MIRA INFORM REPORT

Report Date :

04.12.2012

IDENTIFICATION DETAILS

Name :	LABELMAKERS GROUP PTY. LTD.

Registered Office :	"Rialto Towers" Level 29, 525 Collins Street, Melbourne, Victoria 3000

Country :	Australia

Financials (as on) :	30.06.2011

Date of Incorporation :	10.06.2005

Reg. No.:	114717814

Legal Form :	Australian Proprietary Company

Line of Business :	The Subject is engaged as a label manufacturing and printing company.

No. of Employees :	357 employees

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Australia

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Australia - ECONOMIC OVERVIEW

Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.

Source : CIA

IDENTIFICATION DETAILS

Verified Address

Subject name : LABELMAKERS GROUP PTY. LTD.

Business address : 55 Austrak Drive

Town : Somerton

Province : Victoria

Zip/postal code : 3062

Country : Australia

Tel : +61 3 93033300

Fax : +61 3 93053040

Website : www.labelmakers.com.au

Registered address : "Rialto Towers" Level 29

525 Collins Street

Town : Melbourne

Province : Victoria

Zip/postal code : 3000

Country : Australia

SUMMARY DETAILS

Executive Summary

Date founded or registered : 10/06/2005

Legal form : Australian Proprietary Company

Chief executive : Kevin Leslie Bamford

Issued & paid up capital : AUD 79,600,000

Sales turnover : AUD 133,618,412 (Consolidated 12 months, 30/06/2011)

Net income : AUD 2,323,925 (Consolidated 12 months, 30/06/2011)

Total fixed assets : AUD 167,540,380 (Consolidated 12 months, 30/06/2011)

Line of business : Label manufacturing and printing.

Staff employed : 357 employees

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is steady

Management experience : Management is reasonably experienced

Financial performance : Financial performance is good

Organization structure : Organizational structure is stable

Detrimental : No detrimental found

Payment history : No payment delays noted

STATUTORY DETAILS

Registry Data

Registration date : 10/06/2005

Legal form : Australian Proprietary Company

Registration no Australia Company Number : 114717814

Registered authority : Australian Securities and Investments Commission

Fiscal/ Tax no : Australia Business Number: 41114717814

Registry status : Live/Active

Previous name : None reported.

Change of legal form : None reported.

MANAGEMENT / DIRECTORS

Key Management

Name : Kevin Leslie Bamford

Designation : Managing Director

Name : Rod Bryan

Designation : General Manager

Name : Graeme Lang

Designation : Technical Manager

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Kevin Leslie Bamford

Designation : Director and Company Secretary

Appointment date : 10/06/05

Address : 1415 Arthurs Creek Road

Doreen, VIC 3754

Australia

Biography : Born on 09-01-1945 in Melbourne, Victoria, Australia.

Staff employed : 357 employees

Key Advisors

Auditors : BDO AUDIT (NSW-VIC) PTY LTD

"Rialto Towers" Level 30

525 Collins Street

Melbourne, VIC 3000

Australia

SHARE CAPITAL

Composition

Authorized Capital : AUD 79,600,000

No of shares : 79,600,000 Ordinary Shares

Share par value : AUD 1

Issued capital : AUD 79,600,000

Paid up capital : AUD 79,600,000

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : LABELMAKERS GROUP HOLDINGS PTY LTD

Address : 55 Austrak Drive

Somerton, VIC 3062

Australia

No. of shares : 75,500,000 Ordinary Shares

Shareholder name : BROADMORE PROPRIETARY LIMITED

Address : "Rialto Towers" Level 29

525 Collins Street

Melbourne, VIC 3000

Australia

No. of shares : 4,100,000 Ordinary Shares

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Name : LABELMAKERS GROUP HOLDINGS PTY LTD

Affiliation type : Parent Company

Address : 55 Austrak Drive

Somerton, VIC 3062

Australia

Name : LABELMAKERS WINE DIVISION PTY LTD

Affiliation type : Subsidiary

Address : 589 South Road

Regency Park, SA 5010

Australia

Name : LABELMAKERS GROUP WA PTY. LTD.

Affiliation type : Subsidiary

Address : 24 Century Road

Malaga, WA 6090

Australia

Name : LABELMAKERS ADVISORS PTY LTD

Affiliation type : Subsidiary

Address : 55 Austrak Drive

Somerton, VIC 3062

Australia

Comments : Strike-Off Action In Progress.

Name : LABELMAKERS (AUST.) PTY. LTD.

Affiliation type : Subsidiary

Address : 55 Austrak Drive

Somerton, VIC 3062

Australia

Name : LABELMAKERS LIMITED

Affiliation type : Subsidiary

Address : 2 Foreman Road

Te Rapa, Hamilton 3257

New Zealand

BANK & MORTGAGES

Bank Details

Name of bank : Westpac Banking Corporation

Address : Australia

Account details : Current Account

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 : 1178807

Date Registered : 06-07-2005

Charge type: Both Fixed & Floating

Date Created: 01-07-2005

Chargees Name: NATIONAL AUSTRALIA BANK LIMITED

Unsatisfied Charges:

ASIC Charge Number: 1323958

Date Registered: 11-07-2006

Charge type: Fixed

Date Created: 30-06-2006

Chargees Name: WESTPAC BANKING CORPORATION

ASIC Charge Number: 1332134

Date Registered: 20-07-2006

Charge type: Fixed

Date Created: 03-07-2006

Chargees Name: NATIONAL AUSTRALIA BANK LIMITED

ASIC Charge Number: 1332721

Date Registered: 20-07-2006

Charge type: Fixed

Date Created: 03-07-2006

Chargees Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP

LIMITED

ASIC Charge Number: 1377007

Date Registered: 09-11-2006

Charge type: Fixed

Date Created: 03-10-2006

Chargees Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

ASIC Charge Number: 1540451

Date Registered: 07-11-2007

Charge type: Fixed

Date Created: 17-10-2007

Chargees Name: CBFC LIMITED

ASIC Charge Number: 1666033

Date Registered: 21-07-2008

Charge type: Fixed

Date Created: 15-07-2008

Chargees Name: CBFC LIMITED

ASIC Charge Number: 1691069

Date Registered: 09-09-2008

Charge type: Fixed

Date Created: 28-08-2008

Chargees Name: CBFC LIMITED

ASIC Charge Number: 2003064

Date Registered: 30-06-2010

Charge type: Fixed

Date Created: 26-05-2010

Chargees Name: COMMONWEALTH BANK OF AUSTRALIA

ASIC Charge Number: 2123793

Date Registered: 31-01-2011

Charge type: Fixed

Date Created: 29-12-2010

Chargees Name: NATIONAL AUSTRALIA BANK LIMITED

ASIC Charge Number: 2137216

Date Registered: 02-03-2011

Charge type: Both Fixed & Floating

Date Created: 21-02-2011

Chargees Name: COMMONWEALTH BANK OF AUSTRALIA

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

FINANCIAL DATA

Description

Source of financial statement : Commercial Registry Filings

Financial statement date : 30/06/11

Type of accounts : Full audited

Currency : Australia Dollar (AUD)

Exchange rate : 1 USD = AUD 0.96 as of 29-11-2012

Summarized Financial Information

Consolidation type : Consolidated Consolidated

Currency : Australia Dollar (AUD) Australia Dollar (AUD)

Denomination : (x1) One (x1) One

Date of financial year end : 30/06/11 30/06/10

Length of accounts : 12 months 12 months

Sale turnover / Income : 133,618,412 136,185,674

Profit before tax : 10,982,201 13,502,030

Net income : 2,323,925 8,311,967

Non current assets : 119,409,060 124,944,803

Current assets : 48,131,320 49,865,889

Inventories : 19,687,849 19,484,824

Total assets : 167,540,380 174,810,692

Current liabilities : 67,110,288 66,180,160

Non current liabilities : 15,124,802 14,807,453

Total liabilities : 82,235,090 80,987,613

Share equity : 85,305,290 93,823,079

Reserve : 28,023 69,737

Retained earning : 5,677,267 6,230,211

Comments : The consolidated financial information above relates to the Subject and all its

subsidiaries.

The Subject's latest financial information is not available with the Australian

Securities and Investments Commission.

OPERATION DETAILS

Main activities : The Subject is engaged as a label manufacturing and printing company.

The Subject serves wine, small goods, personal care, household products,

transport, food and beverage, warehousing, pharmaceutical, pet food,

supermarkets, retail ready, and track and trace market segments in

Australasia and internationally.

Product & services : The Subject offers various pressure sensitive, wet-glue, roll-fed wrap

around, pallet ID, promotional, VIP, RFID, and shrink sleeve labels; and

self-adhesive, cut and stack, roll-fed and ROSO, direct thermal, and

thermal transfer products, as well as thermal ribbons.

Purchases

International : Mainly from United States, Germany, Taiwan, China

Sales

Local : Yes

International : New Zealand

Property & Assets

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

Branches : In addition, the Subject operates from branch production facility located at: 62-66 Freight Drive

Somerton, VIC 3062

Australia

Tel: +61 3 93033500

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) & Economic Overview

Central bank : Reserve Bank of Australia

Reserve of foreign exchange & gold : US$ 43.879 billion

Gross domestic product - GDP : US$ 1.586 trillion

GPP (Purchasing power parity) : 954.296 billion of International dollars

GDP per capita - current prices : US$ 68,916

GDP - composition by sector : agriculture: 4%

industry: 25.6%

services: 70.4%

Inflation : 2009: 1.8%

2010: 2.8%

2011: 3.4%

Unemployment rate : 2009: 5.6%

2010: 5.2%

2011: 5.1%

Public debt

(General Government gross debt as

a % GDP)

: 2009: 16.9%

2010: 20.4%

2011: 22.9%

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 : 2008: US$46,843 million

2009: US$25,716 million

2010: US$32,472 million

FDI Outflows : 2008: US$33,604 million

2009: US$16,160 million

2010: US$26,431 million

Best countries for doing business : 10 out of 183 countries

Global competitiveness ranking : 20 (ranking by country on a basis of 142, 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 : 76%

PAYMENT HISTORY

Purchase Term

International : L/C, Prepayment, Credit up to 90 days

Sales Term

Local : Prepayment, Credit up to 90 days

International : Prepayment, Credit up to 90 days

Trade Reference/ Payment Behavior

Comments : As local and international trade references were not supplied, the Subject's payment track record history cannot be oppropriately 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.54.56
UK Pound	1	Rs.87.45
Euro	1	Rs.71.08

INFORMATION DETAILS

Report Prepared by :

SDA

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.