MIRA
INFORM REPORT
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Report Date : |
16.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MOREPEN PTY LTD |
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Registered Office : |
Unit 16, Sydney Wool Centre, Denniston Avenue, Guildford, NSW 2161 |
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Country : |
Australia |
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Date of Incorporation : |
18 April 1991 |
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Legal Form : |
Proprietary Company, Limited By Shares |
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Line of Business : |
Wool exporters |
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 : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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REGISTERED NAME: |
MOREPEN PTY LTD |
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AUSTRALIAN
COMPANY NUMBER: |
051 320 257 |
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AUSTRALIAN
BUSINESS NUMBER: |
37 051 320 257 |
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OPERATING
ADDRESS: |
Unit 16, Sydney Wool Centre, Denniston Avenue, GUILDFORD, NSW
2161 |
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REGISTERED
ADDRESS: |
C/- David Fisher & Co, Level 4, 171-175 Clarence Street, SYDNEY, NSW 2000 |
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OTHER TRADING
NAMES: |
Nil |
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TELEPHONE
NUMBER: |
(02) 9632 9321 |
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DATE OF INCORPORATION: |
18 April 1991 – Incorporated in New South Wales. |
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CHANGE OF NAME: |
Nil |
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PAID CAPITAL: |
$200,202 in $1 shares. |
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DIRECTORS: |
GRAHAM JOHN
EVANS 2 Ridgemont Close, WEST PENNANT HILLS, NSW 2125 MARGARET KATHLEEN
EVANS 2 Ridgemont Close, WEST PENNANT HILLS, NSW 2125 |
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SHAREHOLDERS: |
Refer HISTORY |
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SECRETARY: |
MARGARET
KATHLEEN EVANS |
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AUDITORS: |
DYTOR & ASSOCIATES ELIZABETH IVY DYTOR, 29 Rembrandt Street, CARLINGFORD, NSW
2118 |
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REGISTERED
CHARGES: |
Refer REGISTERED CHARGES |
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PAYMENTS: |
Refer TRADING |
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LEGAL ACTIONS /
DEFAULTS: |
Nil |
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EMPLOYEES: |
The number of employees have not been obtained. |
PARENT COMPANY
NIL
ACTIVITIES
The subject operates as wool exporters.
Full details pertaining to the nature of the subject’s operations have
not been ascertained at this time.
Operations are conducted from premises situated at the heading address.
The number of employees have not been ascertained.
HISTORY
The subject was incorporated in New South Wales on 18 April 1991 as Morepen Pty Ltd, being an Australian
Proprietary Company, Limited By Shares.
Australian Company Number: 051 320 257.
Paid capital $200,202 in 200,202 Ordinary Shares paid to $1 each.
Shares are held by:
GRAHAM JOHN EVANS 100,001
ORD
MARGARET KATHLEEN EVANS 100,001
ORD
JOHN WILLIAM EVANS 100
ORD
CASSANDRA MARY EVANS 100
ORD
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.
Details pertaining to the company history and antecedent information on
the directors have not been ascertained.
DIRECTORS
GRAHAM JOHN EVANS was born in
Goulburn, NSW, on 5 October 1942 and was appointed to the board of directors on
3 June 1991. He is fully active in the day to day operations of the company.
MARGARET KATHLEEN
EVANS was born in Casino, NSW on 13 November 1942 and was appointed to the
board of directors on 3 June 1991. She is also the Company Secretary, having
been appointed to this position on 3 June 1991.
BANK
HSBC BANK AUSTRALIA LIMITED
The bank holds a Registered Charge 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:
On 4 November 2004 to HSBC Bank – Corporate Banking for Lending Proposal
for an amount of $7,000,000.
Nothing further has been recorded.
REGISTERED CHARGES
The following Registered Charge has been recorded over the subject’s
assets:
On 29 May 2006, Fixed and Floating Charge to HSBC Bank Australia Limited,
ASIC Charge No. 345638.
RECORDED ACTIONS
Nothing of an adverse nature has been recorded against the subject.
INVESTIGATION
A number of attempts have been made to contact a spokesperson from the
subject in March 2007, however the telephone remains unanswered.
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 18 April 1991 as Morepen Pty Ltd, being an Australian
Proprietary Company, Limited By Shares.
Paid capital $200,202 in 200,202 Ordinary Shares paid to $1 each.
The subject operates as wool exporters.
Details in relation to the company have not been ascertained. If dealing with the subject on a credit basis, caution would be recommended until further details are obtained or the account is proven.
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%)