MIRA INFORM REPORT

 

 

Report Date :

12.07.2014   

 

IDENTIFICATION DETAILS

 

Name :

SIMBA TOWELS PTY LTD

 

 

Registered Office :

C/o VAN DER ROSS & ASSOCIATES

Unit 1, 653-657 Mountain Highway Bayswater Victoria 3153 P.O. Box 713

 

 

Country :

Australia

 

 

Date of Incorporation :

11.04.2005

 

 

Com. Reg. No.:

113762959

 

 

Legal Form :

Australian Proprietary Company, Limited by Shares

 

 

Line of Business :

Import and distribution of towel and textile products for the promotional, corporate, resort, healthcare and hospitality markets.

 

 

No. of Employees

07

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No complaints

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Australia

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

 

AUSTRALIA ECONOMIC OVERVIEW

 

The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, 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 is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam

 

Source : CIA

 

 

 

Company name and address

 

Verified Address

 

Subject name
SIMBA TOWELS PTY LTD
Business address
Bayswater Business Park
Unit 12, 52 Corporate Boulevard
Town
Bayswater
Province
Victoria
Zip / Postal code
3153
Country
Australia
Telephone
+61 3 97294955
Fax
+61 3 97298669
Email
helpdesk@simbatowels.com.au
Website
www.simbatowels.com.au

 

Registered address
C/o VAN DER ROSS & ASSOCIATES
Unit 1, 653-657 Mountain Highway
Town
Bayswater
Province
Victoria
Zip / Postal code
3153
Country
Australia
Postal address
P.O. Box 713
Town
Bayswater
Province
Victoria
Zip / Postal code
3153
Country
Australia

 

 

SUMMARY DETAILS

 

Report Summary

 

Date registered
11/04/2005
Legal form
Australian Proprietary Company, Limited by Shares
Key personnel
Mary Iles
Line of business
The Subject’s business consist of import and distribution of towel and textile products for the promotional, corporate, resort, healthcare and hospitality markets.

Staff employed
7 employees

Paid-up capital
AUD100.00

 

 

 

Subject’s Credit Risk Analysis

 

Country risk
Country risk is minimal
Operation trend
Operational trend is steady
Management experience
Management is reasonably experienced
Financial performance
Financial performance is undetermined

 

Organisation structure
Organisational structure is stable
Detrimental
No detrimental found
Payment history
No payment delays noted
Credit amount requested
Not described.
Credit amount suggestion
USD 160,000

 

 

STATUTORY DETAILS

 

Registry Information

 

Date registered
11/04/2005
Legal form
Australian Proprietary Company, Limited by Shares
Registration number
Australian Company Number: 113762959
Registered authority
Australian Securities and Investments Commission
Tax / VAT number
Australian Business Number: 58113762959

 

Statutory status
Active
Previous name
None reported.
Change of legal form
None reported.

 

 

 

BOARD OF MANAGEMENT

 

Key Personnel

 

Name
Mary Iles
Designation
General Manager

 

 

 

BOARD OF DIRECTORS

 

Appointments

 

Name
Anil Harjivan Somaia
Title
Director and Company Secretary
Appointment date
11/04/05
Address
4 Lillypilly Lane
Kilsyth, VIC 3137
Australia
Biography
Born on 09/01/1936 in Tanzania.
Name
Ashok Harjivan Somaia
Title
Director and Company Secretary
Appointment date
11/04/05
Address
47 Kwinana Street
Glen Waverley, VIC 3150
Australia
Biography
Born on 07/07/1947 in Tanzania.
Name
Kamal Anil Somaia
Title
Director and Company Secretary
Appointment date
11/04/05
Address
4 Lillypilly Lane
Kilsyth, VIC 3137
Australia
Biography
Born on 22/07/1968 in United Kingdom.
Name
Mehul Ashok Somaia
Title
Director and Company Secretary
Appointment date
11/04/05
Address
47 Kwinana Street
Glen Waverley, VIC 3150
Australia
Biography
Born on 28/11/1978 in Tanzania.

 

Staff employed
7 employees

 

SHARE CAPITAL

 

Composition

 

Authorized capital
AUD100.00
Number / Type of shares
100 Ordinary Shares
Share par value
AUD1.00
Issued capital
AUD100.00

Paid-up capital
AUD100.00

 

 

 

OWNERSHIP / SHAREHOLDERS

 

Composition

 

How listed
Full list
Shareholder name
A.H. SOMAIA PTY. LTD.
Address
45 Holloway Drive
Bayswater, VIC 3153
Australia
Number / Type of shares
50 Ordinary Shares
Percentage (%) of shares
50%
Shareholder name
ASHOK H. SOMAIA PTY. LTD.
Address
45 Holloway Drive
Bayswater, VIC 3153
Australia
Number / Type of shares
25 Ordinary Shares
Percentage (%) of shares
25%
Shareholder name
Mehul Ashok Somaia
Address
47 Kwinana Street
Glen Waverley, VIC 3150
Australia
Number / Type of shares
25 Ordinary Shares
Percentage (%) of shares
25%

 

 

 

 

CORPORATE AFFILIATIONS AND RELATED COMPANIES

 

Structure

 

Company name
A.H. SOMAIA PTY. LTD.
Affiliation type
Shareholder
Country of business
Australia
Company name
ASHOK H. SOMAIA PTY. LTD.
Affiliation type
Shareholder
Country of business
Australia
Company name
SIMBA TEXTILE MILLS PTY. LTD.
Affiliation type
Associate
Country of business
Australia
Company name
KANGAROO KIDS EDUCATION LIMITED
Affiliation type
Associate
Country of business
India
Company name
MAHONEY & SOMAIA PTY. LTD.
Affiliation type
Associate
Country of business
Australia
Company name
DOMTEX AUSTRALIA PTY LTD
Affiliation type
Associate
Country of business
Australia
Company name
SIMBA USA LLC
Affiliation type
Associate
Country of business
United States
Company name
KANGAROO KIDS AUSTRALIA PTY. LTD.
Affiliation type
Associate
Country of business
Australia
Company name
SOMAIA GROUP PTY LTD
Affiliation type
Associate
Country of business
Australia
Company name
SOMAIA BROS PTY LIMITED
Affiliation type
Associate
Country of business
Australia

 

Remarks on corporate affiliations and related companies
Other companies of the Somaia group should be considered affiliates of the Subject.

 

BANK AND MORTGAGES

 

Bank Details

 

Name of bank
Australia and New Zealand Banking Group Limited
Address
Australia

 

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 Filings

 

Bankruptcy filings
None reported.
Court judgements
None reported.

Tax liens
None reported.
Others
None reported.

 

 

FINANCIAL STATISTICS

 

Remarks

 

The representative contacted Ms. Mary Iles declined to provide any financial information until the inquiring party details are revealed.

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.

 

 

BUSINESS DETAILS

 

Operational Details

 

Main activities
The Subject engages in import and distribution of towel and textile products for the promotional, corporate, resort, healthcare and hospitality markets.
Products and services
Beach Towel
Bath Towel
Beach Bags
Sports & Golf Towel
Spa & Salon Towel
Kitchen Towel
Jute and canvas bag
Kids Beach Ponchos
Slippers
Bathrobes
Brands
SIMBA

 

Purchases

 

Local
None reported.

International
The Subject sources its product(s) / material(s) from countries such as India, Pakistan, China.

 

Sales

 

Local
The Subject sells its product(s) locally.

International
None reported.

 

Business Facilities and Assets

 

Premises
The Subject operates from the verified heading address consisting of a showroom, warehouse and an administrative office.

 

Branches
None reported.

 

 

 

SUMMARIZED COUNTRY RISK

 

Gross Domestic Products (GDP) and Economic Overview

 

Central bank
Reserve Bank of Australia
Reserve of foreign exchange and gold
US$ 46.714 billion
Gross domestic product (GDP)
US$ 1.586 trillion
Purchasing power parity (GPP)
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
2010: 2.8%
2011: 3.4%
2012: 2.7%
Unemployment rate
2010: 5.2%
2011: 5.1%
2012: 5.2%

Public debt (general Government gross debt as percentage (%) of GDP)
2010: 20.4%
2011: 22.9%
2012: 24%
Government bond ratings
Standard & Poors: AAA
Moodys rating: Aaa
Moodys outlook: STA
Market value of publicly traded shares
US$1.198 trillion
Largest companies
Qantas Airways (Airline),Coca-Cola Amatil (Beverages), CSL (Biotechs), Brambles (Business & Personal Services),Crown Ltd (Casinos & Gaming), Amcor (Containers & Packaging),Suncorp-Metway (Diversified Insurance), BHP Billiton (Diversified Metals & Mining),Newcrest Mining (Diversified Metals & Mining), Orica (Diversified Metals & Mining), Iluka Resources (Diversified Metals & Mining), Origin Energy (Electric Utilities), AGL Energy (Electric Utilities), Wesfarmers (Food Retail), Woolworths (Food Retail), Metcash (Food Retail), Macquarie Group (Investment services), AMP (Investment services), Challenger Ltd (Investment services), Fortescue Metals Group (Iron & Steel), Bluescope Steel (Iron & Steel), Commonwealth Bank (Major Banks), Westpac Banking Group (Major Banks), National Australia Bank (Major Banks), ANZ (Major Banks), Woodside Petroleum (Oil & Gas Operations), Santos (Oil & Gas Operations), Caltex Australia (Oil & Gas Operations), WorleyParsons (Oil Services & Equipment), Toll Holdings (Other Transportation), Transurban Group (Other Transportation), QBE Insurance Group (Property & Casualty Insurance), Insurance Australia Group (Property & Casualty Insurance), QR National (Railroads), Westfield Group (Real Estate), Stockland Australia (Real Estate), Westfield Retail Trust (Real Estate), Lend Lease (Real Estate), CFS Retail Property Trust (Real Estate), Goodman Group (Real Estate), Bendigo & Adelaide Bank (Regional Banks), Bank of Queensland (Regional Banks), Incitec Pivot (Specialized Chemicals), Telstra (Telecommunications Services)

 

Trade and Competitiveness Overview

 

Total exports
US$263.9 billion
Export commodities
Coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment
Total imports
US$239.7 billion
Import commodities
Machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Best countries for doing business
10 out of 185 countries
Global competitiveness ranking
20 (ranking by country on a basis of 144, the first is the best)

Major export partners
China 27.4%, Japan 19.2%, South Korea 8.9%, India 5.8%
Major import partners
China 18.5%, US 11.4%, Japan 7.9%, Singapore 6.3%, Germany 4.7%
FDI inflows
2009: US$26,554 million
2010: US$35,556 million
2011: US$41,317 million
FDI outflows
2009: US$16,693 million
2010: US$12,791 million
2011: US$19,999 million

 

Country and Population Overview

 

Total population
22.68 million
Total area
7,692,024 km2
Capital
Canberra

Currency
Australian dollars (AUD)
Internet users as percentage (%) of total population
79%

 

 

PAYMENT OUTLOOK

 

Purchases Term

 

 

International
Telegraphic transfer, Prepayment, 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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.19

UK Pound

1

Rs.103.15

Euro

1

Rs.81.87

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIS

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.