051

New Zealand

No. of shares : 33,332 Shares

Shareholder name : Jointly held by John Robert Johnson, O. Johnson & Ian Donald Malcolm

Address : John Robert Johnson & O. Johnson

45 Greenbank Drive

St. Johns Park, Auckland 1072

New Zealand

Ian Donald Malcolm

1/7 Masefield Avenue

Herne Bay, Auckland 1011

_{New Zealand}

No. of shares : 33,332 Shares

Shareholder name : Alan Francis Ewart

Address : 44 Maungakiekie Avenue

Greenlane, Auckland 1051

New Zealand

No. of shares : 1 Share

Shareholder name : John Robert Johnson

Address : 45 Greenbank Drive

St. Johns Park, Auckland 1072

New Zealand

No. of shares : 1 Share

Shareholder name : Lewis Michael Lancaster

Address : 153 Marine Parade North

Piha, Waitakere, 0772

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 : Westpac Banking Corporation

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 : Provided by the Subject

Financial statement date : 31/03/11

Type of accounts : Estimated key figures

Currency : New Zealand, Dollar (NZD)

Exchange rate : 1 USD = NZD 1.25 as of 18-01-2012

Summarized Financial Information

^{Consolidation type :}Non Consolidated

^{Currency :}New Zealand, Dollar (NZD)

^{Denomination :}(x1) One

^{Date of financial year end :}31/03/11

Length of accounts : 12 months

Sale turnover / Income : 5,000,000

Comments : The estimated turnover was provided by Mr. John Robert Johnson.

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.}

OPERATION DETAILS

Main activities : The Subject is engaged as stainless steel merchant.

Product & services : Bar

Pipe and Fittings

Sheet

Tube and Fittings

_Sundry

Purchases

International : Taiwan, India, Malaysia, Singapore, China, Hong Kong, Australia, United

States, Canada

Sales

Local : Yes

International : Fiji

Property & Assets

Premises : The Subject operates from premises located at the verified heading address consisting of warehouse and 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$ 20.562 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, Transpower, Fletcher Building, Infratil

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 : 2008: US$4,598 million

2009: US$-1,293 million

2010: US$561 million

FDI Outflows : 2008: US$462 million

2009: US$-308 million

2010: US$589 million

_{Best countries for doing business: 3 out of 183 countries}

Global competitiveness ranking : 25 (ranking by country on a basis of 142, 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: 83%

PAYMENT HISTORY

Purchase Term

International : Credit 30-90 days, Prepayment

Sales Term

Local : Credit 30 days

International : Credit 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.50.29
UK Pound	1	Rs.77.60
Euro	1	Rs.64.67

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.