MIRA INFORM REPORT

 

 

Report Date :

14.07.2011

 

IDENTIFICATION DETAILS

 

Name :

SOVEREIGN TRADING PTY LTD

 

 

Registered Office :

286 Maribyrnong Road, Moonee Ponds Vic 3039

 

 

Country :

Australia

 

 

Date of Incorporation :

30.09.1986

 

 

Legal Form :

Proprietary Limited Company

 

 

Line of Business :

Import, wholesale and retail of ceramic wall and floor tiles.

 

 

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 :

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 – 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

 

Company name 

 

SOVEREIGN TRADING PTY LTD

ACN: 006 641 489

ABN: 24 006 641 489

 

 

CORPORATE SEARCH

 

Incorporation State: VIC

 

Incorporation Date: 30 SEP 1986

 

Registered Office

286 MARIBYRNONG ROAD,

MOONEE PONDS

VIC 3039

 

Registered Charges: 1

 

NISSAN FINANCIAL SERVICES AUSTRALIA PTYLTD (130046794)

2178037

Registered 20 MAY 2011

Fixed

 

Current Directors Total: 1

 

MICHAEL SANTUCCI – Appointed: 17 DEC 1986

60 OAKBANK Road KEILOR, Victoria 3036 Australia

DOB: 22 MAR 1947

 

Share Structure - Classes Total: 1

 

ORD ORDINARY SHARES: 2 – Amount paid:$2

 

Shareholders Total: 2

 

ORD 1 - MICHAEL SANTUCCI

ORD 1 - MARISA SANTUCCI

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 50 2 to 506 Geelong Rd

                                                TOTTENHAM, VIC 3012

 

TELEPHONE                             (613) 9325 3000

 

BRANCHES                              The group maintains a total of 28 stores. These include 4 company owned stores, 3 franchisees and 21 stores that are licensed to independent operators.

 

TRADING STYLE                       TILEMART                    

 

BANK                                       Not determined 

                                               

EMPLOYEES                            30

           

 

BACKGROUND

 

The subject was incorporated in Victoria on 20 September 1986 as Momis P/L changing name on 20 February 1987 to Tilemart P/L before adopting the current style on 13 November 2001.

           

           

OPERATIONS

 

The subject operates in the import, wholesale and retail of ceramic wall and floor tiles.

 

The subject also operates as a licensor and franchisor for the group.

 

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

 

 

ADVERSE

                                               

A search of failed to trace any adverse findings 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 Director Michael Santucci he advised that for the last financial year ended 30 June 2011 the subject traded profitably and recorded revenue of $8,700,000.

 

On a projected basis revenue is expected to reach $9,500,000 for the current financial year ending 30 June 2012.

 

Current assets include stock on hand of $2,800,000 and receivables of $1,370,000.

 

Current liabilities include creditors of $1,125,000.

 

The subject maintains financing facilities with its bankers which are used to assist in funding Working capital requirements.

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

1.       (Coulson Tiles) Purchases for the last financial year totalled $500,000 on 30 day terms. Payment is met in 45 days by arrangement and the account is considered satisfactory, having been known over  10 years.

 

2.       (Designer Stone) Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject was incorporated in Victoria on 20 September 1986 as Momis P/L changing name on 20 February 1987 to Tilemart P/L before adopting the current style on 13 November 2001.

                       

For the last financial year ended 30 June 2011 the subject traded profitably and recorded revenue of $8,700,000.

 

On a projected basis revenue is expected to reach $9,500,000 for the current financial year ending 30 June 2012.

 

The subject maintains financing facilities with its bankers which are used to assist in funding Working capital requirements.

 

                                                           

                                               

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.71.07

Euro

1

Rs.62.40

 

 

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.