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Report No. : |
353895 |
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Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
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Name : |
WESTLAB PTY LTD |
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Registered Office : |
Focus Accounting & Financial Group,
402, Dowling Street Wendouree, Vic, 3355 |
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Country : |
Australia
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Date of Incorporation : |
25.06.2015 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject operates in the import and distribution of laboratory
supplies for water treatment applications. |
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No. of Employees : |
12 |
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 |
REGISTERED NAME WESTLAB PTY LTD
T/AS
WESTLAB
ACN 606662113
ABN 71606662113
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Summary Panel |
||
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Established |
1993 |
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Incorporated |
2015 |
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Line of Business |
Distribution of laboratory supplies |
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Status |
Trading |
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The subject was formed to restructure the assets and operations of an
existing business, Westlab, effective 1 July 2015.
For the last financial year ended 30 June 2015 the operations of the
subject recorded revenue of $8,000,000 and traded profitably.
On a projected basis, a similar result is forecast for the current
financial year ending 30 June 2016.
In regards to asset backing the Group is noted to own the premises
located at the above listed trading address.
Company Type Australian Proprietary Company
Status Registered
Incorporation Date 25 Jun 2015
Incorporation State VIC
Registered Office Focus Accounting &
Financial Group,
402
Dowling Street
Wendouree
Vic, 3355
Current Directors Total: 4
Director Name GRACE, RUSSELL
Appointment Date 25 Jun 2015
Date of Birth 27 Jun 1985
Place of Birth BALLARAT VIC
Gender MALE
Resident Overseas N
Address 3 RYDER CT, CANADIAN VIC
3350
Document Number 2E2025311
Director Name GRACE, PETER RICHARD
Appointment Date 25 Jun 2015
Date of Birth 13 Dec 1962
Place of Birth BALLARAT VIC
Gender MALE
Resident Overseas N
Address 5 SIMONE CT, CANADIAN VIC
3350
Document Number 2E2025311
Director Name GRACE, GAVIN
Appointment Date 25 Jun 2015
Date of Birth 29 Nov 1991
Place of Birth BALLARAT VIC
Gender MALE
Resident Overseas N
Address 5 SIMONE CT, CANADIAN VIC
3350
Director Name FOWLER, EDWARD GEORGE
Appointment Date 25 Jun 2015
Date of Birth 14 Feb 1974
Place of Birth CAPE TOWN SOUTH AFRICA
Gender MALE
Resident Overseas N
Address 29 COULSONS RD,
WARRENHEIP VIC 3352
Document Number 2E2025311
Current Secretaries Total: 1
Secretary Name GRACE, PETER RICHARD
Appointment Date 25 Jun 2015
Date of Birth 13 Dec 1962
Place of Birth BALLARAT VIC
Address 5 SIMONE COURT CANADIAN
VIC, 3350
Document Number 2E2025311
Company Shares Total: 10 Amount: $10
Class ORDINARY SHARES [ORD]
Number of Shares Issued 10
Paid Capital $10.00
Total Amount Due and Payable $0.00
Document Number 2E2025311
Current Shareholders
Shareholder Name WESTLAB HOLDINGS PTY LTD
ACN 606525348
ABN 87606525348
Address 402 DOWLING STREET
WENDOUREE VIC, 3355
Class ORD
Number Held 10
Beneficially Held Y
Fully Paid Y
Jointly Held N
Document Number 2E2025311
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 122
Fussell St
BALLARAT,
VIC 3350
TELEPHONE (613)
5333 2941
WEBSITE www.westlab.com.au
EMAIL sales@westlab.com.au
TRADING STYLE WESTLAB
BANK COMMONWEALTH
BANK OF AUSTRALIA
EMPLOYEES 12
The subject was incorporated in Victoria on 25 June 2015 under the
current style.
The subject was formed to restructure the assets and operations of an
existing business, Westlab, effective 1 July 2015.
Prior to this time Westlab operations as a Partnership between Omni
Systems Australia P/L and Fussell P/L
Since 1993 Westlab have been dedicated to the science and laboratory
industry through an innovative range of high quality laboratory
products.
In 2010 Westlab introduced 3 new brands to further reflect their vision
to become the first choice for every Australian Laboratory.
In 2011 Westlab become a major shareholder in the ISG
(International scientific group) which means products are now offered
globally.
The subject operates in the import and distribution of laboratory
supplies for water treatment applications.
Products include glassware, plastic ware, lab ware, lab equipment, test
strips, reagents, safety and cleaning, storage and trolleys, life sciences,
biology, physics and furniture.
Activities are conducted from premises located at the above listed
trading address.
A search of of on 16 December 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 subject’s financial
controller Joanne, she advised that the subject was formed to restructure the
assets and operations of an existing business, Westlab, effective 1 July 2015.
For the last financial year ended 30 June 2015 the operations of the
subject recorded revenue of $8,000,000 and traded profitably.
On a projected basis, a similar result is forecast for the current
financial year ending 30 June 2016.
Current assets include stock on hand of $1,000,000.
The subject maintains an overdraft facility with the Commonwealth Bank
of Australia which is used to assist in funding working Capital requirements.
In regards to asset backing the Group is noted to own the premises located
at the above listed trading address.
A trade survey on the subject traced the following accounts:
1. (International cargo)
Purchases range between $25,000 and $80,000 per month on 30 day terms. Payment
is met in 30 days and the account is considered satisfactory having been known
for 9 years.
2. (Chem Supply) Nominated
supplier failed to respond to correspondence despite chasing.
Trade payment from further sources in the past 4 months have traced the
following data for the subject.
Total Owing: $1,044
Total Past Due: $1,044
Within terms: $0
1 – 30 days past due: $1,044
31 – 60 days past due: $0
61 – 90 days past due: $0
91+ days: $0
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.85 |
|
|
1 |
Rs.100.57 |
|
Euro |
1 |
Rs.73.15 |
|
AUD |
1 |
Rs.47.84 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.