MIRA INFORM REPORT

 

 

Report Date :           

17.06.2011

 

IDENTIFICATION DETAILS

 

Name :

PRYDES CONFECTIONARY COMPANY PTY LTD

 

 

Formerly Known As :

Inter-Freight P/L

 

 

Registered Office :

25 Mulwala Drive, Wyee Point, Nsw 2259

 

 

Country :

Australia

 

 

Date of Incorporation :

09.02.1994

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

manufacture and wholesale of confectionery

 

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      

 

PRYDES CONFECTIONARY COMPANY PTY LTD

ACN: 063 452 675

ABN: 72 063 452 675

 

     

CORPORATE SEARCH

 

Incorporation State: NSW

 

Incorporation Date: 09 FEB 1994

 

Registered Office

25 MULWALA DRIVE,

WYEE POINT

NSW 2259

 

Registered Charges: 1

Both Fixed & Floating

NATIONAL AUSTRALIA BANK LIMITED (004044937)

2031251

Registered 13 AUG 2010

 

Current Directors Total: 3

 

SANCHEZ DANIEL – Appointed: 10 OCT 2010

25 MULWALA Drive WYEE POINT, New South Wales

DOB: 22 AUG 1980

 

SUSANNA SANCHEZ – Appointed: 09 FEB 1994

25 MULWALA Drive WYEE POINT, New South Wales

DOB: 10 APR 1961

 

JOSE SANCHEZ – Appointed: 09 FEB 1994

25 MULWALA Drive WYEE POINT, New South Wales

DOB: 04 FEB 1956

 

Current Secretaries Total: 1

SUSANNA SANCHEZ – Appointed: 09 FEB 1994

 

Share Structure - Classes Total: 1

ORD ORDINARY SHARES: 2 –Amount paid: $2

 

Shareholders Total: 2

 

ORD 1 - SUSANNA SANCHEZ

ORD 1 - JOSE SANCHEZ

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 395 Metford Road,

Metford, NSW 2323                               

 

TELEPHONE                             (612) 4934 2760

 

MOBILE                                    0400 818 861

 

BRANCH                                   WETHERILL PARK, NSW

 

ASSOCIATED GROUP               SANCHEZ GROUP PROPERTY P/L

BANK                                       NATIONAL AUSTRALIA BANK

                                               

EMPLOYEES                            70        

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 9 February 1994 as Inter-Freight P/L before adopting the current style on 27 May 2011.

 

The subject used in 2008 to acquire the assets and operations of Australian Sweets, a company that had been placed in Receivership.

 

Operations were established in Maitland in the 1930's by the Pryde family until purchased by two brothers, Benedict and Gerard Van Camp.

 

After their New Zealand family business was sold to Cadbury's, Benedict and Gerard emigrated to Australia to begin again and in 1988, the two brothers bought Prydes Sweets and developed a purpose-built confectionery factory in Metford.

 

The company was poised for success and rapid growth and, along with a secondary business, RICS, became part of Australian Sweets in 2006. However, difficulties across the whole business led to Australian Sweets going into receivership in 2008.

 

 

OPERATIONS

 

The subject operates in the manufacture and wholesale of confectionery.

 

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 the subjects Financial Controller George he advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of just under $10,000,000.

 

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

 

For the future year ending 30 June 2012 the subject expected to record revenue in the order of $20,000,000.

 

Current assets include stock on hand of $1,500,000 and receivables of $1,000,000.

 

The subject maintains financing facilities with the National Australia Bank which are used to assist in funding Working capital requirements.

 

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

 

Fixed assets include plant and equipment valued at $6,000,000.

 

In regards to asset backing the group is noted to own the premises located at the above listed trading address.

 

The subject is noted to form part of the Sanchez Group, a group of companies which has property holdings valued at more than $70,000,000.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

1.         Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 9 February 1994 as Inter-Freight P/L before adopting the current style on 27 May 2011.

 

The subject used in 2008 to acquire the assets and operations of Australian Sweets, a company that had been placed in Receivership.

 

For the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of just under $10,000,000.

 

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

 

Fixed assets include plant and equipment valued at $6,000,000.

 

In regards to asset backing the group is noted to own the premises located at the above listed trading address.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.90

UK Pound

1

Rs.72.54

Euro

1

Rs.63.39

 

 

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.