Hi Shannath15
Max and Gadge are the experts on Victa codes here.
My best guess - reading the code - is that this is a 1972 machine, the first
year that the Imperial 2-stroke was introduced.

This machine has been repainted, and I guess your Pop acquired
it as a second-hand machine.

Quote
That 125cc motor is a pearler of a powerplant that will last a long time with the 25:1 fuel mix.
G'day Mowerfreak!
The Imperial 2-stroke must run a 50:1 ratio ... because of the cylinder head spacer.

Hope this helps.
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Jack