MIRA INFORM REPORT

 

 

Report Date :           

11.03.2011

 

IDENTIFICATION DETAILS

 

Name :

METCOMM INDUSTRIES PTY LTD

 

 

Registered Office :

29 Humeside Drive, Campbellfield, Victoria 3061

 

 

Country :

Australia

 

 

Date of Incorporation :

23.06.2008

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

import and distribution of office and business furniture.

 

 

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 :

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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      

 

METCOMM INDUSTRIES PTY LTD

ACN: 131 784 373

ABN: 95 131 784 373

 

 

CORPORATE SEARCH

 

Incorporation Date:                     23 Jun 2008

 

Incorporation State:                    Victoria

 

Registered Office                       29 HUMESIDE Drive

                                                CAMPBELLFIELD, Victoria 3061 Australia

 

Charges                                    Date Registered: 10.12.2010

Chargee Name: Tauras Trade Finance

Charge Type: Fixed and floating charge

ASIC Charge No: 2105217

 

Date Registered: 27.11.2010

Chargee Name: Mercedes Benz

Charge Type: Fixed charge

                                                ASIC Charge No: 2090783

 

Date Registered: 01.11.2010

Chargee Name: Mercedes Benz

Charge Type: Fixed charge

                                                ASIC Charge No: 2072723

 

Date Registered: 27.05.2010

Chargee Name: Mercedes Benz

Charge Type: Fixed charge

                                                ASIC Charge No: 1996128

 

                                                Date Registered: 05 Jun 2009

Chargee Name: 101 657 041 BIBBY FINANCIAL SE

Charge Type: Fixed and floating charge

ASIC Charge No: 1797260

 

Date Registered: 13 Jan 2009

Chargee Name: 007 457 141 WESTPAC BANKING CO

Charge Type: Fixed charge

ASIC Charge No: 1745174

 

Number of Shares Issued:           10

 

Paid Capital:                              20

 

Shareholders                             ALISTER PEREIRA

                                                Number of Shares: 10

 

Directors                                   PEREIRA, ALISTER

Appointment Date: 23 Jun 2008

Date of Birth: 12 Jul 1971

Gender: Male

Address: 4/77 CHAPMAN Avenue GLENROY, Victoria 3046 Australia

Resident Overseas: No

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 29 Humeside Dr

                                                CAMPBELLFIELD, VIC 3061

 

TELEPHONE                             (613) 9357 9999

 

FACSIMILE                                      (613) 9357 7775

 

MOBILE                                              0409 696 956

 

BANK                                       COMMONWEALTH BANK OF AUSTRALIA        

                                               

EMPLOYEES                            10

 

           

BACKGROUND

 

The subject was incorporated in Victoria on 23 June 2008 to commence operations under the current style as a new venture.

 

                                                                       

OPERATIONS

 

The subject operates in the import and distribution of office and business furniture.

 

The subject also operates in the import and distribution of electrical products for Clipsal Australia.

 

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

 

ADVERSE

                                               

A search of the of Credit Advantage Limited 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 Administration Manager she advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $4,000,000. This compares to revenue of $2,000,000 for the previous corresponding year ended 30 June 2009.

 

For the current year to date the subject has generated sales of $6,000,000. Revenue is projected to increase to $8,000,000 for the current financial year ending 30 June 2011.

 

The growth in operations in recent times is attributable to a contract with Clipsal Australia in June 2009.

 

Current assets include stock on hand of $500,000 and receivables of $1,087,000.

 

The subject maintains a debtor finance and trade finance facility with Taurus Trade Finance which is secured by a registered charge and is used to assist in funding working capital requirements.


Current liabilities include creditors of $400,000 to $500,000.

 

Fixed assets are advised to be nominal and include computers and furniture fixtures and fittings.

 

 

TRADE SURVEY

 

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

 

  1. (Toll Global Forwarding) Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject was incorporated in Victoria on 23 June 2008 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 $4,000,000.

 

For the current year to date the subject has generated sales of $6,000,000. Revenue is projected to increase to $8,000,000 for the current financial year ending 30 June 2011.

 

The subject maintains a debtor finance and trade finance facility with Taurus Trade Finance which is used to assist in funding working capital requirements.

                                               

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.11

UK Pound

1

Rs.72.91

Euro

1

Rs.62.56

 

 

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

 

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.