MIRA INFORM REPORT
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Report Date : |
31.05.2011 |
IDENTIFICATION DETAILS
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Name : |
WAMINCO PTY LTD |
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Registered Office : |
1139 Hay St, perth, WA 6000 |
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Country : |
Australia |
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Date of Incorporation : |
09.05.1988 |
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Legal Form : |
Proprietary Company |
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Line of Business : |
import and distribution of industrial rubber to the mining and related industries |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
Unknown |
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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
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Australia |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
REGISTERED NAME
WAMINCO PTY LTD
ACN: 009 310 436
ABN: 40 003 310
436
CORPORATE SEARCH
INCORPORATED 9 May 1988
REGISTERED
ADDRESS 1139 Hay St
PERTH,
WA 6000
SHARECAPITAL $2
SHAREHOLDERS HEANES, Stephen John Holds 1 share
HEANES,
Angela Joy Holds 1 share
DIRECTORS HEANES, Stephen
John
18,
7 Park Ave
CRAWLEY,
WA 6009
SECRETARY HEANES, Stephen John
18,
7 Park Ave
CRAWLEY,
WA 6009
REGISTERED
CHARGES None on record
BUSINESS STRUCTURE
TRADING ADDRESS 18 Sorbanne cres
CANNING
VALE, WA 6155
POSTAL ADDRESS PO
BOX 392
CLAREMONT,
WA 6010
TELEPHONE (618) 9286 3884
FACSIMILE (618) 9286 3885
BANK COMMONWEALTH
BANK OF AUSTRALIA
EMPLOYEES 3 (Including active
Director)
BACKGROUND
The subject was incorporated in Western Australia on 9 May 1988 to commence operations under the current style.
The present operations were formed in February 2005.
OPERATIONS
The subject operates in the import and distribution of industrial rubber to the mining and related industries.
Products include conveyor belts, skirting rubber, impact bars, wear plates, ceramic putty, ceramic tiles, capping rubber, dust sealing cloth and adhesives.
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, Stephen Heanes, he confirmed the subjects search and operational details however declined to release any details pertaining to the subject’s financial position for the current enquiry.
Previous investigations have revealed that for the last financial year ended 30 June 2010 the subject recorded revenue of $2,000,000.
The subject maintains no overdraft facilities or further external borrowings as all operations are funded through the cashflows of the company and an initial capital injection from the Shareholders.
Enquiries in trade quarters revealed satisfaction from one supplier contacted in dealing with the subject on a credit basis.
TRADE SURVEY
During the current investigation, it was advised that the subject imports most requirements. A trade survey on the subject traced the following accounts:
1. (Metso Conveying) Nominated supplier failed to respond to correspondence despite chasing.
2. (T Line) Purchases range between $2,000 and $10,000 per month on 30 day terms. Payment is met in 33 to 40 days and the account is considered satisfactory having been known over 4 years
SUMMARY
The subject was incorporated in Western Australia on 9 May 1988 to commence operations under the current style.
The present operations were formed in February 2005.
For the last financial year ended 30 June 2010 the subject recorded revenue of $2,000,000.
The subject maintains no overdraft facilities or further external borrowings as all operations are funded through the cashflows of the company.
Enquiries in trade quarters revealed satisfaction from one supplier contacted in dealing with the subject on a credit basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.10 |
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UK Pound |
1 |
Rs.74.27 |
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Euro |
1 |
Rs.64.35 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.