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MIRA INFORM REPORT
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Report No. : |
502949 |
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Report Date : |
17.04.2018 |
IDENTIFICATION DETAILS
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Name : |
PARAGOLD DISTRIBUTORS PTY LTD |
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Registered Office : |
1 – 7 Green St Banksmeadow NSW 2019 |
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Country : |
Australia |
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Date of Incorporation : |
04.12.1992 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
The subject operates in the import and wholesale of handbags, wallets
and accessories. |
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No. of Employees : |
33 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 2018 facing a range of growth constraints, principally driven by the
sharp fall in global prices of key export commodities. Demand for resources and
energy from Asia and especially China has stalled and sharp drops in current
prices have 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 benefited from a dramatic surge in its terms of trade in
recent years, although this trend has reversed 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 WTO, APEC, the G20, and other trade forums.
Australia’s free trade agreement (FTA) with China entered into force in 2015,
adding to existing FTAs with the Republic of Korea, Japan, 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 10 ASEAN countries and China, Japan, Korea, New
Zealand and India.
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Source
: CIA |
CORPORATE
REPORT
REGISTERED NAME PARAGOLD DISTRIBUTORS PTY LTD
T/AS
CELLINI HANDBAGS
ACN: 058 299 497
ABN: 61 058 299 497
Summary
Panel
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Established |
1992 |
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Incorporated |
1992 |
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Line of Business |
Import and wholesale of handbags |
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Status |
Trading |
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EXECUTIVE
SUMMARY
For the last financial year ended 30 June 2017 the subject traded
profitably and recorded revenue of $8,000,000.
For the same period the group recorded revenue of $14,000,000.
On a projected basis, similar trading results are forecast for the
current financial year ending 30 June 2018.
The subject maintains financing facilities with its bankers which have a
$5,500,000 limit and are used to assist in funding working capital requirements.
The group maintains Net Assets in the order of $3,500,000.
CORPORATE
SEARCH
Company Type Australian
Proprietary Company
INCORPORATED 4
December 1992
REGISTERED ADDRESS 1 – 7
Green St
Banksmeadow
NSW 2019
SHARECAPITAL $2,618,689
SHAREHOLDERS MORCAL
HOLDINGS P/L
Holds 2,620,000
DIRECTORS MORROW,
James Anthony
17
Kent Rd
ROSE
BAY, NSW 2029
CALLISTER,
Stephen William
2
Bay St
GREENWICH,
NSW 2065
SECRETARY CALLISTER,
Stephen William
2
Bay St
GREENWICH,
NSW 2065
DICKSON,
CHRISTOPHER WILLIAM
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.
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).
BUSINESS STRUCTURE
TRADING ADDRESS Unit
1
1
– 7 Green St
BANKSMEADOW,
NSW 2019
TELEPHONE (612)
8338 7200
FACSIMILE (612)
8338 7299
WEBSITE http://cellini.com.au/
TRADING STYLE CELLINI
HANDBAGS
ASSOCIATED ENTITIES INCASE
P/L
CUTTING
EDGE CORPORATION P/L
HOLDING ENTITY MORCAL
HOLDINGS P/L
ULTIMATE HOLDING
ENTITY MORCAL
GROUP P/L
BANK ST
GEORGE BANK
EMPLOYEES 33
BACKGROUND
The subject was incorporated in Victoria on 4 December 1992, before adopting the current style on 11
February 1993.
The subject was formed to restructure the assets and operations of an existing business.
OPERATIONS
The subject operates in the import and wholesale of handbags, wallets
and accessories.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of of on 10 April 2018 failed to trace any litigation listed
against the subject at that date.
FINANCES
The subject is not required to lodge financial statements with the
Australian Securities and Investments Commission.
During the current interview conducted with financial controller Chris
Dixon he advised that for the last financial year ended 30 June 2017 the
subject traded profitably and recorded revenue of $8,000,000. This compares to
revenue of $6,000,000 for the previous corresponding year ended 30 June 2016.
For the same period the group recorded revenue of $14,000,000.
On a projected basis, similar trading results are forecast for the current
financial year ending 30 June 2018.
For the year ended 30 June 2014 the group recorded a small loss on
revenue of $12,000,000. This loss was primarily attributable to tight retail
market conditions.
For the year ended 30 June 2013 the Group recorded revenue of
$12,000,000 and traded profitably. This compares to revenue of $14,000,000 for
the previous corresponding year ended 30 June 2012
For the year ended 30 June 2011, the Group recorded revenue of
$12,000,000.
For the year ended 30 June 2009 the Group recorded revenue of
$12,000,000. This compare to revenue of $12,700,000 for the previous
corresponding year ended 30 June 2008
For the year ended 30 June 2005, the Group traded profitably and
recorded revenue of between $5,000,000 and $10,000,000.
Current assets include stock on hand valued at $1,500,000.
The subject maintains financing facilities with its bankers which have a
$5,500,000 limit and are used to assist in funding working capital
requirements.
The group maintains Net Assets in the order of $3,500,000.
Further financial details were unable to be obtained for the current
enquiry.
TRADE
SURVEY
A trade survey on the subject traced the following accounts:
(Park Express) Purchases average $20,000 per month on 30 day terms.
Payment is met in 30 days and the account is considered satisfactory, having
been known over 25 years.
(Direct Freight) 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:
$3,527
Total Past Due:
$3,143
Average Late
Payment Days: 45
All Industries
Late Payment Days: 9
Within terms: $364
1 – 30 days past due: $455
31 – 60 days past due: $1,664
61 – 90 days past due: $1,024
91+ days: $0
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.45 |
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1 |
INR 93.27 |
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Euro |
1 |
INR 80.74 |
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AUD |
1 |
INR 51.03 |
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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PRI |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.