MIRA INFORM REPORT

 

 

Report Date :

18.02.2011

 

IDENTIFICATION DETAILS

 

Name :

CAPITAL FOODS (AUST) PTY LTD

 

 

Registered Office :

28 Kintore Lane, Mile End, Sa 5031

 

 

Country :

Australia

 

 

Date of Incorporation :

31.10.2003

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

import and wholesale of food product

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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      

 

CAPITAL FOODS (AUST) PTY LTD

ACN: 106 862 228

ABN: 86 106 862 228

 

 

ADDRESS GIVEN     

 

28 – 32 Kintore Lane                                         

MILE END, SA 5031

 

 

CORPORATE SEARCH

 

INCORPORATED                        31.10.2003

 

REGISTERED ADDRESS           28 Kintore Lane

                                                MILE END, SA 5031

 

SHARECAPITAL                                    $100    

 

SHAREHOLDERS                     PAPHITIS, Peter                        Holds 100 share

 

DIRECTORS                              PAPHITIS, Peter

                                                35, 9 North Esp

                                                GLENELG NORTH, SA

 

SECRETARY                            PAPHITIS, Peter

                                                35, 9 North Esp

                                                GLENELG NORTH, SA

 

REGISTERED CHARGES          Registered Charge Number     : 1759108

                                                Date Registered             : 23.02.2009

                                                Status                                       : Fixed

                                                Creditor                                     : St George Finance

                                                                       

Registered Charge Number     : 1758592

                                                Date Registered             : 13.02.2009

                                                Status                                       : Fixed

                                                Creditor                                     : Westpac Bank

 

Registered Charge Number     : 1680453

                                                Date Registered             : 18.08.2008

                                                Status                                       : Fixed

                                                Creditor                                     : St George Finance


 

                                                Registered Charge Number     : 1349380

                                                Date Registered             : 06.09.2006

                                                Status                                       : Fixed

                                                Creditor                                     : National Australia Bank

                                                                       

Registered Charge Number     : 1117087

                                                Date Registered             : 04.01.2005

                                                Status                                       : Fixed and floating

                                                Creditor                                     : National Australia Bank

 

Registered Charge Number     : 1072708

                                                Date Registered             : 13.08.2004

                                                Status                                       : Fixed

                                                Creditor                                     : CBFC LIMITED

 

Registered Charge Number     : 1009645

                                                Date Registered             : 07.01.2004

                                                Status                                       : Fixed and floating

                                                Creditor                                     : National Australia Bank

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS     28 Kintore Lane

                                    MILE END, SA 5031                             

 

TELEPHONE                 (618) 8234 0170

 

FACSIMILE                   (618) 8234 0385

 

ASSOCIATED ENTITY VICTORIA FOODS PTY LTD

 

BANK                           NATIONAL AUSTRALIA BANK

                                    Branch: Adelaide, SA 5000

                                               

EMPLOYEES                20

 

           

BACKGROUND

 

The subject was incorporated in South Australia on 31 October 2003 under the current style.

 

The subject was formed to restructure the assets and operations of an existing business that was established in 1986.

 

OPERATIONS

 

The subject operates in the import and wholesale of food products.

 

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

 

 

ADVERSE

                                               

A search of the of Credit Advantage Limited 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 subjects Financial Controller Tony Rowland, he advised that for the last financial year ended 30 June 2010, the subject recorded revenue of $4,800,000 which resulted in a Gross Profit of $1,200,000.

 

Improved results are expected for the current financial year ending 30 June 2011.

 

Current assets include stock on hand of $900,000 to $1,100,000 and receivables of $800,000.

 

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.

 

Current liabilities include creditors of $800,000.

 

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

 

 

TRADE SURVEY

 

During the current investigation, it was advised that the subject imports most requirements.

 

A trade survey on the subject traced the following accounts:

 

·         (Victoria Fine Foods) Nominated supplier failed to respond to correspondence despite chasing.

 

·         Nominated supplier failed to respond to correspondence despite chasing

 

 

 

 

SUMMARY

 

The subject was incorporated in South Australia on 31 October 2003 under the current style.

 

The subject was formed to restructure the assets and operations of an existing business that was established in 1986.

 

for the last financial year ended 30 June 2010, the subject recorded revenue of $4,800,000 which resulted in a Gross Profit of $1,200,000.

 

The subject maintains an overdraft facility with the National Australia Bank.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.38

UK Pound

1

Rs.73.08

Euro

1

Rs.61.60

 

 

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.