MIRA INFORM REPORT

Report Date :

22.11.2014

IDENTIFICATION DETAILS

Name :	P.J. MORRIS WOOLS PTY LTD
Formerly Known As :	ROMIS PTY LTD AUSTRALIAN MOHAIR EXPORT PTY LTD (initial)
Registered Office :	C/O Barringtons Your Business Advisors Barringtons House 283 Rokeby Road Subiaco Western Australia 6008
Country :	Australia
Financials (as on) :	30.06.2013
Date of Incorporation :	23.05.1973
Com. Reg. No.:	008767968
Legal Form :	Australian Proprietary Company, Limited by Shares
Line of Business :	The Subject’s business consist of export of Australian wool.
No. of Employees :	7 employees

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 – 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 P.J. MORRIS WOOLS PTY LTD Business name / Other P.J. MORRIS WINES Business address 1B Norfolk Street Town Fremantle Province Western Australia Zip / Postal code 6160 Country Australia Telephone +61 8 94321800 Fax +61 8 93359766 Email admin@pjmorris.com.au Website www.pjmorris.com.au

Registered address C/o BARRINGTONS YOUR BUSINESS ADVISORS Barringtons House 283 Rokeby Road Town Subiaco Province Western Australia Zip / Postal code 6008 Country Australia Postal address P.O. Box 413 Town Fremantle Province Western Australia Zip / Postal code 6959 Country Australia

SUMMARY DETAILS

Report Summary

Date registered 23/05/1973 Legal form Australian Proprietary Company, Limited by Shares Key personnel Peter Steven Morris Line of business The Subject’s business consist of export of Australian wool. Staff employed 7 employees

Paid-up capital AUD 1,000.00 Sales turnover / Revenue / Income AUD 153,565,594.00 (Non-Consolidated 12 months, 30/06/2013) Net income / loss AUD -317,605.00 (Non-Consolidated 12 months, 30/06/2013) Total assets AUD 21,513,811.00 (Non-Consolidated 12 months, 30/06/2013) Share equity AUD 1,430,591.00 (Non-Consolidated 12 months, 30/06/2013)

CREDIT RISK OUTLOOK

Credit Risk Interpretation

Credit risk theory Sufficient financial and operational base. Small credits may be considered with some confidence that commitments will be sustained under normal circumstances. A cautious credit control policy applies. Paid-up capital AUD 1,000.00 Sales turnover / Revenue / Income AUD 153,565,594.00 (Non-Consolidated 12 months, 30/06/2013) Net income / loss AUD -317,605.00 (Non-Consolidated 12 months, 30/06/2013) Total assets AUD 21,513,811.00 (Non-Consolidated 12 months, 30/06/2013) Share equity AUD 1,430,591.00 (Non-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 Financial performance is fair

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

STATUTORY DETAILS

Registry Information

Date registered 23/05/1973 Legal form Australian Proprietary Company, Limited by Shares Registration number Australian Company Number: 008767968 Registered authority Australian Securities and Investments Commission Tax / VAT number Australian Business Number: 57008767968

Statutory status Active Previous name ROMIS PTY LTD AUSTRALIAN MOHAIR EXPORT PTY LTD (initial) Change of legal form None reported. Other registration P.J. MORRIS WINES is a business name owned by the Subject registered on 11/09/2008 bearing registration number BN11150518.

BOARD OF MANAGEMENT

Key Personnel

Name Peter Steven Morris Designation Managing Director

BOARD OF DIRECTORS

Appointments

Name Peter Steven Morris Title Director and Company Secretary Appointment date 25/12/92 Address 5 Sheila Street Mosman Park, WA 6012 Australia Biography Born on 11-08-1966 in Subiaco, Western Australia, Australia.

Staff employed 7 employees

Other Appointments

Auditor MOORE STEPHENS Level 3, 12 St Georges Terrace Perth, WA 6000 Australia

SHARE CAPITAL

Composition

Authorized capital AUD 1,000.00 Number / Type of shares 1,000 Class C Shares Share par value AUD 1.00 Issued capital AUD 1,000.00

Paid-up capital AUD 1,000.00

OWNERSHIP / SHAREHOLDERS

Composition

Shareholder name THE P J & M MORRIS FAMILY TRUST Address Mayfair 46 3 Park Avenue Crawley, WA 6009 Australia Number / Type of shares 400 Class C Shares Percentage (%) of shares 40% Shareholder name Peter Steven Morris Address 5 Sheila Street Mosman Park, WA 6012 Australia Number / Type of shares 600 Class C Shares Percentage (%) of shares 60%

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Remarks on corporate affiliations and related companies None reported.

BANK AND MORTGAGES

Bank Details

Name of bank HSBC Bank Australia Address Australia Name of bank Commonwealth Bank of Australia 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 30/06/13 Style of financial statement Full audited

Currency of financial statement Australia Dollar (AUD) Exchange rate 1 USD = AUD 1.15 as of 19-11-2014

Concise Financial Data	Consolidation style	Non Consolidated	Non 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	153,565,594.00	130,417,316.00
	Gross profit	4,136,055.00	4,056,347.00
	Profit / Loss before tax	-442,565.00	266,236.00
	Net income / loss	-317,605.00	194,635.00
	Non-current assets	589,984.00	673,949.00
	Property, plant and equipment	61,736.00	74,853.00
	Current assets	20,923,827.00	14,141,763.00
	Inventories	13,749,218.00	10,205,841.00
	Cash and cash equivalents	420,454.00	522,478.00
	Accounts receivable	6,451,886.00	3,163,199.00
	Total assets	21,513,811.00	14,815,712.00
	Current liabilities	20,041,655.00	12,823,629.00
	Non-current liabilities	41,565.00	18,887.00
	Accounts payable	4,721,333.00	2,663,958.00
	Total liabilities	20,083,220.00	12,842,516.00
	Share equity	1,430,591.00	1,973,196.00
	Retained earnings	1,429,591.00	1,972,196.00

BUSINESS DETAILS

Operational Details

Main activities The Subject engages in export of Australian wool. Products and services Greasy and scoured wool Wine

Purchases

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

International None reported.

Sales

Local The Subject sells its product(s) locally.

International The Subject exports its product(s) to countries such as China, India, Taiwan, Thailand, Japan and Europe.

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$ 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

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 Bank transfer, Prepayment, Credit 30-90 days

Sales Term

Local Bank transfer, Prepayment, Credit 30-90 days

International L/C, Telegraphic transfer, D/P, Credit 30-90 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	30/06/13	30/06/12	.
Profitability	.	.	.
Gross profit (loss) margin (%)	2.69	3.11
Pre-tax profit (loss) margin (%)	-0.29	0.20
Net profit (loss) margin (%)	-0.21	0.15
Return on Invested Capital	.	.	.
Return on assets (%)	-1.48	1.31
Return on equity (%)	-22.20	9.86
Liquidity	.	.	.
Current ratio	1.04	1.10
Quick ratio	0.36	0.31
Cash ratio	0.02	0.04
Accounts receivable turnover ratio (times)	23.80	41.23
Accounts payable turnover ratio (times)	32.53	48.96
Collection period (days)	15.34	8.85
Payment period (days)	11.22	7.46
Inventory turnover ratio (times)	11.17	12.78
Inventory conversion period (days)	32.68	28.56
Asset Management	.	.	.
Fixed asset turnover ratio (times)	2,487.46	1,742.31
Asset turnover ratio (times)	7.14	8.80
Capital Structure and Solvency	.	.	.
Total debt to asset ratio (%)	93.35	86.68
Total debt to equity ratio (%)	1,403.84	650.85
Non-current debt to equity ratio (%)	2.91	0.96

ATTACHMENT

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 :	SUB
Report Prepared by :	SDA

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.