MIRA INFORM REPORT

 

 

Report Date :           

02.08.2011

 

IDENTIFICATION DETAILS

 

Name :

WILSON FABRICS PTY LTD

 

 

Registered Office :

791 Botany Road Rosebery, New South Wales 2018

 

 

Country :

Australia

 

 

Date of Incorporation :

17.03.2010

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

design and wholesale of a range of woven, yarn and piece dyed printed fabrics

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Australia

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

REGISTERED NAME 

 

WILSON FABRICS PTY LTD

ACN: 142 631 105

ABN: 30 142 631 105

 

           

CORPORATE SEARCH

 

Incorporation Date: 17 Mar 2010

 

Incorporation State: New South Wales

 

Registered Office

791 BOTANY Road ROSEBERY, New South Wales 2018 Australia

 

Charges

Date Registered: 16 Jul 2010

Chargee Name: 052 917 183 MARK FOYS PTY LIMI

Charge Type: Fixed and floating charge

ASIC Charge No: 2016295

 

Date Registered: 10 Jun 2010

Chargee Name: 075 554 175 GE CAPITAL FINANCE

Charge Type: Fixed and floating charge

ASIC Charge No: 1991542

 

Number of Shares Issued: 100

 

Paid Capital: 100

 

Shareholders

Shareholder Name: MARK FOYS PTY LIMITED

Number of Shares: 100

 

Current Directors

Director Name: PARKER, GEOFFREY THOMAS

Appointment Date: 21 Jun 2011

Date of Birth: 02 Apr 1953

Gender: Male

Address: 73 SHANNON Drive PORT SORELL, Tasmania 7307 Australia

Resident Overseas: No

 

Director Name: BART, PHILIP JAMES

Appointment Date: 17 Mar 2010

Date of Birth: 20 Sep 1958

Gender: Male

Address: 35 WUNULLA Road POINT PIPER, New South Wales 2027 Australia

Resident Overseas: No

 

Secretary

Secretary Name: FRANCIS STEPHEN MILFORD

Appointment Date: 17 Mar 2010

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 23 Shanley St

                                                WANGARATTA, VIC 3676

 

ADMINISTRATION                     41 – 117 Tasman St

                                                DEVONPORT, TAS 7310                                   

 

TELEPHONE                             (613) 6421 4200

 

FACSIMILE                               (613) 6421 4281

 

ASSOCIATED ENTITY               AUSTRALIAN WEAVING MILLS P/L

 

HOLDING ENTITY                      MARK FOYS P/L

 

ULTIMATE HOLDING

ENTITY                                     TOLRIC P/L

 

BANK                                       Not determined

                                               

EMPLOYEES                            just over 50

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 17 March 2010 under the current style.

 

The subject was formed to restructure the assets and operations of a business that was founded in 1926 by Arthur G Wilson.

 

 

OPERATIONS

 

The subject operates in the design and wholesale of a range of woven, yarn and piece dyed printed fabrics.

 

The subject has an extensive collection of drapery and blind fabrics on range and in stock; from classic designs, contemporary designs, textures and stripes to textured blockout coated drapery and blind fabrics, catering for all fabric window furnishing tastes and styles.

 

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 subject’s financial controller he advised that for the last financial year ended 30 June 2011 the subject traded profitably and recorded revenue of $30,000,000.

 

A similar result is forecast for the current financial year ending 30 June 2012.

 

Current assets include stock on hand valued at $5,500,000.

 

The subject maintains total assets of $12,500,000 and Net Assets of just under $9,000,000.

 

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

 

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.         (Summit Global) Purchases average $70,000 per month on 30 day terms. Payment is met in 30 days and the account is considered satisfactory having been known since 2004.

 

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

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 17 March 2010 under the current style.

 

The subject was formed to restructure the assets and operations of a business that was founded in 1926 by Arthur G Wilson.

 

For the last financial year ended 30 June 2011 the subject traded profitably and recorded revenue of $30,000,000.

 

A similar result is forecast for the current financial year ending 30 June 2012.

 

The subject maintains total assets of $12,500,000 and Net Assets of just under $9,000,000.

 

                                               


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.05

UK Pound

1

Rs.72.40

Euro

1

Rs.63.46

 

 

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

----

NB

New Business

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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.