MIRA INFORM REPORT
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Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
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Name : |
PRO MUSIC PTY. LTD. |
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Registered Office : |
134 Mica
Street, Carole Park,: Queensland, Zip/postal code 4300 |
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Country : |
Australia |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Australia - ECONOMIC OVERVIEW
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia''s trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the former RUDD government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.4% during 2009 - the best performance in the OECD - by 2.7% in 2010, and by 1.8% in 2011. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.0% in 2011. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia''s economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.
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Source : CIA |
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, 30/06/2012)
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 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
OWNERSHIP
/
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%
Structure
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 : 30/06/12
Type of
accounts : Estimated
key figures
Currency : Australia Dollar
(AUD)
Exchange rate
: 1 USD = AUD 0.95
as of 09-04-2013
Summarized
Financial Information
Consolidation
type : Non Consolidated
Currency : Australia Dollar
(AUD)
Denomination :
(x1) One
Date of
financial year end : 30/06/12
Length of
accounts : 12 months
Sale turnover
/ Income : 8,000,000
Comments : The estimated
turnover was provided by Mr. Ian John Corazzol.
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 $12.5 million,
and
end of the financial year.
Main
activities : The
Subject engages in import, wholesale and distribution of musical
instruments, amplification and audio products.
Product & services :
· Audio & Accessories
· Amplifiers
· Guitars & Accessories
· Woodwind & Accessories
· Drums
· Keyboards
Purchases
International
: Japan, United States,
Europe, China, South Korea, Taiwan, Indonesia
Sales
Local : Yes
International
: No exports.
Property &
Assets
Premises : The Subject operates from
premises at the verified heading address
consisting of a administrative office and warehouse.
Branches : None reported.
Central bank : Reserve Bank of Australia
Reserve of foreign exchange & gold : US$ 43.879 billion
Gross domestic product – GDP : US$ 1.586 trillion
GPP (Purchasing power parity) : 954.296 billion of International dollars
GDP per capita - current prices : US$ 68,916
GDP - composition by sector : agriculture: 4% industry: 25.6% services: 70.4%
Inflation : 2009: 1.8%
2010: 2.8%
2011: 3.4%
Unemployment rate 2009: 5.6 %
2010: 5.2 %
2011:5.1 %
Public debt
(General Government gross
debt as a % GDP) 2009: 16.9%
2010: 20.4%
2011: 22.9 %
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 2009: US$46,843 million
2009: US$25,716 million
2010: US$32,472 million
FDI Outflows 2008: US$33,604 million
2009: US$ 16,160 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%
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.54.53 |
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UK Pound |
1 |
Rs.83.59 |
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Euro |
1 |
Rs.71.33 |
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.