MIRA INFORM REPORT

Report Date :

12.01.2011

IDENTIFICATION DETAILS

Correct Name :	SPICE MASTERS AUSTRALIA PTY LTD

Registered Office :	7/30 Clarence Street , Sydney, New South Wales 2000

Country :	Australia

Date of Incorporation :	01.07.1998

Legal Form :	Proprietary Company

Line of Business :	import and distribution of spices and related food based products

RATING & COMMENTS

MIRA’s Rating :

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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Australia

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

REGISTERED NAME

SPICE MASTERS AUSTRALIA PTY LTD

ACN: 083 226 993

ABN: 20 083 226 993

CORPORATE SEARCH

Incorporation Date: 01 Jul 1998

Incorporation State: New South Wales

Registered Office 7/30 CLARENCE Street

SYDNEY, New South Wales 2000 Australia

Charges Date Registered: 25 Nov 1998

Chargee Name: 004 044 937 NATIONAL AUSTRALIA

Charge Type: Fixed and floating charge

ASIC Charge No: 672796

Number of Shares Issued: 100

Paid Capital: 100

Shareholders PETER MAGIROS

Number of Shares: 86

XANTHIPPI TSOUTSAS

Number of Shares: 14

Directors MAGIROS, JAMES PETER

Appointment Date: 01 Jul 1998

Date of Birth: 04 Sep 1978

Gender: Male

Address: 1 HOLLYWOOD Street MONTEREY, New South Wales 2217 Australia

Resident Overseas: No

Secretary JAMES PETER MAGIROS

Appointment Date: 01 Jul 1998

BUSINESS STRUCTURE

TRADING ADDRESS 2 Wirega Ave

KINGSGROVE, NSW 2208

TELEPHONE (612) 9750 5544

FACSIMILE (612) 9750 5844

ASSOCIATED ENTITY FRUTEX AUSTRALIA P/L

BANK NATIONAL AUSTRALIA BANK

EMPLOYEES Not determined

BACKGROUND

The subject was incorporated in New South Wales on 1 July 1998 under the current style.

OPERATIONS

The subject operates in the import and distribution of spices and related food based products.

Activities are conducted from premises located at the above listed trading address.

ADVERSE

A search of the of Baycorp Advantage Limited traced the following litigation listed against the subject at that date.

Court Actions

Action Date: 15 Mar 2006

Amount: 9504

Creditor: HAPAG LLOYD (AUSTRALIA) PTY LT

Plaint Number: 54446/05/2DWN

Court Type: Local court

FINANCES

The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.

During the current investigation contact with the subjects Financial Controller was unable to be established. It was advised that he is on annual leave and is not due to return until 17 January 2010.

As a result details pertaining to the subjects operating trading and financial position were unable to be obtained for the current enquiry.

Please note, this is an interim report and upon contacting the financial controller upon his return and receiving addition information this report will be updated and forwarded to your office.

TRADE SURVEY

During the current investigation, contact with the subject’s principals was unable to be established.

Subsequently details pertaining to the company’s suppliers were unable to be obtained and a trade survey could not be conducted.

SUMMARY

The subject was incorporated in New South Wales on 1 July 1998 under the current style.

Details pertaining to the subjects operating trading and financial position were unable to be obtained.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.32
UK Pound	1	Rs.70.54
Euro	1	Rs.58.70

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.