MIRA INFORM REPORT

Report Date :

03.02.2012

IDENTIFICATION DETAILS

Correct Name :	J.G. BAYLISS & SON (AUST.) PTY. LTD.
Formerly Known As :	PARADOR PTY. LTD.
Registered Office :	C/O Gmk Partners Pty Ltd Level 27, 150 Lonsdale Street, Melbourne, Victoria, Zip/Postal Code 3000
Country :	Australia
Date of Incorporation :	20.11.1978
Com. Reg. No.:	005493774
Legal Form :	Australian Proprietary Company
Line of Business :	Import and distribution of carpets & rugs
No. of Employees :	25

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 160,000
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 : J.G. BAYLISS & SON (AUST.) PTY. LTD.

Other style / Business name : BAYLISS

Business address : 7-9 Marlo Place

Town : Hallam

Province : Victoria

Zip/postal code : 3803

Country : Australia

Tel : +61 3 97086664

Fax : +61 3 97086665

Email : enquiries@bayliss.net.au

Website : www.baylissrugs.com

Registered address : C/o GMK PARTNERS PTY LTD Level 27, 150 Lonsdale Street

Town : Melbourne

Province : Victoria

Zip/postal code : 3000

_{Country : Australia}

Summary details

Executive Summary

Date founded or registered : 20/11/1978

Legal form : Australian Proprietary Company

Chief executive : Daryl Alan Bayliss

Issued & paid up capital : AUD 12

Sales turnover : AUD 8,000,000 (Estimated Non-consolidated 12 months, 30/06/2011)

Line of business : Import and distribution of carpets & rugs.

_{Staff employed : 25 employees}

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 fair

Organization structure : Organizational structure is stable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion : USD 160,000}

_{Credit amount asked : Not described.}

Statutory details

Registry Data

Registration date : 20/11/1978

Legal form : Australian Proprietary Company

Registration no Australian Company Number: 005493774

Registered authority : Australian Securities & Investments Commission

Registry status : Live/Active

Previous name : PARADOR PTY. LTD. (initial)

Change of legal form : None reported.

Other registration : BAYLISS is a business name owned by the Subject registered on 08/05/2002 under business registration no: VIC B1629447S.

Management / directors

Key Management

Name : Daryl Alan Bayliss

Designation : Managing Director

Name : Jeffrey Paul Bayliss

Designation : Director

Name : David Gordon Bayliss

_{Designation : Director}

Board of directors / other appointments

Appointments

Name : Daryl Alan Bayliss

Designation : Director

Appointment date : 26/06/00

Address : 111 Rowell Avenue

Camberwell, VIC 3124

Australia

Biography : Born on 10-11-1971 in Melbourne, Victoria, Australia.

Name : Jeffrey Paul Bayliss

Designation : Director

Appointment date : 26/06/00

Address : 12 Caithness Crescent

Glen Waverley, VIC 3150

Australia

Biography : Born on 02-04-1969 in Mount Waverley, Victoria Australia.

Name : David Gordon Bayliss

Designation : Director and Company Secretary

Appointment date : 26/06/00

Address : 17 Cawkwell Street

Malvern, VIC 3144

Australia

Biography : Born on 21-12-1967 in Malvern, Victoria, Australia.

_{Staff employed : 25 employees}

Share capital

Composition

Authorized Capital : AUD 12

No of shares : 12 Ordinary Shares

Share par value : AUD 1

Issued capital : AUD 12

_{Paid up capital : AUD 12}

ownership / shareholders

How listed : Full List

Composition

Shareholder name Margaret Anne Bayliss

Address 11-13 Alvie Road

Mount Waverley, VIC 3149

Australia

No. of shares 6 Ordinary shares

% of shares 50%

Shareholder name Gordon Alan Walker Bayliss

Address 11 Alvie Road

Mount Waverley, VIC 3149

Australia

No. of shares 6 Ordinary shares

_{% of shares 50%}

Related companies & corporate Affiliations

Structure

Name : BAYLISS AGENCIES PTY LTD

Affiliation type : Associate

Address : 7-9 Marlo Place

Hallam, VIC 3803

_Australia

Bank & mortgages

Bank Details

Name of bank : Australia And New Zealand Banking Group 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 : None reported.

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

financial data

Description

Source of financial statement : External Sources

Financial statement date : 30/06/11

Type of accounts : Estimated key figures

Currency : Australia Dollar (AUD)

Exchange rate : 1 USD = AUD 0.94 as of 31-01-2012

Summarized Financial Information

Consolidation type : Non Consolidated

Currency : Australia Dollar (AUD)

Denomination : (x1) One

Date of financial year end : 30/06/11

Length of accounts : 12 months

Sale turnover / Income : 8,000,000

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.

Operation details

Main activities : The Subject is engaged in import and distribution of floor covering such as carpets & rugs.

Product & services : Floor rugs & mats Handknotted Indian wool rugs Machine made wool & synthetic rugs

Synthetic mattings

Purchases

International : India

Sales

Local : Yes

International : New Zealand, Singapore, Malaysia, Canada, Poland, Taiwan, Saudi

Arabia, Spain, Belgium, Bahrain, Vietnam, Japan

Property & Assets

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

Branches : In addition, the Subject operates from showroom located at:

467 Church Street

Richmond, VIC 3121

Australia

Tel: +61 3 94299599

138 Arthur Street

Fortitude Valley, QLD 4006

Australia

_{Tel: +61 7 33584335}

Summarized country risk

Central bank : Reserve Bank of Australia

Reserve of foreign exchange & gold : US$ 43.879 billion

Gross domestic product – GDP : US$ 1.448 trillion

GPP (Purchasing power parity) : 918.529 billion of International dollars

GDP per capita - current prices : US$ 64,351

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 : Westpac Banking Group (Major Banks), BHP Billiton (Diversified Metals & Mining), Commonwealth Bank (Major Banks), National Australia Bank (Major Banks), ANZ Banking (Major Banks), Telstra (Telecommunications services), Wesfarmers (Food Retail)

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$46,722 million

2009: US$22,572 million

_{2010: US$32,472 million}

_{FDI Outflows} 2008: US$32,819 million

2009: US$18,426 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 : 76.00%

Payment history

Purchase Term

International : Prepayment, Credit 30-60 days

Sales Term

Local : Prepayment, Cash, Credit 30-60 days

International : L/C, Prepayment, 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.49.13
UK Pound	1	Rs.77.85
Euro	1	Rs.64.78

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.