MIRA
INFORM REPORT
|
Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
B AND D AUSTRALIA PTY LTD |
|
|
|
|
Formerly Known as : |
KALFORD P/L |
|
|
|
|
Registered Office : |
24/45 Clarence Street Sydney, New South Wales 2000 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Date of Incorporation : |
23.08.1983 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Market Leader in Garage Doors and Automatic Openers in Australia and Holds a Strong Presence in the New Zealand Market. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
REGISTERED NAME
B&D AUSTRALIA PTY LTD
ACN: 010 473 971
ABN: 25 010 473 971
CORPORATE SEARCH
Incorporation Date 23 Aug 1983
Registered Office 24/45 CLARENCE Street
SYDNEY, New South Wales 2000 Australia
Paid Capital $31,259
Shareholder Name ALESCO CORPORATION LIMITED
Number of Shares: 31259
Directors BOYD, PETER JOHN
Appointment Date: 28 Mar 2007
Date of Birth: 05 Jul 1963
Gender: Male
Address: 27 ROSEBERRY Street BALMAIN, New South Wales 2041 Australia
THOMPSON, NEIL ALEXANDER
Appointment Date: 31 May 2006
Date of Birth: 05 Jan 1957
Gender: Male
Address: 770 NEW SOUTH HEAD Road ROSE BAY, New South Wales 2029 Australia
RYAN, JUSTIN JAMES
Appointment Date: 01 Jul 2005
Date of Birth: 22 Feb 1966
Gender: Male
Address: 11 POINT Road NORTHWOOD, New South Wales 2066 Australia
Secretary ALAN JOSEPH FONSECA AND OTHERS
Appointment Date: 01 Jul 2005
BUSINESS STRUCTURE
TRADING ADDRESS 34-36
Marigold Street
Revesby NSW 2212
TELEPHONE (612) 9722 5555
FACSIMILE (612) 9771 3936
BRANCHES KILSYTH, VIC
ROYAL PARK, SA
CLONTARF, QLD
MALAGA, WA
HOLDING ENTITY ALESCO CORPORATION LTD
BANK Not determined
EMPLOYEES Not determined
BACKGROUND
The subject was incorporated in Queensland on 23 August 1983 as Kalford P/L, before adopting the current style on 2 July 2002.
In 1946 B&D was founded in Sydney by Arthur Byrne and Paul Davidson, who started a steel fabricating business with only £140. They managed to build their own factory in Botany while undertaking large engineering works across Australia and recruited accountant Ray Willoughby.
The B&D Roll-A-Door debuted at the Sydney Daily Mirror Home Show in 1956 (now known as the Sydney Home Show) and became an unanticipated success.
In 1971 B&D introduced the Colorbond Deluxe Roll-A-Door, featuring a new range of Colorbond Steel colours.
In 1985, Arthur Byrne and Ray Willoughby sold B&D in 1985 to Clyde Industries/Development Capital of Australia.
In 2000 B&D Doors sold the five millionth garage door worldwide, a figure that included more than 2.5 million Roll-A-Doors in Australia alone.
In 2001 B&D Doors was acquired by Queensland-based CSI Doors and Catalyst
Investment Managers Proprietary Limited and in 2003, acquired Automatic
Technology Australia (ATA) to become Australia ’s largest door opener
manufacturer.
B&D Doors ownership changed again in 2004, this time to Australian company Alesco.
In 2005 B&D Doors bought out its largest competitor in the New Zealand market, Dominator New Zealand, to become the largest door and opener manufacturer across Australasia.
OPERATIONS
The subject operates as the market leader in garage doors and automatic openers in Australia and holds a strong presence in the New Zealand market.
B&D business produces four key product groups:
Automatic garage door openers.
Sectional doors.
Rolling doors.
Industrial doors.
ADVERSE
A search of the of Credit Advantage Limited 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.
The subject is noted to have entered into a, Deed of Cross Guarantee pursuant to a Class Order with its Holding entity Alesco Corporation Limited. The effect of the Deed is that each party that forms part of the closed group, guarantee the debts of each other.
For the year ended 31 May 2007 the group recorded a 22.7% increase in consolidated revenue to $738,188,000 which resulted in an operating profit before tax of $61,493,000 and after tax of $43,974,000 representing a Net Profit Margin of 5.96 per cent.
Below is a summary of the groups consolidated income results for the year ended 31 May 2007 with comparisons to the previous corresponding year.
|
|
Alesco corporation Ltd - consolidated |
||
|
|
As at 31 May 2007 |
As at 31 May 2006 |
Change (%) |
|
Revenue |
$738,188,000 |
$601,460,000 |
22.73% |
|
Profit b/tax |
$61,493,000 |
$53,661,000 |
14.60% |
|
Profit a/tax |
$43,974,000 |
$42,841,000 |
2.64% |
|
Net Profit Margin |
5.96% |
7.12% |
-1.17% |
During fiscal 2007, the group reported Net cashflows from operating activities totalling $67,333,000.
For the year ended 31 May 2007, the members of the closed group which form part of the Deed of Cross Guarantee recorded an operating profit before tax of $62,848,000 and after tax of $45,219,000.
As at 31 May 2007 the group recorded total consolidated current assets of $276,676,000. They included receivables of $132,811,000 and inventories of $128,947,000.
Current liabilities at the same date totalled $180,004,000 and included payables of $114,710,000 and interest bearing liabilities of $20,366,000.
As at 31 May 2007 the Group recorded Consolidated Working capital of $96,672,000 and a current ratio of 1.54 to 1 indicating a sound liquidity position.
At 31 May 2007, the members of the closed group recorded Working Capital of $74,141,000 and a current ratio of 1.45 to 1.
The group recorded consolidated Net Assets of $344,454,000 as at 31 May 2007. At this date, the group further recorded a Debt to Equity ratio of 1.37 to 1.
As at 31 May 2007 the members of the closed group recorded Net Assets of $343,287,000. After deducting intangibles of $364,173,000, this results in a deficiency in Net Worth of $20,886,000.
For the six months ended 30 November 2007, the group reported consolidated revenue of $540,150,000 which resulted in an operating profit before tax of $44,205,000 and after tax of $31,474,000
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 Queensland on 23 August 1983 as Kalford P/L, before adopting the current style on 2 July 2002.
Operations were founded in 1946.
The subject is noted to have entered into a, Deed of Cross Guarantee pursuant to a Class Order with its Holding entity Alesco Corporation Limited.
For the year ended 31 May 2007 the group recorded a 22.7% increase in consolidated revenue to $738,188,000 which resulted in an operating profit before tax of $61,493,000 and after tax of $43,974,000 representing a Net Profit Margin of 5.96 per cent.
For the same period, the members of the closed group which form part of the Deed of Cross Guarantee recorded an operating profit before tax of $62,848,000 and after tax of $45,219,000.
As at 31 May 2007, the members of the closed group recorded Working Capital of $74,141,000 and a current ratio of 1.45 to 1.
At the same date the members of the closed group recorded Net Assets of $343,287,000. After deducting intangibles of $364,173,000, this results in a deficiency in Net Worth of $20,886,000.
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)