MIRA
INFORM REPORT
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Report Date : |
14.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SLM FOODS PTY LTD |
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Registered Office : |
1508, 56 Scarborough St Southport, QLD 4215 |
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Country : |
Australia |
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Date of Incorporation : |
05.08.2004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import and Distribution of Food Products. |
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
SLM FOODS PTY LTD
ACN: 110 379 532
ABN: 62 110 379 532
INCORPORATED
5 August 2004
REGISTERED ADDRESS
1508, 56 Scarborough St
SOUTHPORT, QLD 4215
SHARECAPITAL
$100
SHAREHOLDERS
SETHI, Kanwaljit Holds
100 shares
DIRECTORS
SETHI, Kanwaljit
8, 2 Girraween Gr
ASHMORE, QLD 4214
SECRETARY
SETHI, Kanwaljit
8, 2 Girraween Gr
ASHMORE, QLD 4214
REGISTERED CHARGES
Registered Charge
Number : 1475481
Date Registered :
03.07.2007
Status :
Fixed
Creditor :
Esanda Finance
BUSINESS STRUCTURE
TRADING ADDRESS 8, 2 Girraween
Gr
ASHMORE,
QLD 4214
TELEPHONE (617))
5539 6810
BANK WESTPAC
BANKING CORPORATION
EMPLOYEES 4
BACKGROUND
The subject was incorporated in Queensland on 5 August 2004 under the
current style.
Operations were established in 005.
OPERATIONS
The subject operates in the import and distribution of food products.
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, Sith Kanwaljit, he
advised that for the last financial year ended 30 June 2007, the subject traded
profitably and recorded revenue of $800,000.
A similar result is forecast for the current financial year ending 30
June 2008.
Current assets include stock on hand of $150,000 and receivables of $120,000
to $130,000.
The subject is looking to set up a debtor financing facility with its
bankers to assist in funding Working capital requirements.
Current liabilities include creditors of $20,000 to $25,000.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
(Riverina Foods) Purchases average $2,000 per month on 30 day terms.
Payment is met in 45 days and the account requires some chasing though is
considered satisfactory.
SUMMARY
The subject was incorporated in Queensland on 5 August 2004 under the
current style.
Operations were established in 005.
For the last financial year ended 30 June 2007, the subject traded
profitably and recorded revenue of $800,000.
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%)