MIRA INFORM REPORT

 

 

Report Date :           

30.05.2011

 

IDENTIFICATION DETAILS

 

Name :

WESCORP HOLDINGS PTY LTD

 

 

Formerly Known As :

Wescorp Holdings Ltd

 

 

Registered Office :

26 Coulson Way, Canning Vale, WA 6155

 

 

Country :

Australia

 

 

Date of Incorporation :

02.06.1987

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

Holding Entity for a group of  companies that operate in the industry of Sandalwood and Agarbatti

 

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

 

CORPORATE REPORT  

 

NAME GIVEN                            WESCROP GROUP COMPANIES

 

SPECIAL NOTE                         A search of failed to trace any registered entity under the given style. Further investigations revealed that the correct group of companies is Wescorp Group of Companies. The holding entity for this group is Wescorp Holdings P/L. The following report was subsequently conducted on this entity.

 

 

REGISTERED NAME      

 

WESCORP HOLDINGS PTY LTD

ACN: 009 240 984

ABN: 72 009 240 984

 

 

CORPORATE SEARCH

 

Incorporation State: WA

 

Incorporation Date: 02 JUN 1987

 

Registered Office

26 COULSON WAY,

CANNING VALE

WA 6155

 

Registered Charges: 3

 

Both Fixed & Floating

NATIONAL AUSTRALIA BANK LIMITED (004044937)

433830

Registered 08 APR 1994

 

Both Fixed & Floating

NATIONAL AUSTRALIA BANK LIMITED (004044937)

433809

Registered 08 APR 1994

 

Both Fixed & Floating

NATIONAL AUSTRALIA BANK LIMITED (004044937)

193528

Registered 07 SEP 1987

 

Current Directors Total: 4

 

DANIEL DONOVAN – Appointed: 18 FEB 2011

12 APOLLO Place DUNCRAIG, Western Australia

DOB: 20 AUG 1954

 

NATHAN CHRISTOPHER O'NEILL – Appointed: 04 SEP 2009

10 SILVEREYE Court BEELIAR, Western Australia

DOB: 16 JUL 1979

 

NEVILLE JOHN PRATT – Appointed: 23 JUL 2004

44 HARTWELL Street COOLBINIA, Western Australia

DOB: 16 NOV 1930

 

TIMOTHY DESMOND COAKLEY– Appointed:  14 APR 2004

12 LANGSFORD Street CLAREMONT, Western

DOB: 01 MAY 1952

 

Current Secretaries Total: 1

 

MARIE SUSAN FARROW – Appointed: 02 MAR 2004

 

Share Structure - Classes Total: 1

 

ORD ORDINARY SHARES: 4292475       – Amount paid: $2,198,737.5

                                                            – Amount due: $261,025

 

Shareholders Total: 22

ORD 10000 - VANESSA PEREIRA

ORD 102289 - GIM SENG TAN

ORD 11230 - WENDY L BETTY

ORD 12275 - EZIO EDWARD FRONTINO

ORD 12275 - KERRY DENISE FRONTINO

ORD 149962 - WALD NOMINEES PTY LTD

ORD 199264 - BUDHI PANDAWO

ORD 20000 - EWAN PATTERSON

ORD 2210244 - COAKLEY PASTORAL CO PTY LTD

ORD 245493 - HO YEE LEONG

ORD 25534 - NOX NOMINEES PTY LTD

ORD 2666 - MARTY WALKER

ORD 39853 - SHIM HEAH MEOW

ORD 40916 - ROBERTSTOWN PTY LTD

ORD 41210 - TIMOTHY DESMOND COAKLEY

ORD 51145 - NEVILLE JOHN PRATT

ORD 5115 - VIENNA RADOVIC

ORD 81646 - DAVID ROBERT THORN

ORD 81646 - SANDRA THORN

ORD 923000 - HIN CHEW CHUNG

ORD 9580 - MISTY JEAN THORN

ORD 95800 - MIEW CHIN LAU

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 26 Coulson Way

                                                CANNING VALE, WA 6155

 

POSTAL ADDRESS                   PO Box 1298

                                                CANNING VALE, WA 6970

 

TELEPHONE                             (618) 9455 5788

 

FACSIMILE                                            (618) 9455 4866

 

CONTROLLED ENTITIES            WESCORP SANDALWOOD P/L

                                             NEW MOUNTAIN SANDALWOOD P/L

                                                   WESCORP AGARWOOD P/L

                                          WESCORP PACIFIC SANDALWOOD P/L

 

HOLDING ENTITY                                                                COAKLEY PASTORAL CO PTY LTD           

                                                                                                                                               

BANK                                       BANKWEST     

                                               

EMPLOYEES                            20

           

 

BACKGROUND

 

The subject was incorporated in Western Australia on 2 June 1987 as Karosa P/L changing name to Karosa Ltd changing name to Wescorp Holdings Ltd before adopting the current style on 19 November 2004.

 

The subject was established in September 1987 as a public unlisted company when Wesfarmers Ltd sold the Wesfarmers International business to Wescorp. The company was privatised in 2004 when Coakley Pastoral Company increased its shareholding to over 50%.

 

 

OPERATIONS

 

The subject operates as a holding entity  for a group of  companies that operate in the industry of Sandalwood and Agarbatti.

 

The group processes, manufactures and distributes sandalwood and agarbatti products.

 

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

 

 

ADVERSE

                                               

A search of records failed to trace any adverse findings 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 investigation contact with the subjects Financial Controller Marie, was unable to be established. It was advised that she will be in the office on Friday 27 May 2011.

 

During a later interview conducted with Marie on 30 May 2011 she confirmed the subjects search and operational details, however declined to provide any financial or trading information as a matter of strict company policy.

 

Subsequently details in this regard were unable to be obtained during the current investigation.

 

The subject maintains a financing facility with the National Australia Bank, which is secured by a registered charge over certain fixed and floating assets of the 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:

 

·         (Global Rewinds) Purchses range up to $15,000 per month on 30 day terms. Payment is met in up to 35 days and the account is considered satisfactory, having been known over 5 years.

 

·         Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject was incorporated in Western Australia on 2 June 1987 before adopting the current style on 19 November 2004.

 

The subject was established in September 1987 as a public unlisted company when Wesfarmers Ltd sold the Wesfarmers International business to Wescorp.

 

Details pertaining to the subjects financial position were unable to be obtained for the current enquiry.

 

The subject maintains a financing facility with the National Australia Bank, which is secured by a registered charge over certain fixed and floating assets of the company.

 

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

 

           

 Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.21

UK Pound

1

Rs.74.31

Euro

1

Rs.64.40

 

 

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.