MIRA INFORM REPORT

Report Date :

01.10.2011

IDENTIFICATION DETAILS

Name :	BLUE RIBBON GRAIN & PULSES PTY LTD

Registered Office :	20 Princeton Street Kenmore Queensland 4069

Country :	Australia

Date of Incorporation :	10.09.2008

Legal Form :	Australian Proprietary Company

Line of Business :	Trading of grain and pulses.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 15,000

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 – March 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Australia

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 : BLUE RIBBON GRAIN & PULSES PTY LTD

Business address : 20 Princeton Street

Town : Kenmore

Province : Queensland

Zip/postal code : 4069

Country : Australia

Tel : +61 7 37201900

Fax : +61 7 37201911

Email : stephen@blueribbonseeds.com.au

Registered address : Level 1, 39 Boundary Street

Town : South Brisbane

Province : Queensland

Zip/postal code : 4101

Country : Australia

Postal address : P.O. Box 1146

Town : Kenmore

Province : Queensland

Zip/postal code : 4069

_{Country : Australia}

SUMMARY DETAILS

Executive Summary

Date founded or registered : 10/09/2008

Legal form : Australian Proprietary Company

Chief executive : Stephen Leslie Donnelly

Issued & paid up capital : AUD 100

Line of business : Trading of grain and pulses.

Staff employed : 5 employees (Subject)

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 15,000

_{Credit amount asked : Not described.}

STATUTORY DETAILS

Registry Data

Registration date : 10/09/2008

Legal form : Australian Proprietary Company

Registration no Australian Company Number: 133172362

Registered authority : Australian Securities & Investments Commission

Fiscal/ Tax no : Australian

Business Number : 30133172362

Registry status : Live/Active

Previous name : None reported.

Change of legal form : None reported.

MANAGEMENT / DIRECTORS

Key Management

Name : Stephen Leslie Donnelly

_{Designation : Managing Director}

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Stephen Leslie Donnelly

Designation : Director and Company Secretary

Appointment date : 10/09/08

Address : 87 Grandview Road

Pullenvale, QLD 4069

Australia

Biography : Born on 01-07-1964 in Killarney, Queensland, Australia.

_{Staff employed : 5 employees (Subject)}

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 : BLUE RIBBON SEED AND PULSE EXPORTERS PTY. LTD.

Address : 87 Grandview Road

Pullenvale, QLD 4069

_Australia

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Name : BLUE RIBBON SEED AND PULSE EXPORTERS PTY. LTD.

Affiliation type : Parent Company

Address : 87 Grandview Road

Pullenvale, QLD 4069

Australia

Name : BLUE RIBBON SEEDS PTY LTD

Affiliation type : Associate

Address : 20 Princeton Street

Kenmore, QLD 4069

Australia

Name : BRSQ PTY LTD

Affiliation type : Associate

Address : 20 Princeton Street

Kenmore, QLD 4069

_Australia

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^{: Date Registered: 03-07-2009}

Charge type: Both Fixed & Floating

Date Created: 31-05-2009

Chargee Name: WESTPAC BANKING CORPORATION

ASIC Charge Number: 1956040

Date Registered: 12-04-2010

Charge type: Both Fixed & Floating

Date Created: 29-03-2010

Chargee Name : BLUE RIBBON SEED AND PULSE EXPORTERS PTY. LTD. ASIC

Charge Number : 1809415

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

FINANCIAL DATA

Description

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.

OPERATION DETAILS

Main activities : The Subject is engaged in trading of grain and pulses.

Purchases

Local : Yes

International : New Zealand

Sales

Local : Yes

International : United States

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

_{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 : Credit 30-60 days

International : Credit 30-60 days

Sales Term

Local : Credit 30-60 days

International : 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.48.92
UK Pound	1	Rs.76.52
Euro	1	Rs.66.64

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.