MIRA INFORM REPORT

Report Date :

24.05.2012

IDENTIFICATION DETAILS

Name :	CARMEL BOX (AUST.) PTY. LTD.
Formerly Known As :	BELCONNEN PTY. LIMITED
Registered Office :	44 Hampden Road, Armadale, Victoria, Zip/postal code 3143
Country :	Australia
Date of Incorporation :	16.09.1977
Com. Reg. No.:	005381537
Legal Form :	Australian Proprietary Company
Line of Business :	Distributor of fashion packaging, social stationery and gift lines
No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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 – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
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 : CARMEL BOX (AUST.) PTY. LTD.

Other style / Business name : HIPP.COM.AU

Business address : First Floor West, 946 High Street

Town : Armadale

Province : Victoria

Zip/postal code : 3143

Country : Australia

Tel : +61 3 95762033

Fax : +61 3 9576 2733

Website : www.hipp.com.au

Registered address : 44 Hampden Road

Town : Armadale

Province : Victoria

Zip/postal code : 3143

Country : Australia

Comments : The provided address 92 Albert Street, East Brunswick, VIC 3057, Australia is an

old address of the Subject.

Summary details

Executive Summary

Date founded or registered : 16/09/1977

Legal form : Australian Proprietary Company

Chief executive : Leon Grinwald

Issued & paid up capital : AUD 2

Sales turnover : AUD 4,000,000 (Estimated Non-consolidated 12 months, 30/06/2011)

Line of business : Distributor of fashion packaging, social stationery and gift lines.

Staff employed : 10 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

Statutory details

Registry Data

Registration date : 16/09/1977

Legal form : Australian Proprietary Company

Registration no Australian Company Number: 005381537

Registered authority : Australian Securities and Investments Commission

Fiscal/ Tax no : Australian Business Number: 33005381537

Registry status : Live/Active

Previous name : BELCONNEN PTY. LIMITED (initial)

Change of legal form : None reported.

Other registration : HIPP.COM.AU is a business name owned by the Subject registered on 1/04/2005

under business registration no: B1826735F.

Management / directors

Key Management

Name : Leon Grinwald

Designation : Managing Director

Board of directors / other appointments

Appointments

Name : Leon Grinwald

Designation : Director and Company Secretary

Appointment date : 30/11/94

Address : 44 Hampden Road

Armadale, VIC 3143

Australia

Biography : Born on 25-06-1946 in Melbourne, Victoria, Australia

Staff employed : 10 employees

Share capital

Composition

Authorized Capital : AUD 2

No of shares : 2 Ordinary Shares

Share par value : AUD 1

Issued capital : AUD 2

Paid up capital : AUD 2

ownership / shareholders

How listed : Full List

Composition

Shareholder name : GRINWALD HOLDINGS PTY. LTD.

Address : 44 Hampden Road

Armadale, VIC 3143

Australia

No. of shares : 2 Ordinary Shares

% of shares : 100%

Related companies & corporate Affiliations

Structure

Name : GRINWALD HOLDINGS PTY. LTD.

Affiliation type : Parent Company

Address : 44 Hampden Road

Armadale, VIC 3143

Australia

Name : HIPP.COM.AU PTY LTD

Affiliation type : Associate

Address : First Floor west, 946 High Street

Armadale, VIC 3143

Australia

Bank & mortgages

Bank Details

Name of bank : Westpac Banking Corporation 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 : Estimated Figures

Financial statement date : 30/06/11

Type of accounts : Estimated key figures

Currency : Australia Dollar (AUD)

Exchange rate : 1 USD = AUD 1.02 as of 23-05-2012

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 : 4,000,000

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 as distributor of fashion packaging, social stationery and gift lines

Product & services : Custom made cardboard packaging products such as boxes, cartons, etc

Purchases

International : Asia

Sales

Local : Yes

International : No exports.

Property & Assets

Premises : The Subject operates from premises located at the verified heading address consisting of

administrative office and showroom.

Branches : None reported.

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%

2011: 3.0%

Unemployment rate 2008: 4.2 %

2009: 5.6 %

2010:5.2 %

2011: 5.0%

Public debt

(General Government gross

debt as a % GDP) 2008: 11.6%

2009: 17.6%

_{2010: 22.3 %}

_{2011: 24.1%}

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, Telegraphic transfer, Credit 30-60 days

Sales Term

Local : Prepayment, Bank transfer, 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.55.93
UK Pound	1	Rs.88.15.
Euro	1	Rs.70.88

INFORMATION DETAILS

Report Prepared by :

MNL

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.