MIRA INFORM REPORT

 

 

Report Date :           

16.08.2011

 

IDENTIFICATION DETAILS

 

Name :

INDYA FOODS PTY LTD

 

 

Registered Office :

1, 5 Graham Rd, Clayton South, Vic 3169

 

 

Country :

Australia

 

 

Date of Incorporation :

19.04.2006

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

import and wholesale of groceries from India and South East Asia

 

 

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

 

REGISTERED NAME      

 

INDYA FOODS PTY LTD

ACN: 119 324 382

      ABN: 64 119 324 382

 

CORPORATE SEARCH

 

INCORPORATED                       19 April 2006

 

REGISTERED ADDRESS           1, 5 Graham Rd

                                                CLAYTON SOUTH, VIC 3169

 

SHARECAPITAL                        $1,000             

 

SHAREHOLDERS                     METLAPALLI, Murali                  Holds 400 shares

                                                KONDURU, Venkata Suresh       Holds 400 shares

                                                KAUMANU, Saloman Raju                      Holds 200 shares

 

DIRECTORS                              METLAPALLI, Murali

                                                36 Crows Lane

                                                GLEN WAVERLEY, VIC 3150

 

                                                KONDURU, Venkata Suresh

                                                9 Douglas Court

                                                LATONA MEADOWS, VIC 3028

                                               

                                                KAUMANU, Saloman Raju

                                                36 Crows Lane

                                                GLEN WAVERLEY, VIC 3150

                                                           

SECRETARY                            METLAPALLI, Murali

                                                36 Crows Lane

                                                GLEN WAVERLEY, VIC 3150

           

REGISTERED CHARGES          Registered Charge Number     : 1834949

                                                Date Registered             : 07.08.2009

                                                Status                                       : Fixed

                                                Creditor                                     : National Australia Bank

 

 

Registered Charge Number     : 1497659

                                                Date Registered             : 13.08.2007

                                                Status                                       : Fixed and floating

                                                Creditor                                     : National Australia Bank

 

BUSINESS STRUCTURE

 

TRADING ADDRESS     1, 3-5 Graham Rd

                                    CLAYTON SOUTH, VIC 3169

 

TELEPHONE                 (613) 9571 5544

 

MOBILE                             0421 239 360

 

BRANCHES                     WETHERILL PARK NSW

                                         ADELAIDE, SA

                                        PERTH WA

 

BANK                           NATIONAL AUSTRLAIA BANK   

                                               

EMPLOYEES                15 to 16 including casuals

 

 

BACKGROUND

 

The subject was incorporated in Victoria on 19 April 2006 to commence operations as a new venture.

 

Group operations have been established for 3 years.

 

                       

OPERATIONS

 

The subject operates in the import and wholesale of groceries from India and South East Asia.

 

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 Director, Murali Metlapalli, he advised that for the last fincnial year ended 30 June 2011 the subject traded profitably and recorded revenue of $10,000,000. This compares to revenue of $9,000,000 to $10,000,000 for the previous corresponding year ended 30 June 2010.

 

Improved results are forecast for the current financial year ending 30 June 2012.

 

For the financial year ended 30 June 2007, the subject traded profitably and recorded revenue of $3,000,000.

 

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

 

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

 

Current liabilities include creditors of $800,000.

 

Fixed assets include 4 trucks, forklifts, company cars, fixtures fittings and computers with an estimated value of $600,000.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

·         (IJS Global) Nominated supplier is yet to respond to correspondence. 

·          (Bean Growers) Nominated supplier is yet to respond to correspondence.

 

 

SUMMARY

 

The subject was incorporated in Victoria on 19 April 2006 to commence operations as a new venture.

 

Group operations have been established for 3 years.

                       

For the last financial year ended 30 June 2011 the subject traded profitably and recorded revenue of $10,000,000. This compares to revenue of $9,000,000 to $10,000,000 for the previous corresponding year ended 30 June 2010.

 

Improved results are forecast for the current financial year ending 30 June 2012.

 

Fixed assets include 4 trucks, forklifts, company cars, fixtures fittings and computers with an estimated value of $600,000.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.53

Euro

1

Rs.64.37

 

 

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

----

 

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.