MIRA
INFORM REPORT
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Report Date : |
05.09.2007 |
IDENTIFICATION DETAILS
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Name : |
DRYEN AUSTRALIA PTY LTD |
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Registered Office : |
3, |
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Country : |
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Date of Incorporation : |
25 November 1983 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Import and manufacture and bed linen and bedding 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
DRYEN AUSTRALIA PTY LTD
ACN
006 219 352
ABN
99 006 219352
INCORPORATED
25 November 1983
REGISTERED ADDRESS
3,
CAMBERWELL, VIC 3124
SHARECAPITAL
$2
SHAREHOLDERS
DRYEN, George Holds 1
share
George Dryen
Holdings P/L Holds 1
share
DIRECTORS
CHURCHILL,
Brian Anthony
SAMSON,
Daniel Alexander
1
TEMPLESTOWE,
VIC 3106
SAMUEL,
Neil Howard
23
Haverbrack Ane
MALVERN,
VIC 3144
DRYEN,
Marlene Itta
401,
TOORAK, VIC
3142
DRYEN,
George Pinchus
401,
TOORAK, VIC
3142
SECRETARY
SAMUEL, Neil Howard
REGISTERED CHARGES
Registered Charge Number : 190013
Date Registered : 11.02.1985
Status : Fixed and floating
Creditor : ANZ Bank
BUSINESS STRUCTURE
TRADING ADDRESS
MOORABBIN, VIC 3189
TELEPHONE (613) 8558 2222
FACSIMILE (613) 8558 2244
BANK
ANZ BANKING GROUP
EMPLOYEES
60
BACKGROUND
The subject was incorporated in
The subject has origins that date back to 1910 with the opening of Dyen Stores in Broken Hill.
Operations were established as a new venture in 1970.
In 1981 the subject purchased the
OPERATIONS
The subject operates in the import and manufacture and bed linen and bedding products.
Activities are conducted from premises located at the above listed trading address.
ADVERSE
A search of the failed to trace any litigation listed against the subject at that date.
FINANCES
The subject is not required to lodge financial statements with the Australian Securities and Investments Commission.
During the current interview conducted with the subjects Financial Controller, he declined to release any details trading or financial information.
From the subjects most recently lodged financial statements, it is noted that for the financial year ended 30 June 2006 the subject recorded revenue of $35,372,817, which resulted in an operating profit before tax of $2,333,248 and an operating profit after tax of $1,626,930 representing a Net Profit Margin of 4.6%.
Below is a summary of the subject’s income results for the past two financial years.
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Dryen Australia Pty Ltd |
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As at 30 June 2006 |
As at 30 June 2005 |
Change (%) |
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Revenue |
$35,372,817 |
$30,274,243 |
16.84% |
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Profit b/tax |
$2,333,248 |
$1,825,599 |
27.81% |
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Profit a/tax |
$1,626,930 |
$1,275,373 |
27.57% |
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Net Profit Margin |
4.60% |
4.21% |
0.39% |
During fiscal 2006, the subject recorded Net Cashflows from operating activities totalling $1,831,142.
As at 30 June 2006, the subject recorded total current assets of $13,563,817. They included cash of $3,392,876, receivables of $3,527,130 and inventories of $6,595,566.
Current liabilities at the same date totalled $5,799,758 and included payables of $4,510,094 and provisions of $748,092.
As at 30 June 2006, the subject recorded Working Capital of $7,764,059 and a current ratio of 2.34 to 1 indicating sound liquidity levels.
Net Assets totalled $8,802,418 as at 30 June 2006. At this date, the subject further recorded a Debt to Equity ratio of 0.66 to 1 showing low levels of gearing.
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Dryen Australia Pty Ltd |
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As at 30 June 2006 |
As at 30 June 2005 |
Change (%) |
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Revenue |
$35,372,817 |
$30,274,243 |
16.84% |
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Profit b/tax |
$2,333,248 |
$1,825,599 |
27.81% |
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Profit a/tax |
$1,626,930 |
$1,275,373 |
27.57% |
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Net Profit Margin |
4.60% |
4.21% |
0.39% |
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Current Assets |
$13,563,817 |
$11,415,474 |
18.82% |
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Non Current
Assets |
$1,038,359 |
$1,253,978 |
-17.19% |
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Total Assets |
$14,602,176 |
$12,669,452 |
15.25% |
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Current
Liabilities |
$5,799,758 |
$4,420,964 |
31.19% |
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Non Current
Liabilities |
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Total Liabilities |
$5,799,758 |
$4,420,964 |
31.19% |
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Net Assets |
$8,802,418 |
$8,248,488 |
6.72% |
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Working Capital |
$7,764,059 |
$6,994,510 |
11.00% |
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Current Ratio |
2.34 |
2.58 |
-9.43% |
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Debt to Equity |
0.66 |
0.54 |
22.93% |
TRADE SURVEY
During the current investigation, details pertaining to the subjects suppliers were not provided.
A trade survey on the subject was subsequently unable to be conducted.
SUMMARY
The subject was incorporated in
The subject has origins that date back to 1910 with the opening of Dyen Stores in Broken Hill.
For the financial year ended 30 June 2006 the subject recorded revenue of $35,372,817, which resulted in an operating profit before tax of $2,333,248 and an operating profit after tax of $1,626,930 representing a Net Profit Margin of 4.6%.
During fiscal 2006, the subject recorded Net Cashflows from operating activities totalling $1,831,142.
As at 30 June 2006, the subject recorded Working Capital of $7,764,059 and a current ratio of 2.34 to 1 indicating sound liquidity levels.
Net Assets totalled $8,802,418 as at 30 June 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%)