MIRA
INFORM REPORT
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Report Date : |
12th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
PROTEA DIAMONDS PTY LTD |
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Registered Office : |
Suite 701, 5th Floor, 155 Castlereagh Street, Sydney, NSW
2000 |
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Country : |
Australia |
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Date of Incorporation : |
19.05.1986 |
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Com. Reg. No.: |
003 101 380 |
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Legal Form : |
Australian Proprietary Company, Limited By Shares |
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Line of Business : |
Importer and Wholesaler of diamonds and jewellery. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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REGISTERED NAME: |
PROTEA DIAMONDS
PTY LTD |
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AUSTRALIAN
COMPANY NUMBER: |
003 101 380 |
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AUSTRALIAN
BUSINESS NUMBER: |
53 003 101 380 |
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OPERATING
ADDRESS: |
Suite 701, 5th Floor, 155 Castlereagh Street, SYDNEY, NSW 2000 |
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REGISTERED
ADDRESS: |
Suite 701, 5th Floor, 155 Castlereagh Street, SYDNEY, NSW 2000 |
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OTHER TRADING
NAMES: |
Nil |
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TELEPHONE
NUMBER: |
(02) 9267 5409 MOBILE: 0418 170 018 |
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WEB SITE
ADDRESS: |
Nil |
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DATE OF
INCORPORATION: |
19 May 1986 – Incorporated in New South Wales. |
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CHANGE OF NAME: |
Nil |
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PAID CAPITAL: |
$5,000 in $1 shares. |
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DIRECTORS: |
MAY LOU SOBEL 1 Boronia Road, BELLEVUE HILL, NSW 2023 LAWRENCE ALFRED
MEYEROWITZ Overseas resident ROBIN SOBEL 1 Boronia Road, BELLEVUE HILL, NSW 2023 |
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SHAREHOLDERS: |
Refer HISTORY |
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SECRETARY: |
ROBIN SOBEL |
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AUDITORS: |
Not shown |
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REGISTERED
CHARGES: |
Nil |
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PAYMENTS: |
Refer TRADING |
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LEGAL ACTIONS /
DEFAULTS: |
Nil |
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EMPLOYEES: |
14 |
PARENT COMPANY
NIL
SUBSIDIARY COMPANIES
NIL
ASSOCIATE COMPANIES
NIL
ACTIVITIES
The subject is an importer and wholesaler of diamonds and
jewellery.
Sales are to manufacturers and retail outlets on normal
trading terms.
Operations are conducted from owned premises situated at the
heading address.
The company does not have any branches.
It was stated the subject’s head office is in South Africa.
The subject employs 14 in activities.
HISTORY
The subject was incorporated in New South Wales on 19 May 1986 as Protea Diamonds Pty Ltd, being an
Australian Proprietary Company, Limited By Shares.
Australian Company Number: 003 101 380.
Paid capital $5,000 in 5,000 shares paid to $1 each.
Shares are held by:
ROBIN SOBEL AND OTHERS 4,500
LAWRENCE ALFRED MEYEROWITZ 500
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.
Operations of the company were commenced in 1983.
The subject does not maintain any operating subsidiary or associate
concerns in Australia.
DIRECTORS
MARY LOU SOBEL was born on 8
September 1962 and was appointed to the board of directors on 8 June 1994.
LAWRENCE ALFRED
MEYEROWITZ was born on 8 June 1932 and was appointed to the board of directors on
15 April 1987. He is resident overseas and not active in company operations.
ROBIN SOBEL was born on 26
October 1958 and was appointed to the board of directors on 19 May 1986. He is
active in company operations. He is also the Company Secretary, having been
appointed to this position on 12 May 1988.
BANK
WESTPAC BANKING CORPORATION
84 KING STREET,
SYDNEY, NSW 2000
The bank does not hold a Registered Charge over company assets.
TRADING
Trade references in relation to the subject could not be provided, it
being stated that as the subject is an importer, the company is not a major
seeker of local commercial credit.
The company does not purchase locally as Australia does not produce
diamonds.
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 there are no inquiries in relation
to finance applications:
REGISTERED CHARGES
There are no Registered Charges existing over the subject’s assets.
RECORDED ACTIONS
Nothing of an adverse nature has been recorded against the subject.
INVESTIGATION
An interview was conducted with Ms Adele Crossman, Financial Controller,
in March 2007. At this time she confirmed operational and trading details,
however declined all financial information as a matter of company policy.
It was advised that premises at the heading address are owned.
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 New South Wales on 19 May 1986 as Protea Diamonds Pty Ltd, being an
Australian Proprietary Company, Limited By Shares.
Paid capital $5,000 in 5,000 shares paid to $1 each.
The subject is an importer and wholesaler of diamonds and
jewellery.
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%)