MIRA INFORM REPORT

Report Date :

21.02.2012

IDENTIFICATION DETAILS

Name :	ITALIA CERAMICS PTY LTD
Formerly Known As :	ITALIA CERAMIC SUPPLIES OF AUSTRALIA PTY. LTD.
Registered Office :	55 Glynburn Road Glynde South Australia 5070
Country :	Australia
Date of Incorporation :	05.07.1985
Com. Reg. No.:	008078340
Legal Form :	Australian Proprietary Company
Line of Business :	Import, wholesale and retail sales of ceramic, porcelain, mosaic, natural stone tiles.
No. of Employees :	27 employees

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 190,000
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, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Australia	A2	A2

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 : ITALIA CERAMICS PTY LTD

Business address : 55 Glynburn Road

Town : Glynde

Province : South Australia

Zip/postal code : 5070

Country : Australia

Tel : +61 8 83362366

Fax : +61 8 83369016

Website : www.italiaceramics.com.au

Registered address : 55 Glynburn Road

Town : Glynde

Province : South Australia

Zip/postal code : 5070

_{Country : Australia}

SUMMARY DETAILS

Executive Summary

Date founded or registered : 05/07/1985

Legal form : Australian Proprietary Company

Chief executive : Vincenzo Anthony Vozzo

Issued & paid up capital : AUD 10

Line of business : Import, wholesale and retail sales of ceramic, porcelain, mosaic, natural stone tiles.

_{Staff employed : 27 employees}

CREDIT RISK OPINION

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 fair

Organization structure : Organizational structure is stable

Detrimental : No detrimental records found

Payment history : No payment delays noted

_{Credit amount suggestion: USD 190,000}

_{Credit amount asked : Not described.}

STATUTORY DETAILS

Registry Data

Registration date : 05/07/1985

Legal form : Australian Proprietary Company

Registration no Australian Company Number: 008078340

Registered authority : Australian Securities and Investments Commission

Fiscal/ Tax no : Australian Business Number: 79728529796

Registry status : Live/Active

Previous name : The Subject was previously known as ITALIA CERAMIC SUPPLIES OF AUSTRALIA PTY. LTD. and changed to the current style on 28-12-1995.

_{Change of legal form : None reported.}

MANAGEMENT / DIRECTORS

Key Management

Name : Vincenzo Anthony Vozzo

Designation : Managing Director

Name : Robert Giuseppe Vozzo

Designation : Marketing Manager

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Pasquale Salvatore Antonio Vozzo

Designation : Director

Appointment date : 05/07/85

Address : 4 Trewren Avenue

Rostrevor, SA 5073

Australia

Biography : Born on 17-04-1938 in Roccella Ionica, Italy.

Name : Vincenzo Anthony Vozzo

Designation : Director

Appointment date : 05/07/85

Address : 356 Montacute Road

Rostrevor, SA 5073

Australia

Biography : Born on 13-11-1961 in Adelaide, South Australia, Australia.

Name : Rosa Maria Vozzo

Designation : Director and Company Secretary

Appointment date : 15/04/09

Address : 4 Trewren Avenue

Rostrevor, SA 5073

Australia

Biography : Born on 07-10-1942 in Adelaide, South Australia, Australia.

Name : Robert Giuseppe Vozzo

Designation : Director and Company Secretary

Appointment date : 17/06/10

Address : 14 Swaine Avenue

Rose Park, SA 5067

Australia

_{Biography : Born on 06-05-1969 in Adelaide, South Australia, Australia.}

_{Staff employed : 27 employees}

SHARE CAPITAL

Composition

Authorized Capital : AUD 10

No of shares : 10 Ordinary Shares

Share par value : AUD 1

Issued capital : AUD 10

_{Paid up capital : AUD 10}

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : Rosa Maria Vozzo

Address : 4 Trewren Avenue

Rostrevor, SA 5073

Australia

No. of shares : 2 Ordinary Shares

Shareholder name : Pasquale Salvatore Antonio Vozzo

Address : 4 Trewren Avenue

Rostrevor, SA 5073

Australia

_{No. of shares : 8 Ordinary Shares}

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Name : ITALIA CERAMIC SUPPLIES (INTERNATIONAL) PTY. LTD.

Affiliation type : Associate

Address : 55 Glynburn Road

Glynde, SA 5070

_Australia

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 : None reported.

Legal Fillings

Bankruptcy fillings : None reported.

Court judgements : None reported.

Tax liens : None reported.

Others : None reported.

FINANCIAL DATA

Description

Comments : The representative contacted Mr. Bruno Mignone advised that the Subject annual turnover is between AUD 10 million to AUD 20 million. He declined to provide a precise figure.

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, wholesale and retail sales of ceramic, porcelain, mosaic, natural stone tiles.

Purchases

International : Malaysia, China, India, Italy, Spain, Turkey

Sales

Local : Yes

International : No exports.

Property & Assets

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

_{Branches : None reported.}

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$ 1.448 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 120 days after B/L

Sales Term

Local : Cash, Prepayment, Credit 7 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.49.21
UK Pound	1	Rs.77.75
Euro	1	Rs.64.58

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.