MIRA INFORM REPORT

Report Date :

24.01.2011

IDENTIFICATION DETAILS

Correct Name :	BARRY CROMMELIN NOMINEES PTY LTD

Formerly Known As :	B&C Crommelin Nominees P/L

Registered Office :	Blyth Partners, Unit 21, 22 Railway Road, Subiaco Wa 6008

Country :	Australia

Date of Incorporation :	02.06.1976

Legal Form :	Proprietary Company

Line of Business :	manufacture and distribution of water proofing and sealing 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

BARRY CROMMELIN NOMINEES PTY LTD

T/AS CROMMELIN

ACN: 008 806 924

ABN: 97 180 557 927

CORPORATE SEARCH

Incorporation State: WA

Incorporation Date: 02 JUN 1976

Registered Office

BLYTH PARTNERS

UNIT 21,

22 RAILWAY ROAD,

SUBIACO

WA 6008

Charges Total: 1

Both Fixed &Floating

JOINTSEAL PTY LTD (008736105)

Registered - 18 SEP 2007

1515937

Current Directors Total: 3

TIMOTHY LOUIS CROMMELIN – appointed: 06 NOV 1997

6 EDWYNA Street MOSMAN PARK, WA

DOB: 19 MAR 1974

PETER WILLIAM CROMMELIN – appointed: 23 APR 1993

3A FRANCES Terrace MOSMAN PARK, WA

DOB: 04 AUG 1971

CAROLE MAUREEN CROMMELIN – appointed: 02 JUN 1976

48 IRVINE Street PEPPERMINT GROVE, WA

DOB: 19 DEC 1944 - Female

Class Shares Issued

ORD ORDINARY SHARES -2

Share Capital

Shareholders Total: 2

ORD 1 - PETER WILLIAM CROMMELIN

ORD 1 - CAROLE MAUREEN CROMMELIN

Company secretary

PETER WILLIAM CROMMELIN

BUSINESS STRUCTURE

TRADING ADDRESS 72 Division St

WELSHPOOL, WA 6106

TELEPHONE (618) 9458 5711

FACSIMILE (618)9451 4749

BANK ANZ BANKING GROUP

EMPLOYEES 20

BACKGROUND

The subject was incorporated in Western Australia on 2 June 1976 as Barry Crommelin Nominees P/L changing name on 29 October 1997 to B&C Crommelin Nominees P/L before adopting the current style on 14 October 1998.

The development of Crommelin’s experience in the area of waterproofing and sealing began in 1960, when the company obtained the sole distributorship for the bitumen-based waterproofing products of W.R. Grace. In 1962 a subsidiary company was formed to act as a sub-contractor applying a range of world-class products and systems into new building projects.

The subject commenced its own waterproofing and sealing contracting division in the1970s and 1980s

OPERATIONS

The subject operates in the manufacture and distribution of water proofing and sealing products with distributorships throughout Australia and Asia including Taiwan, Hong Kong, India, Indonesia and Malaysia.

Since 1993, the subject has been endorsed to ISO 9002 and since 2001 to ISO 9001.

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

ADVERSE

A search of failed to trace any litigation listed against the subject at that date.

FINANCES

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

During the current interview conducted with the subjects Financial Controller she advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $6,000,000.

A similar or improved result is forecast for the current financial year ending 30 June 2011.

Current assets include stock on hand of $500,000 and receivables of $1,200,000.

Current liabilities included creditors of $400,000 to $500,000.

The subject maintains total assets of $3,000,000 and Net Assets of $500,000.

The subject is noted to operate in its capacity on behalf of the B & CCrommelin Family Trust. Unsecured creditors are placed at maximum risk when dealing with a trustee company.

TRADE SURVEY

A trade survey on the subject traced the following accounts:

1. (Recochem) Nominated supplier failed to respond to correspondence despite chasing.

2. (NCI Packaging) Nominated supplier failed to respond to correspondence despite chasing.

SUMMARY

For the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $6,000,000.

A similar or improved result is forecast for the current financial year ending 30 June 2011.

The subject maintains total assets of $3,000,000 and Net Assets of $500,000.

The subject is noted to operate in its capacity on behalf of the B & CCrommelin Family Trust. Unsecured creditors are placed at maximum risk when dealing with a trustee company.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.70
UK Pound	1	Rs.72.78
Euro	1	Rs.61.65

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

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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