MIRA INFORM REPORT

Report Date :

12.11.2012

IDENTIFICATION DETAILS

Name :	HEATEX AUSTRALIA PTY LTD

Registered Office :	C/O Real Business Accountants Pty Ltd, Suite 18, 202 Ferntree Gully Road, Notting Hill, Victoria, Zip/Postal Code 3168

Country :	Australia

Date of Incorporation :	02.08.2005

Com. Reg. No.:	115564960

Legal Form :	Australian Proprietary Company

Line of Business :	Wholesaler of textile products

No. of Employees :	03 employees

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	USD 80,000
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

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

Bottom of Form

Identification details Bottom of Form

Verified Address

Subject name : HEATEX AUSTRALIA PTY LTD

Business address : Unit 2, 367 Forest Road

Town : The Basin

Province : Victoria

Zip/postal code : 3154

Country : Australia

Tel : +61 3 97628476

Fax : +61 3 97628719

Registered address : C/o REAL BUSINESS ACCOUNTANTS PTY LTD

Suite 18, 202 Ferntree Gully Road

Town : Notting Hill

Province : Victoria

Zip/postal code : 3168

Country : Australia

Postal address : P.O. Box 234

Town : The Basin

Province : Victoria

Zip/postal code : 3154

Country : Australia

Summary details

Executive Summary

Date founded or registered : 02/08/2005

Legal form : Australian Proprietary Company

Chief executive : Tim Healey

Issued & paid up capital : AUD 200

Sales turnover : AUD 5,000,000 (Estimated Non-consolidated 12 months, 30/06/2012)

Line of business : Wholesaler of textile products.

Staff employed : 3 employees

Credit risk opinion

Company Analysis

Country risk : Country risk is minimal

Operation trend : Operational trend is steady

Management experience : Management is modestly experienced

Financial performance : Financial performance is fair

Organization structure : Organizational structure is stable

Detrimental : No detrimental found

Payment history : No payment delays noted

Credit amount suggestion : USD 80,000

Statutory details

Registry Data

Registration date : 02/08/2005

Legal form : Australian Proprietary Company

Registration no Australian Company Number: 115564960

Registered authority : Australian Securities & Investments Commission

Fiscal/ Tax no : Australian Business Number: 12115564960

Registry status : Live/Active

Previous name : None reported.

Change of legal form : None reported.

Management / directors

Key Management

Name : Tim Healey

Designation : Managing Director

Board of directors / other appointments

Appointments

Name : Kathy Shirley Healey

Designation : Director and Company Secretary

Appointment date : 02/08/05

Address : 50B Old Forest Road

The Basin, VIC 3154

Australia

Biography : Born on 25-12-1952 in Keighley, United Kingdom.

Name : Tim Healey

Designation : Director and Company Secretary

Appointment date : 02/08/05

Address : 50B Old Forest Road

The Basin, VIC 3154

Australia

Biography : Born on 06-01-1952 in Keighley, United Kingdom.

Staff employed : 3 employees

Share capital

Composition

Authorized Capital : AUD 200

No of shares : 200 Ordinary Shares

Share par value : AUD 1

Issued capital : AUD 200

Paid up capital : AUD 200

ownership / shareholders

How listed : Full List

Composition

Shareholder name : Kathy Shirley Healey

Address : 50B Old Forest Road

The Basin, VIC 3154

Australia

No. of shares : 100 Ordinary Shares

% of shares : 50%

Shareholder name : Tim Healey

Address : 50B Old Forest Road

The Basin, VIC 3154

Australia

No. of shares : 100 Ordinary Shares

% of shares : 50%

Related companies & corporate Affiliations

Structure

Related companies and corporate affiliations comments : None reported.

Bank & mortgages

Bank Details

Name of bank : Commonwealth Bank of Australia

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 : Provided by the Subject

Financial statement date : 30/06/12

Type of accounts : Estimated key figures

Currency : Australia Dollar (AUD)

Exchange rate : 1 USD = AUD 0.96 as of 09-11-2012

Summarized Financial Information

Consolidation type : Non Consolidated

Currency Australia Dollar (AUD)

Denomination : (x1) One

Date of financial year end : 30/06/12

Length of accounts : 12 months

Sale turnover / Income : 5,000,000

Comments : The estimated turnover was provided by Mr. Tim Healey.

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 a wholesaler of textile products.

Purchases

International : Mainly from United Arab Emirates, Saudi Arabia

Sales

Local : Yes

International : No exports.

Property & Assets

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

address consisting of a warehouse and an administrative office.

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$ 1.586 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 2009: 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 : 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.54.34
UK Pound	1	Rs.86.97
Euro	1	Rs.69.43

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.