MIRA INFORM REPORT

Report Date :

22.11.2014

IDENTIFICATION DETAILS

Name :	ELECON AUSTRALIA PTY LIMITED
Registered Office :	C/o O'DONNELL HENNESSY PTY LTD 7 Atchison Street Wollongong New South Wales 2500
Country :	Australia
Date of Incorporation :	12.03.2002
Com. Reg. No.:	099879517
Legal Form :	Australian Proprietary Company, Limited by Shares
Line of Business :	Subject is a dormant company [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees :	03

RATING & COMMENTS

MIRA’s Rating :

C

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Dormant Company
Payment Behaviour :	--
Litigation :	--

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

Company name and address

ELECON AUSTRALIA PTY LIMITED

Verified Address

Subject name ELECON AUSTRALIA PTY LIMITED Business address 16 Dunwell Avenue Town Loftus Province New South Wales Zip / Postal code 2232 Country Australia Telephone +61 488054028 (Mobile No.) Remarks The representative contacted Mr. Terrence David Hall at +61 488054028 advised that the Subject is a dormant company and the main operating entity is RADICON TRANSMISSION (AUSTRALIA) PTY LTD under Australian Company Number: 149513940 and Australian Business Number: 71149513940.

Registered address C/o O'DONNELL HENNESSY PTY LTD 7 Atchison Street Town Wollongong Province New South Wales Zip / Postal code 2500 Country Australia

SUMMARY DETAILS

Report Summary

Date registered 12/03/2002 Legal form Australian Proprietary Company, Limited by Shares Key personnel Prayasvin Bhanubhai Patel Line of business The Subject is an dormant company. Staff employed Directors are the only employees of the Subject

Paid-up capital AUD219,821.00

Subject’s Credit Risk Analysis

Country risk Country risk is minimal Operation trend Operational trend is stalled (dormant) Management experience Management is reasonably experienced Financial performance Financial performance is undetermined

Organisation structure Organisational structure is flawed Detrimental Serious detrimental found Payment history Payment punctuality is undetermined

STATUTORY DETAILS

Registry Information

Date registered 12/03/2002 Legal form Australian Proprietary Company, Limited by Shares Registration number Australian Company Number: 099879517 Registered authority Australian Securities and Investments Commission Tax / VAT number Australian Business Number: 34099879517

Statutory status Dormant Previous name None reported. Change of legal form None reported.

BOARD OF MANAGEMENT

Key Personnel

Name Prayasvin Bhanubhai Patel Designation Managing Director

BOARD OF DIRECTORS

Appointments

Name Terrence David Hall Title Director and Company Secretary Appointment date 12/03/02 Address 16 Dunwell Avenue Loftus, NSW 2232 Australia Biography Born on 28/10/1947 in Parramatta, New South Wales, Australia. Name Prayasvin Bhanubhai Patel Title Director Appointment date 12/03/02 Address Honest House, Bakrol Road Vallabh Vidyanagar 388120 Gujarat India Biography Born on 03/04/1958 in India. Name Taruna Prayasvin Patel Title Director Appointment date 19/07/06 Address Honest House, Bakrol Road Vallabh Vidyanagar 388120 Gujarat India Biography Born on 06/06/1952 in Kenya.

Staff employed Directors are the only employees of the Subject

SHARE CAPITAL

Composition

Authorized capital AUD219,821.00 Number / Type of shares 219,821 Ordinary Shares Share par value AUD1.00 Issued capital AUD219,821.00

Paid-up capital AUD219,821.00

OWNERSHIP / SHAREHOLDERS

Composition

How listed Full list Shareholder name Terrence David Hall Address 16 Dunwell Avenue Loftus, NSW 2232 Australia Number / Type of shares 1 Ordinary Share Shareholder name ELECON ENGINEERING COMPANY LIMITED Address Anand Sojitra Road Vallabh Vidyanagar 388120 Gujarat India Number / Type of shares 109,910 Ordinary Shares Shareholder name EMTICI ENGINEERING LIMITED Address Anand Sojitra Road Vallabh Vidyanagar 388120 Gujarat India Number / Type of shares 109,910 Ordinary Shares

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Company name ELECON ENGINEERING COMPANY LIMITED Affiliation type Shareholder Country of business India Comments Elecon Engineering Company Limited manufactures and sells transmission equipment in India. The company operates through Material Handling Equipment, Transmission Equipment, and Others segments. It offers power transmission solutions, such as helical and bevel helical, worm, lift, wind mill, high speed, planetary, and marine gear boxes; parallel shaft and right angle shaft; helical and spiral level helical gears; and geared motors, vertical roller mill drives, and fluid geared and flexible couplings. The company also provides customized gear boxes for steel mills, high speed turbines, sugar mills, marine vessels, coast guard ships, plastic extrusions, antena drives, and satellites. In addition, it produces and installs wind turbines and wind farms. The company also exports its products to other countries. Elecon Engineering Company Limited was founded in 1951 and is based in Vallabh Vidyanagar, India. Elecon Engineering Co Limited's consolidated revenue for financial year ended 31-03-2014 was INR 13,082,573,000 and total asset was INR 20,607,434,000. Company name EMTICI ENGINEERING LIMITED Affiliation type Shareholder Country of business India Company name ELECON EPC PROJECTS LIMITED Affiliation type Associate Country of business India Company name ELECON TRANSMISSION INTERNATIONAL LIMITED Affiliation type Associate Country of business Mauritius Company name ELECON SINGAPORE PTE. LIMITED Affiliation type Associate Country of business Singapore Company name ELECON MIDDLE EAST FZCO Affiliation type Associate Country of business United Arab Emirates Company name RADICON TRANSMISSION UK LIMITED Affiliation type Associate Country of business United Kingdom Company name BENZLERS ITALIA S.R.L. Affiliation type Associate Country of business Italy Company name BENZLER ANTRIEBSTECHNIK G.M.B.H Affiliation type Associate Country of business Germany Company name BENZLERS SYSTEMS AB Affiliation type Associate Country of business Sweden

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

BANK AND MORTGAGES

Mortgages

None reported.

Legal Filings

Bankruptcy filings None reported. Court judgements None reported.

Tax liens None reported. Others None reported.

FINANCIAL STATISTICS

Remarks

The Subject is a dormant company hence financial information is not available with the Australian Securities & Investments Commission. 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.

BUSINESS DETAILS

Operational Details

Main activities The Subject is now a dormant company. The Subject was previously engaged in import and distribution of power transmission and material handling equipment. The Subject previously represents Elecon Engineering Co Limited (one of India’s largest manufacturer of materials handling equipment and industrial gearboxes).

Purchases

Local None reported.

International None reported.

Sales

Local None reported.

International None reported.

Key events
We’ve all read and heard about the phenomenal growth in the economies of India and China. The need for raw materials by these two countries is fueling boom times in the Australian minerals industries and all major suppliers of mining equipment are experiencing high order levels. Elecon Australia, representing Elecon Engineering (India’s largest manufacturer of materials handling equipment and industrial gearboxes), reports that the huge volume of orders from Asia means that Elecon’s design and manufacturing facilities are stretched to the limit and this leaves very little room for orders from Australia.

Elecon has recently received one of its largest ever single orders. The AUD$120M order is for a coal handling plant for a power station and it helped take the order intake for Elecon materials handling products to over AUD$245M for the first quarter of Elecon’s MHE division’s financial year. Terry Hall, Executive Director of Elecon Australia, said “orders like this one are all the more impressive when you realise that all the major items of equipment involved, stackers and reclaimers, screens and feeders, crushers, conveyor gantries, idlers, pulleys and drives, are actually manufactured by Elecon themselves. All steel fabrication and machining is carried out in-house”.

The Elecon Materials Handling Division’s order book currently contains 18 wagon tipplers, with prospects for another 16 in the next two or three months, and 25 large machines (ship loaders, stacker reclaimers etc) with the potential for another 19 in the coming months.

Elecon has also been awarded an order to build the propulsion gearboxes for India’s first locally built aircraft carrier. At 80 tonnes per gearbox and designed to transmit 42,000 kW the AUD$12M order was only possible because of the superior gear manufacturing machinery and technical expertise at Elecon. Prayasvin Patel, Managing Director of Elecon Engineering and Elecon Australia, commented that “very few gear manufacturers in the world can make such a large and complicated marine gearbox. It is the company’s second major endeavour in marine gears after the successful delivery of gearboxes for the Indian Navy’s stealth frigate warships”.

The combined order book for the Elecon group of companies is in excess of AUD$400M with prospects for further increases when Elecon’s new wind turbine gear facility opens later this year. The AUD$25M plant will make wind turbine gearboxes in the 1 MW to 2 MW range and turnover for the first year is expected to be around AUD$35M.

Terry Hall added “The fabrication and manufacturing facilities at Elecon are being expanded to meet the demand. Not only is floor space being increased but new machine tools are also being installed that will dramatically increase our manufacturing capacity and capability. Elecon is focusing on the export market and realises that timely delivery is of paramount importance.”

Source: www.powderhandling.com.au

Business Facilities and Assets

Premises The Subject's premises could not be determined.

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$ 58.415 billion Gross domestic product (GDP) US$ 1.436 trillion Purchasing power parity (GPP) 1.041 trillion of International dollars GDP per capita (current prices) US$ 61,137 GDP composition by sector agriculture: 3.8% industry: 27.4% services: 68.7% Inflation 2012: 1.8% 2013: 2.5% 2014: 2.3% Unemployment rate 2012: 5.2% 2013: 5.7% 2014: 6.2%

Public debt (general Government gross debt as percentage (%) of GDP) 2012: 27.2% 2013: 28.8% 2014: 30.8% 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 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$251.7 billion Export commodities Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment Total imports US$245.8 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 11 out of 189 countries Global competitiveness ranking 22 (ranking by country on a basis of 144, the first is the best)

Major export partners China 29.5%, Japan 19.3%, South Korea 8%, India 4.9% Major import partners China 18.4%, US 11.7%, Japan 7.9%, Singapore 6%, Germany 4.6%, Thailand 4.2%, South Korea 4.1% FDI inflows 2011: US$ 65,209 million 2012: US$ 55,518 million 2013: US$ 49,826 million FDI outflows 2011: US$ 8,702 million 2012: US$ 6,212 million 2013: US$ 6,364 million

Country and Population Overview

Total population 23.485 million Total area 7,741,220 sq km Capital Canberra

Currency Australian dollars (AUD) Internet users as percentage (%) of total population 83.00%

PAYMENT OUTLOOK

Purchases Term

Local None

International None

Sales Term

Local None

International None

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.

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.61.85
UK Pound	1	Rs.97.01
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIS

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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