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Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
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Name : |
P.J.
MORRIS WOOLS PTY LTD |
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Registered Office : |
1B, |
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Country : |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
23.05.1973 |
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Com. Reg. No.: |
008767968 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Engaged in marketing and export of Australian wool. In addition ,the Subject also exports Australian bottled wine. |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 30, 2011
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Australia |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 : P.J.
MORRIS WOOLS PTY LTD
Business
address : 1B, 1 Norfolk
Street
Town :
Fremantle
Province
: Western
Australia
Zip/postal
code : 6160
Country
: Australia
Tel : +61 8
94321800
Fax : +61 8
93359766
Email
: admin@pjmorris.com.au
Website
: www.pjmorris.com.au
Registered
address : C/o BARRINGTONS
YOUR BUSINESS ADVISORS
'Barringtons House'
283 Rokeby Road
Town :
Subiaco
Province
: Western
Australia
Zip/postal
code : 6008
Country
: Australia
Postal
address : P.O. Box
413
Town :
Fremantle
Province
: Western
Australia
Zip/postal
code : 6959
Country
: Australia
Executive Summary
Date
founded or registered : 23/05/1973
Legal
form : Australian
Proprietary Company
Chief
executive : Peter
Steven Morris
Issued
& paid up capital : AUD
1,000
Sales
turnover : AUD 125,962,982 (Non consolidated 12
months, 30/06/2010)
Net
income : AUD
233,740 (Non consolidated 12 months, 30/06/2010)
Total
fixed assets : AUD
16,505,468 (Non consolidated 12 months, 30/06/2010)
Line
of business :
Exporter of Australian wool and wines.
Staff
employed : 10
employees
Country
risk : Country
risk is minimal
Operation
trend : Operational
trend is progressing
Management
experience : Management is
modestly experienced
Financial
performance : Financial
performance is fair
Organization
structure : Organizational
structure is acceptable
Detrimental
: No detrimental records found
Payment
history : No payment
delays noted
Comments : It
is advisable to conduct business dealing on prepayment or L/C basis for larger
credit transaction than suggested.
Registry Data
Registration
date : 23/05/1973
Legal
form : Australian
Proprietary Company
Registration
no Australian Company Number: 008767968
Registered
authority : Australian
Securities & Investments Commission
Fiscal/
Tax no : Australian Business Number: 57008767968
Registry
status : Live/Active
Previous
name : AUSTRALIAN
MOHAIR EXPORT PTY LTD
ROMIS
PTY LTD (initial)
Change
of legal form : None
reported.
Key Management
Name :
Peter
Steven Morris
Designation
: Managing
Director
Appointments
Name :
Peter Steven
Morris
Designation
: Director and Company
Secretary
Appointment
date : 25/12/92
Address
: 5 Sheila Street
Mosman Park, WA 6012
Australia
Biography
: Born on 11-08-1966 in
Subiaco, Westeren Australia, Australia.
Staff
employed : 10 employees
Key Advisors
Auditors
: MOORE STEPHENS
12 St Georges Terrace
Perth, WA 6000
Australia
Composition
Authorized
Capital : AUD 1,000
No of
shares : 1,000
Class C Shares
Share
par value : AUD 1
Issued
capital : AUD 1,000
Paid
up capital : AUD
1,000
How
listed : Full List
Composition
Shareholder
name : Peter Steven Morris
Address
: 5 Sheila Street
Mosman Park, WA 6012
Australia
No. of
shares : 600 Class C Shares
% of
shares : 60%
Shareholder
name : THE P J & M MORRIS
FAMILY TRUST
Address
: 3 Park Avenue
Crawley, WA 6009
Australia
No. of
shares : 400 Class C Shares
% of
shares : 40%
Structure
Related
companies and corporate
affiliations
comments
: None reported.
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
: Interest bearing loans
and borrowings: AUD 10,717,165 as of 30-06-2010.
Satisfied
Charges:
ASIC
Charge Number: 185561
Date
Registered: 15-09-1987
Charge
type: Both Fixed &
Floating
Date
Created: 14-09-1987
Chargees
Name: WESTPAC BANKING CORPORATION
ASIC
Charge Number: 463556
Date
Registered: 25-10-1994
Charge
type: Both Fixed &
Floating
Date
Created: 18-10-1994
Chargees
Name: WESTPAC BANKING
CORPORATION
Unsatisfied
Charges:
ASIC
Charge Number: 636653
Date
Registered: 27-03-1998
Charge
type: Both Fixed &
Floating
Date
Created: 19-03-1998
Chargees
Name: HSBC BANK AUSTRALIA
LIMITED
ASIC
Charge Number: 858687
Date
Registered: 24-04-2002
Charge
type: Both Fixed &
Floating
Date
Created: 23-04-2002
Chargees
Name: HSBC BANK AUSTRALIA
LIMITED
ASIC
Charge Number: 1036530
Date
Registered: 13-04-2004
Charge
type: Fixed
Date
Created: 09-03-2004
Chargees
Name: ESANDA FINANCE
CORPORATION 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 : 30/06/10
Type
of accounts : Full
audited
Currency
: Australia
Dollar (AUD)
Exchange
rate : 1
USD = AUD 0.99 as of 10-05-2012
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 : 30/06/10 30/06/09
Length
of accounts : 12 months 12 months
Sale
turnover / Income : 125,962,982 106,798,138
Gross
profit : 6,591,904
5,982,606
Operating
profit : 954,276 453,215
Profit
before tax : 303,810
161,501
Net
income : 233,740
124,309
Non
current assets : 511,901
422,764
Current
assets : 15,993,567
11,781,276
Inventories
: 11,553,419
6,886,282
Total
assets : 16,505,468
12,204,040
Current
liabilities : 15,187,456
10,838,386
Non
current liabilities : 0
6,382
Total
liabilities : 15,187,456
10,844,768
Share
equity : 1,318,012
1,359,272
Retained
earning : 1,317,012 1,358,272
Comments :
The financial report has been prepared on a going concern basis, which
contemplates continuity of normal business activities and the realisation of
assets and settlement of liabilities in the ordinary course of business.
At 30 June 2010 the Subject had recorded a net profit after
tax of AUD 233,740
(2009: AUD 124,309), had a surplus of current assets over
current liabilities of
AUD 806,111 (2009: 942,890) and had net assets of AUD
1,318,012 (2009: AUD 1,359,272).
Based on the reason above, the Director believes it is
appropriate that the financial report be prepared on a going concern basis.
Should HSBC Bank
Australia Limited withdraw its facilities from the Subject
and the Subject not successfully refinance with another bank, there is
significant uncertainty that the Company will be able to continue as a going
concern and therefore whether it will realise its assets and extinguish its
liabilities in the normal course of business and at the amounts states in the
financial report.
Main activities : The
Subject is mainly engaged in marketing and export of Australian wool.
In addition ,the Subject also exports Australian bottled
wine.
Product
& services : Wool
Wine
Brand
: The
Subject exports wines under their own signature label of "Compello".
Purchases
Local
: Yes
International
: No imports.
Sales
Local
:
Yes
International
: China,
India, Thailand, Japan, Europe
Property
& Assets
Premises : The
Subject operates from premises located at the verified heading address consisting
of administrative office and warehouse.
Branches
: None
reported.
Other
property : Total
NBV of property, plant and equipment as of 30-06-2010 was AUD
42,652.
Gross Domestic Products (GDP) &
Economic Overview
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,
Credit 30-60 days
Sales
Term
International
: Prepayment,
Credit 30-60 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.64 |
|
|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.28 |
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.