MIRA INFORM REPORT

 

 

Report Date :           

08.06.2011

 

IDENTIFICATION DETAILS

 

Name :

SHARCAVE PTY LTD

 

 

Registered Office :

229 Pacific Highway, Hornsby, Nsw 2077

 

 

Country :

Australia

 

 

Date of Incorporation :

19.11.1997

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

Manufacturer of artificial grass with and a specialised range of synthetic sports surfaces

 

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      

 

SHARCAVE PTY LTD

ACN: 080 797 495

ABN: 32 080 797 495

 

     

CORPORATE SEARCH

 

Incorporation State: NSW

 

Incorporation Date: 19 NOV 1997

 

Registered Office

229 PACIFIC HIGHWAY,

HORNSBY

NSW 2077

 

Registered Charges: 2

Both Fixed &Floating

JOHN CURTIS

1136135

Registered 02 MAR 2005

 

Both Fixed &Floating

NATIONAL AUSTRALIA BANK LIMITED (004044937)

629476

Registered 02 FEB 1998

 

Current Directors Total: 1

 

JOHN GORDON CURTIS – Appointed: 02 DEC 1997

50 BOWER Street MANLY, New South Wales 2095

DOB: 28 NOV 1955

 

Current Secretaries Total: 1

JOHN GORDON CURTIS – Appointed: 02 DEC 1997

 

Share Structure - Classes Total: 1

ORD ORDINARY SHARES: 1 – Amount paid: $1

 

Shareholders Total: 1

ORD 1 - JOHN GORDON CURTIS 


BUSINESS STRUCTURE

 

TRADING ADDRESS                 Units 1 and 2, 165 Prospect Hwy

                                                SEVEN HILLS, NSW 2147                                

 

TELEPHONE                             (612) 9838 4429

 

TRADING STYLE                       TEAM SPORTS

 

BANK                                       Not determined

                                               

EMPLOYEES                            30 to 40

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 19 November 1997 to commence operations under the current style as a new venture.

 

 

OPERATIONS

 

The subject operates as a manufacturer of artificial grass with and a specialised range of synthetic sports surfaces that cater for a range of sports and lawnscape applications

 

Activities are conducted from leased 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 the subject’s financial controller Mark Thompson he advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $20,000,000.

 

A similar result is forecast for the current financial year ending 30 June 2011.

 

The subject operates no overdraft facilities or further external borrowings as all operations are funded through the internal cashflows of the company.

 

Further details pertaining to the subjects financial position were unable to be obtained for the current enquiry.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

1.         (Tyre Crumb) Purchases average $20,000 to $30,000 per month on 30 day terms. Payment is met in 30 days and the account is considered satisfactory having been known since 2006.

 

2.         (Tapex) Purchases average $300,000 per month on 30 and 60 day terms by arrangement. Payment is met to terms and the account is considered satisfactory having been known for 10 years.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 19 November 1997 to commence operations under the current style as a new venture.

 

For the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $20,000,000.

 

A similar result is forecast for the current financial year ending 30 June 2011.

 

The subject operates no overdraft facilities or further external borrowings as all operations are funded through the internal cashflows of the company.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.74

UK Pound

1

Rs.73.25

Euro

1

Rs.65.48

 

 

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.