MIRA
INFORM REPORT
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Report Date : |
24th
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
TUTHILL CORPORATION – U.S.A. |
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Registered Office : |
Milton
Park, 19/128
Canterbury Road, KILSYTH, VIC 3137 |
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Country : |
Australia |
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Date of Incorporation : |
21
June 1988 |
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Legal Form : |
Australian
Proprietary Company, Limited By Shares |
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Line of Business : |
Manufacturers
and importers of cables. |
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 |
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REGISTERED NAME: |
TUTHILL AUSTRALIA PTY LTD |
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AUSTRALIAN COMPANY NUMBER: |
007 007 285 |
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AUSTRALIAN BUSINESS NUMBER: |
54 007 007 285 |
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OPERATING ADDRESS: |
Milton
Park, 19/128
Canterbury Road, KILSYTH, VIC 3137 |
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REGISTERED ADDRESS: |
Milton
Park, 19/128
Canterbury Road, KILSYTH, VIC 3137 |
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OTHER TRADING NAMES: |
Nil |
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TELEPHONE NUMBER: |
(03)
9720 6533 |
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WEB SITE ADDRESS: |
www.tuthill.com |
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DATE OF INCORPORATION: |
21
June 1988 – Incorporated in Victoria
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CHANGE OF NAME: |
26
January 1989 - To present name. |
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PAID CAPITAL: |
$677,002
in $1 shares. |
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DIRECTORS: |
PATRICK JULES LARBUISSON Overseas
resident ROGER ALFRED YEXLEY 19
Brentwood Place, FRENCHS
FOREST, NSW 2086 JAMES GATES TUTHILL Overseas
resident |
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SHAREHOLDERS: |
Refer HISTORY |
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SECRETARY: |
ROGER ALFRED YEXLEY |
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AUDITORS: |
Not
shown |
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REGISTERED CHARGES: |
Nil |
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PAYMENTS: |
30-45
days |
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LEGAL ACTIONS / DEFAULTS: |
Nil |
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EMPLOYEES: |
23 |
PARENT COMPANY
TUTHILL CORPORATION – U.S.A.
ACTIVITIES
The subject is a manufacturer and importer of cables.
The subject imports from it’s parent company in the
U.S.A.
Operations are conducted from leased premises
situated at the heading address.
The company has branches in Queensland and New South
Wales.
The subject employs 23 in activities.
HISTORY
The
subject was incorporated in Victoria on 21 June 1988 as Intreege Pty Ltd, adopting the present name on 26 January 1989,
being an Australian Proprietary Company, Limited By Shares.
Australian
Company Number: 007 007 285.
Paid
capital $677,002 in 677,002 shares paid to $1 each.
Shares
are held by:
TUTHILL
CORPORATION 677,001
JAMES
GATES TUTHILL 1
The
above information is in accordance with the last Company Statement Annual
lodged with the Australian Securities and Investments Commission and compiled
at report date.
Operations
of the company were commenced in Australia in 1987.
The year was 1892, and Chicago builders
needed a vast supply of construction material to fuel the city’s rapid
expansion. A smart young businessman named James B. Tuthill recognized a good
business opportunity when he saw one, so he purchased a local clay quarry and a
kiln and began supplying Chicago common bricks to local construction firms.
An entrepreneur at heart, Tuthill searched for an
efficient way to lift the clay from the quarry floor and deliver the company’s
bricks to construction sites. In the early 1920’s, his inquiries turned up a
new transportation idea—a steam-powered truck engine. Needless to say, the
design proved unworkable, but Tuthill salvaged the engine’s only practical
feature: a small, internal gear pump which injected fuel oil directly into the
truck boiler.
Tuthill refined the pump design and marketed it to
companies that produced oil-fired boilers for use in residential and industrial
heating. The Tuthill internal gear pump was well accepted, proved itself
successful and thus became the foundation for today’s Tuthill Corporation.
To better concentrate on managing the growing pump
business, Tuthill Pump Company was established in 1927. Pumps that trace their
design directly back to the original 1920’s model are still produced in
quantity today by the Tuthill Pump Division and can be found in every corner of
the globe.
The following years brought consistent, conservative
but solid growth. Tuthill continued to manufacture the internal gear pump and
added several other products to its line. During World War II, the firm
manufactured products for the war effort, then returned to normal production at
war’s end.
Management of the firm passed in 1955 to Jim Tuthill,
under whose leadership the firm began a program of expansion, made possible by
sound management and steady growth in its basic markets. The firm’s acquisition
program was inaugurated in 1961 with the purchase of Mechanical Products
Company, which was merged with the company’s pump operations. Other
acquisitions soon followed, and the present structure of Tuthill Corporation
was formalized in 1966.
DIRECTORS
PATRICK JULES LARBUISSON was born on 27 August 1947 and
was appointed to the board of directors on 18 June 2001.
ROGER ALFRED YEXLEY was born on 26 September 1949 and
was appointed to the board of directors on 1 October 2000. He is active in the
day to day operations of the company.
JAMES GATES TUTHILL was born on 4 June 1953 and was
appointed to the board of directors on 24 January 1989. He is active in the
operations of the parent company in the U.S.A.
BANK
NATIONAL
AUSTRALIA BANK LIMITED
BAYSWATER NORTH, VIC 3153
The bank
does not hold a Registered Charge over company assets.
TRADING
Following
are details of a trade survey undertaken in June 2006:
- This account varies between
$800-$2,000 per month. The terms of the account are 30 days with payment
being met in 45 days. The account was opened in October 1999 and is a no
problem and good account.
- This account averages $1,000
per month. The terms of the account are 30 days with payment being met in
30-45 days. The account has bee held for 6 years and there are no
problems.
As the
subject is an importer, the company is not a major seeker of local commercial
credit.
FINANCE
Due to amendments to the Corporations Law by the First Corporate Law
Simplification Act 1995, subject is not required to lodge financial statements
with the Australian Securities & Investment Commission.
disclose the following inquiries in relation to finance applications:
Nothing
has been recorded to date in 2006.
On 18
January 2005 to GE Capital Finance Australia for Credit Card for an amount of
$500.
On 11
September 2003 to WBC Equipment Finance New Business Vic for Hire Purchase for
an amount of $35,000.
On 18 November 2002 to Zoom Financial Services
Pty Ltd for Real Estate Mortgage.
On 12
July 2002 to WBC Equipment Finance New Business Vic for Hire purchase for an
amount of $40,000.
On 1
August 2001 to American Express New Accounts NSW for Credit Card.
REGISTERED CHARGES
There
are no Registered Charges existing over the subject’s assets.
RECORDED ACTIONS
Nothing
of an adverse nature has been recorded against the subject.
INVESTIGATION
An
interview was conducted with the Financial Controller in June 2006. At this
time he confirmed operational and trading details, however declined all
financial information as a matter of company policy.
It was
advised that premises at the heading address are leased.
Enquiries
made with trade sources failed to trace any additional information in relation
to the subject.
A Land
Titles Search has not been undertaken to ascertain what land, if any, stands in
the subject’s name. This can be
undertaken on request.
CONCLUSION
The
subject was incorporated in Victoria on 21 June 1988 as Intreege Pty Ltd, adopting the present name on 26 January 1989,
being an Australian Proprietary Company, Limited By Shares.
Paid
capital $677,002 in 677,002 shares paid to $1 each.
The subject is a manufacturer and importer of cables.
Suppliers
contacted have reported monthly commitments being met in 30-45 days on 30 day
terms and is a no problem and good account.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |