MIRA
INFORM REPORT
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Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
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Name : |
RECYCLERS AUSTRALIA PTY LTD |
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Formerly Known As : |
MAC’S METALS |
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Registered Office : |
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Country : |
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Date of Incorporation : |
28.06.2000 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Scrap Metal Merchandisers Specialising in Brass, Copper, Aluminium,
Electric Cable, Hot Water Systems, Stainless Steel, Lead and Steel. |
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 : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
REGISTERED NAME
RECYCLERS AUSTRALIA PTY LTD
ACN: 093 518 891
ABN: 26 093 518 891
CORPORATE SEARCH
Incorporation
Date: 28 Jun 2000
Registered Office 10/388 QUEEN
Street
Charges Date Registered:
06 May 2008
Chargee Name: 004 044 937 NATIONAL
Charge Type: Fixed charge
ASIC Charge No: 1630623
Date Registered: 10 Mar 2008
Chargee Name: 004 044 937 NATIONAL
Charge Type: Fixed charge
ASIC Charge No: 1604217
Date Registered: 30 May 2007
Chargee Name: 004 044 937 NATIONAL
Charge Type: Fixed charge
ASIC Charge No: 1460803
Date Registered: 27 Feb 2007
Chargee Name: 004 044 937 NATIONAL
Charge Type: Fixed charge
ASIC Charge No: 1421628
Date Registered: 31 Jul 2006
Chargee Name: 004 044 937 NATIONAL
Charge Type: Fixed charge
ASIC Charge No: 1332201
Date Registered: 27 Oct 2005
Chargee Name: 004 044 937 NATIONAL
Charge Type: Fixed charge
ASIC Charge No: 1226228
Date Registered: 21 Dec 2004
Chargee Name: 004 044 937 NATIONAL
Charge Type: Fixed charge
ASIC Charge No: 1114538
Date Registered: 21 Dec 2004
Chargee Name: 004 044 937 NATIONAL
Charge Type: Fixed charge
ASIC Charge No: 1114534
Date Registered: 28 Jun 2004
Chargee Name: 004 346 043 ESANDA FINANCE COR
Charge Type: Fixed charge
ASIC Charge No: 1061486
Date Registered: 13 Jun 2003
Chargee Name: 004 044 937 NATIONAL
Charge Type: Fixed charge
ASIC Charge No: 950818
Date Registered: 10 Apr 2003
Chargee Name: 004 044 937 NATIONAL
Charge Type: Fixed charge
ASIC Charge No: 935215
Date Registered: 07 Dec 2001
Chargee Name: 004 044 937 NATIONAL
Charge Type: Fixed and floating charge
ASIC Charge No: 835219
Number of Shares
Issued: 106
Paid Capital: 106
Shareholders GOLDZONE PTY. LTD.
Number of Shares: 53
NICOLAS JOHN HOPKINS
Number of Shares: 53
Directors HOPKINS, NICOLAS
JOHN
Appointment Date: 04 Apr 2001
Date of Birth: 24 Sep 1965
Gender: Male
Address:
Resident Overseas: No
MORGAN, ALAN RAYMOND
Appointment Date: 28 Jun 2000
Date of Birth: 03 Jul 1961
Gender: Male
Address:
Resident Overseas: No
Secretary NICOLAS JOHN
HOPKINS
Appointment
Date: 24 Sep 2001
BUSINESS STRUCTURE
TRADING ADDRESS 1
YATALA,
QLD 4207
TELEPHONE (617) 3382 7262
BRANC LABRADOR,
QLD
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES 23
BACKGROUND
The subject was incorporated in
Operations were established as a new venture in 2005.
OPERATIONS
The subject operates as scrap metal merchandisers specialising in brass,
copper, aluminium, electric cable, hot water systems, stainless steel, lead and
steel.
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, she advised that for the last financial year ended 30 June 2008 the subject traded profitably and recorded revenue of $24,000,000.
The subject maintains
financing facilities with the National Australia Bank, which are secured by 12
registered charges over certain fixed and floating assets of the company.
In regards to asset
backing the subjects Directors are noted to own the premises located at the above
listed trading address through an associated entity.
Further details
pertaining to the subjects financial position were unable to be obtained for
the current enquiry.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
- (Nut and Bolt Factory) Supplier advised that the subject has only
traded on the account on one occasion since opening up in August 2008.
Purchases totalled $54 on 30 day terms. Payment was met in 47 days.
- (Sidelink Transport) Nominated supplier failed to respond to
correspondence despite chasing.
- (
SUMMARY
The subject was incorporated in
Operations were established as a new venture in 2005.
For the last financial year ended 30 June 2008 the subject traded
profitably and recorded revenue of $24,000,000.
In regards to asset
backing the subjects Directors are noted to own the premises located at the
above listed trading address through an associated entity.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.09 |
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1 |
Rs.74.90 |
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Euro |
1 |
Rs.63.40 |
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%)