MIRA INFORM REPORT

 

 

Report Date :           

23.04.2011

 

IDENTIFICATION DETAILS

 

Name :

TRANSWORLD ENTERPRISES PTY. LIMITED

 

 

Registered Office :

23 Compton St, Adelaide, Sa 5000

 

 

Country :

Australia

 

 

Date of Incorporation :

26.06.2001

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

retail and repair of jewellery and watches

 

 

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 

 

TRANSWORLD ENTERPRISES PTY. LIMITED

ACN: 097 267 966

ABN: 13 097 267 966

 

CREDIT REQUEST                    USD 410,000

 

     

CORPORATE SEARCH

 

INCORPORATED                                     26 June 2001

 

REGISTERED ADDRESS           23 Compton St

                                                ADELAIDE, SA 5000

 

SHARECAPITAL                        $1,000 

 

SHAREHOLDERS                     Shiels Jewellers P/L                   Holds 999 shares

                                                Freshmo Investments P/L           Holds 1 share

 

DIRECTORS                              BENSIMON, Albert

                                                151 Fisher St

                                                MALVERN, SA 5061

 

SECRETARY                            BENSIMON, Albert

                                                151 Fisher St

                                                MALVERN, SA 5061

 

REG’D CHARGES                     Registered Charge Number     : 816842

                                                Date Registered             : 20.08.2001

                                                Status                                       : Fixed and floating

                                                Creditor                                     : National Australia Bank

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 25 Compton St

                                                ADELAIDE, SA 5000

           

TELEPHONE                             (618) 8110 4110

 

FACSIMILE                                   (618) 8110 4199

                                   

HOLDING ENTITY                      SHEILS JEWELLERS P/L

 

ASSOCIATES ENTITY               24 CARAT NOMINEES P/L (the retail arm of the group)

           

GROUP TRADING

STYLES                                    SHIELS JEWELLERS

                                                GRAHAMS JEWELLERS

 

GROUP BRANCHES                 The Group maintains around 38 branches across Australia.

                       

BANK                                       NATIONAL AUSTRALIA BANK

                                                Branch: Adelaide, SA 5000                    

 

EMPLOYEES                            Nil

                                                350 (group)

 

 

BACKGROUND

 

The subject was incorporated in South Australia on 26 June 2001 under the current style.

                                               

Group operations were established by Jack Shiels in 1948.

 

The current owner purchased the operations of Shiels Jewellers in 1977.

                       

 

OPERATIONS

 

The Group operates in the retail and repair of jewellery and watches.

 

The subject operates as the purchasing arm for the group.

 

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 investigation, contact with the subjects Financial Controller Mark was unable to be established. Despite numerous messages being left no reply has been received.

 

As a result, details pertaining to the subjects trading and financial position were unable to be obtained for the current enquiry.

 

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

 

 

TRADE SURVEY

 

During the current investigation, contact with the subject’s principals was unable to be established.

 

Subsequently details pertaining to the company’s suppliers were unable to be obtained and a trade survey could not be conducted.

 

 

SUMMARY

 

The subject was incorporated in South Australia on 26 June 2001 under the current style.

                                               

Group operations were established by Jack Shiels in 1948.

                       

The subject operates as the purchasing arm for the group.

 

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

 

In view of the above in our opinion a credit exposure of USD 410,000 is 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.