MIRA INFORM REPORT

 

 

 

Report Date :

15.09.2008

 

IDENTIFICATION DETAILS

 

Name :

STAINLESS FASTNER SUPPLIES PTY LTD

 

 

Registered Office :

154 High Street Fremantle, Western Australia 6160

 

 

Country :

Australia

 

 

Date of Incorporation :

23.04.2004

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Wholesaler and Distributor of Stainless Steel Fastenings

 

 

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 :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

REGISTERED NAME      

 

STAINLESS FASTNER SUPPLIES PTY LTD

ACN: 108 838 419

ABN: 28 108 838 419

 

 

CORPORATE SEARCH

 

Incorporation Date:                     23 Apr 2004

 

Incorporation State:                    Western Australia

 

Registered Office                       154 HIGH Street

                                                FREMANTLE, Western Australia 6160 Australia

 

Charges                                    Date Registered: 28 Aug 2007

Chargee Name: 069 663 136 CAPITAL FINANCE AU

Charge Type: Fixed charge

ASIC Charge No: 1505154

 

Date Registered: 08 Aug 2007

Chargee Name: 069 663 136 CAPITAL FINANCE AU

Charge Type: Fixed charge

ASIC Charge No: 1495654

 

Date Registered: 21 Feb 2007

Chargee Name: 069 663 136 CAPITAL FINANCE AU

Charge Type: Fixed charge

ASIC Charge No: 1419453

 

Date Registered: 07 Feb 2006

Chargee Name: 069 069 343 ADOR PTY LTD

Charge Type: Fixed and floating charge

ASIC Charge No: 1264102

 

Number of Shares Issued:           200

 

Paid Capital:                              400

 

Shareholders                             ADOR PTY LTD

                                                Number of Shares: 102

 

TRICIA LEE-ANNE DYMOCK AND OTHERS

Number of Shares: 49

 

LINDA MAY VERHOEFF AND OTHERS

Number of Shares: 49

 

Directors                                   VERHOEFF, ROBERT LIONEL

Appointment Date: 23 Apr 2004

Date of Birth: 05 Feb 1961

Gender: Male

Address: 7 NANCY Way COOGEE, Western Australia 6166 Australia

Resident Overseas: No

 

DYMOCK, WAYNE VERNON

Appointment Date: 23 Apr 2004

Date of Birth: 22 Feb 1966

Gender: Male

Address: 10 ROSSELL Place ATWELL, Western Australia 6164 Australia

Resident Overseas: No

 

Secretary                                  ROBERT LIONEL VERHOEFF

                                                Appointment Date: 23 Apr 2004

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 unit 2, 23 Glassford Rd

                                                KEWDALE, WA 6105

 

TELEPHONE                             (618) 9353 3060

           

FACSIMIL                                    (618) 9353 5244

 

BANK                                       COMMONWEALTH BANK OF AUSTRALIA        

                                               

EMPLOYEES                            9

 

 

BACKGROUND

 

The subject was incorporated in Western Australia on 23 April 2004 to commence operations under the current style as a new venture.

 

 

OPERATIONS

 

The subject operates is a family owned and operated wholesaler and distributor of stainless steel fastenings.

 

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 or trading information as a matter of strict company policy.

 

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

 

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. (Famous Pacific Shipping) Subject operates with a $5,000 credit limit with purchases averaging $8,000 per month on 30 day terms. Payment is met in 30 days and the account is considered satisfactory, having been known over 3 years.

 

  1. (Stirlings Australia) Nominated supplier declined to provide a reference owing to company policy.

 

 

SUMMARY

 

The subject was incorporated in Western Australia on 23 April 2004 to commence operations under the current style as a new venture.

                                                                       

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