MIRA INFORM REPORT

 

 

Report Date :           

21.07.2011

 

IDENTIFICATION DETAILS

 

Name :

SPANSET AUSTRALIA LTD

 

 

Formerly Known As :

Dylvet Ltd

 

 

Registered Office :

Grant Thornton, Level 17, 383 Kent Street, Sydney, Nsw 2000

 

 

Country :

Australia

 

 

Date of Incorporation :

21.05.1987

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

distribution of synthetic heavy sling lifting systems, load restraint and securement with heavy duty ratchet tie down straps, edge/impact protection

 

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

 

 Bottom of Form

 

                                    

REGISTERED NAME      

 

SPANSET AUSTRALIA LTD

ACN: 003 298 459

ABN: 75 003 298 459

 

     

CORPORATE SEARCH

 

Incorporation State: NSW

 

Incorporation Date: 21 MAY 1987

 

Registered Office

GRANT THORNTON

LEVEL 17,

383 KENT STREET,

SYDNEY

NSW 2000

 

Registered Charges: 1

Both Fixed &Floating

WESTPAC BANKING CORPORATION (007457141)

1517791

Registered 24 SEP 2007

 

Current Directors Total: 5

 

GARY NEIL GILL – Appointed: 15 MAY 2006

18B DAVID Crescent FAIRY MEADOW, New South Wales

DOB: 10 APR 1965

 

JONATHAN CHARLES GATT – Appointed: 01 APR 2004

48 JONES Street KINGSWOOD, New South Wales

DOB: 04 MAY 1966

 

KENNETH MILLIGAN – Appointed: 04 DEC 2003

DOB: 28 JUL 1968

 

ANTHONY JOHN EADEN – Appointed: 11 SEP 2002

DOB: 22 MAY 1950

 

DAVID EHNIMB – Appointed: 18 NOV 1987

DOB: 14 SEP 1957

 

Current Secretaries Total: 1

 

JONATHAN CHARLES GATT – Appointed: 04 DEC 2003

 

Share Structure - Classes Total: 1

 

ORD ORDINARY SHARES: 28100001 – Amount paid: $1,450,000

 

Shareholders Total:

Unknown

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 13 Pullman Place

                                                EMU PLANES, NSW 2750                                

 

TELEPHONE                             (612) 4735 3955

 

BRANCHES                              LOGANHOLME, QLD

                                                MOORABBIN, VIC

                                                CANNING VALE, WA

 

BANK                                       WESTPAC BANKING CORPORATION

                                               

EMPLOYEES                            Not determined 

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 21 May 1987 as Dylvet Ltd before adopting the current style on 22 December 1987.

 

 

OPERATIONS

 

The subject operates in distribution of synthetic heavy sling lifting systems, load restraint and securement with heavy duty ratchet tie down straps, edge/impact protection.

 

The subject also supply 4x4 recreational products for the 4WD and retail markets, including 4x4 recovery gear and kits.

 

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

 

ADVERSE

                                               

A search of 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 Director and Company Secretary Jonathan Gatt, he requested that all queries pertaining to the subject must be conducted in writing. An email was subsequently sent to him at jonathang@spanset.com.au.

 

Upon responding Mr Gatt advised that details pertaining to the subject would not be released for the current enquiry.

 

A search of ASIC records reveal that the subject has lodged financial statements for the 2010 year. These accounts are presently unable to be accessed as they have not been imaged to the ASIC website. We have contacted to ASIC to enquire as to when these accounts will be available, however they have been unable to provide a due time.

 

Please note, we are continuing to monitor the ASIC website and will update this report with these financial statements when they become available.

 

 

TRADE SURVEY

 

Details pertaining to the subjects suppliers were not provided for the current enquiry.

 

A trade survey on the subject was subsequently unable to be conducted.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 21 May 1987 as Dylvet Ltd before adopting the current style on 22 December 1987.

 

Details pertaining to the subject’s financial and trading position were unable to be obtained for the current enquiry.

 

Please note, we will update this report with the subjects 2010 financial statements when they become available.

 

                                               


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.46

UK Pound

1

Rs.71.67

Euro

1

Rs.62.94

 

 

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.