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Report No. : |
351860 |
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Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SPOTLIGHT PTY LTD |
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Formerly Known As : |
SPOTLIGHT STORES PTY LTD. |
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Registered Office : |
5, 111 Cecil St, South Melbourne, VIC 3205 |
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Country : |
Australia
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Date of Incorporation : |
23.04.1976 |
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Legal Form : |
Private Company |
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Line of Business : |
· The subject operates as Australia’s largest fabric, craft and decorating superstores. · Products include sewing machines, haberdashery, trims, fabrics, beading, painting supplies, crochet and knitting, needlework, adhesives, floristry, cookware, bakeware, storage solutions, blinds, curtains and party supplies. |
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No. of Employees : |
6,500 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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
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.
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Source
: CIA |
REGISTERED NAME SPOTLIGHT PTY LTD
ACN: 005 180 861
ABN: 39 564 861 886
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Established |
1976 |
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Incorporated |
1976 |
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Line of Business |
Chain of fabric and craft stores |
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Status |
Trading |
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Chief Executive Officer |
Morry Fraid |
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Enquiries in trade quarters revealed satisfaction from suppliers
contacted.
INCORPORATED 23
April 1976
REGISTERED ADDRESS 5, 111
Cecil St
SOUTH
MELBOURNE, VIC 3205
SHARECAPITAL $2
SHAREHOLDERS Spotlight
Management Services Holds 2
shares
FRAID,
Morry
13
Meadow St
ST
KILDA EAST, VIC 3183
FRAID,
Morry
BERGMAN,
Ari Braham
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.
SOUTH
MELBOURNE, VIC 3205
TELEPHONE (613) 9675 4000
WEBSITE www.spotlight.com.au
EMAIL deanb@spotlight.com.au
HOLDING ENTITY SPOTLIGHT
GROUP HOLDINGS PTY LTD
ANACONDA
GROUP PTY LTD
BRANCHES The subject maintains 125 branches across Australia.
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES
The subject was incorporated in Victoria on 23 April 1976 as Seventh Feinrab P/L, adopting the current style on 29 June 1976.
Operations were founded by Directors Morry Fraid and Ruben Fried in 1976.
HILTON,
Donald William, Director was born on 13 November 1959 and was appointed to the
subjects board on 30 August 2002.
FRAID, Morry
Director was born on 23 September 1951 and was appointed to the subject’s board
on 6 July 1977. He co-founded the subject in 1978, which today operates stores in
Australia, New Zealand and Singapore and employs more than 3,000 staff. He is
active in the daily operations as joint Managing Director.
The subject operates as Australia’s largest fabric, craft and decorating superstores.
Products include sewing machines, haberdashery, trims, fabrics, beading, painting supplies, crochet and knitting, needlework, adhesives, floristry, cookware, bakeware, storage solutions, blinds, curtains and party supplies.
Activities are
conducted from premises located at the above listed trading address.
A search of of
on 27 November 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.
For the financial year ended 30 June 2013
the subject traded profitably and recorded revenue of $850,000,000.
For the year ended 30 June 2012 the subject
traded profitably and recorded revenue of close to $900 million.
For the financial year ended 30 June 2006,
the subject traded profitably and recorded revenue of $700,000,000. This
compares to revenue of $680 million for the year ended 30 June 2005.
Current assets in June 2015 include stock on
hand of $250,000,000.
The subject maintains access to financing
facilities with its bankers which are used to assist in funding working capital
requirements.
The subject is noted to operate in its
capacity on behalf of the Spotlight Stores Trading Trust. Unsecured creditors
are placed at maximum risk when dealing with a trustee company.
Enquiries in trade quarters revealed
satisfaction from suppliers contacted.
A trade survey on the subject traced the following accounts:
1.
(Caprice Australia) Purchases average $6,000,000
per month on 30 day terms. Payment is met within terms and the account is
considered satisfactory, having been known over 40 years.
2.
(Gummerson Fabrics) Nominated supplier failed to
respond to correspondence despite chasing.
3.
(EC Birch) Nominate supplier declined to provide a
reference owing to company policy.
Trade payment from
further sources in the past 4 months have traced the following data for the
subject.
Total Owing: $922
Total Past Due: $0
Average Late Payment Days: 0
All Industries Late Payment
Days: 7
-
Within
terms: $922
-
1 – 30
days past due: $0
-
31 – 60
days past due: $0
-
61 – 90
days past due: $0
-
91+
days: $0
The subject was incorporated in Victoria on 23 April 1976 as Seventh Feinrab P/L, adopting the current style on 29 June 1976.
Operations were founded by Directors Morry Fraid and Ruben Fried in 1976.
Current financial details pertaining to the subject were
unable to be obtained for the current enquiry.
Further investigations have revealed that the subject
generates revenue of more than $800 million per annum.
The subject is noted to operate in its capacity on behalf of the Spotlight Stores Trading Trust. Unsecured creditors are placed at maximum risk when dealing with a trustee company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.66.62 |
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|
1 |
Rs.100.34 |
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Euro |
1 |
Rs.70.67 |
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AUD |
1 |
Rs.48.89 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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TRI |
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Report Prepared
by : |
NIT |
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.