MIRA
INFORM REPORT
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Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
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Name : |
CONQUEST AGROCHEMICALS PTY LTD |
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Registered Office : |
1, |
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Country : |
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Date of Incorporation : |
20 November 2001 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Import and distribution of chemical crop protection 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. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
REGISTERED NAME
CONQUEST AGROCHEMICALS PTY LTD
ACN
098 814 932
ABN
84 098 814 932
INCORPORATED
20 November 2001
REGISTERED ADDRESS
1,
SHARECAPITAL
$1,000
SHAREHOLDERS
MORGAN, Roy Norman Holds
270 shares
GEOBELL P/L Holds
270 shares
DEEANEM P/L Holds
270 shares
LYON, Edmund James Holds
110 shares
MADELIN, Clare Holds
50 shares
FOREMAN, Peter James Holds
30 shares
DIRECTORS
withers, Ross Andrew
GAMMAGE, Kevin Albert
Gerard
85 Branksome Garden
MORGAN, Roy Norman
SECRETARY
GRIFFITHS, Mark Adam
REGISTERED CHARGES
Registered Charge Number :
1390048
Date Registered :
11.12.2006
Status :
Fixed
Creditor :
Registered Charge Number : 1363179
Date Registered :
10.10.2006
Status :
Fixed and floating
Creditor :
GE Commercial
Registered Charge Number :
979339
Date Registered :
23.12.2003
Status :
Fixed
Creditor :
Capital Finance
BUSINESS STRUCTURE
TRADING ADDRESS
Unit 1,
TELEPHONE (618) 9347 0500
FACSIMILE (618) 9347 0551
ASSOCIATED ENTITY
FARMWORK P/L
BANK
WESTPAC BANKING CORPORATION
EMPLOYEES
4
BACKGROUND
The subject was incorporated in
Operations were established as a new venture in 2001.
OPERATIONS
The subject operates in the import and distribution of chemical crop
protection products.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the 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 the subjects Financial
Controller, Mark, he advised that the subject distributes a majority of its
product with the Associated entity Farmworks P/L.
For the last financial year ended 30 June 2007, the subject traded
profitably and recorded of $31,000,000.
Current assets of $1,000,000 to $2,000,000.
The subject maintains a Debtor Finance facility which is used to assed
in funding Working Capital requirements.
Enquiries in trade quarters revealed general satisfaction from suppliers
contacted in dealing with the subject on a credit basis.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
Purchases average $20,000 per month on 30 day terms. Payment is met in
30 to 60 days and the account is considered satisfactory, having been known
since 2001.
Purchases range up to $400,000 per month on 30 day terms. Payment is met
in 30 days and the account is considered satisfactory, having been known since
2003.
Nominated supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in
Operations were established as a new venture in 2001.
The subject distributes a majority of its product with the Associated
entity Farmworks P/L.
For the last financial year ended 30 June 2007, the subject traded
profitably and recorded of $31,000,000.
Enquiries in trade quarters revealed general satisfaction from suppliers
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. |
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%)