MIRA INFORM REPORT

 

 

Report Date :           

03.08.2011

 

IDENTIFICATION DETAILS

 

Name :

HK METAL PRODUCTS PTY LTD

 

 

Registered Office :

5-7 Tarnard Drive, Braeside, Vic 3195

 

 

Country :

Australia

 

 

Date of Incorporation :

26.06.1969

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

manufacturing of steel and aluminium twistlock grating, steel handrailing systems, domestic and industrial drainage grates

 

 

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

 

 Bottom of Form

 

REGISTERED NAME      

 

HK METAL PRODUCTS PTY LTD

ACN: 004 779 506

ABN: 70 004 779 506

 

     

CORPORATE SEARCH

 

Incorporation State: VIC

 

Incorporation Date: 25 JUN 1969

 

Registered Office

5-7 TARNARD DRIVE,

BRAESIDE

VIC 3195

 

Current Directors Total: 2

 

ROBIN LOUISE CUTTS – Appointed: 05 DEC 2001

8 COOLULLAH Avenue SOUTH YARRA, Victoria

DOB: 18 AUG 1956

 

JEREMY MARTIN CUTTS – Appointed: 10 OCT 2000

8 COOLULLAH Avenue SOUTH YARRA, Victoria

DOB : 17 NOV 1953

 

Current Secretaries Total: 1

 

JEREMY MARTIN CUTTS – Appointed: 10 OCT 2000

Share Structure - Classes Total: 1

 

ORD ORDINARY SHARES: 21500 – Amount paid: $21,500

 

Shareholders Total: 1

ORD 21500 - SALISBURY COVE PTY. LTD.

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 5 – 7 Tanard Dr

                                                BRAESIDE, VIC 3195                           

 

TELEPHONE                             (613) 9580 0146

 

FACSIMILE                               (613) 9580 6529

 

HOLDING ENTITY                      SALISBURY COVE P/L

 

BANK                                       NATIONAL AUSTRALIA BANK

                                               

EMPLOYEES                9         

 

 

BACKGROUND

 

The subject was incorporated in Victoria on 25 June 1969 to commence operations under the current style as a new venture.

 

 

OPERATIONS

 

The subject operates in the manufacturing of steel and aluminium twistlock grating, steel handrailing systems, domestic and industrial drainage grates.

 

Activities are conducted from LEASED 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 the subjects Financial controller Evan, he advised that for the last financial year ended 30 June 2011 the subject traded profitably and recorded revenue of just over $2,000,000.

 

A similar result is forecast for the current financial year ending 30 June 2012.

 

Current assets include stock on hand of $120,000.

 

The subject maintains an overdraft facility with the National Australia Bank. This facility is not presently being utilised as all operations are able to be funded through the internal cashflows of the company.

 

Fixed assets include plant and equipment valued at $120,000.

 

Further details pertaining to the subject’s financial position were unable to be obtained for the current enquiry.

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

1.(Fretelli Engineering) Purchasesare of an undisclosed amount on 30 day terms. Payment is met in 30 days and the account is considered satisfactory having been known for over 8 years.

 

2.(Kingfield Galvanising) Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject was incorporated in Victoria on 25 June 1969 to commence operations under the current style as a new venture.

 

For the last financial year ended 30 June 2011 the subject traded profitably and recorded revenue of just over $2,000,000.

 

A similar result is forecast for the current financial year ending 30 June 2012.

 

The subject maintains an overdraft facility with the National Australia Bank. This facility is not presently being utilised as all operations are able to be funded through the internal cashflows of the company.

                                               


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.23

UK Pound

1

Rs.72.09

Euro

1

Rs.62.99

 

 

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.