MIRA INFORM REPORT

 

 

Report Date :           

22.06.2011

 

IDENTIFICATION DETAILS

 

Name :

HALI RETAIL STORES PTY LTD

 

 

Registered Office :

18/499 St Kilda Road, Melbourne, Victoria 3004

 

 

Country :

Australia

 

 

Date of Incorporation :

19.01.1995

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

import and distribution of Contemporary and Traditional handmade rugs 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

 

REGISTERED NAME      

 

HALI RETAIL STORES PTY LTD

ACN: 067 883 185

ABN: 88 359 474 651 (THE HALI RETAIL STORES UNIT TRUST)

 

 

CORPORATE SEARCH

 

Incorporation Date:                     19 Jan 1995

 

Incorporation State:                    Victoria

 

Registered Office                       18/499 ST KILDA Road

                                                MELBOURNE, Victoria 3004 Australia

 

Charges                                    Date Registered: 03 Jan 2007

Chargee Name: 009 656 740 BANK OF QUEENSLAND

Charge Type: Fixed and floating charge

ASIC Charge No: 1398420

 

Number of Shares Issued:           3

 

Paid Capital:                              3

 

Shareholders                             IAN CONRAD SWART

                                                Number of Shares: 2

 

GINA SONIA SWART

Number of Shares: 1

 

Directors                                   SWART, GINA SONIA

Appointment Date: 19 Jan 1995

Date of Birth: 02 Nov 1960

Gender: Female

Address: 5 GRONG GRONG Court TOORAK, Victoria 3142 Australia

Resident Overseas: No

 

 

 

 

SWART, IAN CONRAD

Appointment Date: 19 Jan 1995

Date of Birth: 07 Oct 1949

Gender: Male

Address: 5 GRONG GRONG Court TOORAK, Victoria 3142 Australia

Resident Overseas: No

 

Secretary                                  IAN CONRAD SWART

                                                Appointment Date: 19 Jan 1995

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 24 Chapel St

                                                RICHMOND, VIC 3121

 

TELEPHONE                             (613) 9509 7200

 

BRANCHES                              The subject maintains a total of 7 stores across Australia.            

BANK                                       BANK OF QUEENSLAND                     

                                               

EMPLOYEES                            16 to 18

 

 

BACKGROUND

 

The subject was incorporated in Victoria on 19 January 1995 to commence operations under the current style as a new venture.

 

           

OPERATIONS

 

The subject operates in the import and distribution of Contemporary and Traditional handmade rugs in Australia.

All rugs are woven on traditional looms using the highest quality hand spun wool. The collection includes contemporary Himalayan, modern Handtufted, contemporary Shalimar rugs, Moghul, Aubusson, Amritsar, Art Nouveau, William Morris and Frank Lloyd Wright inspired carpets.


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, she confirmed the subjects search and operational details, however declined to provide any financial information.

 

Subsequently details in this regard were unable to be obtained during the current investigation.

 

Previous investigations revealed that for the year ended 30 June 2008 the subject recorded revenue of $6,000,000.

 

The subject maintains a bank overdraft facility with the Bank of Queensland which is secured by a registered charge. This facility is presently not being utlised as all operations are funded through the cashflows of the company.

 

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

 

The subject is noted to operate in its capacity on behalf of the Hali Retail Stores Unit Trust. Unsecured creditors are placed at maximum risk when dealing with a trustee company.

 

 

TRADE SURVEY

 

The subject is noted to import all requirements. A trade survey on the subject traced the following accounts:

 

(Australasia Freight) Purchases average $15,000 per month on 30 day terms. Payment is met in 30 days and the account is considered generally satisfactory, having been known over 5 years.

 

 

SUMMARY

 

The subject was incorporated in Victoria on 19 January 1995 to commence operations under the current style as a new venture.

           

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

 

Previous investigations revealed that for the year ended 30 June 2008 the subject recorded revenue of $6,000,000.

 

The subject is noted to operate in its capacity on behalf of the Hali Retail Stores Unit Trust. Unsecured creditors are placed at maximum risk when dealing with a trustee company.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.91

UK Pound

1

Rs.72.90

Euro

1

Rs.64.48

 

 

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.