MIRA INFORM REPORT

 

 

Report Date :

23.08.2007

 

IDENTIFICATION DETAILS

 

Name :

MAHONEY & SOMAIA PTY LTD

 

 

Registered Office :

1, 657 Mountain Hwy, Bayswater, VIC 3153

 

 

Country :

Australia

 

 

Date of Incorporation :

06.03.1980

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Import and wholesale of Manchester and related bedding products.

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

REGISTERED NAME

 

MAHONEY & SOMAIA PTY LTD

 

 

T/AS

 

DOMTEX AUSTRALIA

 

 

ACN

 

005 629 970

           

 

INCORPORATED

 

06.03.1980

 

 

REGISTERED ADDRESS

 

1, 657 Mountain Hwy

BAYSWATER, VIC 3153

 

 

SHARECAPITAL 

 

$40,000            

 

 

SHAREHOLDERS     

 

SOMAIA, Kamal Anil                  Holds 10,000

SOMAIA, Zarna Anil                   Holds 10,000

SOMAIA, Hiten                          Holds 10,000

SOMAIA, Anil Harjivan                Holds 10,000

 

 

DIRECTORS

 

RAJA, Naresh

7 Glencroft Tce

WHEELERS HILL, NSW 3150

 

MONTEITH, Julie Elizabeth

18 Delview Dr

TORQUAY, VIC 3228

 

SOMAIA Hiten Anil

4 Lilly Pilly Lane

KILSYTH, VIC 3137

 

SOMAIA, Kamal Anil

4 Lilly Pilly Lane

KILSYTH, VIC 3137

 

SOMAIA, Anil Harjivan

4 Lilly Pilly Lane

KILSYTH, VIC 3137

 

SOMAIA, Zarna Anil

4 Lilly Pilly Lane

KILSYTH, VIC 3137

 

                                                           

SECRETARY

 

SOMAIA, Anil Harjivan

4 Lilly Pilly Lane

KILSYTH, VIC 3137

 

           

REGISTERED CHARGES

 

Registered Charge Number         : 1463095

Date Registered             : 07.06.2007

Status                                       : Fixed

Creditor                                     : Macquarie Leasing

 

Registered Charge Number         : 292752

Date Registered             : 03.06.1991

Status                                       : Fixed and floating

Creditor                                     : National Australia Bank

 

Registered Charge Number         : 102160

Date Registered             : 13.07.1987

Status                                       : Fixed and floating

Creditor                                     : National Australia Bank

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS

45 Holloway Dr

BAYSWATER, VIC 3153

TELEPHONE                 (613) 9721 8014

 

 

 

 

 

BANK

 

NATIONAL AUSTRALIA BANK   

 

                                               

EMPLOYEES       

 

24

 

           

BACKGROUND

 

The subject was incorporated in Victoria on 6 March 1980 to commence operations under the current style as a new venture.

 

 

OPERATIONS

 

The subject operates in the import and wholesale of Manchester and related bedding products.

 

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

 

 

ADVERSE

                                               

A search of the of Credit Advantage Limited on 17 August 2007 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 Naresh Raja, he advised that for the last financial year ended 30 June 2007, the subject traded profitably and recorded revenue of $16,000,000.

 

Current assets include stock on hand of $2,600,000.

 

The subject maintains an overdraft facility with the National Australia Bank which is secured by a registered charge and is used to assist in funding Working capital requirements.

 

Further financial information pertaining to the subject was unable to be obtained for the current enquiry.

 

Enquiries in trade quarters revealed satisfaction from one supplier contacted in dealing with the subject on a credit basis.

 

 

TRADE SURVEY

 

The subject is noted to import most requirements. A trade survey on the subject traced the following account:

 

Subject operates with a $15,000 credit limit with purchases averaging $10,000 per month on 30 day terms. Payment is met in 30 to 38 days and the account is considered satisfactory, having been known since September 2002.

 

 

SUMMARY

 

The subject was incorporated in Victoria on 6 March 1980 to commence operations under the current style as a new venture.

 

For the last financial year ended 30 June 2007, the subject traded profitably and recorded revenue of $16,000,000.

 

Enquiries in trade quarters revealed satisfaction from one supplier contacted in dealing with the subject on a credit basis.

                                               

                                     

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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