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Report No. : |
341057 |
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Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
FRUTEX AUSTRALIA PTY LTD |
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|
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Registered Office : |
55
Clarence Street, Sydney, New South Wales 2000 |
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Country : |
Australia |
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Year of Establishment : |
1968 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
Distribution of Food Ingredients. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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 FRUTEX AUSTRALIA PTY LTD
ACN:
058 187 376
ABN:
86 058 187 376
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Established |
1968 |
|
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Incorporated |
1992 |
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Line of Business |
Distribution of food ingredients |
|
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Status |
Trading |
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Chief Executive Officer |
Panogiotis,
Magiros |
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Details
pertaining to the subject’s financial and trading position were unable to be
obtained for the current enquiry.
Enquiries in
trade quarters revealed payments from suppliers being received on average 23 days
past due date.
Company Type Australian
Proprietary Company
Incorporation Date: 24 Nov 1992
Incorporation State: New South Wales
Registered Office 55 CLARENCE Street
SYDNEY, New South Wales 2000 Australia
Number of Shares Issued: 102
Paid Capital: 102
Shareholders PANOGIOTIS, MAGIROS
Number of Shares: 50
HELEN MAGIROS
Number of Shares: 50
VEECO HOLDINGS PTY LTD
Number of Shares: 2
Directors MAGIROS, PANOGIOTIS
Appointment Date: 24 Nov 1992
Date of Birth: 11 Apr 1940
Gender: Male
Address: 18 CRIPPS Avenue KINGSGROVE, New South Wales 2208 Australia
Resident Overseas: No
Secretary PANOGIOTIS MAGIROS
Appointment Date: 24 Nov 1992
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.
TRADING ADDRESS 18 St Albans St
KINGSGROVE,
NSW 2208
TELEPHONE (612) 9502 6500
FACSIMILE (612) 9502 6511
WEBSITE www.frutex.com.au
EMAIL spiro@frutex.com.au
BANK WESTPAC
BANKING CORPORATION
EMPLOYEES Not determined
The subject was incorporated in New South Wales on 24 November 1992
under the current style.
Operations were originally founded in 1968.
The subject operates in the supply of a
broad spectrum of food ingredients to the major industrial manufacturers in
Australia.
The subject carries a broad range of bakery
and food ingredients, consisting of dry vine fruit, tree fruit, prunes, figs,
nuts roasted & diced, coconut, seeds, fats & oils, tomato products,
canned / frozen / aseptic / concentrates - fruit - blueberries, raspberries,
peach, apricot, pear, dehydrated cranberries, blueberries, cherries, etc.
Vegetables - frozen / dehydrated / canned - mushrooms, carrots, celery, corn,
onion, garlic, etc.
Activities are conducted from premises located at the above listed
trading address.
A search of of on 15 September 2015failed 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 investigation contact with the subjects Financial
Controller Spiro was unable to be established. Despite messages being left, and
an email sent, no reply has been received.
As a result details pertaining to the subject’s financial position were
unable to be obtained for the current enquiry.
Trade payment from further sources in the past 4 months have traced the
following data for the subject.
Total Owing: $14,510
Total Past Due: $14,107
Average Late Payment Days: 23
All Industries Late Payment
Days: 9
-
Within
terms: $402
-
1 – 30
days past due: $0
-
31 – 60
days past due: $14,107
-
61 – 90
days past due: $0
-
91+
days: $0
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
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Analysis Done by
: |
KIN |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>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 |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.