MIRA INFORM REPORT

 

 

Report Date :

24.07.2007

 

IDENTIFICATION DETAILS

 

Name :

ADINSTRUMENTS PTY LTD

 

 

Registered Office :

13, 22 Lexington Dr Bella Vista, NSW 2153

 

 

Country :

Australia

 

 

Financials (as on) :

30.06.2006

 

 

Date of Incorporation :

21 March 1979

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Operates in the development and manufacture of computer based data acquisition and analysis systems.

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

REGISTERED NAME

 

ADINSTRUMENTS PTY LTD

 

 

INCORPORATED      

 

21 March 1979

 

 

REGISTERED ADDRESS

 

13, 22 Lexington Dr

BELLA VISTA, NSW 2153

 

                                               

SHARECAPITAL 

 

$5,800 

 

 

SHAREHOLDERS

 

Analog Digital systems               Holds 490,000 shares

MILLIKEN, Graham Francis        Holds 30,000 shares

Sun Research P/L                      Holds 60,000 shares

 

 

DIRECTORS

 

MCLAUCHLAN, Stuart James

Resident overseas

 

MILLIKEN, Graham Francis

2 Power Bird Ct

KENSHURST, NSW 2156

 

MACKNIGHT, Anthony

Resident overseas

                                               

MACKNIGHT, Michael

Resident overseas

 

                                               

SECRETARY

 

MILLIKEN, Graham Francis

2 Power Bird Ct

KENSHURST, NSW 2156

 

 

REG’D CHARGES

 

Registered Charge Number                 : 1289071

Date Registered                         : 18.06.2006

Status                                                   : Fixed and floating

Creditor                                                 : Commonwealth Bank

 

Registered Charge Number                 : 1244255

Date Registered                         : 16.12.2005

Status                                                   : Fixed and floating

Creditor                                                 : Bank of New Zealand

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS    

13, 22 Lexington Dr

BELLA VISTA, NSW 2153

TELEPHONE                 (612) 8818 3400

FACSIMILE                   (612) 8818 3499

                       

           

BANK

 

COMMONWEALTH BANK OF AUSTRALIA

Branch: Castle Hill, NSW 2154              

 

 

EMPLOYEES 

 

45

 

           

BACKGROUND

 

The subject was incorporated in New South Wales on 21 March 1979 as Analog Digital Instruments P/L, before adopting the current style on 24 June 1991. disclose Share Capital of $10,000.

 

Operations were established in 1979 as a new venture.

 

                                              

OPERATIONS

 

The subject operates in the development and manufacture of computer based data acquisition and analysis systems. The subject’s product range us based on the PowerLab system, the market leader in its field.

 

Activities are conducted from premises located at the above listed trading address.

 

ADVERSE

                                               

A search of the records of Credit Advantage Limited on 24 July 2007 failed to trace any litigation listed against the subject at that date.

 

 

FINANCES

 

From the subjects most recently lodged financial statements, it is noted that for the financial year ended 30 June 2006, the subject record revenue of $17,003,119, which resulted in an operating profit before tax of $4,114,765 and an operating profit after tax of $3,040,911 representing a Net Profit Margin of 17.88%.

 

Below is a summary of the subject’s income results for the past two financial years.

 

 

ADInstruments Pty Ltd

 

 

As at 30 June 2006

As at 30 June 2005

Change (%)

Revenue

$17,003,119

$13,305,768

27.79%

Profit b/tax

$4,114,765

$721,276

470.48%

Profit a/tax

$3,040,911

$718,339

323.33%

Net Profit Margin

17.88%

5.40%

12.49%

 

During fiscal 2006, the subject recorded Net Cashflows from operating activities totaling $2,920,672.

 

As at 30 June 2006, the subject recorded total current assets of $8,119,976. They included cash of $2,057,124, receivables of $2,748,313 and inventories of $3,127,857.

 

Current liabilities at the same date totaled $2,480,910 and included payables of $1,875,521 and provisions of $244,318.

 

As at 30 June 2006, the subject recorded Working Capital of $5,639,066 and a current ratio of 3.27 to 1 indicating strong liquidity levels.

 

Net Assets totaled $4,096,871 as at 30 June 2006. At this date, the subject further recorded a Debt to Equity ratio of 2.28 to 1.

 

 

ADInstruments Pty Ltd

 

 

As at 30 June 2006

As at 30 June 2005

Change (%)

Revenue

$17,003,119

$13,305,768

27.79%

Profit b/tax

$4,114,765

$721,276

470.48%

Profit a/tax

$3,040,911

$718,339

323.33%

Net Profit Margin

17.88%

5.40%

12.49%

Current Assets

$8,119,976

$9,629,812

-15.68%

Non Current Assets

$5,307,300

$2,918,254

81.87%

Total Assets

$13,427,276

$12,548,066

7.01%

Current Liabilities

$2,480,910

$1,554,651

59.58%

Non Current Liabilities

$6,849,49

$1,170,621

485.12%

Total Liabilities

$9,330,405

$2,725,272

242.37%

Net Assets

$4,096,871

$9,822,794

-58.29%

Working Capital

$5,639,066

$8,075,161

-30.17%

Current Ratio

3.27

6.19

-47.16%

Debt to Equity

2.28

0.28

720.87%

 

TRADE SURVEY

 

During the current investigation, details pertaining to the subject’s suppliers were unable to be obtained.

 

A trade survey on the subject was subsequently unable to be conducted.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 21 March 1979 as Analog Digital Instruments P/L, before adopting the current style on 24 June 1991. Records disclose Share Capital of $10,000.

 

Operations were established in 1979 as a new venture.

                                              

for the financial year ended 30 June 2006, the subject record revenue of $17,003,119, which resulted in an operating profit before tax of $4,114,765 and an operating profit after tax of $3,040,911 representing a Net Profit Margin of 17.88%.

 

During fiscal 2006, the subject recorded Net Cashflows from operating activities totaling $2,920,672.

 

As at 30 June 2006, the subject recorded Working Capital of $5,639,066 and a current ratio of 3.27 to 1 indicating strong liquidity levels.

 

Net Assets totaled $4,096,871 as at 30 June 2006.

 

                                               

                                               

 

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions