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Report No. : |
334778 |
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Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
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Name : |
TRUTEX PTY LTD |
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Registered Office : |
Level 2, 68 Waterloo Road, Macquarie Park NSW,
2113 |
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Country : |
Australia |
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Date of Incorporation : |
04.07.2004 |
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Legal Form : |
Australian
Proprietary Company |
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Line of Business : |
Subject is engaged in design and distribution
of school uniforms including blouses, pleated trousers, shorts, shirts,
slacks and blazers. |
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No. of Employee : |
27 (Group) |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
Following two decades of continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system, Australia enters 2015 facing a range of growth constraints, principally driven by a sharp fall in global prices of key export commodities. Although demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports, sharp drops in current prices have already impacted growth. 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, although this trend could reverse or slow due to falling 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 entered into free trade agreements (FTAs) with the Republic of Korea and Japan, and concluded an FTA with China, in 2014, adding to existing FTAs with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with India and Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the ten ASEAN countries and China, Japan, Korea, New Zealand and India. Australia is also working on the Trans-Pacific Partnership Agreement with Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
|
Source
: CIA |
NAME GIVEN TRUTEX PTY LTD & MOUNT CASTLE PTY LTD
SPECIAL NOTE
Trutex Pty Ltd and Mount Castle Pty Ltd are both separate legal entities that belong to the same group. Each company contains the same Directors. The following report has been conducted on Trutex Pty Ltd. The results contained in the report relate to the Group, consisting of Trutex Pty Ltd and Mount Castle Pty Ltd.
TRUTEX PTY LTD
ACN: 109 402 762
ABN: 82 109 402
762
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Summary Panel |
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Established |
1835 |
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Incorporated |
2004 |
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Line of Business
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Distribution of school uniform |
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Status |
Trading |
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Adverse Listings |
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For the last
financial year ended 30 June 2015 the Group recorded strong profits on revenue
of $12,000,000.
The group
maintains access to financing facilities with its bankers. These facilities are
being utilised as the subject maintains strong liquidity levels and is able to
funded operations through the internal cashflows of the company.
Enquiries in trade quarters revealed satisfaction from suppliers
contacted in dealing with the subject on a credit basis.
Company Type Australian
Proprietary Company
Status Registered
Incorporation Date 04 Jun 2004
Incorporation State NSW
Registered Office LEVEL 2, 68 WATERLOO ROAD
MACQUARIE PARK NSW, 2113
Start Date 16 Jun 2015
Total: 2
Director Name THORUP, HENRIK
Appointment Date 18 Aug 2014
Date of Birth 25 Apr 1966
Place of Birth AALBORG DENMARK
Gender MALE
Resident Overseas N
Address 202, 8 GLEN ST, MILSONS POINT
NSW 2061
Document Number 029072691
Director Name BALDWIN, JAMES ROBERT
Appointment Date 04 Jun 2004
Date of Birth 17 Aug 1965
Place of Birth BRISBANE QLD
Gender MALE
Resident Overseas N
Address 34 INDUS ST, CAMP HILL QLD
4152
Document Number 0E9929237
Total: 1
Secretary Name THOMPSON, IAIN HERBERT
Appointment Date 29 May 2015
Date of Birth 19 Oct 1972
Place of Birth SYDNEY NSW
Address 210 SHEPHERDS DRIVE
CHERRYBROOK NSW, 2126
Document Number 1F0397434
Total: 2 Amount: $2
Class ORDINARY [ORD]
Number of Shares Issued 2
Paid Capital $2.00
Total Amount Due and Payable $0.00
Document Number 0E9929237
Shareholder Name MOUNTCASTLE PTY. LTD. Number Held
2
ACN 009661643
ABN 44009661643
Address GPO BOX 4406 SYDNEY NSW,
2001
Class ORD
Beneficially Held Y
Fully Paid Y
Jointly Held N
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).
TRADING ADDRESS 95
to 103 Hyde Rd
YERONGA,
QLD 4104
TELEPHONE (617) 3848 5855
FACSIMILE (617) 3848 5255
WEBSITE www.trutex.com.au
HOLDING ENTITY MOUNTCASTLE PTY LTD
BANK ANZ
BANKING GROUP
EMPLOYEES 27 (Group)
The subject was
incorporated in New South Wales on 4 June 2004 to commence operations as a new
venture.
The holding entity
Mount Castle Pty Ltd was established in 1835 and is Australia’s oldest hat
manufacturer.
The subject operates in the design and
distribution of school uniforms including blouses, pleated trousers, shorts,
shirts, slacks and blazers.
The holding entity Mountcastle operates in the manufacture of hats with ranges including seasonal,
uniform, military, western, bowls, fashion and others.
Activities are
conducted from premises located at the above listed trading address.
A search of of
on 30 July 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 the subjects financial controller Christine, she
confirmed the subjects search and operational details, before provided the
following consolidated financial details for the group, comprising of the
subject and the holding entity Mountcastle Pty Ltd.
For the last
financial year ended 30 June 2015 the Group recorded strong profits on revenue
of $12,000,000.
Current assets
include stock on hand of $6,000,000 and receivables of less than $1,000,000.
The group
maintains access to financing facilities with its bankers. These facilities are
being utilised as the subject maintains strong liquidity levels and is able to
funded operations through the internal cashflows of the company.
Further
financial details were unable to be obtained for the current enquiry.
Enquiries in trade quarters revealed satisfaction from suppliers
contacted in dealing with the subject on a credit basis.
A trade survey
on the subject traced the following accounts:
1. (Charles Parsons) Purchases for the
current calendar year have totalled $3,500 on 30 day terms. Payment is met in
45 days and the account is considered satisfactory having been known since
2007.
2. (Riverside Embroideries) Purchases
average $5,000 to $6,000 per month on 30 day terms. Payment is met in 45 days
and the account is considered satisfactory having been known for 5 to 6 years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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 |
-- |
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.