MIRA INFORM REPORT

Report Date :

24.12.2014

IDENTIFICATION DETAILS

Name :	LINEN & THINGS LIMITED
Registered Office :	71 Foundry Road, Silverdale Auckland Po Box 444
Country :	New Zealand
Date of Incorporation :	22.01.1999
Com. Reg. No.:	940915
Legal Form :	Private Limited Liability Company
Line of Business :	Importer of linens
No. of Employees :	Less than 5

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 :	Unknown
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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
New Zealand	A1	A1

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

Company name and address

Verified
Subject name:	LINEN & THINGS LIMITED
Address:	71 Foundry Road, Silverdale	Postal address:	Po Box 444
Town:	Auckland	Town:	Auckland
Country:	New Zealand
Telephone:	+64 (9) 4278522
Mobile phone:	+64 21427852
Fax:	+64 (9) 4278599

EXECUTIVE SUMMARY

Date registered:	22-01-1999
Legal form:	Private Limited Liability Company
Main activities:	Importer of linens.
Employees:	Less than 5

REGISTRY DATA

Key Facts
Date registered:	22-01-1999
Legal form:	Private Limited Liability Company
Registration no:	940915
Registry auth.	Registrar of Companies
Other reg.:	NZBN: 9429037686291
Registry status:	Live/Active

LEGAL FILINGS

Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None

MANAGEMENT & STAFF

Key Managers
Name:	Michael Woodford Tillman
Job title:	Director
Staff
No of employees	Less than 5

BOARD OF DIRECTORS / OTHER APPOINTMENTS

Appointments
Name:	Michael Woodford Tillman
Board function:	Director
Address:	22 Clayden Drive Hobbs Bay, Whangaparaoa New Zealand

SHARE CAPITAL

Composition
No. of shares:	159,750 shares

Shareholders/Owners

How Listed	Full List
Composition
Name:	NZ MERCHANTS LIMITED
No. of shares:	159,750 shares
% of shares:	100%
Address:	20 Rockridge Avenue, Penrose Auckland, 1061 New Zealand

CORPORATE AFFILIATIONS

Structure
Name:	NZ MERCHANTS LIMITED
Affiliation type:	Parent Company
Address:	20 Rockridge Avenue, Penrose Auckland, 1061 New Zealand

BANKING & FINANCING

Charges & Mortgages

Time of Registration: 28-Sep-2002 15:45 Debtor Name: LINEN & THINGS LTD Financing Statement Registration No: FN1496FR30Z79X92/C0010 Debtor Reference: 1031026 Incorporation No: 940915 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property Time of Registration: 26-May-2009 16:53 Debtor Name: LINEN & THINGS LTD Financing Statement Registration No: F28Y23M90A6R4921/C0006 Debtor Reference: - Incorporation No: 940915 City/Town: Auckland Collateral Type: Goods - Other Time of Registration: 27-Mar-2013 01:51 Debtor Name: LINEN & THINGS LTD Financing Statement Registration No: FM638JA1Y5N18826 Debtor Reference: 6063030,RPC2402122,Operating Lease Incorporation No: 940915 City/Town: Silverdale Collateral Type: Goods - Other Time of Registration: 01-Apr-2013 01:34 Debtor Name: LINEN & THINGS LTD Financing Statement Registration No: FJ7Y95628M81AC20 Debtor Reference: 6063030,RPC2398851,Operating Lease Incorporation No: 940915 City/Town: Silverdale Collateral Type: Goods - Other Time of Registration: 17-Apr-2013 16:15 Debtor Name: LINEN & THINGS LTD Financing Statement Registration No: F27RE617CF880J98 Debtor Reference: - Incorporation No: 940915 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Other Time of Registration: 14-May-2013 16:54 Debtor Name: LINEN & THINGS LTD Financing Statement Registration No: F32R7D821B93H162 Debtor Reference: - Incorporation No: 940915 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property Time of Registration: 24-Jul-2013 18:32 Debtor Name: LINEN & THINGS LTD Financing Statement Registration No: F81848VJ1XB0A374 Debtor Reference: 7005 Incorporation No: 940915 City/Town: Auckland Collateral Type: All Present And After Acquired Personal Property; Goods - Other

FINANCIAL ACCOUNTS

Description
Required to file:	No
Source:	N/A
Comments	The Subject's financial statements were not available in the course of our investigation and respondents contacted at the Company were not prepared to release such documents.

OPERATIONS & HISTORY

Activities
Full description:	The Subject is engaged importing and wholesaling of linen and related products.
Purchases
Local:	Yes
Import:	Yes

PROPERTY & ASSETS

Premises

The Subject principally operates from premises located at the heading address, consisting of administrative offices.

PAYMENTS

Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED

INVESTIGATIVE NOTES

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.63.45
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIS

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.