MIRA
INFORM REPORT
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Report Date : |
16.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
THE AUSTRALIAN WINE CONSUMERS CO-OPERATIVE SOCIETY LIMITED |
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Registered Office : |
177 Cathedral Street Woolloomooloo, New South Wales 2011 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
29.03.1995 |
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Legal Form : |
Non Profit Organisation. |
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Line of Business : |
Purchasing and Distribution of Table Wine to its Members. |
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 : |
Regular |
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Litigation : |
Clear |
REGISTERED NAME
THE AUSTRALIAN WINE CONSUMERS CO-OPERATIVE SOCIETY LIMITED
ACN: 068 836 699
ABN: 39 068 836 699
CORPORATE SEARCH
Incorporation
Date: 29 Mar 1995
Incorporation
State: New South Wales
Registered Office 177 CATHEDRAL
Street
WOOLLOOMOOLOO,
New South Wales 2011 Australia
Directors HOGAN, LANCE
Appointment Date: 10 Nov 2005
Date of Birth: 03 May 1942
Gender: Male
Address: 32 DUGGAN Crescent CONNELLS POINT, New South Wales 2221
Australia
Resident Overseas: No
MCKENZIE, IAN JAMES
Appointment Date: 18 Nov 2004
Date of Birth: 01 Dec 1942
Gender: Male
Address: 5 HONEYMAN Grove VICTOR HARBOR, South Australia 5211 Australia
Resident Overseas: No
STAPLETON, TERENCE EDWARD
Appointment Date: 09 Sep 2004
Date of Birth: 16 Apr 1939
Gender: Male
Address: 97 YOUNG Street CREMORNE, New South Wales 2090 Australia
Resident Overseas: No
MELICK, GREG
Appointment Date: 18 Sep 2003
Date of Birth: 29 Sep 1949
Gender: Male
Address: 235 CHANNEL Highway TAROONA, Tasmania 7053 Australia
Resident Overseas: No
WHITTON, ROBERT
Appointment Date: 12 Nov 2002
Date of Birth: 05 May 1954
Gender: Male
Address: 34 FRANCIS Street FAIRLIGHT, New South Wales 2094 Australia
Resident Overseas: No
LOVE, JOHN
Appointment Date: 12 Jul 2001
Date of Birth: 24 Sep 1946
Gender: Male
Address: 21 OATLEY Road PADDINGTON, New South Wales 2021 Australia
Resident Overseas: No
BALLARD, GEOFF
Appointment Date: 16 Sep 1999
Date of Birth: 24 Feb 1947
Gender: Male
Address: 2 ALLAMBEE Avenue CAMBERWELL, Victoria 3124 Australia
Resident Overseas: No
MCKIMM, IAIN DOUGLAS
Appointment Date: 22 Jul 1999
Date of Birth: 08 Oct 1956
Gender: Male
Address: 277 MORAY Street SOUTH MELBOURNE, Victoria 3205 Australia
Resident Overseas: No
GOODWORTH, GEOFFREY GORDON
Appointment Date: 26 Oct 1989
Date of Birth: 18 Feb 1947
Gender: Male
Address: 22 HIGHLAND Crescent HAMLYN TERRACE, New South Wales 2259
Australia
Resident Overseas: No
BUSINESS STRUCTURE
TRADING ADDRESS 177
Cathedral St
WOOLLOOMOOLOO,
NSW 2011
POSTAL ADDRESS PO
Box 475
KINGS
CROSS, NSW 2011
TELEPHONE (612) 9431 4031
FACSIMILE (612)
9368 0532
CONTROLLED
ENTITIES TWS WHOELSALE
P/L
THE
AUSTRALIAN WINE SOCIETY NATIONAL CELLAR DOOR P/L
WINECEL
INVESTMENTS P/L
WINCEL
LIMITED
WINECEL
RETAIL (NO 1) P/L
WINECEL RETAIL (NO 2) P/L
WINECEL RETAIL (NO 3) P/L
WINECEL RETAIL (NO
4) P/L
WINECEL RETAIL (NO
5) P/L
WINECEL RETAIL (NO
6) P/L
WINECEL RETAIL (NO
7) P/L
EMPLOYEES Not
determined
BACKGROUND
The subject was incorporated in New South Wales on 29 March 1995 under
the current style.
The Wine Society was
established in 1946, when Dr Gilbert Phillips and a group of wine loving
friends shared a collective vision and passion to purchase and distribute
Australian table wine.
OPERATIONS
The subject operates in the purchasing and distribution of table wine to
its members.
The subject maintains over 55,000 members.
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 not required to lodge financial statements with the Australian Securities and Investments Commission.
During the current interview conducted with Financial Controller Ron Corby, he advised that the subject is a Non Profit organisation. He further provided the following financial information pertaining to the subject for the year ended 30 June 2007.
For the financial year ended 30 June 2007 the subject recorded revenue of $40,828,000, which resulted in an operating profit before and after tax of $689,000 representing a Net Profit Margin of 1.69%.
Below is a summary of the subject’s income results for the past two financial years.
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The Australian Wine
Consumers Co-operative Society Ltd - consolidated |
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As at 30 June
2007 |
As at 30 June
2006 |
Change (%) |
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Revenue |
$40,828,000 |
$37,235,000 |
9.65% |
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Profit b/tax |
$689,000 |
$553,000 |
24.59% |
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Profit a/tax |
$689,000 |
$553,000 |
24.59% |
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Net Profit
Margin |
1.69% |
1.49% |
0.20% |
During fiscal 2007, the subject recorded Net Cashflows from operating
activities totalling $1,521,000.
On 25 June 2007, the subsidiary, Winecel Limited, entered into a contract
to acquire the business and assets of CDB Cellars for $4,250,000 plus stock.
The transaction was completed on 13 July 2007,
On 3 July 2007, the subsidiary Winecel Retail (No4) P/L, completed the
acquisition of Liquor License in North Balwyn, Melbourne for $200,000 plus
stock.
As at 30 June 2007, the subject recorded total current assets of $4,965,000. They included cash of $382,000, receivables of $1,244,000 and inventories of $3,339,000.
Current liabilities at the same date totalled $5,461,000 and included payables of $4,740,000.
As at 30 June 2007 the subject recorded a deficiency in Working Capital of $496,000 and a current ratio of 0.91 to 1.
Enquiries in trade quarters revealed satisfaction from suppliers contacted in dealing with the subject on a credit basis.
Net Assets totalled $3,632,000 as at 30 June 2007. At this date, the subject further recorded a Debt to Equity ratio of 2.64 to 1.
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The Australian
Wine Consumers Co-operative Society Ltd - consolidated |
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As at 30 June 2007 |
As at 30 June 2006 |
Change (%) |
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Revenue |
$40,828,000 |
$37,235,000 |
9.65% |
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Profit b/tax |
$689,000 |
$553,000 |
24.59% |
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Profit a/tax |
$689,000 |
$553,000 |
24.59% |
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Net Profit
Margin |
1.69% |
1.49% |
0.20% |
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Current Assets |
$4,965,000 |
$8,279,000 |
-40.03% |
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Non Current Assets |
$8,254,000 |
$2,566,000 |
221.67% |
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Total Assets |
$13,219,000 |
$10,845,000 |
21.89% |
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Current Liabilities |
$5,461,000 |
$5,470,000 |
-0.16% |
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Non Current Liabilities |
$4,126,000 |
$2,432,000 |
69.65% |
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Total
Liabilities |
$9,587,000 |
$7,902,000 |
21.32% |
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Net Assets |
$3,632,000 |
$2,943,000 |
23.41% |
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Working Capital |
($496,000) |
$2,809,000 |
-117.66% |
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Current Ratio |
0.91 |
1.51 |
-39.93% |
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Debt to Equity |
2.64 |
2.69 |
-1.69% |
TRADE SURVEY
A trade survey on the subject traced the following accounts:
- Purchases average $90,000 per month on 30 day terms. Payment is met in 30 days and the account is considered satisfactory, having been known for 8 years.
- Nominated supplier declined to provide a reference owing to company policy.
- Nominated supplier failed to respond to correspondence despite chasing.
SUMMARY
The subject was incorporated in New South Wales on 29 March 1995 under
the current style.
The Wine Society was
established in 1946 and is a Non Profit organisation.
For the financial year ended 30 June 2007 the subject recorded revenue of $40,828,000, which resulted in an operating profit before and after tax of $689,000 representing a Net Profit Margin of 1.69%.
During fiscal 2007, the subject recorded Net Cashflows from operating activities totalling $1,521,000.
As at 30 June 2007 the subject recorded a deficiency in Working Capital of $496,000 and a current ratio of 0.91 to 1.
Net Assets totalled $3,632,000 as at 30 June 2007. At this date, the subject further recorded a Debt to Equity ratio of 2.64 to 1.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.17 |
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UK Pound |
1 |
Rs.86.46 |
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Euro |
1 |
Rs.68.68 |
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%)