MIRA INFORM REPORT

Report Date :

18.10.2014

IDENTIFICATION DETAILS

Name :	ANZCHEM PTY LIMITED
Registered Office :	Building A, Level 1 11 Talavera Road North Ryde New South Wales 2113
Country :	Australia
Financials (as on) :	31.08.2013
Date of Incorporation :	30.12.2002
Com. Reg. No.:	103260215
Legal Form :	Australian Proprietary Company, Limited by Shares
Line of Business :	Import & distribution of pharmaceutical, veterinary, nutraceutical and food ingredients products.
No. of Employees :	20

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 – 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

ANZCHEM PTY LIMITED

CORPORATE DETAILS

Verified Address

Subject name ANZCHEM PTY LIMITED Business address 1 Braidwood Street Town Enfield Province New South Wales Zip / Postal code 2136 Country Australia Telephone +61 2 94752200 Fax +61 2 94752211 Email info@anzchem.com.au Website www.anzchem.com.au

Registered address Building A, Level 1 11 Talavera Road Town North Ryde Province New South Wales Zip / Postal code 2113 Country Australia Postal address P.O. BOX 5264 Town Chullora Province New South Wales Zip / Postal code 2190 Country Australia

SUMMARY DETAILS

Report Summary

Date registered 30/12/2002 Legal form Australian Proprietary Company, Limited by Shares Key personnel Manjit Singh Line of business The Subject’s business consist of import & distribution of pharmaceutical, veterinary, nutraceutical and food ingredients products. Staff employed 20 employees (Subject); 113,000 employees (Associated British Foods Group)

Paid-up capital AUD 50,000.00 Sales turnover / Revenue / Income AUD 16,856,206.00 (Non-Consolidated 12 months, 31/08/2013) Net income / loss AUD 1,290,709.00 (Non-Consolidated 12 months, 31/08/2013) Total assets AUD 11,104,167.00 (Non-Consolidated 12 months, 31/08/2013) Share equity AUD 7,869,464.00 (Non-Consolidated 12 months, 31/08/2013)

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 Credit amount requested Not described.

STATUTORY DETAILS

Registry Information

Date registered 30/12/2002 Legal form Australian Proprietary Company, Limited by Shares Registration number Australian Company Number: 103260215 Registered authority Australian Securities and Investments Commission Tax / VAT number Australian Business Number: 27103260215

Statutory status Active Previous name NEW ABF COMPANY PTY LTD (initial) Change of legal form None reported. Other registration ANZCHEM is a business name owned by the Subject registered on 18/10/2004 under business registration numbers: B1791574M and BN98095817.

BOARD OF MANAGEMENT

Key Personnel

Name Manjit Singh Designation Managing Director

BOARD OF DIRECTORS

Appointments

Name Shuvasis Rana Kayal Title Director Appointment date 21/01/03 Address 917 Winding Lane Media, PA 19103 United States Of America Biography Born on 07-02-1961 in Calcutta, India. Name Manjit Singh Title Director Appointment date 30/10/07 Address 7A Bernard Place Cherrybrook, NSW 2126 Australia Biography Born on 27-03-1955 in Mombassa, Kenya. Name Chrysanthus Ballarmine Fernando Title Director Appointment date 18/08/14 Address 88 Highs Road West Pennant Hills, NSW 2125 Australia Biography Born on 13-05-1952 in Colombo, Sri Lanka. Name Andrew Gerard Frank Cullen Title Director and Company Secretary Appointment date 26/02/13 Address 43 Darnley Street Gordon, NSW 2072 Australia Biography Born on 17-10-1970 in London, United Kingdom.

Staff employed 20 employees (Subject); 113,000 employees (Associated British Foods Group)

Other Appointments

Auditor KPMG 10 Shelley Street Sydney, NSW 2000 Australia

SHARE CAPITAL

Composition

Authorized capital AUD50,000.00 Number / Type of shares 50,000 Ordinary Shares Share par value AUD1.00 Issued capital AUD50,000.00

Paid-up capital AUD50,000.00

OWNERSHIP / SHAREHOLDERS

Composition

Shareholder name SPI PHARMA INC Address 321 Cherry Lane New Castle De 19720 United States of America Number / Type of shares 50,000 Ordinary Shares Percentage (%) of shares 100%

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Company name GARFIELD WESTON FOUNDATION Affiliation type Ultimate Holding Company Country of business United Kingdom Comments The W. Garfield Weston Foundation is a private Canadian family foundation, established in the 1950's by Willard Garfield Weston and his wife Reta. In 1924 Garfield inherited his father's company and during his life established bakeries and other successful enterprises throughout Canada and in many parts of the world. Today, these businesses include the George Weston Limited and Loblaw Companies Limited, companies in food retailing, processing and distribution. The founders believed that as the funds are generated through the hard work and success of these Canadian companies, grants should be given in Canada for the benefit of Canadians. For three generations, the W. Garfield Weston Foundation has maintained a family tradition of supporting charitable organizations across Canada. Today the Foundation directs the majority of its funds to projects in the fields of land conservation, education, and science in Canada's North. Company name WITTINGTON INVESTMENTS LIMITED Affiliation type Superior Holding Company Country of business United Kingdom Comments Wittington Investments Limited is a holding company, which through its subsidiaries processes and distributes food products. The company's subsidiaries also operate furniture and furnishing stores. Wittington Investments Limited was incorporated in 1941 and is based in London, United Kingdom. The company operates as a subsidiary of Garfield Weston Foundation. Wittington Investments Limited is an unquoted British investment company. It is 79.2% owned by the Garfield Weston Foundation, which is one of the UK's largest grant-making trusts, and 20.8% owned by members of the Weston family. Wittington Investments owns 54.5% of Associated British Foods, which is one of the largest food companies in the world, and is itself the parent company of Primark, the largest discount clothing chain in the UK and Ireland. Wittington Investments also owns London department store Fortnum & Mason and Heal's, a UK chain of homeware and furnishing department stores, It also owns De Bijenkorf an upscale department store in Holland. Associated British Foods also own British Sugar processor of all of the UK beet crop and producer of half the UK consumption of sugar. Company name ASSOCIATED BRITISH FOODS PLC Affiliation type Intermediate Holding Company Country of business United Kingdom Comments Associated British Foods plc operates as a diversified food, ingredients, and retail group worldwide. The company operates through five segments: Grocery, Sugar, Agriculture, Ingredients, and Retail. The Grocery segment manufactures and sells grocery products, including hot beverages, sugar and sweeteners, vegetable oils, bread and baked goods, cereals, ethnic foods, herbs and spices, and meat products to retail, wholesale, and foodservice businesses. The Sugar segment engages in growing and processing sugar beet and sugar cane for sale to industrial users. The Agriculture segment manufactures animal feeds and other products for the agriculture sector, as well as offers technology and services to the food, drink, and animal feed sectors. The Ingredients segment manufactures bakers’ yeast, bakery ingredients, specialty proteins, enzymes, lipids, and yeast extracts. The Retail segment is involved in buying and merchandising clothing and accessories through the Primark and Penneys retail chains, which offer womenswear, lingerie, childrenswear, menswear, footwear, accessories, hosiery, and homeware. The company was founded in 1935 and is based in London, the United Kingdom. Associated British Foods plc is a subsidiary of Wittington Investments Limited. Company name SPI PHARMA, INC. Affiliation type Parent Company Country of business United States of America Comments SPI Pharma, Inc. provides custom formulation solutions for pharmaceutical and neutriceutical, and animal health markets. The company offers excipients, including effervescent powders, fructose and maltose powders, liquid sorbitol, lubricants, mannitol, sorbitol, and specialty binders/buffers. It also offers antacid actives, such as coblend suspension products, DC powders, aluminum hydroxide dried gels, magnesium hydroxide pastes, magnesium hydroxide powders, and vaccine support products; and drug delivery systems and solutions. The company offers its products for application in solid dosage formulation, viscous suspensions/blends, DC chewing gum, effervescent systems, chewable/quick-dissolve tablets, and customized granulations. It sells its products through distributors in Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company also engages in the distribution of pharmaceutical, veterinary, nutraceutical, and food ingredients to customers in Australia. SPI Pharma, Inc. was formerly known as SPCA Barcroft. The company was founded in 1930 and is based in Wilmington, Delaware. It has facilities in Lewes and New Castle, Delaware; Septemes, France; Grand Haven, Michigan; and Bengaluru, India. Company name AB MAURI MALAYSIA SDN. BHD. Affiliation type Sister Company Country of business Malaysia

Remarks on corporate affiliations and related companies Other companies of the Associated British Foods Group should be considered affiliates of the Subject.

BANK AND MORTGAGES

Bank Details

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 Commercial Registry Filings Financial statement date 31/08/13 Style of financial statement Full audited

Currency of financial statement Australia Dollar (AUD) Exchange rate 1 USD = AUD 1.14 as of 16-10-2014

Concise Financial Data	Consolidation style	Non Consolidated	Non Consolidated	Group Consolidated
	Currency	Australia Dollar (AUD)	Australia Dollar (AUD)	United Kingdom, Pound (GBP)
	Date of financial year end	31/08/13	31/08/12	14/09/13
	Length of financial accounts	12 months	12 months	12 months
	Sales turnover / Revenue / Income	16,856,206.00	17,778,258.00	13,315,000,000.00
	Gross profit	4,141,673.00	4,317,034.00
	Profit / Loss before tax	1,842,232.00	2,000,520.00	876,000,000.00
	Net income / loss	1,290,709.00	1,404,781.00	634,000,000.00
	Non-current assets	253,403.00	315,969.00	6,921,000,000.00
	Property, plant and equipment	42,408.00	47,328.00	4,552,000,000.00
	Current assets	10,850,764.00	9,974,074.00	3,424,000,000.00
	Inventories	3,283,803.00	3,790,078.00	1,581,000,000.00
	Cash and cash equivalents	3,468,314.00	2,571,707.00	362,000,000.00
	Accounts receivable	4,098,647.00	3,612,289.00	1,342,000,000.00
	Total assets	11,104,167.00	10,290,043.00	10,345,000,000.00
	Current liabilities	3,224,242.00	3,826,311.00	2,526,000,000.00
	Non-current liabilities	10,461.00	18,977.00	1,322,000,000.00
	Accounts payable	2,925,641.00	3,543,429.00	1,881,000,000.00
	Total liabilities	3,234,703.00	3,845,288.00	3,848,000,000.00
	Share equity	7,869,464.00	6,444,755.00	6,497,000,000.00
	Retained earnings	7,723,464.00	6,432,755.00	5,486,000,000.00
	Reserves	96,000.00	-38,000.00

Remarks

The non-consolidated financial information above relates to the Subject only. The group’s consolidated financial information above relates to the Subject’s Intermediate Holding Company Associated British Foods PLC and all its subsidiaries which include the Subject.

BUSINESS DETAILS

Operational Details

Main activities The Subject engages in import & distribution of pharmaceutical, veterinary, nutraceutical and food ingredients products. The Subject was formed as the regional office for SPI Pharma Inc. based in United States of America. The Subject is a wholly owned subsidiary of SPI Pharma Inc. which is engaged in custom formulation solutions for pharmaceutical and nutraceutical manufacturers. SPI Pharma, Inc. provides custom formulation solutions for pharmaceutical and neutriceutical, and animal health markets. The company offers excipients, including effervescent powders, fructose and maltose powders, liquid sorbitol, lubricants, mannitol, sorbitol, and specialty binders/buffers. It also offers antacid actives, such as coblend suspension products, DC powders, aluminum hydroxide dried gels, magnesium hydroxide pastes, magnesium hydroxide powders, and vaccine support products; and drug delivery systems and solutions. It sells its products through distributors in Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company also engages in the distribution of pharmaceutical, veterinary, nutraceutical, and food ingredients to customers in Australia. SPI Pharma, Inc. was formerly known as SPCA Barcroft. The company was founded in 1930 and is based in Wilmington, Delaware. It has facilities in Lewes and New Castle, Delaware; Septemes, France; Grand Haven, Michigan; and Bengaluru, India. Products and services Pharmaceutical ingredients: Active Pharmaceutical Ingredient, Excipients, Drug Delivery System etc Food Ingredients: Antioxidants, Bulking Agents – Maltodextrin, Dextrose, Colours – Natural & Artificial, Emulsifiers, Fibres, Flavours – Natural, Nature Identical & Artificial, Fruits and Vegetables Products, IQF, Puree, Juice Concentrates, Freeze Dried, Extracts., Hydrocollids, Preservatives-Natural & Synthetic, Proteins – Animal & Vegetable, Starches, Sweeteners – Natural & Synthetic, Vegetable Oils Nutraceutical and functional ingredients: Amino Acids, Antioxidants, Bioflavonoids, Carbohydrates, Co Enzyme Q10, Dietary Fibres, Dietary Supplements, Extracts, Fat Substitutes, Fruit & Vegetable Products – IQF, Puree, Juice Concentrates, Freeze Dried, Extracts., Functional lipids, Joint Health Ingredients, Minerals, Plant & Herbal Extract, Prebiotics, Probiotics, Proteins – Vegetable and Animal, Sugar Substitutes, Sweeteners, Vitamins Animal health ingredients: Amino Acids, Antioxidants, Emulsifiers, Nutritive oils – Vegetable and Marine Source, Proteins – Animal & Vegetable, Starches, Veterinary raw materials

Purchases

International The Subject sources its product(s) / material(s) from countries in Asia, Europe and United States.

Sales

Local The Subject sells its product(s) locally.

International The Subject exports its product(s) to countries in Asia, Europe and United States.

Business Facilities and Assets

Premises The Subject operates from the verified heading address consisting of a warehouse and 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$ 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 & 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$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

International L/C, Telegraphic transfer, D/P, Credit 30-90 days

Sales Term

Local Prepayment, Bank transfer, D/P, 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

Attachments

Attachments Financial statements

KEY FINANCIAL RATIOS

For financial year end	31/08/13	31/08/12	.
Profitability	.	.	.
Gross profit (loss) margin (%)	24.57	24.28
Pre-tax profit (loss) margin (%)	10.93	11.25
Net profit (loss) margin (%)	7.66	7.90
Earnings per share (currency based on financial statement)	25.81	28.10
Return on Invested Capital	.	.	.
Return on assets (%)	11.62	13.65
Return on equity (%)	16.40	21.80
Liquidity	.	.	.
Current ratio	3.37	2.61
Quick ratio	2.35	1.62
Cash ratio	0.32	0.26
Accounts receivable turnover ratio (times)	4.11	4.92
Accounts payable turnover ratio (times)	5.76	5.02
Collection period (days)	88.75	74.16
Payment period (days)	63.35	72.75
Inventory turnover ratio (times)	5.13	4.69
Inventory conversion period (days)	71.11	77.81
Asset Management	.	.	.
Fixed asset turnover ratio (times)	397.48	375.64
Asset turnover ratio (times)	1.52	1.73
Capital Structure and Solvency	.	.	.
Total debt to asset ratio (%)	29.13	37.37
Total debt to equity ratio (%)	41.10	59.67
Non-current debt to equity ratio (%)	0.13	0.29

ATTACHMENT

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.62
UK Pound	1	Rs.99.12
Euro	1	Rs.78.89

INFORMATION DETAILS

Analysis Done by :	SUM
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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.