MIRA INFORM REPORT

 

 

Report Date :

06.09.2014

 

IDENTIFICATION DETAILS

 

Name :

SOMAGE PTY LTD

 

 

Registered Office :

8 Gilbert Road, Preston, Victoria, 3072

 

 

Country :

Australia

 

 

Date of Incorporation :

09.09.2005

 

 

Legal Form :

Australian Proprietary Company, Limited by Shares

 

 

Line of Business :

The Subject’s business consists of import and distribution of organic and herbal tea and drinking chocolate.

 

 

No of Employees :

8

 

 

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.

 

 

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

 

 

 

 

CORPORATE DETAILS

 

Verified Address

 

Subject name
SOMAGE PTY LTD
Business name / Other
SOMAGE FINE FOODS
Business address
16 Montague Street
Town
Collingwood
Province
Victoria
Zip / Postal code
3066
Country
Australia
Telephone
+61 3 94162199
Fax
+61 3 86772577
Email
enquiries@somage.com.au
Website
www.somage.com.au

Registered address
8 Gilbert Road
Town
Preston
Province
Victoria
Zip / Postal code
3072
Country
Australia

 

 

SUMMARY DETAILS

 

Report Summary

 

Date registered
09/09/2005
Legal form
Australian Proprietary Company, Limited by Shares
Key personnel
Nathan Graham Wakeford
Line of business
The Subject’s business consist of import and distribution of organic and herbal tea and drinking chocolate.
Staff employed
8 employees

Paid-up capital
AUD541,643.75

 

 

Subject’s Credit Risk Analysis

 

Country risk
Country risk is minimal
Operation trend
Operational trend is steady
Management experience
Management is modestly 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.

 

STATUTORY DETAILS

 

Registry Information

 

Date registered
09/09/2005
Legal form
Australian Proprietary Company, Limited by Shares
Registration number
Australian Company Number: 116174933
Registered authority
Australian Securities and Investments Commission
Tax / VAT number
Australian Business Number: 24116174933

 

Statutory status
Active
Previous name
None reported.
Change of legal form
None reported.
Other registration
SOMAGE FINE FOODS is a business name owned by the Subject registered on 22/09/2006 bearing registration number B1955859U.

 

 

BOARD OF MANAGEMENT

 

Key Personnel

 

Name
Nathan Graham Wakeford
Designation
Managing Director

 

 

 

BOARD OF DIRECTORS

 

Appointments

 

Name
Benjamin Joseph Kelly
Title
Director and Company Secretary
Appointment date
16/03/09
Address
Unit 7, 3 Kenilworth Parade
Ivanhoe, VIC 3079
Australia
Biography
Born on 21/01/1980 in Colac, Victoria, Australia.
Name
Nathan Graham Wakeford
Title
Director
Appointment date
09/09/05
Address
8 Gilbert Road
Preston, VIC 3072
Australia
Biography
Born on 10/06/1978 in Sandringham, Victoria, Australia.

 

Staff employed
8 employees

 

SHARE CAPITAL

 

Composition

 

Authorized capital
AUD541,643.75
Number / Type of shares
144,538 Ordinary Shares
Share par value
No par value
Issued capital
AUD541,643.75

Paid-up capital
AUD541,643.75

 

 

OWNERSHIP / SHAREHOLDERS

 

Composition

 

How listed
Full list
Shareholder name
Christopher Bray
Address
4 Francis Street
Sandringham, VIC 3191
Australia
Number / Type of shares
5,139 Ordinary Shares
Shareholder name
Jennifer Robyn Bray
Address
73 David Street
Hampton, VIC 3188
Australia
Number / Type of shares
1,000 Ordinary Shares
Shareholder name
Gourav Neogy
Address
30 Ross Street
Elsternwick, VIC 3185
Australia
Number / Type of shares
1,000 Ordinary Shares
Shareholder name
Rochelle Wakeford
Address
Unit 3, 20 Learmonth Street
Moonee Ponds, VIC 3039
Australia
Number / Type of shares
300 Ordinary Shares
Shareholder name
Lujpco Trajkoski
Address
Unit 308, Level 3
547 Flinders Lane
Melbourne, VIC 3000
Australia
Number / Type of shares
1,046 Ordinary Shares
Shareholder name
Benjamin Joseph Kelly
Address
Unit 7, 3 Kenilworth Parade
Ivanhoe, VIC 3079
Australia
Number / Type of shares
56,954 Ordinary Shares
Shareholder name
Graham Lawrence Wakeford
Address
10 Clarke And Barr Road
Jindivick, VIC 3818
Australia
Number / Type of shares
6,115 Ordinary Shares
Shareholder name
Justin Quigg
Address
1 Bird Street
Mount Eliza, VIC 3930
Australia
Number / Type of shares
5,105 Ordinary Shares
Shareholder name
SOUL ORIGIN PTY LTD
Address
8 Gilbert Road
Preston, VIC 3072
Australia
Number / Type of shares
63,669 Ordinary Shares
Shareholder name
Tien Quach
Address
2 Amy Street
Marrickville, NSW 2204
Australia
Number / Type of shares
4,210 Ordinary Shares

 

 

 

CORPORATE AFFILIATIONS AND RELATED COMPANIES

 

Structure

 

 

Remarks on corporate affiliations and related companies
None reported.

 

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 Mr. Benjamin Joseph Kelly 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 organic and herbal tea and drinking chocolate.
Products and services
Organic Tea
Iced Tea
Drinking Chocolate
Chocolate-coated coffee beans
Panela Organic
Teaware and accessories: Tea pots etc.
Brands
CHAMELLIA
KALI

 

Purchases

 

Local
None reported.

International
The Subject sources its product(s) / material(s) from countries such as Sri Lanka.

 

Sales

 

Local
The Subject sells its product(s) locally.

International
The Subject exports its product(s) to countries such as New Zealand, Hong Kong.

 

Business Facilities and Assets

 

Premises
The Subject operates from the verified heading address consisting of 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, Credit 30-60 days

 

Sales Term

 

Local
Credit card, Bank transfer, Prepayment, Credit 30 days

International
Telegraphic transfer, Prepayment, Credit 30 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.60.44

UK Pound

1

Rs.98.64

Euro

1

Rs.78.20

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

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.