MIRA
INFORM REPORT
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Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPOTLIGHT PTY LTD |
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Formerly Known as : |
SEVENTH FEINRAB P/L |
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Registered Office : |
100 Market St South Melbourne, VIC 3205 |
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Country : |
Australia |
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Date of Incorporation : |
23.04. 1976 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Fabric, Craft and Decorating Superstores |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
NAME GIVEN
SPOT LIGHT STORE P/L
SPECIAL NOTE
During the current investigation, it was revealed that the correct legal entity is Spotlight Pty Ltd.
REGISTERED NAME
SPOTLIGHT PTY LTD
ACN: 005 180 861
ABN: 39 564 861 886
CORPORATE SEARCH
INCORPORATED 23 April 1976
REGISTERED ADDRESS 100 Market St
SOUTH MELBOURNE, VIC 3205
SHARECAPITAL $2
SHAREHOLDERS Spotlight Management Services Holds 2 shares
DIRECTORS HILTON, Donald
William
26 Petrik Dr
KEILOR, VIC 3036
FRIED, Ruben Maxwell
15 Howitt Rd
CAULFIELD NORTH, VIC 3161
FRAID, Morry
13 Meadow St
ST KILDA EAST, VIC 3183
SECRETARY BERRY, Dean Andrew
REGISTERED CHARGES Registered Charge Number : 536467
Date Registered : 26.04.1996
Status : Fixed and floating
Creditor : National Australia Bank
BUSINESS STRUCTURE
HEAD OFFICE 100 Market St
SOUTH MELBOURNE, VIC 3205
TELEPHONE (613) 9690 8899
BRANCHES The subject maintains 87 branches across Australia. The group also maintains 1 branch in Singapore, 1 in Hong Kong and 17 branches across New Zealand
BANK NATIONAL AUSTRALIA BANK
EMPLOYEES 5,200
BACKGROUND
The subject was incorporated in Victoria on 23 April 1976 as Seventh Feinrab P/L, adopting the current style on 29 June 1976.
Operations were founded by Directors Morry Fraid and Ruben Fried in 1976.
DIRECTORS PROFILES HILTON, Donald William, Director was born on 13 November 1959 and was
appointed to the subjects board on 30 August 2002.
FRIED, Ruben Maxwell Director was born on 25 May 1945 and was appointed to the subjects board on 1 July 1978. He co founded the subject in 1978, which today operates stores in Australia, New Zealand and Singapore and employs more than 3,000 staff. He is active in the daily operations as joint Managing Director.
FRAID, Morry Director was born on 23 September 1951 and was appointed to the subjects board on 6 July 1977. He co founded the subject in 1978, which today operates stores in Australia, New Zealand and Singapore and employs more than 3,000 staff. He is active in the daily operations as joint Managing Director.
OPERATIONS
The subject operates as Australia’s largest fabric, craft and decorating superstores.
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of the of Baycorp Advantage Limited traced the following any litigation listed against the subject at that date.
Default Report Listing
Account Number : 133751219
Account Type : Bank Overdraft
Member : Officeworks
Date : 06.04.2005
Amount : $121
Reason : Payment default
Assoc Code : Company’s Account
FINANCES
The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.
During the current interview conducted with Company Secretary Dean Berry, he advised that for the last financial year ended 30 June 2007, the subject traded profitably and recorded revenue (including GST) of $770 million.
For the financial year ended 30 June 2006, the subject traded profitably and recorded revenue (including GST) of $700,000,000. This compares to revenue of $680 million (including GST) for the year ended 30 June 2005.
For the year ended 30 June 2004, the subject recorded revenue of $642,000,000.
Current assets include stock on hand valued at $185,000,000.
The subject maintains an overdraft facility with the National Australia Bank, which is secured by a registered charge and is used to assist in funding Working capital requirements.
Further financial information pertaining to the subject was not disclosed for the current enquiry as a matter of company policy.
Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.
The subject is noted to operate in its capacity on behalf of the Spotlight Stores Trading Trust. Unsecured creditors are placed at maximum risk when dealing with a trustee company.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
(Caprice Curtains) Purchases range between $185,000 and $2,000,000 per month on 55 day terms. Payment is met according to terms and the account is considered good having been known for 30 years.
SUMMARY
The subject was incorporated in Victoria on 23 April 1976 as Seventh Feinrab P/L, adopting the current style on 29 June 1976.
Operations were founded by Directors Morry Fraid and Ruben Fried in 1976.
For the last financial year ended 30 June 2007, the subject traded profitably and recorded revenue (including GST) of $770 million.
Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.
The subject is noted to operate in its capacity on behalf of the Spotlight Stores Trading Trust. Unsecured creditors are placed at maximum risk when dealing with a trustee company.
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%)