MIRA INFORM REPORT

 

 

Report Date :           

06.04.2011

 

IDENTIFICATION DETAILS

 

Name :

ACE CERAMICS PTY LTD

 

 

Registered Office :

C/- Lo Surdo Braithwaite & Co, 87-89 Lyons Road, Drummoyne, Nsw 2047

 

 

Country :

Australia

 

 

Date of Incorporation :

17.07.1974

 

 

Legal Form :

Prorpietray Company

 

 

Line of Business :

import and distribution of ceramic wall and floor tiles and stone products

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Australia

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME      

 

ACE CERAMICS PTY LTD

ACN: 001 247 632

ABN: 27 001 247 632

 

     

CORPORATE SEARCH

 

Incorporation State: NSW

 

Incorporation Date: 17 JUL 1974

 

Registered Office

C/- LO SURDO BRAITHWAITE & CO,

87-89 LYONS ROAD,

DRUMMOYNE

NSW 2047

 

Registered Charges: 2

 

1501438

Registered 20 AUG 2007

Fixed

CAPITAL FINANCE AUSTRALIA LIMITED (069663136)

 

564632

Registered 31 OCT 1996

Both Fixed & Floating

WESTPAC BANKING CORPORATION (007457141)

 

Current Directors Total: 2

 

FRANK PERONACE – Appointed: 29 MAR 1997

4 GLADSTONE Avenue HUNTERS HILL, New South Wales

DOB: 25 MAY 1962

 

NICOLA PERONACE – Appointed: 17 JUL 1974

2 BENNETT Avenue FIVE DOCK, New South Wales

DOB: 08 OCT 1947

 

Current Secretaries Total: 1

 

FRANK PERONACE 29 MAR 1997

 

Share Structure - Classes Total: 4

D CLASS D SHARES -20 – Amount Paid: $20

C C CLASS - 1000 – Amount Paid: $1,000

B B CLASS - 1380 – Amount Paid: $1,380

A A CLASS - 1000– Amount Paid:  $1,000

 

Shareholders Total: 10

D 14 - NICOLA PERONACE 2 BENNETT AVENUE FIVE DOCK NSW 2046 No

A 300 - FRANK PERONACE

C 300 - FRANK PERONACE

C 333 -LAURA LEPESSIOTIS

B 334 - OLIMPIA PERONACE

C 367 - NICOLA PERONACE

B 414 -FRANK PERONACE

D 6 - FRANK PERONACE

B 632 - NICOLA PERONACE 2 BENNETT AVENUE FIVE DOCK NSW 2046 No

A 700 - NICOLA PERONACE 2 BENNETT AVENUE FIVE DOCK NSW 2046 No

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS     125 to 135 Bonds Rd

RIVERWOOD, NSW 2210                     

 

TELEPHONE                 (612) 9792 5177

 

BANK                           WESTPAC BANKING CORPORATION

                                               

EMPLOYEES                20 to 30           

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 17 July 1974 under the current style as a new venture.

 

 

OPERATIONS

 

The subject operates in the import and distribution of ceramic wall and floor tiles and stone products.

 

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

 

ADVERSE

                                               

A search of 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 Director Frank Peronace, he advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $7,000,000.

 

Current assets include stock on hand valued at $2,000,000.

 

The subject maintains an overdraft facility with the Westpac Bank which is secured by a registered charge and is used to assist in funding Working Capital requirements.

 

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.         (Canada Bay Hardware) Purchases average $12,000 per month on 30 day terms. Payment is met in 30 days and the account is considered satisfactory having been known since July 2001.

 

2.         (Avro Customs) Purchases average $20,000 to $25,000 per month on 7 and 30 day terms. Payment is met to terms days and the account is considered satisfactory having been known for 15 years.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 17 July 1974 under the current style as a new venture.

 

For the last financial year ended 30 June 2010the subject traded profitably and recorded revenue of $7,000,000.

 

The subject maintains an overdraft facility with the Westpac Bank which is secured by a registered charge and is used to assist in funding Working Capital requirements.

 

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.44.45

UK Pound

1

Rs.71.59

Euro

1

Rs.63.01

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.