MIRA INFORM REPORT

Report Date :

15.12.2014

IDENTIFICATION DETAILS

Name :	TELSTRA INTERNATIONAL LTD.

Registered Office :	19/F., Telecom House, 3 Gloucester Road, Wanchai

Country :	Hong Kong

Date of Incorporation :	09.10.2000

Com. Reg. No.:	31564942

Legal Form :	Private Limited Company

Line of Business :	Telecommunications Service Provider, Carrier and Network Operator.

No of Employees :	40

RATING & COMMENTS

MIRA’s Rating :

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

Maximum Credit Limit :	US$ 550,000

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Hong Kong

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

HONG KONG - ECONOMIC OVERVIEW

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 12% of total system deposits in Hong Kong by the end of 2013. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.

Source : CIA

Company name and address

TELSTRA INTERNATIONAL LTD.

ADDRESS: 19/F., Telecom House, 3 Gloucester Road, Wanchai, Hong Kong.

PHONE: 852-2883 8957

FAX: 852-2962 5678

MANAGEMENT

Managing Director: Mr. Martijn Blanken

SUMMARY

Incorporated on: 9th October, 2000.

Organization: Private Limited Company.

Issued Share Capital: HK$1,208,783,002.00 & US$172,753,938.00

Business Category: Telecommunications Service Provider, Carrier and Network Operator.

Group Sales Revenue: A$26,296 million (Year ended 30-06-2014)

Employees: 40.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Good.

ADDRESS

Registered Head Office:-

19/F., Telecom House, 3 Gloucester Road, Wanchai, Hong Kong.

Holding Company:-

Telstra Global Holdings Ltd., British Virgin Islands.

[Formerly known as Reach Global Holdings Ltd.]

Intermediate Holding Company:-

Telstra Holdings Pty. Ltd., Australia.

Ultimate Holding Company:-

Telstra Corporation Ltd., Australia.

Associated Companies:-

Telstra Group of Companies

02 Networks Pty. Ltd., Australia.

1300 Australia Pty. Ltd., Australia.

Alpha Phone Words Pty. Ltd., Australia.

Argus Connecting Care Pty. Ltd., Australia.

Australian Local Search Pty. Ltd., Australia.

Autohome (Hong Kong) Ltd., Hong Kong.

Autohome Inc., Cayman Islands.

Autohome Media Ltd., Hong Kong.

Autohome Shanghai Advertising Co. Ltd., China.

Beijing Australia Telecommunications Technical Consulting Services Co. Ltd., China.

Beijing Autohome Advertising Co. Ltd., China.

Beijing Autohome Software Co. Ltd., China.

Beijing Autohome Technologies Co. Ltd., China.

Beijing Cheerbright Technologies Co. Ltd., China.

Beijing Liang Dian Shi Jian Technology Co. Ltd., China.

Beijing Topside Technologies Co. Ltd., China.

Big Bang Holdings Ltd., Hong Kong.

Cable Telecommunications Ltd., UK.

Cheerbright International Holdings Ltd., British Virgin Islands.

Chief Entertainment Pty. Ltd., Australia.

China Topside Ltd., British Virgin Islands.

CitySearch Australia Pty. Ltd., Australia.

Communicare eHealth Solutions Pty. Ltd., Australia.

Cordoba Holdings Lt.d, Jersey.

CSL Ltd., Hong Kong.

CSL New World Mobility Ltd., Bermuda.

DCA Direct Health Pty. Ltd., Australia.

DCA eHealth Solutions Pty. Ltd., Australia.

ERX Script Exchange Pty. Ltd., Australia.

Fred Health Pty. Ltd., Australia.

Fred IT Group Pty. Ltd., Australia.

Fred Retail Pty. Ltd., Australia.

Goodwin Enterprises (VIC) Pty. Ltd., Australia.

Guangzhou Autohome Advertising Co. Ltd., China.

Haochen Shidai (Beijing) Advertisement Co. Ltd., China.

Hong Kong CSL Ltd., Hong Kong.

Incomgen Holdings Inc., Philippines.

Integrated Business Systems Ltd., Hong Kong.

Integrated Vision Pty. Ltd., Australia.

Inteligen Communications Ltd., UK.

iVision (QLD) Pty. Ltd., Australia.

iVision (Unify) Pty. Ltd., Australia.

iVision Investments Pty. Ltd., Australia.

KCS Solutions Pty. Ltd., Australia.

Kelzone Pty. Ltd., Australia.

Life Events Media Pty. Ltd., Australia.

Location Navigation Pty. Ltd., Australia.

London Hosting Centre Ltd., Jersey.

Muru-D Pty. Ltd., Australia.

NDC Global Holdings Pty. Ltd., Australia.

NDC Global Services Pty. Ltd., Australia.

Network Design & Construction Ltd., Australia.

New World 3G Ltd., Hong Kong.

New World Mobility Ltd., Hong Kong.

New World PCS Holdings Ltd., Cayman Islands.

New World PCS Ltd., Hong Kong.

Norstar Advertising Media Holdings Ltd., Cayman Islands.

NSC Enterprise Solutions Pty. Ltd., Australia.

NSC Group Pty. Ltd., Australia.

NSC NZ Ltd., New Zealand.

Octave Investments Holdings Ltd., British Virgin Islands.

One2Free PersonalCom Ltd., Hong Kong.

Pharmacy Research Network Pty. Ltd., Australia.

Prentice Management Consulting Pty. Ltd., Australia.

PSINet Datacentre UK Ltd., UK.

PSINet Hosting Centre Ltd., Jersey.

PSINet Jersey Ltd., Jersey.

PT Reach Network Services Indonesia, Indonesia.

PT Telstra Nusantara, Indonesia.

Reach Data Services India Private Ltd., India.

Reach Holdings Ltd., Mauritius.

Reach Network India Private Ltd., India.

Research Resources Pty. Ltd., Australia.

Sensis Holdings Pty. Ltd., Australia.

Sensis Pty. Ltd., Australia.

Sequel Media Inc., Cayman Islands.

Sharp Point Group Ltd., British Virgin Islands.

Shengtuo Shidai (Beijing) Information Technology Co. Ltd., China.

Telstra (Cable Telecom) Ltd., UK.

Telstra (CTE) Ltd., UK.

Telstra (PSINet), UK.

Telstra (Thailand) Ltd., Thailand.

Telstra 3G Spectrum Holdings Pty. Ltd., Australia.

Telstra Asia Holdings Ltd., British Virgin Islands.

Telstra Asia Ltd., British Virgin Islands.

Telstra Asia Regional Holdings Ltd., British Virgin Islands.

Telstra Business Systems Pty. Ltd., Australia.

Telstra Communications Ltd., Australia.

Telstra ESOP Trustee Pty. Ltd., Australia.

Telstra Finance Ltd., Australia.

Telstra Foundation (Philippines) Inc., Philippines.

Telstra Foundation Ltd., Australia.

Telstra Global Ltd., UK.

Telstra Growthshare Pty. Ltd., Australia.

Telstra Holdings (Bermuda) No. 1 Ltd., Bermuda.

Telstra Holdings (Bermuda) No. 2 Ltd., Bermuda.

Telstra Holdings Singapore Pte. Ltd., Singapore.

Telstra Inc., USA.

Telstra India (Private) Ltd., India.

Telstra International (Aus) Ltd., Australia.

Telstra International HK Ltd., Hong Kong.

Telstra International Holdings Ltd., Bermuda.

Telstra International Philippines Inc., Philippines.

Telstra International PNG Ltd., Papua New Guinea.

Telstra iVision Pty. Ltd., Australia.

Telstra Japan KK, Japan.

Telstra Ltd., UK.

Telstra Malaysia Sdn. Bhd., Malaysia.

Telstra Media Pty. Ltd., Australia.

Telstra Multimedia Pty. Ltd., Australia.

Telstra Network (Thailand) Ltd., Thailand.

Telstra Network Services NZ Ltd., New Zealand.

Telstra New Zealand Holdings Ltd., New Zealand.

Telstra NZ Ltd., New Zealand.

Telstra Octave Holdings Ltd., British Virgin Islands.

Telstra OnAir Holdings Pty. Ltd., Australia.

Telstra Pay TV Pty. Ltd., Australia.

Telstra Philippines Holdings Ltd., Philippines.

Telstra Philippines Inc., Philippines.

Telstra Plus Pty. Ltd., Australia.

Telstra Robin Holdings Ltd., British Virgin Islands.

Telstra SE Asia Holdings Ltd., British Virgin Islands.

Telstra Sensis (Beijing) Co. Ltd., China.

Telstra Services Korea Ltd., Korea.

Telstra Services Solutions Holdings Ltd., Australia.

Telstra Singapore Pte. Ltd., Singapore.

Telstra Technology Services (Hong Kong) Ltd., Hong Kong.

Telstra Telecommunications Private Ltd., India.

Telstra Ventures Pty. Ltd., Australia.

Telstra Web Holdings Inc., Philippines.

Thai Cyber Web Co. Ltd., Thailand.

Unify Pty. Ltd., Australia.

Union Tough Advertisement Ltd., Hong Kong.

Willoughby (602) Ltd., UK.

BUSINESS REGISTRATION NUMBER

31564942

COMPANY FILE NUMBER

0733743

MANAGEMENT

Managing Director: Mr. Martijn Blanken

ISSUED SHARE CAPITAL

HK$1,208,783,002.00 & US$172,753,938.00

SHAREHOLDERS

(As per registry dated 09-10-2014)

Name

No. of shares

(HK$)

(US$)

Telstra Global Holdings Ltd.

P.O. Box 957, Offshore Incorporation Centre, Road Town, Tortola, British Virgin Islands.

1,208,783,002

==========

172,753,938

=========

DIRECTORS

(As per registry dated 09-10-2014)

Name

(Nationality)

Address

Douglas James ROGERSON

Unit B, 23/F., Block 3, Pacific View, 38 Tai Tam Road, Hong Kong.

Martijn BLANKEN

Redhill Peninsular, 73 Cedar Drive, 18 Pak Pat Shan Road, Tai Tam, Hong Kong.

SECRETARY

(As per registry dated 09-10-2014)

Name	Address	Co. No.
Haldane Secretaries Ltd.	7/F., Ruttonjee House, 11 Duddell Street, Central, Hong Kong.	0372375

HISTORY

The subject was incorporated on 9th October, 2000 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Captain Cyber Ltd., name changed to Reach Global Services Ltd. on 16th February, 2001, and changed further to the present style on 26th April, 2011.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities & Lines: Telecommunications Service Provider, Carrier and Network Operator.

Employees: 40.

Commodities Imported: Imported from Europe, USA, etc.

Business Territories: Hong Kong and overseas countries.

Group Sales Revenue: A$25,029 million (Year ended 30-06-2010)

A$25,304 million (Year ended 30-06-2011)

A$25,503 million (Year ended 30-06-2012)

A$24,776 million (Year ended 30-06-2013)

A$26,296 million (Year ended 30-06-2014)

Terms/Sales: As per contracted.

Terms/Buying: On various terms.

FINANCIAL INFORMATION

Issued Share Capital: HK$1,208,783,002.00 & US$172,753,938.00

Indebtedness: US$18,000.00 & US$110,000.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 09-10-2014)

Mortgage or Charge:-

Date of Floating Charge Security Document: 25-04-2003

Amount: All present and future moneys, debts and liabilities

Property: The Company, as legal and beneficial owner and as continuing security for the due and punctual payment, discharge and performance of all liabilities, charges in favour of the Security Trustee by way of first floating charge its undertaking and all its assets both present and future

Mortgagee: JPMorgan Chase Bank, Hong Kong Branch.
[Now known as JPMorgan Chase Bank N.A.]

Group Net Profit: A$3,940 million (Year ended 30-06-2010)

A$3,250 million (Year ended 30-06-2011)

A$3,424 million (Year ended 30-06-2012)

A$3,791 million (Year ended 30-06-2013)

A$4,345 million (Year ended 30-06-2014)

Profit or Loss: Business is profitable.

Condition: Keeping in an active condition.

Facilities: Making active use of general banking facilities.

Payment: Met as required.

Commercial Morality: Satisfactory.

Bankers:-

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Barclays Bank PLC, Hong Kong Branch.

Shanghai Commercial Bank Ltd., Hong Kong.

JPMorgan Chase Bank N.A., Hong Kong Branch.

Standing: Very Good.

GENERAL

Telstra International Ltd. is a wholly-owned subsidiary of Telstra Global Holdings Ltd. which is a BVI-registered firm. The subject’s ultimate holding company Telstra Corporation Ltd. [Telstra/Telstra Group] which is an Australia-based firm.

The subject is a division of Telstra, Australia’s leading and largest telecommunications and information-services-company.

Telstra is Australia’s leading telecommunications and information services company, offering a full range of communications services and competing in all telecommunications markets. It employ close to 32,000 people directly, facilitate access to more than 1,900 points of presence across the globe and have one of Australia’s largest shareholder bases, with 1.4 million shareholders. It has a diverse range of customers, including consumers, small business, large enterprises and government organisations, and we strive to put them at the centre of everything it does.

In Australia, its services are offered through 362 Telstra branded retail stores, 90 Telstra Business Centres, 127 Telstra business and enterprise partners and are distributed by over 15,000 retail points of presence managed by our partners.

In Australia, it provides 16 million mobile services, 7.5 million fixed voice services and 3.7 million fixed data services. Telstra’s international businesses include Telstra’s global networks and managed services business and Telstra’s China-based search and advertising business, Autohome Inc.

Telstra now has the following five operating segments:-

· Telstra Retail (TR);

· Global Enterprise and Services (GES);

· Telstra Operations (TOps);

· Telstra Wholesale (TW); &

· Telstra International Group (TIG).

During the year ended 30th June, 2014, Telstra set up a new business unit “Global Enterprise and Services” (GES) that operates as a global scale, industry-based services and solutions business. GES is a separate reportable segment which includes mainly Telstra Enterprise and Government (previously a separate reportable segment), Network Applications and Services (NAS) (previously in the Telstra Operations segment), Telstra Global (previously in the Telstra International Group segment), as well as Telstra Ventures Group and Global Applications and Platforms (both previously in the “All Other” category).

In May 2014, Telstra disposed of its entire 76.4% shareholding in CSL and its controlled entities (CSL Group).

For the year ended 30th June, 2014, the total income of Telstra amounted to A$26,296 million (same period of 2013: A$24,776 million). Profit for the period amounted to A$4,345 million (same period of 2013: A$3,791 million).

The subject is fully supported by Telstra.

On the whole, consider the subject good for normal business engagements.

REMARKS

Brief personal profile of the director:-

Martijn Blanken is the President and Managing Director for Telstra based in Hong Kong. In this capacity he leads Telstra’s international division focused on providing a wide range of data-networking, cloud and unified communications services to over 1,500 multinational corporations and international carriers. Martijn is also a member of the Executive Committee of Telstra Corporation.

He was previously Chief Operating Officer of Telstra and was responsible for the network operations, customer service, engineering, IT, and procurement divisions, as well as the strategic planning for the technology roadmap.

Martijn joined Telstra in 2009 in Sydney where he drove a strategic repositioning of the Network Applications and Services business and subsequently ran a major restructure program focused on putting this business back on the growth trajectory.

Prior to joining Telstra, Martijn was the General Manager and Vice President, Asia Pacific and Japan for Openwave Systems. He has also held several senior positions at KPN Royal Dutch Telecom, most recently as Senior Vice President and Managing Director of the Managed Services and Outsourcing Division, and held non-executive directorships for several KPN Royal Dutch Telecom joint ventures.

Martijn holds a MBA from the University of Groningen (Netherlands).

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.44
UK Pound	1	Rs.98.15
Euro	1	Rs.77.44

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ANK

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.