MIRA INFORM REPORT

Report Date :

02.09.2011

IDENTIFICATION DETAILS

Name :	HUNTER DOUGLAS LIMITED
Registered Office :	338 Victoria Road Rydalmere New South 2116
Country :	Australia
Financials (as on) :	31.12.2010
Date of Incorporation :	28.10.1955
Com. Reg. No.:	009675709
Legal Form :	Non Listed Australian Public Company
Line of Business :	Design, manufacturing and sales of internal and external shading solutions, fabrics, and components.

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 500,000
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 – 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

IDENTIFICATION DETAILS

Verified Address

Subject name : HUNTER DOUGLAS LIMITED

Business address : 338 Victoria Road

Town : Rydalmere Province : New South Wales Zip/postal code : 2116

Country : Australia

Tel : +61 2 96388000

Fax : +61 2 96388832

Website : www.hunterdouglas.com.au

Registered address : 338 Victoria Road

Town : Rydalmere

Province : New South Wales

Zip/postal code : 2116

Country : Australia

Postal address : P.O. Box 31

Town : Rydalmere Province : New South Wales Zip/postal code : 2116

_{Country : Australia}

SUMMARY DETAILS

Executive Summary

Date founded or registered : 28/10/1955

Legal form : Non Listed Australian Public Company

Chief executive : Brian Joseph Lynch

Issued & paid up capital : AUD 3,500,000

Sales turnover : USD 2,445,000,000 (Group Consolidated 12 months, 31/12/2010)

Net income : USD 154,000,000 (Group Consolidated 12 months, 31/12/2010)

Total fixed assets : USD 2,434,000,000 (Group Consolidated 12 months, 31/12/2010)

Line of business : Design, manufacturing and sales of internal and external shading solutions, fabrics, and components.

_{Staff employed : 500 (Subject) 17,127 (Hunter Douglas Group)}

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

Organisation structure : Organisational structure is stable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion : USD 500,000}

Credit amount asked : USD 500,000

Comments : Larger credit can still be considered. The Subject is well positioned in the market and the financial stability of the group is positive.

STATUTORY DETAILS

Registry Data

Registration date : 28/10/1955

Legal form : Non Listed Australian Public Company

Registration no Australian Company Number: 009675709

Registered authority : Australian Securities & Investments Commission

Fiscal/ Tax no : Australian Business Number: 98009675709

Registry status : Live/Active

Previous name : MEYERS TAYLOR LIMITED MEYERS TAYLOR PTY. LTD. (initial)

_{Change of legal form : None reported.}

MANAGEMENT / DIRECTORS

Key Management

Name : Brian Joseph Lynch

Designation : Managing Director

Name : Aleksander Gvozdenovic

Designation : Director

Name : Anthony Nicolas Politis Designation : Marketing Director Name : Peter William Hughes Designation : Financial Director Name : Warren Boyd

_{Designation : Group Financial Controller}

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Aleksander Gvozdenovic

Designation : Director

Appointment date : 08/02/01

Address : 56 Boronia Road

Bellevue Hill, New South Wales 2023

Australia

Biography : Birth details: Born on 28-10-1965 in Sydney, New South Wales, Australia.

Name : Brian Joseph Lynch

Designation : Director and Company Secretary

Appointment date : 30/06/06

Address : 3 Le Vesinet Drive

Pulpit Point, Hunters Hill

New South Wales 2110

Australia

Biography : Birth details: Born on 06-03-1959 in Melbourne, Victoria, Australia.

Name : Anthony Nicolas Politis

Designation : Director

Appointment date : 19/05/97

Address : 125 Darley St W

Mona Vale, New South Wales 2103

Australia

_{Biography : Birth details: Born on 26-01-1956 in Alexandria, Egypt.}

Name : Peter William Hughes

Designation : Director

Appointment date : 21/07/08

Address : 1 Waragal Avenue

Rozelle, New South Wales 2039

Australia

Biography : Birth details: Born on 21-12-1970 in Derby, United Kingdom. Staff employed : 500 (Subject) 17,127 (Hunter Douglas Group)

Key Advisors

Auditors : ARTHUR ANDERSEN

141 Walker Street

North Sydney, New South Wales 2060

_Australia

SHARE CAPITAL

Composition

Authorized Capital : AUD 3,500,000

No of shares : 1,750,000 Ordinary Shares

Share par value : AUD 2

Issued capital : AUD 3,500,000

_{Paid up capital : AUD 3,500,000}

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : HUNTER DOUGLAS HOLDINGS LIMITED

Address : 338 Victoria Road

Rydalmere, New South Wales 2116

Australia

No. of shares : 1,750,000 Ordinary Shares

_{% of shares : 100%}

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Name : HUNTER DOUGLAS N.V.

Affiliation type : Parent Company

Address : 2, Piekstraat

3071 EL Rotterdam

The Netherlands

Comments : The company is listed on the AMS Stock Exchange.

Name : HUNTER DOUGLAS HOLDINGS LIMITED

Affiliation type : Parent Company

Address : 338 Victoria Road

Rydalmere, New South Wales 2116

Australia

Name : MERMET AUSTRALIA PTY. LIMITED

Affiliation type : Associate

Address : 338 Victoria Road

_{Rydalmere, New South Wales 2116}

Australia

Name : TURNILS PTY. LTD.

Affiliation type : Associate

Address : 338 Victoria Road

Rydalmere, New South Wales 2116

Australia

Name : HUNTER DOUGLAS (M) SDN BHD

Affiliation type : Sister Company

Address : Malaysia

Name : HUNTER DOUGLAS PHILIPPINES INCORPORATED

Affiliation type : Sister Company

Address : Philippines

Name : HUNTER DOUGLAS SINGAPORE PTE LTD.

Affiliation type : Sister Company

Address : Singapore

Name : HUNTER DOUGLAS INDIA PVT. LTD.

Affiliation type : Sister Company

Address : India

Name : HUNTER DOUGLAS (THAILAND) CO. LTD.

Affiliation type : Sister Company

Address : Thailand

Name : HUNTER DOUGLAS TAIWAN LTD.

Affiliation type : Sister Company

_{Address : Taiwan}

Related companies and corporate affiliations comments

: Other companies of the Hunter Douglas Group should be considered affiliates of the Subject.

The Group is comprised of 167 companies with 68 manufacturing and 99 assembly operations and marketing organizations in over 100 countries.

BANK & MORTGAGES

Bank Details

Name of bank : National Australia Bank

Address : Australia

Account details : Current Account

Name of bank : Royal Bank of Scotland

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 ^: Legal Fillings	None reported.
Bankruptcy fillings : Court judgements : Tax liens : Others :	None reported. None reported. None reported. None reported.

FINANCIAL DATA

Description Source of financial statement :	Public Record Sources
Financial statement date : Type of accounts : Currency : Consolidation type :	31/12/10 Full audited US Dollar (USD) Group Consolidated	Group Consolidated
Currency :	US Dollar (USD)	US Dollar (USD)
Denomination :	(x1) One	(x1) One
Date of financial year end :	31/12/10	31/12/09
Length of accounts :	12 months	12 months
Sale turnover / Income :	2,445,000,000	2,376,000,000
Gross profit :	953,000,000	877,000,000
Operating profit :	150,000,000	93,000,000
Profit before tax :	156,000,000	93,000,000
Net income :	154,000,000	91,000,000
Non current assets :	965,000,000	929,000,000

^{Current assets :} 1,469,000,000 1,454,000,000

^{Inventories :} 627,000,000 601,000,000

^{Total assets :} 2,434,000,000 2,383,000,000

^{Current liabilities :} 710,000,000 715,000,000

^{Non current liabilities :} 561,000,000 292,000,000

^{Total liabilities :} 1,271,000,000 1,007,000,000

^{Share equity :} 1,163,000,000 1,376,000,000

^{Retained earning :} 1,079,000,000 1,263,000,000

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 does not publish non-consolidated financial statement as the

Subject’s Parent Company files group consolidated financials.

The group’s consolidated financial information above relates to the Subject’s Ultimate Holding Company Hunter Douglas N.V. and all its subsidiaries which include the Subject.

On a separate note, the Subject non consolidated estimated annual turnover is between AUD 110,000,000 to 120,000,000.

OPERATION DETAILS

Main activities : The Subject is engaged in designs and manufacturing of internal and external shading solutions, fabrics, and components. It offers blinds and window coverings for the home; non-curtain window coverings; and venetian blinds, roller blinds, shades, shutters, fabric awnings, metal awnings, sunscreens, roman shades, panel glide, shadings, and privacy sheers.

The Subject is part of Hunter Douglas NV which is a Netherlands-based company engaged in the manufacturing and marketing of window coverings and architectural products. The Company’s product portfolio includes fabric shades, woven wood shades, pleated shades, wood blinds and custom shutters, as well as suspended ceilings, ventilated facade systems and sun control systems such as louvers. Its marketing brands include HunterDouglas, Luxaflex, Duette, Silhoutte, Pirouette, Luminette, Vignette, Alouette and Facette. The Company is active in five geographic markets: Europe, North America, Latin America, Asia and Australia. The Group is comprised of 167 companies with 68 manufacturing and 99 assembly operations and marketing organizations in over 100 countries.

_Purchases

International : Asian countries

Sales

Local : Yes

International : Pacific Islands

Property & Assets

Premises : The Subject operates from premises located at the verified heading address consisting of warehouse, production facilities and 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 Services)

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 : Prepayment, Cash against document, Credit up to 90 days

International : L/C, Credit up to 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.46.01
UK Pound	1	Rs.75.42
Euro	1	Rs.66.69

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.