MIRA INFORM REPORT
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Report Date : |
06.03.2012 |
IDENTIFICATION DETAILS
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Name : |
VEGAS ENTERPRISES PTY LTD |
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Formerly Known As : |
BERNICE HOLDINGS PTY LTD |
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Registered Office : |
3 Walters Drive, Osborne Park, Western Australia,
Zip/postal code 6017 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
21.10.1983 |
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Com. Reg. No.: |
009078148 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Manufacturing, wholesale and retail sales of surfboards, surf apparel and accessories including surf clothing, belts, wallets and hats |
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No. of Employees : |
100 |
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 550,000 |
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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 : VEGAS ENTERPRISES PTY LTD
Other style / Business name : RUSTY
Business address : 3 Walters Drive
Town : Osborne Park
Province : Western Australia
Zip/postal code : 6017
Country : Australia
Tel : +61 8 94450333
Fax : +61 8 94450390
Email : rusty@rusty.com.au
Website : www.rusty.com
Registered address : 3 Walters Drive
Town : Osborne Park
Province : Western Australia
Zip/postal code : 6017
Country : Australia
Executive Summary
Date founded or registered : 21/10/1983
Legal form : Australian Proprietary Company
Chief executive : Geoffrey Brian Backshall
Issued & paid up capital : AUD 20,399,702
Sales turnover : AUD 35,348,552 (Non-consolidated 12 months, 30/06/2011)
Net income : AUD -234,755 (Non-consolidated 12 months, 30/06/2011)
Total fixed assets : AUD 23,734,358 (Non-consolidated 12 months, 30/06/2011)
Line of business : Manufacturing, wholesale and retail sales of surfboards, surf apparel and
accessories including surf clothing, belts, wallets and hats.
Staff employed : 100 employees
Company Analysis
Country risk : Country risk is minimal
Operation trend : Operational trend is declining
Management experience : Management is reasonably 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 550,000
Credit amount asked : Not described.
Registry Data
Registration date : 21/10/1983
Legal form : Australian Proprietary Company
Registration no Australian
Company Number: 009078148
Registered authority : Australian Securities and Investments
Commission
Fiscal/ Tax no : Australian Business Number: 65009078148
Registry status : Live/Active
Previous name : RUSTY SURFBOARDS AUSTRALIA PTY LTD
SANTOSHA SURFBOARDS PTY LTD
BERNICE HOLDINGS PTY LTD (initial)
Change of legal form : None reported.
Key Management
Name : Geoffrey
Brian Backshall
Designation : Managing Director
Appointments
Name : Geoffrey Brian Backshall
Designation : Director
Appointment date : 01/07/93
Address : 4 Webb Street
Cottesloe, WA 6011
Australia
Biography : Born on 30-04-1960 in Perth, Western Australia, Australia.
Name : Wong Hung Ho
Designation : Director
Appointment date : 28/03/09
Address : House A, 28 Cape Road
Chung Hom Kok
Hong Kong
Biography : Born on 22-11-1962 in Guangdong, China.
Name : Linsey Mackey
Designation : Company Secretary
Appointment date : 20/01/11
Address : 207 Alice Street
Doubleview, WA 6018
Australia
Biography : Born on 07-05-1974 in Mutare, Zimbabwe
Staff employed : 100
employees
Key Advisors
Auditors : RSM
BIRD CAMERON PARTNERS
8 St Georges Terrace
Perth, WA 6000
Australia
Composition
Authorized Capital : AUD 20,399,702
No of shares : 46,131,763 Ordinary Shares
Share par value : No par value
Issued capital : AUD 20,399,702
Paid up capital : AUD 20,399,702
How listed : Full List
Composition
Shareholder name : NEW FORCE HOLDINGS LIMITED
Address : Connaught Road West, Hong Kong
No. of shares : 41,397,326 Ordinary Shares
Shareholder name : OCTACOM PTY LTD
Address : 250 St Georges Terrace
Perth, WA 6000, Australia
No. of shares : 738,185 Ordinary Shares
Shareholder name : D & M WHITEMAN PTY LIMITED
Address : C/o MILLAR PARTNERS
29-31 Croydon Street
Cronulla, NSW 2230
Australia
No. of shares : 744,192 Ordinary Shares
Shareholder name : Michael Steven Button
Address : 9 Bailey Street
Trigg, WA 6029
Australia
No. of shares : 750,200 Ordinary Shares
Shareholder name : Philip Clifford
Address : Perth, WA 6839, Australia
No. of shares : 416,902 Ordinary Shares
Shareholder name : Nicola Corsbie
Address : 17 Salvado Street
Cottesloe, WA 6011
Australia
No. of shares : 224,486 Ordinary Shares
Shareholder name : Geoffrey Brian Backshall
Address : 4 Webb Street
Cottesloe, WA 6011
Australia
No. of shares : 1,860,472 Ordinary Shares
Structure
Name : VEGAS ENTERPRISES (NZ) LIMITED
Affiliation type : Wholly-owned
Subsidiary
Address :
15A Saturn Place
North Harbour, 0632 Auckland
New Zealand
Name : R...AND EVERYTHING ELSE, INC.
Affiliation type : Wholly-owned
Subsidiary
Address :
8495 Commerce Avenue
San Diego, CA 92121
United States
Name : VEGAS EUROPE SAS
Affiliation type : Wholly-owned
Subsidiary
Address :
28 Rue Chapelet
64200 Biarritz
France
Bank Details
Name of bank : Westpac Banking Corporation
Address : Australia
Account details : Current Account
Name of bank : HSBC Bank Australia 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: 153402
Date Registered: 11-12-1984
Charge type: Both Fixed & Floating
Date Created: 02-11-1984
Chargees Name: MAGSTOCK PTY LTD, MONZA MANAGEMENT PTY LTD, ROGER LILEY & PATRICK JOHN LEAHY
ASIC Charge Number: 153423
Date Registered: 06-06-1986
Charge type: Both Fixed & Floating
Date Created: 30-05-1986
Chargees Name: WESTPAC BANKING CORPORATION
ASIC Charge Number: 153437
Date Registered: 05-05-1987
Charge type: Both Fixed & Floating
Date Created: 01-05-1987
Chargees Name: NATIONAL AUSTRALIA BANK LIMITED
ASIC Charge Number: 153462
Date Registered: 09-10-1989
Charge type: Floating
Date Created: 22-09-1989
Chargees Name: SCOTTISH PACIFIC BUSINESS FINANCE PTY. LIMITED
ASIC Charge Number: 153467
Date Registered: 13-06-1990
Charge type: Both Fixed & Floating
Date Created: 07-06-1990
Chargees Name: WESTPAC BANKING CORPORATION
ASIC Charge Number: 759101
Date Registered: 25-07-2000
Charge type: Both Fixed & Floating
Date Created: 07-07-2000
Chargees Name: ADAPT PTY LTD
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : Mr Philip Clifford vs. Vegas
Enterprises Pty Ltd and its Directors
A claim was instituted against the Company and its then
directors in early 2009 by Mr Philip Clifford. The Plaintiff has alleged
breaches of the Trade Practices Act and the Corporations Act and has sought
damages of approximately $3.5 million inclusive of interest. The claim arises
out of the acquisition by Mr Philip Clifford in December 2006 of around 640,000
shares in the Company for approximately $2.5 million.
The allegations
were denied and defended vigorously and the claim was subsequently dismissed by
the Federal Court in its judgment handed down on 24 August 2010. As part of the
judgment, the court ordered Mr Philip Clifford to pay the legal costs of all
Respondents including the Company and its then directors. In September 2010,
the Applicant lodged an appeal against the court's decision and the appeal
hearing took place on 18 May 2011. On 3 November 2011, the appeal judgment was
handed down. The judgment was awarded in the favor of the Company and its then
directors. As party of the judgment, the court ordered Mr Philip Clifford to
pay the legal costs of all Respondents including the Company and its then
directors.
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 0.93 as of 02-03-2011
Summarized Financial Information
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Consolidation
type : |
Consolidated |
Consolidated |
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Currency : |
Australia Dollar
(AUD) |
Australia Dollar
(AUD) |
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Denomination : |
(x1) One |
(x1) One |
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Date
of financial year end : |
30/06/11 |
30/06/10 |
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Length
of accounts : |
12 months |
12 months |
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35,348,552 |
44,133,905 |
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Gross profit : |
17,810,677 |
19,999,556 |
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Operating profit : |
1,368,620 |
-638,088 |
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Profit before
tax : |
-173,430 |
-269,744 |
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Net income : |
-234,755 |
-1,044,992 |
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Non current
assets : |
11,889,835 |
13,997,307 |
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Current assets : |
11,844,523 |
12,462,128 |
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Inventories : |
3,227,543 |
3,306,104 |
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Total assets : |
23,734,358 |
26,459,435 |
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Current
liabilities : |
7,682,356 |
20,289,530 |
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Non current
liabilities : |
8,258,778 |
937,893 |
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Total
liabilities : |
15,941,134 |
21,227,423 |
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Share equity : |
7,793,224 |
5,232,012 |
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Reserve : |
-3,801,322 |
-2,817,031 |
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Retained earning : |
-8,246,818 |
-6,884,248 |
Comments : The consolidated financial information above
relates to the Subject and all its subsidiaries.
Main activities : The Subject is engaged in
manufacturing, wholesale and retail sales of surfboards, surf apparel and accessories
including surf clothing, belts, wallets and hats.
Brand : Rusty
Purchases
International : Mainly from China
Sales
Local : Yes
International : Europe, New Zealand
Property & Assets
Premises : The Subject operates from group headquarters
located at the verified heading address consisting of production facilities,
warehouse and administrative office.
Branches : In addition, the Subject operates from
branch offices and warehouses located at:
Warriewood, NSW 2102
Australia
Tel: +61 2 99139622
100 Gladstone Street
South Melbourne, VIC, 3205
Australia
Tel: +61 3 96813073
Unit 3, 1 Fortitude Crescent
Burleigh Waters, QLD 4220
Australia
Tel: +61 7 55761588
Other property : Total Group NBV of property, plant and equipment as of 30-06-2011 was AUD 1,837,239.
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 : Prepayment, Telegraphic transfer,
Credit up to 120 days
Sales Term
Local : Prepayment, Bank transfer, Credit up to 120 days
International : L/C, Prepayment, 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
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.79 |
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UK Pound |
1 |
Rs.78.79 |
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Euro |
1 |
Rs.65.73 |
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.