MIRA INFORM REPORT

 

 

Report Date :

02.05.2011

 

IDENTIFICATION DETAILS

 

Name :

WESTON TECHNOLOGY PTY LTD

 

 

Registered Office :

Elite Financial Solutions,  Suite 2, 123 Midson Road, Epping NSW 2121

 

 

Country :

Australia

 

 

Date of Incorporation :

27.04.1993

 

 

Legal Form :

Proprietary Limited Company

 

 

Line of Business :

Import and Distribution Computer Networking, Peripherals, Storag Enclosures and Telecommunication Accessories.

 

 

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      

 

WESTON TECHNOLOGY PTY LTD

ACN: 059 902 493

ABN: 79 059 902 49

 

 

CORPORATE SEARCH

 

Incorporation State: NSW

 

Incorporation Date: 27 APR 1993

 

Registered Office

ELITE FINANCIAL SOLUTIONS

SUITE 2,

123 MIDSON ROAD,

EPPING

NSW 2121

 

Charges Total: 1

 

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED (005357522)

Both Fixed & Floating

1997366

Registered 21 JUN 2010

 

Current Directors Total: 1

 

WILLIAM TAK-CHUEN SHUM – Appointed: 27 APR 1993

94 THOMAS Street

PARRAMATTA, New South Wales

DOB: 16 AUG 1950

 

Current Secretaries Total: 1

 

WILLIAM TAK-CHUEN SHUM – Appointed: 27 APR 1993

 

Share Structure - Classes Total: 1

 

ORD ORDINARY SHARES: 120 – Amount paid: $120

 

Shareholders Total: 4

 

ORD 10 - CLAIRE MONDIALE LIMITED

ORD 30 - HAIGCO TRADING & CO PTY LTD 001766132

ORD 40 – J LUK INVESTMENT ASSOCIATES

ORD 40 - MARISTAR PROFITS LIMITED

 

SPECIAL NOTE                        During the current investigation it was advised that the subject is in the processes of restricting its shareholding and Director William Tak Cheun Shum is now the owner of the company.

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 Unit 2, 56 O’Riordan St

                                                ALEXANDRIA, NSW 2015                                 

TELEPHONE                             (612) 9667 3238

ASSOCIATED ENTITY               AUS PC MARKET P/L

BANK                                       ANZ BANKING GROUP

                                                EMPLOYEES    4         

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 27 April 1993 to commence operations under the current style as a new venture.

 

 

OPERATIONS

 

The subject operates in the import and distribution computer networking, peripherals, storage enclosures and telecommunication accessories.

 

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 Director William Tak-Chuen Shum he advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $3,000,000.

 

For the same period the group recorded revenue of $12,000,000.

 

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

 

Current assets include stock on hand of $500,000 and receivables of $100,000.

 

The subject maintains an overdraft facility with the ANZ Bank which is secured by a registered charge. This facility is not being used as all operations are funded through the internal cashflows of the company.

 

All creditors are advised to be paid up in full.

 

In regards to asset backing, an associated entity is advised to own the premises located at the above listed trading address.

 

Mr Shum declined to release any further details pertaining to the subject’s financial position unless the source of the enquiry was disclosed.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

1.         (DMA) Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

           

The subject was incorporated in New South Wales on 27 April 1993 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 $3,000,000.

 

For the same period the group recorded revenue of $12,000,000.

 

The subject maintains an overdraft facility with the ANZ Bank which is secured by a registered charge. This facility is not being used as all operations are funded through the internal cashflows of the company.

 

In regards to asset backing, an associated entity is advised to own the premises located at the above listed trading address.

 

                                               

                                               


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.38

UK Pound

1

Rs.73.88

Euro

1

Rs.65.83

 

 

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.