MIRA
INFORM REPORT
|
Report Date : |
10.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BWK ELDERS
AUSTRALIA PTY LTD |
|
|
|
|
Formerly Known As : |
BWK Australasia P/L |
|
|
|
|
Registered Office : |
9/121 King William Street Adelaide, South Australia 5000 |
|
|
|
|
Country : |
Australia |
|
|
|
|
Financials (as on) : |
30.06.2008 |
|
|
|
|
Date of Incorporation : |
22.06.1960 |
|
|
|
|
Legal Form : |
Propriety Limited |
|
|
|
|
Line of Business : |
Global Wool Exporting Arm of Elders, Exporting to Europe in
particular. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
REGISTERED NAME
BWK ELDERS AUSTRALIA
PTY LTD
ACN: 000 320 794
ABN: 72 000 320 794
CORPORATE SEARCH
Incorporation Date: 22
Jun 1960
Incorporation State: New
South Wales
Registered Office 9/121
KING WILLIAM Street
ADELAIDE,
South Australia 5000 Australia
Number of Shares Issued: 16000000
Paid Capital: 16000000
Shareholders ELDERS
GLOBAL WOOL HOLDINGS PTY LTD
Number
of Shares: 8000000
BREMER
WOLL-KAMMEREI AG
Number
of Shares: 8000000
Directors ZACHERT, PETER
Appointment
Date: 16 Oct 2007
Date
of Birth: 07 Dec 1953
Gender: Male
Address:
19 CHARLICK Circuit ADELAIDE, South Australia 5000 Australia
Resident
Overseas: No
SADLON,
MICHAEL PETER
Appointment
Date: 01 Sep 2006
Date
of Birth: 15 Sep 1964
Gender:
Female
Address:
3A MATHILDA Street BEULAH PARK, South Australia 5067 Australia
Resident
Overseas: No
BEIER,
OSKAR HERMANN
Appointment
Date: 30 Oct 2000
Date
of Birth: 17 Jul 1944
Gender:
Unknown
Address:
Resident
Overseas: Yes
Secretary PETER GORDON HASTINGS AND OTHERS
Appointment
Date: 16 Oct 2007
BUSINESS STRUCTURE
TRADING ADDRESS 27
Curries St
ADELAIDE,
SA 5000
TELEPHONE (618)
8425 4438
FACSIMILE (618)
8425 8671
JOINT HOLDING
ENTITIES ELDEERS
GLOBAL WOOL HOLDINGS P/L
BREMER
WOLL-KAMMEREI AG
ULTIMATE HOLDING
ENTITY FUTURIS
LIMITED
BANK Not
determined
EMPLOYEES Not
determined
BACKGROUND
The subject was incorporated in New South Wales on 22 June 1960as Booth
Hill & Sons P/L, changing name to Hill Booth P/L, changing name on 13 July
1979 to Booth Hill & New P/L, changing name to BWK Boot on 15 August 1994
changing name on 3 January 1997 to BWK Australasia P/L, before adopting the
current style on 2 November 2000.
The subject was formed in the current format in November 2000 as a
result of the merge between Elders Wool International and BWK Australasia.
The subject had its roots in Booth,
Hill and NEW.
In 1993 BWK acquires three wool trading
companies. NEW (Neues Wollkontor) from Germany, Booth Hills & NEW from
Australia and J.S. Brooksbank from New Zealand. Trade in raw wool, scoured wool
and noils are added, resulting in an expansion of the business base and of the
sales markets.
The ultimate holding entity, Futuris originated in 1952 as the
veterinary supplies division of Holdenson & Nielson Fresh Foods Pty Ltd.
Futuris was listed on the Australian Stock Exchange in June 1981.
In 1993, a $75 million issue of convertible notes helped Futuris acquire
an interest in Elders Australian Limited and Farmers Investment Trust.
OPERATIONS
The subject operates as the global wool exporting arm of Elders,
exporting to Europe in particular. The company has contracts with international
spinners and weavers.
Activities are conducted from premises located at the above listed
trading address.
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 noted to have entered into a Deed of Cross Guarantee
pursuant to a Class Order with its Holding entity Futuris Corporation Limited.
The effect of the Deed is that each party that forms part of the closed group
guarantee the debts of each other. Pursuant to the Class Order, the subject is
relieved from its requirements to lodge financial statements.
For the last financial year ended 30 June 2008 the group recorded
consolidated sales of $3,274,659,000, which resulted in an operating profit
before tax from continuing operations of $83,292,000 and after tax of
$75,580,000 representing Net Profit Margin of 2.31%.
For the same period, the members of the closed group which form part of
the Deed of Cross Guarantee recorded an operating profit from continuing
operations before tax of $80,773,000 and a profit after tax of $87,577,000.
Below is a summary of the groups consolidated income results for the
past two financial years.
|
|
Futuris Corporation Ltd - consolidated |
||
|
|
As at 30 June 2008 |
As at 30 June 2007 |
Change (%) |
|
Revenue |
$3,274,659,000 |
$3,016,517,000 |
8.56% |
|
Profit b/tax |
$83,292,000 |
$103,294,000 |
-19.36% |
|
Profit a/tax |
$75,580,000 |
$89,105,000 |
-15.18% |
|
Net Profit Margin |
2.31% |
2.95% |
-0.65% |
During fiscal 2008, the group recorded a deficiency Net Cashflows from
operating activities totalling $14,094,000.
As at 30 June 2008 the group recorded total consolidated current assets
of $1,444,677,000. They included inventories of $396,846,000, cash of
$244,043,000 and receivables of $633,782,000.
Current liabilities at the same date totalled $1,371,767,000 and
included payables of $966,726,000 and provisions of $208,136,000.
As at 2008, the group recorded consolidated Working capital of
$72,910,000 and a current ratio of 1.05 to 1 indicating a satisfactory
liquidity position.
At the same date, the members of the closed group which form part of the
Deed of Cross Guarantee recorded a deficiency in working Capital of
$229,736,000 and a current ratio of 0.81 to 1.
As at 30 June 2008, the group recorded consolidated Net Assets of
$1,296,176,000 and a debt to equity ratio of 1.64 to 1.
At the same date, the members of the closed group which form part of the
Deed of Cross Guarantee recorded Net Assets of $894,847,000.
|
|
Futuris Corporation Ltd - consolidated |
||
|
|
As at 30 June 2008 |
As at 30 June 2007 |
Change (%) |
|
Revenue |
$3,274,659,000 |
$3,016,517,000 |
8.56% |
|
Profit b/tax |
$83,292,000 |
$103,294,000 |
-19.36% |
|
Profit a/tax |
$75,580,000 |
$89,105,000 |
-15.18% |
|
Net Profit Margin |
2.31% |
2.95% |
-0.65% |
|
Current Assets |
$1,444,677,000 |
$1,406,486,000 |
2.72% |
|
Non Current Assets |
$1,971,240,000 |
$1,702,053,000 |
15.82% |
|
Total Assets |
$3,415,917,000 |
$3,108,539,000 |
9.89% |
|
Current Liabilities |
$1,371,767,000 |
$1,369,567,000 |
0.16% |
|
Non Current Liabilities |
$747,974,00 |
$542,371,000 |
37.91% |
|
Total Liabilities |
$2,119,741,000 |
$1,911,938,000 |
10.87% |
|
Net Assets |
$1,296,176,000 |
$1,196,601,000 |
8.32% |
|
Working Capital |
$72,910,000 |
$36,919,000 |
97.49% |
|
Current Ratio |
1.05 |
1.03 |
2.55% |
|
Debt to Equity |
1.64 |
1.60 |
2.35% |
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 22 June, before
adopting the current style on 2 November 2000.
The subject was formed in the current format in November 2000 as a
result of the merge between Elders Wool International and BWK Australasia.
The ultimate holding entity, Futuris originated in 1952 as the
veterinary supplies division of Holdenson & Nielson Fresh Foods Pty Ltd.
The subject is noted to have entered into a Deed of Cross Guarantee
pursuant to a Class Order with its Holding entity Futuris Corporation Limited.
For the last financial year ended 30 June 2008 the group recorded
consolidated sales of $3,274,659,000, which resulted in an operating profit
before tax from continuing operations of $83,292,000 and after tax of
$75,580,000 representing Net Profit Margin of 2.31%.
For the same period, the members of the closed group which form part of
the Deed of Cross Guarantee recorded an operating profit from continuing
operations before tax of $80,773,000 and a profit after tax of $87,577,000.
As at 2008, , the members of the closed group which form part of the
Deed of Cross Guarantee recorded a deficiency in working Capital of
$229,736,000 and a current ratio of 0.81 to 1.
At the same date, the members of the closed group which form part of the
Deed of Cross Guarantee recorded Net Assets of $894,847,000.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.12 |
|
UK Pound |
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.63.52 |
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%)