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Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
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Name : |
TARGET AUSTRALIA
PTY. LTD. |
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Formerly Known As : |
LINDSAY'S TARGET PTY. LIMITED |
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Registered Office : |
C/o WESFARMERS LIMITED Level 11, Wesfarmers House 40 The Esplanade Perth Western Australia 6000 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
12.03.1947 |
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Com. Reg. No.: |
004250944 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Department store
chain operator. |
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No. of Employees : |
24,000 employees (Subject); 200,000 (Wesfarmers Group) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Australia |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Verified Address
Subject name : TARGET AUSTRALIA PTY.
LTD.
Other style /
Business name : TARGET / TARGET
COUNTRY
Business address :
12-14 Thompson Road
Town : Geelong
North
Province : Victoria
Zip/postal code : 3215
Country : Australia
Tel : +61 3
52462000
Fax : +61 3
52462700
Website :
www.target.com.au
Registered address
: C/o WESFARMERS LIMITED
Level 11, Wesfarmers House
40 The Esplanade
Town : Perth
Province : Western
Australia
Zip/postal code : 6000
Country : Australia
Postal address : P.O. Box 41
Town : North
Geelong
Province : Victoria
Zip/postal code : 3215
Country : Australia
Executive Summary
Date founded or
registered : 12/03/1947
Legal form : Australian
Proprietary Company
Chief executive : Dene Lindsay Rogers
Issued & paid
up capital : AUD 210,000,100
Sales turnover : AUD 54,875,000,000
(Group-consolidated 12 months, 30/06/2011)
Net income : AUD 1,922,000,000
(Group-consolidated 12 months, 30/06/2011)
Total fixed assets
: AUD 40,814,000,000
(Group-consolidated 12 months, 30/06/2011)
Line of business :
Department store
chain operator.
Staff employed : 24,000 employees (Subject);
200,000 (Wesfarmers Group)
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
progressing
Management
experience : Management is
extremely experienced
Financial
performance : Financial
performance is excellent
Organization
structure : Organizational
structure is robust
Detrimental : No detrimental records found
Payment history : No payment delays noted
Registry Data
Registration date
: 12/03/1947
Legal form : Australian
Proprietary Company
Registration no Australian Company
Number: 004250944
Registered
authority : Australian
Securities and Investments Commission
Fiscal/ Tax no : Australian Business
Number: 75004250944
Registry status : Live/Active
Previous name : LINDSAY'S TARGET PTY.
LIMITED
LINDSAY & MCKENZIE PTY. LIMITED
LINDSAY & MCKENZIE LIMITED (initial)
Change of legal
form : None reported.
Key Management
Name : Dene Lindsay Rogers
Designation : Managing Director
Name : Murray Chenery
Designation : General Manager for Marketing
Appointments
Name : Richard
James Barr Goyder
Designation : Director
Appointment date :
29/01/08
Address : C/o WESFARMERS LIMITED
Level 11, Wesfarmers House
40 The Esplanade
Perth, WA 6000
Australia
Biography : Born on 18-01-1960 in
Tambellup, Western Australia, Australia.
Mr. Richard Goyder serves as Chief Executive Officer, Group
Managing Director, Executive Director of Wesfarmers Limited. He
holds a Bachelor of Commerce degree from the University of Western
Australia and has completed the Advanced Management Program at
the Harvard Business School. He held a number of positions with
Tubemakers of Australia, particularly business development roles,
before joining Wesfarmers in 1993. He is a director of Gresham
Partners Holdings and a number of Wesfarmers group subsidiaries
and related companies.
Name : Terence James Bowen
Designation : Director
Appointment date :
01/05/09
Address : C/o WESFARMERS LIMITED
Level 11, Wesfarmers House
40 The Esplanade
Perth, WA 6000
Australia
Biography : Born on 24-12-1966 in London,
United Kingdom.
Mr. Terry J. Bowen is the Finance Director, Executive Director of
Wesfarmers Limited. He appointed in 2009 as an executive director
(non-independent). He holds a Bachelor of Accountancy degree and
is a Fellow of CPA Australia. He has held a number of finance
positions with Tubemakers of Australia Ltd, culminating in his
appointment as General Manager Finance. He joined Wesfarmers in
1996 and undertook various roles with Wesfarmers Landmark, where
he was appointed Chief Financial Officer, until its acquisition by AWB
Limited in 2003. He was then appointed the inaugural Chief Financial
Officer for Jetstar Airways, prior to rejoining Wesfarmers as Managing
Director, Wesfarmers Industrial and Safety in November 2005. He
became Finance Director, Coles in 2007, and was appointed Finance
Director, Wesfarmers in May 2009. He is also a director of Gresham
Partners Holdings Ltd, the Western Australian Opera Company
Incorporated, the Western Australian Institute for Medical Research
Incorporatedand a number of Wesfarmers Group subsidiaries. He is a
member of both the National Executive of the Group of 100 Inc and
Curtin University School of Accountancy Advisory Board.
Name : Colin MacKenzie
Haggerty
Designation : Director
Appointment date :
30/05/11
Address : 55 Victoria Harbour
Promenade
Docklands, VIC 3008
Australia
Biography : Born on 02-02-1963 in United
Kingdom.
Name : Denis Paul Leahy
Designation : Director
Appointment date : 30/05/11
Address : 3 Binbrook Court
Highton, VIC 3216
Australia
Biography : Born on 04-02-1963 in
Melbourne, Victoria, Australia.
Name : Nicole Maree Peck
Designation : Director
Appointment date :
30/12/11
Address : 18 Gurr Street
East Geelong, VIC 3219
Australia
Biography : Born on 26-02-1974 in Colac,
Victoria, Australia.
Name : Dene Lindsay Rogers
Designation : Director
Appointment date :
07/12/11
Address : 778 Orrong Road
Toorak, VIC 3142
Australia
Biography : Born on 01-07-1960 in
Kalgoorlie, Western Australia, Australia.
Mr. Dene L. Rogers serves as Managing Director of Target of
Wesfarmers Ltd effective November 2, 2011. He has been CEO of
Sears Canada since 2006. He was based in Chicago as Executive
Vice President and General Manager of Kmart (USA) where he
oversaw the operations of approximately 1,500 stores. He was a
Senior Vice President at Starwood Hotels and Resorts where he
helped create the W Hotels brand, to rebuild the Westin Hotels brand,
and managed a range of corporate responsibilities. He was Senior
Vice President, Business Development, G.E. Capital. He has worked
in the United States, Canada, Japan, the UK and China and has an
MBA from Yale University and a Bachelor of Engineering from the
West Australian Institute of Technology (now Curtin University).
Name : Alister Bernard Jordan
Designation : Director
Appointment date :
22/02/12
Address : 28 Bank Street
South Melbourne, VIC 3205
Australia
Biography : Born on 10-08-1979 in
Southport, Queensland, Australia.
Name : Marnie Kronja
Designation : Company Secretary
Appointment date :
04/02/11
Address : 72 Carr Street
West Perth, WA 6005
Australia
Biography : Born on 07-01-1975 in
Subiaco, Western Australia, Australia.
Staff employed : 24,000 employees (Subject); 200,000
(Wesfarmers Group)
Key Advisors
Auditors : ERNST & YOUNG
Ernst & Young Building
11 Mounts Bay Road
Perth, WA 6000
Australia
Composition
Authorized Capital
: AUD 210,000,100
No of shares : 105,000,000 Ordinary Shares / 100
Redeemable A Preference Shares
Share par value : AUD 2 for Ordinary Share / AUD 1 for
Redeemable A Preference Shares
Issued capital : AUD 210,000,100
Paid up capital : AUD 210,000,100
How listed : Full
List
Composition
Shareholder name :
COLES GROUP LIMITED
Address : 40 The Esplanade
Perth, WA 6000
Australia
No. of shares : 105,000,000 Ordinary Shares / 100 Redeemable A
Preference Shares
% of shares : 100%
Structure
Name : WESFARMERS LIMITED
Affiliation type :
Ultimate Holding Company
Address : Level 11, Wesfarmers House
40 The Esplanade
Perth, WA 6000
Australia
Comments : Wesfarmers Limited engages in retail, coal
mining, gas processing and
distribution, insurance, chemicals and fertilizers, and industrial and
safety product
distribution activities. The company operates 741 supermarkets,
including BI-LO
branded stores; 785 liquor stores trading as Liquorland, Vintage
Cellars, and 1st
Choice Liquor Superstores brand names; 93 hotels; 620 fuel and
convenience
store outlets under Coles Express brand name; and an online supermarket.
It also
retails and supplies home improvement and outdoor living products,
building
materials, and office and technology products. In addition, the company
offers
clothing and home ware through 291 Target and Target Country stores;
sells
apparel and general merchandise, including garden, home, health and
beauty,
outdoor living, entertainment, toys and sporting, camping and fishing,
and
automotive products, as well as men’s, women’s, and children’s wear
through
186 Kmart stores; engages in automotive service, repair, and tire
businesses
through 251 Kmart Tyre and Auto Service stores; is involved in open-cut
mining
business; produces metallurgical and steaming coal with mining interests
in
Australia; and provides insurance broking, underwriting, and financial
services to
individual, SME, and corporate clients. Further, it manufactures and
supplies
chemicals, including ammonia, ammonium nitrate, sodium cyanide,
polyvinyl
chloride resin, and wood-plastic composite products; manufactures,
imports, and
distributes phosphate, nitrogen, and potassium based fertilizers;
produces,
distributes, and markets LPG; and offers industrial and safety products
and
services. Additionally, the company provides investment banking advisory
and
structured finance services; manages investment funds in private equity
and
property; and operates a softwood sawmill. It primarily operates in
Australia and
New Zealand. The company was founded in 1914 and is based in Perth,
Australia.
Name : COLES GROUP LIMITED
Affiliation type :
Parent Company
Address : 40 The Esplanade
Perth, WA 6000
Australia
Comments : Coles Group Limited, an Australian-based
retailer, engages in the ownership and
operation of retail stores in various sectors in Australia and New
Zealand. The
company operates its stores under four groups: Food, Liquor & Fuel;
Kmart;
Officeworks; and Target. Food, Liquor & Fuel group comprises
Supermarkets,
Coles Liquor, Coles Express, and Coles Online. The Supermarkets brand
comprises the Coles and Bi-Lo brands that offer a range of fresh food,
groceries,
and general merchandise. Coles Liquor operates four major brands:
Liquorland,
Vintage Cellars, Theo’s, and 1st Choice Liquor Superstore. Coles Express
operates fuel and convenience stores across Australia. Kmarts are
discount
stores that offer a range of items, including sporting goods, toys,
electrical
appliances, and apparel. It also operates Kmart Tyre & Auto Service
outlets.
Officeworks group operates three brands, including Officeworks
Superstores,
Officeworks BusinessDirect, and Harris Technology, which operate as
office
supplies retailers for small to medium sized businesses, home offices,
and
individual consumers. Officeworks offers a range of products, including
stationary,
consumables, business machines, office furniture, and printing services.
Coles
Group Limited was formerly known as Coles Myer Ltd. and changed its name
to
Coles Group Limited in November 2006. The company was founded in 1914
and
is based in Tooronga, Australia. As of November 23, 2007, Coles Group
Limited
operates as a subsidiary of Wesfarmers Ltd.
Name : BUNNINGS GROUP LIMITED
Affiliation type :
Sister Company
Address : 16-18 Cato Street
Hawthorn East, VIC 3123
Australia
Name : WESFARMERS RESOURCES LIMITED
Affiliation type :
Sister Company
Address : Level 31, Central Plaza One
345 Queen Street
Brisbane, QLD 4000
Australia
Name : CURRAGH QUEENSLAND MINING PTY LTD
Affiliation type :
Sister Company
Address : Private Mail Bag
Blackwater, QLD 4717
Australia
Name : WESFARMERS CURRAGH PTY LTD
Affiliation type :
Sister Company
Address : GPO Box 51
Brisbane, QLD 4000
Australia
Name : OAMPS (UK) LIMITED
Affiliation type :
Sister Company
Address : Windsor House
High Street, Esher
Surrey KT10 9RY
United Kingdom
Name : BENGALLA MINING COMPANY PTY LIMITED
Affiliation type :
Sister Company
Address : Bengalla Road
Muswellbrook, NSW 2333
New South Wales
Australia
Name : LUMLEY GENERAL INSURANCE (NZ)
LIMITED
Affiliation type :
Sister Company
Address : Level 21, Lumley Centre
88 Shortland Street
Auckland
New Zealand
Name : WESFARMERS
RETAIL PTY LTD
Affiliation type :
Sister Company
Address : Level 11, Wesfarmers House
40 The Esplanade
Perth, WA 6000
Australia
Related companies
and corporate
affiliations
comments
: Other companies of the Wesfarmers Limited should be considered
affiliates of the
Subject.
Bank Details
Name of bank : National Australia Bank Limited
Address : Australia
Account details :
Current Account
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: 78601
Date Registered: 13-01-1970
Date Created: 19-12-1969
Chargees Name: PERPETUAL TRUSTEES VICTORIA LIMITED
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 0.96 as of
22-03-2012
Summarized
Financial Information
Consolidation type
: Group Consolidated Group Consolidated
Currency : Australia Dollar
(AUD) Australia Dollar
(AUD)
Denomination : (x1) One (x1) One
Date of financial
year end : 30/06/11 30/06/10
Length of accounts
: 12 months 12 months
Sale turnover /
Income : 54,875,000,000 51,827,000,000
Profit before tax
: 2,706,000,000 2,215,000,000
Net income : 1,922,000,000 1,565,000,000
Non current assets
: 30,596,000,000 29,562,000,000
Current assets : 10,218,000,000 9,674,000,000
Inventories : 4,987,000,000 4,658,000,000
Total assets : 40,814,000,000 39,236,000,000
Current
liabilities : 8,722,000,000
7,852,000,000
Non current
liabilities : 6,763,000,000
6,690,000,000
Total liabilities
: 15,485,000,000 14,542,000,000
Share equity : 25,329,000,000 24,694,000,000
Retained earning :
1,774,000,000 1,414,000,000
Comments : The group’s consolidated
financial information above relates to the Subject’s
Ultimate Holding Company Wesfarmers Limited and all its subsidiaries
which include the Subject.
The Subject reported sales turnover of AUD 3,782,000,000 with EBIT of
AUD
280,000,000 for financial year end 30-06-2011 compared to sales turnover
of
AUD 3,825,000,000 and EBIT of AUD 381,000,000 for financial year end
30-06-2010.
The Subject reported earnings results for the half year ended December
31,
2011. For the period, the company’s revenues were AUD 2,060,000,000
against
AUD 2,120,000,000 a year ago. Earnings before interest and tax were AUD
186,000,000 against AUD 206,000,000 a year ago. ROC was 8.9% against
9.7%
a year ago.
Main activities : The
Subject operates a chain of department stores in Australia. In total, the
Subject operates 172 Target stores and 119 Target Country stores making
291 combined stores with its head office located in North Geelong,
Victoria.
The Subject products includes fashionable women's, men's and children's
clothing, underwear, footwear, cosmetics, fragrances, and accessories;
the
latest designs in homewares, including manchester, bed linen, electrical
appliances and décor; and a full range of toys, games and entertainment.
The Subject is part of Wesfarmers Limited which is an Australia based
company. The Company’s principal activities are retailing operations,
including supermarkets, general merchandise and specialty department
stores; fuel, liquor and convenience outlets; retailing of home
improvement
and outdoor living products and supply of building materials; retailing
of
office and technology products; coal mining and production; gas
processing
and distribution; insurance; industrial and safety product distribution;
chemicals and fertilizers manufacture, and investments. It operates in
10
segments: coles; home improvement and office supplies; resources;
insurance; KMART; Target; industrial and safety; energy; chemicals and
fertilizers, and other. During the fiscal year ended June 30, 2010, the
Company operated 742 supermarket stores, 766 liquor outlets and 96
hotels. In 2010, the Company acquired/incorporated OAMPS Sports
Services Pty Limited and PTF Training Limited. In August 2011, the
Company sold Energy Generation Pty Ltd.
Purchases
Local : Yes
International : Worldwide
Sales
Local : Yes
International : No exports.
Key events : 5 October 2011
Target Australia Pty. Ltd. Appoints Dene Rogers as Managing Director
Wesfarmers has appointed Dene Rogers as Managing Director of Target
Australia Pty. Ltd., effective November 2, 2011. Mr. Rogers has been
chief
executive officer of North American retail giant Sears Canada since
2006.
Prior to Sears Canada, Dene Rogers was based in Chicago as Executive
Vice President and General Manager of Sears-owned Kmart (USA), where
he oversaw the operations of approximately 1,500 stores and $18 billion
of
revenue.
7 July 2007
Wesfarmers buys Coles
Australia's biggest takeover is to go ahead with Wesfarmers to buy the
country's second biggest retailer, the Coles Group, for $22 billion.
In a deal announced late this afternoon, the company behind hardware
retailer Bunnings will pay $17 a share for the company, after a four
month
strife torn auction process.
Shareholders will also receive a final 25 cent per share dividend
bringing
the total consideration to $17.25 a share.
Wesfarmers is offering Coles shareholders a minimum of 75 per cent of
their holding in Wesfarmers stock which was trading at a record high of
$45.73 on Friday before it went into a trading halt this morning.
"This is a good outcome for Coles shareholders which recognises the
significant turnaround of the company over the last five years and the
future opportunity of the company's new growth strategy," said
Coles
chairman Rick Allert.
He said the board recommends the proposal in the absence of a superior
offer and subject to an independent expert's report.
Wesfarmers managing director Richard Goyder said the company was
looking forward to completing the sale as quickly as possible.
"The recommendation from the Coles board is a big step towards
helping
end the uncertainty for shareholders, employees, suppliers, and
customers
surrounding the company's ownership review,'' Mr Goyder said.
"Each business in the (Coles) business has growth prospects,'' he
added.
The purchase, which will be undertaken through a scheme of arrangement,
will require Wesfarmers to get the support of 75 per cent of
shareholders to
back the proposal.
A meeting will be held at the end of October.
Today's sale brings to the end a torturous 18 months in which the Coles
board rebuffed two earlier offers from US private equity giant Kohlberg
Kravis Roberts, the highest offer came in at $15.25.
Wesfarmers will pay for the company using $4.3 billion of cash and the
issue of 308 million new shares priced at Friday's close of $45.73.
Wesfarmers purchased 13 per cent of the retailing giant in April, a move
which effectively gave it a head start in the auction and locked out
other
bidders.
It represents a major gamble for Wesfarmers chief Mr Goyder who
succeeded Michael Chaney into the top job last year, as it will see the
Perth-based industrial conglomerate transformed into a predominantly
retail company.
Wesfarmers took the aggressive step of putting up a bid to buy Coles,
after
the shock exit of two private equity partners that were unable to raise
the
necessary debt.
The collapse of the Wesfarmers consortium was only revealed to the Coles
board when it received the offer on Saturday, although executives
associated with PEP are still believed to be involved in the Wesfarmers
bid.
The sudden withdrawal by UK private equity firm Permira and Pacific
Equity Partners means their plans to take 44 per cent of Coles' $16
billion
supermarkets, liquor, fuel and discount department store division have
been dumped.
Wesfarmers was the only name on the bid submitted to the Coles board
over the weekend.
It is understood neither private equity firm could come up with
satisfactory
debt arrangements, and a third minor partner, Macquarie Bank, withdrew
because the structure had changed.
The offer for all of Coles represents a huge bet for Wesfarmers chief
executive Richard Goyder, with a successful transaction doubling his
company's size.
Other bids received on Saturday included rival Woolworths and private
equiteer Texas Pacific Group lodging separate bids, but not for the
whole
group. Woolworths has bid for Officeworks and Kmart or Officeworks and
Target.
Coles shares last traded at $16.12.
While PEP is out of the running, PEP executive and former senior Coles
supermarkets managing director Steven Cain is still involved in the deal
and is a leading contender to run the business.
British retailer Asda's former chief executive Archie Norman still has a
small equity stake in the deal to buy 700 Coles supermarkets, 800 liquor
stores, 600 petrol stations and 160 Kmart stores.
"PEP was always more than just money. PEP was Steven Cain. PEP was
Archie Norman. PEP was a turnaround team,'' said a source close to PEP.
Property & Assets
Premises : The Subject operates from head office located at the verified
heading
address consisting of administrative office.
Branches : In addition, the Subject operates from 172 Target stores and
119 Target
Country stores making 291 combined stores.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Reserve
Bank of Australia
Reserve of foreign
exchange & gold : US$ 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, Credit up to 120 days
International :
L/C, Telegraphic transfer, Credit up to 120 days
Sales Term
Local : Credit
card, Cash
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.55.14 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.