MIRA
INFORM REPORT
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Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
PROBIOTEC LTD |
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Formerly Known as : |
PROIOTEC P/L |
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Registered Office : |
73 CHERRY Lane LAVERTON NORTH, Victoria 3026 |
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Country : |
Australia |
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Date of Incorporation : |
08.08.1996 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, marketer and distributor of a diverse, high quality
range of prescription and over-ther-counter (OTC) pharmaceuticals,
complementary medicines and specialty ingredients. |
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 : |
Slow |
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Litigation : |
Exists |
REGISTERED NAME
PROBIOTEC LTD
ACN: 075 170 151
ABN: 91 075
170 151
CORPORATE SEARCH
Incorporation
Date: 08 Aug 1996
Incorporation
State: Queensland
Registered Office 73 CHERRY Lane
LAVERTON
NORTH, Victoria 3026 Australia
Charges Date Registered:
25 Sep 2002
Chargee Name: 060 452 217 RABO AUSTRALIA LIM
Charge Type: Fixed and floating charge
ASIC Charge No: 892066
Number of Shares
Issued: 106085
Paid Capital: $106085
Directors BUCKERIDGE, GRAHAM
HARRY
Appointment Date: 28 Jul 2006
Date of Birth: 31 Aug 1947
Gender: Male
Address: 17 BURTON Street MOSMAN, New South Wales 2088 Australia
Resident Overseas: No
KUO, RICHARD DAVID
Appointment Date: 28 Jul 2006
Date of Birth: 10 Jul 1964
Gender: Male
Address: 131 RIVERVIEW Road CLAREVILLE, New South Wales 2107 Australia
Resident Overseas: No
VAN RYN, MAURICE
Appointment Date: 28 Jul 2006
Date of Birth: 23 Apr 1955
Gender: Male
Address: 4 WHEELER Avenue TATHRA, New South Wales 2550 Australia
Resident Overseas: No
STRINGER, CHARLES WAYNE
Appointment Date: 08 Aug 1996
Date of Birth: 22 Jun 1951
Gender: Male
Address: 11/25 BEACONSFIELD Parade PORT MELBOURNE, Victoria 3207
Australia
Resident Overseas: No
Secretary CHRISTOPHER BRIAN BLAKE
AND OTHERS
Appointment
Date: 28 Jul 2006
BUSINESS STRUCTURE
TRADING ADDRESS 83 Cherry Lane
Laverton
North, VIC 3026
TELEPHONE (613) 9278 7555
FACSIMILE (613) 9369 6730
ASSOCIATED ENTITY
CONTROLLED
ENTITIES Probiotec (QLD) Pty
Limited Australia
Probiotec (NSW) Pty Limited Australia
Probiotec (Pharma) Pty Limited Australia
Biotech Pharmaceutical Pty Ltd Australia
Milton Pharmaceuticals Pty Ltd Australia
Golden Life Pty
Ltd
BANK RABOBANK
COMMONWEALTH
BANK OF AUSTRALIA
EMPLOYEES Not
determined
BACKGROUND
The subject was incorporated in Queensland on 8 August 1996 as Proiotec
P/L, changing name to Probiotec (Australia) P/L, before adopting the current
style on 17 February 2006.
Operations were established in 1997 as a single site operation.
OPERATIONS
The subject operates as a leading
manufacturer, marketer and distributor of a diverse, high quality range of
prescription and over-ther-counter (OTC) pharmaceuticals, complementary
medicines and specialty ingredients.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the of Credit Advantage Limited traced the following
litigation listed against the subject at that date.
Payment Defaults
Account Number: 110208355
Account Type: Bank Overdraft
Role in Payment Default: Principal
Latest Credit Provider: ANZ SMALL BUS PORTFOLIO MGT
Latest Date: 17 Oct 2005
Latest Amount: 730
Latest Reason to Report: Payment Default
Original Credit Provider: ANZ SMALL BUS PORTFOLIO MGT
Original Date: 17 Oct 2005
Original Amount: 730
Original Reason to Report: Payment Default
FINANCES
From the subjects most recently lodged financial statements, it is noted that for the financial year ended 30 June 2007 the subject recorded consolidated revenue of $53,991,931, which resulted in an operating profit before tax of $6,061,477 and an operating profit after tax of $4,977,524 representing a Net Profit Margin of 9.22%.
Below is a summary of the subject’s income results for the past two financial years.
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Probiotec Ltd - consolidated |
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As at 30 June 2007 |
As at 30 June 2006 |
Change (%) |
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Revenue |
$53,991,931 |
$41,480,394 |
30.16% |
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Profit b/tax |
$6,061,477 |
$2,611,879 |
132.07% |
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Profit a/tax |
$4,977,524 |
$1,805,552 |
175.68% |
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Net Profit Margin |
9.22% |
4.35% |
4.87% |
The Group achieved sales growth in all of its main businesses. In its Pharmaceutical segment, comprising Owned Pharmaceutical Products, Licensed Pharmaceutical Products, Contract Manufacturing and Additive Products, sales increased to $34,078,508 in the 2007 year from $26,235,846 in 2006, and in its Nutritional/ Nutraceutical business segment to $19,913,423 in the 2007 year from $15,245,008 in 2006.
The growth in sales revenue and profitability is in accordance with the Group’s financial forecasts.
During fiscal 2007, the subject recorded Net Cashflows from operating activities totalling $4,459,238.
As at 30 June 2007 the subject recorded total current assets of $25,167,785. They included cash of $2,028,209, receivables of $7,541,236 and inventories of $15,118,665.
Current liabilities at the same date totalled $15,989,096 and included payables of $9,009,827 and borrowings of $6,447,376.
As at 30 June 2007 the subject recorded Working Capital of $9,178,689 and a current ratio of 1.57 to 1 indicating satisfactory liquidity levels.
Net Assets totalled $38,022,400 as at 30 June 2007. At this date, the subject
further recorded a Debt to Equity ratio of 1.05 to 1.
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Probiotec Ltd - consolidated |
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As at 30 June 2007 |
As at 30 June 2006 |
Change (%) |
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Revenue |
$53,991,931 |
$41,480,394 |
30.16% |
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Profit b/tax |
$6,061,477 |
$2,611,879 |
132.07% |
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Profit a/tax |
$4,977,524 |
$1,805,552 |
175.68% |
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Net Profit Margin |
9.22% |
4.35% |
4.87% |
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Current Assets |
$25,167,785 |
$17,907,130 |
40.55% |
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Non Current Assets |
$52,746,336 |
$44,014,113 |
19.84% |
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Total Assets |
$77,914,121 |
$61,921,243 |
25.83% |
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Current Liabilities |
$15,989,096 |
$23,424,748 |
-31.74% |
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Non Current Liabilities |
$23,902,625 |
$11,951,384 |
100.00% |
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Total Liabilities |
$39,891,721 |
$35,376,132 |
12.76% |
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Net Assets |
$38,022,400 |
$26,545,111 |
43.24% |
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Working Capital |
$9,178,689 |
($5,517,618) |
-266.35% |
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Current Ratio |
1.57 |
0.76 |
105.91% |
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Debt to Equity |
1.05 |
1.33 |
-21.27% |
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 Queensland on 8 August 1996 as Proiotec
P/L, changing name to Probiotec (Australia) P/L, before adopting the current
style on 17 February 2006.
Operations were established in 1997 as a single site operation.
for the financial year ended 30 June 2007 the subject recorded consolidated revenue of $53,991,931, which resulted in an operating profit before tax of $6,061,477 and an operating profit after tax of $4,977,524 representing a Net Profit Margin of 9.22%.
As at 30 June 2007 the subject recorded Working Capital of $9,178,689 and a current ratio of 1.57 to 1 indicating satisfactory liquidity levels.
Net Assets totalled $38,022,400 as at 30 June 2007.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.28 |
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UK Pound |
1 |
Rs.82.79 |
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Euro |
1 |
Rs.65.69 |
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%)