MIRA INFORM REPORT

Report Date :

29.05.2012

IDENTIFICATION DETAILS

Name :	VIP PLASTIC PACKAGING PTY LTD
Formerly Known As :	VISY INDUSTRIAL PLASTICS PTY. LTD.
Registered Office :	Level 16, 644 Chapel Street, South Yarra, Victoria, Zip/postal code 3141
Country :	Australia
Financials (as on) :	30.06.2011
Date of Incorporation :	08.12.2000
Com. Reg. No.:	98095313705
Legal Form :	Australian Proprietary Company
Line of Business :	Manufacturer of plastic packaging products.
No. of Employees :	1,800 employees (Subject)

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
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 : VIP PLASTIC PACKAGING PTY LTD

Business address : Level 16, 644 Chapel Street

Town : South Yarra

Province : Victoria

Zip/postal code : 3141

Country : Australia

Tel : +61 3 88254100

Fax : +61 3 98158388

Email : info@vippackaging.com.au

Website : www.vippackaging.com.au

Registered address : Level 16, 644 Chapel Street

Town : South Yarra

Province : Victoria

Zip/postal code : 3141

Country : Australia

Summary details

Executive Summary

Date founded or registered : 08/12/2000

Legal form : Australian Proprietary Company

Chief executive : Raphael Geminder

Issued & paid up capital : AUD 20,000,001

Sales turnover : AUD 242,825,493 (Non-consolidated 12 months, 30/06/2011)

Net income : AUD 31,501,686 (Non-consolidated 12 months, 30/06/2011)

Total fixed assets : AUD 244,133,854 (Non-consolidated 12 months, 30/06/2011)

Line of business : Manufacturer of plastic packaging products.

Staff employed : 1,800 employees (Subject)

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is levelling off

Management experience : Management is adequately experienced

Financial performance : Financial performance is good

Organization structure : Organizational structure is consistent

Detrimental records : No detrimental records found

Payment history : No payment delays noted

Statutory details

Registry Data

Registration date : 08/12/2000

Legal form : Australian Proprietary Company

Registration no Australian Company Number: 095313705

Registered authority : Australian Securities & Investments Commission

Fiscal/ Tax no : Australian Business Number: 98095313705

Registry status : Live/Active

Previous name : The Subject was previously known as VISY INDUSTRIAL PLASTICS PTY. LTD.

and changed to the current style on 20-04-2007.

Change of legal form : None reported.

Management / directors

Key Management

Name : Raphael Geminder

Designation : Chief Executive Officer

Name : Paul Gedye

Designation : General Manager

Board of directors / other appointments

Appointments

Name : Raphael Geminder

Designation : Director and Company Secretary

Appointment date : 08/12/00

Address : 13A Monaro Road

Malvern, VIC 3144

Australia

Biography :

Born on 24-03-1960 in Tel Aviv, Israel.

Mr. Raphael Geminder is the son in law of Richard J. Pratt. Mr. Pratt was a prominent Australian businessman, chairman of the privately-owned company Visy Industries, and a leading figure of Melbourne society. In the year before his death Pratt was Australia's fourth-richest person, with a personal fortune valued at A$5.48 billion.

Name : Nicholas David Perkins

Designation : Company Secretary

Appointment date : 30/11/03

Address : 42 Chatsworth Road

Prahran, VIC 3181

Australia

Biography : Born on 18-05-1972 in Melbourne, Victoria, Australia.

Name : Darren Leigh Brown

Designation : Company Secretary

Appointment date : 05/07/07

Address : 77 Hannan Street

Williamstown, VIC 3016

Australia

Biography : Born on 10-05-1965 in Manangatang, Victoria, Australia.

Staff employed : 1,800 employees (Subject)

Key Advisors

Auditors : ERNST & YOUNG

8 Exhibition Street

Melbourne, VIC 3000

Australia

Share capital

Composition

Authorized Capital : AUD 20,000,001

No of shares : 20,000,001 Ordinary Shares

Share par value : AUD 1

Issued capital : AUD 20,000,001

Paid up capital : AUD 20,000,001

ownership / shareholders

How listed : Full List

Composition

Shareholder name : PACT GROUP PTY LTD

Address : Level 16, 644 Chapel Street

South Yarra, VIC 3141

Australia

No. of shares : 20,000,001 Ordinary Shares

% of shares : 100%

Related companies & corporate Affiliations

Structure

Name : GEMINDER HOLDINGS PTY LTD

Affiliation type : Ultimate Holding Company

Address : Level 16, 644 Chapel Street

South Yarra, VIC 3141

Australia

Name : PACT GROUP HOLDINGS PTY LTD

Affiliation type : Intermediate Holding Company

Address : Level 16, 644 Chapel Street

South Yarra, VIC 3141

Australia

Name : PACT GROUP PTY LTD

Affiliation type : Parent Company

Address : Level 16, 644 Chapel Street

South Yarra, VIC 3141

Australia

Comments :

Pact Group Pty Ltd. designs, manufactures, and supplies plastic and industrial metal packaging products. The company offers bottles, PET containers, trays, tubes, closure systems, and other customized packaging solutions for branded consumer products; and drums, pails, cans, and intermediate bulk containers. It serves blue-chip clients across agricultural, bakery, beverage, dairy, food, fruit and vegetables, household consumer, industrial chemicals, meat, surface coatings, personal care, health care, and pharmaceutical industries. The company was incorporated in 2004 and is headquartered in Melbourne, Australia.

Name : PACT GROUP INDUSTRIES PTY LTD

Affiliation type : Sister Company

Address : Level 16, 644 Chapel Street

South Yarra, VIC 3141

Australia

Name : VIP STEEL PACKAGING PTY LTD

Affiliation type : Sister Company

Address : Level 16, 644 Chapel Street

South Yarra, VIC 3141

Australia

Name : VIP STEEL PACKAGING (NZ) LIMITED

Affiliation type : Sister Company

Address : 100 Harris Road

East Tamaki, Auckland 2013

New Zealand

Name : PACT GROUP (NZ) LIMITED

Affiliation type : Sister Company

Address : 100 Harris Road

East Tamaki, Auckland 2013

New Zealand

Name : ASTRON PLASTICS LIMITED

Affiliation type : Sister Company

Address : 63 Neales Road

East Tamaki, Auckland 2013

New Zealand

Name : PACT GROUP HOLDINGS (NZ) LIMITED

Affiliation type : Sister Company

Address : 100 Harris Road

East Tamaki, Auckland 2013

New Zealand

Name : VIP PLASTIC PACKAGING (NZ) LIMITED

Affiliation type : Sister Company

Address : 100 Harris Road

East Tamaki, Auckland 2013

New Zealand

Related companies and corporate affiliations comments

Other companies of the Pact Group should be considered affiliates of the Subject.

Bank & mortgages

Bank Details

Name of bank : Westpac Banking Corporation

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: 786111

Date Registered: 05-02-2001

Charge type: Both Fixed & Floating

Date Created: 31-01-2001

Chargees Name: SALVAGE PTY LTD

ASIC Charge Number: 786112

Date Registered: 05-02-2001

Charge type: Both Fixed & Floating

Date Created: 31-01-2001

Chargees Name: SALVAGE PTY LTD

ASIC Charge Number: 786113

Date Registered: 05-02-2001

Charge type: Fixed

Date Created: 31-01-2001

Chargees Name: SALVAGE PTY LTD

ASIC Charge Number: 786114

Date Registered: 05-02-2001

Charge type: Fixed

Date Created: 31-01-2001

Chargees Name: SALVAGE PTY LTD

ASIC Charge Number: 786115

Date Registered: 05-02-2001

Charge type: Fixed

Date Created: 31-01-2001

Chargees Name: SALVAGE PTY LTD

ASIC Charge Number: 872779

Date Registered: 02-07-2002

Charge type: Both Fixed & Floating

Date Created: 28-06-2002

Chargees Name: WESTPAC ADMINISTRATION PTY. LIMITED

ASIC Charge Number: 1054187

Date Registered: 22-06-2004

Charge type: Both Fixed & Floating

Date Created: 18-06-2004

Chargees Name: WESTPAC ADMINISTRATION PTY. LIMITED

ASIC Charge Number: 1289890

Date Registered: 19-04-2006

Charge type: Fixed

Date Created: 13-04-2006

Chargees Name: WESTPAC ADMINISTRATION PTY. LIMITED

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 1.01 as of 28-05-2012

Summarized Financial Information

Consolidation type : Non Consolidated Non 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 : 242,825,493 243,162,821

Gross profit : 71,534,797 59,691,069

Profit before tax : 43,353,919 26,242,934

Net income : 31,501,686 17,624,566

Non current assets : 142,504,752 146,631,338

Current assets : 101,629,102 55,353,028

Inventories : 19,637,364 19,199,210

Total assets : 244,133,854 201,984,366

Current liabilities : 69,089,215 57,695,558

Non current liabilities : 25,736,489 26,500,261

Total liabilities : 94,825,704 84,195,819

Share equity : 149,308,150 117,788,547

Reserve : -40,713 -58,630

Retained earning : 129,348,863 97,847,177

Operation details

Main activities :

The Subject is engaged as manufacturer of plastic packaging products.

Product & services :

· PET Wine Bottles

· Plastic Bottles and Jars

· Vials and Tubs

· Plastic and Laminate Tubes

· Plastic Cubes

· Jerrycans

· Plastic Drums

· Plastic Pails

· Duplast Watering Cans

· Plastic Crates

· Intermediate Bulk Containers

Purchases

International : Mainly Asia countries

Sales

Local : Yes

International : Worldwide

Property & Assets

Premises :

The Subject operates from head office located at the verified heading address consisting of administrative office.

Branches :

In addition, the Subject operates from production facilities located at

Brendale, Fremantle, Laverton North, Minto, Rowville, Scoresby and Villawood.

Other property :

Total NBV of property, plant and equipment as of 30-06-2011 was AUD 123,862,846.

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

Local : Prepayment, D/P, Bank transfer, Credit up to 90 days

International : L/C, D/P, Bank transfer, Credit up to 90 days

Sales Term

Local : Prepayment, D/P, Bank transfer, Credit up to 90 days

International : L/C, D/P, Bank transfer, 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.55.26
UK Pound	1	Rs.86.80
Euro	1	Rs.69.63

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.