MIRA INFORM REPORT
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Report Date : |
16.05.2012 |
IDENTIFICATION DETAILS
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Name : |
PRO MUSIC PTY. LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
04.06.1980 |
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Com. Reg. No.: |
010141965 |
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Legal Form : |
Australian Proprietary
Company |
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Line of Business : |
Import, wholesale and distribution of musical instruments, amplification and audio products |
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No. of Employees : |
22 |
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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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 : PRO MUSIC PTY. LTD.
Business address : 134 Mica Street
Town : Carole Park
Province : Queensland
Zip/postal code : 4300
Country : Australia
Tel : +61 7 33756400
Fax : +61 7 33756233
Email : info@promusicaustralia.com
Website : www.promusicaustralia.com
Registered address : 134 Mica Street
Town : Carole Park
Province : Queensland
Zip/postal code : 4300
Country : Australia
Postal address : P.O. Box 291
Town : Carole Park
Province : Queensland
Zip/postal code : 4300
Country : Australia
Executive Summary
Date founded or registered : 04/06/1980
Legal form : Australian
Proprietary Company
Chief executive : Ian John Corazzol
Issued & paid up capital
: AUD 2
Sales turnover : AUD
8,000,000 (Estimated Non-consolidated 12 months, 30/06/2011)
Line of business : Import, wholesale and distribution
of musical instruments, amplification and audio
products.
Staff employed : 22 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 fair
Organization structure : Organizational structure is stable
Detrimental : No detrimental records found
Payment history : No
payment delays noted
Registry Data
Registration date : 04/06/1980
Legal form : Australian Proprietary Company
Registration no Australian Company Number:
010141965
Registered authority : Australian Securities and Investments
Commission
Fiscal/ Tax no : Australian Business Number:
15007958617
Registry status : Live/Active
Previous name : None reported.
Change of legal form : None reported.
Key Management
Name : Ian John Corazzol
Designation : Managing Director
Name : David Jenkin
Designation : General Manager
Name : Linda Greive
Designation : Accounts Manager
Appointments
Name : Ian John Corazzol
Designation : Director and Company Secretary
Appointment date : 18/06/80
Address : 83-87 Chesterfield Road
Park Ridge
South, QLD 4125
Australia
Biography : Born on 16-04-1950 in
Brisbane, Queensland, Australia.
Staff employed : 22 employees
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
How listed : Full List
Composition
Shareholder name : Ian John Corazzol
Address : 83-87 Chesterfield Road
Park Ridge
South, QLD 4125
Australia
No. of shares : 1 Ordinary Share
% of shares : 50%
Shareholder name : CAWSTON NOMINEES PTY. LTD.
Address : 134 Mica Street
Carole
Park, QLD 4300
Australia
No. of shares : 1 Ordinary Share
% of shares : 50%
Related companies and corporate affiliations comments : None
reported.
Bank Details
Name of bank : National Australia Bank 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 : None
reported.
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 1.00 as of
14-05-2012
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 : 8,000,000
Comments :
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 $12.5 million, and
-The company and any entities it controls have fewer than 50 employees at the end of the financial year.
Main activities : The Subject engages in import, wholesale and distribution of musical instruments,
amplification and audio products.
Product & services :
· Audio & Accessories
· Amplifiers
· Guitars & Accessories
· Woodwind & Accessories
· Drums
· Keyboards
Purchases
International : Japan, United States, Europe,
China, Taiwan
Sales
Local : Yes
International : No exports.
Property &
Assets
Premises : The Subject operates from premises
located at the verified heading address consisting of
administrative office and warehouse.
Branches : None reported.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 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%
2011: 3.0%
Unemployment rate 2008: 4.2 %
2009: 5.6 %
2010:5.2 %
2011: 5.0%
Public debt
(General Government gross
debt as a % GDP) 2008: 11.6%
2009: 17.6%
2010: 22.3 %
2011: 24.1%
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 30-90 days
Sales Term
Local : Prepayment, Bank
transfer, Credit 30-90 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.53.84 |
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UK Pound |
1 |
Rs.86.72 |
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Euro |
1 |
Rs.69.17 |
INFORMATION DETAILS
|
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.