MIRA INFORM REPORT

Report Date :

15.10.2011

IDENTIFICATION DETAILS

Name :	ELDERS INTERNATIONAL AUSTRALIA PTY LTD
Formerly Known As :	ELDERS INTERNATIONAL RURAL TRADING LIMITED
Registered Office :	Level 3, 27 Currie Street, Adelaide, South Australia, Zip/postal code 5000
Country :	Australia
Financials (as on) :	31.03.2011
Date of Incorporation :	29.08.1972
Com. Reg. No.:	007735168
Legal Form :	Australian Proprietary Company
Line of Business :	Livestock import and export trading

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 400,000
Status :	Moderate
Payment Behaviour :	Usually Correct
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	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 : ELDERS INTERNATIONAL AUSTRALIA PTY LTD

Business address : Level 1, Building 1, 21-31 Goodwood Street

Town : Richmond

Province : Victoria

Zip/postal code : 3121

Country : Australia

Tel : +61 3 94215616

Fax : +61 3 94211554

Website : www.elderslivestockexports.com

Registered address : Level 3, 27 Currie Street

Town : Adelaide

Province : South Australia

Zip/postal code : 5000

_{Country : Australia}

Summary details

Executive Summary

Date founded or registered : 29/08/1972

Legal form : Australian Proprietary Company

Chief executive : Samuel James Davies McClure

Issued & paid up capital : AUD 20,001

Sales turnover : AUD 2,069,053,000 (Group consolidated 12 months, 30/09/2010)

Net income : AUD -215,219,000 (Group consolidated 12 months, 30/09/2010)

Total fixed assets : AUD 2,096,276,000 (Group consolidated 12 months, 30/09/2010)

Line of business : Livestock import and export trading.

_{Staff employed : 20 employees (Subject) ; 3,349 (Group)}

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is declining

Management experience : Management is modestly experienced

Financial performance : Group financial performance is gradually declining

Organization structure : Organizational structure is stable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion : USD 400,000}

_{Credit amount asked : Not described.}

Statutory details

Registry Data

Registration date : 29/08/1972

Legal form : Australian Proprietary Company

Registration no : Australian Company Number: 007735168

Registered authority : Australian Securities & Investments Commission

Fiscal/ Tax no : Australian Business Number: 65007735168

Registry status : Live/Active

Previous name : ELDERS INTERNATIONAL AUSTRALIA LIMITED (until 18-06-2010)

ELDERS INTERNATIONAL RURAL TRADING LIMITED

UNIVERSAL MEAT EXPORTS LTD.

ELDERWORTH LIMITED (initial)

_{Change of legal form : None reported.}

Management / directors

Key Management

Name : Samuel James Davies McClure

Designation : Director

Name : Gary Ashton

Designation : Financial Manager

Board of directors / other appointments

Appointments

Name : Mark Gregory Hosking

Designation : Director

Appointment date : 15/01/10

Address : 50-58 Ross Street

Toorak, VIC 3142

Australia

Biography : Born on 24-12-1965 in Geelong, Victoria, Australia.

Mr. Mark G. Hosking is Chief Financial Officer of Elders Limited since

April 14, 2009. He joined the Company having performed a number of senior finance and accounting roles within the financial services and rural services sectors including Chief Financial Officer (CFO) of AWB Limited, CFO of Bank of New Zealand and Global Head of Strategy & Finance - Specialist & Emerging Businesses, National Australia Bank Limited. He holds a Masters of Business Administration from RMIT University and a Bachelor (Commerce) from Deakin University.

Name : Samuel James Davies McClure

Designation : Director

Appointment date : 08/10/09

Address : 55 Watson Avenue

Rose Park, SA 5067

Australia

Biography : Born on 16-03-1970 in Adelaide, South Australia, Australia.

Name : Peter Gordon Hastings

Designation : Company Secretary

Appointment date : 25/09/06

Address : 42 Murray Street

Clapham, SA 5062

Australia

_{Biography : Born on 15-05-1966 in Adelaide, South Australia, Australia.}

Mr. Peter Gordon Hastings, BA LLB, GDLP, is Company Secretary of Elders Limited since February 26, 2010. He has held the positions of Group Solicitor or General Council with the Elders Group between

1995 and 1998 and 2003 to date.

Name : Sarah Jane Graves

Designation : Company Secretary

Appointment date : 19/08/11

Address : 18 Charlotte Place

Adelaide, SA 5000

Australia

Biography : Born on 01-11-1979 in Oxford, United Kingdom. Ms. Sarah Jane Graves serves as Joint Company Secretary of Elders Ltd. She has held this post since August 19, 2011.

Staff employed : 20 employees (Subject) ; 3,349 (Group)

Key Advisors

Auditors : ERNST & YOUNG Ernst & Young Building

121 King William Street

Adelaide, SA 5000

_Australia

Share capital

Composition

Authorized Capital : AUD 20,001

No of shares : 10,000 Class A Ordinary Shares / 10,001 Class B Ordinary Shares

Share par value : AUD 1

Issued capital : AUD 20,001

_{Paid up capital : AUD 20,001}

ownership / shareholders

How listed : Full List

Composition

Shareholder name : ELDERS RURAL SERVICES LIMITED

Address : Level 3, 27 Currie Street

Adelaide, SA 5000

Australia

No. of shares : 10,000 Class A Ordinary Shares / 10,001 Class B Ordinary Shares

_{% of shares : 100%}

Related companies & corporate Affiliations

Structure

Name : ELDERS LIMITED

Affiliation type : Ultimate Holding Company

Address : Level 3, 27 Currie Street

Adelaide, SA 5000

Australia

Comments : Elders Limited provides rural, financial, and forestry services, as well as automotive components in Australia. Segments The company's business segments include Rural Services Segment, Financial Services Segment, Forestry Segment, and Automotive Components Segment. Rural Services Segment The Rural Services Segment provides a range of agricultural products and services through a common distribution channel. Financial Services Segment The Financial Services Segment provides a range of financial services through a common distribution channel and the joint venture, Rural Bank. Forestry Segment The Forestry Segment includes its interests in forestry plantations and processing. Automotive Components Segment The Automotive Components Segment engages in the manufacture and sale of automotive components of which the key components are seating, heating ventilating, and air-conditioning systems. Dispositions In December 2008, the company sold its controlling interest in Amcom Limited. During the year ended June 30, 2009, the company disposed of operations within Horticulture, Wool Processing, and Telecommunications division. History The company was founded in 1839. It was formerly known as Futuris Corporation Limited and changed its name to Elders Limited in April 2009. The company was listed on the Australian Stock Exchange since 30 June, 1981.

Name : ELDERS RURAL SERVICES LIMITED

Affiliation type : Parent Company

Address : Level 3, 27 Currie Street

Adelaide, SA 5000

Australia

Name : ELDERS SERVICES COMPANY PTY LTD

Affiliation type : Sister Company

Address : Australia

Name : ELDERS TELECOMMUNICATIONS INFRASTRUCTURE PTY LTD

Affiliation type : Sister Company

Address : Australia

Name : FUTURIS AUTOMOTIVE INTERIORS (AUSTRALIA) PTY LTD

Affiliation type : Sister Company

Address : Australia

Name : PT ELDERS INDONESIA

Affiliation type : Sister Company

Address : Indonesia

Name : ULTRASOUND TECHNICAL SERVICES PTY LTD

Affiliation type : Sister Company

Address : Australia

Name : KOJONUP FARM PTY LTD

Affiliation type : Sister Company

Address : Australia

Name : FUTURIS AUTOMOTIVE INTERIORS TRADING (SHANGHAI) CO., LTD.

Affiliation type : Sister Company

Address : China

Name : FARES EXPORTS MANAGEMENT MEXICO, S.A. DE C.V.

Affiliation type : Sister Company

_{Address : Mexico}

Related companies and corporate affiliations comments

Other companies of the Elders Group should be considered affiliates of the Subject. We are unable to list all the associated companies within the group therefore we have enclosed an attachment to this report.

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

Unsatisfied Charges:

ASIC Charge Number: 1814684

Date Registered: 08-07-2009

Charge type: Both Fixed & Floating

Date Created: 01-07-2009

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 : 30/09/2010

Type of accounts :Full Audited

Currency Australia Dollar (AUD)

Exchange rate : 1 USD = AUD 0.96 as of 13/09/2011

Summarized Financial Information

	Consolidation type :	Group Consolidated Group Consolidated				Group Consolidated
	Currency :	Australia Dollar (AUD) Australia Dollar (AUD)				Australia Dollar (AUD)
	Denomination :	(x1) One (x1) One				(x1) One
	Date of financial year end :	31/03/11 30/09/10				30/09/09
	Length of accounts :	6 months 12 months				15 months
	Sale turnover / Income :	1,086,357,000 2,069,053,000				2,948,767,000
	Operating profit :	-99,000 -130,279,000				-144,999,000
Profit before tax :			-28,016,000	-163,228,000	-246,663,000
Net income :			-14,452,000	-215,219,000	-485,545,000
Non current assets :			1,133,435,000	1,277,873,000	1,320,673,000
Current assets :			880,828,000	818,403,000	1,220,550,000
Inventories :			250,831,000	175,217,000	225,524,000
Total assets :			2,014,263,000	2,096,276,000	2,541,223,000
Current liabilities :			845,429,000	763,631,000	1,362,044,000
Non current liabilities :			189,355,000	326,552,000	477,520,000
Total liabilities :			1,034,784,000	1,090,183,000	1,839,564,000
Share equity :			979,479,000	1,006,093,000	701,659,000
Reserve :			-54,895,000	-35,668,000	-30,765,000
Retained earning :			-387,747,000	-380,577,000	-158,012,000

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

For financial year end 30-09-2009, financial information is for 15 month as the Subject’s Ultimate Holding Company Elders Limited changed its financial year end date from 30 Jun to 30 September.

Operation details

Main activities : The Subject is engaged in livestock import and export trading mainly cattle and sheep.

The Subject is part of Elders Limited, which is engaged in the provision of services and inputs to the rural sector, provision of financial and other services to rural and regional customers, management of investor-funded hardwood plantations, and supply of automotive components. The Company operates in four segments, namely Rural Services, Forestry, Automotive Components, and Investment and Other. Rural Services include the provision of agricultural products and services through a common distribution channel and the investment in Rural Bank where the Company has a 40% interest. Financial Services include the provision of financial services through a common distribution channel. Forestry includes the Group’s interests in forestry plantations. Automotive Components include the manufacturing and sales of automotive components.

Investment & Other segment include the general investment activities not associated with the other business segments and the administrative corporate office activities

Purchases

Local : Yes

International : New Zealand, United States, Canada

Sales

International : China, Mexico, North Africa, Russia, Middle East, Turkey,

Pakistan, Japan, Taiwan, Sri Lanka, Vietnam

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 : Austrlaia Dollars (AUD)}

Internet users as % of total population : 74.00%

Payment history

Purchase Term

Local : Prepayment, Credit up to 90 days

International : Credit 30-90 days

Sales Term

International : L/C, Prepayment, Credit 30-90 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.49.18
UK Pound	1	Rs.76.65
Euro	1	Rs.66.63

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.