MIRA
INFORM REPORT
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Report Date : |
19.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ELG RECYCLING PROCESSORS PTY LTD |
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Registered Office : |
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Country : |
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Date of Incorporation : |
20 June 1991 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Operates as metal merchants involved in the distribution of metal
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 |
REGISTERED NAME
ELG RECYCLING PROCESSORS PTY LTD
ACN
052 340 539
ABN
48 052 340 539
INCORPORATED
20 June 1991
REGISTERED ADDRESS
CAMBELLFIELD, VIC 3061
SHARECAPITAL
$1,100,000
SHAREHOLDERS
ELG HANIEL GMBH Holds
1,099,000
WRIGHT, Michael George Holds
1 share
DIRECTORS
SMILLIE, James Douglas
1501,
DOCKLANDS, VIC
3008
WRIGHT, Michael George
Resident overseas
LESSMANN, Ulrich
Resident overseas
SECRETARY
FREDRICKS, Wiltrud
REGISTERED CHARGES
None on record
BUSINESS STRUCTURE
TRADING ADDRESS
TELEPHONE (612)
9642 8900
FACSIMILE (612)
9642 0155
BRANCH
MELBOURNE, VIC
HOLDING ENTITY
ELG HANIEL GMBH
BANK
ST GEORGE
EMPLOYEES
16
BACKGROUND
The subject was incorporated in
Operations were formed as a new venture in 1992
OPERATIONS
The subject operates as metal merchants involved in the distribution of
metal products.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the of Credit Advantage Limited on 19 October 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 31 December 2006 the subject recorded revenue
of $56,586,734, which resulted in an operating profit before tax of $3,855,075
and an operating profit after tax of $2,685,654 representing a Net Profit
Margin of 4.75%.
Below is a summary of the subject’s income results for the past two
financial years.
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Elg Recycling Processors Pty Ltd |
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As at 31
December 2006 |
As at 31
December 2005 |
Change (%) |
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Revenue |
$56,586,734 |
$42,117,017 |
34.36% |
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Profit b/tax |
$3,855,075 |
$2,603,908 |
48.05% |
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Profit a/tax |
$2,685,654 |
$1,805,076 |
48.78% |
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Net Profit Margin |
4.75% |
4.29% |
0.46% |
During fiscal 2006, the subject recorded a deficiency in Net Cashflows
from operating activities totaling $1,031,778.
As at 31 December 2006, the subject recorded total current assets of
$21,150,011. They included cash of $28,784, receivables of $7,503,571 and
receivables of $12,708,241.
Current liabilities at the same date totaled $16,909,020 and included
payables of $7,790,399 and provisions of $110,404.
As at 31 December 2006, the subject recorded Working Capital of
$4,240,991 and a current ratio of 1.25 to 1 indicating sound liquidity levels.
Net Assets totaled $6,974,982 as at 31 December 2006. At this date, the
subject further recorded a Debt to Equity ratio of 2.52 to 1.
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Elg Recycling Processors Pty Ltd |
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As at 31
December 2006 |
As at 31
December 2005 |
Change (%) |
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Revenue |
$56,586,734 |
$42,117,017 |
34.36% |
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Profit b/tax |
$3,855,075 |
$2,603,908 |
48.05% |
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Profit a/tax |
$2,685,654 |
$1,805,076 |
48.78% |
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Net Profit Margin |
4.75% |
4.29% |
0.46% |
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Current Assets |
$21,150,011 |
$13,629,147 |
55.18% |
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Non Current Assets |
$3,370,303 |
$3,607,741 |
-6.58% |
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Total Assets |
$24,520,314 |
$17,236,888 |
42.25% |
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Current Liabilities |
$16,909,020 |
$12,640,921 |
33.76% |
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Non Current Liabilities |
$636,312 |
$306,638 |
107.51% |
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Total Liabilities |
$17,545,332 |
$12,947,559 |
35.51% |
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Net Assets |
$6,974,982 |
$4,289,329 |
62.61% |
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Working Capital |
$4,240,991 |
$988,226 |
329.15% |
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Current Ratio |
1.25 |
1.08 |
16.01% |
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Debt to Equity |
2.52 |
3.02 |
-16.67% |
TRADE SURVEY
A trade survey on the subject traced the following accounts:
Nominated supplier declined to provide a reference owing to company
policy.
Nominated supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in
Operations were formed as a new venture in 1992
for the financial year ended 31 December 2006 the subject recorded
revenue of $56,586,734, which resulted in an operating profit before tax of
$3,855,075 and an operating profit after tax of $2,685,654 representing a Net
Profit Margin of 4.75%.
During fiscal 2006, the subject recorded a deficiency in Net Cashflows
from operating activities totaling $1,031,778.
As at 31 December 2006, the subject recorded Working Capital of $4,240,991
and a current ratio of 1.25 to 1 indicating sound liquidity levels.
Net Assets totaled $6,974,982 as at 31 December 2006.
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%)