MIRA INFORM REPORT
|
Report Date : |
19.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
PPI CORPORATION PTY LTD |
|
|
|
|
Formerly Known As : |
B.C.H. Nominees (No
14) Pty Ltd |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2007 |
|
|
|
|
Date of Incorporation : |
05.08.1986 |
|
|
|
|
Legal Form : |
Propriety Limited |
|
|
|
|
Line of Business : |
Manufacturer of filtration and water irrigation systems of Extruded Polyethylene Pipe. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
REGISTERED NAME
PPI CORPORATION PTY
LTD
ACN: 010 656 005
ABN: 79 010 656
005
CORPORATE SEARCH
Name Start Date: 03 Dec 1986
Incorporation
Date: 05 Aug 1986
Registered Office 85 PROSPERITY
Place
GEEBUNG,
Charges Date Registered:
21 Oct 2002
Chargee Name: 007 457 141 WESTPAC BANKING CO
Charge Type: Fixed charge
ASIC Charge No: 897875
Date Registered: 22 Aug 2001
Chargee Name: 007 457 141 WESTPAC BANKING CO
Charge Type: Fixed and floating charge
ASIC Charge No: 817591
Number of Shares
Issued: 619251
Paid Capital: 619251
Shareholders PPI CORPORATION
HOLDINGS PTY LTD
Number
of Shares: 619251
Directors O'CONNOR, KEITH
JAMIESON
Appointment Date: 13 Oct 1986
Date of Birth: 27 Aug 1949
Gender: Male
Address:
Resident Overseas: No
MOGG, STANLEY ROSS
Appointment Date: 13 Oct 1986
Date of Birth: 08 Dec 1950
Gender: Male
Address:
Resident Overseas: No
Secretary DAVID ALEXANDER
BLOWER
Appointment
Date: 26 Nov 2007
BUSINESS STRUCTURE
Head Office:
(
Geebung
QLD 4034
Telephone: (617) 3865 3699
Facsimile: (617) 3857 0058
Controlled
Entities: PPI NEW
ZEALAND LTD
GJ
DIX & Sons P/L
Holding entity PPI Corporation
Holdings Pty Ltd
Branches: MINTO, NSW
CURRAJONG, QLD
OTTOWAY, SA
DANDENONG, VIC
Trading styles: PPI
CORPORATION
NETA GARDEN
PRODUCTS
Bankers: Westpac
Banking Corporation
Staff: 420
BACKGROUND
The subject was incorporated in Queensland on 5 August 1986 as B.C.H. Nominees (No 14) Pty Ltd, adopting the current style on 3December 1986
The subject operations were established in 1979 when the business commenced manufacturing of extruded polyethylene pipe.
In 1992, the subject commenced the production of garden hose.
In 1996, the subject acquired DIX Renmark, a metals based
factory in
In 1997, the subject acquired purchased St Regis Bates pipe
plant in
In 1999, the subject purchased
OPERATIONS
The subject operates in the manufacture of filtration and water irrigation systems. Products include hoses, pipes filtration equipment, dripline, turf and auto control and associated supplies.
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
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
$106,380,680, which resulted in an operating profit before tax of $7,179,791
and an operating profit after tax of $4,974,276 representing a Net Profit
Margin of 4.68%.
Below is a summary of the subject’s income results for the past two
financial years.
|
|
As at 30 June 2007 |
As at 30 June 2006 |
Change (%) |
|
Revenue |
$106,380,680 |
$76,733,887 |
38.64% |
|
Profit b/tax |
$7,179,791 |
$2,863,951 |
150.70% |
|
Profit a/tax |
$4,974,276 |
$2,107,181 |
136.06% |
|
Net Profit Margin |
4.68% |
2.75% |
1.93% |
During fiscal 2007, the subject recorded Net Cashflows from operating
activities totalling $11,810,997.
As at 30 June 2007 the subject recorded total current assets of $37,725,326. They included cash of $8,556, receivables of $16,083,969 and inventories of $20,959,659.
Current liabilities at the same date totalled $28,067,778 and included payables of $17,022,766 and borrowings of $6,764,564.
As at 30 June 2007 the subject recorded Working Capital of $9,657,548 and a current ratio of 1.34 to 1 indicating satisfactory liquidity levels.
Net Assets totalled $18,151,362 as at 30 June 2007. At this date, the subject further recorded a Debt to Equity ratio of 3.03 to 1.
|
|
As at 30 June 2007 |
As at 30 June 2006 |
Change (%) |
|
Revenue |
$106,380,680 |
$76,733,887 |
38.64% |
|
Profit b/tax |
$7,179,791 |
$2,863,951 |
150.70% |
|
Profit a/tax |
$4,974,276 |
$2,107,181 |
136.06% |
|
Net Profit Margin |
4.68% |
2.75% |
1.93% |
|
Current Assets |
$37,725,326 |
$30,819,643 |
22.41% |
|
Non Current Assets |
$35,433,084 |
$31,532,175 |
12.37% |
|
Total Assets |
$73,158,410 |
$62,351,818 |
17.33% |
|
Current Liabilities |
$28,067,778 |
$21,307,798 |
31.73% |
|
Non Current Liabilities |
$26,939,270 |
$26,813,601 |
0.47% |
|
Total Liabilities |
$55,007,048 |
$48,121,399 |
14.31% |
|
Net Assets |
$18,151,362 |
$14,230,419 |
27.55% |
|
Working Capital |
$9,657,548 |
$9,511,845. |
1.53% |
|
Current Ratio |
1.34 |
1.45 |
-7.07% |
|
Debt to Equity |
3.03 |
3.38 |
-10.38% |
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 was incorporated in Queensland on 5 August 1986 as B.C.H. Nominees (No 14) Pty Ltd, adopting the current style on 3December 1986
Operations were established in 1979 when the business commenced manufacturing of extruded polyethylene pipe.
For the financial year ended 30 June 2007 the subject recorded revenue
of $106,380,680, which resulted in an operating profit before tax of $7,179,791
and an operating profit after tax of $4,974,276 representing a Net Profit
Margin of 4.68%.
As at 30 June 2007 the subject recorded Working Capital of $9,657,548
and a current ratio of 1.34 to 1 indicating satisfactory liquidity levels.
Net Assets totalled $18,151,362 as at 30 June 2007.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.52 |
|
|
1 |
Rs.75.54 |
|
Euro |
1 |
Rs.63.12 |
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%)