MIRA
INFORM REPORT
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Report Date : |
18.09.2007 |
IDENTIFICATION DETAILS
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Name : |
NOVER & CO PTY LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
02.04.1979 |
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Legal Form : |
Private |
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Line of Business : |
Wholesale of Essential Products for the Kitchen, Shopfitting and
Furniture 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 |
COMPANY NAME
NOVER & CO PTY LTD
ACN: 001 706 038
ABN: 15 001 706 038
INCORPORATED
2 April 1979
ADDRESS
EASTERN CREEK, NSW 2766
SHARECAPITAL
$90,002
SHAREHOLDERS
Nover Administration P/L Holds
90,001 shares
COWLEY, Ailsa Holds
1 share
DIRECTORS
COWLEY, Alisa
16,
DRUMMOYNE, NSW 2047
COWLEY, Stephen Kenneth
HUNTERS HILL, NSW 2110
SECRETARY
RIGBY, Lynne
REGISTERED CHARGES
Registered Charge Number :
402740
Date Registered :
03.09.1993
Status :
Floating
Creditor :
Kenneth Cowley
Registered Charge Number :
402670
Date Registered :
03.09.1993
Status :
Floating
Creditor :
Alisa Margaret Cowley
BUSINESS STRUCTURE
TRADING ADDRESS
EASTERN CREEK, NSW 2766
TELEPHONE (612) 9677 3200
FACSIMILE (612) 9677 3201
HOLDING ENTITY
NOVER ADMINISTRATION P/L
BRANCHES
TUGGERAH, NSW
LOGANHOLM, QLD
PORT
WAGGA WAGGA, NSW
NERANG, QLD
BUNDERBEG, QLD
VIRGINIA, QLD
BAYSWATER, VIC
GARBUTT, QLD
BANK
Not determined
EMPLOYEES
--
BACKGROUND
The subject was incorporated in
OPERATIONS
The subject operates in the wholesale of essential products for the
kitchen, shopfitting and furniture industries.
Product range includes wood based panel products, decorative
high and low-pressure melamine surfacings, cabinet hardware, sinks, appliances
and benchtop materials.
Major brands distributed include Formiline, Hettich,
Sherwood Paints, timber and industrial coatings, Roxx, Pionite and many more
ADVERSE
A search of the 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 30 June 2006 the subject recorded revenue of
$51,081,604, which resulted in an operating profit before tax of $108,738 and
an operating profit after tax of $164,956 representing a Net Profit Margin of
0.32%.
Below is a summary of the subject’s income results for the past two
financial years.
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Nover & Co Pty Ltd |
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As at 30 June 2006 |
As at 30 June 2005 |
Change (%) |
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Revenue |
$51,081,604 |
$57,698,353 |
-11.47% |
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Profit b/tax |
$108,738 |
$1,609,015 |
-93.24% |
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Profit a/tax |
$164,956 |
$1,617,097 |
-89.80% |
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Net Profit Margin |
0.32% |
2.80% |
-2.48% |
During fiscal 2006, the subject recorded Net Cashflows from operating
activities totalling $1,956,405.
As at 30 June 2006, the subject recorded total current assets of
$23,115,746. They included cash of $5,128,248, receivables of $7,757,106 and
inventories of $10,230,392.
Current liabilities at the same date totalled $6,186,890 and included
payables of $4,906,209 and provisions of $756,529.
As at 30 June 2006, the subject recorded Working Capital of $16,928,856
and a current ratio of 3.74 to 1 indicating strong liquidity levels.
Net Assets totalled $16,304,635 as at 30 June 2006. At this date, the
subject further recorded a Debt to Equity ratio of 0.73 to 1 showing low levels
of gearing.
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Nover & Co Pty Ltd |
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As at 30 June 2006 |
As at 30 June 2005 |
Change (%) |
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Revenue |
$51,081,604 |
$57,698,353 |
-11.47% |
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Profit b/tax |
$108,738 |
$1,609,015 |
-93.24% |
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Profit a/tax |
$164,956 |
$1,617,097 |
-89.80% |
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Net Profit Margin |
0.32% |
2.80% |
-2.48% |
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Current Assets |
$23,115,746 |
$22,995,206 |
0.52% |
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Non Current Assets |
$5,089,456 |
$5,096,438 |
-0.14% |
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Total Assets |
$28,205,202 |
$28,091,644 |
0.40% |
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Current Liabilities |
$6,186,890. |
$6,418,405 |
-3.61% |
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Non Current Liabilities |
$5,713,677 |
$5,533,560 |
3.25% |
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Total Liabilities |
$11,900,567 |
$11,951,965 |
-0.43% |
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Net Assets |
$16,304,635 |
$16,139,679 |
1.02% |
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Working Capital |
$16,928,856. |
$16,576,801 |
2.12% |
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Current Ratio |
3.74 |
3.58 |
4.29% |
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Debt to Equity |
0.73 |
0.74 |
-1.44% |
TRADE SURVEY
During the current investigation, contact with the subject’s 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
for the financial year ended 30 June 2006 the subject recorded revenue
of $51,081,604, which resulted in an operating profit before tax of $108,738
and an operating profit after tax of $164,956 representing a Net Profit Margin
of 0.32%.
During fiscal 2006, the subject recorded Net Cashflows from operating activities
totalling $1,956,405.
As at 30 June 2006, the subject recorded Working Capital of $16,928,856
and a current ratio of 3.74 to 1 indicating strong liquidity levels.
Net Assets totalled $16,304,635 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%)