MIRA INFORM
REPORT
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Report Date : |
11.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SOUTHERN ROCKS PACIFIC LTD |
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Registered Office : |
687, |
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Country : |
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Date of Incorporation : |
30.01.2006 |
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Legal Form : |
Limited Company |
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Line of Business : |
Import, Processing, Manufacture and Export of granite products including bench tops, vanity basins, memorials etc. |
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 : |
Slow |
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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
SOUTHERN ROCKS
PACIFIC LTD
CORPORATE SEARCH
Entity
Type:
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NZ Limited Company
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Incorporated:
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30 Jan 2006
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Current
Status:
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Registered
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Constitution
Filed:
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No
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Annual
Return Filing Month:
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November
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Registered Office
687, Makerua
Road
Address for Service
687, Makerua
Road
Directors
GADDAM, Ravikumar
687 Makerua Road
Shareholdings
Total Number of Shares:
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1,000
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Extensive Shareholdings:
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No
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1,000
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GADDAM, Ravikumar
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GADDAM, Usha Shakuntala
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BUSINESS STRUCTURE
TRADING ADDRESS 12
LEVIN,
NZ 5510
TELEPHONE (646) 368 6408
MOBILE 0274
726 483
BANK ANZ
BANKING GROUP
EMPLOYEES 9
BACKGROUND
The subject was incorporated in
OPERATIONS
The subject operates in the import, processing, manufacture and export of granite products including bench tops, vanity basins, memorials etc.
Activities are conducted from leased premises located at the above listed trading address.
FINANCES
The subject is not required to lodge financial statements with the New Zealand Companies Office.
During the current interview conducted with Director Ravi Gaddam, he advised that for the last financial year ended 31 March 2010 the subject traded profitably and recorded sale of NZ$2,500,000 to NZ$3,000,000.
For the year ended 31 March 2008 the subject traded profitably and recorded sale of $3,000,000.
On a projected basis the subject expects to record sale of $3,500,000 for the current financial year ending 31 March 2011.
Current assets include stock on hand of NZ$500,000 to NZ$700,000.
The subject maintains an overdraft facility with the ANZ bank which has a $180,000 credit limit. This facility is used to assist in funding Working Capital requirements.
Further details pertaining to the subject’s financial position were unable to be obtained for the current enquiry.
Enquiries in trade quarters revealed payments from one supplier contacted being received in 60 to 90 day trading on 20 day trading terms. This indicates some tightness in liquidity levels.
TRADE SURVEY
The subject is noted to import most requirements. A trade survey on the subject traced the following accounts:
1.
(Holer) Purchases average $2,000 per month on 20 day
terms. Payment is met in 60 to 90 days and requires chasing. On a number of
occasions the account has been placed on stop credit owing to late payments.
The account was established in November 2007.
2.
Nominated supplier was unable to be contacted for a
reference owing to the New Year holiday period.
SUMMARY
The subject was incorporated in
For the last financial year ended 31 March 2010 the subject traded profitably and recorded sale of NZ$2,500,000 to NZ$3,000,000.
On a projected basis the subject expects to record sale of $3,500,000 for the current financial year ending 31 March 2011.
Enquiries in trade quarters revealed payments from one supplier contacted being received in 60 to 90 day trading on 20 day trading terms. This indicates some tightness in liquidity levels.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.37 |
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1 |
Rs.70.38 |
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Euro |
1 |
Rs.58.93 |
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 |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.