MIRA INFORM REPORT

Report Date :

12.05.2012

IDENTIFICATION DETAILS

Name :	PACIFIC FOREST PRODUCTS NZ LIMITED
Registered Office :	Level 6, 35 High Street, Auckland Central , Auckland, Zip/postal code 1010
Country :	New Zealand
Date of Incorporation :	02.02.2009
Com. Reg. No.:	2206024
Legal Form :	Private Limited Company
Line of Business :	Exporter of logs and lumber
No. of Employees :	20

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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 : PACIFIC FOREST PRODUCTS NZ LIMITED

Business address : Level 6, 35 High Street

Town : Auckland Central

Province : Auckland

Zip/postal code : 1010

Country : New Zealand

Tel : +64 9 3090868

Fax : +64 9 3090866

Website : www.pfpltd.co.nz

Registered address : Level 6, 35 High Street

Town : Auckland Central

Province : Auckland

Zip/postal code : 1010

_{Country : New Zealand}

Summary details

Executive Summary

Date founded or registered : 02/02/2009

Legal form : Private Limited Company

Chief executive : Eddie Shin

Issued & paid up capital : NZD 10,000

Line of business : Export of logs and lumber.

Staff employed : 20 employees

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is in start-up phase

Management experience : Management is modestly experienced

Financial performance : Financial performance is undetermined

Organization structure : Organizational structure is acceptable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount asked : Not described.}

Statutory details

Registry Data

Registration date : 02/02/2009

Legal form : Private Limited Company

Registration no : 2206024

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 : Eddie Shin

Designation : Executive Director

Name : Keith Roland Smith

Designation : Marketing Director

Name : Yvonne Fang

Designation : Marketing Manager

Name : Nathan Musson

Designation : Commercial Manager

Name : Sonet Venter

Designation : Business Manager

Name : Amy Cai

_{Designation : Shipping Manager}

Board of directors / other appointments

Appointments

Name : Gregor John Barclay

Designation : Director

Appointment date : 02/02/09

Address : 31B Aldred Road

Remuera, Auckland, 1050

New Zealand

Name : Gregory Kevin Molloy

Designation : Director

Appointment date : 02/02/09

Address : 94 Tauranga Direct Road, Rd 2

Hamurana, Rotorua, 3072

New Zealand

Name : Eddie Shin

Designation : Director

Appointment date : 02/02/09

Address : 10 Estuary Views

Shelly Park, Auckland 2014

New Zealand

_{Name : Keith Roland Smith}

Designation : Director

Appointment date : 02/02/09

Address : 7 First Ave

Stanley Point, Auckland 0624

New Zealand

_{Staff employed : 20 employees}

Share capital

Composition

Authorized Capital : NZD 10,000

No of shares : 10,000 Shares

Share par value : NZD 1

Issued capital : NZD 10,000

_{Paid up capital : NZD 10,000}

ownership / shareholders

How listed : Full List

Composition

Shareholder name : Jointly held by Eddie Shin & CLAYMORE TRUSTEES LIMITED

Address : Eddie Shin

10 Estuary Views

Shelly Park, Auckland 2014

New Zealand

CLAYMORE TRUSTEES LIMITED Level 2, Claymore House

63 Fort Street, Auckland

New Zealand

No. of shares 3,000 Shares

Shareholder name Jointly held by Gregory Kevin Molloy & CLAYMORE TRUSTEES LIMITED

Address Gregory Kevin Molloy

94 Tauranga Direct Road, Rd 2

Hamurana, Rotorua, 3072

New Zealand

CLAYMORE TRUSTEES LIMITED Level 2, Claymore House

63 Fort Street, Auckland

New Zealand

No. of shares 3,000 Shares

Shareholder name Jointly held by Keith Roland Smith & CLAYMORE TRUSTEES LIMITED

Address Keith Roland Smith

7 First Ave

Stanley Point, Auckland 0624

New Zealand

CLAYMORE TRUSTEES LIMITED Level 2, Claymore House

63 Fort Street, Auckland

_{New Zealand}

No. of shares 3,000 Shares

Shareholder name Jointly held by Ian Kenneth Leslie & CLAYMORE TRUSTEES LIMITED

Address Ian Kenneth Leslie

24 Monticello Key

Papamoa Beach, Tauranga, 3118

New Zealand

CLAYMORE TRUSTEES LIMITED Level 2, Claymore House

63 Fort Street, Auckland

New Zealand

No. of shares : 500 Shares

Shareholder name Jointly held by Yvonne Fang, Frank Liu & CLAYMORE TRUSTEES LIMITED

Address Yvonne Fang & Frank Liu

20 Manor Park

Sunnyhills, Auckland 2010

New Zealand

CLAYMORE TRUSTEES LIMITED Level 2, Claymore House

63 Fort Street, Auckland

New Zealand

_{No. of shares : 500 Shares}

Related companies & corporate Affiliations

Structure

Name SOUTH PACIFIC SHIPPING LIMITED

Affiliation type Wholly-owned Subsidiary

Address Level 6, 35 High Street

Auckland Central, Auckland 1010

New Zealand

Name PFP MANAGEMENT LIMITED

Affiliation type Wholly-owned Subsidiary

Address Level 6, 35 High Street

Auckland Central, Auckland 1010

New Zealand

Name ASIA PACIFIC WOOD PRODUCTS LIMITED

Affiliation type Wholly-owned Subsidiary

Address Level 6, 35 High Street

Auckland Central, Auckland 1010

New Zealand

Name PACIFIC FOREST PRODUCTS INTERNATIONAL LIMITED

Affiliation type Wholly-owned Subsidiary

Address Level 6, 35 High Street

_{Auckland Central, Auckland 1010}

New Zealand

Name ASIA PACIFIC FOREST ENTERPRISES LIMITED

Affiliation type Associate

Address Level 6, 35 High Street

Auckland Central, Auckland 1010

New Zealand

Name PACIFIC FOREST UNIVERSAL EXPORTS LIMITED

Affiliation type Associate

Address Level 6, 35 High Street

Auckland Central, Auckland 1010

New Zealand

Name INTERNATIONAL LOG AND LUMBER EXPORTS LIMITED

Affiliation type Associate

Address Level 6, 35 High Street

Auckland Central, Auckland 1010

New Zealand

Name PACIFIC FOREST PRODUCTS SHIPPING COMPANY LIMITED

Affiliation type Associate

Address Level 6, 35 High Street

Auckland Central, Auckland 1010

New Zealand

Name KEGG INVESTMENTS LIMITED

Affiliation type Associate

Address Level 6, 35 High Street

Auckland Central, Auckland 1010

_{New Zealand}

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 : Due to the Subject’s recent date of establishment, financial information is not available. Future filling for the Subject has yet to be determined.

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 the export of logs and lumber.

Purchases

Local : Yes

International : No imports.

Sales

International : China, South Korea, Japan, Malaysia, Taiwan, Vietnam, India, Middle East

Property & Assets

Premises : The Subject operates from premises located at the verified heading address consisting of

administrative office.

Branches : In addition, the Subject operates from branch offices located at:

6 Tasman Quay

Mt Maunganui, Tauranga 3116

New Zealand

Tel: +64 7 5756335

P.O. Box 66

Ngongotaha, Rotorua

New Zealand

_{Tel: +64 7 3322380}

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 2008: 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 Dollar (NZD)}

Internet users as % of total population : 84.38%

Payment history

Purchase Term

Local : Cash against document, Prepayment, Credit 30-60 days

Sales Term

International : L/C, Prepayment, 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.53.64
UK Pound	1	Rs.86.42
Euro	1	Rs.69.28

INFORMATION DETAILS

Report Prepared by :

PDT

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.