MIRA INFORM REPORT

 

 

 

Report Date :

14.10.2008

 

IDENTIFICATION DETAILS

 

Name :

PRESTON AUSTRALIA PTY LTD

 

 

Registered Office :

196 Silverwater Road Silverwater, New South Wales 2128

 

 

Country :

Australia

 

 

Date of Incorporation :

24.07.1970

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacture and Distribution of Construction Platforms, Scaffolding and Materials Handling Equipment.

 

 

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

 

                                               

 

REGISTERED NAME      

 

PRESTON AUSTRALIA PTY LTD

ACN: 000 815 172

ABN: 46 000 815 172

 

 

CORPORATE SEARCH

 

Incorporation Date:                     24 Jul 1970

 

Incorporation State:                    New South Wales

 

Registered Office                       196 SILVERWATER Road

                                                SILVERWATER, New South Wales 2128 Australia

 

Number of Shares Issued:           2

 

Paid Capital:                              2

 

Shareholders                             JOHN CLEMENT PRESTON

Number of Shares: 1

 

MARJO ELIZABETH PRESTON

Number of Shares: 1

 

Directors                                   PRESTON, JOHN CLEMENT

Appointment Date: 24 Jul 1970

Date of Birth: 19 Feb 1947

Gender: Male

Address: 12 WENTWORTH Road EASTWOOD, New South Wales 2122 Australia

Resident Overseas: No

 

Secretary                                  JOHN CLEMENT PRESTON

                                                Appointment Date: 31 Jul 1996

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 196 Silverwater Rd

                                                SILVERWATER, NSW 2128

 

TELEPHONE                             (612) 9648 4855

 

FACSIMIL                                    (612) 9648 3591

 

BANK                                       NATIONAL AUSTRALIA BANK   

                                               

EMPLOYEES                            8

           

BACKGROUND

 

The subject was incorporated in New South Wales on 24 July 1970 as JC Preston Engineering P/L, changing name to PrestonAustralia.com P/L, changing name to Dunwich P/L, changing name on 18 January 1979 to JC Prestons Cranes P/L, changing name on 18 July 1988 to Preston International P/L, changing name on 26 October 1990 to JC Prestons Cranes P/L, changing name on 2 July 1992 to Down to earth Springwater (NSW) P/L, changing name on 24 August 2000 to Preston Matrix P/L, before adopting the current style on21 November 2005.

 

Operations were established as a new venture in 1970.

                                                                       

 

OPERATIONS

 

The subject operates in the manufacture and distribution of construction platforms, scaffolding and materials handling equipment.

 

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 confirmed the subjects search and operational details, however declined to provide any financial information.

 

Subsequently details in this regard were unable to be obtained during the current investigation.

 

During a later interview conducted with the Financial Controller, she advised that for the last financial year ended 30 June 2008, the subject traded profitably and recorded revenue of $1,300,000.

 

In regards to asset backing, the subject is noted to own the premises located at the above listed trading address. A property search can be conducted at your request to confirm ownership.

 

Enquiries in trade quarters revealed general satisfaction from one supplier contacted in dealing with the subject on a credit basis.

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

  1. Supplier advised that for the last calendar year purchases totalled close to $50,000. Purchases for the current year to date have totalled $3,000. Payment is met in 30 to 60 days on 30 day terms and the account is considered satisfactory, having been known over 3 years.

 

  1. Nominated supplier declined to provide a reference owing to company policy.

 

  1. Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 24 July 1970 to commence operations as a new venture.

 

For the last financial year ended 30 June 2008, the subject traded profitably and recorded revenue of $1,300,000.

                                                                       

In regards to asset backing, the subject is noted to own the premises located at the above listed trading address.

 

Enquiries in trade quarters revealed general satisfaction from one supplier contacted in dealing with the subject on a credit basis.

                                               

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.43

UK Pound

1

Rs.84.54

Euro

1

Rs.65.91

 

 

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