MIRA
INFORM REPORT
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Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
CLICK CLACK LTD |
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Formerly Known As : |
ARTEL INDUSTRIES LIMITED |
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Registered Office : |
322, Neilson Street, Onehunga, Auckland |
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Country : |
New Zealand |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
24.08.1960 |
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Com. Reg. No.: |
106663 |
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Legal Form : |
Company |
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Line of Business : |
Manufacture of Airtight storage and cleaning products |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
CORPORATE REPORT
REGISTERED NAME CLICK CLACK LTD
CORPORATE SEARCH
BUSINESS STRUCTURE
TRADING ADDRESS 12
to 22 Cook St
PALMERSTON
NORTH, NZ
TELEPHONE (646) 353 3478
SUBSIDIARIES Click Clack P/L
Click
Clack Europe Ltd
CCUS
inc
Click
Clack US Llc
HOLDING ENTITY SSB Holdings Ltd
BANK
EMPLOYEES 260
BACKGROUND
The subject
was incorporated in New Zealand on 24 August 1960 as GD Downing & Sons Ltd,
changing name on 15 may 1972 to Downing Plastics Industries Ltd, changing name
on 3 February 1988 to Artel Industries Ltd, before adopting the current style
on 2 July 2000
Operations have
been established for 100 years
OPERATIONS
The subject
operates in the manufacture of airtight storage and cleaning products.
Activities
are conducted from premises located at the above listed trading address.
FINANCES
From the subjects most recently lodged financial statements, it is noted
that for the financial year ended 30 June 2007 the subject recorded revenue of
$30,661,000, which resulted in an operating loss before tax of $5,047,000 and
an operating loss after tax of $4,727,000.
The loss for the last financial year was attributable in part to the
strong New Zealand dollar. During the current the subject has consolidated its
manufacturing operations and outsourced some operations to China. As a result
of the cost cutting the subject expects to record a profitably result for the
current financial year ended 30 June 2008.
Below is a summary of the subject’s income results for the past two
financial years.
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Click Clack Limited |
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As at 30 June
2007 |
As at 30 June
2006 |
Change (%) |
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Revenue |
$30,661,000 |
$30,771,000 |
-0.36% |
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Profit b/tax |
($5,047,000) |
($3,749,000) |
34.62% |
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Profit a/tax |
($4,727,000) |
($3,707,000) |
27.52% |
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Net Profit Margin |
-15.42% |
-12.05% |
-3.37% |
During fiscal 2007, the subject recorded Net Cashflows from operating
activities totalling $2,060,000.
As at 30 June 2007 the subject recorded total current assets of
$19,328,000. They included cash of $890,000, receivables of $7,559,000 and
inventories of $10,254,000.
Current liabilities at the same date totalled $19,940,000 and included
payables of $5,965,000 and loans from related entities of $10,029,000.
As at 30 June 2007, the subject recorded a deficiency in Working Capital
of $612,000 and a current ratio of 0.97 to 1.
The subject had an overdraft facility of $2,000,000 at 30 June 2007.
This was drawn to $1,326,824. At this time the subject had a line of credit of
US$1,250,000 with Johnson Bank, USA.
Net Assets totalled $10,529,000 as at 30 June 2007. At this date, the
subject further recorded a Debt to Equity ratio of 2.46 to 1.
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Click Clack Limited |
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As at 30 June
2007 |
As at 30 June
2006 |
Change (%) |
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Revenue |
$30,661,000 |
$30,771,000 |
-0.36% |
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Profit b/tax |
($5,047,000) |
($3,749,000) |
34.62% |
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Profit a/tax |
($4,727,000) |
($3,707,000) |
27.52% |
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Net Profit Margin |
-15.42% |
-12.05% |
-3.37% |
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Current Assets |
$19,328,000 |
$19,708,000 |
-1.93% |
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Non Current Assets |
$17,071,000 |
$19,772,000 |
-13.66% |
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Total Assets |
$36,399,000 |
$39,480,000 |
-7.80% |
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Current Liabilities |
$19,940,000 |
$19,724,000 |
1.10% |
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Non Current Liabilities |
$5,930,000 |
$4,500,000 |
31.78% |
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Total Liabilities |
$25,870,000 |
$24,224,000 |
6.79% |
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Net Assets |
$10,529,000 |
$15,256,000 |
-30.98% |
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Working Capital |
($612,000) |
($16,000) |
3725.00% |
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Current Ratio |
0.97 |
1.00 |
-2.99% |
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Debt to Equity |
2.46 |
1.59 |
54.74% |
TRADE SURVEY
A trade
survey on the subject traced the following accounts:
1. Nominated
supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in New Zealand on 24 August 1960, before
adopting the current style on 2 July 2000
Operations have been
established for 100 years
for the financial year ended 30 June 2007 the subject recorded revenue
of $30,661,000, which resulted in an operating loss before tax of $5,047,000
and an operating loss after tax of $4,727,000.
During fiscal 2007, the subject recorded Net Cashflows from operating
activities totalling $2,060,000.
As at 30 June 2007, the subject recorded a deficiency in Working Capital
of $612,000 and a current ratio of 0.97 to 1.
Net Assets totalled $10,529,000 as at 30 June 2007.
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. |
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%)