MIRA
INFORM REPORT
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Report Date : |
29.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
KARAACORP PTY LTD |
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Registered Office : |
1, 13 Victoria St Wollongong,
NSW 2500 |
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Country : |
Australia |
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Date of Incorporation : |
15.10.1997 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Supplier of Industrial Raw Materials, Textiles and Building Materials
to India |
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
KARAACORP PTY LTD
ACN: 080 404 833
ABN: 99 080 404 833
INCORPORATED
15 October 1997
REGISTERED ADDRESS
1, 13 Victoria St
WOLLONGONG, NSW 2500
SHARECAPITAL
$22
SHAREHOLDERS
VASWANI, Risha Ashok Holds
11 shares
VASWANI, Ashok Arjan Holds
11 shares
DIRECTORS
VASWANI, Ashok Arjan
41 Langston Ave
FIGTREE, NSW 2525
VASWANI, Risha Ashok
41 Langston Ave
FIGTREE, NSW 2525
SECRETARY
VASWANI, Ashok Arjan
41 Langston Ave
FIGTREE, NSW 2525
REGISTERED CHARGES
Registered
Charge Number : 940202
Date Registered : 05.05.2003
Status : Fixed
and floating
Creditor : Westpac
Bank
BUSINESS STRUCTURE
TRADING ADDRESS 806,
2 Darling Point Rd
EDGECLIFF,
NSW
MOBILE 0417 435 147
BANK WESTPAC
BANKING CORPORATION
EMPLOYEES 2
BACKGROUND
The subject was incorporated in New South Wales on 15 October 1997 to
commence operations under the current style.
OPERATIONS
The subject operates in the supply of industrial raw materials, textiles
and building materials to India. The subject sources product from all over the
world.
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 Asok Vaswani, he advised that for the last financial year ended 30 June 2007, the subject traded profitably and recorded revenue in the order of $3,000,000.
The subject carries no stock on hand as all requirements are delivered directly from the suppliers to the client.
The subject maintains an overdraft facility and letter of credit facility with its bankers which is used to assist in funding Working capital requirements.
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 is not a significant seeker of domestic commercial credit.
A trade survey on the subject was subsequently unable to be conducted.
SUMMARY
The subject was incorporated in New South Wales on 15 October 1997 to
commence operations under the current style.
For the last financial year ended 30 June 2007, the subject traded profitably and recorded revenue in the order of $3,000,000.
The subject maintains an overdraft facility and letter of credit facility with its bankers which is used to assist in funding Working capital requirements.
The information contained in this report is strictly confidential and has been compiled to assist in making a commercial credit decision. Whilst every care has been taken in compiling this report, Complete Corporate Reporting Pty Ltd shall not be liable for any claim, loss, injury or damage suffered by the recording of incorrect, incomplete, inaccurate or out of date information. This report should not be used as the sole basis for a business decision.
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%)