MIRA
INFORM REPORT
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Report Date : |
14.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
DAIEI AUSTRALASIA PTY LTD |
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Registered Office : |
29, 525 Collins St, Melbourne, VIC 3000 |
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Country : |
Australia |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
18.10.1994 |
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Com. Reg. No.: |
462673 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject operates as a paper and plastic marketing, distribution and
converting company |
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 : |
No Complaints |
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Litigation : |
Clear |
COMPANY NAME
REGISTERED NAME - DAIEI AUSTRALASIA PTY LTD
ACN: 004 873 581
ABN: 98 004 873 581
CORPORATE SEARCH
INCORPORATED 30
March 1971
REGISTERED ADDRESS 29,
525 Collins St
MELBOURNE,
VIC 3000
SHARECAPITAL $3,000,000
SHAREHOLDERS Kokusai
Pulp & Paper Co Holds
3,000,000 shares
DIRECTORS KAWAGUCHI,
Kimihito
1
Remington Dr
DANDENONG,
VIC 3175
HASHIZUME,
Kiyomi
Resident
overseas
TOMIOKA,
Takao
Resident overseas
ROWLEY, Jacqueline Clair
1
Stanhill Dr
CRANBOURNE
SOUTH, VIC 3977
SECRETARY KAWAGUCHI, Kimihito
1
Remington Dr
DANDENONG,
VIC 3175
REGISTERED CHARGES Registered
Charge Number : 462673
Date
Registered :
18.10.1994
Status :
Fixed and floating
Creditor :
ANZ Banking Group
BUSINESS STRUCTURE
TRADING ADDRESS 1
Remington Dr
DANDENONG
SOUTH VIC 3175
TELEPHONE (613)
8795 5200
FACSIMILE (613)
9799 8911
BRANCHES CHATSWOOD,
NSW 2067
SPRINGWOOD,
QLD 4127
PADBURY,
WA 6025
HOLDING ENTITY KOKUSAI
PULP & PAPER CO
BANK ANZ
BANKING GROUP
BANK
OF TOKYO MITSUBISHI
EMPLOYEES 18
BACKGROUND
The subject was incorporated in Victoria on 30 March 1971 as Daido
(Australasia) P/L, changing name on 6 January 1993 to Daiei Papers (Australia) P/L,
adopting the current style on 2 January 1996.
OPERATIONS
The subject operates as a paper and plastic marketing, distribution and
converting company.
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
During the current interview conducted with the subjects Financial
Controller, she advised that for the last financial year ended 31 December
2007, the subject traded profitably and recorded revenue of $105,000,000.
On a projected basis, revenue is forecast to reach $100,000,000 for the
current financial year ending 31 December 2008.
From the subjects most recently lodged financial statements it is shown
that for the year ended 31 December 2006 the subject recorded a 3% decline in
consolidated operating revenue to $76,247,700, which resulted in an operating
loss before tax of $1,192,591 and after tax of $916,275.
Below is a summary of the subject’s income results for the past two
financial years.
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Daiei
Australasia Pty Ltd |
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As at 31 December 2006 |
As at 31 December 2005 |
Change (%) |
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Revenue |
$76,247,700 |
$78,701,125 |
-3.12% |
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Profit b/tax |
($1,192,591) |
($4,352,545) |
-72.60% |
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Profit a/tax |
($916,275) |
($4,457,126) |
-79.44% |
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Net Profit Margin |
-1.20% |
-5.66% |
4.46% |
During fiscal 2005 the subject recorded Net cashflows from operating
activities totaling $2,328,443.
As at 31 December 2006, the subject recorded consolidated current assets
of $30,293,060. They included receivables of $19,588,891 and inventories of
$7,694,233.
At the same date consolidated current liabilities totaled $31,312,399
and included payables of $15,846,010 and interest bearing liabilities of
$14,758,824.
As at 31 December 2006 the subject recorded a deficiency in Working
Capital of $1,019,339 and a current ratio of 0.97 to 1.
The subject has received a guarantee of continuing support from its Holding
entity, to allow it to meet its liabilities. It is the belief of the Directors
that such financial support will continue to be made available.
Net Assets totalled $2,102,755 as at 31 December 2006. At this date, the
subject also recorded a Debt to Equity ratio of 14.09 to 1.
Enquiries in trade quarters revealed satisfaction from one supplier
contacted in dealing with the subject on a credit basis.
Other Financial Information
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Daiei
Australasia Pty Ltd |
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As at 31 December 2006 |
As at 31 December 2005 |
Change (%) |
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Revenue |
$76,247,700 |
$78,701,125 |
-3.12% |
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Profit b/tax |
($1,192,591) |
($4,352,545) |
-72.60% |
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Profit a/tax |
($916,275) |
($4,457,126) |
-79.44% |
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Net Profit Margin |
-1.20% |
-5.66% |
4.46% |
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Current Assets |
$30,293,060 |
$31,700,171 |
-4.44% |
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Non Current Assets |
$3,135,828 |
$3,442,686 |
-8.91% |
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Total Assets |
$33,428,888 |
$35,142,857 |
-4.88% |
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Current Liabilities |
$31,312,399 |
$31,750,963 |
-1.38% |
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Non Current Liabilities |
$13,734 |
$64,153 |
-78.59% |
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Total Liabilities |
$31,326,133 |
$31,815,116 |
-1.54% |
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Net Assets |
$2,102,755 |
$3,327,741 |
-36.81% |
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Working Capital |
($1,019,339) |
($50,792) |
1906.89% |
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Current Ratio |
0.97 |
1.00 |
-3.10% |
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Debt to Equity |
14.90 |
9.56 |
55.82% |
The holding entity, Kokusai Pulp & Paper is Japan's 2nd largest pulp
& paper distributor, having close relationships with Oji Paper and Nippon
Paper Industries
TRADE SURVEY
The subject is advised to import a majority of its requirements.
A trade survey on the subject traced the following accounts:
(Stockwell International) Purchases average $20,000 per month on 7 and
30 day terms. Payment is met to terms and the account is considered
satisfactory, having been known over 12 months.
(Frank Madden) Nominated supplier failed to respond to correspondence
despite chasing.
SUMMARY
The subject was incorporated in Victoria on 30 March 1971, adopting the
current style on 2 January 1996. Records disclose Share Capital of $3,000,000.
For the last financial year ended 31 December 2007, the subject traded
profitably and recorded revenue of $105,000,000.
For the year ended 31 December 2006 the subject recorded a 3% decline in
consolidated operating revenue to $76,247,700, which resulted in an operating
loss before tax of $1,192,591 and after tax of $916,275.
As at 31 December 2006 the subject recorded a deficiency in Working
Capital of $1,019,339 and a current ratio of 0.97 to 1.
Net Assets totalled $2,102,755 as at 31 December 2006.
Enquiries in trade quarters revealed satisfaction from one supplier
contacted in dealing with the subject on a credit basis.
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%)