MIRA
INFORM REPORT
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Report Date : |
13.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
INTERNATIONAL TRADING & MARKETING SERVICES PTY LTD |
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Formerly Known As : |
LYNQELN P/L |
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Registered Office : |
26 TEAL Boulevard Banksia Beach, Queensland 4507 |
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Country : |
Australia |
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Date of Incorporation : |
13.05.1982 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
International Trading Company and Import and Export Consultants. |
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 : |
Usually Correct |
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Litigation : |
Clear |
REGISTERED NAME
INTERNATIONAL TRADING &
MARKETING SERVICES PTY LTD
ACN: 006 020 800
ABN: 93 006
020 800
CORPORATE SEARCH
Incorporation
Date: 13 May 1982
Incorporation
State: Victoria
Registered Office 26 TEAL Boulevard
BANKSIA
BEACH, Queensland 4507 Australia
Charges Date Registered:
04 Jan 1994
Chargee Name: 004 044 937 NATIONAL AUSTRALIA
Charge Type: Fixed and floating charge
ASIC Charge No: 421241
Number of Shares
Issued: 4
Paid Capital: 4
Shareholders ROHAN ADRIAN
CHINIVASAGAM
Number
of Shares: 2
JAYALINI DEVAKUMARI CHINIVASAGAM
Number of Shares: 2
Directors CHINIVASAGAM,
ROHAN ADRIAN
Appointment Date: 01 Jul 1994
Date of Birth: 22 Jan 1956
Gender: Male
Address: 26 TEAL Boulevard BANKSIA BEACH, Queensland 4507 Australia
Resident Overseas: No
CHINIVASAGAM, JAYALINI DEVAKUMARI
Appointment Date: 01 Jul 1994
Date of Birth: 12 Feb 1952
Gender: Female
Address: 26 TEAL Boulevard BANKSIA BEACH, Queensland 4507 Australia
Resident Overseas: No
Secretary ROHAN ADRIAN
CHINIVASAGAM
Appointment
Date: 01 Jul 1994
Special Note During the current
investigation, it was revealed that Director Adrian Chinivasagam passed away last
month in October 2008.
BUSINESS STRUCTURE
TRADING ADDRESS 61
Marina Blvd
BANKSI
BEACH, BRIBIE ISLAND, QLD 4507
TELEPHONE (617) 3410 8920
MOBILE 0417 342 319
FACSIMIL (617)
3410 7800
CONTROLLED
ENTITIES AUSMAL
P/L
RJ
CONCEPTS P/L
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES 5
BACKGROUND
The subject was incorporated in Victoria on 13 May 1982 as Lynqeln P/L,
changing name to Joanian P/L before adopting the current style on19 July 1993.
The subject was officially
established when ITM (international trade management) a subsidiary of National
Australia Bank limited, established a consultancy/business development unit
which traded as a wholly owned subsidiary called ITMS (international trade
management services). This happened in early 1990.
When the bank divested ITM
the company was acquired by Pengelly Group New Zealand. As Pengelly had no
experience in this consultancy field they offered ITMS to the managers of the
unit Adrian Chinivasagam and Ian Grover.
From August 1 1993 the
business of International trade management services Pty Ltd. was conducted in
the name of a fresh entity International Trading Marketing Services Pty .Ltd (a
company Joanian Pty Ltd. owned by Ian Grover, and which had undertaken limited
trade financing for International trade management services, changed its name
to International Trading & Marketing Services Pty .Ltd on July 19 1993).
OPERATIONS
The subject operates as an international trading company and import and export
consultants.
The subject is primarily involved in the trading of animal protein
products, fertilizers and food products.
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 subject Administration
Manager, she advised that Managing Director Adrian Chinivasagam passed away in
October 2008.
She advised that that any queries pertaining to the subject’s financial
position would need to be forwarded to Director and wife of Mr Chinivasagam,
Jayalini Chinivasagam. It was advised however that Mrs Chinivasagam could not
be contacted for the current enquiry.
As a result, details pertaining to the subject’s financial 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.
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:
1.
(BPL Melbourne) Purchases average $400,000 to $500,000 per month on 30
day terms. Payment is met within 30 days and the account is considered
satisfactory, having been known Since February 2006.
2.
(Kilcoy Pastoral) Nominated supplier failed to respond to correspondence
despite chasing.
SUMMARY
The subject was incorporated in Victoria on 13 May 1982 as Lynqeln P/L,
changing name to Joanian P/L before adopting the current style on19 July 1993.
Operations were originally established in 1990.
Details pertaining to the subject’s financial 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.
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.49.46 |
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UK Pound |
1 |
Rs.73.17 |
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Euro |
1 |
Rs.62.96 |
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%)