MIRA INFORM REPORT

Report Date :

16.12.2011

IDENTIFICATION DETAILS

Name :	MAJERS PTY LTD
Registered Office :	C/O Cooper Reeves Pty Ltd Level 1, 172 Evans Road, Salisbury,Queensland, Zip/Postal Code 4107
Country :	Australia
Financials (as on) :	30.06.2008
Date of Incorporation :	20.12.1994
Com. Reg. No.:	067555855
Legal Form :	Australian Proprietary Company
Line of Business :	Import and retail sales of tiles and other related products
No. of Employees :	80 persons

RATING & COMMENTS

MIRA’s Rating :

B

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

Maximum Credit Limit :	USD 260,000
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)
Australia	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 : MAJERS PTY LTD

Other style / Business name : MAJER TILES

Business address : Corner Compton & Ewing Road

Town : Underwood

Province : Queensland

Zip/postal code : 4119

Country : Australia

Tel : +61 7 32900066

Fax : +61 7 38084541

Website : www.majertiles.com.au

Registered address : C/o COOPER REEVES PTY LTD Level 1, 172 Evans Road

Town : Salisbury

Province : Queensland

Zip/postal code : 4107

Country : Australia

Comments : The provided address 158 Lindum Road, Lytton, QLD 4178, Australia is

the _{Subject's branch warehouse.}

Summary details

Executive Summary

Date founded or registered : 20/12/1994

Legal form : Australian Proprietary Company

Chief executive : Anthony Michael Majer

Issued & paid up capital : AUD 30,000

Sales turnover : AUD 25,798,188 (Non consolidated 12 months, 30/06/2008)

Net income : AUD 234,476 (Non consolidated 12 months, 30/06/2008)

Total fixed assets : AUD 10,305,357 (Non consolidated 12 months, 30/06/2008)

Line of business : Import and retail sales of tiles and other related products.

Staff employed : 80 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 suggestion : USD 260,000}

Credit amount asked : USD 1,000,000

Comments : It is advisable to conduct business dealing on prepayment of L/C basis for

larger credit transactions than suggested.

Statutory details

Registry Data

Registration date : 20/12/1994

Legal form : Australian Proprietary Company

Registration no : Australian Company Number: 067555855

Registered authority : Australian Securities & Investments Commission

Fiscal/ Tax no : Australian Business Number: 89067555855

Registry status : Live/Active

Previous name : None reported.

Change of legal form : None reported.

Other registration : MAJER TILES is a business name owned by the Subject registered on

09/01/1996 under business registration no: QLD BN5948290.

Management / directors

Key Management

Name : Anthony Michael Majer

Designation : Managing Director

Name : Alojzij Majer

Designation : General Manager

Board of directors / other appointments

Appointments

Name Anthony Michael Majer

Designation Director

Appointment date 20/12/94

Address 29 Thornbury Street

Spring Hill, QLD 4000

Australia

Biography Born on 01-04-1971 in Cairns, Queensland, Australia.

Staff employed 80 employees

Key Advisors

Auditors : BDO

Level 18, 300 Queen Street

Brisbane, QLD 4000

_Australia

Share capital

Composition

Authorized Capital : AUD 30,000

No of shares : 30,000 Ordinary Shares

Share par value : AUD 1

Issued capital : AUD 30,000

_{Paid up capital : AUD 30,000}

ownership / shareholders

How listed : Full List

Composition

Shareholder name Jointly held by Anthony Michael Majer & Alojzij Majer @ Louis Majer

Address Anthony Michael Majer

29 Thornbury Street

Spring Hill, QLD 4000

Australia

Alojzij Majer @ Louis Majer

58 Kingsholme Street

Newstead, QLD 4006

Australia

No. of shares 10,000 Ordinary Shares

Shareholder name Jointly held by Alojzij Majer @ Louis Majer & Maureen Majer

Address 58 Kingsholme Street

Newstead, QLD 4006

Australia

No. of shares 10,000 Ordinary Shares

Shareholder name DANJAX INVESTMENTS PTY LTD

Address C/o COOPER REEVES PTY LTD

Level 1, 172 Evans Road

Salisbury, QLD 4107

Australia

_{No. of shares 10,000 Ordinary Shares}

Related companies & corporate Affiliations

Structure

Related companies and corporate affiliations comments : None Reported

Bank & mortgages

Bank Details

Name of bank : Commonwealth Bank Of Australia

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

Satisfied Charge Details:

ASIC Charge Number: 477508

Date Registered: 10-02-1995

Charge type: Both Fixed & Floating

Date Created: 01-02-1995

Chargees Name: NATIONAL AUSTRALIA BANK LIMITED

ASIC Charge Number: 685486

Date Registered: 04-03-1999

Charge type: Both Fixed & Floating

Date Created: 15-01-1999

Chargees Name: COMMONWEALTH BANK OF AUSTRALIA

ASIC Charge Number: 692881

Date Registered: 29-04-1999

Charge type: Both Fixed & Floating

Date Created: 13-04-1999

Chargees Name: COMMONWEALTH BANK OF AUSTRALIA

ASIC Charge Number: 1855549

Date Registered: 22-09-2009

Charge type: Both Fixed & Floating

Date Created: 17-08-2009

Chargees Name: COMMONWEALTH BANK OF AUSTRALIA

Unsatisfied Charge Details:

ASIC Charge Number: 1971800

Date Registered: 12-05-2010

Charge type: Both Fixed & Floating

Date Created: 16-04-2010

Chargees Name: WESTPAC BANKING CORPORATION

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

_{Others : None reported.}

financial data

Description

Source of financial statement : Commercial Registry Filings

Financial statement date : 30/06/08

Type of accounts : Full audited

Currency : Australia Dollar (AUD)

Exchange rate : 1 USD = AUD 1.00 as of 15-12-2011

Summarized Financial Information

Consolidation type :	Non Consolidated	Non Consolidated
Currency :	Australia Dollar (AUD)	Australia Dollar (AUD)
Denomination :	(x1) One	(x1) One
Date of financial year end :	30/06/08	30/06/07
Length of accounts :	12 months	12 months
Sale turnover / Income :	25,798,188	21,441,388
Gross profit :	11,207,446	9,057,700
Profit before tax :	344,707	-827,235
Net income :	234,476	-585,785
Non current assets :	2,663,252	3,043,401
Current assets :	7,642,105	7,731,305
Inventories :	5,288,170	5,893,338
Total assets :	10,305,357	10,774,706
Current liabilities :	6,984,902	7,129,642
Non current liabilities :	1,417,883	1,976,968
Total liabilities :	8,402,785	9,106,610
Share equity :	1,902,572	1,668,096
Retained earning :	1,872,572	1,638,096

Operation details

Main activities : The Subject is engaged in import and retail sales of tiles and other related products.

Product & services : Kitchen Tiles Outdoor Tiles Bathroom Tiles Floor Tiles

Purchases

International : Europe and Asia

Sales

Local : Yes

International : No exports.

Property & Assets

Premises : The Subject operates from the verified heading address consisting of showroom and administrative office.

Branches : In addition, the Subject operates from showrooms and warehouses located at:

Showrooms:

Cnr Wandoo & Doggett Sts

Fortitude Valley, QLD 4006

Australia

Tel: +61 7 38524444

68 Bundall Rd

Bundall, QLD 4217

Australia

Tel: +61 7 55269444

384 Nicklin Way

Bokarina, QLD 4575

Australia

Tel: +61 7 54934755

76 Duckworth St

Garbutt, QLD 4814

Australia

Tel: +61 7 47751144

65 Mulgrave Rd

Cairns, QLD 4870

Australia

_{Tel: +61 7 40411566}

Warehouse:

47 Anderson St

Manunda, QLD 4870

Australia

158 Lindum Road

Lytton, QLD 4178

_Australia

Summarized country risk

Central bank : Reserve Bank of Australia

Reserve of foreign exchange & gold : US$ 41.385 billion

Gross domestic product – GDP : US$ 1.235 trillion

GPP (Purchasing power parity) : 918.529 billion of International dollars

GDP per capita - current prices : US$ 55,590

GDP - composition by sector : agriculture: 4.1% industry: 26% services: 70%

Inflation : 2008: 4.4%

2009: 1.8%

2010: 2.8%

Unemployment rate 2008: 4.2 %

2009: 5.6 %

2007:5.2 %

Public debt

(General Government gross

debt as a % GDP) 2008: 11.6%

2009: 17.6%

_{2010: 22.3 %}

Government bond ratings Standard & Poor's: AAA-/Stable/A-1+

Moody's rating: Aaa

Moody's outlook: STA

Market value of publicly traded shares US$ 1.258 trillion

Largest companies in the country : Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications)

Trade & Competitiveness Overview

Total exports US$210.7 billion

Exports commodities coal, iron ore, gold, meat, wool, alumina, wheat

Total imports US$187.2 billion

Imports commodities machinery and transport equipment, computers and office machines, telecommunication equipment and parts, crude oil and petroleum products

Export - major partners Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India

5.5%, UK 4.2%

Import - major partners China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany

5.2%, UK 4.3%, Thailand 4.2%

FDI Inflows 2007: US$45,477 million

2008: US$46,722 million

2009: US$22,572 million

_{FDI Outflows 2007: US$16,822 million}

2008: US$32,819 million

2009: US$ 18,426 million

Best countries for doing business : 10 out of 183 countries

Global competitiveness ranking : 16 (ranking by country on a basis of 133, the first is the best)

Country and Population Overview

Total population : 22.23 million

Total area : 7,692,024 km2

Capital : Canberra

_{Currency : Australian Dollars (AUD)}

Internet users as % of total population : 74.00%

Payment history

Purchase Term

International : Prepayment, Credit 30-60 days

Sales Term

Local : Cash, Credit card, 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.52.81
UK Pound	1	Rs.82.00
Euro	1	Rs.68.81

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.