MIRA INFORM REPORT

Report Date :

22.12.2014

IDENTIFICATION DETAILS

Name :	GREATOREX TEXTILE INDUSTRIES PTY. LTD.
Registered Office :	195 Chesterville Road, Moorabbin, Victoria VIC 3189
Country :	Australia
Date of Incorporation :	1946
Com. Reg. No.:	ACN: 071846681
Legal Form :	Australian Proprietary Company
Line of Business :	The Subject is engaged in the manufacture and sale of textile products for various uses. It also manufactures a wide range of soft orthotics designed for the medical, sporting and leisure industries. Furthermore, it is involved in the production of a range of tubular bandages.
No. of Employee :	30 + [Estimated]

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 :	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)
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
Verified
Subject name:	GREATOREX TEXTILE INDUSTRIES PTY. LTD.
Address:	195 Chesterville Road
Town:	Moorabbin
State/province:	Victoria
Zip/postal code:	VIC 3189
Country:	Australia
Telephone:	+61 (3) 95322344
Fax:	+61 (3) 95533263
Email:	medical@greatorex.com.au
Website:	www.greatorex.com.au
Remarks:	The Subject's registered address is: 15 Edinburgh Street South Oakleigh, VIC 3167 Australia
EXECUTIVE SUMMARY
Date established:	1946
Legal form:	Australian Proprietary Company
Share capital:	AUD 241,206
Main activities:	Manufacture and sale of textile products for various uses.
Employees:	30+ (estimated)
Interpretation	Financial information was not available. More caution advisable when considering granting credit. Smaller credits plus guarantees an advantage. A strict credit control policy applies.
REGISTRY DATA
Key Facts
Date established:	1946
Date registered:	17-11-1995
Legal form:	Australian Proprietary Company
Registration no:	ACN: 071846681
Registry auth.	Australian Securities and Investments Commission
Tax number:	ABN: 63071846681
Registry status:	Live/Active
LEGAL FILINGS
Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None
MANAGEMENT & STAFF
Key Managers
Name:	Leonard Thomas Greatorex
Job title:	Director and Company Secretary
Name:	Michael Morley Caspar
Job title:	Director
Staff
No of employees	30+ (estimated)
BOARD OF DIRECTORS / OTHER APPOINTMENTS
Appointments
Name:	Leonard Thomas Greatorex
Board function:	Director and Company Secretary
Date appointed:	17-11-1995
Address:	14 Gordon Street Hampton, VIC 3188 Australia
Biography:	Born: 22-05-1947 Birth Place: Melbourne, Victoria
Name:	Michael Morley Caspar
Board function:	Director
Date appointed:	17-11-1995
Address:	12 The Crescent Ferntree Gully, VIC 3156 Australia
Biography:	Born: 02-10-1939 Birth Place: Tiverton Devon, United Kingdom
SHARE CAPITAL
Composition
Authorised:	AUD 241,206
Number/type:	120,603 ordinary shares
Share value:	AUD 2
Issued:	120,603 ordinary shares
Paid-up:	AUD 241,206
Shareholders/Owners
How Listed	Full List
Composition
Name:	Leonard Thomas Greatorex
% of shares:	100%
Address:	14 Gordon Street Hampton, VIC 3188 Australia
CORPORATE AFFILIATIONS
Structure
Name:	INDUSTRIAL KNITTED PRODUCTS PTY LTD
Affiliation type:	Subsidiary
Address:	5/77-85 Pasturage Road Caboolture, QLD 4510 Australia
Name:	WEBBING INDUSTRIES AUSTRALIA PTY LTD
Affiliation type:	Subsidiary
Address:	204 Chesterville Road Cheltenham, VIC 3192 Australia
FINANCIAL ACCOUNTS
Description
Required to file:	No
Source:	N/A
Comments	Private Companies in Australia are not required to file accounts unless classified as "Large", which at the moment means that two out of the following three conditions are met: - The company has a sales turnover of over AUD 25,000,000 - The company has total assets of over AUD 12,500,000 - The company employs 50 people or more. The Subject does not meet the criteria of being a large proprietary company.
OPERATIONS & HISTORY
Activities
Full description:	The Subject is engaged in the manufacture and sale of textile products for various uses. It also manufactures a wide range of soft orthotics designed for the medical, sporting and leisure industries. Furthermore, it is involved in the production of a range of tubular bandages.
Products/services:	Meat netting for meat products Carcase bags Apron straps Ankle/back supports Elbow guards Knee/wrist splints Soft collar
PROPERTY & ASSETS
Premises	The Subject principally operates from premises located at the heading address, consisting of a warehouse and administrative offices.
PAYMENTS
Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
Exports:	Credits 30 days net
Debt Collections / Judgements	No negative information was found.
Payment Experience
Payment behaviour:	As trade references were not supplied, the Subject's payment track record history CANNOT BE ACCURATELY DETERMINED, but payments are believed to be PROMPT.
INVESTIGATIVE NOTES
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.63.07
UK Pound	1	Rs.98.73
Euro	1	Rs.77.46

INFORMATION DETAILS

Analysis Done by :	SUB
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.