MIRA INFORM REPORT

Report Date :

02.11.2011

IDENTIFICATION DETAILS

Name :	AUSTRALIAN MERINO EXPORTS PTY LTD
Registered Office :	79 Gheringhap Street, Geelong, Victoria, Zip/postal code 3220
Country :	Australia
Date of Incorporation :	26.06.2008
Com. Reg. No.:	131891668
Legal Form :	Australian Proprietary Company
Line of Business :	Wool Exporting Company

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 30,000
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 : AUSTRALIAN MERINO EXPORTS PTY LTD

Business address : Suite 3, 204 Dryburgh Street

Town : North Melbourne

Province : Victoria

Zip/postal code : 3051

Country : Australia

Tel : +61 3 93290760

Fax : +61 3 93299751

Email : trading@australianmerino.net.au

Website : www.australianmerino.net.au

Registered address : 79 Gheringhap Street

Town : Geelong

Province : Victoria

Zip/postal code : 3220

_{Country : Australia}

Summary details

Executive Summary

Date founded or registered : 26/06/2008

Legal form : Australian Proprietary Company

Chief executive : James Roderick Thomson

Issued & paid up capital : AUD 100

Line of business : Wool exporting company.

_{Staff employed : 5 employees}

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is in start-up phase

Management experience : Management is modestly experienced

Financial performance : Financial performance is undetermined

Organization structure : Organizational structure is acceptable

Detrimental records : No detrimental records found

Payment history : No payment delays noted

Credit amount suggestion : USD 30,000

Credit amount asked : Not described.

Statutory details

Registry Data

Registration date : 26/06/2008

Legal form : Australian Proprietary Company

Registration no : Australian Company Number: 131891668

Registered authority : Australian Securities & Investments Commission

Fiscal/ Tax no : Australian Business Number: 80131891668

Registry status : Live/Active

Previous name : None reported.

Change of legal form : None reported.

Other registration : AUSTRALIAN MERINO EXPORTS is a business name owned by the Subject

registered on 05/06/2007 under business registration number: VIC B2015011R.

Management / directors

Key Management

Name : James Roderick Thomson

Designation : Director

Name : Christopher John Kelly

Designation : Director

Name : Rodney Ernest Franklyn

Designation : Director

Name : Ranai Memea Teniseli

_{Designation : Logistics Manager}

Board of directors / other appointments

Appointments

Name : Rodney Ernest Franklyn

Designation : Director

Appointment date : 26/06/08

Address : 65 The Esplanade

Drumcondra, VIC 3215

Australia

Biography : Born on 10-11-1944 in Brunswick, Victoria, Australia.

Name : Christopher John Kelly

Designation : Director

Appointment date : 26/06/08

Address : 1314 Steiglitz Road

Sutherlands Creek, VIC 3331

Australia

Biography : Born on 17-07-1963 in Macarthur, Victoria, Australia.

Name : James Roderick Thomson

Designation : Director and Company Secretary

Appointment date : 26/06/08

Address : 24 Culzean Crescent

Highton, VIC 3216

Australia

Biography : Born on 10-11-1973 in Echuca, Victoria, Australia.

_{Staff employed : 5 employees}

Share capital

Composition

Authorized Capital : AUD 100

No of shares : 100 Ordinary Shares

Share par value : AUD 1

Issued capital : AUD 100

_{Paid up capital : AUD 100}

ownership / shareholders

How listed Full List

Composition

Shareholder name AMEM HOLDINGS PTY LTD

Address 79 Gheringhap Street

Geelong, VIC 3220

Australia

No. of shares 30 Ordinary Shares

Shareholder name BARWON RURAL CONTRACTING PTY LTD

Address 228-236 Pakington Street

Geelong West, VIC 3218

Australia

No. of shares 35 Ordinary Shares

Shareholder name Jointly held by Christopher John Kelly & Linda Jane Kelly

Address 1314 Steiglitz Road

Sutherlands Creek, VIC 3331

Australia

_{No. of shares 35 Ordinary Shares}

Related companies & corporate Affiliations

Structure

Related companies and corporate affiliations comments : None Reported

Bank & mortgages

Bank Details

Name of bank : Westpac Banking Corporation

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 : None reported.

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

financial data

Description

Comments The representative contacted declined to provided such information until the inquiring party details are revealed.

The Subject is classified as a small proprietary company by the Australian Securities & Investments Commission hence is not required to disclose their financial statement.

A proprietary company is defined as small for a financial year if it satisfies at least two of the following:

- The consolidated revenue for the financial year of the company and any entities it controls is less than $25 million;

-The value of the consolidated gross assets at the end of the financial year of the company and any entities it controls is less than $12.5 million, and

-The company and any entities it controls have fewer than 50 employees at the end of the financial year.

Operation details

Main activities : The Subject is engaged in export of wool.

Product & services : Greasy wool Scoured wool _{Wool tops}

Purchases

Local : Yes

Sales

Local : Yes

International : Worldwide

Property & Assets

Premises : The Subject operates from premises located at the verified heading address consisting of

administrative office.

_{Branches : None reported.}

Summarized country risk

Gross Domestic Products (GDP) & Economic Overview

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%

2010 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}

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

Local : Prepayment, Credit 30-60 days

Sales Term

International : L/C, 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.49.08
UK Pound	1	Rs.78.78
Euro	1	Rs.67.76

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.