MIRA INFORM REPORT

Report Date :

25.11.2011

IDENTIFICATION DETAILS

Name :	TUMU KAURI PTY LTD
Formerly Known As :	ECP NEWCASTLE HOLDINGS PTY LTD
Registered Office :	Walker & Company, Suite 2, 155-157 Lambton Road, Broad meadow, New South Wales, Zip/Postal Code 2292
Country :	Australia
Date of Incorporation :	01.06.2009
Com. Reg. No.:	137422952
Legal Form :	Australian Proprietary Company
Line of Business :	Exporting of timber
No. of Employees :	6 Persons

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 80,000
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 : TUMU KAURI PTY LTD

Business address : 44 Pelican Street

Town : Swansea

Province : New South Wales

Zip/postal code : 2281

Country : Australia

Tel : +61 2 49712992 / 415126718

Fax : +61 2 49712960

Email : tumukauri@live.com.au

Registered address : WALKER & COMPANY

Suite 2, 155-157 Lambton Road

Town : Broadmeadow

Province : New South Wales

Zip/postal code : 2292

Country : Australia

Postal address : P.O. Box 555

Town : Swansea

Province : New South Wales

Zip/postal code : 2281

Country : Australia

Comments : The Subject does not operate from a physical office address and all

correspondence is conducted through the Subject's director residential premises

Summary details

Executive Summary

Date founded or registered : 01/06/2009

Legal form : Australian Proprietary Company

Chief executive : Bradley Judge

Issued & paid up capital : AUD 10

Line of business : Exporting of timber.

_{Staff employed : 6 employees (as reported)}

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 : No detrimental records found

Payment history : No payment delays noted

Credit amount suggestion : USD 80,000

_{Credit amount asked : Not described.}

_{Comments : Larger credit can be granted if guarantees are obtained.}

Statutory details

Registry Data

Registration date : 01/06/2009

Legal form : Australian Proprietary Company

Registration no Australian Company Number: 137422952

Registered authority : Australian Securities & Investments Commission

Fiscal/ Tax no : Australian Business Number: 46137422952

Registry status : Live/Active

Previous name : The Subject was previously known as ECP NEWCASTLE HOLDINGS

PTY LTD and changed to the current style on 13-01-2011.

_{Change of legal form : None reported.}

Management / directors

Key Management

Name : Bradley Judge

_{Designation : General Manager}

Board of directors / other appointments

Appointments

Name : Angela Judge

Designation : Director

Appointment date : 24/06/10

Address : 44 Pelican Street

Swansea, NSW 2281

Australia

Biography : Born on 28-10-1973 in Auckland, New Zealand.

_{Staff employed : 6 employees (as reported)}

Share capital

Composition

Authorized Capital : AUD 10

No of shares : 10 Ordinary Shares

Share par value : AUD 1

Issued capital : AUD 10

_{Paid up capital : AUD 10}

ownership / shareholders

How listed : Full List

Composition

Shareholder name : Angela Judge

Address : 44 Pelican Street

Swansea, NSW 2281

Australia

No. of shares : 10 Ordinary Shares

_{% of shares : 100%}

Related companies & corporate Affiliations

Structure

Related companies and corporate affiliations comments : None Reported

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 : 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 Mr. Bradley Judge advised that the estimated total contract revenue for financial year end 30-06-2011 is estimated at AUD 500,000,000.

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 exporting of Tasmanian Oak, New Zealand Pine _{Wood and}

_{Solomon Islands hardwood.}

Purchases

Local : Yes

International : Directly from supplier in New Zealand and Solomon Islands to clients in India and

China.

Sales

Local : None.

International : China, India

Property & Assets

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

consisting of administrative office.

_{Branches : None reported.}

Summarized country risk

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 %

2007:5.2 %

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

Local : L/C

International : L/C

Sales Term

International : Irrevocable Letter Of Credit

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.52.25
UK Pound	1	Rs.81.23
Euro	1	Rs.69.83

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.