MIRA
INFORM REPORT
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Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
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Name : |
PRYSMIAN
POWER CABLES & SYSTEMS AUSTRALIA PTY LTD |
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Formerly Known As : |
PIRELLI POWER CABLES & SYSTEMS AUSTRALIA PTY LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
24.04. 2001 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Manufacture and Distribution of Cabling and Systems. |
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
PRYSMIAN POWER CABLES & SYSTEMS AUSTRALIA PTY
LTD
ACN: 096 594 080
ABN: 36 096 594 080
CORPORATE SEARCH
INCORPORATED 24 April 2001
REGISTERED ADDRESS
SHARECAPITAL $15,000,000
SHAREHOLDERS Prysmian
Cavi E Sistemi Telecom SP Holds
60,000,000
DIRECTORS TOTA,
Pier Francesco
ROMEAO,
Fabio
Resident
overseas
ATKINSON,
Paul Raymond
ALFORDS
POINT, NSW 2234
SECRETARY MORFOOT,
Ilona
REGISTERED CHARGES None
on record
BUSINESS STRUCTURE
TRADING ADDRESS
TELEPHONE (612) 9600 0777
FACSIMI (612) 9600
0406
FACTORY
CONTROLLED ENTITY PIRELLI TELECOM
CABLES & SYSTEMS NZ LIMITED
HOLDING ENTITY Prysmian Cavi E Sistemi
Telecom SP
ULTIMATE HOLDING
ENTITY Prysmian SRL
BANK CITIBANK
EMPLOYEES 410
BACKGROUND
The subject was
incorporated in
Operations were established in
Effective 28 July 2005, the global operations of Pirelli Telecom and
Energy divisions were taken over by Goldman Sachs Capital Partners.
OPERATIONS
The subject operates in the
manufacture and distribution of cabling and systems.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the of Credit Advantage Limited failed to race any
litigation listed against the subject at that date.
FINANCES
For the last financial year ended 31 December 2007, the subject recorded
a 7.5% increase in consolidated revenue to $3913,02,000 which resulted in an
operating profit before of $15,180,000 and after tax of $11,180,000,
representing a Net profit margin on 2.86%.
Below is a summary of the subject’s income results for the past two
financial years.
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Prysmian Power Cables & Systems |
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As at 31 December 2007 |
As at 31 December 2006 |
Change (%) |
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Revenue |
$391,302,000 |
$363,739,000 |
7.58% |
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Profit b/tax |
$15,180,000 |
$7,233,000 |
109.87% |
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Profit a/tax |
$11,180,000 |
$4,551,000 |
145.66% |
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Net Profit Margin |
2.86% |
1.25% |
1.61% |
During fiscal 2007, the subject recorded Net Cashflows from operating
activities totaling $13,505,000.
On 3 December 2007 the group acquired the business assets of
As at 31 December 2007 the subject recorded consolidated total current
assets of $163,176,000. They included receivables of $25,744,000, inventories
of $53,638,000, and cash of $83,337,000.
Current liabilities at the same date totaled $69,656,000 and included
payables of $52,823,000 and provisions of $6,802,000.
As at 31 December 2007 the subject recorded consolidated Working Capital
of $93,520,000 and a current ratio of 2.34 to 1 indicating strong liquidity
levels.
Net Assets totaled $22,359,000 at 31 December 2007. At this date, the
subject further recorded a debt to equity ratio of 7.63 to 1.
Other
Financial Information
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Prysmian Power Cables & Systems |
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As at 31 December 2007 |
As at 31 December 2006 |
Change (%) |
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Revenue |
$391,302,000 |
$363,739,000 |
7.58% |
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Profit b/tax |
$15,180,000 |
$7,233,000 |
109.87% |
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Profit a/tax |
$11,180,000 |
$4,551,000 |
145.66% |
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Net Profit Margin |
2.86% |
1.25% |
1.61% |
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Current Assets |
$163,176,000 |
$100,637,000 |
62.14% |
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Non Current Assets |
$29,864,000 |
$28,399,000 |
5.16% |
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Total Assets |
$193,040,00 |
$129,036,000 |
49.60% |
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Current Liabilities |
$69,656,000 |
$85,644,000 |
-18.67% |
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Non Current Liabilities |
$101,025,000 |
$30,528,000 |
230.93% |
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Total Liabilities |
$170,681,000 |
$116,172,000 |
46.92% |
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Net Assets |
$22,359,000 |
$12,864,000 |
73.81% |
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Working Capital |
$93,520,000 |
$14,993,000 |
523.76% |
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Current Ratio |
2.34 |
1.18 |
99.36% |
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Debt to Equity |
7.63 |
9.03 |
-15.47% |
The subject is Ultimately owned by Prysmian Spa a public listed
corproation hat is listed on the Italian Stock Exchange and employs 12,000
staff globally.
For the last financial year ended 31 December 2006, the group recorded consolidated
sales of US$6,596.5 million.
TRADE SURVEY
A trade survey
on the subject traced the following accounts:
1. (Kembla Wire) Nominated supplier failed to
respond to correspondence despite chasing.
2. (Orica Chemnet) Nominated supplier failed to
respond to correspondence.
SUMMARY
The subject was incorporated in
The current name was adopted following the global acquisition of Pirelli Telecom and Energy divisions by Goldman Sachs Capital Partners, effective 28 July 2005.
Operations were established in
For the last financial year ended 31 December 2007, the subject recorded a 7.5% increase in consolidated revenue to $3913,02,000 which resulted in an operating profit before of $15,180,000 and after tax of $11,180,000, representing a Net profit margin on 2.86%.
As at 31 December 2007 the subject recorded consolidated Working Capital of $93,520,000 and a current ratio of 2.34 to 1 indicating strong liquidity levels.
Net Assets totalled $22,359,000 at 31 December 2007.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.09 |
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1 |
Rs.74.90 |
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Euro |
1 |
Rs.63.40 |
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%)