MIRA INFORM REPORT

 

 

Report Date :

08.06.2007

 

IDENTIFICATION DETAILS

 

Name :

WESTCOAST WOOLS PTY LTD

 

 

Registered Office :

143 Barrington Street, Bibra Lake, W.A. 6163

 

 

Country :

Australia

 

 

Date of Incorporation :

23 May 1996

 

 

Legal Form :

Proprietary Company, Limited By Shares

 

 

Line of Business :

Art wool store in Barrington St.

 

 

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:

WESTCOAST WOOLS PTY LTD

 

 

AUSTRALIAN COMPANY NUMBER:

074 110 419

 

 

AUSTRALIAN BUSINESS NUMBER:

Not on data base.

 

 

OPERATING ADDRESS:

143 Barrington Street,

BIBRA LAKE, W.A. 6163

 

 

REGISTERED ADDRESS:

C/- Lawrence Business Management,

1/1133 Albany Highway,

BENTLEY, W.A. 6102

 

 

OTHER TRADING NAMES:

Nil

 

 

TELEPHONE NUMBER:

(08) 9418 8448

 

 

WEB SITE ADDRESS:

www.wcw.com.au 

 

 

DATE OF INCORPORATION:

23 May 1996 – Incorporated in Western Australia      

 

 

CHANGE OF NAME:

Nil 

 

 

PAID CAPITAL:

$82 in $1 shares. 

 

 

DIRECTORS:

Refer below

 

 

SHAREHOLDERS:

Refer HISTORY

 

 

SECRETARY:

Luke Anthony Grant 

 

 

AUDITORS:

Not shown

 

 

REGISTERED CHARGES:

Refer REGISTERED CHARGES

 

 

PAYMENTS:

Refer TRADING

 

 

LEGAL ACTIONS / DEFAULTS:

Nil

 

 

EMPLOYEES:

Not ascertained

 

 

PARENT COMPANY

 

NIL                  

 

 

ACTIVITIES

 

Westcoast Wools Pty Ltd is a 100% Western Australian owned company.


It commenced business in 1996 with a staff of three plus four country agents.


Since this time Westcoast Wools Pty Ltd has grown quickly and now employs 22 full time staff along with 13 country wool agents, spread throughout Western Australia. In December, 2001 Westcoast Wools Pty Ltd opened a new state of the art wool store in Barrington St, Bibra Lake.


Westcoast Wools Pty Ltd is also an active player in the wool auction system with buying contracts for both Louis Dreyfus and Fletcher International as well as selling to other export markets such as India, China, Japan and Europe. This allows West Coast Wools to provide the grower with the best possible prices and also gives them access to vital market information and trends.

 

VALUE ADDING

 
Westcoast Wools Pty Ltd has always had a leading role in first-stage processing and value adding. Their Bibra Lake store contains machinery to turn castlines and wools outside specifications into a better product, thus increasing returns to the grower.

 

De-Cotting Machines, blenders and sorters are operated at the Bibra Lake store. Recently the company took over the management of a dagging machine which crushes the dags  and separates the wool from the manure. In the process the wool is pressed, while the manure is automatically bagged up for sale.  The manure is sold in small household bags or in bulk to nurseries, garden centres and wineries. The subject’s main objective in the WA wool industry is to shorten the pipeline from farm to mill,  thus saving costs associated with middle men and the undeserving.


In conclusion, Westcoast Wools Pty Ltd is not a usual woolbroker. The company have made a significant impact on the local auction and export markets. They sell wool at auction, buy wool on-farm, and handle wool on consignment thus giving the grower more selling options. 


KATANNING WOOL CENTRE

 
The producer also has the benefit of dealing with a company that is active in the International Wool market, and who understands the trends that are currently affecting the industry.

 

Westcoast Wools has reinforced its commitment to the Western Australian wool industry with the acquisition of the Katanning Wool Centre.. The Katanning store offers full core testing facilities thus providing faster, more efficient  service to the wool grower and also a saving on freight.

 

Operations are conducted from premises situated at the heading address.

 

 

HISTORY

 

The subject was incorporated in Western Australia on 23 May 1996 as Westcoast Wools Pty Ltd, being an Australian Proprietary Company, Limited By Shares.

 

Australian Company Number: 074 110 419. 

 

Paid capital $82 in 82 shares paid to $1 each.

 

Shares are held by:

 

Shareholder Name:

LUKE ANTHONY GRANT

Number of Shares:

28

 

Shareholder Name:

MALCOLM TIMOTHY EDINGER

Number of Shares:

28

 

Shareholder Name:

BRADLEY KIM FAITHFULL

Number of Shares:

18

 

Shareholder Name:

SHANE KIRKPATRICK

Number of Shares:

8

 

The above information is in accordance with the last Company Statement Annual lodged with the Australian Securities and Investments Commission and compiled at report date.

 

 

DIRECTORS

 

Director Name:

KIRKPATRICK, SHANE

Appointment Date:

20 Apr 2006

Date of Birth:

03 Jun 1967

Gender:

Male

Address:

12 CREEKVIEW Close ROSSMOYNE, Western Australia 6148 Australia

Resident Overseas:

No

 

Director Name:

LAWRENCE, THOMAS BRIAN

Appointment Date:

14 Mar 2003

Date of Birth:

19 Feb 1968

Gender:

Male

Address:

10 WESTBURY Crescent BICTON, Western Australia 6157 Australia

Resident Overseas:

No

 

Director Name:

FAITHFULL, BRADLEY KIM

Appointment Date:

31 Dec 2001

Date of Birth:

07 Dec 1970

Gender:

Male

Address:

9 STAUNTON Rise HALLS HEAD, Western Australia 6210 Australia

Resident Overseas:

No

 

Director Name:

EDINGER, MALCOLM TIMOTHY

Appointment Date:

23 May 1996

Date of Birth:

18 Jun 1955

Gender:

Male

Address:

12 DALGETY Street EAST FREMANTLE, Western Australia 6158 Australia

Resident Overseas:

No

 

Director Name:

GRANT, LUKE ANTHONY

Appointment Date:

23 May 1996

Date of Birth:

09 Dec 1969

Gender:

Male

Address:

3 HILL Place ATTADALE, Western Australia 6156 Australia

Resident Overseas:

No

 

 

BANK

 

NATIONAL AUSTRALIA BANK LIMITED

 

The bank holds three Registered Charges over company assets. Please refer to the REGISTERED CHARGE section for details.

 

 

TRADING

 

Trade references in relation to the subject have not been obtained.

 

 

FINANCE

 

Due to amendments to the Corporations Law by the First Corporate Law Simplification Act 1995, subject is not required to lodge financial statements with the Australian Securities & Investment Commission.

 

disclose the following inquiries in relation to finance applications:

 

Enquiry Date:

14 May 2007

Amount:

75350

Credit Enquirer:

ESANDA FINANCE

Account Type:

Hire Purchase

Reference Number:

000000000068771

Role in Credit Enquiry:

Principal

 

Enquiry Date:

01 Mar 2007

Amount:

65000

Credit Enquirer:

MACQUARIE CFL COMM LEAS VIC

Account Type:

Hire Purchase

Reference Number:

 

Role in Credit Enquiry:

Principal

 

Enquiry Date:

02 Jan 2007

Amount:

16280

Credit Enquirer:

ESANDA FINANCE

Account Type:

Hire Purchase

Reference Number:

000000000048382

Role in Credit Enquiry:

Principal

 

Enquiry Date:

21 Nov 2006

Amount:

17560

Credit Enquirer:

ESANDA FINANCE

Account Type:

Hire Purchase

Reference Number:

000000000048382

Role in Credit Enquiry:

Principal

 

Enquiry Date:

02 Aug 2006

Amount:

45900

Credit Enquirer:

WPAC WA CREDIT CENTRE

Account Type:

Hire Purchase

Reference Number:

 

Role in Credit Enquiry:

Principal

 

Enquiry Date:

20 Jul 2006

Amount:

41368

Credit Enquirer:

ESANDA FINANCE

Account Type:

Hire Purchase

Reference Number:

000000000031499

Role in Credit Enquiry:

Principal

 

Enquiry Date:

11 Jul 2006

Amount:

41307

Credit Enquirer:

ESANDA FINANCE

Account Type:

Hire Purchase

Reference Number:

000000000031499

Role in Credit Enquiry:

Principal

 

Enquiry Date:

10 Jul 2006

Amount:

40000

Credit Enquirer:

WPAC WA CREDIT CENTRE

Account Type:

Hire Purchase

Reference Number:

 

Role in Credit Enquiry:

Principal

 

Enquiry Date:

16 Aug 2005

Amount:

76908

Credit Enquirer:

WPAC WA CREDIT CENTRE

Account Type:

Premium Finance

Reference Number:

 

Role in Credit Enquiry:

Principal

 

Enquiry Date:

19 Aug 2004

Amount:

37000

Credit Enquirer:

WPAC WA CREDIT CENTRE

Account Type:

Hire Purchase

Reference Number:

 

Role in Credit Enquiry:

Principal

 

Enquiry Date:

18 Aug 2004

Amount:

64403

Credit Enquirer:

WBC EQUIP FINANCE NEWBUS WA

Account Type:

Premium Finance

Reference Number:

 

Role in Credit Enquiry:

Principal

 

Enquiry Date:

13 Apr 2004

Amount:

51196

Credit Enquirer:

WPAC WA CREDIT CENTRE

Account Type:

Hire Purchase

Reference Number:

 

Role in Credit Enquiry:

Principal

 

Enquiry Date:

05 Feb 2004

Amount:

100000

Credit Enquirer:

WPAC WA CREDIT CENTRE

Account Type:

Hire Purchase

Reference Number:

 

Role in Credit Enquiry:

Principal

 

Enquiry Date:

03 Feb 2004

Amount:

200000

Credit Enquirer:

MACQUARIE CFL COMM LEAS VIC

Account Type:

Hire Purchase

Reference Number:

 

Role in Credit Enquiry:

Principal

 

Enquiry Date:

16 May 2003

Amount:

1000

Credit Enquirer:

RETAIL DECISION NEW ACCTS

Account Type:

Credit Card

Reference Number:

 

Role in Credit Enquiry:

Principal

 

Enquiry Date:

13 Aug 2002

Amount:

0

Credit Enquirer:

GE COMM CORP EAST PERTH WA

Account Type:

Wholesale Finance

Reference Number:

 

Role in Credit Enquiry:

Principal

 

 

REGISTERED CHARGES

 

The following Registered Charges have been recorded over the subject’s assets:

 

Date Registered:

12 Feb 2007

Chargee Name:

004 346 043 ESANDA FINANCE COR

Charge Type:

Fixed charge

ASIC Charge No:

1415320

 

Date Registered:

25 Aug 2006

Chargee Name:

004 044 937 NATIONAL AUSTRALIA

Charge Type:

Fixed charge

ASIC Charge No:

1345512

 

Date Registered:

09 Aug 2006

Chargee Name:

004 346 043 ESANDA FINANCE COR

Charge Type:

Fixed charge

ASIC Charge No:

1340936

 

Date Registered:

11 Jul 2006

Chargee Name:

004 044 937 NATIONAL AUSTRALIA

Charge Type:

Fixed charge

ASIC Charge No:

1324294

 

Date Registered:

15 Apr 1998

Chargee Name:

004 044 937 NATIONAL AUSTRALIA

Charge Type:

Fixed and floating charge

ASIC Charge No:

639175

 

Date Registered:

12 Feb 1998

Chargee Name:

004 346 043 ESANDA FINANCE COR

Charge Type:

Fixed charge

ASIC Charge No:

630739

 

 

RECORDED ACTIONS

 

Nothing of an adverse nature has been recorded against the subject.

 

 

 

 

 

 

 

 

INVESTIGATION

 

A number of attempts have been made to contact the Financial Controller in June 2007, however on each occasion it has been advised they are unavailable for interview. 

 

Messages have been left requesting they contact this office, however to date a reply has not been received.

 

Should additional information come to hand this will be sent to you as an addendum to this report.

 

Enquiries made with trade sources failed to trace any additional information in relation to the subject.

 

A Land Titles Search has not been undertaken to ascertain what land, if any, stands in the subject’s name.  This can be undertaken on request.

 

 

CONCLUSION

 

The subject was incorporated in Western Australia on 23 May 1996 as Westcoast Wools Pty Ltd, being an Australian Proprietary Company, Limited By Shares.

 

Paid capital $82 in 82 shares paid to $1 each.

 

Westcoast Wools Pty Ltd is a 100% Western Australian owned company.


It commenced business in 1996 with a staff of three plus four country agents.


Since this time Westcoast Wools Pty Ltd has grown quickly and now employs 22 full time staff along with 13 country wool agents, spread throughout Western Australia. In December, 2001 Westcoast Wools Pty Ltd opened a new state of the art wool store in Barrington St, Bibra Lake.

 

 

 

 

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/normal.

 

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