MIRA
INFORM REPORT
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Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
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Name : |
P.J. MORRIS WOOLS PTY LTD |
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Formerly Known As : |
AUSTRALIAN MOHAIR EXPORT PTY LTD ROMIS PTY LTD (initial) |
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Registered Office : |
1B Norfolk Fremantle Western 6160 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
23/05/1973 |
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Com. Reg. No.: |
008767968 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Exporter of Australian wool and wines. |
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 70,000 |
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Status : |
Moderate |
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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 30, 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 : P.J. MORRIS WOOLS PTY LTD
Business address : 1B Norfolk Street
Town : Fremantle
Province : Western Australia
Zip/postal code : 6160
Country : Australia
Tel : +61 8 94321800
Fax : +61 8 93359766
Email : admin@pjmorris.com.au
Website : www.pjmorris.com.au
Registered address : C/o BARRINGTONS YOUR BUSINESS ADVISORS
'Barringtons House'
283 Rokeby Road
Town : Subiaco
Province : Western Australia
Zip/postal code : 6008
Country : Australia
Postal address : P.O. Box 413
Town : Fremantle
Province : Western Australia
Zip/postal code : 6959
Country : Australia
SUMMARY DETAILS
Executive Summary
Date founded or registered : 23/05/1973
Legal form : Australian Proprietary Company
Chief executive : Peter Steven Morris
Issued & paid up capita l : AUD 1,000
Sales turnover : AUD 125,962,982 (Non consolidated 12 months, 30/06/2010)
Net income : AUD 233,740 (Non consolidated 12 months, 30/06/2010)
Total fixed assets : AUD 16,505,468 (Non consolidated 12 months, 30/06/2010)
Line of business : Exporter of Australian wool and wines.
Staff employed : 10 employees
CREDIT RISK OPINION
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is progressing
Management experience : Management is modestly experienced
Financial performance : Financial performance is fair
Organization structure : Organizational structure is acceptable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Credit amount suggestion : USD 70,000
Credit amount asked : Not described.
Comments : It is advisable to conduct business dealing on prepayment or L/C basis for larger credit transaction than suggested.
STATUTORY DETAILS
Registry Data
Registration date :
23/05/1973
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
008767968
Registered authority : Australian
Securities & Investments Commission
Fiscal/ Tax no :
Australian Business Number: 57008767968
Registry status :
Live/Active
Previous name :
AUSTRALIAN MOHAIR EXPORT PTY LTD ROMIS PTY LTD (initial)
Change of legal form : None reported.
MANAGEMENT / DIRECTORS
Key Management
Name : Peter Steven Morris
Designation : Managing Director
BOARD OF DIRECTORS/ OTHER APPOINTMENTS
Appointments
Name : Peter Steven Morris
Designation : Director and Company Secretary
Appointment date : 25/12/92
Address : 5 Sheila Street
Mosman Park, WA 6012
Australia
Biography : Born on 11-08-1966 in Subiaco, Westeren Australia, Australia.
Staff employed : 10 employees
Key Advisors
Auditors : MOORE STEPHENS
12 St Georges Terrace
Perth, WA 6000
Australia
SHARE CAPITAL
Composition
Authorized Capital :
AUD 1,000
No of shares : 1,000 Class C 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 : Peter Steven Morris
Address : 5 Sheila Street
Mosman Park, WA 6012
Australia
No. of shares : 600 Class C Shares
% of shares : 60%
Shareholder name : THE P J & M MORRIS FAMILY TRUST
Address : 3 Park Avenue
Crawley, WA 6009
Australia
No. of shares : 400 Class C Shares
% of shares : 40%
RELATED COMPANIES &
CORPORATE AFFILIATIONS
Structure
Related companies and
corporate affiliations comments: None
reported
BANK & MORTGAGES
Bank Details
Name of bank : Westpac Banking Corporation
Address : Australia
Account details : Current Account
Name of bank : HSBC Bank Australia 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 : Interest bearing loans and borrowings: AUD 10,717,165 as of 30-06-2010.
Satisfied Charges:
ASIC Charge Number: 185561
Date Registered: 15-09-1987
Charge type: Both Fixed & Floating
Date Created: 14-09-1987
Chargees Name: WESTPAC BANKING CORPORATION
ASIC Charge Number: 463556
Date Registered: 25-10-1994
Charge type: Both Fixed & Floating
Date Created: 18-10-1994
Chargees Name: WESTPAC BANKING CORPORATION Unsatisfied Charges:
ASIC Charge Number: 636653
Date Registered: 27-03-1998
Charge type: Both Fixed & Floating
Date Created: 19-03-1998
Chargees Name: HSBC BANK AUSTRALIA LIMITED
ASIC Charge Number: 858687
Date Registered: 24-04-2002
Charge type: Both Fixed & Floating
Date Created: 23-04-2002
Chargees Name: HSBC BANK AUSTRALIA LIMITED
ASIC Charge Number: 1036530
Date Registered: 13-04-2004
Charge type: Fixed
Date Created: 09-03-2004
Chargees Name: ESANDA FINANCE CORPORATION 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 :
Commercial Registry Filings
Financial statement date : 30/06/10
Type of accounts :
Full audited
Currency : Australia Dollar (AUD)
Exchange rate :
1 USD = AUD 0.97 as of 22-10-2011
Summarized Financial
Information
Consolidation
type : Non Consolidated Non Consolidated Currency : Australia Dollar (AUD) Australia Dollar (AUD) Denomination : (x1) One (x1) One
Date of financial year end : 30/06/10 30/06/09
Length of accounts : 12 months 12
months
Sale turnover / Income : 125,962,982 106,798,138
Gross profit : 6,591,904 5,982,606
Operating profit : 954,276 453,215
Profit before tax : 303,810 161,501
Net income : 233,740 124,309
Non current assets : 511,901 422,764
Current assets : 15,993,567 11,781,276
Inventories : 11,553,419 6,886,282
Total assets : 16,505,468 12,204,040
Current liabilities : 15,187,456 10,838,386
Non current liabilities : 0 6,382
Total liabilities : 15,187,456 10,844,768
Share equity : 1,318,012 1,359,272
Retained earning : 1,317,012 1,358,272
Comments
: The financial report has been prepared on a going concern basis, which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business.
At 30 June 2010 the Subject had recorded a net profit after tax of AUD 233,740 (2009: AUD 124,309), had a surplus of current assets over current liabilities of
AUD 806,111 (2009: 942,890) and had net assets of AUD 1,318,012 (2009: AUD 1,359,272).
Based on the reason above, the Director believes it is appropriate that the financial report be prepared on a going concern basis. Should HSBC Bank Australia Limited withdraw its facilities from the Subject and the Subject not successfully refinance with another bank, there is significant uncertainty that the Company will be able to continue as a going concern and therefore whether it will realize its assets and extinguish its liabilities in the normal course of business and at the amounts states in the financial report.
OPERATION DETAILS
Main activities : The Subject is mainly engaged in marketing and export of Australian wool.
In addition ,the Subject also exports Australian bottled wine.
Product & services : Wool
Wine
Brand : The Subject exports wines under their own signature label of "Compello".
Purchases
Local : Yes
International : No imports.
Sales
Local : Yes
International : China, India, Thailand, Japan, Europe
Property & Assets
Premises : The Subject operates from premises located at the verified heading address consisting of administrative office and warehouse.
Branches : None reported.
Other property : Total NBV of property, plant and equipment as of 30-06-2010 was AUD
42,652.
SUMMARIZED COUNTRY RISK
Gross Domestic Products
(GDP) & Economic Overview
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%
2010: 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
Local : Prepayment, Credit 30-60 days
Sales Term
International : 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.49.87 |
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1 |
Rs.79.73 |
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Euro |
1 |
Rs.69.53 |
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.