MIRA INFORM REPORT

 

 

Report Date :           

07.07.2011

 

IDENTIFICATION DETAILS

 

Name :

ADEAL PTY LTD

 

 

Formerly Known As :

JUB Nominees P/L

 

 

Registered Office :

2 Baldwin Rd, Altona North, Vic 3025

 

 

Country :

Australia

 

 

Date of Incorporation :

05.04.1976

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

Import and Wholesale of Photographic Equipment

 

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 :

Usually Correct 

 

 

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

 

 Bottom of Form

 

REGISTERED NAME      

 

ADEAL PTY LTD

ACN: 005 174 952

ABN: 24 005 174 952

 

 

CORPORATE SEARCH

 

INCORPORATED                          5 April 1976

 

REGISTERED ADDRESS           2 Baldwin Rd

                                                ALTONA NORTH, VIC 3025

 

SHARECAPITAL                        $80,000            

 

SHAREHOLDERS                     D’ARCY, Sieglind Gudrun Holds 80,000 shares

 

DIRECTORS                              WARD, Glenn Cameron

45 Curtis Ave

SUNBURY, VIC 3429

 

                                                CUMMINS, Mark Arthur

                                                17 Adam St

                                                RICHMOND, VIC 3121

 

D’ARCY, Sieglind Gudrun

                                                302, 196 Albert Rd

                                                SOUTH MELBOURNE, VIC 3205

                                               

SECRETARY                            D’ARCY, Sieglind Gudrun

                                                302, 196 Albert Rd

                                                SOUTH MELBOURNE, VIC 3205

 

REGISTERED CHARGES          Registered Charge Number     : 2097560

                                                Date Registered             : 08.12.2010

                                                Status                                       : Fixed and floating

                                                Creditor                                     : Westpac Bank

 

Registered Charge Number     : 1935146

                                                Date Registered             : 01.03.2010

                                                Status                                       : Fixed

            Creditor                                     : National Australia Bank

 

Registered Charge Number     : 1571298

                                                Date Registered             : 09.01.2008

                                                Status                                       : Fixed

                                                Creditor                                     : Toyota Finance

 

Registered Charge Number     : 1421600

                                                Date Registered             : 26.02.2007

                                                Status                                       : Fixed

                                                Creditor                                     : National Australia Bank

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS     2 Baldwin Rd

                                    ALTONA NORTH, VIC 3025                               

 

TELEPHONE                 (613) 8369 4444

 

FACSIMILE                         (613) 8369 4420

 

BANK                           WESTPAC BANKING CORPORATION

                                    Branch: Carlton, VIC

                                   

EMPLOYEES                55 full time equivalent

           

 

BACKGROUND

 

The subject was incorporated in Victoria on 5 April 1976 as JUB Nominees P/L, adopting the current style on 12 July 1979.

 

Operations were established as a new venture in 1976.

 

 

OPERATIONS

 

The subject operates in the import and wholesale of photographic equipment including optical products, tripods, studio flash, video accessories and batteries, compact digital cameras, lenses, projectors and other photographic equipment, studio flash, video accessories, digital products, archival filing systems, binoculars, spotting scopes and a comprehensive range of batteries and battery chargers.

 

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

 

 

ADVERSE

                                               

A search of the 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 Sieglind D’arcy, Finance Director, she advised that for the last financial year ended 30 June 2011, the subject recorded revenue of $21,000,000 and traded profitably. This compares to revenue of $20,000,000 for the previous corresponding year ended 30 June 2010.

 

On a projected basis the subject expects to record revenue of $22,000,000 to $23,000,000 for the current financial year ending 30 June 2012.

 

Current assets include stock on hand of $3,500,000 and receivables of $2,800,000.

 

The subject maintains a trade finance facility with the Westpac Bank which is used to assist in funding Working Capital requirements.

 

Current liabilities include creditors of $1,200,000 to $1,500,000.

 

Net Assets are valued at $6,000,000.

 

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 a majority of requirements and is subsequently not a significant seeker of commercial credit.

 

A trade survey on the subject traced the following accounts:

 

(Kuehne & Nagal) Nominated supplier failed to respond to correspondence despite chasing.

 

(Melbourne Packaging) Purchases average $5,000 to $10,000 per month on 30 day terms. Payment is met to terms and the account is considered satisfactory having been known for 9 years.

 

 

SUMMARY

 

The subject was incorporated in Victoria on 5 April 1976 as JUB Nominees P/L, adopting the current style on 12 July 1979.

 

Operations were established as a new venture in 1976.

 

For the last financial year ended 30 June 2011, the subject recorded revenue of $21,000,000 and traded profitably. This compares to revenue of $20,000,000 for the previous corresponding year ended 30 June 2010.

 

On a projected basis the subject expects to record revenue of $22,000,000 to $23,000,000 for the current financial year ending 30 June 2012.

 

Net Assets are valued at $6,000,000.

                       

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.71.24

Euro

1

Rs.64.16

 

 

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.