MIRA INFORM REPORT

 

 

Report Date :

17.01.2011

 

IDENTIFICATION DETAILS

 

Name :

CLASSIC CERAMIC (IMPORTERS) PTY LTD

 

 

Registered Office :

7, 242 George St, Sydney, Nsw 2000

 

 

Country :

Australia

 

 

Date of Incorporation :

09.06.1972

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

import and distribution of wall and floor tiles, marble and granite products and bathroom ware

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Unknown

 

 

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      

 

CLASSIC CERAMIC (IMPORTERS) PTY LTD

ACN: 001 009 061

ABN: 32 001 009 061

 

 

CORPORATE SEARCH

 

INCORPORATED                           9 June 1972

 

REGISTERED ADDRESS           7, 242 George St

                                                SYDNEY, NSW 2000

 

SHARECAPITAL                        $10,000            

 

SHAREHOLDERS                     GIUNTA HOLDINGS P/L Holds 10,000 shares

 

DIRECTORS                              GIUNTA, Santo

                                                20 Strathfield Ave

                                                STRATHFIELD, NSW 2135

                                               

SECRETARY                            GIUNTA, Santo

                                                20 Starthfield Ave

                                                STRATHFIELD, NSW 2135

           

REGISTERED CHARGES          ASIC Charge Number  : 802820

                                                Date Registered : 26.03.1979     

                                                Status                           : Fixed and floating

                                                Creditor                         : National Australia Bank

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 25 Balmain Rd

                                                LEICHHARDT, NSW 2040

 

TELEPHONE                             (612) 9560 6555

 

FACSIMILE                                     (612) 9550 9382

 

BRANCHES                              SOUTHBANK, VIC

                                                WOOLLOONGABBA, QLD 4102

 

BANK                                       NATIONAL AUSTRALIA BANK

                                                Branch: Marrickville, NSW

                                               

EMPLOYEES                            60

 

           

BACKGROUND

 

The subject was incorporated in New South Wales on 9 June 1972 to commence operations as a new venture.

 

           

OPERATIONS

 

The subject operates in the import and distribution of wall and floor tiles, marble and granite products and bathroomware.

 

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 she advised that for the last financial year ended 30 June 2010 the subject recorded a loss on revenue of $12,000,000.

 

The loss for the last financial year was attributable to strong competition and subsequent tight margins.

 

Current Assets include stock on hand of $2,000,000.

 

The subject operates an overdraft facility with the National Australia Bank, which is used to assist in funding Working Capital requirements and is secured by a registered charge over certain fixed and floating assets of the company.

 

In regards to asset backing, the subjects Director is advised to own the premises located at the above listed trading address. A property search can be conducted at your request to confirm ownership.

 

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 all requirements. As a result, only one supplier was provided for a reference.

 

A trade survey on the subject traced the following accounts:

 

1.                   (Mainfreight) Nominated supplier declined to provide a reference owing to company policy.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 9 June 1972 to commence operations as a new venture. Records disclose Share Capital of $10,000.

 

For the last financial year ended 30 June 2010 the subject recorded a loss on revenue of $12,000,000.

 

The subject operates an overdraft facility with the National Australia Bank, which is used to assist in funding Working Capital requirements.

 

In regards to asset backing, the subjects Director is advised to own the premises located at the above listed trading address. A property search can be conducted at your request to confirm ownership.

 

           

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.30

UK Pound

1

Rs.71.73

Euro

1

Rs.60.40

 

 

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%)

 

 

 

 

 

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.