MIRA
INFORM REPORT
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Report Date : |
10.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ALLOY STEEL |
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Registered Office : |
1, |
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Country : |
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Date of Incorporation : |
8 September 2000 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of wear-resistant alloy and metal plating. |
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 : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
REGISTERED NAME
ALLOY STEEL
ACN
094 428 887
ABN
98 094 428 887
INCORPORATED
8 September 2000
REGISTERED ADDRESS
1,
SHARECAPITAL
$391,312
SHAREHOLDERS
ALLOY STEEL
INTERNATIONAL INC Holds 391,310
KOSTECKI, Gene Holds 1 share
DIRECTORS
KOSTECKI, Gene
48 Boddington Cct
WINDUSS, Alan
Charles
SECRETARY
Not determined
REGISTERED CHARGES
Registered Charge Number : 1336754
Date Registered : 10.06.2006
Status : Fixed and floating
Creditor : Commonwealth Bank
BUSINESS STRUCTURE
TRADING ADDRESS
42 Mercantile Way
TELEPHONE (618) 9248 3188
FACSIMILE (618) 9248 3166
BRANCH
DARRA, QLD
BANK
COMMONWEALTH BANK OF
EMPLOYEES
25
BACKGROUND
The subject was incorporated in
OPERATIONS
The subject operates in the manufacture of wear-resistant alloy and metal plating. The company's Arcoplate branded products are used to line bulldozer blades, chutes at mining sites, and other surfaces that come into contact with highly abrasive materials.
The subject
primarily serves customers in the mining and mineral processing and
construction industries
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of the traced the following litigation listed against the subject at that date.
Writs and summonses
Creditor : Cadd Systems P/L
Date : 03.03.2004
Amount : $14,698
Plaint No. : 003892/04/WPER
Court : Local Court Writ
Assoc code : Companys Account
Writs and summonses
Creditor : Commissioner of State Revenue
Date : 30.08.2005
Amount : $7,981
Plaint No. : 014020/05/WPER
Court :
Assoc code : Companys Account
FINANCES
The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.
During the current interview conducted with Director Alan Winduss he advised that for the last financial year, the subject traded profitably and recorded revenue of $5,000,000.
The subject maintains
a financing facility with the Commonwealth Bank, which is secured by a
registered charge over certain fixed and floating assets of the company.
Further
details pertaining to the subjects financial position were not provided for the
current enquiry.
Enquiries in trade quarters revealed satisfaction from one supplier contacted in dealing with the subject on a credit basis.
The subject is ultimately owned by Alloy Steel International Inc, a corporation that is listed on the Nasdaq. For the financial year ended 3o September 2006, the company recorded consolidated revenue of US$3,400,000 which resulted in a Net Loss of US$300,000.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
Subject operates a large account on 30 day terms. Payment is met in 30 days and the account is considered satisfactory, having been known since November 2006.
Nominated supplier declined to provide a reference owing to company policy.
Nominated supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in
For the last financial year, the subject traded profitably and recorded revenue of US$5,000,000.
The subject maintains
a financing facility with the Commonwealth Bank, which is secured by a registered
charge over certain fixed and floating assets of the company.
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. |
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%)