MIRA INFORM REPORT

 

 

 

Report Date :

25.09.2008

 

IDENTIFICATION DETAILS

 

Name :

PETER FAEGHI GROUP PTY LTD

 

 

Registered Office :

544 PACIFIC Highway Chatswood, New South Wales 2067

 

 

Country :

Australia

 

 

Date of Incorporation :

01.03.1995

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Import and Retail of Persian and Oriental Rugs and Floor Coverings

 

 

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 :

Slow

 

 

Litigation :

Clear

 

        

 

REGISTERED NAME 

 

PETER FAEGHI GROUP PTY LTD

ACN: 068 434 168

ABN: 68 068 434 168

 

 

CORPORATE SEARCH

 

Incorporation Date:                     01 Mar 1995

 

Incorporation State:                    New South Wales

 

Registered Office                       544 PACIFIC Highway

                                                CHATSWOOD, New South Wales 2067 Australia

Credit History

Charges                                    Date Registered: 09 Dec 2003

Chargee Name: 007 457 141 WESTPAC BANKING CO

Charge Type: Fixed charge

ASIC Charge No: 1001527

 

Date Registered: 23 Jul 2003

Chargee Name: 055 513 070 ST.GEORGE BANK LIM

Charge Type: Fixed and floating charge

ASIC Charge No: 962591

 

Number of Shares Issued:           100002

 

Paid Capital:                              100002

 

Shareholders                             FAEGHI HOLDINGS PTY. LIMITED

                                                Number of Shares: 100002

 

Directors                                   FAEGHI, PETER

Appointment Date: 01 Mar 1995

Date of Birth: 21 Mar 1951

Gender: Male

Address: 544 PACIFIC Highway CHATSWOOD, New South Wales 2067 Australia

Resident Overseas: No

 

 

Secretary                                  PETER FAEGHI

                                                 Appointment Date: 01 Mar 1995

 

 

BUSINESS STRUCTURE

 

HEAD OFFICE                          544 Pacific Hwy

                                                CHATSWOOD, NSW 2067        

 

TELEPHONE                             (612) 9884 8887

 

FACSIMILE                                   (612) 9884 9997

 

TRADING STYLE                          PERSIAN CARPET GALLERY

 

HOLDING ENTITY                        FAEGHI HOLDINGS P/L

 

ASSOCIATED ENTITY                 PAYLESS CARPETS P/L

 

GROUP BRANCHES                   The group maintains 9 branches across Australia                                                           

BANK                                       ST GEORGE BANK

                                                WESTPAC BANKING CORPORATION   

                                               

EMPLOYEES                            50

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 1 March 1995 under the current style.

 

Group operations have been established for 40 years.

 

 

OPERATIONS

 

The subject operates in the import and retail of Persian and oriental rugs and floorcoverings.

 

Activities are conducted from premises located at the above listed trading address.

 

 

ADVERSE

                                               

A search of the of Credit Advantage Limited traced the following litigation listed against the subject at that date.

 

Payment Defaults

Account Number: 7328909110

Account Type: Telecommunication Service

Role in Payment Default: Principal

Latest Credit Provider: TELSTRA CREDIT MANAGEMENT

Latest Date: 04 Jan 2005

Latest Amount: 155

Latest Reason to Report: Payment Default

Original Credit Provider: TELSTRA CREDIT MANAGEMENT

Original Date: 04 Jan 2005

Original Amount: 155

Original Reason to Report: Payment Default

 

Account Number: 2942704200

Account Type: Telecommunication Service

Role in Payment Default: Principal

Latest Credit Provider: TELSTRA CREDIT MANAGEMENT

Latest Date: 21 Jul 2004

Latest Amount: 477

Latest Reason to Report: Payment Default

Original Credit Provider: TELSTRA CREDIT MANAGEMENT

Original Date: 21 Jul 2004

Original Amount: 477

Original Reason to Report: Payment Default

Status: Paid

Status Date: 12 Aug 2004

 

Account Number: 1004569300

Account Type: Telecommunication Service

Role in Payment Default: Principal

Latest Credit Provider: TELSTRA CREDIT MANAGEMENT

Latest Date: 06 Jan 2004

Latest Amount: 137

Latest Reason to Report: Payment Default

Original Credit Provider: TELSTRA CREDIT MANAGEMENT

Original Date: 06 Jan 2004

Original Amount: 137

Original Reason to Report: Payment Default

Status: Paid

Status Date: 23 Jan 2004

 

On 23 February 2006, notification of Application for Winding Up Order was lodged with ASIC against the subject. On 25 May 2006 this was dismissed.

 

 

FINANCES

 

The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.

 

During the current interview conducted with the subject’s financial controller, he advised that for the last financial year ended 30 June 2008, the subject recorded revenue of $7,000,000 to $8,000,000.

 

The subject maintains a financing facility with the St George Bank, which is secured by a registered charge over certain fixed and floating assets of the company.

 

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

 

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:

 

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

 

  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 1 March 1995 under the current style.

 

Group operations have been established for 40 years.

                                                                       

For the last financial year ended 30 June 2008, the subject recorded revenue of $7,000,000 to $8,000,000.

 

The subject maintains a financing facility with the St George Bank, which is secured by a registered charge over certain fixed and floating assets of the company.

 

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

 

In view of the above and listed adverse findings the subject has been assigned with a rating of ‘NA 5’.

 

                                               


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.25

UK Pound

1

Rs.85.92

Euro

1

Rs.68.11

 

 

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