MIRA INFORM REPORT

Report Date :

18.11.2014

IDENTIFICATION DETAILS

Name :	HIGHFORD MARKETING GROUP LIMITED
Registered Office :	C/o Rodgers & Co. Limited, Level 1, 47 Mandeville Street Riccarton Christchurch 8011
Country :	New Zealand
Date of Incorporation :	18.08.2005
Com. Reg. No.:	1676230
Legal Form :	New Zealand Limited Company
Line of Business :	The Subject’s business consist of trading of meat and seafood products.
No. of Employees :	7 employees

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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

CORPORATE DETAILS

Verified Address

Subject name HIGHFORD MARKETING GROUP LIMITED Business address Ground Floor, 47 Mandeville Street Town Riccarton Province Christchurch Zip / Postal code 8011 Country New Zealand Telephone +64 3 3432255 Fax +64 3 3432266 Email sales@highford.co.nz Website www.highford.co.nz

Registered address C/o RODGERS & CO. LIMITED Level 1, 47 Mandeville Street Town Riccarton Province Christchurch Zip / Postal code 8011 Country New Zealand Postal address P.O. Box 9169 Town Tower Junction Province Christchurch Zip / Postal code 8149 Country New Zealand

SUMMARY DETAILS

Report Summary

Date registered 18/08/2005 Legal form New Zealand Limited Company Key personnel Jonathan Charles Tallott Line of business The Subject’s business consist of trading of meat and seafood products. Staff employed 7 employees

Paid-up capital NZD100,000.00

CREDIT RISK OUTLOOK

Credit Risk Interpretation

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 NZD100,000.00

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 18/08/2005 Legal form New Zealand Limited Company Registration number 1676230 Registered authority The Companies Office Tax / VAT number 9429034611548

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

BOARD OF MANAGEMENT

Key Personnel

Name Jonathan Charles Tallott Designation Managing Director

BOARD OF DIRECTORS

Appointments

Name Charles Howard Shadbolt Title Director Appointment date 18/08/05 Address 280 Queen Elizabeth II Drive Mairehau, Christchurch 8052 New Zealand Name Jonathan Charles Tallott Title Director Appointment date 18/08/05 Address 94 Grants Road Papanui, Christchurch 8052 New Zealand

Staff employed 7 employees

SHARE CAPITAL

Composition

Authorized capital NZD100,000.00 Number / Type of shares 100,000 Shares Share par value NZD1.00 Issued capital NZD100,000.00

Paid-up capital NZD100,000.00

OWNERSHIP / SHAREHOLDERS

Composition

How listed Full list Shareholder name Jointly held by Russell Kelvin David Rodgers, Jonathan Charles Tallott & Virginia Clair Tallott Address Russell Kelvin David Rodgers 15 Applefield Court Northwood, Christchurch 8051 New Zealand Jonathan Charles Tallott & Virginia Clair Tallott 94 Grants Road Papanui, Christchurch 8052 New Zealand Number / Type of shares 57,500 Shares Percentage (%) of shares 57.50% Shareholder name INDEPENDENT FISHERIES LIMITED Address 64 Broad Street Woolston, Christchurch 8023 New Zealand Number / Type of shares 42,500 Shares Percentage (%) of shares 42.50%

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Company name INDEPENDENT FISHERIES LIMITED Affiliation type Minority Shareholder Country of business New Zealand

BANK AND MORTGAGES

Bank Details

Name of bank HSBC 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

Remarks

The representative contacted Mr. Richard Mulvey advised that the Subject’s annual turnover is between NZD 60 million to NZD 70 million. 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 trading of meat and seafood products. Products and services Beef Meat Lamb Meat Venison Meat Seafood products: Fishes, Scampi, Mussels, Oysters, squid, Salmon etc. Berries Honey Water Brands PURE AOTEAROA

Purchases

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

International The Subject sources its product(s) / material(s) from countries such as United States, China.

Sales

Local The Subject sells its product(s) locally.

International The Subject exports its product(s) to countries such as China, Malaysia, Japan, Taiwan, Philippines, Hong Kong, Netherlands, India, Indonesia, Vietnam, Thailand, Singapore and South Korea.

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$ 18.640 billion Gross domestic product (GDP) US$ 196 billion Purchasing power parity (GPP) 143 billion of International dollars GDP per capita (current prices) US$ 43,429 GDP composition by sector agriculture: 5% industry: 25.5% services: 69.5% Inflation 2012: 1.1% 2013: 1.1% 2014: 2.2% Unemployment rate 2012: 6.9% 2013: 6.1% 2014: 5.2%

Public debt (general Government gross debt as percentage (%) of GDP) 2012: 37.5% 2013: 35.9% 2014: 33.3% Government bond ratings Standard & Poor's: AA Moody's rating: Aaa Moody's outlook: STA Market value of publicly traded shares US$71.66 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$37.840 billion Export commodities Dairy products, meat, wood and wood products, fish, machinery Total imports US$37.350 billion Import commodities Machinery and equipment, vehicles, aircraft, petroleum, electronics, textiles, plastics Best countries for doing business 3 out of 189 countries Global competitiveness ranking 17 (ranking by country on a basis of 144, the first is the best)

Major export partners Australia 21.1%, China 15%, US 9.2%, Japan 7% Major import partners China 16.4%, Australia 15.2%, US 9.3%, Japan 6.5%, Singapore 4.8%, Germany 4.4% FDI inflows 2011: US$4,412 million 2012: US$2,202 million 2013: US$987 million FDI outflows 2011: US$2,525 million 2012: US$-510 million 2013: US$691 million

Country and Population Overview

Total population 4.518 million Total area 267,710 sq km Capital Wellington

Currency New Zealand dollars (NZD) Internet users as percentage (%) of total population 82.78%

PAYMENT OUTLOOK

Purchases Term

Local Bank transfer, D/P, Prepayment, Credit 30-90 days

International Telegraphic transfer, Prepayment, Credit 30-90 days

Sales Term

Local Bank transfer, Prepayment, Credit 30-90 days

International L/C, D/P, Telegraphic transfer, Prepayment, Credit 30-90 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.61.68
UK Pound	1	Rs.96.94
Euro	1	Rs.77.36

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SDA

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.