MIRA INFORM REPORT

 

 

Report Date :           

23.04.2011

 

IDENTIFICATION DETAILS

 

Name :

MERCHANDISE MANAGEMENT CENTRE PTY LTD

 

 

Formerly Known As :

Faith Jewellers P/L

 

 

Registered Office :

172 Fullarton Rd, Dulwich, Sa 5065

 

 

Country :

Australia

 

 

Date of Incorporation :

23.10.2001

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

wholesale of jewellery

 

 

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      

 

MERCHANDISE MANAGEMENT CENTRE PTY LTD

ACN: 098 520 515

ABN: 11 098 520 515

 

CREDIT REQUEST                    70,000

 

 

CORPORATE SEARCH

 

INCORPORATED                       23 October 2001

 

REGISTERED ADDRESS           172 Fullarton Rd

                                                DULWICH, SA 5065

 

SHARECAPITAL                        $300                

 

SHAREHOLDERS                     LEADING EDGE GROUP LTD    Holds 150 shares

                                                CHARISMA GOLD P/L               Holds 150 shares

 

DIRECTORS                              WARD, Gavin Colin

                                                1035 Pittwater Rd

                                                COLLAROY, NSW 2097

 

                                                STAPLETON, Desmond Herbert

                                                51 Wattle St

                                                BRIDGEWATER, SA 5155

                                                           

SECRETARY                            STAPLETON, Desmond Herbert

                                                51 Wattle St

                                                BRIDGEWATER, SA 5155

           

REGISTERED CHARGES          Registered Charge Number      : 1462105

                                                Date Registered             : 01.06.2007

                                                Status                                       : Fixed and floating

                                                Creditor                                     : Charisma Gold P/L

 

Registered Charge Number     : 1338184

                                                Date Registered             : 02.08.2006

                                                Status                                       : Fixed and floating

                                                Creditor                                     : Leading Edge Group

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 Suite 3/ 3a 85 Mount Barker Rd

                                                STIRLING, SA 5152

 

TELEPHONE                             (618) 8339 1386

 

FACSIMILE                                            (618) 8339 1390

 

BANK                                       COMMONWEALTH BANK OF AUSTRALIA        

                                               

EMPLOYEES                            9

           

 

BACKGROUND

 

The subject was incorporated in South Australia on 23 October 2001 as Faith Jewellers P/L, before adopting the current style on 5 July 2006.

 

The subject changed name in 2006 as a result of Leading Edge Group Ltd becoming a joint shareholder of the subject.

 

 

The subject has origins that date back to 1977.

 

 

OPERATIONS

 

The subject operates in the import and wholesale of jewellery.

 

Product is distributed to around 120 leading edge jewellery stores.

 

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

 

 

ADVERSE

                                               

A search of records 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 Financial Controller, Jennifer she advised that for the last financial year ended 30 June 2010, the subject traded profitably and recorded revenue of $4,000,000. This compares to revenue of $3,500,000 to $4,000,000 per the previous corresponding year ended 30 June 2009.

 

On a projected basis revenue is expected to reach $4,000,000 for the current financial year ending 30 June 2011.

 

Current assets include stock on hand valued at $1,100,000 and receivables of $150,000.

 

The subject maintains no overdraft facilities as all operations are funded through the cashflows of the company.

 

Current liabilities include creditors of $100,000.

 

Further financial information pertaining to the subject was unable to be obtained for the current enquiry.

 

Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a accredit basis.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

(House of Ruth) Subject operates a large account on 30 day terms. Payment is met in 30 days and the account is considered satisfactory, having been known over 5 years.

 

(Mark Mcaskill Jewellery) Nominated supplier failed to respond to correspondence.

 

 

SUMMARY

 

The subject was incorporated in South Australia on 23 October 2001 as Faith Jewellers P/L, before adopting the current style on 5 July 2006.

 

The subject changed name in 2006 as a result of Leading Edge Group Ltd becoming a joint shareholder of the subject.

 

For the last financial year ended 30 June 2010, the subject traded profitably and recorded revenue of $4,000,000.

 

On a projected basis revenue is expected to reach $4,000,000 for the current financial year ending 30 June 2011.

 

The subject maintains no overdraft facilities as all operations are funded through the cashflows of the company.

 

Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a accredit basis.

 

In view of the above in our opinion a credit exposure of US$70,000 is not unreasonable.

 

                                               

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.30

UK Pound

1

Rs.72.92

Euro

1

Rs.64.69

 

 

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.