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MIRA INFORM REPORT

 

 

Report Date :            

21.04.2011

 

IDENTIFICATION DETAILS

 

Name :

TRAIL COM LTD

 

 

Registered Office :

Level 6, 57 Symonds Street, Grafton, Auckland 1010

 

 

Country :

New Zealand

 

 

Date of Incorporation :

31.03.1999

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Import, Manufacture and Distribution of trailer components

 

 

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)

New Zealand

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

REGISTERED NAME      

 

TRAIL COM LTD

 

 

CORPORATE SEARCH

 

 

Entity Type:

NZ Limited Company

Incorporated:

31 Mar 1999

Current Status:

Registered

Constitution Filed:

Yes

Annual Return Filing Month:

February

 

Registered Office

Level 6, 57 Symonds Street, Grafton, Auckland 1010

 

Address for Service

71 Apollo Drive, Albany, North Shore City 0632

 

Directors

DE SILVA, Gerard Donn

1 Almond Grove, Greenhithe, North Shore City, 0632

MAYO, David Benedict

29 Coolong Rd, Vaucluse, Sydney Nsw 2030, Australia

MAYO, Sarah Gabrielle

87 Yarranabbe Road, Darling Point, N S W 2027, Australia

WESTON, Owen Geddes

37 Aotearoa Terrace, Murrays Bay, North Shore City, 0630

 

Shareholdings

Total Number of Shares:

40,000

Extensive Shareholdings:

No

 

20,000

THE MAYO GROUP INTERNATIONAL PTY. LIMITED

34 Morley Avenue, Roseberry, Sydney, Australia

10,000

GERARD DONN DE SILVA,MARIEKE SPRUIJT,BRIAN ALAN LEANING(AS TRUSTEES OF WHITECLIFFS TRUST)

1 Almond Grove, Greenhithe, North Shore City 0632

10,000

OWEN GEDDES WESTON,PATRICIA MARY WESTON,BRIAN ALAN LEANING(AS TRUSTEEES OF BANSTEAD TRUST)

37 Aotearoa Terrace, Murrays Bay, North Shore City 0630

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 15 Oak Rd

                                                MANUKAU CITY, NZ

 

POSTAL ADDRESS                  PO Box 98-961

                                                Manukau City, NZ

 

TELEPHONE                             (649) 261 0295

 

FACSIMILE                                                                                                                                           (649) 263 9700

 

TRADING STYLE                                                                                         TROJAN TRAILERS

 

CONTROLLED ENTITY                                                                    TRAILCOM AUSTRALIA LTD

 

BRANCHES                                                                                                                                          CHRISTCHURCH, NZ

                                                                                                                                                            MELBOURNE, VIC AUSTRALIA

 

BANK                                       ASB BANK      

                                               

EMPLOYEES                            45

 

 

BACKGROUND

 

The subject was incorporated in New Zealand on 11 May 1984 under the current style.

 

Operations were founded as a new venture in 1984.

                       

 

OPERATIONS

 

The subject operates in the import, manufacture and distribution of trailer components.

 

Products include trailer couplings, suspension, axles, brake fittings, wheels, tyres, mud guards, trailer body hardware, tow balls, lights, plugs and cables.

 

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

 

 

FINANCES

 

The subject is not required to lodge financial statements with the New Zealand Companies Office.

 

During the current interview conducted with the subjects Financial Controller, Graeme Bester, he advised that for the last financial year ended 31 March 2011, the subject traded profitably and recorded consolidated revenue of NZ$16,000,000.

 

On a projected basis the subject is expected to record revenue of $19,000,000 for the current financial year ending 31 March 2012 resulting in a 50% increase in profits.

 

Current assets include stock on hand of NZ$3,500,000 and receivables of $3,000,000.

 

The subject maintains an overdraft facilities with the ASB Bank which is used to assist in funding Working capital requirements.

 

Current liabilities include creditors of $1,000,000.

 

Fixed assets include plant equipment valued at $400,000.

 

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:

 

(Auckland Bearing) Purchases are of an undisclosed amount on  with payment due on the 20th day of the following month. Payment is met to terms and the account is considered satisfactory, having been known since 1998.

 

Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject was incorporated in New Zealand on 11 May 1984 under the current style.

 

Operations were founded as a new venture in 1984.

 

For the last financial year ended 31 March 2011, the subject traded profitably and recorded consolidated revenue of NZ$16,000,000.

 

On a projected basis the subject is expected to record revenue of $19,000,000 for the current financial year ending 31 March 2012 resulting in a 50% increase in profits.

 

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.44.38

UK Pound

1

Rs.72.56

Euro

1

Rs.63.92

 

 

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%)

 

 

 

 

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