MIRA INFORM REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Correct Name : |
CARBIDE INDUSTRIAL PRODUCTS PTY LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
28.01.1992 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
distribution of mining equipment |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
REGISTERED NAME
CARBIDE INDUSTRIAL PRODUCTS PTY LTD
T/AS FOCUS MINING SERVICES
ACN: 054 751 692
ABN: 79 054 751 692
CORPORATE SEARCH
INCORPORATED 28
January 1992
REGISTERED ADDRESS
WEMLEY WA 6014
SHARECAPITAL $22
SHAREHOLDERS STUART,
William Arthur Holds
1,801 shares
HUDSON,
Kevin Lennox Holds 200 shares
AIKMAN,
James Kirkwood Holds
1 share
DIRECTORS STUART, William Arthur
104
Branksome Garden
SECRETARY Not
shown
REGISTERED
CHARGES Registered Charge Number :
1987472
Date
Registered : 07.06.2010
Status : Fixed
Creditor : ANZ
Banking Group
BUSINESS STRUCTURE
TRADING ADDRESS 17, 127
Herdsman Pde
WEMBLEY
WA 6014
TELEPHONE (618) 9284 1106
FACSIMILE (618) 9284 1858
TRADING STYLE FOCUS MINING SERVICES
BANKERS BANKWEST
EMPLOYEES 3
BACKGROUND
The subject was incorporated in
Operations in their current format have been established for 5 years. Prior to this time the subject was a dormant entity for a period of 6 to 7 years.
OPERATIONS
The subject operates in the distribution of mining equipment.
The subject
is an authorised Atlas Copco distributor for the Focus rotary drill bit range.
Focus rotary bits are available as milled steel-teeth bits or as tungsten
carbide insert (TCI) Tricone bits.
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 William Stuart, he advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $2,500,000.
A similar result is projected for the current financial year ending 30 June 2011.
Current assets include stock on hand of $500,000 and receivables at 30 June 2010 of $500,000.
At 30 June 2010 current liabilities included payables of $600,000.
The subject maintains no overdraft facilities as all operations are funded through the internal cashflows of the company.
In regards to asset backing the subjects Director is noted to own the premises located at the above listed trading address
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.
(Atlas Copco) Purchases average $50,000 per month
on 30 day terms. Payment is met in 30 to 40 days and the account is considered
satisfactory having been known since 2008.
2.
(X L I) Nominated supplier failed to respond to
correspondence despite chasing
SUMMARY
The subject was incorporated in
Operations in their current format have been established for 5 years.
For the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $2,500,000.
A similar result is projected for the current financial year ending 30 June 2011.
The subject maintains no overdraft facilities as all operations are funded through the internal cashflows of the company.
Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.50 |
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1 |
Rs.73.07 |
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Euro |
1 |
Rs.61.63 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.