MIRA
INFORM REPORT
|
Report Date : |
17.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FIBRELOGIC PIPE SYSTEMS PTY LTD |
|
|
|
|
Registered Office : |
16, 11 Waymouth St, Adelaide, SA 5000 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Date of Incorporation : |
1 July 2004 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture of fiberglass pipe products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
REGISTERED NAME
FIBRELOGIC PIPE SYSTEMS PTY LTD
ACN
109 854 300
ABN
76 109 854 300
INCORPORATED
1 July 2004
REGISTERED ADDRESS
16, 11 Waymouth St
ADELAIDE, SA 5000
SHARECAPITAL
$2
SHAREHOLDERS
MANUEL, Martyn Barry Holds
1 share
MANUEL, Kerryn Leanne Holds
1 share
DIRECTORS
MANUEL, Martyn Barry
24 Freebairn Dr
HALLETT COVE, SA 5158
SECRETARY
MANUEL, Martyn Barry
24 Freebairn Dr
HALLETT COVE, SA 5158
REGISTERED CHARGES
Registered Charge Number :
1533058
Date Registered :
22.10.2007
Status :
Fixed and floating
Creditor :
National Australia Bank
Registered Charge Number :
1533053
Date Registered :
22.10.2007
Status :
Fixed and floating
Creditor :
National Australia Bank
Registered Charge Number : 1533042
Date Registered :
22.10.2007
Status :
Fixed and floating
Creditor :
National Australia Bank
Registered Charge Number :
1533041
Date Registered :
22.10.2007
Status :
Fixed and floating
Creditor :
National Australia Bank
Registered Charge Number :
1533038
Date Registered :
22.10.2007
Status :
Fixed and floating
Creditor :
National Australia Bank
BUSINESS STRUCTURE
TRADING ADDRESS
11 Christie Rd
LONSDALE, SA 5160
TELEPHONE (618) 8329 1111
BANK
NATIONAL AUSTRALIA BANK
Adelaide, SA
EMPLOYEES
170
BACKGROUND
The subject was incorporated in South Australia on 1 July 2004 under the
current style.
Operations were started in 2002 by Martyn Manuel, who purchased Fibreglass Pipe Winding equipment from his bosses, who, at that time, he was working for as Sales Manager.
In 2004, Martyn was awarded a multi-million dollar government funding grant to assist in the setting up of a massive new Fibreglass (GRP) Pipe manufacturing facility in Adelaide, South Australia.
OPERATIONS
The subject operates in the manufacture of fiberglass pipe products.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the 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 the subjects Financial
Controller, he advised that for the last financial year ended 30 June 2007, the
subject traded profitably and recorded revenue of $30,000,000.
On a projected basis, revenue is forecast to reach $60,000,000 to
$70,000,000 for the current financial year ending 30 June 2008.
The growth in revenue is attributable to successfully tendering for some
major projects.
The subject maintains an overdraft facility with the National Australia
Bank which is used to assist in funding Working capital requirements.
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.
Enquiries in trade quarters revealed satisfaction from suppliers
contacted in dealing with the subject on a credit basis.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
(Advanced Thermal Supplies) Purchases average $10,000 to $20,000 per
month on 30 day terms. Payment is met in 35 to 40 days and the account is
considered satisfactory, having been known since 2004.
(All Bulk Waste)) Purchases average $10,000 per month on 30 day terms.
Payment is met in 30 days and the account is considered satisfactory, having
been known since 2001.
Nominated supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in South Australia on 1 July 2004 under the
current style.
Operations were started in 2002 by Martyn Manuel, who purchased Fibreglass Pipe Winding equipment from his bosses, who, at that time, he was working for as Sales Manager.
For the last financial year ended 30 June 2007, the subject traded
profitably and recorded revenue of $30,000,000.
On a projected basis, revenue is forecast to reach $60,000,000 to
$70,000,000 for the current financial year ending 30 June 2008.
In regards to asset backing, the subject is noted to own the premises
located at the above listed trading address.
Enquiries in trade quarters revealed satisfaction from suppliers
contacted in dealing with the subject on a credit basis.
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. |
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%)