MIRA INFORM REPORT

 

 

Report Date :           

29.03.2011

 

IDENTIFICATION DETAILS

 

Name :

BCSY V-NET PTY LTD

 

 

Registered Office :

Suite 166, 9 Crofts Avenue, Hurstville, Nsw 2220

 

 

Country :

Australia

 

 

Date of Incorporation :

17.05.2000

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

import and distribution of information technology products and consumables

 

 

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 – 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      

 

BCSY V-NET PTY LTD

ACN: 092 894 221

ABN: 90 092 894 221

 

     

CORPORATE SEARCH

 

Incorporation State: NSW

 

Incorporation Date: 17 MAY 2000

 

Registered Office

SUITE 166,

9 CROFTS AVENUE,

HURSTVILLE

NSW 2220

 

Current Directors Total: 1

 

CHING-HUI CHIANG – Appointed: 18 MAY 2000

166/9 CROFTS Avenue HURSTVILLE, New South Wales

DOB: 07 FEB 1968

 

Current Secretaries Total: 1

 

CHING-HUI CHIANG – Appointed: 18 MAY 2000

 

Share Structure - Classes Total: 1

 

ORD ORDINARY SHARES: 1 – Amount paid: $1

 

Shareholders Total: 1

 

ORD 1 - CHING-HUI CHIANG

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS     Unit 53, 7 to 9 Percy St

                                    AUBURN, NSW 2144                            

 

TELEPHONE                 (612) 8799 3888

 

FACSIMILE                   (612) 8799 3899

 

TRADING STYLE                       BRONET

 

BANK                                       ANZ BANKING GROUP

                                               

EMPLOYEES                            8         

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 17 May 2000 to commence operations under the current style.

 

Operations were founded in 2001.

 

 

OPERATIONS

 

The subject operates in the import and distribution of information technology products and consumables.

 

Products include Modems, scanners, ink, PC cases, flash cards, notebook accessories, POS products, power supply, RAM, TV tuners, and wireless 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 Manager Jay Bor he advised that for the last financial year ended 30 June 2010 the subject recorded a loss on revenue of $5,000,000.

 

The loss was attributable to excessive wage and salary expenses owing to too many staff. The subject has subsequently reduced staff numbers.

 

The subject expects to generate revenue of more than $5,000,000 for the current financial year ending 30 June 2011.


Current assets include stock on hand valued at over $1,000,000 and receivables of $400,000.

 

The subject maintains no overdraft facilities as all operations are funded through the cashflows of the company.

 

Current liabilities include creditors of $200,000.

 

In regards to assets backing, Manager Jay Bor is advised to own the premises located at the above listed trading address. He is advised to be the husband of director Ching-Hui Chiang.

 

Fixed assets include motors vehicles valued at $40,000.

 

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:

 

1.         (Expediators) Purchases average $3,000 per month on 14 day terms. Payment is met in 14 days and the account is considered satisfactory having been known since 2005.

 

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

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 17 May 2000 to commence operations under the current style.

 

Operations were founded in 2001.

 

For the last financial year ended 30 June 2010 the subject recorded a loss on revenue of $5,000,000.

 

The subject expects to generate revenue of more than $5,000,000 for the current financial year ending 30 June 2011.


The subject maintains no overdraft facilities as all operations are funded through the cashflows of the company.

 

In regards to assets backing, Manager Jay Bor is advised to own the premises located at the above listed trading address.

 

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.78

UK Pound

1

Rs.71.64

Euro

1

Rs.62.96

 

 

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.