MIRA INFORM REPORT

 

 

Report Date :

27.07.2011

 

IDENTIFICATION DETAILS

 

Name :

THE RUG STUDIO

 

 

Registered Office :

361 Roberts Rd Subiaco, WA 6008

 

 

Country :

Australia

 

 

Date of Incorporation :

06.03.1996

 

 

Legal Form :

Proprietary Limited Company

 

 

Line of Business :

Import, retail and wholesale of rugs and related floor coverings.

 

 

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                                                                                  

 

THE RUG STUDIO

RN: 0170511F

ABN: 16 774 743 945

           

CORPORATE SEARCH

 

Incorporated                              6 March 1996

 

Registered Address                    361 Roberts Rd

                                                SUBIACO, WA 6008

 

Proprietors                                RYAN, Greg F

                                               

                                                RYAN, D C

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 361 Roberts Rd

                                                SUBICAO, WA                         

 

TELEPHONE                             (618) 9382 3160

 

FACSIMILE                               (618) 9382 4086

 

BRANCHES                              FREMANTLE, WA

 

BANK                                       ANZ BANKING GROUP 

                                               

EMPLOYEES                            3

 

 

BACKGROUND

 

The subject was registered in Western Australia on 6 March 1996.

 

Operations were established as a new venture in 1984.

 

 

OPERATIONS

 

The subject operates in the import, retail and wholesale of rugs and related floor coverings.

 

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

 

 

ADVERSE

                                               

A search of of failed totrace 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 Proprietor Greg Ryan he advised that for the last financial year ended 30 June 2011 the subject traded profitably and recorded revenue of $1,000,000.

 

A similar result is forecast for the current financial year ending 30 June 2012.

 

Current assets include stock on hand of $500,000.

 

The subject maintains a financing facility with the ANZ banking Group which is used to assist in funding Working capital requirements.

 

Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

1.         (Italex) Purchases average $500 to $1,000 per month on 60 day terms. Payment is met in 44 days and the account is considered satisfactory having been known since 2009.

 

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

 

 

 

 

 

 

 

 

                       

SUMMARY

 

The subject was registered in Western Australia on 6 March 1996.

 

Operations were established as a new venture in 1984.

 

For the last financial year ended 30 June 2011 the subject traded profitably and recorded revenue of $1,000,000.

 

A similar result is forecast for the current financial year ending 30 June 2012.

 

Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.

 

                                                           

                                               


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.29

UK Pound

1

Rs.72.36

Euro

1

Rs.64.17

 

 

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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