MIRA
INFORM REPORT
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Report Date : |
31.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
PROUDS JEWELLERS PTY LTD |
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Formerly Known as : |
Pascoes Aust P/L |
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Registered Office : |
60 Parramatta Rd Summer Hill, NSW 2130 |
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Country : |
Australia |
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Financials (as on) : |
31.05.2006 |
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Date of Incorporation : |
27.02.1996 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Chain of Retail Jewellers involved in the Manufacture and
Import of Jewellery and Giftwares. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Exists |
REGISTERED NAME
PROUDS JEWELLERS PTY LTD
ACN: 073 053 273
ABN: 99 073 053 273
INCORPORATED
27.02.1996
REGISTERED ADDRESS
60 Parramatta Rd
SUMMER HILL, NSW 2130
SHARECAPITAL
$1
SHAREHOLDERS
JAMES PASCO LTD Holds
1 share
DIRECTORS
MANGELSDORF,
Gail Maree
32 Dalmeny Ave
ROSEBERRY, NSW 2018
NORMAN, David
Resident overseas
NORMAN, Anne
Resident overseas
SECRETARY
MANGELSDORF,
Gail Maree
32 Dalmeny Ave
ROSEBERRY, NSW 2018
REGISTERED CHARGES
Registered Charge Number : 1000426
Date Registered : 05.12.2003
Status :
Fixed and floating
Creditor :
ANZ Banking Group
Registered Charge Number : 540750
Date Registered : 05.12.2003
Status :
Fixed and floating
Creditor :
ANZ Banking Group
BUSINESS STRUCTURE
TRADING ADDRESS 60
to 70 Parramatta Rd
SUMMER HILL, NSW
2130
TELEPHONE (612) 9581 6999
BRANCHES The subject maintains 160 branches across Australia
HOLDING ENTITY JAMES PASCOE LTD - NZ
BANK ANZ
BANKING GROUP
EMPLOYEES 2,000
BACKGROUND
The subject was incorporated in New South Wales on 27 February 1996 as Pascoes Aust P/L, before adopting the current style on 1 September 1997.
Operations have been established for 100 years.
OPERATIONS
The subject operates as a chain of retail jewellers involved in the manufacture and import of jewellery and giftwares.
The subject maintains 160 stores across Australia.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the of Baycorp Advantage Limited traced the following litigation listed against the subject at that date.
Default Report
Listing
Account Number : 20764 MA
Account Type : 30 day account
Member : Custom Security Services
Date : 25.11.2004
Amount : $326,572
Reason : Payment default
Assoc Code : Company’s Account
Default Report
Listing
Account Number : 20764 Equip
Account Type : 30 day account
Member : Custom Security Services
Date : 25.11.2004
Amount : $47,640
Reason : Payment default
Assoc Code : Company’s Account
Default Report
Listing
Account Number : 20764 RESP
Account Type : 30 day account
Member : Custom Security Services
Date : 25.11.2004
Amount : $871
Reason : Payment default
Assoc Code : Company’s Account
Default Report
Listing
Account Number : 20764 SERV
Account Type : 30 day account
Member : Custom Security Services
Date : 25.11.2004
Amount : $1,705
Reason : Payment default
Assoc Code : Company’s Account
During the current investigation, it was advised that the above adverse listings resulted following the subjects decision to terminate their security provider, Custom Security Services.
Custom Security Services subsequently made a claim for outstanding debts. The subject disputed this claim.
FINANCES
During the current investigation, contact with the subjects 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 31 May 2006 the subject recorded revenue of $211,282,000, which resulted in an operating profit before tax of $13,891,000 and an operating profit after tax of $9,755,000 representing a Net Profit Margin of 4.62 %.
Below is a summary of the subject’s income results for the past two financial years.
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Prouds Jewellers Pty Ltd |
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As at 31 May 2006 |
As at 31 May 2005 |
Change (%) |
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Revenue |
$211,282,000 |
$205,850,000 |
2.64% |
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Profit b/tax |
$13,891,000 |
$7,439,000 |
86.73% |
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Profit a/tax |
$9,755,000 |
$5,149,000 |
89.45% |
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Net Profit Margin |
4.62% |
2.50% |
2.12% |
During fiscal 2006, the subject recorded Net Cashflows from operating activities totaling $6,560,000.
As at 31 May 2006, the subject recorded total current assets of $84,699,000. They included receivables of $7,361,000 and inventories of $77,238,000.
Current liabilities at the same date totaled $65,567,000 and included payables of $32,157,000 and Interest bearing liabilities of $27,585,000.
As at 31 May 2006 the subject recorded Working Capital of $19,132,000 and a current ratio of 1.29 to 1 indicating a sound liquidity position.
Net Assets totalled $42,299,000 as at 31 May 2006. At this date, the subject further recorded a Debt to Equity ratio of 1.73 to 1.
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Prouds Jewellers Pty Ltd |
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As at 31 May 2006 |
As at 31 May 2005 |
Change (%) |
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Revenue |
$211,282,000 |
$205,850,000 |
2.64% |
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Profit b/tax |
$13,891,000 |
$7,439,000 |
86.73% |
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Profit a/tax |
$9,755,000 |
$5,149,000 |
89.45% |
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Net Profit Margin |
4.62% |
2.50% |
2.12% |
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Current Assets |
$84,699,000 |
$77,120,000 |
9.83% |
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Non Current Assets |
$30,987,000 |
$31,512,000 |
-1.67% |
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Total Assets |
$115,686,000 |
$108,632,000 |
6.49% |
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Current Liabilities |
$65,567,000 |
$69,697,000 |
-5.93% |
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Non Current Liabilities |
$7,820,000 |
$6,391,000 |
22.36% |
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Total Liabilities |
$73,387,000 |
$76,088,000 |
-3.55% |
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Net Assets |
$42,299,000 |
$32,544,000 |
29.97% |
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Working Capital |
$19,132,000 |
$7,423,000 |
157.74% |
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Current Ratio |
1.29 |
1.11 |
16.75% |
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Debt to Equity |
1.73 |
2.34 |
-25.79% |
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 New South Wales on 27 February 1996.
Operations have been established for 100 years.
For the financial year ended 31 May 2006 the subject recorded revenue of $211,282,000, which resulted in an operating profit before tax of $13,891,000 and an operating profit after tax of $9,755,000 representing a Net Profit Margin of 4.62 %.
During fiscal 2006, the subject recorded Net Cashflows from operating activities totalling $6,560,000.
As at 31 May 2006 the subject recorded Working Capital of $19,132,000 and a current ratio of 1.29 to 1 indicating a sound liquidity position.
Net Assets totalled $42,299,000 as at 31 May 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%)