MIRA
INFORM REPORT
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Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MEMCOR AUSTRALIA PTY LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
15 July 1988 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and distributors of filtration equipment and filters for
the water treatment and waste water industries. |
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: |
MEMCOR AUSTRALIA
PTY LTD |
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AUSTRALIAN
COMPANY NUMBER: |
003 581 566 |
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AUSTRALIAN
BUSINESS NUMBER: |
86 003 581 566 |
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OPERATING
ADDRESS: |
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REGISTERED
ADDRESS: |
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OTHER TRADING
NAMES: |
NIL |
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TELEPHONE
NUMBER: |
(02) 4577 6800 |
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WEB SITE
ADDRESS: |
www.usfilter.com |
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DATE OF
INCORPORATION: |
15 JULY 1988 – Incorporated in |
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CHANGE OF NAME: |
11 DECEMBER 2000 - To present name. |
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PAID CAPITAL: |
$150 |
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DIRECTOR: |
BRUCE GREGORY
BILTOFT CHATSWOOD, NSW 2067 |
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SHAREHOLDERS: |
Refer HISTORY |
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SECRETARY: |
IAN MARK
LOW |
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AUDITORS: |
Not shown |
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REGISTERED
CHARGES: |
Nil |
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PAYMENTS: |
45 days and to terms. |
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LEGAL ACTIONS /
DEFAULTS: |
Nil |
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EMPLOYEES: |
150 |
PARENT COMPANY
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ULTIMATE PARENT
COMPANY
SIEMENS HOLDINGS
ACTIVITIES
Memcor Australia
Pty Ltd operates as manufacturers and distributors of filtration equipment and
filters for the water treatment and waste water industries.
Operations are conducted from owned premises situated at the heading address.
The company does not have any branches.
The subject employs 150 in activities.
HISTORY
The subject was incorporated in
Australian Company Number: 003 581 566.
Paid capital $150 in 11,815 issued shares.
Shares are held by:
US FILTER WASTE WATER GROUP INC 11,815
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 US Filter Waste Water Group Inc of the
USFilter, a Veolia Environnement
company, is
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2002 Sales in |
$4 billion |
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Facilities in |
700 offices,
plants and factories |
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Number of Employees |
15,000
employees in the |
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Number Served |
USFilter
provides water services to approximately 13.9 million people in more than 600
communities, and hundreds of thousands of industries and businesses. |
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President and CEO |
Andy Seidel
–CEO, USFilter; Board Member, Veolia Environment |
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Key Business Groups |
Water & Wastewater Systems Group The Systems Group
designs, manufactures and sells systems and equipment to treat water and
wastewater for municipalities and industrial customers worldwide. Water
experts at more than 40 technology centers located in North America, Europe
and Water & Wastewater Services Group The Services
Group is responsible for public-private water partnerships, industrial
outsourcing contracts and a variety of industrial services and products.
Currently, the Services Group partners with more than 600 communities and
hundreds of corporations to provide comprehensive water and wastewater
services to municipal and industrial customers including engineering,
construction, operations and waste recovery. Consumer and Commercial Group – Consumer
and commercial water treatment The Consumer
and Commercial Group provides quality water through its Culligan, Hydrotech
and Everpure lines of products. With 6,000 employees and a worldwide network
of 1,100 dealers, Culligan is one of USFilter’s hallmark brands. Culligan is
the market leader in over three million households, having served residential
and business customers for more than 65 years. The Everpure brand is another
“power-brand” within the Group, with more than 1.5 million institutional
customers. |
Operations of the company were commenced in
DIRECTOR
BRUCE GREGORY
BILTOFT was born on 4 March 1959 and was appointed to the board of directors on 1
May 2003. He is active in company operations.
Company Secretary, Ian Mark Low,
was appointed to his position on 1 May 2003.
BANK
CITIBANK PTY LIMITED
SYDNEY, NSW 2000
The bank does not hold a Registered Charge over company assets.
TRADING
Following are details of a trade survey undertaken in July 2007:
1.
This supplier declined to provide monthly trading
figures. Payment is being met within the terms of the account are there are no problems.
The account has been held for a number of years.
2.
This supplier would only provide references by fax.
This was sent, however a reply has not been received.
This compares with a trade survey undertaken in July 2005 which revealed
the following:
1.
This account varies between $10,000-$70,000 per
month. The terms of the account are 45 days with payment being met in 45 days.
The account has been held for 14 years and is a no problem account.
2.
This account averages $60,000-$80,000 per month.
Payment is being met within the terms of the account. The account was opened in
1989 and there are no problems.
3.
This account averages $100,000 per month. The terms
of the account are 45 days by arrangement with payment being met in 45 days.
The account has been held since 1997 and is an excellent account.
This compares with a trade survey undertaken in October 2004 which
revealed the following:
1.
This account varies and is in excess of $50,000 per
month. The terms of the account are 45 days with payment being met in 45 days.
The account has been held for 14 years and is a no problem account.
2.
This account is well in excess of $100,000 per
month. The terms of the account are 45 days with payment being met in 45 days.
The account was opened in 1997 and is a no problem account.
3.
This supplier could not be contacted as at report
date.
This compares with a trade survey undertaken in August 2003 which
revealed the following:
1.
This account varies up to $80,000 per month. The terms
of the account are 30 days with payment being met in 30 days. The account has
been held for 15 years and is a no problem account.
2.
This is a very large account, varying between
$900,000-$1,000,000 per year. The terms of the account are 30 days with payment
being met in 30-45 days. The account was opened in 1989 and is a good and no
problem account.
3.
This account averages $250,000 per month. The terms
of the account are 30 days, however payment is being met in 35 days by special
arrangement. The account was opened in 1997 and is a no problem account.
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 2007 or during 2006.
On 26 October 2005 to Rams Customer Service NSW for Real Estate Mortgage
for an amount of $45,000.
On 16 November 2004 to
On 20 June 2003 to Canon Finance Aust Ltd NSW for Leasing for an amount
of $3,428.
On 1 July 2002 to GE Capital Finance
On 7 March 2002 to Ford Leasing Vic for Leasing for an amount of
$30,000.
On 5 March 2002 to
On 13 February 2002 to Canon Finance Aust Ltd NSW for Leasing.
On 29 August 2001 to Suncorp-Metway Leasing for Leasing for an amount of
$24,130.
On 10 August 2001 to Caltex
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
An interview was conducted with the Financial Controller, in July 2007.
At this time he confirmed operational and trading details, however declined all
financial information as a matter of company policy.
When interviewed in July 2005, the following information was provided:
Annual sales of the company are in the vicinity of $30,000,000.
Stock on hand was valued at approximately $13,000,000.
Trade debtors were valued at approximately $2,600,000. A lot of this is
inter company. Trade creditors were valued at approximately $2,000,000.
Premises at the heading address are owned by the company.
The subject does not maintain bank overdraft facilities.
However, further financial information could not be provided.
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
Paid capital $150 in 11,815 issued shares.
Memcor Australia
Pty Ltd operates as manufacturers and distributors of filtration equipment and
filters for the water treatment and waste water industries.
One supplier contacted has reported commitments being met within terms
and there are no problems.
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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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%)