MIRA INFORM REPORT

Report Date :

01.08.2014

IDENTIFICATION DETAILS

Name :	NUBIOTICS LIMITED
Registered Office :	Level 1, 25 Allen Street, Morrinsville, Waikato, Zip / Postal code 3300
Country :	New Zealand
Date of Incorporation :	25.11.2004
Com. Reg. No.:	1574890
Legal Form :	Limited Private Company
Line of Business :	engaged as exporter of Dietary Supplement, Honey, Infant Formula, Nutritional Supplement and Log.
No of Employees :	04

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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
New Zealand	A1	A1

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

new zealAND ECONOMIC OVERVIEW

Over the past 20 years the government has transformed New Zealand from an agrarian economy dependent on concessionary British market access to a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes - but left behind some at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. Per capita income rose for ten consecutive years until 2007 in purchasing power parity terms, but fell in 2008-09. Debt-driven consumer spending drove robust growth in the first half of the decade, helping fuel a large balance of payments deficit that posed a challenge for economic managers. Inflationary pressures caused the central bank to raise its key rate steadily from January 2004 until it was among the highest in the OECD in 2007-08; international capital inflows attracted to the high rates further strengthened the currency and housing market, however, aggravating the current account deficit. The economy fell into recession before the start of the global financial crisis and contracted for five consecutive quarters in 2008-09. In line with global peers, the central bank cut interest rates aggressively and the government developed fiscal stimulus measures. The economy pulled out of recession late in 2009, and achieved 2-3% per year growth in 2010-13. Nevertheless, key trade sectors remain vulnerable to weak external demand. The government plans to raise productivity growth and develop infrastructure, while reining in government spending.

Source : CIA

CORPORATE DETAILS

Verified Address

Subject name NUBIOTICS LIMITED Business address Level 1, 25 Allen Street Town Morrinsville Province Waikato Zip / Postal code 3300 Country New Zealand Telephone +64 7 8897025 Fax +64 7 8893295 Email trevor@nubiotics.co Website www.nubiotics.co / www.purenzhoney.com / www.purenzcolostrum.com

Registered address Level 1, 25 Allen Street Town Morrinsville Province Waikato Zip / Postal code 3300 Country New Zealand Postal address P.O. Box 291 Town Morrinsville Province Waikato Zip / Postal code 3340 Country New Zealand

SUMMARY DETAILS

Report Summary

Date registered 25/11/2004 Legal form Limited Private Company Key personnel Trevor James Lock Line of business The Subject’s business consist export of dietary supplement, honey, infant formula, nutritional supplement and log. Staff employed 4 employees

Paid-up capital NZD100.00 Sales turnover / Revenue / Income NZD4,200,000.00 (Estimated Non-Consolidated 12 months, 31/03/2014)

CREDIT RISK OUTLOOK

Credit Risk Interpretation

Credit risk rating MODEST Credit risk theory Sufficient financial and operational base. Small credits may be considered with some confidence that commitments will be sustained under normal circumstances. This is based on criterions such as years of establishment, number of employees, sales turnover and others. A cautious credit control policy applies. Paid-up capital NZD100.00 Sales turnover / Revenue / Income NZD4,200,000.00 (Estimated Non-Consolidated 12 months, 31/03/2014)

Subject’s Credit Risk Analysis

Country risk Country risk is minimal Operation trend Operational trend is steady Management experience Management is modestly experienced Financial performance Financial performance is fair

Organisation structure Organisational structure is stable Detrimental No detrimental found Payment history No payment delays noted

STATUTORY DETAILS

Registry Information

Date registered 25/11/2004 Legal form Limited Private Company Registration number 1574890 Registered authority The Companies Office Tax / VAT number 9429035091509

Statutory status Active Previous name None reported. Change of legal form None reported.

BOARD OF MANAGEMENT

Key Personnel

Name Trevor James Lock Designation Managing Director

BOARD OF DIRECTORS

Appointments

Name Trevor James Lock Title Director Appointment date 25/11/04 Address 5 Elm Street Morrinsville, Waikato 3300 New Zealand

Staff employed 4 employees

SHARE CAPITAL

Composition

Authorized capital NZD100.00 Number / Type of shares 100 Ordinary Shares Share par value NZD1.00 Issued capital NZD100.00

Paid-up capital NZD100.00

OWNERSHIP / SHAREHOLDERS

Composition

How listed Full list Shareholder name Jointly held by Trevor James Lock & Gillian Pamela Currall-Lock Address 5 Elm Street Morrinsville, Waikato 3300 New Zealand Number / Type of shares 100 Ordinary Shares Percentage (%) of shares 100%

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Company name ELM TRUSTEES LIMITED Affiliation type Associate Country of business New Zealand Company name NU-BRANDS LIMITED Affiliation type Associate Country of business New Zealand Company name NUBIOTICS NUTRITIONALS LIMITED Affiliation type Associate Country of business New Zealand Company name DUMPERS BEACH TRUSTEES LIMITED Affiliation type Associate Country of business New Zealand

BANK AND MORTGAGES

Bank Details

Name of bank ASB Bank New Zealand Address New Zealand

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 Filings

Bankruptcy filings None reported. Court judgements None reported.

Tax liens None reported. Others None reported.

FINANCIAL STATISTICS

Description

Financial statement source Provided by the Subject Financial statement date 31/03/14 Style of financial statement Estimated key figures

Currency of financial statement New Zealand, Dollar (NZD) Exchange rate 1 USD = NZD 1.18 as of 31-07-2014

Concise Financial Data	Consolidation style	Non-Consolidated
	Currency	New Zealand, Dollar (NZD)
	Date of financial year end	31/03/14
	Length of financial accounts	12 months
	Sales turnover / Revenue / Income	4,200,000.00

Remarks

The estimated turnover was provided by Mr. Trevor James Lock. 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.

BUSINESS DETAILS

Operational Details

Main activities The Subject engages in export of dietary supplement, honey, infant formula, nutritional supplement and log.

Purchases

Local The Subject sources its product(s) / material(s) locally.

International None reported.

Sales

Local None reported.

International The Subject exports its product(s) to countries such as United States, China, Russia, South Korea, India, Middle East.

Business Facilities and Assets

Premises The Subject operates from the verified heading address consisting of an administrative office.

Branches None reported.

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) and Economic Overview

Central bank Reserve Bank of New Zealand Reserve of foreign exchange and gold US$ 20.562 billion Gross domestic product (GDP) US$ 180.548 billion Purchasing power parity (GPP) 126.628 billion of International dollars GDP per capita (current prices) US$ 40,454 GDP composition by sector agriculture: 4.7% industry: 24% services: 71.3% Inflation 2009: 2.1% 2010: 2.3% 2011: 4% Unemployment rate 2009: 6.1% 2010: 6.5% 2011: 6.5%

Public debt (general Government gross debt as percentage (%) of GDP) 2009: 26.1% 2010: 32.3% 2011: 37% 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 Westpac Limited, Transpower, Fletcher Building Limited, National Bank of New Zealand, Fonterra Co-Operative Group Ltd, Air New Zealand Limited, The Warehouse Group Limited, Progressive Enterprises Ltd

Trade and Competitiveness Overview

Total exports US$33.24 billion Export commodities Dairy products, meat, wood and wood products, fish, machinery Total imports US$31.11 billion Import commodities Machinery and equipment, vehicles and aircraft, petroleum, electronics, textiles, plastics 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)

Major export partners Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6% Major import 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

Country and Population Overview

Total population 4.37 million Total area 270,467 km2 Capital Wellington

Currency New Zealand dollars (NZD) Internet users as percentage (%) of total population 83%

PAYMENT OUTLOOK

Purchases Term

Local Bank transfer, Prepayment, Credit 30-60 days

Sales Term

International L/C, Telegraphic transfer, D/P, 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.60.25
UK Pound	1	Rs.101.92
Euro	1	Rs.80.70

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

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.