MIRA INFORM REPORT

Report Date :

12.12.2014

IDENTIFICATION DETAILS

Name :	WHITE CLOUD TRADING PTY. LIMITED
Formerly Known As :	DEVIRE PTY. LIMITED
Registered Office :	12 Chester Street, Camperdown, New South Wales, NSW 2050
Country :	Australia
Financials (as on) :	30.06.2014
Date of Incorporation :	06.12.1988
Com. Reg. No.:	ACN: 003667178
Legal Form :	Australian Proprietary Company
Line of Business :	Retail Sale of Women's Clothing, Gift-Wear and Home-Wear.
No. of Employees :	302

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:	WHITE CLOUD TRADING PTY. LIMITED
Other style:	TREE OF LIFE
Address:	12 Chester Street	Postal address:	Post Box 24
Town:	Camperdown	Town:	Camperdown
State/province:	New South Wales	State/province:	New South Wales
Zip/postal code:	NSW 2050	Zip/postal code:	NSW 2050
Country:	Australia
Telephone:	+61 (2) 85963933
Fax:	+61 (2) 95574105 / 80791145
Website:	www.treeoflife.com.au

EXECUTIVE SUMMARY

Date registered:	06-12-1988
Legal form:	Australian Proprietary Company
Share capital	AUD 3
Sales turnover:	AUD 25,282,444 (12 months, 30-06-2014)
Main activities:	Retail sale of women's clothing, gift-wear and home-wear.
Employees:	302

REGISTRY DATA

Key Facts
Date registered:	06-12-1988
Legal form:	Australian Proprietary Company
Registration no:	ACN: 003667178
Registry auth.	Australian Securities and Investments Commission
Tax number:	ABN: 26003667178
Registry status:	Live/Active
Previous names:	The Subject initially operated under the name of DEVIRE PTY. LIMITED and changed to the present style on 26/04/1991.
Business name:	The subject business name TREE OF LIFE TREASURES was registered on 15-04-2005.

LEGAL FILINGS

Bankruptcy filings:	None
Court judgements:	None
Tax liens:	None
Other:	None

MANAGEMENT & STAFF

Key Managers
Name:	John Philip Borthwick
Job title:	Director
Name:	Wendy Margaret Borthwick
Job title:	Company Secretary
Staff
No of employees	302

BOARD OF DIRECTORS / OTHER APPOINTMENTS

Appointments
Name:	John Philip Borthwick
Board function:	Director
Date appointed:	24-08-2000
Address:	41 Johnston Street Annandale, NSW 2038 Australia
Biography:	Born: 28/11/1941 Birth Place: Toowoomba, Queensland
Name:	Wendy Margaret Borthwick
Board function:	Company Secretary
Date appointed:	10-10-2012
Address:	41 Johnston Street Annandale, NSW 2038 Australia
Biography:	Born: 14/04/1947 Birth Place: Toowoomba, Queensland

SHARE CAPITAL

Composition
Authorised:	AUD 3
Number/type:	1 C share 2 ordinary shares
Share value:	AUD 1
Issued:	1 C share 2 ordinary shares
Paid-up:	AUD 3

Shareholders/Owners

How Listed	Full List
Composition
Name:	MEHERABAD PTY LIMITED
No. of shares:	1 C share 2 ordinary shares
% of shares:	100%
Address:	Bedford CA Level 6 141 Walker Street North Sydney, NSW 2060 Australia

CORPORATE AFFILIATIONS

Structure
Name:	MEHERABAD PTY LIMITED
Affiliation type:	Parent Company
Address:	Bedford CA Level 6 141 Walker Street North Sydney, NSW 2060 Australia

BANKING & FINANCING

Bankers
Bank name:	WESTPAC BANKING CORPORATION
Address:	Australia
Comments	It is generally not the policy of local banks to provide credit status information to non-bona fide applications, and interested parties would be advised to consult first with the Subject if banker's references are required.

FINANCIAL ACCOUNTS

Description
Required to file:	Yes
Source:	Commercial Registry Filings
Presentation:	Attached to this report / Summarised below
Date of accounts:	30-06-2014
Type of accounts:	Full audited
Currency:	Australian Dollar (AUD)
Exchange rate:	USD 1 = AUD 1.19 as of 03-12-2014
Summarised
	30-06-2014	30-06-2013
Period:	12 months	12 months
Sales turnover:	25,282,444	26,489,581
Profit before tax:	-885,033	-1,046,276
Profit after tax:	-885,033	-799,932
Non-current assets:	3,992,414	5,193,576
Current assets:	4,539,702	4,521,170
Inventories:	3,510,004	3,250,459
Total assets:	8,532,116	9,714,746
Current liabilities:	1,424,202	1,648,961
Non-cur liabilities:	165,528	238,366
Total liabilities:	1,589,730	1,887,327
Shareholders' equity:	6,942,386	7,827,419

OPERATIONS & HISTORY

Activities
Full description:	The Subject is engaged in retail sale of women's clothing, apparel, accessories, gift-wear and home-wear.
Products/services:	Clothing Accessories Gifts & Home wears Silver Jewellery
Purchases
Import:	India, Thailand, Bali, China, Malaysia

PROPERTY & ASSETS

Premises	The Subject principally operates from premises located at the heading address, consisting of administrative offices.
Branches	The subject has reportedly operates more than 30 stores under the business name TREE OF LIFE.

PAYMENTS

Purchase Terms
Local:	Cash Credits 14-30 days
Imports:	L/Cs Credits 30 days net
Sales Terms
Local:	Cash Credits 14-30 days
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

ATTACHMENTS

Attachments:

Financial statements Financial ratios

Financial Ratios
	30-06-2014	30-06-2013	Trend
PROFITABILITY [%]
Gross Margin	N/A	N/A	N/A
Gross Profit / Sales Turnover * 100
Operating Margin	N/A	N/A	N/A
Operating Profit / Sales Turnover * 100
Net Profit Margin	-3.5%	-3.02%	-15.89%
Profit After Tax / Sales Turnover * 100
Return On Equity (ROE)	-12.75%	-10.22%	-24.76%
Profit After Tax / Equity * 100
Return On Assets (ROA)	-10.37%	-8.23%	-26%
Profit After Tax / Total Assets * 100
Return On Investment (ROI)	-12.75%	-13.37%	4.64%
Profit Before Tax / Equity * 100
EFFICIENCY [%]
Asset Turnover	296.32%	272.67%	8.67%
Sales Turnover / Total Assets * 100
Inventory Turnover	720.3%	814.95%	-11.61%
Sales Turnover / Inventory * 100
LIQUIDITY [%]
Current Ratio (CR)	318.75%	274.18%	16.26%
Current Assets / Current Liabilities * 100
Quick Ratio (QR)	72.3%	77.06%	-6.18%
(Current Assets – Inventory) / Current Liabilities * 100
DEBT [%]
Debt Ratio	18.63%	19.43%	-4.12%
Total Liabilities / Total Assets * 100
Long-Term Debt Ratio	2.38%	3.05%	-21.97%
Long-Term Liabilities / Equity * 100

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.21
UK Pound	1	Rs.97.80
Euro	1	Rs.77.48

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIT

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.