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Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
COVENTRY GROUP LIMITED |
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Formerly Known As : |
COVENTRY MOTOR REPLACEMENTS LTD (INITIAL) |
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Registered Office : |
525 Great Eastern Highway Redcliffe Western |
|
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Country : |
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|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
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Date of Incorporation : |
17.01.1936 |
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Com. Reg. No.: |
008670102 |
|
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Legal Form : |
Australian Public Company |
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Line of Business : |
Import & distribution of industrial products and manufacturing of automotive and industrial gaskets in |
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No. of Employees : |
850 employees (Group) |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7,000,000 |
|
Status : |
Satisfactory |
|
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 March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 : COVENTRY GROUP LIMITED
Business address :
525 Great Eastern Highway
Town : Redcliffe
Province : Western Australia
Zip/postal code : 6104
Country : Australia
Tel : +61 8 94365400
Fax : +61 8 94365406
Website : www.cgl.com.au
Registered address
: 525 Great Eastern Highway
Town : Redcliffe
Province : Western Australia
Zip/postal code : 6104
Country : Australia
Postal address : P.O. Box 740
Town : Cloverdale
Province : Western Australia
Zip/postal code : 6985
Country : Australia
Executive Summary
Date founded or
registered : 17/01/1936
Legal form : Australian Public
Company
Chief executive : Vince Scidone
Issued & paid
up capital : AUD 109,518,046.95
Sales turnover : AUD 229,365,000 (Consolidated 12
months, 30/06/2011)
Net income : AUD -18,274,000
(Consolidated 12 months, 30/06/2011)
Total fixed assets
: AUD 197,707,000
(Consolidated 12 months, 30/06/2011)
Line of business :
Import &
distribution of industrial products and manufacturing of automotive and
industrial gaskets in Australia and New Zealand.
Staff employed : 850 employees (Group)
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 recovering
Organization
structure : Organizational
structure is stable
Detrimental : No detrimental found
Payment history : No payment delays noted
Credit amount
suggestion : USD 7,000,000
Credit amount
asked : Not described.
Registry Data
Registration date
: 17/01/1936
Legal form : Australian Public
Company
Registration no Australian Company
Number: 008670102
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian Business
Number: 37008670102
Registry status : Live/Active
Previous name : COVENTRY MOTOR
REPLACEMENTS LTD (initial)
Change of legal
form : None reported.
Key Management
Name : Vince Scidone
Designation : Executive Director and Group General Manager
Name : Tony Hockley
Designation : Chief Financial Officer
Name : Mark Ridley
Designation : Chief Information Officer
Name : Bruce Carter
Designation : General Manager - Cooper Fluid Systems
Name : Brendan
Bourke
Designation : General Manager - Artia
Name : Michael Callaghan
Designation : General Manager - AA Gaskets Pty Ltd
Appointments
Name : Roger Baden Flynn
Designation : Chairman
Appointment date :
12/10/01
Address : 26 Montpelier Drive
Lower Plenty, VIC 3093
Australia
Biography : Born on 18-02-1950 in
Wollongong, New South Wales, Australia.
Mr. Roger Baden Flynn has been Executive Chairman of the Board of
Coventry Group Ltd since April 11, 2007. He has been on the
Company's Board since October 2001. He became Non-Executive
Chairman of the Board in November 7, 2006. He is Chairman of the
Nomination Committee. Mr. Flynn has had senior management
experience in primarily metal based industries in the United States,
Australia and Asia and has worked for BHP and Alcoa. He was
General Manager of Pacific Dunlops Olex Australia cable division
and Managing Director of Siddons Ramset Limited for seven years
until 1999. He is also a director of Hills Industries Limited. He is a
former Director of Wattyl Limited and Longreach Group Ltd and has
had 42 years experience on 6 listed companies. He has been
Director of Hills Industries Limited since 1999. He holds a Bachelor of
Engineering (Hons) degree and a Masters of Business
Administration. He is Fellow of the Institution of Engineers Australia
and Fellow of the Australian Institute of Company Directors.
Name : John Harold Nickson
Designation : Independent Non-Executive
Director
Appointment date :
05/11/07
Address : 12 Avenel Road
Kooyong, VIC 3144
Australia
Biography : Born on 24-12-1943 in
Paddington, New South Wales, Australia.
Mr. John Harold Nickson, CPA, has been Independent Non-Executive
Director of Coventry Group Ltd since November 5, 2007. He is
Member of the Audit and Risk Committee and Chairman of the
Remuneration Committee. He has over 43 years experience in the
finance industry, including 35 years at Goldman Sachs JBWere
(formerly J B Were and Son) until retiring in 2004. He was a
Director/Partner for over 20 years. For 28 years, Mr. Nickson
specialised in corporate advice and finance, working closely with a
wide range of listed and to be listed corporations, both public and
private, many in Western Australia. He is a director of a number of
private companies and a committee member of a medical research
institute. He held no other listed company directorships during the
past three financial years. He holds a Bachelor of Economics degree
and is Fellow of the Australian Institute of Company Directors.
Name : Vince Scidone
Designation : Director
Appointment date :
22/02/08
Address : 2 Surrey Road
Wilson, WA 6107
Australia
Biography : Born on 24-10-1962 in Perth,
Western Australia, Australia.
Mr. Vince Scidone has been Group General Manager - Industrial and
Executive Director of Coventry Group Ltd since February 22, 2008.
He joined the Company in 1996 as Group Marketing Manager and
was appointed the Group General Manager, Industrial in 1997. He
has since led the growth of that division. Mr. Scidone has a
background in the steel, fastener and industrial industries having
worked for BHP Steel, Email Limited and Ajax Fasteners. He held no
other listed company directorships during the past three financial
years. He holds a Bachelor of Business degree. He is Associate
Fellow of the Australian Institute of Management and Associate of the
Australian Institute of Company Directors.
Name : Kenneth Royce Perry
Designation : Independent Non-Executive
Director
Appointment date :
18/09/09
Address : Unit 12, 27 Hood Street
Subiaco, WA 6008
Australia
Biography : Born on 20-01-1950 in Perth,
Western Australia, Australia.
Mr. Kenneth (Ken) Royce Perry has been Independent
Non-Executive Director of Coventry Group Ltd since September 18,
2009. He was Chief Executive Officer of VDM Group Limited, a
publicly listed Australian engineering, construction and contracting
business until March 2011. Prior to this appointment in February
2010, Mr. Perry was Managing Director of Brandrill Limited from 2002
to 2009 when the company merged with Ausdrill Limited. Mr. Perry
gained over 15 years experience in senior management roles with the
Rio Tinto Group, including serving as President of its Taiwanese steel
mill and served as the Director General of the Department of Minerals
and Energy (WA) between 1994 and 1997. He subsequently worked
for Resource Finance Corporation, a private merchant and
investment bank specialising in the natural resources sector. Mr.
Perry is also a member of various private boards. He was Director of
Brandrill Limited from August 16, 2002 to December 16, 2009. He
holds a Bachelor of Science in Chemistry from The University of
Western Australia and a Masters of Business Administration from
Harvard University. He is Member of the Australian Institute of
Company Directors and Fellow of the Australasian Institute of Mining
and Metallurgy.
Name : Barry Frederick Nazer
Designation : Independent Non-Executive
Director
Appointment date :
01/09/03
Address : 13 Waylen Road
Shenton Park, WA 6008
Australia
Biography : Born on 08-09-1948 in
Brisbane, Queensland, Australia.
Mr. Barry Frederick Nazer has been Independent Non-Executive
Director of Coventry Group Ltd since September 1, 2003. He is
Chairman of the Audit and Risk Committee and Member of the
Nomination Committee. He has been Chief Financial Officer of
Wesbeam Holdings Limited, an unlisted public company which
operates a laminated veneer lumber manufacturing facility since
January 2003 and retired from this position on 31 August 2011. He is
also a non-executive director of VDM Group Limited and M G Kailis
Group. He was Chief Financial Officer and Company Secretary of
WESFI Limited, an engineered wood products manufacturer and
distributor, from August 1999 until its sale in 2001. He previously
spent over 10 years at the executive level of Western Australias
financial institution, Bank of Western Australia Limited (BankWest),
including almost nine years as Chief Financial Officer. He has been
Director of VDM Group Limited since October 1, 2008. He holds a
Bachelor of Business degree. He is Fellow of CPA Australia, Fellow
of the Financial Services Institute of Australasia and Fellow of the
Australian Institute of Company Directors.
Name : John Colli
Designation : Company Secretary
Appointment date :
01/01/99
Address : Unit 5, 362 Light Street
Dianella, WA 6059
Australia
Biography : Born on 16-03-1952 in Perth,
Western Australia, Australia.
Mr. John Colli has been Company Secretary of Coventry Group Ltd
since November 1998. He previously held the role of company
secretary for the former listed company Challenge Bank Limited for
seven years.
Staff employed : 850 employees (Group)
Key Advisors
Auditors : KPMG
Level 8, 235 St. Georges Terrace
Perth, WA 6000
Australia
Composition
Authorized Capital
: AUD 109,518,046.95
Issued capital : AUD 109,518,046.95
Paid up capital : AUD 109,518,046.95
How listed : Major Shareholders Only
Composition
Shareholder name :
RBC DEXIA INVESTOR SERVICES
AUSTRALIA NOMINEES PTY LIMITED
Address : Level 17, 2 Park Street
Sydney, NSW 2000
Australia
% of shares : 17.37%
Shareholder name :
HSBC CUSTODY NOMINEES (AUSTRALIA)
LIMITED
Address : Level 32, 580 George Street
Sydney, NSW 2000
Australia
% of shares : 7.74%
Shareholder name :
NATIONAL NOMINEES LIMITED
Address : Level 21, 500 Bourke Street
Melbourne, VIC 3000
Australia
% of shares : 4.48%
Shareholder name :
AUSTRALIAN FOUNDATION INVESTMENT
COMPANY LIMITED
Address : Level 21, 101 Collins
Street
Melbourne, VIC 3000
Australia
% of shares : 4.14%
Shareholder name :
DORSETT INVESTMENTS PTY LTD
Address : 36 Simpson Road
Bunbury, WA 6230
Australia
% of shares : 3.73%
Comments : The above shareholding
structure is as at 5 September 2011. The Subject has
been listed on the
Australian Securities Exchange since 1966. The Subject has a
total of
approximately 3,500 shareholders.
Structure
Name : A.A. GASKETS
PROPRIETARY LIMITED
Affiliation type :
Subsidiary
Address : Unit 4, 1730 Hume Highway
Campbellfield, VIC 3061
Australia
Comments : Manufacturing & distribution
of gasket.
Name : COVENTRY GROUP (NZ)
LIMITED
Affiliation type :
Wholly-owned Subsidiary
Address : 17 -19 Constellation Drive
Mairangi Bay, Northshore
Auckland 0630
New Zealand
Comments : Distribution of fasteners.
Name : NZ GASKETS LIMITED
Affiliation type :
Subsidiary
Address : 25 Patiki Road
Avondale, Auckland 1026
New Zealand
Comments : Manufacturing &
distribution of gasket.
Name : MANAGED SYSTEM SERVICES
PTY. LTD.
Affiliation type :
Wholly-owned Subsidiary
Address : 525 Great Eastern Highway
Redcliffe, WA 6104
Australia
Comments : Distribution of IT products.
Name : FLUIDRIVE PTY. LTD.
Affiliation type :
Wholly-owned Subsidiary
Address : 42 Chapple Street
Gladstone, QLD 4680
Australia
Comments : Hydraulic services.
Bank Details
Name of bank : Australian and New Zealand Banking
Group Limited
Address : Australia
Account details : Current Account
Name of bank : Cloverdale Western 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 : None reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court judgements :
None reported.
Tax liens : None reported.
Others : None reported.
Description
Source of
financial statement : Commercial Registry
Filings
Financial
statement date : 30/06/11
Type of accounts : Full
audited
Currency : Australia Dollar
(AUD)
Exchange rate : 1 USD = AUD 0.97 as of
09-04-2012
Summarized Financial Information
Consolidation type
: Consolidated Consolidated Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar (AUD) Australia Dollar (AUD)
Denomination : (x1) One (x1) One (x1) One
Date of financial
year end : 31/12/11 30/06/11 30/06/10
Length of accounts
: 6 months 12 months 12 months
Sale turnover /
Income : 122,678,000 229,365,000 226,230,000
Gross profit : 49,524,000 92,905,000 93,903,000
Operating profit :
13,574,000 -16,268,000 7,204,000
Profit before tax
: 14,828,000 -16,065,000 6,061,000
Net income : 13,955,000 -18,274,000 7,663,000
Non current assets
: 41,947,000 40,587,000 74,914,000
Current assets : 142,596,000 157,120,000 152,372,000
Inventories : 52,507,000 53,173,000 82,633,000
Total assets : 184,543,000 197,707,000 227,286,000
Current
liabilities :
29,299,000 48,521,000 50,903,000
Non current
liabilities : 1,270,000 1,180,000 2,342,000
Total liabilities
: 30,569,000 49,701,000 53,245,000
Share equity : 153,974,000 148,006,000 174,041,000
Reserve : 25,486,000 23,057,000 24,377,000
Retained earning :
15,510,000 8,560,000 33,497,000
Comments : The consolidated financial
information above relates to the Subject and its subsidiaries.
Main activities : The Subject together with its
subsidiaries is engaged in import &
distribution of industrial products and manufacturing of automotive and
industrial gaskets in Australia and New Zealand.
The Subject started off as a distributor of auto parts and diversified
into
distribution of industrial products and manufacturing of automotive and
industrial gaskets. The Subject however sold the auto parts business to
Automotive Holdings Group Limited on May 12, 2011.
Currently, the Subject operates 4 distinct businesses that trade as:
- Coventry Fasteners (in New Zealand as Hylton Parker Fasteners).
Coventry Fasteners is a distributor of fasteners.
- Cooper Fluid Systems: Cooper Fluid Systems is a distributor of
hydraulic,
pneumatic, fluid transfer and lubrication products.
- Artia: Artia is a distributor of cabinet & furniture hardware to
the domestic
and commercial furniture, cabinetmaking, joinery and shop fitting
industries.
- AA Gaskets (in New Zealand as NZ Gaskets)
NZ Gaskets and AA Gaskets manufactures, markets and distributes the
Permaseal brand of automotive gaskets.
Product &
services : - Industrial and
construction fasteners: mild steel & high tensile bolts, nuts,
washers, stainless steel fasteners & hardware, self-drilling screws,
rivets,
nails, masonry fasteners, mechanical & chemical anchors,
petrochemical
fasteners, stud bolts & nuts, socket head cap screws, threaded rod,
small
fasteners
- Hydraulic and lubrication products: Bolt Torque & Lifting
Solutions, Diesel
& Fluid Transfer Solutions, Dust Suppression, Filtration Solutions,
Fire
Suppression, Fluid Conveyance Solutions, Hydraulic Solutions,
Lubrication
Solutions, Material Dispensing Solutions, Pneumatic Solutions
- Cabinet and furniture hardware
- Gaskets: Automotive and industrial gaskets
Brand : Coventry
Permaseal
Cooper Fluid Systems
Purchases
International : Worldwide
Sales
Local : Yes
International : New Zealand
Key events : Coventry Group Ltd. Announces
H1 2012 Dividend
Thursday, 23 Feb 2012
Coventry Group Ltd. announced a dividend of AUD 0.11 per ordinary
share, fully franked, for the first half of fiscal year 2012, payable on
March
20, 2012, to shareholders registered as at March 9, 2012.
Coventry Group Ltd. Completes Sale Of Western Australian Automotive
Parts Business To Automotive Group Limited
Sunday, 3 Jul 2011
Coventry Group Ltd. announced that in reference to the announcement
dated May 12, 2011, the sale of its Western Australian automotive parts
business, to Automotive Group Limited (ASX Code: AHE) was completed
on July 1, 2011.
Coventry Group Ltd. Declares FY 2011 Second Interim Dividend
Sunday, 29 May 2011
Coventry Group Ltd. announced that the Board of Directors has agreed to
pay a second interim dividend of AUD 0.05 per share following the
payment of a AUD 0.06 per share interim dividend in March 2011. The
dividend is fully franked and will be paid on July 8, 2011. The record
date to
determine entitlements to the dividend is set on June 24, 2011.
Coventry Group Ltd. Signs Agreement To Sell Western Australia Auto
Parts Business To Automotive Holdings Group Limited
Wednesday, 11 May 2011
Coventry Group Ltd. announced that it had signed an agreement to sell
its
Western Australia auto parts business to Automotive Holdings Group
Limited (AHG). Both parties aim for the sale to be completed for July 1,
2011. At sale completion AHG will pay CGL a premium for control of the
business and purchase the inventory and certain fixed assets. The net
premium over assets acquired will be approximately AUD 4 million.
Coventry Group Ltd. Announces Holding Interest Of Schroder Investment
Management Australia Limited
Sunday, 17 Apr 2011
Coventry Group Ltd. announced that Schroder Investment Management
Australia Limited has an interest of 2,106,803 ordinary shares, which
represents 5.26% of voting power in the Company. Full Article
Coventry Group Ltd. Sells Automotive parts Distribution Business In
South
Australia
Thursday, 17 Feb 2011
Coventry Group Ltd. announced that it has decided to exit the automotive
parts distribution business in South Australia, which has operated under
the name Motor Traders. As part of that process, Coventry has entered
into
an agreement with an east coast automotive parts distributor, Burson
Automotive Pty Ltd (Burson) to sell most of its automotive operating
assets
in South Australia to Burson. Burson will take over leases of the branch
network and offer employment to most of the employees. Completion of
this transaction is expected to occur in the first half of the April
June 2011
quarter. This transaction involves a sale of assets at a modest premium
to
their book net tangible asset value and excludes the sale of owned real
estate.
Coventry Group Ltd. Lowers H1 2011 EBIT Guidance
Sunday, 30 Jan 2011
Coventry Group Ltd. announced that in reference to its update in early
December 2010, on which it had flagged an operating EBIT for the first
half
of fiscal 2011 of AUD 4 million, the Company advised that as a
consequence of the continuing poor trading, the figure will be in the
vicinity
of AUD 3 million for the first half of fiscal 2011.
Coventry Group Ltd. Announces Renewal Of Share Buy-Back
Wednesday, 3 Nov 2010
Coventry Group Ltd. announced the renewal of its on market buy back of
upto a maximum of 4,005,749 shares. The Company intends to buyback
shares within a period of 12 months - commencing November 23, 2010,
and ending on or before November 22, 2011. The shares are being bought
back for capital management. The broker who will act on the Company's
behalf is Investorfirst Securities Limited.
Coventry Group Ltd. Issues FY 2010 NPAT Outlook In Line With Analysts'
Estimates; Declares Final Dividend
Monday, 19 Jul 2010
Coventry Group Ltd. announced that for fiscal 2010, it expects net
profit
after tax (NPAT) to be in the vicinity of AUD7 million. This compares
with a
loss of AUD1 million in fiscal 2009. According to Reuters Estimates,
analysts on an average are expecting the Company to report net profit of
AUD7 million for fiscal 2010. The Company also announced that it has
resolved to pay a fully franked final dividend of AUD0.08 per share,
payable on September 21, 2010 to shareholders registered as at
September 6, 2010 (the record date). This brings total dividends in
respect
of fiscal 2010 to AUD0.14 per share compared with AUD0.05 in fiscal
2009.
Property & Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of warehouse and administrative office.
Branches : In addition, the Group
operates from approximately 70 branches and
distribution centres located in Australia and New Zealand.
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
Local :
Prepayment, Document against payment, Bank transfer, Credit up to 120 days
International :
L/C, Document against payment, Telegraphic transfer, Credit up to 120 days
Sales Term
Local :
Prepayment, Document against payment, Bank transfer, Credit up to 120 days
International :
L/C, Document against payment, Telegraphic transfer, Credit up to 120 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
Powere
d by
TCPDF (www.tcp
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.20 |
|
|
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
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 SCs 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.