MIRA
INFORM REPORT
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Report Date : |
16.10.2007 |
IDENTIFICATION DETAILS
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Name : |
WAX CONVERTERS TEXTILES PTY LTD |
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Registered Office : |
27, |
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Country : |
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Date of Incorporation : |
1 Aug 1989 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of industrial and outdoor fabrics. |
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 |
REGISTERED NAME
WAX CONVERTERS TEXTILES PTY LTD
ACN
003 851 330
ABN
20 003 851 330
INCORPORATED
1 Aug 1989
REGISTERED ADDRESS
27,
CASTLE HILL, NSW 2154
SHARECAPITAL
$4
SHAREHOLDERS
KELMAN, Helen Joy Holds
2 shares
KELMAN, Robert James Holds 2 shares
DIRECTORS
KELMAN, James
36,
PYRMONT, NSW
2009
KELMAN, Robert James
EPPING, NSW 2121
KELMAN, Helen Joy
EPPING, NSW 2121
SECRETARY
MCCAFFREY, Amy Elizabeth
REGISTERED CHARGES
Registered Charge Number :
865870
Date Registered :
29.05.2002
Status :
Fixed and floating
Creditor :
ANZ Bank
BUSINESS STRUCTURE
TRADING ADDRESS
LIDCOMBE, NSW 2141
TELEPHONE (612) 9749 2944
FACSIMILE (612) 9749 2889
MANUFACTURING MILL
RUTHERFORD, NSW
BANK
ANZ BANKING GROUP
EMPLOYEES
60
BACKGROUND
The subject was incorporated in
Operations were established as a new venture in 1992.
OPERATIONS
The subject operates in the manufacture of industrial and outdoor
fabrics.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the of Credit Advantage Limited on 12 October 2007 failed to
trace any litigation listed against the subject at that date.
FINANCES
During the current investigation, contact with the subject’s principals
was unable to be established. Despite numerous messages being left, no reply
has been received.
From the subjects most recently lodged financial statements, it is noted
that for the financial year ended 30 June 2005 the subject recorded revenue of
$18,170,472, which resulted in an operating profit before tax of $750,819 and
an operating profit after tax of $688,209 representing a Net Profit Margin of
3.79%.
Below is a summary of the subject’s income results for the past two
financial years.
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Wax Converters Textiles Pty Ltd |
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As at 30 June
2005 |
As at 30 June
2004 |
Change (%) |
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Revenue |
$18,170,472 |
$18,340,488 |
-0.93% |
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Profit b/tax |
$750,819 |
$843,441 |
-10.98% |
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Profit a/tax |
$688,209 |
$590,409 |
16.56% |
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Net Profit Margin |
3.79% |
3.22% |
0.57% |
During fiscal 2005, the subject recorded a deficiency in Net Cash-flows
from operating activities totaling $1,410,877.
As at 30 June 2005, the subject recorded total current assets of
$11,499,995. They included cash of $8,949, receivables of $4,114,181 and
inventories of $7,154,359.
Current liabilities at the same date totaled $6,789,272 and included
payables of $2,496,859 and other of $2,454,565.
As at 30 June 2005, the subject recorded Working Capital of $4,710,723
and a current ratio of 1.69 to 1 indicating sound liquidity levels.
Net Assets totaled $5,359,830 as at 30 June 2005. At this date, the
subject further recorded a Debt to Equity ratio of 2.11 to 1.
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Wax Converters Textiles Pty Ltd |
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As at 30 June
2005 |
As at 30 June
2004 |
Change (%) |
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Revenue |
$18,170,472 |
$18,340,488 |
-0.93% |
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Profit b/tax |
$750,819 |
$843,441 |
-10.98% |
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Profit a/tax |
$688,209 |
$590,409 |
16.56% |
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Net Profit Margin |
3.79% |
3.22% |
0.57% |
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Current Assets |
$11,499,995 |
$11,135,893 |
3.27% |
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Non Current Assets |
$5,167,246 |
$4,623,463 |
11.76% |
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Total Assets |
$16,667,241 |
$15,759,356 |
5.76% |
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Current Liabilities |
$6,789,272 |
$8,147,443 |
-16.67% |
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Non Current Liabilities |
$4,518,139 |
$2,844,292 |
58.85% |
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Total Liabilities |
$11,307,411 |
$10,991,735 |
2.87% |
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Net Assets |
$5,359,830 |
$4,767,621 |
12.42% |
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Working Capital |
$4,710,723 |
$2,988,450 |
57.63% |
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Current Ratio |
1.69 |
1.37 |
23.93% |
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Debt to Equity |
2.11 |
2.31 |
-8.49% |
TRADE SURVEY
During the current investigation, contact with the subjects principals was
unable to be established.
Subsequently details pertaining to the company’s suppliers were unable
to be obtained and a trade survey could not be conducted.
SUMMARY
The subject was incorporated in
Operations were established as a new venture in 1992.
For the financial year ended 30 June 2005 the subject recorded revenue
of $18,170,472, which resulted in an operating profit before tax of $750,819
and an operating profit after tax of $688,209 representing a Net Profit Margin
of 3.79%.
During fiscal 2005, the subject recorded a deficiency in Net Cash-flows
from operating activities totaling $1,410,877.
As at 30 June 2005, the subject recorded Working Capital of $4,710,723
and a current ratio of 1.69 to 1 indicating sound liquidity levels.
Net Assets totaled $5,359,830 as at 30 June 2005.
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%)