MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	LINCOLN SENTRY GROUP PTY LTD
Registered Office :	76 Postle Coopers Plains Queensland 4108
Country :	Australia
Financials (as on) :	31.05.2011
Date of Incorporation :	12.02.1986
Com. Reg. No.:	010624389
Legal Form :	Australian Proprietary Company
Line of Business :	Import, distribution and retail sales of cabinet hardware, window, door & glazing products etc.

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 600,000
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 : LINCOLN SENTRY GROUP PTY LTD

Business address : 76 Postle

Street Town : Coopers Plains

Province : Queensland

Zip/postal code : 4108

Country : Australia

Tel : +61 7 32443200

Fax : +61 7 32443255

Email : marketing@lincolngroup.com.au

Website : www.lincolngroup.com.au

Registered address : C/o ALESCO CORPORATION LIMITED Level 24, 207 Kent Street

Town : Sydney

Province : New South Wales

Zip/postal code : 2000

_{Country : Australia}

SUMMARY DETAILS

Executive Summary

Date founded or registered : 12/02/1986

Legal form : Australian Proprietary Company

Chief executive : Richard Lewis

Issued & paid up capital : AUD 140

Sales turnover : AUD 534,057,000 (Group Consolidated 12 months, 31/05/2011)

Net income : AUD 13,573,000 (Group Consolidated 12 months, 31/05/2011)

Total fixed assets : AUD 608,591,000 (Group Consolidated 12 months, 31/05/2011)

Line of business : Import, distribution and retail sales of cabinet hardware, window, door & glazing products etc.

_{Staff employed : 2,205 (Alesco Group)}

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 : Group 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 600,000}

_{Credit amount asked : Not described.}

STATUTORY DETAILS

Registry Data

Registration date : 12/02/1986

Legal form : Australian Proprietary Company

Registration no Australian Company Number: 010624389

Registered authority : Australian Securities & Investments Commission

Fiscal/ Tax no : Australian Business Number: 59010624389

Registry status : Live/Active

Previous name : The Subject was established on 12-02-1986 under the name LINCOLN STREET PTY. LTD. and changed to the current style on 26-06-1992.

_{Change of legal form : None reported.}

MANAGEMENT / DIRECTORS

Key Management

Name : Richard Lewis

Designation : Group General Manager, Functional and Decorative Products

Name : Rebelle Moriarty

Designation : Group General Manager, Human Resources

Name : Luci Rafferty

Designation : Group General Manager, Legal and Corporate Affairs

Name : Neil Alexander Thompson

_{Designation : Financial Director}

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Richard Lewis

Designation : Director

Appointment date : 15/03/11

Address : 7 Kennedy Place

Bayview, NSW 2104

Australia

Biography : Born on 08-07-1952 in Stockton, United Kingdom.

Mr. Richard Lewis is Interim Group General Manager - Functional

and Decorative Products of Alesco Corp Ltd. He joined the Company in May 2007. He holds a Bachelor of Engineering (Chemical) and graduated with Honors.

Name : Neil Alexander Thompson

Designation : Alternate Director

Appointment date : 15/03/11

Address : 770 New South Head Road

Rose Bay, NSW 2029

Australia

Biography : Born on 05-01-1957 in Melbourne, Victoria, Australia.

Mr. Neil Alexander Thompson was Finance Director and Executive

Director of Alesco Corp Ltd. He has held this post since January 31,

_{2007. Prior to joining Alesco, he was a director and Chief Financial}

Officer of the Amatek Group, a building products company backed by the private equity firm CVC Capital Partners. During his time with the Amatek Group, he was involved in the management of a diverse portfolio of industrial businesses, including the Laminex Group, Stramit and Rocla Pipeline Products. He has spent the past 25 years working in various financial and strategic roles for public companies including TNT Limited and Fosters Group Limited. He is also the Chairman of the Australian World Orchestra and a director of International Children’s Aid Limited, both not for profit organizations. His qualifications include BEc SA Fin and MAICD. He is no longer employed by the Company effective December 31, 2011.

Name : Luci Rafferty

Designation : Company Secretary

Appointment date : 31/01/07

Address : 22 Cliff Street

Milsons Point, NSW 2061

Australia

Biography : Born on 01-05-1967 in Inverell, New South Wales, Australia.

Ms. Luci Rafferty is Company Secretary and Group General Manager

- Legal and Corporate Affairs of Alesco Corporation Ltd. She has been with Alesco since 2003 and has over 15 years legal experience primarily in the corporate and commercial areas. Prior to Alesco, Ms. Rafferty was general counsel and company secretary at Namoi Cotton Co-operative Ltd, a co-operative listed on the ASX. Her qualifications include BA Llb (Hons) and ACIS.

Staff employed : 2,205 (Alesco Group)

Key Advisors

Auditors : GRANT THORNTON

102 Adelaide Street

Brisbane, QLD 4000

_Australia

SHARE CAPITAL

Composition

Authorized Capital : AUD 140

No of shares : 140 Ordinary B Shares

Share par value : AUD 1

Issued capital : AUD 140

_{Paid up capital : AUD 140}

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : ALESCO CORPORATION LIMITED

Address : Level 24, 207 Kent Street

Sydney, NSW 2000

Australia

No. of shares : 140 Ordinary B Shares

_{% of shares : 100%}

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Name : ALESCO CORPORATION LIMITED

Affiliation type : Parent Company

Address : Level 24, 207 Kent Street

Sydney, NSW 2000

Australia

Comments : Alesco Corporation Limited, through its subsidiaries, engages in sourcing, manufacturing, and distributing industrial brands to the building and renovations, construction and mining sectors in Australia and New Zealand. The company’s Construction & Mining segment offers concrete products, including construction chemicals, decorative concrete and associated equipment, specialized construction chemicals, and earthmoving and heavy duty industrial tyres. Its Functional & Decorative Products segment distributes decorative products, such as brand laminates, engineered stone and doors, canopy and rangehoods and laundry tubs, hardware and components, and industrial tapes to the cabinet and furniture making industry, as well as window, door, and glazing and industrial markets. This segment markets its products under various product brands, including Robinhood, Parbury, Wilsonart, Blum, Assa Abloy, 3M, and Dow Corning. The company’s Garage Doors & Openers segment manufactures and

markets a range of garage doors for domestic and commercial use, as well as commercial and residential automatic openers under various brands comprising B&D Doors, Garador, Dominator, and Automatic Technology in Australia and New Zealand.

The company was formerly known as Atkins Carlyle and changed its name to

Alesco Corporation Limited in 2001. Alesco Corporation Limited was founded in

1896 and is headquartered in Sydney, Australia.

ALESCO CORPORATION LIMITED is listed in Australian Stock Exchange.

Name : JOINERY PRODUCTS HARDWARE SUPPLIES PTY LIMITED

Affiliation type : Wholly-owned Subsidiary

Address : 80 Northgate Drive

Thomastown, VIC 3074

Australia

Name : PARCHEM CONSTRUCTION SUPPLIES PTY LIMITED

Affiliation type : Sister Company

Address : 7 Lucca Road

Wyong, NSW 2259

Australia

Name : ALESCO HOLDINGS PTY LIMITED

Affiliation type : Sister Company

Address : Level 24, 207 Kent Street

Sydney, NSW 2000

Australia

Name : PARBURY PTD LTD

Affiliation type : Sister Company

Address : Cheltenham Pde

Woodville, SA 5011

Australia

Name : ALESCO FINANCE PTY LIMITED

Affiliation type : Sister Company

Address : Level 24, 207 Kent Street

Sydney, NSW 2000

Australia

Name : PARGONE PTY LIMITED

Affiliation type : Sister Company

Address : L 24 45 Clarence Street

Sydney, NSW 2000

Australia

Name : ALESCO NEW ZEALAND LIMITED

Affiliation type : Sister Company

Address : Level 17, 10 Customhouse Quay

Wellington 6001

_{New Zealand}

Name : B&D AUSTRALIA PTY LIMITED

Affiliation type : Sister Company

Address : 34-36 Marigold Street

Revesby, NSW 2212

Australia

Name : AUTOMATIC TECHNOLOGY (AUSTRALIA) PTY LIMITED

Affiliation type : Sister Company

Address : 6-8 Fiveway Bvd

Keysborough, VIC 3173

_Australia

Related companies and corporate affiliations comments : Other companies of the Alesco Group should be considered affiliates of the _Subject.

BANK & MORTGAGES

Bank Details

Name of bank : National Australia Bank Limited

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: 354848

Date Registered: 01-09-1992

Charge type: Fixed

Date Created: 13-08-1992

Chargees Name: ESANDA FINANCE CORPORATION LIMITED

ASIC Charge Number: 367327

Date Registered: 02-10-1986

Charge type: Both Fixed & Floating

Date Created: 30-09-1986

Chargees Name: NMRB PTY LTD

ASIC Charge Number: 1028676

Date Registered: 18-03-2004

Charge type: Both Fixed & Floating

Date Created: 04-02-2004

Chargees Name: NATIONAL AUSTRALIA BANK LIMITED

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

FINANCIAL DATA

Description

Source of financial statement : Public Record Sources

Financial statement date : 31/05/11

Type of accounts : Full audited

Currency : Australia Dollar (AUD)

_{Exchange rate : 1 USD = AUD 0.96 as of 05/11/2011}

Summarized Financial Information

^{Consolidation type :} Group Consolidated Group Consolidated ^{Currency :} Australia Dollar (AUD) Australia Dollar (AUD) ^{Denomination :} (x1) One (x1) One

^{Date of financial year end :} 31/05/11 31/05/10

^{Length of accounts :} 12 months 12 months

^{Sale turnover / Income :} 534,057,000 550,092,000

^{Gross profit :} 212,141,000 205,092,000

^{Operating profit :} 35,612,000 26,488,000

^{Profit before tax :} 22,211,000 17,948,000

^{Net income :} 13,573,000 -124,301,000

^{Non current assets :} 428,198,000 449,601,000

^{Current assets :} 180,393,000 242,321,000

^{Inventories :} 81,567,000 120,614,000

^{Total assets :} 608,591,000 691,922,000

^{Current liabilities :} 85,805,000 133,197,000

^{Non current liabilities :} 90,240,000 131,185,000

^{Total liabilities :} 176,045,000 264,382,000

^{Share equity :} 432,546,000 427,540,000

^{Reserve :} 3,580,000 10,734,000

^{Retained earning :} -91,441,000 -103,601,000

Comments : The group’s consolidated financial information above relates to the Subject’s Parent / Ultimate Holding Company Alesco Corporation Limited and all its subsidiaries which include the Subject.

OPERATION DETAILS

Main activities : The Subject is engaged in the distribution and supply of hardware and components to manufacturing industries. It offers specialist sealants and silicones, glazing products and tools, window and door hardware, rollers/PVC vinyl, screen and security hardware, fasteners and fixings, automatic doors, clear shield glass treatment, and blind components. The company also provides double/single-sided foam tapes, slitting and

die-cutting facilities, thermal and acoustic foams, compression locks, gas struts, and truck body hardware. Its customers include kitchen manufacturers, cabinetmakers, furniture manufacturers, shop and office fitters, and timber joineries, as well as the window, door, and glazing industries. The company sells its products through its distribution centers in Australia and New Zealand. The Subject was formerly known as LINCOLN STREET PTY. LTD. The company was founded in 1986 and is based in Brisbane, Australia. As of January 31, 2007, the Subject operates as a subsidiary of Alesco Corporation Limited.

The Subject is part of Alesco Corporation Limited (Alesco) which is engaged in sourcing, manufacturing and distribution of industrial brands to the building and renovations, construction and mining and water management sectors. The Company operates in three segments: construction products and equipment, which is engaged concrete products, including construction chemicals, decorative concrete and associated equipment, specialised construction chemicals; functional and decorative products include home building and renovation products to the kitchen, laundry and bathroom markets, and Garage doors and openers is engaged in the domestic housing and light industrial markets.

Product & services : 1) Cabinet Hardware:

Drawer Systems & Hinges

Personal Choice Products: Sinks & Basins, Electrical Appliances & Rangehoods

Office, Shop & Wardrobe Systems: Wardrobe Hardware

Sealants, Adhesives & Fasteners

Tools & Accessories

_{Window, Door & Glazing :}

Window & Door Hardware

Security for Window & Door Hardware

Glass & Glazing

Sealants, Adhesives & Fasteners

Personal Protection Equipment, Storage & Handling

_Purchases

International : Worldwide

Sales

Local : Yes

_{International : Pacific Island}

Key events : Alesco Corporation Limited Appoints Chief Financial Officer

Tuesday, 11 Oct 2011

Alesco Corporation Limited announced that Mr. Emmanuel Zammit has been appointed Chief Financial Officer, replacing Neil Thompson, Finance Director who will leave the Company later this year.

Alesco Corporation Limited To Sell Marathon Tyres Pty Ltd

Thursday, 7 Apr 2011

Alesco Corporation Limited announced that it has entered into an unconditional agreement to sell its Marathon Tyres Pty Ltd to a private company in Newcastle for AUD 23 million, on a cash-free-debt-free basis.

Alesco Corporation Limited Completes Sale Of Water Products & Services

Division

Monday, 28 Feb 2011

Alesco Corporation Limited announced that it has completed the sale of its Water Products & Services division (Total Eden) to funds managed by Anchorage Capital Partners Pty Ltd for approximately AUD 20 million.

Northcape Capital Pty Ltd Ceases To Be Substantial Holder Of Alesco

Corporation Limited

Tuesday, 1 Feb 2011

Alesco Corporation Limited announced that Northcape Capital Pty Ltd has ceased to be a substantial holder of the Company on February 1, 2011. Earlier Northcape Capital Pty Ltd held 5,839,167 shares of the Company, representing 6.20% of the total voting power.

Alesco Corporation Limited Announces CEO Change

Sunday, 2 May 2010

Alesco Corporation Limited announced that it has accepted the resignation of Mr. Justin Ryan as Chief Executive Officer (CEO) and Managing Director effective immediately. The Board announced the appointment of Mr. Peter Boyd as the CEO and Managing Director of the Company.

Property & Assets

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

Branches : In addition, the Subject operates from 29 other retail showroom located throughout Australia.

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: Ana

_{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 up to 90 days

Sales Term

Local : Cash, Credit card, Prepayment, Credit up to 90 days

International : Prepayment, Bank transfer, Credit 30 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.