MIRA
INFORM REPORT
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Report Date : |
25.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
FRASER HRONES & CO PTY LTD |
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Formerly Known as : |
GNOMES CAFÉ P/L |
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Registered Office : |
8 Winter CL Lisarow,
NSW 2250 |
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Country : |
Australia |
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Date of Incorporation : |
02.10.1996 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Supplier of Specialised Machinery to the Industrial, Research & Development and Educational Sectors. |
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 : |
No Complaints |
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Litigation : |
Clear |
REGISTERED NAME
FRASER HRONES
& CO PTY LTD
ACN: 075 837 928
ABN: 46 075 837 928
CORPORATE SEARCH
INCORPORATED 2
October 1996
REGISTERED ADDRESS 8
Winter Cl
LISAROW,
NSW 2250
SHARECAPITAL $2
SHAREHOLDERS JONES,
Michael Francis Holds 1 share
JONES,
Jane Estelle Holds 1
share
DIRECTORS JONES, Michael Francis
8
Winter Cl
LISAROW,
NSW 2250
SECRETARY Not
shown
REGISTERED
CHARGES Registered Charge Number :
1204946
Date
Registered : 05.09.2005
Status : Fixed
and floating
Creditor : Hrones
Investments
BUSINESS STRUCTURE
TRADING ADDRESS Unit
7, 4 Merinee Rd
WEST
GOSFORD, NSW 2250
TELEPHONE (612) 4324 2077
FACSIMILE (612)
4322 0877
BANK WESTPAC
BANKING CORPORATION
Mona
Vale, NSW
EMPLOYEES 5
BACKGROUND
The subject was incorporated in New South Wales on 2 October 1996 as
Gnomes Café P/L, changing name on 12 August 1997 to Myjane P/L, before adopting
the current style on 3 October 2005.
Operations were established as a new venture in 1949.
OPERATIONS
The subject operates as a major supplier of specialised machinery to the industrial, research & development and educational sectors.
The main areas of application are:
Wire processing
Bar, tube and section
processing
Metal smelting and heat treatment
Cable making
Automotive testing and production lines
Agglomeration
Engineering education
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 interview conducted with Director Michael Jones, he advised that for the last financial year ended 30 June 2007, the subject traded profitably and recorded revenue of $1,500,000.
The subject expects to generate a growth in operations for the current financial year ending 30 June 2008.
The subject maintains no overdraft facilities as all operations are funded through the cashflows of the company.
Further details pertaining to the subject’s financial position were unable to be obtained for the current enquiry.
TRADE SURVEY
During the current investigation, it was advised that the subject imports all requirements.
A trade survey on the subject traced the following account:
Nominated supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in New South Wales on 2 October 1996 as Gnomes Café P/L, changing name on 12 August 1997 to Myjane P/L, before adopting the current style on 3 October 2005.
Operations were established as a new venture in 1949.
For the last financial year ended 30 June 2007, the subject traded profitably and recorded revenue of $1,500,000.
The subject maintains no overdraft facilities as all operations are funded through the cashflows of the company.
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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%)