MIRA INFORM REPORT
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Report Date : |
17.11.2011 |
IDENTIFICATION DETAILS
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Name : |
GRIPWELL AUSTRALIA PTY. LIMITED |
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Formerly Known As : |
CIPLY HOLDINGS PTY. LIMITED |
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Registered Office : |
Unit
5, 72-74 Lower Gibbes Street, Chatswood, New
South Wales, Zip/postal code 2067 |
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Country : |
Australia |
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Date of Incorporation : |
11.12.1989 |
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Com. Reg. No.: |
003911715 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Import and distribution of hand tools, automotive tools, marking and measuring, security and storage products, builders and painting tools etc. |
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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Maximum Credit Limit : |
USD 80,000 |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Identification details
Verified Address
Subject
name : GRIPWELL AUSTRALIA PTY. LIMITED
Business
address : Unit 5, 72-74 Lower Gibbes Street
Town : Chatswood
Province : New South Wales
Zip/postal
code : 2067
Country : Australia
Tel : +61 2 98826011
Fax : +61 2 98826635
Website : www.gripwell.com.au
Registered address : Unit 5, 72-74 Lower Gibbes Street
Town : Chatswood
Province : New South Wales
Zip/postal
code : 2067
Country : Australia
Summary details
Executive Summary
Date founded or registered : 11/12/1989
Legal form : Australian Proprietary Company
Chief executive : Gulshan Jit Rana
Issued & paid up capital : AUD 1,000
Sales turnover : AUD 4,000,000 (Estimated Non-consolidated 12 months, 30/06/2011)
Line of business : Import and distribution of hand tools, automotive tools, marking and
measuring, security and storage products, builders and painting tools etc.
Staff employed : 6 employees
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is reasonably experienced
Financial performance : Financial performance is fair
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 80,000
Credit amount asked : Not described.
Statutory details
Registry Data
Registration date : 11/12/1989
Legal form : Australian Proprietary Company
Registration no Australian
Company Number: 003911715
Registered authority : Australian Securities & Investments
Commission
Fiscal/ Tax no : Australian Business Number: 23003911715
Registry status : Live/Active
Previous name : CIPLY HOLDINGS PTY. LIMITED (initial)
Management / directors
Key Management
Name : Gulshan Jit Rana
Designation : Managing Director
Name : Jagjit Singh Rana
Designation : Director
Board of directors / other
appointments
Appointments
Name : Uppinder Singh Bhatia
Designation : Director
Appointment date : 01/10/97
Address : 13 Keldie Street
Forestville, NSW 2087
Australia
Biography : Born on 24-11-1955 in New Delhi, India.
Name : Apnit Singh Rana
Designation : Director
Appointment date : 01/10/97
Address : 12 Simpson Street
Belrose, NSW 2085
Australia
Biography : Born on 22-11-1968 in Jalandhar, India.
Name : Gulshan Jit Rana
Designation : Director and Company Secretary
Appointment date : 16/01/90
Address : 21-25 Kenthurst Road
St Ives, NSW 2075
Australia
Biography : Born on 08-06-1948 in New Delhi, India.
Name : Jagjit Singh Rana
Designation : Director
Appointment date : 16/01/90
Address : 21-25 Kenthurst Road
St Ives, NSW 2075
Australia
Biography : Born on 15-08-1937 in Phullarwan, India.
Staff employed : 6 employees
Share capital
Composition
Authorized Capital : AUD 1,000
No of shares : 1,000 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 1,000
Paid up capital : AUD 1,000
ownership / shareholders
How listed : Full List
Composition
Shareholder name : Uppinder Singh Bhatia
Address : 13 Keldie Street
Forestville, NSW 2087
Australia
No. of shares : 150 Ordinary Shares
Shareholder name : Jagjit Singh Rana
Address : 21-25 Kenthurst Road
St Ives, NSW 2075
Australia
No. of shares : 350 Ordinary Shares
Shareholder name : Gulshan Jit Rana
Address : 21-25 Kenthurst Road
St Ives, NSW 2075
Australia
No. of shares : 350 Ordinary Shares
Shareholder name : Apnit Singh Rana
Address : 12 Simpson Street
Belrose, NSW 2085
Australia
No. of shares : 150 Ordinary Shares
Related companies & corporate Affiliations
Structure
Related
companies and corporate affiliations comments : None Reported
Bank & mortgages
Bank Details
Name of
bank :
Australia and New Zealand Banking Group
Limited
Address :
Australia
Account
details :
Current Account
Comments : It is generally not the policy of local
banks to provide credit status information to non related parties, however
interested parties would be advised to consult first with the Subject if banker's
references are required.
Mortgages
Unsatisfied charge
details:
ASIC Charge Number: 143422
Date Registered: 23-03-1990
Charge type: Both Fixed & Floating
Date Created: 16-03-1990
Chargees Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Legal Fillings
Bankruptcy
fillings : None reported.
Court
judgements : None reported.
Tax
liens : None
reported.
Others : None reported.
financial data
Description
Source of financial statement : Provided by the Subject
Type of accounts : Estimated key figures
Currency : Australia Dollar (AUD)
Exchange rate : 1 USD = AUD as of 0.99 as of 16-11-2011
Summarized Financial Information
Consolidation type : Non Consolidated
Currency : Australia Dollar (AUD)
Denomination : (x1) One
Date of financial year end : 30/06/11
Length of accounts : 12 months
Sale turnover / Income : 4,000,000
Comments : The estimated turnover was provided by Mr. Gulshan Jit Rana.
The Subject is
classified as a small proprietary company by the Australian Securities &
Investments Commission hence is not required to disclose their financial
statement.
A proprietary
company is defined as small for a financial year if it satisfies at least two
of the following:
- The
consolidated revenue for the financial year of the company and any entities it
controls is less than $25 million;
-The value of
the consolidated gross assets at the end of the financial year of the company
and any entities it controls is less than $12.5 million, and
-The company
and any entities it controls have fewer than 50 employees at the end of the
financial year.
Operation details
Main activities : The Subject is engaged in import and
distribution of hand tools, automotive tools, marking and measuring, security and
storage products, builders and painting tools, garden tools, camping and
outdoor equipment etc.
Purchases
International : Mainly from China, Taiwan, India
Sales
Local : Yes
International : No exports.
Property & Assets
Premises : The Subject operates from premises located at the verified heading
address consisting of administrative office and warehouse.
Branches : None reported.
Summarized country risk
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 41.385 billion
Gross domestic product – GDP : US$ 1.235 trillion
GPP (Purchasing power parity) : 918.529 billion of International dollars
GDP per capita - current prices : US$ 55,590
GDP - composition by sector : agriculture: 4.1% industry: 26% services: 70%
Inflation : 2008: 4.4%
2009: 1.8%
2010: 2.8%
Unemployment rate 2008: 4.2 %
2009: 5.6 %
2007:5.2 %
Public debt
(General Government gross
debt as a % GDP) 2008: 11.6%
2009: 17.6%
2010: 22.3 %
Government bond
ratings Standard
& Poor's: AAA-/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares US$ 1.258 trillion
Largest
companies in the country : Commonwealth Bank (Banking), BHP
Billiton (Materials), Westpac Banking Group (Banking), Rio Tinto (Materials),
National Australia Bank (Banking), ANZ Banking (Banking), Telstra
(Telecommunications)
Trade & Competitiveness Overview
Total exports US$210.7
billion
Exports commodities coal,
iron ore, gold, meat, wool, alumina, wheat
Total imports US$187.2
billion
Imports commodities machinery and
transport equipment, computers and office machines, telecommunication equipment
and parts, crude oil and petroleum products
Export - major partners Japan 18.9%, China 14.2%, South Korea 8%, US 6%, NZ 5.6%, India
5.5%, UK 4.2%
Import - major partners China 15.5%, US 12.8%, Japan 9.6%, Singapore 5.6%, Germany
5.2%, UK 4.3%, Thailand 4.2%
FDI Inflows 2007: US$45,477 million
2008: US$46,722 million
2009: US$22,572 million
FDI Outflows 2007: US$16,822 million
2008: US$32,819 million
2009: US$ 18,426 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 16
(ranking by country on a basis of 133, the first is the best)
Country and Population Overview
Total population :
22.23 million
Total area :
7,692,024 km2
Capital : Canberra
Currency : Australian Dollars (AUD)
Internet
users as % of total population
: 74.00%
Payment history
Purchase Term
International : Prepayment, Credit 30-60 days
Sales Term
Local : Prepayment, Credit 30-60 days
Trade Reference/ Payment Behaviour
Comments : As local and international trade
references were not supplied, the Subject's payment track record history cannot
be appropriately determined but based on our research, payments are believed to
be met without delay.
Investigation Note
Sources : Interviews and material provided by the
Subject
: Other
official and local business sources
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.90 |
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UK Pound |
1 |
Rs.80.30 |
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Euro |
1 |
Rs.68.48 |
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.