MIRA INFORM REPORT

 

 

 

Report Date :

16.09.2008

 

IDENTIFICATION DETAILS

 

Name :

BREMICK PTY LTD

 

 

Registered Office :

1/62 Maddox Street Alexandria, New South Wales 2015

 

 

Country :

Australia

 

 

Date of Incorporation :

11.05.1965

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Owned and Operated Fastener Organisation

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

                                      

REGISTERED NAME      

 

BREMICK PTY LTD

T/AS BREMICK FASTENERS

ACN: 000 496 131

ABN: 68 000496 131

 

 

CORPORATE SEARCH

 

Incorporation Date:                     11 May 1965

 

Incorporation State:                    New South Wales

 

Registered Office                       1/62 MADDOX Street

                                                ALEXANDRIA, New South Wales 2015 Australia

 

Charges                                    Date Registered: 31 Aug 1999

Chargee Name: 075 554 175 GE CAPITAL FINANCE

Charge Type: Fixed and floating charge

ASIC Charge No: 712498

 

Number of Shares Issued:           2237500

 

Paid Capital:                              $5275000

 

Shareholders                             BRETT PAUL HAWKSFORD

                                                Number of Shares: 906251

 

MICHAEL JEFFREY HAWKSFORD

Number of Shares: 906251

 

B.M.B. INVESTMENTS PTY LTD

Number of Shares: 424998

 

Directors                                   HAWKSFORD, BRETT PAUL

Appointment Date: 01 Nov 1968

Date of Birth: 29 Mar 1948

Gender: Male

Address: 2/271 STANHILL Drive SURFERS PARADISE, Queensland 4217 Australia

Resident Overseas: No

 

File Number: 244666516

Director Name: HAWKSFORD, MICHAEL JEFFREY

Appointment Date: 18 Feb 1968

Date of Birth: 10 Feb 1943

Gender: Male

Address: 61 BORONIA Road BELLEVUE HILL, New South Wales 2023 Australia

Resident Overseas: No

 

Secretary                                  MICHAEL JEFFREY HAWKSFORD

                                                Appointment Date: 20 Dec 1975

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 Unit F1, 62 Maddox St

                                                ALEXANDRIA, NSW 2015

 

TELEPHONE                             (612) 8332 1500

 

FACSIMILE                                   (612) 8332 1501

 

BRANCHES                             The subject maintains 10 factory warehouses in Australia and New Zealand.           

 

BANK                                       WESTPAC BANKING CORPORATION

                                                GE COMMERCIAL        

                                               

EMPLOYEES                            150

 

 

BACKGROUND

 

The subject was incorporated in New South Wale son 11 May 1965 to commence operations under the current style as a new venture.

Established in 1965 Bremick Fasteners provides over 40 years experience in the manufacture of high quality fasteners for performance conscious professionals in the  construction, manufacturing, mining, and petro-chemical  industries.

 

OPERATIONS

The subject operates as the largest Australian owned and operated fastener organisation with 10 factory warehouses in all major capitals in Australia and New Zealand.

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 confirmed the subjects search and operational details, however declined to provide any financial information as a matter of strict company policy.

 

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

 

The subject maintains a financing facility with GE Capital Finance  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. (JJ Lawson) Subject operates with a $100,000 credit limit with purchases averaging $80,000 to $90,000 per month on 30 day terms. Payment is met in 30 days and the account is considered satisfactory.

 

 

SUMMARY

 

The subject was incorporated in New South Wale son 11 May 1965 to commence operations under the current style as a new venture.

Established in 1965 Bremick Fasteners provides over 40 years experience in the manufacture of high quality fasteners.

 

During the current investigation, details pertaining to the subject’s financial position were unable to be obtained.

 

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

 

           

                                               

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.63

UK Pound

1

Rs.83.76

Euro

1

Rs.66.49

 

 

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