MIRA
INFORM REPORT
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Report Date : |
17.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
METAL MANUFACTURERS LIMITED |
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Registered Office : |
19 Loyalty Rd North Rocks, NSW 2151 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
21.07.1989 |
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Legal Form : |
Private Limited Comapny |
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Line of Business : |
Manufacture of Copper products including Rod, Wire, Tubing, Fittings and
Accessories |
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 : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
REGISTERED NAME
METAL MANUFACTURERS LIMITED
T/AS ALL METAL MANUFACTURERS
ACN: 003 762 641
ABN: 13 003 762 641
CORPORATE SEARCH
INCORPORATED 21
July 1989
REGISTERED ADDRESS 19
Loyalty Rd
NORTH
ROCKS, NSW 2151
SHARECAPITAL $70,780,227
SHAREHOLDERS MML
HOLDINGS P/L Holds
141,560,454
DIRECTORS GODDARD,
Roger David
Resident
overseas
WALLIN,
Keith Hamilton
16
Shaddock Ave
WEST
PYMBLE, NSW 2073
IRWIN,
Kevin David
118,
25 Best St
LANE
COVE, NSW 2066
MCNAIR,
Douglas Talbot
Resident
overseas
COLBURN,
Keith Whiting
Resident overseas
HOGEL,
Carol Colburn
Resident overseas
SECRETARY WALLIN,
Keith Hamilton
16
Shaddock Ave
WEST
PYMBLE, NSW 2073
REG’D CHARGES None
on record
BUSINESS STRUCTURE
TRADING ADDRESS Gloucester
Blvd
PORT
KEMBLA. NSW 2505
TELEPHONE (612)
4223 5200
FACSIMILE (612)
4223 5235
TRADING STYLES ALL
METAL MANUFACTURES
AWM
ELECTRICAL
TLE
ELECTRICAL
HAYMENS
INTEGRATED SYSTEMS
KEMBLA TUBE AND
FITTINGS
D
& W ELECTRICAL
HAYMENS
ELECTRICAL
MM
ELECTRICAL MERCHANDISING
VINIDEX
CONTROLLED ENTITIES AUSTRAL
BRONZE METAL MANUFACTURERS P/L
CABLE
MAKERS AUSTRALIA P/L
CASTLE
PACIFIC INSURANCE PTE LTD
MM
CABLES NEW ZEALAND LTD
MM KEMBLE NEW
ZEALAND LTD
VINIDEX PTY LTD
VINIDEX PROPERTY
HOLDINGS P/L
VINIDEX OVERSEAS
HOLDING P/L
VINIDEX (ASIA) LTD
VINIDEX (HONG
KONG) COMPANY LTD
SHENZHEN BETTER
POLYMERS CO LTD
MARSHIRE
INVESTMENTS P/L
HOLDING ENTITY MML
HOLDINGS P/L
ULTIMATE HOLDING
ENTITY BLACKFIARS
CORP -USA
BANK ANZ
BANKING GROUP
EMPLOYEES 2,543
BACKGROUND
The subject operates as a division of Metal Manufacturers Ltd, a company
which was incorporated in New South Wales on 21 July 1989.
Metal Manufacturers Ltd was founded in Port Kembla, NSW in 1916.
The subject was listed on the Australian Stock Exchange before being
taken over by Marsh Electrical P/L on 3 June 2000.
On 1 July 2002, the Group acquired part of Mckechnie Australia and
Mckechnie Zealand Group.
OPERATIONS
The subject operates in the manufacture of copper products including
rod, wire, tubing, fittings and accessories
The group also operates in the wholesale of electrical products and
manufacture and distribution of plastic pipe and fittings.
ADVERSE
A search of the of Credit Advantage Limited 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 31 December 2007, the Group recorded
consolidated revenue of $2,639,602,000, which resulted in an operating profit
before tax of $154,842,000 and an operating profit after tax of $107,917,000
representing a Net Profit Margin of 4.09%.
Below is a summary of the Group’s consolidated income results for the
past two financial years.
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Metal Manufactures Ltd - consolidated |
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As at 31 December 2007 |
As at 31 December 2006 |
Change (%) |
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Revenue |
$2,639,602,000 |
$2,493,640,000 |
5.85% |
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Profit b/tax |
$154,842,000 |
$142,394,000 |
8.74% |
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Profit a/tax |
$107,917,000 |
$100,217,000 |
7.68% |
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Net Profit Margin |
4.09% |
4.02% |
0.07% |
In early 2008 the subject acquired all of the issued shares in Dotmar
Holdings P/L.
During fiscal 2007, the subject recorded consolidated Net Cashflows from
operating activities totalling $136,968,000.
As at 31 December 2007 the subject recorded consolidated total current
assets of $812,612,000. They included cash of $301,826,000, receivables of
$272,942,000 and inventories of $231,774,000.
Current liabilities at the same date totalled $339,432,000 and included
payables of $240,559,000 and Interest bearing liabilities of $1,270,000.
As at 31 December 2007, the subject recorded consolidated Working
Capital of $473,180,000 and a current ratio of 2.39 to 1 indicating strong
liquidity levels.
Net Assets totalled $681,000,000 as at 31 December 2007. At this date,
the subject further recorded a Debt to Equity ratio of 0.51 to 1.
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Metal Manufactures Ltd - consolidated |
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As at 31 December 2007 |
As at 31 December 2006 |
Change (%) |
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Revenue |
$2,639,602,000 |
$2,493,640,000 |
5.85% |
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Profit b/tax |
$154,842,000 |
$142,394,000 |
8.74% |
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Profit a/tax |
$107,917,000 |
$100,217,000 |
7.68% |
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Net Profit Margin |
4.09% |
4.02% |
0.07% |
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Current Assets |
$812,612,000 |
$809,518,000 |
0.38% |
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Non Current Assets |
$216,034,000 |
$163,619,000 |
32.03% |
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Total Assets |
$1,028,646,000 |
$973,137,000 |
5.70% |
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Current Liabilities |
$339,432,000 |
$378,383,000 |
-10.29% |
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Non Current Liabilities |
$8,214,000 |
$8,100,000 |
1.41% |
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Total Liabilities |
$347,646,000 |
$386,483,000 |
-10.05% |
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Net Assets |
$681,000,000 |
$586,654,000 |
16.08% |
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Working Capital |
$473,180,000 |
$431,135,000 |
9.75% |
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Current Ratio |
2.39 |
2.14 |
11.90% |
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Debt to Equity |
0.51 |
0.66 |
-22.51% |
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 operates as a division of Metal Manufacturers Ltd, a
company, which was incorporated in New South Wales on 21 July 1989.
Metal Manufacturers Ltd was founded in Port Kembla, NSW in 1916.
For the financial year ended 31 December 2007, the Group recorded consolidated
revenue of $2,639,602,000, which resulted in an operating profit before tax of
$154,842,000 and an operating profit after tax of $107,917,000 representing a
Net Profit Margin of 4.09%.
During fiscal 2007, the subject recorded consolidated Net Cashflows from
operating activities totalling $136,968,000.
As at 31 December 2007, the subject recorded consolidated Working
Capital of $473,180,000 and a current ratio of 2.39 to 1 indicating strong
liquidity levels.
Net Assets totalled $681,000,000 as at 31 December 2007.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
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%)