MIRA INFORM REPORT

Report Date :

19.07.2014

IDENTIFICATION DETAILS

Name :	TARGET AUSTRALIA PTY. LTD.
Formerly known as :	LINDSAY'S TARGET PTY. LIMITED
Registered Office :	C/O WESFARMERS LIMITED Level 11, Wesfarmers House, 40 The Esplanade, Perth, Western Australia, Zip Code 6000
Country :	Australia
Financials (as on) :	30.06.2013 (Group consolidated)
Date of Incorporation :	12.03.1947
Com. Reg. No.:	004250944
Legal Form :	Australian Proprietary Company, Limited by Shares
Line of Business :	· Subject operates a chain of department stores under the brand TARGET & TARGET COUNTRY in Australia. Subject products includes fashionable women's, men's and children's clothing, underwear, footwear, cosmetics, fragrances, and accessories; the latest designs in homewares, including manchester, bed linen, electrical appliances and décor; and a full range of toys, games and entertainment. Subject is part of Wesfarmers Limited which is an Australia based company. Subject product ranges includes : Women's, men's and children's apparel Fragrances Entertainment products Electronic products Homewares Toys Kitchenware General merchandise
No. of Employees	24,000 employees (Subject); 200,000 (Wesfarmers Group)

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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 TARGET AUSTRALIA PTY. LTD. Business name / Other TARGET / TARGET COUNTRY Business address 12-14 Thompson Road Town Geelong North Province Victoria Zip / Postal code 3215 Country Australia Telephone +61 3 52462000 Fax +61 3 52462700 Website www.target.com.au

Registered address C/o WESFARMERS LIMITED Level 11, Wesfarmers House 40 The Esplanade Town Perth Province Western Australia Zip / Postal code 6000 Country Australia Postal address P.O. Box 41 Town North Geelong Province Victoria Zip / Postal code 3215 Country Australia

SUMMARY DETAILS

Report Summary

Date registered 12/03/1947 Legal form Australian Proprietary Company, Limited by Shares Key personnel Stuart Barry Machin Line of business The Subject’s business consist of operation of a chain of department stores under the brand TARGET & TARGET COUNTRY. Staff employed 24,000 employees (Subject); 200,000 (Wesfarmers Group)

Paid-up capital AUD210,000,100.00 Sales turnover / Revenue / Income AUD59,832,000,000.00 (Group-Consolidated 12 months, 30/06/2013) Net income / loss AUD2,261,000,000.00 (Group-Consolidated 12 months, 30/06/2013) Total assets AUD43,155,000,000.00 (Group-Consolidated 12 months, 30/06/2013) Share equity AUD26,022,000,000.00 (Group-Consolidated 12 months, 30/06/2013)

CREDIT RISK OUTLOOK

Credit Risk Interpretation

Credit risk theory Sound financial and operational base for the group. Small to medium credits may be considered with confidence that the commitment will be sustained in almost all cases. This is based on criterions such as years of establishment, number of employees, sales turnover, profit after tax, total assets, reserve, and others. Normal credit control policy applies. Paid-up capital AUD210,000,100.00 Sales turnover / Revenue / Income AUD59,832,000,000.00 (Group-Consolidated 12 months, 30/06/2013) Net income / loss AUD2,261,000,000.00 (Group-Consolidated 12 months, 30/06/2013) Total assets AUD43,155,000,000.00 (Group-Consolidated 12 months, 30/06/2013) Share equity AUD26,022,000,000.00 (Group-Consolidated 12 months, 30/06/2013)

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 Group financial performance is excellent Remarks Larger credit can still be considered as the Subject's is well positioned in the market and the financial stability of the group is positive.

Organisation structure Organisational structure is consistent Detrimental No detrimental found Payment history No payment delays noted

STATUTORY DETAILS

Registry Information

Date registered 12/03/1947 Legal form Australian Proprietary Company, Limited by Shares Registration number Australian Company Number: 004250944 Registered authority Australian Securities and Investments Commission Tax / VAT number Australian Business Number: 75004250944

Statutory status Active Previous name LINDSAY'S TARGET PTY. LIMITED LINDSAY & MCKENZIE PTY. LIMITED LINDSAY & MCKENZIE LIMITED (initial) Change of legal form None reported.

BOARD OF MANAGEMENT

Key Personnel

Name Stuart Barry Machin Designation Managing Director

BOARD OF DIRECTORS

Appointments

Name Richard James Barr Goyder Title Director Appointment date 29/01/08 Address C/o WESFARMERS LIMITED Level 11, Wesfarmers House 40 The Esplanade Perth, WA 6000 Australia Biography Born on 18/01/1960 in Tambellup, Western Australia, Australia. Mr. Richard J.B. Goyder serves as Chief Executive Officer, Group Managing Director and Executive Director of Wesfarmers Ltd since July 13, 2005. He was appointed as Executive Director in 2002 and served as Finance Director from 2002 to July 13, 2005. He holds a Bachelor of Commerce degree from the University of Western Australia and has completed the Advanced Management Program at the Harvard Business School. He held a number of positions with Tubemakers of Australia, particularly business development roles, before joining Wesfarmers in 1993. He was Managing Director of Wesfarmers Landmark Limited in 1999. He has served as Director of Gresham Partners Holdings Ltd, Chairman of Australian B20 and Australian Football League Commissioner. Name Terence James Bowen Title Director Appointment date 01/05/09 Address C/o WESFARMERS LIMITED Level 11, Wesfarmers House 40 The Esplanade Perth, WA 6000 Australia Biography Born on 24/12/1966 in United Kingdom. Mr. Terry J. Bowen is the Finance Director, Executive Director of Wesfarmers Limited since May 1, 2009. Terry has held a number of finance positions with Tubemakers of Australia Limited. Terry joined Wesfarmers in 1996 and undertook various roles with Wesfarmers Landmark Limited, including Chief Financial Officer until 2003. He then became Chief Financial Officer for Jetstar Airways, prior to rejoining Wesfarmers as Managing Director, Wesfarmers Industrial and Safety in 2005. Terry became Finance Director of Coles in 2007. He has served as Director of Gresham Partners Holdings Ltd, President of the National Executive of the Group of 100 Inc and Deputy Chairman of Western Australian Opera Company Incorporated. Name Stuart Barry Machin Title Director Appointment date 06/06/13 Address 49 Mary Street St Kilda West, VIC 3182 Australia Biography Born on 28/10/1970 in United Kingdom. Name Archibald John Norman Title Director Appointment date 06/06/13 Address 3 Swan Walk Chelsea, London SW3 4JJ United Kingdom Biography Born on 01/05/1954 in United Kingdom. Name David Watson Rae Title Director Appointment date 07/08/13 Address 3 Rosebank Avenue Strathmore, VIC 3041 Australia Biography Born on 16/05/1961 in Melbourne, Victoria, Australia. Name Graeme McKinlay Jenkins Title Director Appointment date 30/10/13 Address 20 Graham Street Albert Park, VIC 3206 Australia Biography Born on 07/08/1975 in United Kingdom. Name Richard Thomas Jones Title Director Appointment date 30/10/13 Address Unit 104, 155 Beach Street Port Melbourne, VIC 3207 Australia Biography Born on 03/02/1967 in United Kingdom. Name Jonathan Fitzgerald Title Director Appointment date 04/02/14 Address 'Caroline Apartments' Unit 206 3 Male Street Brighton, VIC 3186 Australia Biography Born on 16/07/1971 in Gibraltar. Name Philip Richard Bradburn Wade Title Director Appointment date 04/02/14 Address 'Caroline Apartments' Unit 2 3 Male Street Brighton, VIC 3186 Australia Biography Born on 10/04/1976 in United Kingdom. Name Marnie Kronja Title Company Secretary Appointment date 04/02/11 Address 72 Carr Street West Perth, WA 6005 Ausralia Biography Born on 07/01/1975 in Subiaco, Western Australia, Australia.

Staff employed 24,000 employees (Subject); 200,000 (Wesfarmers Group)

Other Appointments

Auditor ERNST & YOUNG Ernst & Young Building 11 Mounts Bay Road Perth, WA 6000 Australia

SHARE CAPITAL

Composition

Authorized capital AUD210,000,100.00 Number / Type of shares 105,000,000 Ordinary Shares / 100 Redeemable A Preference Shares Share par value AUD 2 for Ordinary Share / AUD 1 for Redeemable A Preference Shares Issued capital AUD210,000,100.00

Paid-up capital AUD210,000,100.00

OWNERSHIP / SHAREHOLDERS

Composition

How listed Full list Shareholder name COLES GROUP LIMITED Address 40 The Esplanade Perth, WA 6000 Australia Number / Type of shares 105,000,000 Ordinary Shares / 100 Redeemable A Preference Shares Percentage (%) of shares 100%

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Company name WESFARMERS LIMITED Affiliation type Ultimate Holding Company Country of business Australia Comments Wesfarmers Limited is engaged in the retail; coal mining and production; gas processing and distribution; industrial and safety product distribution; chemicals and fertilizers manufacture; and investment businesses in Australia, New Zealand, and internationally. The company operates 756 BI-LO supermarkets; 810 liquor stores trading under the Liquorland, Vintage Cellars, and First Choice Liquor Superstores brands; 92 hotels; 636 fuel and convenience store outlets under the Coles Express name; and an online supermarket. It also offers home improvement and outdoor living products through 210 warehouse stores, 67 small format stores, and 36 trade centers under the Bunnings name; office products and solutions through 150 Officeworks stores; apparel and general merchandise through 190 Kmart stores; and automotive services, repairs, and tires through 263 Kmart Tyre & Auto Service centers, as well as is involved in the retail of building materials, and office and technology products. In addition, the company is engaged in property business; and supplying and distributing maintenance, repair, and operating products, as well as industrial safety products and services. Further, it manufactures and markets industrial gases and equipment; supplies and distributes industrial safety products and services; and extracts, markets, and distributes LPG and LNG. Additionally, the company provides risk management solutions; and financial advisory, structured finance, and property and private equity funds management services. It also offers chemicals for industry, mining, and mineral processing activities; broadacre and horticultural fertilizers; industrial, medical, and specialty gases; and industrial equipment, as well as holds interests in the Curragh and Bengalla cola mines in Australia. Wesfarmers Limited was founded in 1914 and is based in Perth, Australia. Company name COLES GROUP LIMITED Affiliation type Parent Company Country of business Australia Comments Coles Group Limited owns and operates retail stores in Australia and New Zealand. The company operates its stores under four groups: Food, Liquor & Fuel; Kmart; Officeworks; and Target. Food, Liquor & Fuel group comprises Supermarkets, Coles Liquor, Coles Express, and Coles Online. The Supermarkets brand comprises the Coles and Bi-Lo brands that offer a range of fresh food, groceries, and general merchandise. Coles Liquor operates four major brands: Liquorland, Vintage Cellars, Theo’s, and 1st Choice Liquor Superstore. Coles Express operates fuel and convenience stores across Australia. Kmarts are discount stores that offer a range of items, including sporting goods, toys, electrical appliances, and apparel. It also operates Kmart Tyre & Auto Service outlets. Officeworks group operates three brands, including Officeworks Superstores, Officeworks BusinessDirect, and Harris Technology, which operate as office supplies retailers for small to medium sized businesses, home offices, and individual consumers. Officeworks offers a range of products, including stationary, consumables, business machines, office furniture, and printing services. Coles Group Limited was formerly known as Coles Myer Ltd. and changed its name to Coles Group Limited in November 2006. The company was founded in 1914 and is based in Tooronga, Australia. As of November 23, 2007, Coles Group Limited operates as a subsidiary of Wesfarmers Ltd. Company name BUNNINGS GROUP LIMITED Affiliation type Sister Company Country of business Australia Company name WESFARMERS RESOURCES LIMITED Affiliation type Sister Company Country of business Australia Company name CURRAGH QUEENSLAND MINING PTY LTD Affiliation type Sister Company Country of business Australia Company name WESFARMERS CURRAGH PTY LTD Affiliation type Sister Company Country of business Australia Company name OAMPS (UK) LIMITED Affiliation type Sister Company Country of business United Kingdom Company name BENGALLA MINING COMPANY PTY LIMITED Affiliation type Sister Company Country of business Australia Company name LUMLEY GENERAL INSURANCE (NZ) LIMITED Affiliation type Sister Company Country of business New Zealand Company name WESFARMERS RETAIL PTY LTD Affiliation type Sister Company Country of business Australia

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

BANK AND MORTGAGES

Bank Details

Name of bank Australia and New Zealand Banking Group Limited Address Australia Name of bank National Australia 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 Public Record Sources Financial statement date 30/06/13 Style of financial statement Full audited

Currency of financial statement Australia Dollar (AUD) Exchange rate 1 USD = AUD 1.07 as of 18-07-2014

Concise Financial Data	Consolidation style	Group Consolidated	Group Consolidated
	Currency	Australia Dollar (AUD)	Australia Dollar (AUD)
	Date of financial year end	30/06/13	30/06/12
	Length of financial accounts	12 months	12 months
	Sales turnover / Revenue / Income	59,832,000,000.00	58,080,000,000.00
	Profit / Loss before tax	3,226,000,000.00	3,044,000,000.00
	Net income / loss	2,261,000,000.00	2,126,000,000.00
	Non-current assets	32,569,000,000.00	31,401,000,000.00
	Property, plant and equipment	10,164,000,000.00	9,463,000,000.00
	Current assets	10,586,000,000.00	10,911,000,000.00
	Inventories	5,047,000,000.00	5,006,000,000.00
	Cash and cash equivalents	1,333,000,000.00	1,127,000,000.00
	Accounts receivable	2,341,000,000.00	2,384,000,000.00
	Total assets	43,155,000,000.00	42,312,000,000.00
	Current liabilities	9,572,000,000.00	10,747,000,000.00
	Non-current liabilities	7,561,000,000.00	5,938,000,000.00
	Accounts payable	5,999,000,000.00	5,420,000,000.00
	Total liabilities	17,133,000,000.00	16,685,000,000.00
	Share equity	26,022,000,000.00	25,627,000,000.00
	Retained earnings	2,375,000,000.00	2,103,000,000.00
	Reserves	383,000,000.00	269,000,000.00

Remarks

The group consolidated financial statement above relates to the Subject's Ultimate Holding Company Wesfarmers Limited and all its subsidiaries. The TARGET division of the WESFARMERS LIMITED group reported sales turnover of AUD 3,658,000,000 with EBIT of AUD 136,000,000 for financial year end 30-06-2013 compared to sales turnover of AUD 3,738,000,000 and EBIT of AUD 244,000,000 for financial year end 30-06-2012.

BUSINESS DETAILS

Operational Details

Main activities The Subject operates a chain of department stores under the brand TARGET & TARGET COUNTRY in Australia. In total, the Subject operates 183 TARGET stores and 125 TARGET COUNTRY stores making 308 combined stores with its head office located in North Geelong, Victoria. The Subject products includes fashionable women's, men's and children's clothing, underwear, footwear, cosmetics, fragrances, and accessories; the latest designs in homewares, including manchester, bed linen, electrical appliances and décor; and a full range of toys, games and entertainment. The Subject is part of Wesfarmers Limited which is an Australia based company. The Company’s principal activities are retailing operations, including supermarkets, general merchandise and specialty department stores; fuel, liquor and convenience outlets; retailing of home improvement and outdoor living products and supply of building materials; retailing of office and technology products; coal mining and production; gas processing and distribution; insurance; industrial and safety product distribution; chemicals and fertilizers manufacture, and investments. It operates in 10 segments: Coles; home improvement and office supplies; resources; insurance; KMART; Target; industrial and safety; energy; chemicals and fertilizers, and other. Products and services Women's, men's and children's apparel Fragrances Entertainment products Electronic products Homewares Toys Kitchenware General merchandise

Purchases

Local The Subject sources its product(s) / material(s) locally.

International The Subject sources its product(s) / material(s) from countries worldwide.

Sales

Local The Subject sells its product(s) locally.

International None reported.

Key events
15 August, 2013
Target a broken business, boss admits

The boss of struggling merchandise and apparel retailer Target, Stuart Machin, has made the shocking admission during an analyst briefing this afternoon that the business is ‘‘broken’’ and at least two years away from a meaningful earnings and performance improvement.

Speaking at an update for the full-year results for Wesfarmers, the Perth-based conglomerate that owns Target, as well as supermarket Coles and Kmart, Mr Machin said he agreed with the description by Merrill Lynch analyst David Errington who said he had turned pessimistic about the future of Target following today’s update and saw it as ‘‘broken’’.

‘‘The challenges of the company or [Target] are still there if you like,’’ said Merrill Lynch analyst Mr Errington following the earnings presentation, ‘‘am I coming away with the right impression Stuart? Or what message are you trying to get across, because I came away thinking that Target was in fact pretty much a broken business.’’

In response Mr Machin acknowledged Mr Errington’s dire description of the retailer’s woes.
‘‘I think your overall summary David is quite accurate,’’ Mr Machin said.

‘‘If you go back to the session we had in May, albeit I was only six weeks in [to the job] the issue we had there was spring and summer clearance, and I did make reference to the fact that looking at receipts for autumn and winter there could be some issues as we face into the first quarter of the first half this year, and that has come to fruition.’’

Mr Machin said he believed 2014 would be a ‘‘bumpy ride’’ with earnings not getting back to 2011 levels until 2015 or as late as 2016.

As part of the Wesfarmers result today, Target reported a 44.3 per cent dive in pre-tax earnings to $136 million as sales slipped 2.1 per cent to $3.65 billion, and down 3.3 per cent on like-for-like sales.

Mr Machin painted a grim picture of the retailer’s outlook, saying poor conditions that crimped earnings in 2013 had spilled into the new financial year.

Target has become the problem child of the Wesfarmers retail portfolio, significantly underperforming the strong earnings momentum of stablemates Coles, Kmart, Bunnings and Officeworks.

In May Wesfarmers shocked investors by warning full-year earnings before interest and tax at Target would drop to between $140 million and $160 million, against $148 million earned in the first half. This could see second-half earnings sink to an $8 million loss or, at the upper end, a $12 million profit.

The downturn in Target's fortunes led to the company announcing in June 260 job losses, out of the roughly 1000 the retailer has at its Geelong headquarters.

Source: www.smh.com.au

Business Facilities and Assets

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

Branches In addition, the Subject operates from 183 TARGET stores and 125 TARGET COUNTRY stores making 308 combined stores.

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 & Poors: AAA Moodys rating: Aaa Moodys outlook: STA Market value of publicly traded shares US$1.198 trillion Largest companies 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 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 Bank transfer, D/P, Credit 30-120 days

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

Sales Term

Local Cash, Credit card

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

Attachments

Attachments Group consolidated financial statements List of affiliated companies

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.33
UK Pound	1	Rs.103.18
Euro	1	Rs.81.58

INFORMATION DETAILS

Analysis Done by :	DIV
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%)

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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.