MIRA INFORM REPORT
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Report Date : |
23rd May 2006 |
IDENTIFICATION DETAILS
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Name : |
BISLEY & CO PTY LTD |
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Registered Office : |
Level
12 Tower
B Zenith Centre 821
Pacific Highway CHATSWOOD
NSW 2067 |
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Date of Incorporation : |
19
July 1955 |
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Legal Form : |
Australian
Proprietary Company limited by shares |
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Line of Business : |
Suppliers
of vital raw materials to the metallurgical, chemical, refractory, ceramics,
construction, plastics and rubber industries |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 : |
Regular |
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Litigation : |
Clear |
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REGISTERED NAME: |
BISLEY & CO PTY LTD |
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AUSTRALIAN COMPANY
NUMBER: |
000 158 305 |
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AUSTRALIAN BUSINESS
NUMBER: |
58 000 158 305 |
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OTHER TRADING NAME: |
NIL |
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REGISTERED ADDRESS: |
Level 12 Tower B Zenith Centre 821 Pacific Highway CHATSWOOD NSW 2067 |
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OPERATING ADDRESS: |
Level 12 Tower B Zenith Centre 821 Pacific Highway CHATSWOOD NSW 2067 |
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TELEPHONE NUMBER: |
(02) 9413 1333 |
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FAX NUMBER: |
(02) 9413 1319 |
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WEB SITE: |
www.bisley.com.au |
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CHANGE OF NAME: |
Nil |
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DATE OF INCORPORATION: |
19 July 1955 – Incorporated in New South Wales. |
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PAID CAPITAL: |
$250,000 in $1 shares. |
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DIRECTORS: |
NICHOLAS STANLEY GRANVILLE90 Grandview Drive, NEWPORT, NSW 2106 ANDREW ROSS MCLEAN49 Trafalgar Avenue,
LINDFIELD, NSW 2070 MARGARET JENNIFER BISLEY15 Bligh Street NORTHBRIDGE NSW 2063 DAVID GEORGE BELL49 Alice Street TURRAMURRA NSW 2074 RICHARD NORMAN DENTON98 Prince Alfred Parade NEWPORT NSW 2106 |
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SHAREHOLDERS: |
Refer BACKGROUND |
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SECRETARY: |
DAVID GEORGE BELL |
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AUDITORS: |
Not shown |
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REGISTERED CHARGES: |
Refer REGISTERED CHARGES |
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BALANCE SHEET: |
Not lodged |
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PAYMENTS: |
7 days and before terms |
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LEGAL ACTIONS / DEFAULTS: |
Nil |
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EMPLOYEES: |
30 |
PARENT COMPANY
BISLEY HOLDINGS PTY
LTD
ACTIVITIES
The
Bisley Group is a leading supplier of vital raw materials to the metallurgical,
chemical, refractory, ceramics, construction, plastics and rubber industries
throughout Australia/New Zealand, Asia and the Middle East
Exposure
in depth to major industry sectors such as Aluminium, Steel, Foundry,
Non-Ferrous, Chemicals, Refractories, Ceramics, Construction, Rubber and
Plastics.
Head office is situated at the heading address, with branches being maintained in Singapore, Jakarta, Dubai and Kuala Lumpur.
Bisley's Dubai office has been established for more than ten years. Dubai provides an ideal logistics and communications base enabling the Company to coordinate sales and distribution activities throughout the Middle East region. The subject’s focus is the Arabian Gulf countries, but also includes Iran, Pakistan, India and Egypt.
Bisley is a substantial supplier of raw materials to Construction, Steel and
Aluminium industries throughout the Middle East. In addition, Bisley Dubai
coordinates exports of a growing range of raw materials and semi fabricated
products from Arabian Gulf producers to markets in Asia and Australia.
The Kuala Lumpur office reports through Bisley Asia Singapore, and is primarily
responsible for sales and distribution management of group activities in the
Malaysian peninsula. The Malaysian economy has expanded significantly during
the past 15 years with a broad growth in steel, aluminium, non-ferrous,
construction and ceramic industries.
As a prime supplier of raw materials into these market segments, Bisley Kuala
Lumpur can assist overseas suppliers in developing and maintaining access to
these markets. With bulk warehouse stockpiles in Northern and Southern
Malaysia, the subject can arrange just-in-time deliveries and security of
supply for regional customers.
Bisley Asia Pte. Ltd. is a wholly owned subsidiary of the Bisley Group, and
operates as an independent profit centre covering the subject’s trading and
distribution activities in Singapore, Malaysia and other ASEAN Group countries.
Bisley Asia was established in the mid 1980's and provides an important base
for development of South East Asian business.
Singapore maintains its position as a dominant logistics hub and entrepot for
the ASEAN region. The subject’s
Singapore based activities are focused on supply of construction raw
materials and products for steel, aluminium, refractories chemical and ceramics
industries.
In Singapore and Malaysia, the Bisley group maintains substantial warehouse
stocks of various raw materials for re-export and local customer support. The
dynamic nature of business development and evolution in South East Asia
provides challenging opportunities for raw material suppliers.
The subject employs 30.
HISTORY
The subject was incorporated in New South Wales on 19 July 1955, being an Australian Proprietary Company limited by shares.
Australian Company Number: 000 158 305.
Paid Capital $250,000 in 250,000 shares paid to $1 each.
Shares are held as follows:
BISLEY HOLDINGS PTY LTD 249,999
OMAR NOMINEES PTY LTD 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.
By virtue of the shareholding the subject is a subsidiary of Bisley Holdings Pty Ltd. This company was incorporated in New South Wales on 18 February 1970, being an Australian Proprietary Company, limited by shares. Australian Company Number: 000 755 662.
In 1955 Bisley &
Company was established in Sydney and commenced operations as a supplier of raw
materials to a very youthful domestic Aluminium Industry. Today Bisley is
active in 35 countries. The subject maintains technical sales offices in South
East Asia and the Middle East, providing on the ground support, local stocks
and distribution capability.
The subject has the
associate company, GOUDA REFRACTORIES
AUSTRALIA PTY LTD. This company produces refractory bricks. This is a joint
venture with a company based in the Netherlands.
DIRECTORS
NICHOLAS STANLEY GRANVILLE was born on 19 August 1959 and was appointed to the board of directors on 6 September 1997.
ANDREW ROSS MCLEAN was born on 10 March 1951 and was appointed to the board of directors on 27 January 1984.
MARGARET JENNIFER BISLEY was born on 18 June 1949 and was appointed to the board of directors on 6 January 1983.
DAVID GEORGE BELL was born on 11 September 1944 and was appointed to the board of directors on 1 April 1982. He is also the Company Secretary, having been appointed to this position on 1 April 1982. He is active in company operations.
RICHARD NORMAN DENTON was born on 10 October 1928 and was appointed to the board of directors on 19 July 1955.
BANK
WESTPAC BANKING CORPORATION
BRISBANE, QLD
The bank holds a Registered Charge over company assets. Please refer to the REGISTERED CHARGE section for details.
TRADING
Following are details of a trade survey undertaken in May 2006:
- This account varies between $50,000-$150,000 per month. The terms of the account are 7 days with payment being met in 7 days. The account has been held in excess of 20 years and is a very good account.
- This supplier has declined to provide monthly trading figures. Payment is being met before the terms. The account has been held for 2 years and is a no problem account.
- This supplier has declined to provide references as a matter of company policy.
- This supplier could not be contacted as at report date.
This compares with a trade survey undertaken in July 2004 which revealed the following:
- This supplier has declined to provide monthly trading figures. Payment is being met in accordance with the terms of the account. The account has been held for some time and is a very good account.
- This account averages $10,000 per month. The terms of the account are 30 days with payment being met in 30 days. The subject has traded with this supplier for 15 years.
- This account varies however would average $3,000 per month. Payment is being met within the terms of the account. The subject has traded with this supplier for 7 years.
- This account averages $20,000 every two months. The terms of the account are 30 and 45 days with payment being met in 30 and 45 days. The account has been held for 5-10 years.
This compares with a trade survey undertaken in July 2002 which reveled the following:
- This account averages $100,000 per month. The terms of the account are 7 days with payment being met in 7 days. The account has been held for 25 years and is a no problem and excellent account.
- This account varies between $4,000-$5,000 per month. Payment is being met within terms. The subject has traded with this supplier for 6-7 years.
- This account averages $2,500 per month. The terms of the account are 30 days with payment being met in just under 30 days. The account has been known for 9 years and is a no problem and good account.
This compares with a trade survey undertaken in May 2001 which revealed the following:
1.
This account varies between $2,000-$10,000 per week. The terms of the
account are 30 days with payment being met in 30 days. The account has been
held for 10 years and is a no problem account. This supplier undertakes
transport and storage for the subject.
2. This account averages $5,000 per month. The terms of the account are 30 days with payment being met in approximately 30 days. The account has been held for 10-12 years and is a no problem account.
Two further suppliers could not be contacted as at report date.
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 or during 2005.
On 9 July 2004 to Suncorp Leasing for Hire Purchase for an amount of $43,000.
On 28 February 2003 to Suncorp-Metway Leasing for Hire Purchase for an amount of $65,000.
On 27 June 2002 to QBE Trade Indemnity Aust Vic for Premium Finance.
On 31 January 2002 to QBE Trade Indemnity Aust Vic for Premium Finance.
On 2 November 2001 to Suncorp-Metway for Hire Purchase for an amount of $50,000.
On 30 April 2001 to Suncorp-Metway Leasing for Hire Purchase for an amount of $40,752.
On 2 March 2001 to Suncorp-Metway Leasing for Hire Purchase for an amount of $38,819.
On 1 August 2000 to QBE Trade Indemnity Aust Vic for Premium Finance.
On 8 June 2000 to Suncorp-Metway Leasing for Hire Purchase for an amount of $40,000.
REGISTERED CHARGES
The following Registered Charge has been recorded over the subject’s assets:
On 24 March 1971, Charge to Westpac Banking Corporation, ASIC Charge No. 3587.
Should you require further details in relation to the above Charge a Registered Charge Search can be undertaken.
RECORDED ACTIONS
Nothing of an adverse nature has been recorded against the subject.
INVESTIGATION
An interview was conducted with Mr Shay Connell, Financial Controller, in May 2006. At this time he confirmed operational and trading details, however declined all financial information as a matter of company policy.
He did advise that the subject maintains bank overdraft facilities.
Premises at the heading address are owned.
It has previously been advised that annual sales are in the vicinity of $80,000,000-$100,000,000.
The following has been noted:
Bisley Expands in Iran
15 January 2001
Bisley & Company’s Iranian sales activities have now been enhanced through
the appointment of an additional Iran specialist. Bisley have been active in
Iran for the past decade, supplying a range of raw materials, predominantly to
the metallurgical sector.
Bisley Dubai is responsible for coordinating the Groups activity in Iran. The
enhanced market focus will assist Bisley to reinforce its existing, successful
sales relationships in Iran, and develop markets for new products in emerging
industries.
Iran is one of the more important industrial markets in the region, with a
diverse range of manufacturing and construction activity. Bisley & Company
are active in numerous Middle East markets including the UAE, Saudi Arabia,
Bahrain, Qatar, Oman, Kuwait, Jordan, Egypt and Lebanon.
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 is a leading supplier of vital raw materials to the metallurgical, chemical, refractory, ceramics, construction, plastics and rubber industries throughout Australia/New Zealand, Asia and the Middle East.
Subject was incorporated on 19 July 1955 in New South Wales.
Paid Capital is $250,000 in $1 shares.
Trade suppliers
contacted reported monthly commitments being met in 7 days on 7 day terms and
before the terms of the account and is a very good and no problem account.
RATING EXPLANATIONS
RATING
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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 |