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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIMBA
TOWELS PTY LTD |
|
|
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Registered Office : |
C/O Van Der Ross & Associates, Unit 1, |
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Country : |
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Date of Incorporation : |
11.04.2005 |
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Com. Reg. No.: |
11376295 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Import and distribution of towel and textile products for
the promotional, corporate, resort, healthcare and hospitality markets. |
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No. of Employees : |
9 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD
180,000 |
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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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Verified
Address
Subject
name : SIMBA
TOWELS PTY LTD
Business
address :
Bayswater Business Park
Unit 12, 1 Clare Street
Town :
Bayswater
Province
: Victoria
Zip/postal
code : 3153
Country
: Australia
Tel : +61 3
97294955
Fax : +61 3
97298669
Email
: miles@simbatex.com.au
Website
: www.simbatowels.com.au
Registered
address :
C/o VAN DER ROSS & ASSOCIATES
Unit 1, 653-657 Mountain Highway
Town :
Bayswater
Province
: Victoria
Zip/postal
code : 3153
Country
: Australia
Postal
address : P.O. Box
713
Town :
Bayswater
Province
: Victoria
Zip/postal
code : 3153
Country
: Australia
Executive
Summary
Date
founded or registered : 11/04/2005
Legal
form : Australian
Proprietary Company
Chief
executive : Mary
Iles
Issued
& paid up capital : AUD
100
Sales turnover : AUD
4,000,000 (Estimated Non-consolidated 12 months, 30/06/2011)
Line of business : Import
and distributor of towel and textile products for the promotional, corporate, resort,
healthcare and hospitality markets.
Staff
employed : 9
employees
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 180,000
Credit
amount asked : Not
described.
Registry
Data
Registration
date : 11/04/2005
Legal
form : Australian
Proprietary Company
Registration
no Australian Company Number: 113762959
Registered authority : Australian
Securities and Investments Commission
Fiscal/
Tax no : Australian
Business Number: 58113762959
Registry
status : Live/Active
Previous
name : None
reported.
Change
of legal form : None
reported.
Key
Management
Name :
Mary Iles
Designation
: General Manager
Appointments
Name :
Anil
Harjivan Somaia
Designation
: Director and
Company Secretary
Appointment
date : 11/04/05
Address
: Lot 4,
Lilly Pilly Lane
Kilsyth, VIC 3137
Australia
Biography
: Born on
09-01-1936 in Lushoto, Tanzania.
Name :
Ashok
Harjivan Somaia
Designation
: Director and
Company Secretary
Appointment
date : 11/04/05
Address
: 47
Kwinana Street
Glen Waverley, VIC 3150
Australia
Biography
: Born on
07-07-1947 in Tanga, Tanzania.
Name :
Kamal
Anil Somaia
Designation
: Director and
Company Secretary
Appointment
date : 11/04/05
Address
: Lot 4,
Lilly Pilly Lane
Kilsyth, VIC 3137
Australia
Biography
: Born on
22-07-1968 in London, United Kingdom.
Name :
Mehul
Ashok Somaia
Designation
: Director and
Company Secretary
Appointment
date : 11/04/05
Address
: 47
Kwinana Street
Glen Waverley, VIC 3150
Australia
Biography
: Born on
28-11-1978 in in Tanga, Tanzania.
Staff
employed : 9
employees
Composition
Authorized
Capital : AUD 100
No of
shares : 100
Ordinary Shares
Share
par value : AUD 1
Issued
capital : AUD 100
Paid
up capital : AUD
100
How
listed : Full List
Composition
Shareholder
name : ASHOK H. SOMAIA PTY. LTD.
Address
: 45 Holloway Drive
Bayswater, VIC 3153
Australia
No. of
shares : 50 Ordinary Shares
% of
shares : 50%
Shareholder
name : A.H. SOMAIA PTY. LTD.
Address
: 45 Holloway Drive
Bayswater, VIC 3153
Australia
No. of
shares : 50 Ordinary Shares
% of
shares : 50%
Structure
Name :
ASHOK H. SOMAIA
PTY. LTD.
Affiliation
type : Shareholder
Address
: 45 Holloway Drive
Bayswater, VIC 3153
Australia
Name :
A.H. SOMAIA PTY.
LTD.
Affiliation
type : Shareholder
Address
: 45 Holloway Drive
Bayswater, VIC 3153
Australia
Name :
SIMBA TEXTILE
MILLS PTY. LTD.
Affiliation
type : Associate
Address
: 45 Holloway Drive
Bayswater, VIC 3153
Australia
Name :
KANGAROO KIDS
EDUCATION LIMITED
Affiliation
type : Associate
Address
: 301 Mamta House
231 S V Road, Bandra
Mumbai - 400 050
India
Name :
MAHONEY &
SOMAIA PTY. LTD.
Affiliation
type : Associate
Address
: 45 Holloway Drive
Bayswater, VIC 3153
Australia
Name :
DOMTEX AUSTRALIA
PTY LTD
Affiliation
type : Associate
Address
: 45 Holloway Drive
Bayswater, VIC 3153
Australia
Name :
SIMBA USA LLC
Affiliation
type : Associate
Address
: 99 Lake Park Drive
Morehead, KY 40351-7984
United States
Name :
KANGAROO KIDS
AUSTRALIA PTY. LTD.
Affiliation
type : Associate
Address
: 45 Holloway Drive
Bayswater, VIC 3153
Australia
Name :
SOMAIA GROUP PTY
LTD
Affiliation
type : Associate
Address
: 45 Holloway Drive
Bayswater, VIC 3153
Australia
Name :
SOMAIA BROS PTY
LIMITED
Affiliation
type : Associate
Address
: 45 Holloway Drive
Bayswater, VIC 3153
Australia
Related
companies and corporate
affiliations
comments
: Other companies of the Simba and Somaia Group should be
considered affiliates of the Subject.
Bank Details
Name
of bank : Commonwealth Bank
Of Australia
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: 1748877
Date Registered: 22-01-2009
Charge type: Both Fixed & Floating
Date Created: 09-12-2008
Chargees Name: J SWAY SUPER PTY LTD
Legal
Fillings
Bankruptcy
fillings : None reported.
Court
judgements : None reported.
Tax
liens : None reported.
Others
: None reported.
Description
Source
of financial statement : External
Sources
Financial
statement date : 30/06/11
Type
of accounts : Full
audited
Currency
: Australia
Dollar (AUD)
Exchange
rate : 1 USD = AUD
0.97 as of 03-04-2012
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
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
$12.5 million, and
-The company and any entities it controls have fewer than 50
employees at the end of the financial year.
Main activities : The
Subject is engaged in import and distribution of towel and textile products for
the promotional, corporate, resort, healthcare and hospitality markets.
Brand
: Simba Towels
Purchases
International
: India, Bangladesh,
Pakistan, China
Sales
Local
: Yes
International
: New Zealand
Property
& Assets
Premises : The
Subject operates from premises located at the verified heading address
consisting of warehouse and administrative office.
Branches
: None reported.
Gross
Domestic Products (GDP) & Economic Overview
Central
bank : Reserve
Bank of Australia
Reserve
of foreign exchange & gold : US$
43.879 billion
Gross
domestic product - GDP : US$
1.448 trillion
GPP
(Purchasing power parity) : 918.529
billion of International dollars
GDP
per capita - current prices : US$
64,351
GDP -
composition by sector : agriculture:
4.0%
industry: 26%
services: 70%
Inflation
: 2008:
4.4%
2009: 1.8%
2010: 2.8%
2011: 3.0%
Unemployment
rate : 2008:
4.2%
2009: 5.6%
2010: 5.2%
2011: 5.0%
Public
debt
(General
Government gross debt as
a %
GDP)
: 2008: 11.6%
2009: 17.6%
2010: 22.3%
2011: 24.1%
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 : Westpac Banking Group (Major Banks), BHP Billiton
(Diversified Metals & Mining), Commonwealth Bank (Major Banks), National
Australia Bank
(Major Banks), ANZ Banking (Major Banks), Telstra
(Telecommunications services), Wesfarmers (Food Retail)
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 : 2008:
US$46,722 million
2009: US$22,572 million
2010: US$32,472 million
FDI
Outflows : 2008:
US$32,819 million
2009: US$18,426 million
2010: US$26,431 million
Best
countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 20 (ranking by country on a basis of 142, 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
: 76.00%
Purchase
Term
International
: Prepayment, Telegraphic transfer,
Credit 30-90 days
Sales Term
Local
: Prepayment, Bank transfer,
Credit 30-90 days
International
: Prepayment, Telegraphic transfer,
Credit 30-90 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.04 |
|
|
1 |
Rs.81.08 |
|
Euro |
1 |
Rs.67.39 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.