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MIRA INFORM REPORT
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Report No. : |
503709 |
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Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL FOODS GROUP PTY LTD |
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Registered Office : |
114 Christina Road, Villawood, New South Wales 2163 |
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Country : |
Australia |
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Date of Incorporation : |
26.03.2007 |
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Legal Form : |
Australian Proprietary Company |
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Line of Business : |
·
The subject operates in the wholesalers, importers,
distributors and manufacturers and food products. ·
The subject delivers products to Australia’s
leading supermarkets such as Coles, Woolworths, Franklins and other major
retailers. |
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No. of Employees : |
60 |
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 : |
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.
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 |
note
In absence of company financials, no credit limit could be recommended.
CORPORATE
REPORT
REGISTERED NAME GLOBAL FOODS GROUP PTY LTD
T/AS
GALAXY & GLOBAL FOODS
ACN:
124 595 777
ABN:
26 124 595 777
Summary
Panel
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Established |
Over 30 years |
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Incorporated |
2007 |
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Line of Business |
Wholesalers, importers, distributors and manufacturers and food
products |
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Status |
Trading |
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EXECUTIVE
SUMMARY
The subject has been trading profitably and generated revenue of between
$50,000,000 and $100,000,000 for the last financial year ended 30 June 2017.
On a projected basis, a 10% growth in revenue is forecast for the
current financial year ending 30 June 2018.
In regards to asset backing the subject is noted to own the premises
located at the above listed trading address. A property search can be conducted
at your request to confirm ownership.
CORPORATE
SEARCH
Company Type Australian
Proprietary Company
Incorporation Date: 26 Mar 2007
Incorporation State: Victoria
Registered Office 114 Christina Road
Villawood, New South Wales 2163 Australia
Number of Shares Issued: 3
Paid Capital: 3
Shareholders GABRIEL CHRISTOU
Number of Shares: 1
GEORGE VASILI
Number of Shares:
1
NICK VASILI
Number of Shares:
1
Directors VASILI, NICK
Appointment Date:
26 Mar 2007
Date of Birth: 28
Jan 1948
Gender: Male
Address: 1 CLARKE
Street VAUCLUSE, New South Wales 2030 Australia
Resident
Overseas: No
VASILI, GEORGE
Appointment Date:
26 Mar 2007
Date of Birth: 03
Jan 1948
Gender: Male
Address: 10 VIRET
Street HUNTERS HILL, New South Wales 2110 Australia
Resident
Overseas: No
CHRISTOU, GABRIEL
Appointment Date:
26 Mar 2007
Date of Birth: 13
Jan 1942
Gender: Male
Address: 40
BAROONA Road NORTHBRIDGE, New South Wales 2063 Australia
Resident
Overseas: No
Secretary GEORGE VASILI
Appointment Date: 26 Mar 2007
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
VILLAWOOD
NSW 2163
TELEPHONE (612)
9723 5066
FACSIMILE (612)
9723 5040
EMAIL peter@gfgroup.com.au
WEBSITE www.gfgroup.com.au
WAREHOUSE 114 Christina
Rd
VILLAWOOD,
NSW 2163
BANK NATIONAL
AUSTRALIA BANK
ANZ BANKING GROUP
EMPLOYEES 60
BACKGROUND
The subject was incorporated in Victoria on 26 March 2007 as Gadolinium
P/L, changing name on 2 July 2007 to Galaxy Imports (NSW) P/L before adopting
the current style on 17 October 2008.
The subject was formed to merge the assets and operations of Global
Foods and Galaxy Imports. Both businesses have been established for around 30
years.
OPERATIONS
The subject operates in the wholesalers,
importers, distributors and manufacturers and food products.
The subject delivers products to Australia’s
leading supermarkets such as Coles, Woolworths, Franklins and other major
retailers.
Products include cheese, olive, antipasto,
nuts, beans, fruit, oils vinegar and other groceries.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of of on 13 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 Peter
O’Keefe he advised that the subject has been trading profitably and generated
revenue of between $50,000,000 and $100,000,000 for the last financial year
ended 30 June 2017.
On a projected basis, a 10% growth in revenue is forecast for the
current financial year ending 30 June 2018.
For the year ended 30 June 2016 the subject traded profitably and
recorded revenue of $50,000,000 to $100,000,000.
For the financial year ended 30 June 2013 the subject traded profitably
and recorded revenue of between $20,000,000 and $50,000,000.
The subject maintains access to a financing facility with its bankers.
This facility is not utilised as all operations are able to be funded through
the internal cashflows of the company.
In regards to asset backing the subject is noted to own the premises
located at the above listed trading address. A property search can be conducted
at your request to confirm ownership.
Further financial details were not released for the current enquiry.
TRADE
SURVEY
A trade survey on the subject traced the following accounts:
(Almondco) Nominated supplier failed to respond to correspondence
despite chasing.
(Elco Foods) Purchases average $50,000 to $60,000 on 30 day terms.
Payment is met in 30 to 45 days and the account is considered satisfactory
having been known over 10 years.
(Morris McMahon) Purchases are of an undisclosed amount on 30 day terms.
Payment is met in 40 and the account is considered satisfactory having been
known for 7 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.68 |
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1 |
INR 93.98 |
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Euro |
1 |
INR 81.30 |
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AUD |
1 |
INR 51.28 |
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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VAR |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.