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Report No. : |
319112 |
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Report Date : |
30.04.2015 |
IDENTIFICATION DETAILS
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Name : |
MAHONEY & SOMAIA PTY LTD |
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Registered Office : |
653 to 657 Mountain Hwy, Bayswater, VIC 3153 |
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Country : |
Australia |
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Year of Establishment : |
1978 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Subject is engaged in manufacture, import and wholesale of Manchester and related bedding products. |
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No. of Employee : |
23 |
RATING & COMMENTS
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MIRAs 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 2014, Australia had experienced more than 20 years of continued economic growth, averaging more than 3% 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 DOMTEX
AUSTRALIA ON BELALF OF SOMAIA GROUP
SPECIAL NOTE During the current investigation
it was revealed that the correct legal entity is Mahoney & Somaia Pty Ltd
which trades as Domtex Australia
MAHONEY & SOMAIA
PTY LTD
T/AS DOMTEX AUSTRALIA
ACN: 005 629 970
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Summary Panel |
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Established |
1978 |
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Incorporated |
1980 |
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Line of Business |
Manufacture, import and wholesale of Manchester |
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Status |
Trading |
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Adverse Listings |
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For the last
financial year ended 30 June 2014 the subject traded profitably and recorded
revenue of $14,000,000.
On a projected
basis revenue is expected to reach $18,000,000 for the current financial year
ending 30 June 2015.
During fiscal
2014 the Group recorded revenue of $48 million.
The group maintains
financing facilities with a combined limit of $6,800,000. The subject has
access to $800,000 of this facility.
At 31 March 2015
the group recorded total assets of $24,534,854 and Net Assets of $18,454,347.
Company Type Australian
Proprietary Company
INCORPORATED 06.03.1980
REGISTERED ADDRESS 653 to
657 Mountain Hwy
BAYSWATER,
VIC 3153
$40,000
SOMAIA, Kamal Anil Holds 10,000
SOMAIA,
Zarna Anil Holds 10,000
SOMAIA,
Hiten Holds
10,000
SOMAIA,
Anil Harjivan Holds 10,000
RAJA,
Naresh
7
Glencroft Tce
WHEELERS
HILL, NSW 3150
SOMAIA Hiten Anil
4
Lilly Pilly Lane
KILSYTH,
VIC 3137
SOMAIA,
Kamal Anil
4
Lilly Pilly Lane
KILSYTH,
VIC 3137
SOMAIA,
Anil Harjivan
4
Lilly Pilly Lane
KILSYTH,
VIC 3137
SOMAIA,
Zarna Anil
4
Lilly Pilly Lane
KILSYTH,
VIC 3137
SOMAIA, Anil Harjivan
4
Lilly Pilly Lane
KILSYTH,
VIC 3137
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.
TRADING ADDRESS 45
Holloway Dr
BAYSWATER,
VIC 3153
POSTAL ADDRESS PO
Box 602
BAYSWATER,
VIC 3153
TELEPHONE (613) 9762 2000
WEBSITE http://www.somaiagroup.com
CONTROLLED ENTITY DOMTEX AUSTRALIA
P/L (not trading)
AFFILIATED ENTITIES MAHONEY &
SOMAIA P/L
SOMAIA BROS P/L
KANGAROO
KIDS AUSTRALIA P/L
SIMBA
TEXTILE MILLS P/L
SIMBA
TOWELS P/L
BANK COMMONWEALTH
BANK OF AUSTRALIA
EMPLOYEES 23
The subject
was incorporated in Victoria on 6 March 1980 to commence operations under the
current style.
Operations
were originally established as a partnership in 1978.
The subject
operates in the manufacture, import and wholesale of Manchester and related
bedding products.
Activities are conducted from premises located at the above listed
trading address.
A search of of
on 24 April 2015 failed to trace any litigation listed against the subject at
that date.
The subject is not
required to lodge financial statements with the Australian Securities and
Investments Commission.
During the
current interview conducted with Director, Naresh Raja he advised that for the
last financial year ended 30 June 2014 the subject traded profitably and
recorded revenue of $14,000,000.
On a projected
basis revenue is expected to reach $18,000,000 for the current financial year
ending 30 June 2015.
During fiscal
2014 the Group recorded revenue of $48 million. Revenue is projected to reach
$59 million for the current financial year ending 30 June 2015.
Current assets
include stock on hand of $1,800,000 and receivables of $1,400,000.
Current
liabilities include payables of $100,000
The group
maintains financing facilities with a combined limit of $6,800,000. The subject
has access to $800,000 of this facility.
At 31 March 2015
the group recorded total assets of $24,534,854 and Net Assets of $18,454,347.
The subject is noted to operate in its capacity on behalf of the Mahoney
and Somaia Unit Trust. Unsecured creditors are placed at maximum risk when
dealing with a trustee company.
A trade survey on the subject traced the following accounts:
1. (IFC
Global) Purchases average $50,000 per month on 30 day terms. Payment is met in 30
to 45 days and the account is considered satisfactory having been known since
August 2013.
2. Nominate
supplier is yet to respond to correspondence.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.20 |
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UK Pound |
1 |
Rs.97.01 |
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Euro |
1 |
Rs.69.34 |
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 SCs
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.