MIRA
INFORM REPORT
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Report Date : |
04.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOLDRIDGE PTY LTD |
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Registered Office : |
71 York St Beenleigh,
QLD 4500 |
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Country : |
Australia |
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Date of Incorporation : |
12.01.1995 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import and Distribution of Ceramic Wall and Floor Tiles. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
REGISTERED NAME
GOLDRIDGE PTY LTD
T/AS AS UP TILES STRATHPINE
ACN: 067 481 734
ABN: 96 067 481 734
INCORPORATED
12 January 1995
REGISTERED ADDRESS
71 York St
BEENLEIGH, QLD 4500
SHARECAPITAL
$15
SHAREHOLDERS
SPENCER, Roger Graeme Holds
11 shares
VAN HECKE, Helena Francisca Holds 2 shares
SPENCER, Aaron Roger Holds 1 share
SPENCER, Trent Thomas Holds
1 share
DIRECTORS
VAN HECKE, Helena Francisca
1 Mindi Ct
CASHMERE, QLD 4500
SPENCER, Roger Graeme
1 Mindi Ct
CASHMERE, QLD 4500
SECRETARY
SPENCER, Roger Graeme
1 Mindi Ct
CASHMERE, QLD 4500
REGISTERED CHARGES
Registered Charge Number : 1483855
Date Registered : 16.07.2007
Status :
Fixed and floating
Creditor :
Westpac Bank
Registered Charge Number : 854649
Date Registered : 27.03.2002
Status :
Fixed
Creditor :
Esanda Finance
Registered Charge Number : 846775
Date Registered : 14.02.2002
Status :
Fixed
Creditor :
Esanda Finance
Registered Charge Number : 846716
Date Registered : 13.02.2002
Status :
Fixed
Creditor :
Esanda Finance
BUSINESS STRUCTURE
TRADING ADDRESS 104
Gympie Rd
STRATHPINE,
QLD 4500
TELEPHONE (617) 3881 0116
FACSIMILE (617) 3881
0656
TRADING STYLE UP TILES STRATHPINE
BANK WESTPAC
BANKING
EMPLOYEES 25
BACKGROUND
The subject was incorporated in Queensland on 12 January 1995 under the
current style.
The subject was formed to restructure existing operations that were
established in 1979.
OPERATIONS
The subject operates in the import and distribution of ceramic wall and
floor tiles.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the of Credit Advantage Limited 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 investigation, all queries pertaining to the subject were forwarded to Director Roger Spencer. Contact was Mr Spencer was unable to be established for the current enquiry. Despite numerous messages being left, no reply has been received.
During a
later interview conducted with Mr Spencer, he advised that for the last
financial year ended 30 June 2007, the subject traded profitably and recorded
revenue of $7,000,000.
Current
assets include stock on hand of $1,000,000 and receivables of $800,000.
The subject
maintains an overdraft facility with the Westpac Bank which is secured by a
registered charge. This facility is not utilised as all operations are funded
through the cashflows of the company.
Current
liabilities include creditors of $800,000.
In regards
to asset backing, the subjects Directors are advised to own the premises
located at the above listed trading address.
Enquiries
in trade quarters revealed payments from one supplier contacted being received
in 60 days on 30 day trading terms.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
(Construction chemicals) Purchases are of an undisclosed amount on 30 day terms. Payment is met in 60 days and the account is considered slow having been known since March 2006.
(radio 4BC) Nominated supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in Queensland on 12 January 1995 under the current style.
The subject was formed to restructure existing operations that were established in 1979.
For the
last financial year ended 30 June 2007, the subject traded profitably and
recorded revenue of $7,000,000.
In regards
to asset backing, the subjects Directors are advised to own the premises
located at the above listed trading address.
Enquiries
in trade quarters revealed payments from one supplier contacted being received
in 60 days on 30 day trading terms.
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%)