Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	ECOM COMMODITIES PTY LTD
Registered Office :	Suite 801, Level 8, 15 Castlereagh Street, Sydney, New South Wales 2000
Country :	Australia
Financials (as on) :	31.12.2013
Date of Incorporation :	08.10.1999
Legal Form :	Australian Proprietary Company, Limited By Shares
Line of Business :	Subject is engaged in of import and export of agricultural commodities mainly raw cotton.
No. of Employees :	8

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

CORPORATE DETAILS

Verified Address

Subject name ECOM COMMODITIES PTY LTD Business address Suite 801, Level 8 15 Castlereagh Street Town Sydney Province New South Wales Zip / Postal code 2000 Country Australia Telephone +61 2 92233631 Fax +61 2 92236206 Email webcottonoz@ecomtrading.com Website www.ecomtrading.com

Registered address Suite 801, Level 8 15 Castlereagh Street Town Sydney Province New South Wales Zip / Postal code 2000 Country Australia

SUMMARY DETAILS

Report Summary

Date registered 08/10/1999 Legal form Australian Proprietary Company, Limited by Shares Key personnel Matthew John Creighton Bradd Line of business The Subject’s business consist of import and export of agricultural commodities mainly raw cotton. Staff employed 8 employees

Paid-up capital AUD23,175,000.00 Sales turnover / Revenue / Income AUD 141,990,221.00 (Non-Consolidated 12 months, 31/12/2013) Net income / loss AUD 4,322,420.00 (Non-Consolidated 12 months, 31/12/2013) Total assets AUD 25,308,387.00 (Non-Consolidated 12 months, 31/12/2013) Share equity AUD 21,083,730.00 (Non-Consolidated 12 months, 31/12/2013)

Subject’s Credit Risk Analysis

Country risk Country risk is minimal Operation trend Operational trend is steady Management experience Management is adequately experienced Financial performance Financial performance is good

Organisation structure Organisational structure is stable Detrimental No detrimental found Payment history No payment delays noted Credit amount requested Not described.

STATUTORY DETAILS

Registry Information

Date registered 08/10/1999 Legal form Australian Proprietary Company, Limited by Shares Registration number Australian Company Number: 089892713 Registered authority Australian Securities and Investments Commission Tax / VAT number Australian Business Number: 65089892713

Statutory status Active Previous name ECOM COTTON AUSTRALIA PTY LTD (initial)

BOARD OF MANAGEMENT

Key Personnel

Name Matthew John Creighton Bradd Designation Managing Director

BOARD OF DIRECTORS

Appointments

Name Felipe Esteve Title Director Appointment date 28/09/06 Address Bosque De Alisos 45-a 2 Piso De Las Loma S C.p. 05120 Deleg. Cujimalpa Mexico Biography Born on 23-08-1971 in Mexico City, Mexico. Name Matthew John Creighton Bradd Title Director Appointment date 15/04/10 Address 3 Adolphus Street Naremburn, NSW 2065 Australia Biography Born on 28-01-1984 in Sydney, New South Wales, Australia. Name Karen Gilmour Title Company Secretary Appointment date 15/01/13 Address 27 Garland Road Naremburn, NSW 2065 Australia Biography Born on 17-01-1981 in Sydney, New South Wales, Australia.

Staff employed 8 employees

Other Appointments

Auditor GRANT THORNTON AUDIT PTY LTD Level 17, 383 Kent Street Sydney, NSW 2000 Australia

SHARE CAPITAL

Composition

Authorized capital AUD23,175,000.00 Number / Type of shares 23,175,000 Ordinary Shares Share par value AUD1.00 Issued capital AUD23,175,000.00

Paid-up capital AUD23,175,000.00

OWNERSHIP / SHAREHOLDERS

Composition

Shareholder name ECOM AGROINDUSTRIAL CORPORATION LTD. Address Av. Etienne Guillemin 16 CH-1009 Pully Switzerland Number / Type of shares 23,175,000 Ordinary Shares Percentage (%) of shares 100%

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Company name ECOM AGROINDUSTRIAL CORPORATION LTD. Affiliation type Parent Company Country of business Switzerland Comments Ecom Agroindustrial Corporation is a global commodity trading and processing company specializing in coffee, cotton, cocoa, and sugar in major producing and consuming countries, with ancillary agricultural operations in oilseeds. ECOM is one of the world’s top three merchants in coffee, one of the largest coffee millers in the world, and among the top five merchants in both cotton and cocoa. The company is an integrated commodity originator, processor, and merchandiser, and it sells its products to branded product manufacturers, including household names such as Nestlé Group, Starbucks, Hershey, Mars, Sara Lee, Kraft, and Folgers. Now incorporated and headquartered in Switzerland, ECOM and its subsidiaries operate in 30 countries. ECOM’s coffee business is global, with more than 20 offices on five continents. In recent years, as much as 20% of ECOM’s total coffee trade was in certified varieties and the company’s long-term vision is to increase this percentage significantly. Company name ECOM USA, INC. Affiliation type Sister Company Country of business United States of America Company name ECOM AGROINDUSTRIAL ASIA PTE. LTD. Affiliation type Sister Company Country of business Singapore Company name ECOM TRADING (SHANGHAI) CO. LTD. Affiliation type Sister Company Country of business China Company name DHANYA AGROINDUSTRIAL PVT. LTD. Affiliation type Associate Country of business India Company name CONDESA PTY LTD Affiliation type Associate Country of business Australia Company name PT INDO CAFCO (ROBUSTAS) Affiliation type Associate Country of business Indonesia Company name ECOM JAPAN LTD. Affiliation type Associate Country of business Japan Company name MONPI COFFEE EXPORTS LTD. Affiliation type Associate Country of business Papua New Guinea Company name MAWENZI COFFEE EXPORTERS LTD Affiliation type Associate Country of business Tanzania

Remarks on corporate affiliations and related companies Other companies of the group should be considered affiliates of the Subject.

BANK AND MORTGAGES

Bank Details

Name of bank The Australia and New Zealand Banking Group Limited (ANZ Bank) Address Australia

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 Filings

Bankruptcy filings None reported. Court judgements None reported.

Tax liens None reported. Others None reported.

FINANCIAL STATISTICS

Description

Financial statement source Commercial Registry Filings Financial statement date 31/12/13 Style of financial statement Full audited

Currency of financial statement Australia Dollar (AUD) Exchange rate 1 USD = AUD 1.07 as of 07-08-2014

Concise Financial Data	Consolidation style	Non-Consolidated	Non-Consolidated
	Currency	Australia Dollar (AUD)	Australia Dollar (AUD)
	Date of financial year end	31/12/13	31/12/12
	Length of financial accounts	12 months	12 months
	Sales turnover / Revenue / Income	141,990,221.00	172,766,741.00
	Gross profit	16,210,855.00	17,383,054.00
	Profit / Loss before tax	5,758,157.00	4,741,389.00
	Net income / loss	4,322,420.00	10,250,804.00
	Non-current assets	3,493,879.00	5,766,019.00
	Property, plant and equipment	25,128.00	23,368.00
	Current assets	21,814,508.00	17,239,595.00
	Inventories	373,827.00	10,049,899.00
	Cash and cash equivalents	601,543.00	4,825,109.00
	Accounts receivable	19,609,809.00	1,911,340.00
	Total assets	25,308,387.00	23,005,614.00
	Current liabilities	4,198,625.00	6,244,304.00
	Non-current liabilities	26,032.00	0.00
	Accounts payable	1,430,615.00	5,967,470.00
	Total liabilities	4,224,657.00	6,244,304.00
	Share equity	21,083,730.00	16,761,310.00
	Retained earnings	-161,295.00	-4,483,715.00

BUSINESS DETAILS

Operational Details

Main activities The Subject engages in import and export of agricultural commodities mainly raw cotton. Products and services Raw Cotton

Purchases

Local The Subject sources its product(s) locally.

International The Subject sources its product(s) from countries worldwide such as United States, Mexico, Brazil, Paraguay, China, Central Asia, Guatemala, Nicaragua, West Africa and India.

Sales

Local None reported.

International The Subject exports its product(s) to Asian countries mainly India and China.

Business Facilities and Assets

Premises The Subject operates from the verified heading address consisting of an administrative office.

Branches None reported.

SUMMARIZED COUNTRY RISK

Gross Domestic Products (GDP) and Economic Overview

Central bank Reserve Bank of Australia Reserve of foreign exchange and gold US$ 46.714 billion Gross domestic product (GDP) US$ 1.586 trillion Purchasing power parity (GPP) 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 percentage (%) of 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

Trade and Competitiveness Overview

Total exports US$263.9 billion Export commodities Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment Total imports US$239.7 billion Import commodities Machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products 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)

Major export partners China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8% Major import 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

Country and Population Overview

Total population 22.68 million Total area 7,692,024 km2 Capital Canberra

Currency Australian dollars (AUD) Internet users as percentage (%) of total population 79%

PAYMENT OUTLOOK

Purchases Term

Local Prepayment, Bank transfer, D/P, Credit 30-120 days

International L/C, Prepayment, Telegraphic transfer, D/P, Credit 30-120 days

Sales Term

Local Prepayment, Bank transfer, D/P, Credit 30-120 days

International L/C, Prepayment, Telegraphic transfer, D/P, Credit 30-120 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

KEY FINANCIAL RATIOS

For financial year end	31/12/13	31/12/12
Profitability	.	.
Gross profit (loss) margin (%)	11.42	10.06
Pre-tax profit (loss) margin (%)	4.06	4.06
Net profit (loss) margin (%)	3.04	5.93
Earnings per share (currency based on financial statement)	0.19	0.44
Return on Invested Capital	.	.
Return on assets (%)	17.08	44.56
Return on equity (%)	20.50	61.16
Liquidity	.	.
Current ratio	5.20	2.76
Quick ratio	5.11	1.15
Cash ratio	0.03	0.28
Accounts receivable turnover ratio (times)	7.24	90.39
Accounts payable turnover ratio (times)	99.25	28.95
Collection period (days)	50.41	4.04
Payment period (days)	3.68	12.61
Inventory turnover ratio (times)	379.83	17.19
Inventory conversion period (days)	0.96	21.23
Asset Management	.	.
Fixed asset turnover ratio (times)	5,650.68	7,393.30
Asset turnover ratio (times)	5.61	7.51
Capital Structure and Solvency	.	.
Total debt to asset ratio (%)	16.69	27.14
Total debt to equity ratio (%)	20.04	37.25
Non-current debt to equity ratio (%)	0.12	0.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.55
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TPT

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.