MIRA INFORM REPORT

 

 

Report Date :           

24.05.2011

 

IDENTIFICATION DETAILS

 

Name :

KAS AUSTRALIA PTY LTD

 

 

Formerly Known As :

Kompliment Studios P/L

 

 

Registered Office :

78 O'riordan Street, Alexandria, nsw 2015

 

 

Country :

Australia

 

 

Date of Incorporation :

05.09.1978

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

manufacture and wholesale of soft furnishings

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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 

 

KAS AUSTRALIA PTY LTD

ACN: 001 631 545

ABN: 21 001 631 545

 

     

CORPORATE SEARCH

 

Incorporation State: NSW

 

Incorporation Date: 05 SEP 1978

 

Registered Office

78 O'RIORDAN STREET,

ALEXANDRIA

NSW 2015

 

Registered Charges: 1

WESTPAC BANKING CORPORATION (007457141), ST.

GEORGE FINANCE LIMITED (001094471)

Both Fixed & Floating

1557495

Registered 11 DEC 2007

 

Current Directors Total: 2

 

STEVEN DAVID – Appointed: 05 SEP 1978

53 VAUCLUSE Road VAUCLUSE, New South Wales

DOB: 13 SEP 1950

 

KAREN MARY DAVID – Appointed: 05 SEP 1978

53 VAUCLUSE Road VAUCLUSE, New South Wales

DOB: 05 NOV 1952

 

Current Secretaries Total: 1

 

KAREN MARY DAVID – Appointed: 05 SEP 1978

 

Share Structure - Classes Total: 2

 

B B CLASS ORDINARY SHARES: 48 – Amount paid: $48

A CLASS A SHARES: 2 – Amount paid: $2 $

 

Shareholders Total: 4

 

A 1 - KAREN MARY DAVID

A 1 - STEVEN DAVID

B 24 - STEVEN DAVID

B 24 - KAREN MARY DAVID

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS     78 O’Riordan St

                                    ALEXANDRIA, NSW 2015         

 

POSTAL ADDRESS       PO Box 6119

                                    ALEXANDRIA, NSW 2015         

 

TELEPHONE                 (612) 9317 5700

 

ASSOCIATED

ENTITIES                      KAS CUSHIONS P/L

                                    KAS INTERNATIONAL P/L        

 

BANK                           ST GEORGE BANK

                                               

EMPLOYEES                60 (group)

           

 

BACKGROUND

 

The subject was incorporated in New South Wales on 5 September 1978 as Kompliment Studios P/L before adopting the current style on 20 May 1993.

 

Group operations were established as a new venture in 1976.

 

 

OPERATIONS

 

The group operates in the manufacture and wholesale of soft furnishings.

 

Products include bed linen, cushions, throws, comforters and foot stools.

 

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.

 

On 10 August 2005 Notification of Filing of Application for Winding up Order was lodged with ASIC. This was dismissed on 15 September 2005.

 

FINANCES

 

The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.

 

During the current investigation contact with the subjects Financial Controller was unable to be established. Despite numerous messages being left, no reply has been received.

 

Previous investigations have revealed that for the financial year ended 30 June 2009 the subject traded profitably and recorded revenue of $15,000,000.

 

Current assets in September 2009 included stock of $3,800,000 and receivables of $2,600,000.

 

The group maintains an overdraft facility with the St George Bank which is used to assist in funding Working Capital requirements.

 

In regards to asset backing, the subjects Directors are noted to own the premises located at the above listed trading address. A property search can be conducted at your request to confirm ownership.

 

 

TRADE SURVEY

 

During the current investigation, contact with the subject’s principals was unable to be established.

 

Subsequently details pertaining to the company’s suppliers were unable to be obtained and a trade survey could not be conducted.

 

 

SUMMARY

                                               

The subject was incorporated in New South Wales on 5 September 1978 as Kompliment Studios P/L before adopting the current style on 20 May 1993.

 

Group operations were established as a new venture in 1976.

 

Current financial details pertaining to the subject were unable to be obtained for the current enquiry.

 

Previous investigations have revealed that for the financial year ended 30 June 2009 the subject traded profitably and recorded revenue of $15,000,000.

 

In regards to asset backing, the subjects Directors are noted to own the premises located at the above listed trading address.

 

           


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.28

UK Pound

1

Rs.73.30

Euro

1

Rs.63.61

 

 

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.