MIRA
INFORM REPORT
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Report Date : |
27.07.2007 |
IDENTIFICATION DETAILS
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Name : |
FAR EAST IMPORT AND EXPORT |
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Registered Office : |
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Country : |
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Date of Incorporation : |
13 July 1987 |
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Legal Form : |
Partnership Concern |
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Line of Business : |
Import and
distribution of oriental food products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
REGISTERED NAME
FAR EAST IMPORT AND EXPORT
RN: 8402805S
REGISTERED
13 July 1987
ADDRESS
LIONG, Si Seng
LIONGUE, Arthur
BUSINESS STRUCTURE
TRADING ADDRESS
TELEPHONE (618) 9248 2548
BANK
WESTPAC BANKING
CORPORATION
EMPLOYEES
2 (proprietors) plus
2 casual
BACKGROUND
The subject was
registered in
OPERATIONS
The subject operates
import and distribution of oriental food products.
Activities are
conducted from premises located at the above listed trading address.
ADVERSE
A search of the of
Baycorp Advantage Limited 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 Proprietor, Si Liong, he confirmed the subject’s
search and operational details, however declined to provide any financial
information as a matter of strict company policy.
Subsequently details
in this regard were unable to be obtained during the current investigation.
Enquiries in trade
quarters revealed satisfaction from one supplier contacted in dealing with the
subject on a credit basis.
TRADE SURVEY
During the current investigation,
it was advised that the subject imports all requirements. A trade survey on the
subject traced the following accounts:
1. Purchases average
$10,000 per month on 30 day terms. Payment is met according to terms and the
account is considered good having been known over 10 years.
SUMMARY
The subject was
registered in
During the current
investigation, details pertaining to the subjects financial position were
unable to be obtained.
Enquiries in trade
quarters revealed satisfaction from one supplier contacted in dealing with the
subject on a credit basis.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)