MIRA
INFORM REPORT
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Report Date : |
27.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
AUSTRALIAN SANDALWOOD OIL CO PTY LTD |
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Registered Office : |
2 Down Road Albany, Western Australia 6330 |
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Country : |
Australia |
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Date of Incorporation : |
29.06.1999 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Operates in the products of
Sandalwood and Emu oil based products including fragrances and lipsticks. |
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
AUSTRALIAN SANDALWOOD OIL CO PTY LTD
ACN: 088 257 498
ABN: 97 088 257 498
CORPORATE SEARCH
Incorporation Date: 29
Jun 1999
Incorporation State: Western
Australia
Registered Office 2 DOWN Road
ALBANY, Western
Australia 6330 Australia
Charges Date Registered:
29 Jun 2007
Chargee Name: 006 014 197 BILIONIS NOMINEES
Charge Type: Fixed and floating charge
ASIC Charge No: 1476059
Date Registered: 12 Sep 2005
Chargee Name: 005 357
522 AUSTRALIA AND NEW
Charge Type: Fixed and floating charge
ASIC Charge No: 1205843
Number of Shares Issued: 1
Paid Capital: $1
Shareholders MT ROMANCE
AUSTRALIA PTY LTD
Number of Shares: 1
Directors BIRKBECK, STEPHEN
PAUL
Appointment Date: 27 Jun 2007
Date of Birth: 29 Oct 1960
Gender: Male
RAINTREE FARM 2243 SOUTH COAST Highway
DENMARK, Western Australia 6333
Australia
Address:
HARRIS, BRYAN
Appointment Date: 01 Jun 2007
Date of Birth: 24 Jun 1953
Gender: Male
Address: 53 MCCALLUM Road DONCASTER,
Victoria 3108 Australia
Resident Overseas: No
BROWN, MICHAEL WILLIAM
Appointment Date: 01 Jun 2007
Date of Birth: 30 Apr 1953
Gender: Male
Address: 49 BROOK Street HAWTHORN, Victoria
3122 Australia
Secretary ROBERT HEILBRON
Appointment Date: 27 June 2007
BUSINESS STRUCTURE
TRADING ADDRESS Lot 2, Down Rd
MIRAMBEENA PARK
ALBANY, WA 6330
TELEPHONE (618) 9845 6888
FACSIMILE (618) 9841 7100
HOLDING
ENTITY MT ROMANCE AUSTRALIA
P/L
ULTIMATE HOLDING
ENTITY MT ROMANCE HOLDINGS P/L
BANK ANZ
BANKING GROUP
EMPLOYEES 50
BACKGROUND
The subject was incorporated in Western
Australia on 29 June 1999 to commence operations under the current style as a
new venture.
The group began near Denmark, a southern
coastal area of eastern Australia, where husband and wife team, Steve and Karen
Birkbeck, spent countless nights creating emu oil based cosmetics to sell at
local markets. As the business grew, so too did competition in this lucrative
market. Sensing difficulties in sustaining long-term business success, Steve
looked towards essential oils to diversify their business. Soon after, he
identified a tremendous opportunity - pure Australian sandalwood oil.
OPERATIONS
The subject operates in the products of
sandalwood and emu oil based products including fragrances and lipsticks.
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 Robert Helborn, he confirmed the subjects search and operational details, however declined to provide any financial or trading information as a matter of strict company policy.
Subsequently details in this regard were unable to be obtained during the current investigation.
In regards to asset backing, the subject is noted to own the premises located at the above listed trading address. A property search can be conducted at your request to confirm ownership.
Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
Purchases average $100,000 per month on 60 day terms. Payment is met to terms and the account is considered satisfactory, having been known since July 2005.
Purchases range up to $15,000 per month on 30 day terms. Payment is met to terms and the account is considered satisfactory, having been known over 5 years.
SUMMARY
The subject was incorporated in Western
Australia on 29 June 1999 to commence operations under the current style as a
new venture.
Details pertaining to the
subject’s financial position were unable to be obtained for the current
enquiry.
In regards to asset backing, the subject is
noted to own the premises located at the above listed trading address.
Enquiries in trade quarters revealed
satisfaction from suppliers contacted in dealing with the subject on a credit
basis.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.79 |
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UK Pound |
1 |
Rs.85.04 |
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Euro |
1 |
Rs.67.39 |
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%)