MIRA
INFORM REPORT
|
Report Date : |
09.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PROVET NZ LIMITED |
|
|
|
|
Registered Office : |
C/-Prince & Partners, Level 9, 50 Anzac Avenue, Auckland |
|
|
|
|
Country : |
New Zealand |
|
|
|
|
Financials (as on) : |
30.06.2007 |
|
|
|
|
Date of Incorporation : |
18-Apr-2002 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Wholesale
Distribution of Animal Health Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
REGISTERED NAME
PROVET NZ LTD
Company Number
1202342
Company
PROVET NZ PTY LTD
Registered
18-APR-2002
Current
Status
REGISTERED
Entity Type
Overseas Company
Annual Return Filing
Month
February
Country of Origin
Australia
Australian Company Number
(ACN)
099854065
Previous Names
No Previous Names on record
Address Details
Principal Place of
Business in NZ
C/-Prince & Partners
Level 9
50 Anzac Avenue
Auckland
Address of Person Authorised to Accept Service in NZ
Colin Wilson
Prince & Partners
Level Nine, 50 Anzac Avenue
Auckland
Directors
This overseas company is part of the data exchange between the New
Zealand Companies Office and the Australian Securities & Investment
Commission (ASIC). Documents lodged before 1 September 2007 have been submitted
by the company. From this date all director amendments have been provided by
ASIC. The registered document/s detailing the amendments can be obtained from
ASIC.
Name Date
Appointed
MACLACHLAN, John Kenneth 18-AUG-2005
66 Mullins Road, Papakura,
Auckland, New Zealand
MCGILVRAY, Garth 18-APR-2002
60 Old Coast Road,
Korora, New South Wales 2450, Australia
MENRATH, Robert Leonard Emil 18-APR-2002
123 Bleasby Road,
Eight Mile Plains, Queensland 4113, Australia
MENRATH, Victor Hans 28-NOV-2007
6178 Murten Court,
Hope Island Qld 4212, Australia
NICHOLLS, William Anthony 18-APR-2002
17 Geldart Road,
Chandler, Queensland 4155, Australia
NICHOLS, Nigel Bruce 18-APR-2002
250 Upper
Dartbrook Road, Scone, NSW 2337, Australia
PASCOE, Reginald Roland Roessler 18-APR-2002
'RRR Pascoe',
Hamlyn Road, Oakey QLD 4401, Australia
BUSINESS STRUCTURE
TRADING ADDRESS
8 Kordel Pl
EAST TAMAKI, AUCKLAND, NZ
TELEPHONE (649) 920 4440
FACSIMILE (649) 920 4459
BRANCHES
PALMERSTON NORTH
,NZ
CHRISTCHURCH, NZ
TAURANGA, NZ
CONTROLLED ENTITY
PROVET
AUSTRALASIA P/L
HOLDING ENTITY
PROVET HOLDINGS
LIMITED
BANK
ASB BANK
EMPLOYEES
Not determined
BACKGROUND
The subject was incorporated in New Zealand on 18 April 2002 as a
foreign company operating in New Zealand.
The subject was originally incorporated in Australia on 8 March 2002.
In February 2007, the subject purchases the business of Vision VPM from
Vision Software Limited.
Group activities were
founded in 1982.
OPERATIONS
The subject operates in the
wholesale distribution of animal health products.
Products distributed include, veterinary ethical drugs, disposables,
scientific instruments & equipment and a full range of small animal
merchandising products.
Activities are conducted from premises located at the above listed
trading address.
FINANCES
From the subjects most recently lodged financial statements, it is noted
that for the financial year ended 30 June 2007 the subject recorded revenue of
$50,511,317, which resulted in an operating loss before and after tax of
$1,205,771.
Below is a summary of the subject’s income results for the past two
financial years.
|
|
Provet NZ Pty Ltd |
|
|
|
|
As at 30 June 2007 |
As at 30 June 2006 |
Change (%) |
|
Revenue |
$50,511,317 |
$46,834,277 |
7.85% |
|
Profit b/tax |
($1,205,771) |
($2,465,687) |
-51.10% |
|
Profit a/tax |
($1,205,771) |
($2,465,687) |
-51.10% |
|
Net Profit Margin |
-2.39% |
-5.26% |
2.88% |
As at 30 June 2007, the subject recorded total current assets of $13,075,894.
They included cash of $905,689, receivables of $7,358,283 and inventories of
$4,735,536.
Current liabilities at the same date totalled $10,319,012 and included
payables of $10,097,745.
As at 30 June 2007, the subject recorded Working Capital of $2,756,882
and a current ratio of 1.27 to 1 indicating satisfactory liquidity levels.
The subject recorded a deficiency in Net Assets totalling $5,459,789 as
at 30 June 2007.
|
|
Provet NZ Pty Ltd |
|
|
|
|
As at 30 June 2007 |
As at 30 June 2006 |
Change (%) |
|
Revenue |
$50,511,317 |
$46,834,277 |
7.85% |
|
Profit b/tax |
($1,205,771) |
($2,465,687) |
-51.10% |
|
Profit a/tax |
($1,205,771) |
($2,465,687) |
-51.10% |
|
Net Profit Margin |
-2.39% |
-5.26% |
2.88% |
|
Current Assets |
$13,075,894 |
$12,156,376 |
7.56% |
|
Non Current Assets |
$9,968,859 |
$9,304,175 |
7.14% |
|
Total Assets |
$23,044,753 |
$21,460,551 |
7.38% |
|
Current Liabilities |
$10,319,012 |
$8,939,804 |
15.43% |
|
Non Current Liabilities |
$18,185,530 |
$16,940,289 |
7.35% |
|
Total Liabilities |
$28,504,542 |
$25,880,093 |
10.14% |
|
Net Assets |
($5,459,789) |
($4,419,542) |
23.54% |
|
Working Capital |
$2,756,882 |
$3,216,572 |
-14.29% |
|
Current Ratio |
1.27 |
1.36 |
-6.81% |
|
Debt to Equity |
-5.22 |
-5.86 |
-10.84% |
For the last financial year ended 30 June 2007, the
group recorded consolidated revenue of $210,270,348 which resulted in an operating
profit before tax of $5,207,136 and an operating profit after tax of
$4,006,236.
At 30 June 2007, the group recorded total assets of $94,010,576 and Net
Assets of $33,527,332.
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 New Zealand on 18 April 2002 as a foreign
company operating in New Zealand.
Group activities were
founded in 1982.
For the financial year ended 30 June 2007 the subject recorded revenue
of $50,511,317, which resulted in an operating loss before and after tax of
$1,205,771.
As at 30 June 2007, the subject recorded Working Capital of $2,756,882
and a current ratio of 1.27 to 1 indicating satisfactory liquidity levels.
The subject recorded a deficiency in Net Assets totalling $5,459,789 as
at 30 June 2007.
For the last financial year ended 30 June 2007, the
group recorded consolidated revenue of $210,270,348 which resulted in an
operating profit before tax of $5,207,136 and an operating profit after tax of
$4,006,236.
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%)