MIRA INFORM REPORT

 

 

Report Date :           

11.05.2011

 

IDENTIFICATION DETAILS

 

Name :

CC COMPONENTS PTY. LIMITED

 

 

Registered Office :

20 Colrado St, Hallam, Vic 3803

 

 

Country :

Australia

 

 

Date of Incorporation :

14.02.1984

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

distribution on conveyor equipment and associated supplies

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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      

 

CC COMPONENTS PTY. LIMITED

 

ACN: 006 239 167

ABN: 98 376 820 722 (CC Trading Unit Trust)

 

     

CORPORATE SEARCH

 

INCORPORATED                       14 February 1984

 

REGISTERED ADDRESS           20 Colrado St

                                                HALLAM, VIC 3803

 

SHARECAPITAL                        $12      

 

SHAREHOLDERS                     HENDERSON, John David                      Holds 3 shares

                                                DON, Timothy Mckenzie                         Holds 3 shares

                                                DON, Christopher Kenneth                      Holds 3 shares

                                                DEMAMIEL, David John              Holds 3 shares

 

DIRECTORS                              DON, Timothy Mckenzie

                                                29A Thanet St

                                                MALVERN, VIC 3144

 

                                                DON, Christopher Kenneth

                                                75 Alma St

                                                MALVERN EAST, VIC 3145

 

DEMAMIEL, David John

                                                70 Hillcrest Dr

                                                LANGWARRIN, VIC 3910

 

SECRETARY                            BRUCE, Andrew Richard

                                                DON, Timothy McKenzie

 

REG’D CHARGES                     Registered Charge Number     : 629176

                                                Date Registered             : 30.01.1998

                                                Status                                       : Fixed and floating

                                                Creditor                                     : Westpac Bank

                                   


BUSINESS STRUCTURE

 

TRADING ADDRESS                 20 Colrado Ct

                                                HALLAM, VIC 3803

           

TELEPHONE                             (613) 9702 4444

 

BRANCH                                   Mildura, VIC 3500

                                                Sunshine, VIC

                                                Slacks Creek, QLD 4127

                                                Port Macquarie, NSW

                                                                                               

BANK                                       BANK OF MELBOURNE

                                                Branch: 360 Collins St

                                                   MELBOURNE, VIC 3000                    

 

EMPLOYEES                            40

 

 

BACKGROUND

 

The subject was incorporated in Victoria on 14 February 1984 under the current style.

 

Operations were established as a new venture in 1975.

 

 

OPERATIONS

 

The subject operates in the distribution on conveyor equipment and associated supplies.

 

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 Company Secretary Bruce Andrew he advised that for the last financial year ended 30 June 2010, the subject traded profitably and recorded revenue of $11,200,000 which resulted in an operating profit before tax of $567,000. This compares to revenue of $13,000,000 for the year ended 30 June 2009.

 

For the year ended 30 June 2008 the subject traded profitably and recorded revenue of $13,000,000. This compares to revenue of $11,500,000 for the previous corresponding year ended 30 June 2007.

 

On a projected basis, the subject expects to record revenue of $12,000,000 for the current financial year ending 30 June 2011.

 

At 30 June 2010 the subject recorded total current assets of $5,121,000. They included receivables of $2,300,000 and inventories of $2,765,000.

 

Current liabilities at this time totalled $5,263,000 and included payables of $2,100,000, debtor finance of $1,200,000 and beneficiaries loans of $1,000,000. It was advised that the beneficiaries loans should be classified as non-current.

 

Furthermore at 30 June 2010 the subject recorded a deficiency in Working Capital of $142,000 and a current ratio of 0.97 to 1.

 

The subject is noted to maintain a financing facility with the Westpac Banking Corporation, which is secured by a registered charge over certain fixed and floating assets of the company.

 

Net Assets at 30 June 2010 were valued at $273,000.

 

The subject is noted to operate in its capacity on behalf of the CC Trading Unit Trust. Unsecured creditors are placed at maximum risk when dealing with a trustee company.

 

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:

 

·         (Plane To Sea) Purchases average $50,000 per month on 14 day final terms. Payment is met according to terms and the account is considered satisfactory having been known over 15 years.

 

·         (Belle Banne) Purchases range between $20,000 and $100,000 per month on 60 day final terms. Payment is met according to terms and the account is considered satisfactory having been known over 8 years.

 

SUMMARY

 

The subject was incorporated in Victoria on 14 February 1984 under the current style.

 

Operations were established as a new venture in 1975.

 

For the last financial year ended 30 June 2010, the subject traded profitably and recorded revenue of $11,200,000 which resulted in an operating profit before tax of $567,000. This compares to revenue of $13,000,000 for the year ended 30 June 2009.

 

At 30 June 2010 the subject recorded a deficiency in Working Capital of $142,000 and a current ratio of 0.97 to 1. Included in Current liabilities were beneficiary’s loans of $1,000,000.

 

Net Assets at 30 June 2010 were valued at $273,000.

 

The subject is noted to operate in its capacity on behalf of the CC Trading Unit Trust. Unsecured creditors are placed at maximum risk when dealing with a trustee company.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.73

UK Pound

1

Rs.73.21

Euro

1

Rs.63.90

 

 

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.