MIRA
INFORM REPORT
|
Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CHARLES PARSONS & CO PTY LTD |
|
|
|
|
Registered Office : |
4/100 Chalmers
Street Surry Hills, New South Wales 2010 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Date of Incorporation : |
12.02.1920 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Distribution and Conversion of Fabrics, Garments and
Homewares. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
REGISTERED NAME
CHARLES PARSONS & CO PTY LTD
ACN: 000 008 668
ABN: 96 000 008 668
CORPORATE SEARCH
Incorporation
Date: 12 Feb 1920
Incorporation
State: New South Wales
Registered Office 4/100 CHALMERS
Street
SURRY
HILLS, New South Wales 2010 Australia
Charges Date Registered:
04 Mar 2008
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed and floating charge
ASIC Charge No: 1601535
Number of Shares
Issued: 1,048,447
Paid Capital: $15,742,077
Shareholders CHARLES PARSONS
(HOLDINGS) PTY LTD
Number
of Shares: 1048447
Directors BILTON, MARK
Appointment Date: 20 Sep 2007
Date of Birth: 26 Jun 1963
Gender: Male
Address: 45 LAWSON Parade ST IVES, New South Wales 2075 Australia
Resident Overseas: No
PARSONS, CHARLES WILLIAM
Appointment Date: 29 Jul 2004
Date of Birth: 20 Feb 1978
Gender: Male
Address: 52/17 SINCLAIR Street WOLLSTONECRAFT, New South Wales 2065
Australia
Resident Overseas: No
PARSONS, VICKI MARGARET
Appointment Date: 29 Jul 2004
Date of Birth: 31 Dec 1945
Gender: Female
Address: THE POINT 4/41 CREMORNE Road CREMORNE POINT, New South Wales
2090 Australia
Resident Overseas: No
MOORE, DAVID JAMES
Appointment Date: 27 Aug 2002
Date of Birth: 28 Nov 1946
Gender: Male
Address: 2/90 UNDERCLIFF Street NEUTRAL BAY, New South Wales 2089
Australia
Resident Overseas: No
WILSON, PAUL JOHN
Appointment Date: 14 Oct 1998
Date of Birth: 22 May 1950
Gender: Male
Address: 36 SPENCER Street ESSENDON, Victoria 3040 Australia
Resident Overseas: No
Secretary PETER KING
Appointment
Date: 20 Sep 2007
BUSINESS STRUCTURE
HEAD OFFICE Level
4, 59 Goulburn St
SYDNEY,
NSW 2000
TELEPHONE (612) 9910 4100
BRANCHES Chalmers
St Surry Hills, NSW
Nicholson
St, Brunswick, VIC
Southgate Ave, cannon Hill, QLD
Ledgar
Rd, Balcatta, WA
Bond
St, Richmond, SA
HOLDING ENTITY CHARLES PARSONS (HOLDINGS) PTY LTD
ASSOCIATED ENTITY CHARLES
PARSONS (NZ) LTD
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES 300
BACKGROUND
The subject was incorporated in New South Wales on 12 February 1920
under the current style.
In 1915 Charles Leslie Parsons established Charles Parsons & Co at
Kent House.
In 1918 the company took over William Herron & Co, woolen merchants.
In 1972 the company diversified into homewares.
In 1975 Charles Parsons International was established in Hong Kong.
In 1999, the group opened in Shanghai.
OPERATIONS
The subject operates in the distribution and conversion of fabrics,
garments and homewares.
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 the subjects Financial Controller, he confirmed the subjects search and operational details, however declined to provide any financial information as a matter of strict company policy.
Subsequently details in this regard were unable to be obtained during the current investigation.
The subject maintains a financing facility with the National
Australia Bank, which is secured by a registered charge over certain fixed and
floating assets of the company.
TRADE SURVEY
Details pertaining to the subject’s suppliers are yet to be provided.
A trade survey on the subject was subsequently unable to be conducted.
SUMMARY
The subject was incorporated in New South Wales on 12 February 1920
under the current style.
In 1915 Charles Leslie Parsons established Charles Parsons & Co at
Kent House.
Details pertaining to the subject’s financial and trading position were
unable to be obtained for the current enquiry.
The subject maintains a financing facility with the National
Australia Bank, which is secured by a registered charge over certain fixed and
floating assets of the company.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.16 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.67.95 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)