MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	BRAEMAC PTY LTD
Registered Office :	Unit 1, 59-61 Burrows Road Alexandria New South 2015
Country :	Australia
Date of Incorporation :	04.04.1984
Com. Reg. No.:	002743884
Legal Form :	Australian Proprietary Company
Line of Business :	Electronic component distributor.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 550,000
Status :	Satisfactory
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, 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

IDENTIFICATION DETAILS

Verified Address

Subject name : BRAEMAC PTY LTD

Business address : Unit 1, 59-61 Burrows Road

Town : Alexandria Province : New South Wales Zip/postal code : 2015

Country : Australia

Tel : +61 2 95506600

Fax : +61 2 95506377

Email : info@braemac.com.au

Website : www.braemac.com.au

Registered address : Unit 1, 59-61 Burrows Road

Town : Alexandria Province : New South Wales Zip/postal code : 2015

_{Country : Australia}

SUMMARY DETAILS

Executive Summary

Date founded or registered : 04/04/1984

Legal form : Australian Proprietary Company

Chief executive : Daniel Nemeny

Issued & paid up capital : AUD 4

Sales turnover : AUD 160,000,000 (Estimated non-consolidated 12 months, 30/06/2011)

Line of business : Electronic component distributor.

_{Staff employed : 115 employees}

CREDIT RISK OPINION

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is steady

Management experience: Management is adequately experienced

Financial performance : Financial performance is good

Organization structure : Organizational structure is stable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion: USD 550,000}

_{Credit amount asked : Not described.}

STATUTORY DETAILS

Registry Data

Registration date : 04/04/1984

Legal form : Australian Proprietary Company

Registration no Australian Company Number: 002743884

Registered authority : Australian Securities & Investments Commission

Fiscal/ Tax no : Australian Business Number: 71332650026

Registry status : Live/Active

Previous name : N C BRAEMAC PTY LTD FELSHAND PTY LTD (initial)

_{Change of legal form : None reported.}

MANAGEMENT / DIRECTORS

Key Management

Name : Daniel Nemeny

Designation : Managing

Director Name : Dino Calvisi

Designation : Director

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Daniel Nemeny

Designation : Director and Company Secretary

Appointment date : 18/04/84

Address : 9 Queens Avenue

Vaucluse, NSW 2030

Australia

Biography : Born on 02-12-1952 in Kfar Saba, Israel.

Name : Dino Calvisi

Designation : Director

Appointment date : 18/04/84

Address : 69 Kirribilli Avenue

Kirribilli, NSW 2061

Australia

Biography : Born on 07-01-1954 in Sydney, New South Wales, Australia.

_{Staff employed : 115 employees}

SHARE CAPITAL

Composition

Authorized Capital : AUD 4

No of shares : 1 Class A Share / 1 Class B Share / 1 Class E Shares / 1 Class F Shares

Share par value : AID 1

Issued capital : AUD 4

_{Paid up capital : AUD 4}

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : Daniel Nemeny

Address : 9 Queens Avenue

Vaucluse, NSW 2030

Australia

No. of shares : 1 Class A Share

Shareholder name : Dino Calvisi

Address : 69 Kirribilli Avenue

Kirribilli, NSW 2061

Australia

No. of shares : 1 Class B Share

Shareholder name : Pamela Nemeny

Address : 9 Queens Avenue

Vaucluse, NSW 2030

Australia

No. of shares : 1 Class E Share

Shareholder name : Patricia Linda Calvisi

Address : 69 Kirribilli Avenue

Kirribilli, NSW 2061

Australia

_{No. of shares : 1 Class F Share}

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Name : BRAEMAC (AUSTRALIA) PTY LIMITED

Affiliation type : Associate

_{Address : Unit 1, 59-61 Burrows Road}

Alexandria, NSW 2015

Australia

Name : BRAEMAC PID PTY LTD

Affiliation type : Associate

Address : Unit 1, 59-61 Burrows Road

Alexandria, NSW 2015

Australia

Name : BRAEMAC (S.A.) PTY. LIMITED

Affiliation type : Associate

Address : Unit 1, 59-61 Burrows Road

Alexandria, NSW 2015

Australia

Name : BRAEMAC ENERGY (SA) PTY LTD

Affiliation type : Associate

Address : Unit 1, 59-61 Burrows Road

Alexandria, NSW 2015

Australia

Name : BRAEMAC ELECTRONIC SERVICES PTY LTD

Affiliation type : Associate

Address : Unit 1, 59-61 Burrows Road

Alexandria, NSW 2015

Australia

Name : BRAEMAC SCHEDULING SOLUTIONS PTY LIMITED

Affiliation type : Associate

Address : Unit 1, 59-61 Burrows Road

Alexandria, NSW 2015

Australia

Name : BRAEMAC LIMITED

Affiliation type : Associate

Address : Room 1301, 13/F, Nanyang Plaza

57 Hung To Road, Kwun Tong

Kowloon

Hong Kong

Name : BRAEMAC N.Z. PTY LIMITED

Affiliation type : Associate

Address : Unit 1A, 31 Apollo Drive MairangiBay, Auckland New Zealand

Name : BRAEMAC LIMITED

Affiliation type : Associate

Address : 1 Mandarin Court, Centre Park Warrington, Cheshire WA1 1GG United Kingdom

Name : BRAEMAC PTE. LTD.

Affiliation type : Associate

Address : 31 Kaki Bukit Road 3

#06-25 Techlink

Singapore 417818

_Singapore

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 Charges:

ASIC Charge Number: 46812

Date Registered: 28-07-1988

Charge type: Both Fixed & Floating

Date Created: 27-06-1988

Chargees Name: COMMONWEALTH BANK OF AUSTRALIA Unsatisfied Charges:

ASIC Charge Number: 343695

Date Registered: 05-06-1992

Charge type: Both Fixed & Floating

Date Created: 22-04-1992

Chargees Name: COMMONWEALTH BANK OF AUSTRALIA

ASIC Charge Number: 492467

Date Registered: 08-06-1995

Charge type: Both Fixed & Floating

Date Created: 12-05-1995

Chargees Name: RAMSAY HOLDINGS PTY LTD

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

FINANCIAL DATA

Description

Source of financial statement : External Sources

Financial statement date : 30/06/11

Type of accounts : Estimated key figures

_{Currency : Australia Dollar (AUD)}

Exchange rate : 1 USD = AUD 0.96 as of 04-11-2011

Summarized Financial Information

^{Consolidation type :} Non Consolidated

^{Currency :} Australia Dollar (AUD)

^{Denomination :} (x1) One

^{Date of financial year end :} 30/06/11

^{Length of accounts :} 12 months

^{Sale turnover / Income :} 160,000,000

Comments : 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.

The Subject meets all criteria to disclose their financial information however is still exempted by the Authority.

OPERATION DETAILS

Main activities : The Subject is engaged in distribution of electronic component.

The Subject is said to be Australia’s largest electronic component

distributor with offices throughout Australia, New Zealand, USA, Singapore, Hong Kong and the UK.

Product & services : Products:

Display & Optics: LED's / Displays & Smart Panels

Passives: Capacitors & Resistives

Electro Mechanical: Relays, Printers, Speakers, Magnetic Transducers, Switches, Power Supply's, Inductors & Frequency Control

Semiconductors: Processors, I/O Controllers, Memory and RF Components

Connectors & Cables

Speciality: Modems - Wireless/Landline, Serial to Ethernet/Bluetooth

Modules and GPS - Modules and Accessories

Services: Programming Service Engineering Support

In-house Connector and Cable Assembly

Brand : Altera, Intel, Hitachi, STMicroelectronics, Cirrus Logic, and Wavecom

Purchases

International : Hong Kong, China, United States, United Kingdom, Singapore, Malaysia, Thailand, Taiwan, Japan, India

Sales

Local : Yes

International : New Zealand

Property & Assets

Premises : The Subject operates from premises located at the verified heading address consisting of warehouse and administrative office.

Branches : In addition, the Subject operates from branch offices located at:

18 Regent Street

Melrose Park, SA 5039

Australia

Tel: +61 8 82750100

Unit 10B, 191 Hedley Avenue

Hendra, QLD 4011

Australia

Tel: +61 7 36300882

_{1/15 Howleys Road}

Notting Hill, VIC 3168

Australia

Tel: +61 3 95400100

Suite 2C, 5 Mumford Place

Balcatta, WA 6021

Australia

_{Tel: +61 8 92405166}

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}

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 : L/C, Prepayment, Credit 30-90 days

Sales Term

Local : Cash against document, Prepayment, Prepayment, Credit 30-60 days

International : L/C, Prepayment, 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.78.65
Euro	1	Rs.67.79

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.