MIRA INFORM REPORT
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Report Date : |
03.03.2012 |
IDENTIFICATION DETAILS
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Name : |
MAHONEY & SOMAIA PTY. LTD. |
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Registered Office : |
C/O Van Der Ross & Associates, Unit 1, 653-657 Mountain Highway. Bayswater, Victoria , Zip/Postal Code 3153 |
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Country : |
Australia |
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Date of Incorporation : |
06.03.1980 |
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Com. Reg. No.: |
005629970 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Import and wholesale of home textiles and homeware products |
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No. of Employees : |
23 |
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 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 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 |
Verified Address
Subject name : MAHONEY & SOMAIA PTY. LTD.
Other style / Business name : DOMTEX AUSTRALIA
Business address : 45 Holloway Drive
Town : Bayswater
Province : Victoria
Zip/postal code : 3153
Country : Australia
Tel : +61 3 97622000
Fax : +61 3 97626000
Email : info@domtex.com.au
Website : www.somaiagroup.com
Registered address : C/o VAN DER ROSS & ASSOCIATES
Unit
1, 653-657 Mountain Highway
Town : Bayswater
Province : Victoria
Zip/postal code : 3153
Country : Australia
Executive Summary
Date founded or registered : 06/03/1980
Legal form : Australian Proprietary Company
Chief executive : Zarna Anil Somaia
Issued & paid up capital : AUD 40,000
Sales turnover : AUD 15,000,000 (Estimated non-consolidated 12 months, 30/06/2011)
Line of business : Import and wholesale of home textiles and homeware products.
Staff employed : 23 employees
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 good
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 : 06/03/1980
Legal form : Australian Proprietary Company
Registration no : Australian Company Number: 005629970
Registered authority : Australian Securities & Investments Commission
Fiscal/ Tax no : Australian Business Number: 32484775184
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Zarna Anil Somaia
Designation : Managing Director
Name : Kamal Anil Somaia
Designation : Director
Name : Anil Harjivan Somaia
Designation : Director
Name : Hiten Anil Somaia
Designation : Director
Name : Naresh Raja
Designation : Financial Manager
Appointments
Name : Zarna Anil Somaia
Designation : Director
Appointment date : 06/03/80
Address : Lot 4, Lilly Pilly Lane
Kilsyth, VIC 3137
Australia
Biography : Born on 17-06-1938 in Bombay, India.
Name : Anil Harjivan Somaia
Designation : Director and Company Secretary
Appointment date : 06/03/80
Address : Lot 4, Lilly Pilly Lane
Kilsyth, VIC 3137
Australia
Biography : Born on 09-01-1936 in Lushoto, Tanzania.
Name : Kamal Anil Somaia
Designation : Director
Appointment date : 28/10/91
Address : Lot 4, Lilly Pilly Lane
Kilsyth, VIC 3137
Australia
Biography : Born on 22-07-1968 in London, United Kingdom.
Name : Hiten Anil Somaia
Designation : Director
Appointment date : 08/10/98
Address : Lot 4, Lilly Pilly Lane
Kilsyth, VIC 3137
Australia
Biography : Born on 13-04-1962 in London, United Kingdom
Name : Naresh Raja
Designation : Director
Appointment date : 21/03/03
Address : 7 Glencroft Terrace
Wheelers Hill, VIC 3150
Australia
Biography : Born on 22-10-1952 in Tanzania.
Staff employed : 23 employees
Composition
Authorized Capital : AUD 40,000
No of shares : 40,000 Ordinary Shares
Share par value : AUD 1
Issued capital :
AUD 40,000
Paid up capital : AUD 40,000
How listed : Full List
Composition
Shareholder name Zarna Anil Somaia
Address Lot 4, Lilly Pilly Lane
Kilsyth, VIC 3137
Australia
No. of shares 10,000 Ordinary Shares
% of shares 25%
Shareholder name Anil Harjivan Somaia
Address Lot 4, Lilly Pilly Lane
Kilsyth, VIC 3137
Australia
No. of shares 10,000 Ordinary Shares
% of shares 25%
Shareholder name Kamal Anil Somaia
Address Lot 4, Lilly Pilly Lane
Kilsyth, VIC 3137
Australia
No. of shares 10,000 Ordinary Shares
% of shares 25%
Shareholder name Hiten Anil Somaia
Address Lot 4, Lilly Pilly Lane
Kilsyth, VIC 3137
Australia
No. of shares 10,000 Ordinary Shares
% of shares 25%
Structure
Name SIMBA TOWELS PTY LTD
Affiliation type Associate
Address Bayswater Business Park
Unit 12/52 Corporate Boulevard
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 KANGAROO KIDS AUSTRALIA 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
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 Charge
Details:
ASIC Charge Number: 102016
Date Registered: 30-10-1980
Date Created: 13-10-1980
Chargees Name: RABONE, PETERSEN (SHIPPERS) LTD
ASIC Charge Number: 102064
Date Registered: 03-06-1982
Date Created: 28-05-1982
Chargees Name: CARRINGTON CONFIRMERS PTY. LTD.
ASIC Charge Number: 102133
Date Registered: 09-05-1985
Charge type: Both Fixed & Floating
Date Created: 25-03-1985
Chargees Name: DUKE FINANCE LTD, L.A. EWING & CO. (LONDON) LIMITED, J.A. EWING & MCDONALD INC., EWING MCDONALD (HONG KONG) LTD, EWING MCDONALD (S.E.ASIA) LIMITED & EWING MCDONALD (SINGAPORE) LIMITED
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None reported.
Others : None reported.
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 0.93 as of 01-03-2012
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 : 15,000,000
Comments : The estimated turnover was provided by
Mr. Naresh Raja.
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 $12.5 million, and
-The company
and any entities it controls have fewer than 50 employees at the end of the
financial year.
Main activities : The Subject is engaged in import and wholesale
of home textiles and homeware products.
The Subject's
clients include Myer, David Jones, Spotlight, Big W, Target, Pillow Talk,
Adairs, Bed Bath and Table and K-Mart.
Brand : DOMTEX AUSTRALIA
Purchases
International : India, China, Taiwan, South Korea,
Bangladesh, Pakistan, United
States
Sales
Local : Yes
International : No exports.
Property & Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of warehouse and administrative
office.
Branches : None reported.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 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%
Purchase Term
International : Credit 60 days, D/P up to 90 days
Sales Term
Local : 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
: 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.49.35 |
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UK Pound |
1 |
Rs.78.68 |
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Euro |
1 |
Rs.65.63 |
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.