MIRA INFORM REPORT

 

 

Report Date :           

15.07.2011

 

IDENTIFICATION DETAILS

 

Name :

LOWDON PTY LTD

 

 

Registered Office :

C/- Bacchus Associates Pty Limited 'The Cooperage' Suite 9 Level 2, 56 Bowman Street, Pyrmont Nsw 2009

 

 

Country :

Australia

 

 

Date of Incorporation :

17.09.1981

 

 

Legal Form :

Proprietary Limited Company

 

 

Line of Business :

Supplier of natural stone mosaics, borders, glass, metal tiles, medallions, and liners in Australia.

 

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 

 

LOWDON PTY LTD

ACN: 002 266 953

ABN: 91 002 266 953

 

 

CORPORATE SEARCH

 

Incorporation State: NSW

 

Incorporation Date: 17 SEP 1981

 

Registered Office

C/- BACCHUS ASSOCIATES PTY LIMITED

'THE COOPERAGE' SUITE 9 LEVEL 2,

56 BOWMAN STREET,

PYRMONT

NSW 2009

 

Registered Charges: 2

 

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED (005357522)

Both Fixed & Floating

933236

Registered 02 APR 2003

 

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED (005357522)

Both Fixed & Floating

839214

Registered 03 JAN 2002

 

Current Directors Total: 1

 

PETER MANISCALCO – Appointed: 12 NOV 1998

2 FRANCIS Street HUNTERS HILL, New South Wales

DOB: 22 OCT 1950

 

 

Current Secretaries Total: 1

PETER MANISCALCO – Appointed: 12 NOV 1998

 

 

Share Structure - Classes Total: 2

C C CLASS ORDINARY SHARES: 2 – Amount paid: $4

A A CLASS ORDINARY SHARES: 2 - Amount paid:  $4

 

Shareholders Total: 4

C 1 - DEBORAH SMITH

A 1 - PETER MANISCALCO

A 1 - MARIA

C 1 - ROBERTO MANISCALCO

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 99 Silverwater Rd

                                                SILVERWATER, NSW 2128

 

TELEPHONE                             (612) 9748 6995

 

FACSIMILE                               (612) 9648 1901

 

TRADING STYLE                       ARTISTIC STONE

 

BANK                                       ANZ BANKING GROUP 

                                               

EMPLOYEES                            Not determined

           

 

BACKGROUND

 

The subject was incorporated in New South Wales on 17 September 1981 to commence operations under the current style.

 

Director and founder of Artistic Stone, Peter Maniscalco, has been involved in the natural stone business for over 33 years. He established Artistic Stone Australia in 1993.

 

In June of 1999, Mr Maniscalco opened his first manufacturing facility in India.

 

At the end of 2003 Artistic Stone India opened its second factory.

           

           

OPERATIONS

 

The subject operates  as a supplier of natural stone mosaics, borders, glass, metal tiles, medallions, and liners in Australia.

 

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, Peter Maniscalco he requested that any queries pertaining to the subject be conducted in writing. An email was subsequently sent to him on peter@artisticstone.com.au. A reply is yet to be received.

 

Upon responding Mr Maniscalco advised that for the year ended 30 June 2011 the subject recorded sales of $3,000,000 which resulted in an operating profit of $314,000.

 

On a projected basis the subject expects to record revenue of $4,000,000 for the current financial year ending 30 June 2012 resulting in an operating profit of $470,000.

 

The subject maintains a financing facility with the ANZ Bank, which is secured by a registered charge over certain fixed and floating assets of the company.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

(Cross City) Purchases average $1,000 to $1,500 per month on 30 day terms. Payment is met in  days and the account is considered satisfactory, having been known since 2008.

 

Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 17 September 1981 to commence operations under the current style.

 

Director and founder of Artistic Stone, Peter Maniscalco, has been involved in the natural stone business for over 33 years. He established Artistic Stone Australia in 1993.

 

for the year ended 30 June 2011 the subject recorded sales of $3,000,000 which resulted in an operating profit of $314,000.

 

On a projected basis the subject expects to record revenue of $4,000,000 for the current financial year ending 30 June 2012 resulting in an operating profit of $470,000.

 

                                                           

                                               

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.53

UK Pound

1

Rs.71.80

Euro

1

Rs.63.15

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.