MIRA INFORM REPORT

Report Date :

28.10.2013

IDENTIFICATION DETAILS

Name :	GRYPHON GARAGE DOORS PTY LTD
Formerly Known As :	GLENSING PTY LTD (initial)
Registered Office :	Level 1, The Fitzgerald Centre, 424 Fitzgerald Street, North Perth, Western Australia 6006
Country :	Australia
Date of Incorporation :	04.06.1993
Com. Reg. No.:	Australian Company Number: 060202057
Legal Form :	Australian Proprietary Company
Line of Business :	Design, manufacture and installation of garage doors and roller shutters.
No. of Employees :	50 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

Status :	Moderate
Payment Behaviour :	Unknown
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Australia	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

AUSTRALIA - ECONOMIC OVERVIEW

The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, 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 is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.

Source : CIA

Identification Details

Verified Address

Subject name : GRYPHON GARAGE DOORS PTY LTD

Other style / Business name : GRYPHON GARAGE DOORS / GRYPHON ROLLER SHUTTERS

Business address : 270 Canterbury Road

Town : Bayswater

Province : Victoria

Zip/postal code : 3153

Country : Australia

Tel : +61 3 97381300

Fax : +61 3 97381304

Email : sales@gryphongaragedoors.com.au / sales@gryphonrollershutters.com.au

Website : www.gryphongaragedoors.com.au / www.gryphonrollershutters.com.au

Registered address : Level 1, The Fitzgerald Centre

424 Fitzgerald Street

Town : North Perth

Province : Western Australia

Zip/postal code : 6006

Country : Australia

SUMMARY DETAILS

Executive Summary

Date founded or registered : 04/06/1993

Legal form : Australian Proprietary Company

Chief executive : Jim Cowling

Issued & paid up capital : AUD 3

Line of business : Design, manufacture and installation of garage doors and roller shutters.

Staff employed : 50 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 undetermined

Organization structure : Organizational structure is stable

Detrimental : No detrimental found

Payment history : No payment delays noted

STATUTORY DETAILS

Registry Data

Registration date : 4/06/1993

Legal form : Australian Proprietary Company

Registration no Australian Company Number: 060202057

Registered authority : Australian Securities and Investments Commission

Fiscal/ Tax no : Australian Business Number: 74060202057

Registry status : Live/Active

Previous name : GLENSING PTY LTD (initial)

Change of legal form : None reported.

Other registration : GRYPHON GARAGE DOORS is a business name owned by the Subject

registered on 14/01/2010 under business registration number: BN11503105.

GRYPHON GARAGE DOORS is a business name owned by the Subject

registered on 05/04/2011 under business registration number: B2363750B.

GRYPHON ROLLER SHUTTERS is a business name owned by the Subject registered on 05/04/2011 under business registration number: B2363728J.

MANAGEMENT / DIRECTORS

Key Management

Name : Jim Cowling

Designation : Chief Executive Officer

BOARD OF DIRECTORS/ OTHER APPOINTMENTS

Appointments

Name : Anthony Francis Cervi

Designation : Director

Appointment date : 30/06/93

Address : 4 Ozone Avenue

Aspendale, VIC 3195

Australia

Biography : Born on 20-07-1958 in Ireland.

Name : Marcus Peter Cervi

Designation : Director and Company Secretary

Appointment date : 30/06/93

Address : 6 Taylor Avenue

Aspendale, VIC 3195

Australia

Biography : Born on 01-08-1962 in Ireland.

Staff employed : 50 employees

SHARE CAPITAL

Composition

Authorized Capital : AUD 3

No of shares : 1 A Class Redeemable On Call Share / 2 O Class Ordinary Shares

Share par value : AUD 1

Issued capital : AUD 3

Paid up capital : AUD 3

OWNERSHIP / SHAREHOLDERS

How listed : Full List

Composition

Shareholder name : G R DAVIES PTY LTD

Address : Level 1, The Fitzgerald Centre

424 Fitzgerald Street

North Perth, WA 6006

Australia

No. of shares : 1 A Class Redeemable On Call Share

Shareholder name : Anthony Francis Cervi

Address : 4 Ozone Avenue

Aspendale, VIC 3195

Australia

No. of shares : 1 O Class Ordinary Share

Shareholder name : Marcus Peter Cervi

Address : 6 Taylor Avenue

Aspendale, VIC 3195

Australia

No. of shares : 1 O Class Ordinary Share

RELATED COMPANIES & CORPORATE AFFILIATIONS

Structure

Related companies and corporate None reported.

affiliations comments:

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 declined to provide any financial information until the inquiring party details are revealed.

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 engages in design, manufacture and installation of garage

doors and roller shutters.

Product & services : -Sectional Garage Doors

-Custom Made Doors

-Wood Look Garage Doors

-Roller Doors

-Motorised, Electric or Manual Controls Roller Shutters

Purchases

Local : Yes

International : Europe

Sales

Local : Yes

International : New Zealand

Property & Assets

Premises : The Subject operates from the verified heading address consisting of a showroom, warehouse and an administrative office.

Branches : In addition, the Subject operate from a production facility, showroom, warehouse and an administrative office located at:

255 Camboon Road

Malaga, WA 6090

Australia

Tel: +61 8 92496446

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) & Economic Overview

Central bank : Reserve Bank of Australia

Reserve of foreign exchange & gold : US$ 46.714 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 : 2010: 2.8%

2011: 3.4%

2012: 2.7%

Unemployment rate : 2010: 5.2%

2011: 5.1%

2012: 5.2%

Public debt

(General Government gross debt as

a % GDP): 2010: 20.4%

2011: 22.9%

2012: 24%

Government bond ratings : Standard & Poor's: AAA

Moody's rating: Aaa

Moody's outlook: STA

Market value of publicly traded

shares: US$1.198 trillion

Largest companies in the country : Qantas Airways (Airline),Coca-Cola Amatil (Beverages), CSL (Biotechs),

Brambles (Business & Personal Services),Crown Ltd (Casinos & Gaming), Amcor (Containers & Packaging),Suncorp-Metway (Diversified Insurance), BHP Billiton (Diversified Metals & Mining),Newcrest Mining (Diversified Metals & Mining), Orica (Diversified Metals & Mining), Iluka Resources(Diversified Metals & Mining), Origin Energy (Electric Utilities), AGL Energy (Electric Utilities), Wesfarmers (Food Retail), Woolworths

(Food Retail), Metcash (Food Retail), Macquarie Group (Investment services), AMP (Investment services), Challenger Ltd (Investment services), Fortescue Metals Group (Iron & Steel), Bluescope Steel (Iron & Steel), Commonwealth Bank (Major Banks), Westpac Banking Group (Major Banks), National Australia Bank (Major Banks), ANZ (Major Banks), Woodside Petroleum (Oil & Gas Operations), Santos (Oil & Gas

Operations), Caltex Australia (Oil & Gas Operations), WorleyParsons (Oil Services & Equipment), Toll Holdings (Other Transportation), Transurban Group (Other Transportation), QBE Insurance Group (Property & Casualty Insurance), Insurance Australia Group (Property & Casualty Insurance), QR National (Railroads), Westfield Group (Real Estate), Stockland Australia (Real Estate), Westfield Retail Trust (Real Estate), Lend Lease (Real Estate), CFS Retail Property Trust (Real Estate), Goodman Group (Real Estate), Bendigo & Adelaide Bank (Regional Banks), Bank of Queensland (Regional Banks), Incitec Pivot (Specialized Chemicals), Telstra (Telecommunications Services)

Trade & Competitiveness Overview

Total exports : US$263.9 billion

Exports commodities : Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment

Total imports : US$239.7 billion

Imports commodities : Machinery and transport equipment, computers and office machines,

telecommunication equipment and parts; crude oil and petroleum products

Export - major partners : China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8%

Import - major partners : China 18.5%, US 11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7%

FDI Inflows : 2009: US$26,554 million

2010: US$35,556 million

2011: US$41,317 million

FDI Outflows : 2009: US$16,693 million

2010: US$12,791 million

2011: US$19,999 million

Best countries for doing business : 10 out of 185 countries

Global competitiveness ranking : 20 (ranking by country on a basis of 144, the first is the best)

Country and Population Overview

Total population : 22.68 million

Total area : 7,692,024 km2

Capital : Canberra

Currency : Australian dollars (AUD)

Internet users as % of total

population: 79%

PAYMENT HISTORY

Purchase Term

Local : Bank transfer, D/P, Credit 30-90 days

International : Telegraphic transfer, Credit 30-90 days

Sales Term

Local : Cash, Credit card, Bank transfer, Prepayment, Credit 30-90 days

International : Telegraphic 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.61.63
UK Pound	1	Rs.99.94
Euro	1	Rs.84.14

INFORMATION DETAILS

Report Prepared by :

NIT

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.