MIRA INFORM REPORT
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Report Date : |
02.06.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
TVSN CHANNEL PTY LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
15.11.2004 |
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Com. Reg. No.: |
111806958 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Retailer of products via Television
and online store |
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No. of Employees : |
148 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment
Behaviour : |
Slow |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Verified Address
Subject name : TVSN CHANNEL PTY LTD
Business address : 431 Warringah Road
Town : Frenchs Forest
Province : New South Wales
Zip/postal code : 2086
Country : Australia
Tel : +61 2 81986000
Fax : +61 2 81986012
Website : www.itvsn.com.au
Registered address : 431 Warringah Road
Town : Frenchs Forest
Province : New South Wales
Zip/postal code : 2086
Country : Australia
Postal address : Locked Bag 5012
Town : Frenchs Forest
Province : New South Wales
Zip/postal code : 2086
Country : Australia
Executive Summary
Date founded or registered : 15/11/2004
Legal form : Australian Proprietary
Company
Chief executive : Christopher Robert Shaw
Issued & paid up capital
: AUD 11,765
Sales turnover : AUD
74,049,913 (Non-consolidated 12 months, 30/06/2011)
Net income : AUD 4,185,092
(Non-consolidated 12 months, 30/06/2011)
Total fixed assets : AUD 22,191,756
(Non-consolidated 12 months, 30/06/2011)
Line of business : Retail of products via
Television and online store.
Staff employed : 148 employees
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
declining
Management experience : Management is modestly experienced
Financial performance : Financial performance is recovering
Organization structure : Organizational structure is
acceptable
Detrimental : Some detrimental records found
Payment history : No payment delays noted
Comments :
It is advisable to conduct business dealing on prepayment or L/C basis due to the Subject's recent date of establishment.
Registry Data
Registration date : 15/11/2004
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
111806958
Registered authority : Australian Securities and Investments
Commission
Fiscal/ Tax no : Australian Business Number: 96111806958
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Christopher Robert Shaw
Designation : Managing Director
Name : Sinay Dionne
Designation : General Manager
Appointments
Name : Christopher Robert Shaw
Designation : Director
Appointment date : 17/11/04
Address : 73 Muston Street
Mosman, NSW 2088
Australia
Biography : Born on 29-01-1949 in Durban,
South Africa.
Name : Steven John Hodgson
Designation : Company
Secretary
Appointment date : 17/11/04
Address : 19 Baringa Road
Northbridge,
NSW 2063
Australia
Biography : Born on 11-11-1963 in York,
United Kingdom.
Name : Robert Thane Ewing
Designation : Company Secretary
Appointment date : 08/03/05
Address : Unit 3, 107 Badajoz Road
North
Ryde, NSW 2113
Australia
Biography : Born on 05-10-1938 in Sydney,
New South Wales, Australia.
Staff employed : 148 employees
Key Advisors
Auditors : ERNST & YOUNG
Ernst
& Young Centre
680 George Street
Sydney, NSW 2000
Australia
Composition
Authorized Capital : AUD 11,765
No of shares : 11,765 Ordinary Shares
Share par value : AUD 1
Issued capital : AUD 11,765
Paid up capital : AUD
11,765
How listed : Full List
Composition
Shareholder name : DIRECT GROUP PTY LIMITED
Address : 431 Warringah Road
Frenchs
Forest, NSW 2086
Australia
No. of shares : 11,765 Ordinary Shares
% of shares : 100%
Structure
Name : DIRECT GROUP PTY
LIMITED
Affiliation type : Parent Company
Address : 431 Warringah Road
Frenchs
Forest, NSW 2086
Australia
Comments :
Direct Group Pty Ltd is a holding company comprising 3 businesses – Direct Marketing, Direct Selling and Direct Television. The company owns TVSN and Expo Channel in Australia, along with a range of other related business.
Name : ENTERTAINMENT MASTERS
PTY LIMITED
Affiliation type : Sister Company
Address : 431 Warringah Road
Frenchs Forest, NSW 2086
Australia
Name : INNOVATIONS DIRECT PTY.
LIMITED
Affiliation type : Sister Company
Address : 431
Warringah Road
Frenchs
Forest, NSW 2086
Australia
Name : GAIAM PTY LIMITED
Affiliation type : Sister Company
Address : 431 Warringah Road
Frenchs
Forest, NSW 2086
Australia
Name : DAMART AUSTRALIA PTY
LIMITED
Affiliation type : Sister Company
Address : 431 Warringah Road
Frenchs
Forest, NSW 2086
Australia
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 : 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 1.03 as of
31-05-2012
Summarized
Financial Information
Consolidation type : Non Consolidated Non 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 : 74,049,913
70,249,991
Gross profit : 28,224,031 24,843,633
Profit before tax : 3,362,629 2,695,361
Net income : 4,185,092 2,695,361
Non current assets : 8,256,627 7,458,288
Current assets : 13,935,129 13,897,585
Inventories : 5,898,534 5,810,656
Total assets : 22,191,756 21,355,873
Current liabilities : 21,448,162 24,412,871
Non current liabilities : 914,365 1,298,865
Total liabilities : 22,362,527 25,711,736
Share equity : -170,771 -4,355,863
Retained earning : -182,536 -4,367,628
Main activities : The Subject engages in retail of products via television (Channel 176) and online
store.
The Subject is Australia’s
only 24 hour shopping channel. TVSN reaches over 1.5 million homes across
Australia. The channel produces over 60 hours of original live Australian
content per week. Subject also offers shopping via its website and catalogues
(www.tvsn.com.au is Australia’s largest retail transactional website of it’s
type).
The Subject is a wholly owned
subsidiary of Direct Group Pty Ltd.
Direct Group Pty Ltd is a holding company comprising 3 businesses -
Direct Marketing, Direct
Selling and Direct Television.
Direct Marketing
The Group’s original business unit, Innovations, has since expanded to include an additional five brands - Damart, Fox Collection, Victoria Hill, Entertainment Masters and Gaiam. Each brand offers unique product ranges servicing different customer demographics through their Australian and New Zealand websites supported by catalogues, emails, online promotions and other marketing activities.
Direct Television
The TVSN and EXPO channels broadcast 24 hour shopping content on the Foxtel, Austar and Optus subscription TV services in Australia, as well as a live stream to their in-house websites. TVSN provides live TV shopping, showcasing a wide variety of merchandise in beauty, health, homewares, jewellery, fashion and electrical.
EXPO’s business model is to sell airtime to external Direct Response TV advertisers in 30 second, 4 minute and half hour formats.
Direct Selling
HomeCare works through a network of over 1,500 commissioned agents
distributing catalogues direct to households throughout Australia and New
Zealand. Customer orders are entered by distributors online, allowing an
accurate mapping of the customer database to support future distributor
activity. The Direct Group operates primarily in Australia and New Zealand,
specialising in home shopping.
Product & services :
· Jewellery
· Beauty products
· Health products
· Kitchenware
· Electronic products
· Homewares products
· Textile
Purchases
International : Asia, Europe, United States
Sales
Local : Yes
International : No exports.
Property &
Assets
Premises : The Subject operates from
head office located at the verified heading address consisting
of administrative office.
Branches : None reported.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 41.385 billion
Gross domestic product – GDP : US$ 1.235 trillion
GPP (Purchasing power parity) : 918.529 billion of International dollars
GDP per capita - current prices : US$ 55,590
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 Commonwealth Bank (Banking), BHP Billiton (Materials), Westpac
Banking Group (Banking), Rio Tinto (Materials), National Australia Bank (Banking), ANZ Banking (Banking), Telstra (Telecommunications)
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 2007: US$45,477 million
2008: US$46,722 million
2009: US$22,572 million
FDI Outflows 2007: US$16,822 million
2008: US$32,819 million
2009: US$18,426 million
Best countries for doing business : 10
out of 183 countries
Global competitiveness ranking : 16
(ranking by country on a basis of 133, 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
: 74.00%
Purchase Term
Local : Prepayment, Bank
transfer, Credit 30-90 days
International : Prepayment, Telegraphic
transfer, Credit 30-90 days
Sales Term
Local : Credit card
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.92 |
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UK Pound |
1 |
Rs.86.03 |
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Euro |
1 |
Rs.69.13 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.