MIRA INFORM REPORT
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Report Date : |
17.11.2011 |
IDENTIFICATION DETAILS
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Name : |
SPOTLIGHT PTY LTD |
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Formerly Known As : |
SPOTLIGHT STORES PTY. LTD. |
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Registered Office : |
Level
6, 111 Cecil Street, South Melbourne, Victoria, Zip/postal code 3205 |
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Country : |
Australia |
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Date of Incorporation : |
23.04.1976 |
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Com. Reg. No.: |
005180861 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Operates a chain of fabric, craft, and home interior supplies superstores in Australia, New Zealand, and Singapore |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5,000,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 – 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 : SPOTLIGHT PTY LTD
Other style / Business name : SPOTLIGHT STORES
Business address : Level
6, 111 Cecil Street
Town : South Melbourne
Province : Victoria
Zip/postal
code : 3205
Country : Australia
Tel : +61 3 96820866
Fax : +61 3 96868536
Website : www.spotlight.com.au
Registered address : Level
6, 111 Cecil Street
Town : South Melbourne
Province : Victoria
Zip/postal
code : 3205
Country : Australia
Summary details
Executive Summary
Date founded or
registered : 23/04/1976
Legal form : Australian Proprietary Company
Chief executive : Morry Fraid
Issued & paid up
capital : AUD 2
Sales turnover : AUD 100,000,000 (Estimated
Non-consolidated 12 months, 30/06/2010)
Line of business : Operates a chain of fabric, craft, and
home interior supplies superstores in
Australia, New Zealand, and Singapore.
Staff employed : 500 (Subject)
Credit risk opinion
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is steady
Management experience : Management is adequately experienced
Financial performance : Financial performance is good
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history :
No payment delays noted
Credit amount suggestion : USD 5,000,000
Credit amount asked : USD 5,000,000
Statutory details
Registry Data
Registration date : 23/04/1976
Legal form : Australian Proprietary Company
Registration no Australian
Company Number: 005180861
Registered authority : Australian Securities & Investments
Commission
Fiscal/ Tax no : Australian Business Number: 39564861886
Registry status : Live/Active
Previous name : SPOTLIGHT STORES PTY. LTD.
SEVENTH FEINRAB PTY. LTD. (initial)
Change of legal form : None reported.
Management / directors
Key Management
Name : Morry Fraid
Designation : Managing Director
Name : Donald William Hilton
Designation : Director
Name : Isaac Jacob Fried
Designation : Director
Board of directors / other
appointments
Appointments
Name : Morry
Fraid
Designation : Director and Company Secretary
Appointment date : 06/07/77
Address : 13
Meadow Street
Saint Kilda East, VIC 3183
Australia
Biography : Born
on 23-09-1951 in Budapest, Hungary.
Name : Donald
William Hilton
Designation : Director
Appointment date : 30/08/02
Address : 26
Petrik Drive
Keilor, VIC 3036
Australia
Biography : Born
on 13-11-1959 in Coburg, Victoria, Australia.
Name : Isaac Jacob Fried
Designation : Director
Appointment date : 08/05/09
Address : C/o SPOTLIGHT PTY LTD Level 6, 111 Cecil Street South Melbourne, VIC 3205
Australia
Biography : Born on 20-06-1972 in Melbourne, Victoria Australia.
Name : Dean Andrew Berry
Designation : Company Secretary
Appointment date : 09/05/95
Address : 20 Kyarra Street
Hampton, VIC 3188
Australia
Biography : Born on 23-03-1963 in Melbourne, Victoria Australia.
Name : Ari Braham Bergman
Designation : Company Secretary
Appointment date : 06/03/07
Address : 5 Edinburgh Avenue
Caulfield, VIC 3162
Australia
Biography : Born on 06-07-1974 in Melbourne, Victoria Australia.
Staff employed : 500 (Subject)
Share capital
Composition
Authorized Capital : AUD 2
No of shares : 2 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 2
Paid up capital : AUD 2
ownership / shareholders
How listed : Full List
Composition
Shareholder name : SPOTLIGHT MANAGEMENT SERVICES PTY LTD
Address : 199 Toorak Road
South Yarra, VIC 3141
Australia
No. of shares : 2 Ordinary Shares
% of shares : 100%
Related companies & corporate Affiliations
Structure
Name : SPOTLIGHT MANAGEMENT SERVICES PTY LTD
Affiliation type : Associate
Address : 199 Toorak Road
South Yarra, VIC 3141
Australia
Name : SPOTLIGHT STORES INCENTIVE PTY LTD
Affiliation type : Associate
Address : 199 Toorak Road
South Yarra, VIC 3141
Australia
Name : SPOTLIGHT STORES CHARITABLE FOUNDATION PTY LTD
Affiliation type : Associate
Address : 199 Toorak Road
South Yarra, VIC 3141
Australia
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:
Satisfied Charges:
ASIC Charge Number: 111954
Date Registered: 20-04-1983
Charge type: Both Fixed & Floating
Date Created: 07-04-1983
Chargees Name: AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Unsatisfied Charges:
ASIC Charge Number: 536467
Date Registered: 26-04-1996
Charge type: Both Fixed & Floating
Date Created: 13-03-1996
Chargees Name: TASOVAC PTY LIMITED
ASIC Charge Number: 1586172
Date Registered: 08-02-2008
Charge type: Both Fixed & Floating
Date Created: 07-02-2008
Chargees Name: TASOVAC PTY 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 : External
Sources
Financial statement date : 30/06/10
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 : 30/06/10
Length of accounts : 12 months
Sale turnover / Income : 100,000,000
Comments 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 $12.5 million, and
-The company
and any entities it controls have fewer than 50 employees at the end of the
financial year.
The Subject
meets all criteria to reveal their financial information however is still
exempted from filling their financial information by the Government of
Australia.
Operation details
Main activities : The Subject operates a chain of fabric,
craft, and home interior supplies superstores in Australia, New Zealand, and
Singapore.
It offers
craft, fabrics, party supplies, dressmaking products and furnishings and
accessories, such as curtains and blinds, as well as pillows, bed linen
curtains, lampshades, cushions, wallpaper borders and hand painted furniture.
The Subject also offers products for do-it-yourself customers.
The Subject
offers its products through shop-at-home services and catalogues, as well as
through its stores in Western Australia, Northern Territory, South Australia,
Queensland, New South Wales, Victoria, and Tasmania.
Product & services Crafting/Sewing products
Fabrics
Dressmaking products Bathroom/bedroom/kitchen accessories
Home decorating products
Party Supplies
Purchases
Local : Yes
International : Mainly from Asia countries
Sales
Local : Yes
International : No exports.
Property & Assets
Premises : The Subject operates from head office located at the verified heading address consisting of
administrative office, warehouse and retail store.
Branches : The Subject operates over 100 stores in Australia, New Zealand and Singapore.
Summarized country risk
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 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 : L/C, Prepayment, Credit 30-90 days
Sales Term
Local : Cash, Credit card
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
|
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.