MIRA INFORM REPORT

 

 

 

Report Date :

25.11.2008

 

IDENTIFICATION DETAILS

 

Name :

GOLDEN HARVEST GRAIN EXPORTS

 

 

Registered Office :

Comton Business Park Level 1, Building A, 54 to 66 Parrin Dr, Underwood, QLD 4119

 

 

Country :

Australia

 

 

Year of Establishment:

1994

 

 

Legal Form :

Partnership

 

 

Line of Business :

Exporter of Grains and Seeds including Wheat, Oats, Barley, Rice, Canola Linseeds, Millet etc.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

NAME of the company  

 

GOLDEN HARVEST GRAIN EXPORTS

 

 

SPECIAL NOTE        

 

During the current investigation it was revealed that the subject operates as a partnership between Golden Harvest Specialty Seeds (Aust) P/L and Hiremath Global P/L.

 

 

CORPORATE SEARCH

 

Company Name:                      HIREMATH GLOBAL P/L

 

Australian Company

Number:                                    120719191

 

Incorporation Date:                     13 Jul 2006

 

Incorporation State:                    Queensland

 

Registered Office                       318 ST PAULS Terrace

                                                FORTITUDE VALLEY, Queensland 4006 Australia

 

Charges                                    Date Registered: 30 Aug 2006

Chargee Name: 007 457 141 WESTPAC BANKING CO

Charge Type: Fixed and floating charge

ASIC Charge No: 1346468

 

Date Registered: 30 Aug 2006

Chargee Name: 007 457 141 WESTPAC BANKING CO

Charge Type: Fixed and floating charge

ASIC Charge No: 1346463

 

Number of Shares Issued:           2

 

Paid Capital:                              2

 

Shareholders                             SANGEETA HIREMATH

Number of Shares: 1

 

CHANDRASHEKHAR HIREMATH

Number of Shares: 1

 

Directors                                   HIREMATH, SANGEETA

Appointment Date: 13 Jul 2006

Date of Birth: 06 May 1973

Gender: Female

Address: 32 BOTANICAL Drive UNDERWOOD, Queensland 4119 Australia

Resident Overseas: No

 

HIREMATH, CHANDRASHEKHAR

Appointment Date: 13 Jul 2006

Date of Birth: 15 Jan 1966

Gender: Male

Address: 32 BOTANICAL Drive UNDERWOOD, Queensland 4119 Australia

Resident Overseas: No

 

Secretary                                  CHANDRASHEKHAR HIREMATH

                                                Appointment Date: 13 Jul 2006

 

 

Company Name:                      GOLDEN HARVEST SPECIALTY SEEDS (AUST) P/L

 

Australian Company

Number:                                    066991982

 

Incorporation Date:                     07 Nov 1994

 

Incorporation State:                    New South Wales

 

Registered Office                       7/87 WICKHAM Terrace

                                                BRISBANE, Queensland 4000 Australia

 

Charges                                    Date Registered: 30 Aug 2006

Chargee Name: 007 457 141 WESTPAC BANKING CO

Charge Type: Fixed and floating charge

ASIC Charge No: 1346471

 

Date Registered: 30 Aug 2006

Chargee Name: 007 457 141 WESTPAC BANKING CO

Charge Type: Fixed and floating charge

ASIC Charge No: 1346465

 

Date Registered: 04 Sep 2000

Chargee Name: 007 457 141 WESTPAC BANKING CO

Charge Type: Fixed and floating charge

ASIC Charge No: 765069

 

Date Registered: 24 Jan 1995

Chargee Name: 000 015 485 GE FINANCE AUSTRAL

Charge Type: Fixed and floating charge

ASIC Charge No: 475520

 

Number of Shares Issued:           400

 

Paid Capital:                              400

 

Shareholders                             PETER GOSTWYCK RENS CORY

Number of Shares: 396

 

ELIZABETH ANNE RENS SEARLE

Number of Shares: 2

 

ANDREW BURNETT RENS CORY

Number of Shares: 2

 

Directors                                   CORY, PETER GOSTWYCK

Appointment Date: 14 Nov 1994

Date of Birth: 15 Jun 1942

Gender: Male

Address: 31/78 CAIRNS Street KANGAROO POINT, Queensland 4169 Australia

Resident Overseas: No

 

Secretary                                  PETER GOSTWYCK RENS CORY

                                                Appointment Date: 14 Nov 1994

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 Comton Business Park

                                                Level 1, Building A, 54 to 66 Parrin Dr

                                                UNDERWOOD, QLD 4119

 

TELEPHONE                             (617) 3209 3237

 

FACSIMIL                                     (617) 3299 5097

 

BANK                                       WESTPAC BANKING CORPORAITON   

                                               

EMPLOYEES                            3 full time equivalents

           

 

BACKGROUND

 

The subject operates as a partnership between Golden Harvest Specilaity Seeds (Aust) P/L and Hiremath Global P/L.

 

The subject was founded in 1994 by Golden Harvest Specialty Seeds (Aust) P/L, a company that was incorporated in Queensland on 7 November 1994.

 

Hiremath Global P/L, became a partner in the business in 2006.

                                                                       

 

OPERATIONS

 

The subject operates as an exporter of grains and seeds including wheat, oats, barley, rice, canola linseeds, millet etc.

 

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, he advised that for the last financial year ended 30 June 2008 the subject traded profitably and recorded revenue of $21,900,000.

 

The subject maintains no stock on hand.

 

The subject maintains financing facilities with the Westpac Bank which are used to assist in funding Working Capital requirements.

 

In regards to asset backing, partner Hiremath Global is advised to own the premises located at the above listed trading address.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

  1. (Woods Grain) Nominated supplier failed to respond to correspondence despite chasing.

 

  1. (A & B Grains) Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject operates as a partnership between Golden Harvest Specilaity Seeds (Aust) P/L and Hiremath Global P/L.

 

The subject was founded in 1994 by Golden Harvest Specialty Seeds (Aust) P/L, a company that was incorporated in Queensland on 7 November 1994.

 

For the last financial year ended 30 June 2008 the subject traded profitably and recorded revenue of $21,900,000.

 

The subject maintains financing facilities with the Westpac Bank which are used to assist in funding Working Capital requirements.

 

In regards to asset backing, partner Hiremath Global is advised to own the premises located at the above listed trading address.

 

           

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.85

UK Pound

1

Rs.76.60

Euro

1

Rs.64.68

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions