MIRA INFORM REPORT
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Report Date : |
27.01.2012 |
IDENTIFICATION DETAILS
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Name : |
INDEPENDENT CARPET COMPANY PTY LTD |
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Formerly Known As : |
CENTURY
NO.22 PTY. LTD |
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Registered Office : |
Lot 2, Stotts Lane, Baxter ,Victoria , Zip/postal code 3911 |
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Country : |
Australia |
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Date of Incorporation : |
24.04.1987 |
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Com. Reg. No.: |
010713005 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturer and distributor carpets products |
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No. of Employees : |
16 |
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 130,000 |
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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 30th, 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 : INDEPENDENT CARPET COMPANY PTY LTD
Business address : 541 Blackburn Road
Town : Mount Waverley
Province : Victoria
Zip/postal code : 3149
Country : Australia
Tel : +61 3 97065547
Fax : +61 3 97065980
Email : sales@frontiercarpetmills.com.au
Registered address : Lot 2, Stotts Lane
Town : Baxter
Province : Victoria
Zip/postal code : 3911
Country : Australia
Comments : The provided address 455 Hammond Road, Dandenong South, VIC 3175,
Australia is an old address of the Subject.
Summary details
Executive Summary
Date founded or registered : 24/04/1987
Legal form : Australian Proprietary Company
Chief executive : Luigi de Cata
Issued & paid up capital : AUD 2
Sales turnover : AUD 5,000,000 (Estimated Non-consolidated 12 months, 30/06/2011)
Line of business : Manufacturer and distributor carpets products.
Staff employed : 16 employees
Credit risk opinion
Company Analysis
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 130,000
Credit amount asked : USD 100,000
Statutory details
Registry Data
Registration
date : 24/04/1987
Legal
form : Australian Proprietary Company
Registration
no : Australian Company Number: 010713005
Registered
authority : Australian Securities & Investments
Commission
Fiscal/
Tax no : Australian Business Number: 64010713005
Registry
status : Live/Active
Previous
name : The Subject was previously known as
CENTURY NO.22 PTY. LTD. and changed to
the current style on 16-07-1999.
Change
of legal form : None reported.
Management / directors
Key Management
Name : Luigi
de Cata
Designation : Managing Director
Board of directors / other
appointments
Appointments
Name : Luigi de Cata
Designation : Director
Appointment date : 25/06/92
Address : Lot 2, Stotts Lane
Baxter, VIC 3911
Australia
Biography : Born on 06-04-1946 in Foggia, Italy.
Name : Jeanette Pauline de Cata
Designation : Director and Company Secretary
Appointment date : 25/06/92
Address : Lot 2, Stotts Lane
Baxter, VIC 3911
Australia
Biography : Born on 23-04-1948 in Melbourne, Victoria, Australia.
Staff employed :
16 employees
Share capital
Composition
Authorized Capital : AUD 2
No of shares : 2 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 2
Paid up capital : AUD 2
ownership / shareholders
How listed : Full List
Composition
Shareholder name Luigi de Cata
Address Lot 2, Stotts Lane
Baxter, VIC 3911
Australia
No. of shares 1 Ordinary Share
% of shares 50%
Shareholder name Jeanette Pauline de Cata
Address Lot 2, Stotts Lane
Baxter, VIC 3911
Australia
No. of shares 1 Ordinary Share
% of shares 50%
Related companies & corporate Affiliations
Structure
Name FRONTIER CARPET MILLS PTY. LTD.
Affiliation type Associate
Address 541 Blackburn Road
Mount Waverley, VIC 3149
Australia
Bank & mortgages
Bank Details
Name of
bank :
Westpac Banking Corporation
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
ASIC Charge Number: 1722644
Date Registered: 21-11-2008
Charge type: Both Fixed & Floating
Date Created: 12-11-2008
Chargees Name: SUNCORP-METWAY 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 : Provided
by the Subject
Financial statement date : 30/06/11
Type of accounts : Estimated key figures
Currency : Australia Dollar (AUD)
Exchange rate : 1 USD = AUD 1.24 as of 24-01-2012
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 : 5,000,000
Comments : The estimated turnover was provided by
Mr. Luigi de Cata.
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 $12.5 million, and
-The company and any entities it controls have fewer than 50 employees at the end of the financial year.
Operation details
Main activities : The Subject is engaged as manufacturer and distributor carpets products.
Purchases
International : Thailand, China
Sales
Local : Yes
International : No exports.
Property & Assets
Premises :
The Subject operates from premises
located at the verified heading address consisting of
administrative office.
Branches :
In addition, the Subject operates from
production facilities located at Dandenong South,
Victoria, Australia.
Summarized country risk
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 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: 4.1% 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 :
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%
Payment history
Purchase Term
International : Cash against document, Credit 30 days
Other
official and local business sources
Sales Term
Local : Cash against document, Credit 30 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
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.97 |
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UK Pound |
1 |
Rs.77.74 |
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Euro |
1 |
Rs.65.09 |
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.