MIRA INFORM REPORT

Report Date :

08.09.2014

IDENTIFICATION DETAILS

Name :	FTA FOOD SOLUTIONS PTY LTD
Registered Office :	Suite 54, Level 2 255 Drummond Street Carlton Victoria
Country :	Australia
Financials (as on) :	30.06.2013
Date of Incorporation :	17.03.1993
Legal Form :	Australian Proprietary Company, Limited by Shares
Line of Business :	The Subject’s business consist of import and wholesale distribution of food ingredients and food products.
No. of Employees	60 employees (Subject); 165 employees (Ward Group)

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

CORPORATE DETAILS

Verified Address

Subject name FTA FOOD SOLUTIONS PTY LTD Business name / Other MCKENZIE'S FOOD SERVICE Business address 41-55 Slough Road Town Altona Province Victoria Zip / Postal code 3018 Country Australia Telephone +61 3 83980500 Fax +61 3 93159002 Email ftafoodsolutions@fta.com.au Website www.ftafoodsolutions.com.au

Registered address Suite 54, Level 2 255 Drummond Street Town Carlton Province Victoria Zip / Postal code c Country Australia Postal address P.O. Box 85 Town Altona Province Victoria Zip / Postal code 3081 Country Australia

SUMMARY DETAILS

Report Summary

Date registered 17/03/1993 Legal form Australian Proprietary Company, Limited by Shares Key personnel Steven David Ward Line of business The Subject’s business consist of import and wholesale distribution of food ingredients and food products. Staff employed 60 employees (Subject); 165 employees (Ward Group)

Paid-up capital AUD 12.00 Sales turnover / Revenue / Income AUD 127,107,870.00 (Non-consolidated 12 months, 30/06/2013) Net income / loss AUD 984,821.00 (Non-consolidated 12 months, 30/06/2013) Total assets AUD 92,938,166.00 (Non-consolidated 12 months, 30/06/2013) Share equity AUD 16,272,520.00 (Non-consolidated 12 months, 30/06/2013)

STATUTORY DETAILS

Registry Information

Date registered 17/03/1993 Legal form Australian Proprietary Company, Limited by Shares Registration number Australian Company Number: 059480054 Registered authority Australian Securities and Investments Commission Tax / VAT number Australian Business Number: 82059480054

Statutory status Active Previous name FOOD TRADERS AUSTRALIA PTY. LTD. KALLSHAW TRADING CO. PTY. LTD. (initial) Change of legal form None reported. Other registration The Subject owns the following registered business names: MCKENZIE'S FOOD SERVICE is a business name owned by the Subject registered on 5/09/2005 under business registration no: B1865492T. MCKENZIE'S FOOD SERVICE is a business name owned by the Subject registered on 28/12/2005 under business registration no: BN10419329. MCKENZIE'S FOOD SERVICE is a business name owned by the Subject registered on 13/09/2005 under business registration no: BN98167653. MCKENZIE'S FOOD SERVICE is a business name owned by the Subject registered on 22/09/2005 under business registration no: BN19591070.

BOARD OF MANAGEMENT

Key Personnel

Name Steven David Ward Designation Managing Director Name Robert Bruce Burgess Designation General Manager

BOARD OF DIRECTORS

Appointments

Name Steven David Ward Title Director Appointment date 17/03/93 Address 1032 Glen Huntly Road Caulfield South, VIC 3162 Australia Biography Born on 08-08-1960 in Melbourne, Victoria, Australia. Name Helen Margaret Ward Title Director and Company Secretary Appointment date 17/03/93 Address 5 Bruce Court Elsternwick, VIC 3185 Australia Biography Born on 06-02-1962 in Melbourne, Victoria, Australia. Name Robert Bruce Burgess Title Director Appointment date 04/06/99 Address 26 St Ninians Road Brighton, VIC 3186 Australia Biography Born on 04-05-1954 in United Kingdom.

Staff employed 60 employees (Subject); 165 employees (Ward Group)

SHARE CAPITAL

Composition

Authorized capital AUD12.00 Number / Type of shares 12 Ordinary Shares Share par value AUD1.00 Issued capital AUD12.00

Paid-up capital AUD12.00

OWNERSHIP / SHAREHOLDERS

Composition

Shareholder name H.S.K. WARD PROPRIETARY LIMITED Address 47-51 Slough Road Altona, VIC 3018 Australia Number / Type of shares 12 Ordinary Shares Percentage (%) of shares 100%

CORPORATE AFFILIATIONS AND RELATED COMPANIES

Structure

Company name H.S.K. WARD PROPRIETARY LIMITED Affiliation type Parent Company Country of business 47-51 Slough Road Altona, VIC 3018 Australia Comments H.S.K. Ward Proprietary Limited is involved in import and distribution of food products. The company was founded in 1921 and is based in Altona, Australia. Company name FTA FOOD SOLUTIONS NZ LIMITED Affiliation type Wholly-owned Subsidiary Country of business Suite 3, 2 Kalmia St Ellerslie, Auckland 1051 New Zealand Company name WARD MCKENZIE PTY LTD Affiliation type Sister Company Country of business 41-55 Slough Road Altona, VIC 3018 Australia

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 are advised to first consult 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 1.07 as of 05-09-2014

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	127,107,870.00	124,969,777.00
	Profit / Loss before tax	1,420,999.00	2,586,084.00
	Net income / loss	984,821.00	1,800,901.00
	Non-current assets	2,277,710.00	2,468,745.00
	Property, plant and equipment	1,930,908.00	2,103,312.00
	Current assets	90,660,456.00	80,001,056.00
	Inventories	24,592,554.00	26,320,368.00
	Cash and cash equivalents	332,490.00	35,191.00
	Accounts receivable	64,990,704.00	53,027,917.00
	Total assets	92,938,166.00	82,469,801.00
	Current liabilities	76,665,646.00	67,182,102.00
	Accounts payable	76,665,646.00	67,182,102.00
	Total liabilities	76,665,646.00	67,182,102.00
	Share equity	16,272,520.00	15,287,699.00
	Retained earnings	16,272,508.00	15,287,687.00

BUSINESS DETAILS

Operational Details

Main activities The Subject engages in import and wholesale distribution of food ingredients and food products mainly to the food and beverage industry in Australia. In addition, the subject provides value added services such as contract blending, colour sorting, repackaging, contract packaging and grading of food products. The Subject operates as a subsidiary of H.S.K. Ward Proprietary Limited based in Victoria, Australia. H.S.K. Ward Proprietary Limited operates through two principal subsidiaries: Ward Mckenzie Pty Ltd and FTA Food Solutions Pty Ltd (Subject). Products and services Dried And Dehydrated Fruit: Apricots, Dates, Raisins, Sultanas, Figs Etc Herbs And Spices Olives Tomato Products Canned Fruits And Vegetables Pulses And Grains Cereal Ingredients Confectionary Ingredients Bakery Ingredients Nuts And Seeds: Hazelnuts, Cashews, Macadamias, Pecans, Sunflower Kernels, Walnuts Etc Vegetable Based Fats And Oils Cocoa Products Food Additives Flours And Starches Snack Foods Sugar Brands MCKENZIE'S

Purchases

International The Subject sources its product(s) / material(s) from countries such as Turkey, Greece, Pakistan, Thailand, Malaysia, Argentina, United States of America, India, Iran, Spain, China, Brazil, Vietnam, Mexico, Israel, Peru, Chile, New Zealand, Indonesia etc.

Sales

Local The Subject sells its product(s) locally.

International The Subject exports its product(s) to countries such as New Zealand.

Business Facilities and Assets

Premises The Subject operates from the verified heading address consisting of a warehouse and an administrative office.

Branches In addition, the Subject operates from the following branches located at: 10 Stock Street Cavan, SA 5094 Australia Tel: +61 8 82606204 24 West Link Place Richlands, QLD 4077 Australia Tel: +61 7 33751855 54 Miguel Road Bibra Lakes, WA 6163 Australia Tel: +61 8 94349090 Suite 4, 2-6 Hunter Street Parramatta, NSW 2150 Australia Tel: +61 2 88374400

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 Prepayment, Telegraphic transfer, D/P, Credit 30-90 days

Sales Term

Local Prepayment, Bank transfer, D/P, Credit 30-90 days

International Prepayment, Telegraphic transfer, Credit 30-90 days

Trade Reference / Payment Behaviour

KEY FINANCIAL RATIOS

For financial year end	30/06/13	30/06/12	.
Profitability	.	.	.
Pre-tax profit (loss) margin (%)	1.12	2.07
Net profit (loss) margin (%)	0.77	1.44
Earnings per share (currency based on financial statement)	82,068.42	150,075.08
Return on Invested Capital	.	.	.
Return on assets (%)	1.06	2.18
Return on equity (%)	6.05	11.78
Liquidity	.	.	.
Current ratio	1.18	1.19
Quick ratio	0.86	0.80
Cash ratio	0.00	0.00
Accounts receivable turnover ratio (times)	1.96	2.36
Accounts payable turnover ratio (times)	1.66	1.86
Collection period (days)	186.63	154.88
Payment period (days)	220.15	196.22
Inventory turnover ratio (times)	5.17	4.75
Inventory conversion period (days)	70.62	76.87
Asset Management	.	.	.
Fixed asset turnover ratio (times)	65.83	59.42
Asset turnover ratio (times)	1.37	1.52
Capital Structure and Solvency	.	.	.
Total debt to asset ratio (%)	82.49	81.46
Total debt to equity ratio (%)	471.14	439.45
Non-current debt to equity ratio (%)	0.00	0.00

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.44
UK Pound	1	Rs.98.64
Euro	1	Rs.78.20

INFORMATION DETAILS

Analysis Done by :	DIV
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.