MIRA INFORM REPORT

Report Date :

02.07.2011

IDENTIFICATION DETAILS

Name :	GOLDEN BOY FOODS LP
Registered Office :	7725 Lougheed Hwy Burnaby, British Columbia V5A 4V8
Country :	Canada
Year of Establishment :	1979
Legal Form :	Limited Partnership
Line of Business :	Groceries and Related Products

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

Maximum Credit Limit :	2 000 000 USD.
Status :	Satisfactory
Payment Behaviour :	Usually Correct
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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Canada	A1	A1

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

GEOPOLITICS – CANADA
POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: 100 USD = 96 CAD Branch Situation:Stable

IDENTIFICATION
Comments on data supplied:	At 8820 Northbrook Crt V5J 5J1 Burnaby, we find the related company Golden Boy Foods Inc. However, on which the report is made, is located at the address below
Legal Name:	GOLDEN BOY FOODS LP
Legal Address	7725 Lougheed Hwy BURNABY, British Columbia V5A 4V8
Telephone:	+1 (604) 433-2200	Document Number :	NA
Fax:	+1 (604) 433-2200	Legal Form:	Limited Partnership
Email:	gb@goldenboyfoods.com	Registered in:	British Columbia
Website:	http://www.goldenboyfoods.com	Date Created:	1979
Manager:	Richard Harris	Date Incorporated:	NA
Staff:	550	Stock:	NA
		Value:	NA
Activity:	Groceries and Related Products, NEC

BANKS
Name of the Bank	Royal Bank of Canada

BUSINESS
PRINCIPAL ACTIVITY
	The company is a producer, marketer, and distributor of a wide variety of mainly private label food products. They supply organic and conventional, private label food to 9 of the top 20 retailers in North America, as well as leading foodservice organizations and major food processors.
Products/Services description:
	They offer the following products: Peanut butter, nut butter, trail mixes, snacking nuts, raisins, dried fruits, baking nuts, rice, beans, lentils, peas and other dry goods. The company has its manufacturing operations in the North West and North East of the United States and Canada.
Sales are:
	Wholesale
Brands:
	•Golden Boy (Various Products) •Golden Organics (Organic Products) •Country Corner (Dried Fruit etc) •Orchard Pride (Various Products) •Kalahari (South African Raisins) •White Tusk (Rice) •Qilla (Rice) •Suraj (Ethnic Products) •Dulhan (Ethnic Products) •Golden Chef (Catering Products)
Clients:
	Golden Boy sells its products to retail groceries, industrial bakeries, food service companies, and other distributors.
Suppliers:
	Jilin Jinya Nut Processing Co., Ltd in North Korea is one of its suppliers.
Operations area:
	National, International
The company imports from Argentina, China, Vietnam, India, Africa, Turkey, Korea
The company export to worldwide
Competitors:
	METRO INC. Viterra Inc. The Jim Pattison Group Maple Leaf Foods Inc.
The subject employs 550 employee(s)
PAYMENTS
	made on a 60 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered at the above address.
Branches:
	70 West Dr,Brampton, Ontario, L6T3T1, Canada Phone: (905) 460-9572 The company has its manufacturing operations in the North West and North East of the United States and Canada.
Business Overview:
	Canada's food distribution sector represents the final link in the food supply chain from food producers and processors to consumers. It is a large and complex sector that includes supermarkets, grocery stores, restaurants and fast food operations, as well as the wholesalers, distributors and brokers that supply them. There are about 24 thousand retail stores and close to 63 thousand foodservice establishments in Canada, with total consumer sales of $131 billion in 2005. The sector employed 1.4 million people and accounted for 4% of Canada's total GDP. Canada's food distribution sector is made up of the food retail and foodservice sub-sectors. The food retail sector sold about $71 billion of food and non-alcoholic beverages in 2005. Approximately 73% was distributed through traditional food stores that include both the large chains (e.g., Loblaws, Sobeys and Metro) and independent grocers. A growing portion (27 %) of food sales are coming from other formats, such as, drug stores, warehouse clubs (e.g., Costco), mass merchandisers (e.g., Wal-Mart), dollar stores and convenience stores. The foodservice sub-sector had sales of about $45 billion in 2005. The majority of sales (78%) comes from commercial establishments including full service restaurants (e.g., Swiss Chalet, Eastside Mario's, etc.) and quick/counter-service restaurants (e.g., McDonald's, Burger King, etc.). The balance is from non-commercial foodservice establishments that include hotels, institutions (e.g., hospitals), recreational facilities such as theatres and arenas, vending operations, and foodservice establishments in department stores. The food distribution sector interacts directly with consumers and helps to interpret and convey consumer trends and demands to the rest of the food value chain. As such, it helps to address consumer concerns in areas such as food safety, quality, tracking and tracing, innovation, variety, value and convenience, in the ongoing evolution of food products and the agri-food industry.

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company and it is a subsidiary of TRICOR PACIFIC CAPITAL INC since 2007 and located at: The Waterfront Centre,200 Burrard Street Suite 1560, Vancouver, B.C. V6C 3L6 Telephone: (604) 688-7669 Facsimile: (604) 688-7649 www.tricorpacific.com
Management:
	Richard Harris, President & CEO Archie Campbell, Senior VP & Chief Operating Officer Shari Coltart, Director, Finance Gord Love, VP Procurement Deborah Maynard,VP Human Resources

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted the company and they refused to provide us any financial data without knowing the name of the inquiring party.
However our financial sources could provide us with the following data. Those figures are estimates provided by confidential banking and financial institutions working with the company.
Currency	DATE
USD	2010
Turnover	210 000 000
The cash flow is	normal

Currency	DATE
USD	2009
Turnover	195,000,000
The cash flow is	Normal

Currency	DATE
USD	2008
Turnover	170 000 000
The cash flow is	normal

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

Rating
Local credit bureau gave a Correct credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	The company has 32 years in the business. It is a large sized American company, evolving in a stable sector. Profitability is correct, indebtedness is controlled, cash is normal and payments are regular. We did not find a specific adverse record against the subject. A credit line may be considered for 2 000 000 USD.

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.58
UK Pound	1	Rs.71.75
Euro	1	Rs.64.80

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.