MIRA INFORM REPORT

Report Date :

30.06.2011

IDENTIFICATION DETAILS

Correct Name :	ITALTEX TRADING CO PTY LTD

Registered Office :	25 Lord Howe St, Dover Heights, Nsw 2030

Country :	Australia

Date of Incorporation :	25.06.1976

Legal Form :	Proprietary Company

Line of Business :	import and distribution of rugs and related products

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	No Complaints

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 31^st, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Australia

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

REGISTERED NAME

ITALTEX TRADING CO PTY LTD

ACN: 001 377 108

ABN: 86 001 377 108

CORPORATE SEARCH

Incorporation Date: 25 Jun 1976

Incorporation State: New South Wales

Registered Office 25 Lord Howe St

DOVER HEIGHTS, NSW 2030

Charges Date Registered: 23 May 2008

Chargee Name: 004 044 937 NATIONAL AUSTRALIA

Charge Type: Fixed charge

ASIC Charge No: 1639055

Date Registered: 29 Mar 1994

Chargee Name: 004 044 937 NATIONAL AUSTRALIA

Charge Type: Fixed and floating charge

ASIC Charge No: 432560

Number of Shares Issued: 50000

Paid Capital: 50000

Shareholders INGEBORG COPPOLA

Number of Shares: 40000

STEVE COPPOLA

Number of Shares: 5000

ROBERT COPPOLA

Number of Shares: 5000

Directors COPPOLA, STEVE

Appointment Date: 10 May 1984

Date of Birth: 16 Jun 1961

Gender: Male

Address: 26 OLPHERT Avenue VAUCLUSE, New South Wales 2030 Australia

Resident Overseas: No

COPPOLA, ROBERT

Appointment Date: 30 Dec 1983

Date of Birth: 09 Dec 1957

Gender: Male

Address: 12 STREATFIELD Road BELLEVUE HILL, New South Wales 2023 Australia

Resident Overseas: No

COPPOLA, INGEBORG

Appointment Date: 25 Jun 1976

Date of Birth: 24 Dec 1931

Gender: Female

Address: 25 LORD HOWE Street DOVER HEIGHTS, New South Wales 2030 Australia

Resident Overseas: No

Secretary INGEBORG COPPOLA

Appointment Date: 25 Jun 1976

BUSINESS STRUCTURE

TRADING ADDRESS Units 3 & 4, 6 to 8 Huntley St

ALEXANDRIA, NSW 2015

TELEPHONE (612) 9698 8033

FACSIMILE (612) 9698 4911

BANK NATIONAL AUSTRALIA BANK

EMPLOYEES 14 to 15

BACKGROUND

The subject was incorporated in New South Wales on 25 June 1976 to commence operations under the current style as a new venture.

Giuseppe Coppola founded Italtex in 1976 in Rushcutters Bay, as a specialist importer and wholesaler of European textiles and manchester.

OPERATIONS

The subject operates in the import and distribution of rugs and related products.

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 Anne she advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $8,500,000. This compares to revenue of $7,000,000 to $8,000,000 for the previous corresponding year ended 30 June 2009

On a projected basis revenue is expected to reach $8,500,000 for the current financial year ending 30 June 2011.

Current assets include stock on hand of $3,000,000 and receivables of $2,400,000.

The subject maintains an overdraft facility with its bankers which has a $100,000 credit limit.

Current liabilities include creditors of $60,000.

In regards to asset backing the premises located at the above listed trading address are owned by a family trust of the Coppola family. These premises comprise of a block of 4 units.

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

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:

· (Cargo Logistics) Purchases average $25,000 to $30,000 per month on 30 day terms. Payment is met in 30 days and the account is considered satisfactory, having been known for 10 years.

· (Direct Freight) Nominated supplier failed to respond to correspondence despite chasing.

SUMMARY

The subject was incorporated in New South Wales on 25 June 1976 to commence operations under the current style as a new venture.

Giuseppe Coppola founded Italtex in 1976 in Rushcutters Bay.

For the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $8,500,000. This compares to revenue of $7,000,000 to $8,000,000 for the previous corresponding year ended 30 June 2009

On a projected basis revenue is expected to reach $8,500,000 for the current financial year ending 30 June 2011.

In regards to asset backing the premises located at the above listed trading address are owned by a family trust of the Coppola family. These premises comprise of a block of 4 units.

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

Bottom of Form

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.94
UK Pound	1	Rs.71.91
Euro	1	Rs.64.60

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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