MIRA
INFORM REPORT
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Report Date : |
12.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOVAN INDUSTRIES PTY LTD |
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Formerly Known As : |
POWER TELECOM TECHNOLOGIES P/L |
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Registered Office : |
131 Link Dr Cambellfield, VIC 3061 |
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Country : |
Australia |
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Date of Incorporation : |
17.07.2002 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Electrical Engineering Firm Specilaisiing in the Manufacture
of Hazardous Protected Electrical Equipment. |
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
GOVAN INDUSTRIES PTY LTD
ACN: 101 391 637
ABN: 32 101 391 637
iNCORPORATED
17 July 2002
REGISTERED ADDRESS
131 Link Dr
CAMBELLFIELD, VIC 3061
SHARECAPITAL
$1,617,000
SHAREHOLDERS
SALAM, Zafaruddin Abdus Holds 1 share
DIRECTORS
SALAM, Nabeel
908, 582 St Kilda Rd
MELBOURNE, VIC 3004
SALAM, Zafaruddin Abdus
Resident overseas
SECRETARY
SALAM, Nabeel
908, 582 St Kilda Rd
MELBOURNE, VIC 3004
REGISTERED CHARGES
Registered Charge Number : 946321
Date Registered : 27.05.2003
Status : Fixed and floating
Creditor : National Australia Bank
BUSINESS STRUCTURE
TRADING ADDRESS 131 Link Dr
CAMBELLFIELD, VIC 3061
TELEPHONE (613) 9358 3400
FACSIMILE (613) 9358 3499
BANK NATIONAL AUSTRALIA BANK
EMPLOYEES 50
BACKGROUND
The subject was incorporated in Victoria on 17 July 2002 as Power Telecom Technologies P/L. before adopting the current style on 15 August 2002.
The subject was formed to take over the assets and operations of an existing business that was established in 1949.
OPERATIONS
The subject operates as an electrical engineering firm specilaisiing in the manufacture of hazardous protected electrical equipment.
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 Nabeel Zafar, 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 $1,500,000 to $2,000,000 and receivables of $1,500,000.
The subject maintains an overdraft facility with the National Australia Bank which is used to assist in funding Working capital requirements.
Current liabilities include creditors of $70,000.
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.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
(Schneider) Nominated supplier failed to respond to correspondence despite chasing.
(Weidmuller) Nominated supplier failed to respond to correspondence despite chasing.
(AWM) Nominated supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in Victoria on 17 July 2002 as Power Telecom Technologies P/L. before adopting the current style on 15 August 2002.
The subject was formed to take over the assets and operations of an existing business that was established in 1949.
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 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.
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%)