MIRA INFORM REPORT

Report Date :

30.03.2012

IDENTIFICATION DETAILS

Name :	DQ COMPANY LIMITED
Formerly Known As :	DESTINY SOLUTIONS LIMITED
Registered Office :	Unit 10, 16-18 Taylors Road, Morningside, Auckland, Zip/postal code 1025
Country :	New Zealand
Date of Incorporation :	04.02.1999
Com. Reg. No.:	944789
Legal Form :	Private Limited Company
Line of Business :	Import and distribution of travel accessories, stationery, souvenirs, bags etc
No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

B

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

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^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

Bottom of Form

Identification details Bottom of Form

Verified Address

Subject name : DQ COMPANY LIMITED

Business address : Unit 10, 16-18 Taylors Road

Town : Morningside

Province : Auckland

Zip/postal code : 1025

Country : New Zealand

Tel : +64 9 3609388

Fax : +64 9 3609387

Email : nadine@dqcompany.com

Website : www.dqcompany.com

Registered address : Unit 10, 16-18 Taylors Road

Town : Morningside

Province : Auckland

Zip/postal code : 1025

Country : New Zealand

Postal address : P.O. Box 41 245

Town : St Lukes

Province : Auckland

Zip/postal code : 1346

Country : New Zealand

Summary details

Executive Summary

Date founded or registered : 04/02/1999

Legal form : Private Limited Company

Chief executive : Jenny Chan

Issued & paid up capital : NZD 100

Sales turnover : NZD 2,000,000 (Estimated non-consolidated 12 months, 31/03/2011)

Line of business : Import and distribution of travel accessories, stationery, souvenirs, bags etc.

Staff employed : 10 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 asked : Not described.

Statutory details

Registry Data

Registration date : 04/02/1999

Legal form : Private Limited Company

Registration no 944789

Registered authority : New Zealand Companies Office

Registry status : Live/Active

Previous name : The Subject was established on 04-02-1999 under the name J C GROUP LIMITED and

changed its name to DESTINY SOLUTIONS LIMITED on 27-05-1999. DESTINY SOLUTIONS LIMITED then changed to the current style on 05-07-2000.

Change of legal form : None reported.

Management / directors

Key Management

Name : Jenny Chan

Designation : Managing Director

Name : Nadine Lucy Morris

Designation : Joint Managing Director

Board of directors / other appointments

Appointments

Name : Jenny Chan

Designation : Director

Appointment date : 04/02/99

Address : 11 Old Mill Road

Grey Lynn, Auckland 1021

New Zealand

Name : Nadine Lucy Morris

Designation : Director

Appointment date : 02/08/00

Address : 11 Old Mill Road

Grey Lynn, Auckland 1021

New Zealand

Staff employed : 10 employees

Share capital

Composition

Authorized Capital : NZD 100

No of shares : 100 Shares

Share par value : NZD 1

Issued capital : NZD 100

Paid up capital : NZD 100

ownership / shareholders

How listed : Full List

Composition

Shareholder name : Jenny Chan

Address : 11 Old Mill Road

Grey Lynn, Auckland 1021

New Zealand

No. of shares : 50 Shares

% of shares : 50%

Shareholder name : Nadine Lucy Morris

Address : 11 Old Mill Road

Grey Lynn, Auckland 1021

New Zealand

No. of shares : 50 Shares

% of shares : 50%

Related companies & corporate Affiliations

Structure

Name : IDKOOP LIMITED

Affiliation type : Sister Company

Address : Unit 10, 16-18 Taylors Road

Morningside, Auckland 1025

Australia

Name : CHARLIE LUCY INVESTMENTS LIMITED

Affiliation type : Sister Company

Address : Unit 10, 16-18 Taylors Road

Morningside, Auckland 1025

Australia

Bank & mortgages

Bank Details

Name of bank : Australia And New Zealand Banking Group Limited

Address : Australia

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 1.22 as of 28-03-2012

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 : 2,000,000

Comments : The estimated turnover was provided by Ms. Nadine Lucy Morris. 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

Operation details

Main activities : The Subject is engaged in import and distribution of travel accessories, stationery, souvenirs, bags etc.

Purchases

International : China

Sales

Local : Yes

International : Asia countries

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$ 153.252billion

GPP (Purchasing power parity) 120.2 billion of International dollars

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

GDP - composition by sector agriculture: 4.7% industry: 24% services: 71.3%

Inflation 2009: 2.1%

2010: 2.3%

2011: 4.1%

Unemployment rate 2009:6.2%

2010: 6.5%

2011: 6.7%

Public debt

(General Government gross

debt as a % GDP) 2009: 26.1 %

2010: 31.6%

_{2011: 35.8%}

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, Trans power, 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 2007: US$462 million

2008: US$ -308 million

2009: US$ 589million

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 Dollar (NZD)}

Internet users as % of total population : 83 %

Payment history

Purchase Term

International : Telegraphic transfer, Prepayment, Credit 30-60 days

Sales Term

Local : Prepayment, Bank transfer, Credit 30-60 days

International : Prepayment, Telegraphic 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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.15
UK Pound	1	Rs.81.41
Euro	1	Rs.68.22

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.