MIRA
INFORM REPORT
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Report Date : |
6th
February, 2007 |
IDENTIFICATION
DETAILS
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Correct Name : |
DELPHI
AUTOMOTIVE SYSTEMS AUSTRALIA LIMITED |
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Formerly Known as: |
AC
DELCO SYSTEMS AUSTRALIA LIMITED |
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Registered Office : |
27/150 Lonsdale Street, MELBOURNE, VIC
3000 |
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Country : |
Australia. |
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Date of Incorporation : |
29.06.1994 |
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Com. Reg. No.: |
065
439 885 |
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Legal Form : |
Limited
Liability Company |
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Line of Business : |
Manufacturer,
Marketer and Exporter of Automotive Components. |
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: |
DELPHI AUTOMOTIVE SYSTEMS AUSTRALIA
LIMITED |
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AUSTRALIAN COMPANY NUMBER: |
065 439 885 |
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AUSTRALIAN BUSINESS NUMBER: |
31 065 439 885 |
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OPERATING ADDRESS: |
86 FAIRBANK ROAD,
CLAYTON
SOUTH, VIC 3169
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REGISTERED ADDRESS: |
27/150 Lonsdale Street,
MELBOURNE, VIC 3000 |
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OTHER TRADING NAMES: |
NIL |
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TELEPHONE NUMBER: |
(03)
9551 8700 |
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WEB SITE ADDRESS: |
www.delphiauto.com |
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DATE OF INCORPORATION: |
29
JUNE 1994 – Incorporated in Victoria |
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CHANGE OF NAME: |
8
August 1995 – To present name |
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PAID CAPITAL: |
$21,475,452 |
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DIRECTORS: |
BRIAN
LOWE
6 THE
HELM FRANKSTON
SOUTH, VIC 3199 JAMES GARCIA OVERSEAS
RESIDENT ANDREW CHRISTOPHER ARAPAKIS 2
HALCYON CLOSE, MORNINGTON,
VIC 3931 |
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SHAREHOLDERS: |
Refer HISTORY |
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SECRETARY: |
LLOYD OWEN DODDRIDGE |
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AUDITORS: |
Not
shown |
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REGISTERED CHARGES: |
NIL |
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PAYMENTS: |
30-90
days on 30 and 90 day terms. |
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LEGAL ACTIONS / DEFAULTS: |
Nil |
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EMPLOYEES: |
180 |
PARENT COMPANY
DELPHI AUTOMOTIVE SYSTEMS (HOLDING)
ULTIMATE PARENT COMPANY
DELPHI AUTOMOTIVE SYSTEMS
ACTIVITIES
The subject is a manufacturer, marketer and exporter of
automotive components.
The
subject sells to Australian car companies and exports to 3 continents.
Products
include: automotive parts; automotive components; catalytic converters;
automotive emission control equipment, exhaust emission control equipment;
automotive pollution equipment; fuel pumps (electric); fuel injection
equipment; throttle bodies; engine management systems; catalysts.
Operations are conducted from owned premises situated at the
heading address, located in the Melbourne metropolitan area.
The subject does not maintain any branches.
The
subject employs approximately 180 in activities.
HISTORY
The
subject was incorporated in Victoria on 29 June 1994 as AC ROCHESTER AUSTRALIA LIMITED, changing name to AC ROCHESTER AUSTRALIA, LIMITED on 29
June 1994, changing name to AC DELCO
SYSTEMS AUSTRALIA LIMITED on 27 July 1994 and adopting the present name on
8 August 1995.
Australian
Company Number: 065 439 885.
Paid
capital $21,475,452 in 625 issued shares.
Shares
are held by:
DELPHI
AUTOMOTIVE SYSTEMS (HOLDING) 625
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 wholly owned subsidiary of Delphi
Automotive Systems (Holding).
The ultimate parent company is Multi-national, Delphi
Automotive Systems (NYSE: DPH) and is a world leader in mobile electronics and
transportation components and systems technology. Headquartered in Troy,
Michigan, USA, Delphi's three business sectors -- Dynamics & Propulsion;
Safety, Thermal & Electrical Architecture; and Electronics & Mobile
Communication -- provide comprehensive product solutions to complex customer
needs. Delphi has approximately 198,000 employees and operates 196 wholly-owned
manufacturing sites, 43 joint ventures, 53 customer centers and sales offices,
and 32 technical centers in 43 countries. Regional headquarters are located in
Paris, Tokyo and São Paulo.
Operations
of the company were originally commenced in Australia in 1985.
DIRECTORS
BRIAN LOWE was born on 11 January 1968 and was
appointed to the board of directors on 28 June 2003. He is active in company
operations.
JAMES GARCIA was born on 11 April 1964 and was appointed
to the board of directors on 25 March 2003.
ANDREW CHRISTOPHER ARAPAKIS was born on 13 December 1966 and
was appointed to the board of directors on 13 December 2005.
Company
Secretary, Lloyd Owen Doddridge, was
appointed to his position on 26 August 2005. He is active in company
operations.
BANK
HSBC
BANK
WILLIAM
STREET,
MELBOURNE,
VIC 3000
The bank
does not hold a Registered Charge over company assets.
TRADING
Current
trade references have not been ascertained.
Following
are details of a trade survey undertaken in April 2004:
- This account totals $1,000,000
per year. The terms of the account are 30 days with payment being met in
30-35 days. The account has been held in excess of 10 years and is a no
problem account.
- This account averages
$320,000 per month. The terms of the account are 60 days with payment
being met in 60-90 days. The account was opened on 27 July 1994. This is
generally a no problem account, however at times have been slow.
- This supplier could not be
contacted as at report date.
This
compares with a trade survey undertaken in October 2001 which revealed the
following:
1.
This
account averages $165,000 per month. The terms of the account are 30 days with
payment being met in 30-45 days. The subject has traded with this supplier for
7 years.
2.
This
supplier has declined references as a matter of company policy.
Two
further suppliers contacted would only provide references by fax. These have
been sent, however replies have not been received.
FINANCE
disclose the following inquiries in relation to finance applications:
On 31
January 2007 to Orix Aust Corp Ltd Vic for Lending Proposal.
On 22
August 2006 to Orix Aust Corp Ltd Vic for Lending Proposal.
On 16
May 2006 to Orix Aust Corp Ltd Vic for Lending Proposal.
On 5
September 2005 to Custom Fleet for Leasing.
On 25
August 2005 to Orix Aust Corp Ltd Vic for Lending Proposal.
On 9
March 2005 to Custom Fleet for Leasing.
On 12
January 2005 to Canon Finance Aust Vic for Leasing.
On 6
July 2004 to Custom Fleet for Leasing.
On 2
June 2004 to CIT NSW for Leasing.
On 19 January
2004 to BOQ Equipment Finance NSW for Leasing.
On 21
November 2003 to Orix Australia for Factored Account.
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
A number
of attempts have been made to contact the Financial Controller in
January/February 2007, however on each occasion it has been advised he is
unavailable for interview.
Messages
have been left requesting he contact this office, however to date a reply has
not been received.
Should
additional information come to hand this will be sent to you as an addendum to
this report.
An
interview was conducted with Mr Peter Gong, Financial Accountant, in April
2004. At that time he confirmed operational and trading details and advised the
following:
Annual
sales of the company in Australia are in the vicinity of $US200,000,000.
Stock on
hand is valued at approximately $12,000,000.
Trade
debtors were valued at $23,000,000 and trade creditors at $14,000,000.
The
subject maintains bank overdraft facilities with the HSBC Bank.
However,
further financial information could not be provided.
It has
previously been advised that premises at the heading address are owned by the
company, unencumbered. The property is valued at slightly under $2,000,000.
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 29 June 1994 as AC ROCHESTER AUSTRALIA LIMITED, changing name to AC ROCHESTER AUSTRALIA, LIMITED on 29
June 1994, changing name to AC DELCO
SYSTEMS AUSTRALIA LIMITED on 27 July 1994 and adopting the present name on
8 August 1995.
Paid
capital $21,475,452.
Previous suppliers contacted have reported amounts up to
$1,000,000 per year and $320,000 per month being met in 30-90 days on 30 and 60
day terms and is generally a no problem 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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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