MIRA
INFORM REPORT
|
Report Date : |
01.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
MEMCOR AUSTRALIA PTY LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
15 July 1988 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Design, marketing and manufacture of microfiltration products and
systems. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
REGISTERED NAME
MEMCOR AUSTRALIA PTY LTD
ACN
003 581 566
ABN
86 003 581 566
INCORPORATED
15 July 1988
REGISTERED ADDRESS
SHARECAPITAL
$150
SHAREHOLDERS
US Filter Waste Water Group Holds
11,815 shares
DIRECTORS
BILTOFT, Bruce Gregory
CHATSWOOD, NSW 2067
SECRETARY
LOW, Ian Mark
REGISTERED CHARGES
None on record
BUSINESS STRUCTURE
TRADING ADDRESS
TELEPHONE (612) 4577 6800
HOLDING ENTITY
ULTIMATE HOLDING
ENTITY
SIEMENS AG
BANK
Not determined
EMPLOYEES
Not determined
BACKGROUND
The subject was incorporated in
OPERATIONS
The subject operates in the design, marketing and manufacture of
microfiltration products and systems.
The subject’s products are used in municipal drinking water, process water, wastewater recycling
and wastewater reuse.
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of the records of Credit Advantage Limited failed to trace any
litigation listed against the subject at that date.
FINANCES
During the current investigation, contact with the subjects principals
was unable to be established. Despite numerous messages being left, no reply
has been received.
From the subjects most recently lodged financial statements, it is noted
that for the financial year ended 30 September 2005 the subject recorded
revenue of $32,641,000, which resulted in an operating profit before tax to
$1,330,000 and an operating profit after tax of $836,000 representing a Net
Profit Margin of 2.56%.
Below is a summary of the subject’s income results for the past two
financial years.
|
|
Memcor Australia Pty Ltd |
|
|
|
|
As at 30 September 2005 |
As at 30 September 2005 - 9 months |
Change (%) |
|
Revenue |
$32,641,000 |
$17,032,000 |
91.65% |
|
Profit b/tax |
$1,330,000 |
($18,616,000) |
-107.14% |
|
Profit a/tax |
$836,000 |
($17,102,000) |
-104.89% |
|
Net Profit Margin |
2.56% |
-100.41% |
102.97% |
During fiscal 2005, the subject recorded Net Cashflows from operating
activities totaling $9,547,000.
As at 30 September 2005, the subject recorded total current assets of
$15,004,000. They included cash of $4,000 receivables of $3,326,000 and
inventories of $5,477,000.
Current liabilities at the same date totaled $15,600,000 and included
payables of $11,727,000 and provisions of $3,299,000.
As at 30 September 2005, the subject recorded a deficiency in Working
Capital of $596,000 and a current ratio of 0.96 to 1.
Net Assets totaled $29,145,000 as at 30 September 2005. At this date,
the subject further recorded a Debt to Equity ratio of 0.7 to 1.
|
|
Memcor Australia Pty Ltd |
|
|
|
|
As at 30 September 2005 |
As at 30 September 2005 - 9 months |
Change (%) |
|
Revenue |
$32,641,000 |
$17,032,000 |
91.65% |
|
Profit b/tax |
$1,330,000 |
($18,616,000) |
-107.14% |
|
Profit a/tax |
$836,000 |
($17,102,000) |
-104.89% |
|
Net Profit Margin |
2.56% |
-100.41% |
102.97% |
|
Current Assets |
$15,004,000 |
$18,015,000 |
-16.71% |
|
Non Current Assets |
$34,436,000 |
$36,282,000 |
-5.09% |
|
Total Assets |
$49,440,000 |
$54,297,000 |
-8.95% |
|
Current Liabilities |
$15,600,000 |
$16,920,000 |
-7.80% |
|
Non Current Liabilities |
$4,695,000 |
$9,068,000 |
-48.22% |
|
Total Liabilities |
$20,295,000 |
$25,988,000 |
-21.91% |
|
Net Assets |
$29,145,000 |
$28,309,000 |
2.95% |
|
Working Capital |
($596,000) |
$1,095,000 |
-154.43% |
|
Current Ratio |
0.96 |
1.06 |
-9.67% |
|
Debt to Equity |
0.70 |
0.92 |
-24.15% |
TRADE SURVEY
During the current investigation, contact with the subjects principals
was unable to be established.
Subsequently details pertaining to the company’s suppliers were unable
to be obtained and a trade survey could not be conducted.
SUMMARY
The subject was incorporated in
for the financial year ended 30 September 2005 the subject recorded
revenue of $32,641,000, which resulted in an operating profit before tax to
$1,330,000 and an operating profit after tax of $836,000 representing a Net
Profit Margin of 2.56%.
During fiscal 2005, the subject recorded Net Cashflows from operating
activities totaling $9,547,000.
As at 30 September 2005, the subject recorded a deficiency in Working
Capital of $596,000 and a current ratio of 0.96 to 1.
Net Assets totaled $29,145,000 as at 30 September 2005.
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 |
|
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 |
|
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 |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)