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MIRA INFORM REPORT

 

 

Report Date :            

20.04.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

SMENCO PTY LTD

 

 

Registered Office :

1 Longview Court, Thomastown Vic 3074

 

 

Country :

Australia

 

 

Date of Incorporation :

04.06.2004

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

distribution of welding equipment and machines

 

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 :

Unknown

 

 

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      

 

SMENCO PTY LTD

ACN: 109 272 602

ABN: 51 109 272 602

 

     

CORPORATE SEARCH

 

Incorporation State: VIC

 

Incorporation Date: 04 JUN 2004

 

Registered Office

1 LONGVIEW COURT,

THOMASTOWN

VIC 3074

 

Registered Charges: 1

Both Fixed &Floating

COMMONWEALTH BANK OF AUSTRALIA (123123124)

1188077

Registered 27 JUL 2005

 

Current Directors Total: 4

MARTIN LESLIE COURTNAY – Appointed: 20 JUN 2005

114 ARTHUR Street ELTHAM, Victoria 3095 Australia

DOB: 22 MAY 1965

 

VESNA ENGLAND – Appointed: 20 JUN 2005

10 ARTHUR STREETON Place DIAMOND CREEK, VIC

DOB: 17 MAR 1960

 

PAUL DAVID SMITH – Appointed: 20 JUN 2005

25 SCARBOROUGH Crescent MELTON WEST, VIC

DOB: 26 MAR 1959

 

ANTHONY PAUL ENGLAND – Appointed: 29 JUN 2004

10 ARTHUR STREETON Place DIAMOND CREEK, VIC

DOB: 22 SEP 1962

 

Current Secretaries Total: 1

ANTHONY PAUL THOMAS ENGLAND – Appointed: 29 JUN 2004

 

Share Structure - Classes Total: 1

 

ORD ORDINARY SHARES: 1400100 – Amount paid: $1,400,100

 

Shareholders Total: 4

ORD 105007 - WENDY O'BRIEN

ORD 105008 - PAUL DAVID SMITH

ORD 210015 No Yes T.R.A.M.A.N. INVESTMENTS PTY

ORD 980070 No Yes VEAK PTY LTD

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 1 Longview Court

                                                THOMASTOWN, VIC 3074                                 

 

TELEPHONE                             (613) 9465 5324

 

FACSIMILE                               (613)

 

BRANCHES                              UNDERWOOD, QLD

                                                SMEATON GRANGE, NSW

                                                MALAGA, WA

 

BANK                                       COMMONWEALTH BANK OF AUSTRALIA

                                               

EMPLOYEES                            37        

 

 

BACKGROUND

 

The subject was incorporated in Victoria on 4 June 2004 under the current style.

 

 

OPERATIONS

 

The subject operates in the in the distribution of welding equipment and machines and are exclusive distributors in Australia for Fronius’, ‘Messer’ and Castolin Eutectic’.

 

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 the subjects Finance Director Vesna England, she advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of just under $10,000,000.

 

A slight improvement in operations is forecast for the current financial year ending 30 June 2011.


Current assets include stock on hand of $2,000,000.

 

The subject maintains a financing facility with the Commonwealth 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 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.   (Talarc) Purchases average $10,000 to $15,000 per month on 30 day terms. Payment is met in 30 days and the account is considered satisfactory having been known for 10 years.

 

2.   (Rohlig) Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject was incorporated in Victoria on 4 June 2004 under the current style.

 

For the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of just under $10,000,000.

 

A slight improvement in operations is forecast for the current financial year ending 30 June 2011.


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 satisfaction from suppliers contacted in dealing with the subject on a credit basis.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.68

UK Pound

1

Rs.72.56

Euro

1

Rs.63.53

 

 

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.