MIRA
INFORM REPORT
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Report Date : |
10.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
CORBETTE RESEARCH PTY LTD |
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Formerly Known As : |
KINDCONI P/L |
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Registered Office : |
1/94 Tram Road Doncaster, Victoria 3108 |
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Country : |
Australia |
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Date of Incorporation : |
19.10.1988 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Research, Development and Distribution of Scientific Instruments. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
CORBETTE RESEARCH PTY LTD
CORPORATE SEARCH
Incorporation
Date: 19 Oct 1988
Incorporation
State: New South Wales
Registered Office 1/94 TRAM Road
DONCASTER,
Victoria 3108 Australia
Shareholders CORBETT LIFE
SCIENCE PTY LTD
Number
of Shares: 133
Directors LUBENOW, HELGE
Appointment Date: 18 Jul 2008
Date of Birth: 28 May 1968
Gender: Unknown
Address:
Resident Overseas: Yes
DAPREMONT, LAURENT JEAN-PAUL
Appointment Date: 01 Jul 2008
Date of Birth: 31 Aug 1966
Gender: Male
Address: 284 TUCKER Road ORMOND, Victoria 3204 Australia
Resident Overseas: No
SCHATZ, PEER MICHAEL
Appointment Date: 01 Jul 2008
Date of Birth: 03 Aug 1965
Gender: Unknown
Address:
Resident Overseas: Yes
SACKERS, ROLAND
Appointment Date: 01 Jul 2008
Date of Birth: 17 Dec 1968
Gender: Unknown
Address:
Resident Overseas: Yes
Secretary VASCO TANEVSKI
Appointment
Date: 01 Jul 2008
BUSINESS STRUCTURE
TRADING ADDRESS 14
Hilly St
MORTLAKE,
NSW 2137
TELEPHONE (612) 9736 1320
FACSIMIL (612)
9736 1364
HOLDING ENTITY CORBETT LIFE SCIENCES P/L
ULTIMATE HOLDING
ENTITY QIAGEN NV
BANK NATIONAL
AUSTRALIA BANK
EMPLOYEES 65
BACKGROUND
The subject was incorporated in New South Wales on 19 October 1988 as
Kindconi P/L, before adopting the current style on5 June 2001.
Operations were founded in 1988.
Effective 1 July 2008, the holding entity (including the subject)
subject was acquired by Qiagen NV of the Netherlands.
Qiagen is the leading provider of sample and assay technologies. It
employs more than 2,700 people in more than 30 locations worldwide and is a
public listed entity on the Nasdaq.
OPERATIONS
The subject operates in the research, development and distribution of
scientific instruments.
The company is most recognized for developing the world's first rotary
real-time DNA amplification system-the Rotor-GeneTM.
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 not required to lodge financial statements with the
Australian Securities and Investments Commission.
During the current interview conducted with the subjects Financial Controller, David Holt, he confirmed the subjects search and operational details, however declined to provide any financial or trading information as a matter of strict company policy.
Effective 1 July 2008, the holding entity (including the subject)
subject was acquired by Qiagen NV of the Netherlands for $66 million.
For the six months ended 31 December 2008 the consolidated operations of
the immediate holding entity, Corbett Life Sciences P/L is expected to generate
revenue of US$14,000,000.
For the calendar year ended 31 December 2009 Corbett Life Sciences P/L
is expected to record revenue of US$40 million.
The subject is ultimately owned by Qiagen NZ a corporation that employs
more than 2,700 people in more than 30 locations worldwide and is a public
listed entity on the Nasdaq.
For the year ended 31 December 2007 the global group reported
consolidated sales of US$649,774,000 which resulted in Net Income of
US$50,122,000.
TRADE SURVEY
A trade survey on the subject traced the following accounts:
- (Sorenson Automation) Nominated supplier failed to respond to
correspondence despite chasing.
- (Cummings Engineering) Nominated supplier failed to respond to
correspondence despite chasing.
SUMMARY
The subject was incorporated in New South Wales on 19 October 1988 as
Kindconi P/L, before adopting the current style on5 June 2001.
Operations were founded in 1988.
Effective 1 July 2008, the holding entity (including the subject)
subject was acquired by Qiagen NV of the Netherlands for $66 million.
For the six months ended 31 December 2008 the consolidated operations of
the immediate holding entity, Corbett Life Sciences P/L is expected to generate
revenue of US$14,000,000.
For the calendar year ended 31 December 2009 Corbett Life Sciences P/L is
expected to record revenue of US$40 million.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.76 |
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UK Pound |
1 |
Rs.74.87 |
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Euro |
1 |
Rs.60.81 |
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%)