MIRA INFORM REPORT

 

 

Report Date :           

03.05.2011

 

IDENTIFICATION DETAILS

 

Name :

MINEMET AUSTRALASIA PTY LTD

 

 

Registered Office :

3/643 Newcastle Street, Leederville, Western Australia 6007

 

 

Country :

Australia

 

 

Date of Incorporation :

10.09.2004

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

Steel Trading and Recycling Company

 

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           

 

MINEMET AUSTRALASIA PTY LTD

 

ACN: 110 920 931

ABN: 50 110 920 931

 

 

CORPORATE SEARCH

 

Incorporation Date:                     10 Sep 2004

 

Incorporation State:                    Western Australia

 

Registered Office                       3/643 NEWCASTLE Street

LEEDERVILLE, Western Australia 6007 Australia

 

Charges                                    Date Registered: 21 Apr 2005

Chargee Name: 006 434 162 HSBC BANK AUSTRALI

Charge Type: Fixed and floating charge

ASIC Charge No: 1152395

 

Number of Shares Issued:           100

 

Paid Capital:                              100

 

Shareholders                             Shareholder Name: HUGH MCKEE

Number of Shares: 90

 

PETER SHELDON

Number of Shares: 10

 

Directors                                   MCKEE, HUGH

Appointment Date: 10 Sep 2004

Date of Birth: 04 Mar 1971

Gender: Male

Address: 1 PASCOE Street GLEN IRIS, Victoria 3146 Australia

Resident Overseas: No

 

Secretary                                  HUGH MCKEE

Appointment Date: 10 Sep 2004

           

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 Suite 3, level 4, 627 Chapel St

                                                SOUTH YARRA, VIC 3141                                 

 

TELEPHONE                 (613) 9826 8745

 

BANK                           HSBC BANK

                                               

EMPLOYEES                7         

 

 

BACKGROUND

 

The subject was incorporated in Western Australia on 10 September 2004 to commence operations under the current style.

 

 

OPERATIONS

 

The subject operates as a steel trading and recycling company.

 

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

 

 

ADVERSE

                                               

A search of the 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 advised that for the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $40,000,000.

 

For the current financial year to date the subject has already recorded revenue of $55,000,000 to $60,000,000.

 

Current assets include stock on hand valued at $200,000 and receivables of $2,500,000.

 

The subject maintains a financing facility with the HSBC which is secured by a registered charge and is used to assist in funding Working capital requirements.

 

Current liabilities include creditors of $2,000,000 to $2,500,000.

 

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

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

1.         (Tollfast) Nominated supplier failed to respond to correspondence.

 

 

SUMMARY

 

The subject was incorporated in Western Australia on 10 September 2004 to commence operations under the current style.

 

For the last financial year ended 30 June 2010 the subject traded profitably and recorded revenue of $40,000,000.

 

For the current financial year to date the subject has already recorded revenue of $55,000,000 to $60,000,000.

 

The subject maintains a financing facility with the HSBC which is secured by a registered charge and is used to assist in funding Working capital requirements.

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.33

UK Pound

1

Rs.73.89

Euro

1

Rs.65.57

 

 

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.