MIRA INFORM REPORT

Report No. :	325579
Report Date :	06.06.2015

IDENTIFICATION DETAILS

Name :	BLUEGUM PHARMACEUTICALS PTY LTD

Formerly Known As :	BLOOMS HEALTH PRODUCTS P/L

Registered Office :	1-7 Doody Street, Alexandria NSW 2015

Country :	Australia

Date of Incorporation :	05.07.1994

Legal Form :	Australian Proprietary Company

Line of Business :	The subject operates as contract manufacturers of natural health care products, nutritional supplements, packaging, containers, sports foods, vitamins and minerals.

No. of Employees :	Not Determined

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Unknown

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Australia

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 2014, Australia had experienced more than 20 years of continued economic growth, averaging more than 3% 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

BLUEGUM PHARMACEUTICALS PTY LTD

Summary Panel

Established	2009
Incorporated	2009
Line of Business	Contract manufacturers of nutritional products
Status	Trading
Chief Executive Officer	Brett Ditchfield
Adverse Listings	Nil

EXECUTIVE SUMMARY

Details pertaining to the subject’s financial and trading position were unable to be obtained for the current enquiry.

In view of the above the subject has been assigned with a rating.

CORPORATE SEARCH

Company Type Australian Proprietary Company

Incorporation State: NSW

Incorporation Date: 05 JUL 1994

Registered Office

1-7 DOODY STREET,

ALEXANDRIA

NSW 2015

Current Directors Total: 1

BRETT JAMES DITCHFIELD – Appointed: 05 JUL 1994

5 GIBSON Street BRONTE, New South Wales 2024

DOB: 12 OCT 1957

Current Secretaries Total: 1

BRETT JAMES DITCHFIELD – Appointed: 05 JUL 1994

Share Structure - Classes Total: 1

ORD ORDINARY SHARES: 2 – Amount paid: $2 $

Shareholders Total: 1

ORD 2 - BRETT JAMES DITCHFIELD

SECURITY INTERESTS

Effective 30 January 2012 the Personal Property Securities Register (PPSR) was introduced to give the different Commonwealth, State and Territory laws and registers regarding security interests in personal property under one national system.

As a result of PPS Reform a number of existing Commonwealth, State and Territory personal property security registers will close. Interests registered on existing security interest registers will be migrated to the national PPS Register. Subsequently Registered Charges are no longer lodged with the Australian Securities and Investments Commission (ASIC).

BUSINESS STRUCTURE

TRADING ADDRESS 1- 7 Doody St

ALEXANDRIA, NSW 2015

POSTAL ADDRESS PO Box 6193

ALEXANDRIA, NSW 2015

TELEPHONE (612) 9700 8850

FACSIMILE (612) 9700 8855

WEBSITE www.bluegum.net.au

ASSOCIATED ENTITY PHYTOLOGIC PTY LTD

BANK NATIONAL AUSTRALIA BANK

EMPLOYEES Not determined

BACKGROUND

The subject was incorporated in New South Wales on 5 July 1994 as Blooms Health Products P/L changing name to the current style on 14 August 2009.

OPERATIONS

The subject operates as contract manufacturers of natural health care products, nutritional supplements, packaging, containers, sports foods, vitamins and minerals.

The subject is a member of the Complementary Healthcare Council of Australia, and a member of the NSW Chamber of Commerce.

The subjects Sydney facility is located in the manufacturing hub of Alexandria, close to Sydney Airport & Botany Bay. The company is equipped to manufacture and package hard two-piece capsules as well as pack soft gel capsules, tablets and powders. The blister packing, bottling and labeling services are fast, reliable and cost effective.

Activities are conducted from premises located at the above listed trading address.

ADVERSE

A search of of on 3 June 2015 failed to trace any litigation listed against the subject at that date.

FINANCES

The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.

During the current interview conducted with General Manager David Cornish, he confirmed the subjects search and operational details however declined to release any details in this regard for the current enquiry. All queries in this regard were forwarded to Director Brett Ditchfield. Mr Ditchfield is presently overseas and could not be contacted for the current enquiry.

As a result, details pertaining to the subject’s financial position could not be obtained for the current enquiry.

The subject is noted to operate in its capacity on behalf of the Brett Ditchfield Family Trust. Unsecured creditors are placed at maximum risk when dealing with a trustee company.

TRADE SURVEY

A trade survey on the subject traced the following accounts:

1. (Adhesif) Nominated supplier failed to respond to correspondence despite chasing.

2. (Transchem) Nominated supplier failed to respond to correspondence despite chasing.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.90
UK Pound	1	Rs.97.97
Euro	1	Rs.71.82

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	VNT

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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