MIRA INFORM REPORT
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Report No. : |
315658 |
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Report Date : |
08.04.2015 |
IDENTIFICATION DETAILS
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Name : |
AUSTRALIAN MERINO EXPORTING PTY LTD |
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Registered Office : |
Suite 3, 204-218 Dryburgh St, North Melbourne, Vic 3031 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2014 |
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Year of Establishment : |
2007 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Subject is Exporter of Merino wool. |
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No. of Employee : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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
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.
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Source
: CIA |
NAME
GIVEN AUSTRALIAN
MERINO EXPORTS PTY LTD
SPECIAL NOTE A search of failed to
trace any current entity registered under this name. There was a company named
‘Australian Merino Exports Pty Ltd’, however this company changed name on 5
April 2012, to ‘ACN 131 891 668 Pty Ltd’. It was around this time that
‘Australian Merino Exporting Pty Ltd’ took over the assets and operations of
this company. The following report was subsequently conducted on Australian
Merino Exporting Pty Ltd
COMPANY
NAME
AUSTRALIAN MERINO EXPORTING
PTY LTD
ACN: 151 148 435
ABN: 57 151 148
435
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Summary Panel |
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Established |
2007 |
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Incorporated |
2011 |
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Line of Business
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Wool exporters |
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Status |
Trading |
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Adverse Listings |
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CONTENTS
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EXECUTIVE
SUMMARY
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Australian Merino Exporting Pty Ltd |
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As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
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Revenue |
$152,284,864.00 |
$102,311,282.00 |
48.84% |
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Profit b/tax |
$403,317.00 |
$336,210.00 |
19.96% |
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Profit a/tax |
$282,322.00 |
$235,347.00 |
19.96% |
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Net Profit Margin |
0.19% |
0.23% |
-0.04% |
During fiscal 2014, the subject recorded a deficiency in Net Cashflows
from operating activities totalling $2,449,929.
As at 30 June 2014 the subject recorded Working Capital of $7,547,883 and
a current ratio of 1.17 to 1 indicating satisfactory liquidity levels.
Net Assets totalled $675,497 as at 30 June 2014.
CORPORATE
SEARCH
Company Type Australian
Proprietary Company
Status Registered
Incorporation Date 27 May 2011
Incorporation State VIC
Registered Office UNIT 1 GEELONG ACCOUNTING
PTY LTD, 7 RETREAT ROAD
NEWTOWN VIC, 3220
Current Directors Total: 2
Director Name KELLY, CHRISTOPHER JOHN
Appointment Date 17 Aug 2011
Date of Birth 17 Jul 1963
Place of Birth MACARTHUR VIC
Gender MALE
Resident Overseas N
Address 1314 STEIGLITZ RD,
SUTHERLANDS CREEK VIC 3331
Document Number 1E7667931
Director Name THOMSON, JAMES RODERICK
Appointment Date 27 May 2011
Date of Birth 10 Nov 1973
Place of Birth ECHUCA VIC
Gender MALE
Resident Overseas N
Address 27 HIGHETT RD, HIGHTON VIC
3216
Document Number 2E0541301
Current Secretaries Total: 1
Secretary Name THOMSON, JAMES RODERICK
Appointment Date 27 May 2011
Date of Birth 10 Nov 1973
Place of Birth ECHUCA VIC
Address 27 HIGHETT ROAD HIGHTON
VIC, 3216
Document Number 2E0541301
Company Shares Total: 1000 Amount: $1,000
Class ORDINARY SHARES [ORD]
Number of Shares Issued 1000
Paid Capital $1,000.00
Total Amount Due and Payable $0.00
Document Number 1E7452092
Current Shareholders
Shareholder Name BARWON RURAL CONTRACTINGPTY LTD
ACN 108062399
Address UNIT 2, 228-236 PAKINGTON
STREET GEELONG WEST VIC,
3218
Class ORD
Number Held 300
Beneficially Held N
Fully Paid Y
Jointly Held N
Document Number 1E7452092
Shareholder Name TIMBERIDGE PTY LTD
ACN 152720539
Address 1314 STEIGLITZ ROAD
SUTHERLANDS CREEK VIC, 3331
Class ORD
Number Held 300
Beneficially Held N
Fully Paid Y
Jointly Held N
Document Number 2E0541301
Shareholder Name DEEP BLUE INTERNATIONAL INVESTMENT HOLDING LTD
Address LEVEL 5, DEVELOPMENT BANK
OF SAMOA BUILDING BEACH
ROAD APIA SAMOA
Class ORD
Number Held 400
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 2E0541301
SECURITY
INTERESTS
Effective
30 January 2012 the Personal Property Securities Register (PPSR) was introduced to give the different
Commonwealth, State and Territory laws and registers regarding security
interests in personal property under one national system.
As
a result of PPS Reform a number of existing Commonwealth, State and Territory
personal property security registers will close. Interests registered on
existing security interest registers will be migrated to the national PPS
Register. Subsequently Registered Charges are no longer lodged with the
Australian Securities and Investments Commission (ASIC).
Please
contact us should you require a search of the PPSR.
BUSINESS
STRUCTURE
TRADING ADDRESS Suite
3, 204-218 Dryburgh St
NORTH
MELBOURNE, VIC 3031
TELEPHONE (03) 9329 0760
FACSIMILE (03) 9329 9751
HOLDING ENTITY DEEP
BLUE INTERNATIONAL INVESTMENT HOLDING LTD - Samoa
BANK ANZ
BANKING GROUP
EMPLOYEES 10
BACKGROUND
The subject was incorporated in
Victoria on 27 May 2011 under the current style.
The subject was formed to take over the assets and operations of
Australian Merino Exports Pty Ltd (Now ACN: 131 891 668 Pty Ltd) in an internal
restructure.
Operations were founded in 2007.
OPERATIONS
The subject operates as Merino wool
exporters.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of of on 2 April 2015 failed to trace any litigation listed
against the subject at that date.
FINANCES
From the subjects most recently lodged
financial statements, it is noted that for the financial year ended 30 June
2014 the subject recorded revenue of $152,284,864, which resulted in an
operating profit before tax of $403,317 and an operating profit after tax of
$282,322 representing a Net Profit Margin of 0.19%.
Below is a summary of the subject’s income
results for the past two financial years.
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Australian Merino Exporting Pty Ltd |
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As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
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Revenue |
$152,284,864.00 |
$102,311,282.00 |
48.84% |
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Profit b/tax |
$403,317.00 |
$336,210.00 |
19.96% |
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Profit a/tax |
$282,322.00 |
$235,347.00 |
19.96% |
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Net Profit Margin |
0.19% |
0.23% |
-0.04% |
During fiscal 2014, the subject recorded a deficiency
in Net Cashflows from operating activities totalling $2,449,929.
As at 30 June 2014 the subject recorded
total current assets of $51,521,108. They included receivables of $32,886,756
and stock on hand of $10,745,067.
Current liabilities at the same date
totalled $ 43,973,225 and included sundry creditors of $32,886,756 and trade
creditors of $3,386,692.
As at 30 June 2014 the subject recorded
Working Capital of $7,547,883 and a current ratio of 1.17 to 1 indicating
satisfactory liquidity levels.
Net Assets totalled $675,497 as at 30 June
2014. At this date, the subject further recorded a Debt to Equity ratio of 75
to 1 showing high levels of gearing. Nil intangibles were recorded at this
time.
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Australian Merino Exporting Pty Ltd |
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As at 30 June 2014 |
As at 30 June 2013 |
Change (%) |
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Revenue |
$152,284,864.00 |
$102,311,282.00 |
48.84% |
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Profit b/tax |
$403,317.00 |
$336,210.00 |
19.96% |
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Profit a/tax |
$282,322.00 |
$235,347.00 |
19.96% |
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Net Profit Margin |
0.19% |
0.23% |
-0.04% |
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Current Assets |
$51,521,108.00 |
N/A |
N/A |
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Non Current Assets |
$92,754.00 |
N/A |
N/A |
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Total Assets |
$51,613,862.00 |
N/A |
N/A |
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Current Liabilities |
$43,973,225.00 |
N/A |
N/A |
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Non Current Liabilities |
$6,965,140.00 |
N/A |
N/A |
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Total Liabilities |
$50,938,365.00 |
N/A |
N/A |
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Net Assets |
$675,497.00 |
N/A |
N/A |
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Working Capital |
$7,547,883.00 |
N/A |
N/A |
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Current Ratio |
1.17 |
N/A |
N/A |
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Debt to Equity |
75.41 |
N/A |
N/A |
TRADE
SURVEY
During the current investigation, contact
with the subject’s principals was unable to be established.
Subsequently details pertaining to the company’s suppliers were unable
to be obtained and a trade survey could not be conducted.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.33 |
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1 |
Rs.92.83 |
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Euro |
1 |
Rs.68.08 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ASH |
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.