MIRA INFORM REPORT

 

 

 

Report Date :

25.09.2008

 

IDENTIFICATION DETAILS

 

Name :

SIMON JOHNSON PURVEYOR OF QUALITY FOODS PTY LTD

 

 

Registered Office :

5, 1 Chifley Sq Sydney, NSW 2000

 

 

Country :

Australia

 

 

Date of Incorporation :

22.03.1995

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Import, Retail and Wholesale of Food Products.

 

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      

 

SIMON JOHNSON PURVEYOR OF QUALITY FOODS PTY LTD

ACN: 068 747 973

ABN: 38 068 747 973

 

 

CORPORATE SEARCH

 

INCORPORATED                       22 March 1995

 

REGISTERED ADDRESS           5, 1 Chifley Sq

                                                SYDNEY, NSW 2000

 

SHARECAPITAL                        $2,047,120                   

 

SHAREHOLDERS                     JOHNSON, Simon Keith             Holds 1,857,000

                                               

DIRECTORS                              JOHNSON, Simon Keith

                                                7 Rayner Rd

                                                WHALE BEACH, NSW 2107

                                                                                   

SECRETARY                            JOHNSON, Simon Keith

                                                7 Rayner Rd

                                                WHALE BEACH, NSW 2107

 

REGISTERED CHARGES          Registered Charge Number     : 1076344

                                                Date Registered             : 27.08.2004

                                                Status                                       : Fixed

                                                Creditor                                     : CBFC

 

                                                Registered Charge Number     : 531167

                                                Date Registered             : 14.03.1996

                                                Status                                       : Fixed and floating

                                                Creditor                                     : Westpac Bank

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 24A Ralph St

                                                ALEXANDRIA, NSW 2015

 

TELEPHONE                             (612) 8244 8288

 

FACSIMILE                               (612) 8244 8266

 

RETAIL OUTLETS                      The subject presently maintains 7 stores and is about to a further store in 4 weeks.

 

BANK                                       WESTPAC BANKING CORPORATION

                                                Branch: Sydney, NSW 2000

                                               

EMPLOYEES                            6

           

 

BACKGROUND

 

The subject was incorporated in New South Wales on 2 March 1995 under the current style as a new venture.

 

New Zealand born Director Simon’s career in food as an apprentice chef and spent a number of years chefing in Sydney and Auckland restaurant kitchens before permanently moving to Sydney in 1987.

 

In 1992 he opened a showroom for Chefs in Pyrmont, Sydney, with Australia’s first specialist in-store fromagerie. It wasn’t long before the showroom transformed into a retail store due to the increasing demand from Sydney’s foodie public.

 

He now has 7 Simon Johnson retail stores located in New South Wales, Victoria and Western Australia and runs an annual series of cooking seminars - ‘Talk, Eat, Drink’ at the Pyrmont store.

 

The wholesale distribution covers New South Wales, Victoria and Western Australia, with distributors appointed to service Queensland, Tasmania and South Australia. Customers include five star hotels, premium restaurants, caterers, airlines and specialist food retailers.

 

 

OPERATIONS

 

The subject operates in the import, retail and wholesale of food products.

 

The subject distributes to 1,500 hotels, restaurants and catering business Australia wide.

 

The wholesale and retail product ranges have increased significantly over the years and the development of the Simon Johnson branded range is now recognized as a benchmark for quality.

 

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

 

The subject maintains an overdraft facility with the Westpac Bank, which is secured by a registered charge.

 

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 payments from suppliers contacted being received in up to 60 days on 30 day trading terms.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

  1. (Calendar Cheese) Purchases average more than $90,000 per month on 30 day terms. Payment is met in 60 days and the account is considered slow and requires chasing, been known over 12 years.

 

  1. (Meredith Dairy) Purchases average $25,000 to $35,000 per month on 30 day terms. Payment is met in 30 days and the account is considered good, been known for 10 years.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 2 March 1995 under the current style as a new venture.

 

Details pertaining to the subject’s financial position were unable to be obtained for the current enquiry.

 

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 payments from suppliers contacted being received in up to 60 days on 30 day trading terms.

                                                                       

 

 

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