MIRA
INFORM REPORT
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Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
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Name : |
TYCO FLOW CONTROL PACIFIC PTY LTD |
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Formerly Known as : |
KEYSTONE PACIFIC P/L |
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Registered Office : |
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Country : |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
04.08.1971 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Manufacture and Distribution of Industrial Valves and Related Flow
Control Equipment |
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
TYCO FLOW CONTROL PACIFIC PTY LTD
ACN: 000 922 690
ABN: 83 000 922 690
ADDRESS GIVEN
EAGLE FARM, QLD
CORPORATE SEARCH
Incorporation
Date: 04 Aug 1971
Registered Office 114 ALBATROSS Road
NOWRA,
Charges Date Registered:
15 Sep 1993
Chargee Name: 002 991 166 FLUID DYNAMICS PTY
Charge Type: Fixed charge
ASIC Charge No: 405148
Date Registered: 31 Oct 1979
Chargee Name: 050 089 337 THE COUNCIL OF THE
Charge Type: Bill of sale
ASIC Charge No: 20417
Date Registered: 31 Oct 1979
Chargee Name: 003 517 771 PARTOWN PTY. LIMIT
Charge Type: Bill of sale
ASIC Charge No: 20391
Number of Shares
Issued: 1073318
Paid Capital: $30312880
Shareholders KEYSTONE FRANCE
HOLDINGS CORP.
Number of Shares: 1015949
TYCO INTERNATIONAL HOLDINGS S.A.R.L
Number of Shares: 57369
Directors FEHON, JOHN ADRIAN
Appointment Date: 01 May 2004
Date of Birth: 14 Feb 1960
Gender: Male
Address: 14
Resident Overseas: No
ROSSKELLY, NOEL KEVIN
Appointment Date: 05 Jun 1989
Date of Birth: 16 Oct 1951
Gender: Male
Address:
Resident Overseas: No
Secretary TRACEY JOANNE
ROPER AND OTHERS
Appointment
Date: 30 Apr 2004
BUSINESS STRUCTURE
HEAD OFFICE 114
Albatross RD
Nowra
NSW 2541
TELEPHONE 649) 921 7200
BRANCHES The subject
maintains branches across
CONTROLLED
ENTITIES KEYSTONE NEW ZEALAND
LTD
NORTRAC ENGINEERING LTD
GREENSPAN
TECHNOLOGY P/L
GREENSPAN
ENVIRNMENT TECHNOLOGY P/L
GOYEN
CONTROLS CO P/L
MILPERRA
DEVELOPMENTS P/L
TYCO
FLEXTRONICS
TYCO
FLEXTRONICS NEW ZEALAND LTD
HOLDING
ENTITY TYCO FLOW
CONTROL INC
ULTIMATE HOLDING
ENTITY TYCO
INTERNATIONAL LTD
BANK ANZ
BANKING GROUP
EMPLOYEES 1,466
BACKGROUND
The subject was
incorporated in
The Subject is ultimately 100% owned by Tyco International Ltd, a
corporation which was founded in 1960 by Arthur J Rosenberg, when he opened a
research laboratory to do experimental work for the government.
OPERATIONS
The subject operates in the
manufacture and distribution of industrial valves and related flow control
equipment.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the of Credit Advantage Limited traced the following any
litigation listed against the subject at that date.
Writs
and summonses
Creditor : Transnet Holdings
Date :
23.10.2008
Amount : $3,122
Plaint No. :
15414/08/WPER
Court :
Assoc code :
Companys Account
FINANCES
From the
subjects most recently lodged financial statements, it is noted that for the
financial year ended 30 September 2007 the subject recorded consolidated revenue
of $478,153,000, which resulted in an operating profit before tax of
$55,841,000 and an operating profit after tax of $42,579,000 representing a Net
Profit Margin of 8.99%.
Below is a summary of the subject’s income results for the past two
financial years.
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Tyco Flow Control Pacific Pty Ltd |
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As at 30 September 2007 |
As at 30 September 2006 |
Change (%) |
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Revenue |
$478,153,000 |
$470,220,000 |
1.69% |
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Profit b/tax |
$55,841,000 |
$46,303,000 |
20.60% |
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Profit a/tax |
$42,579,000 |
$30,973,000 |
37.47% |
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Net Profit Margin |
8.90% |
6.59% |
2.32% |
During fiscal 2007, the subject recorded Net Cashflows from operating
activities totaling $4,337,000.
As at 30 September
2007 the subject recorded total current assets of $389,844,000. They included
cash of $13,833,000, inventories of $61,572,000 and receivables of
$282,928,000.
Current liabilities at the same date totaled $154,578,000 and included
payables of $137,570,000 and provisions of $13,495,000.
As at 30 September 2007 the subject recorded Working Capital of
$235,266,000 and a current ratio of 2.52 to 1 indicating a sound liquidity
position.
Net Assets totalled $226,018,000 as at 30 September 2007. At this date,
the subject further recorded a Debt to Equity ratio of 1.25 to 1.
Other
Financial Information
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Tyco Flow Control Pacific Pty Ltd |
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As at 30 September 2007 |
As at 30 September 2006 |
Change (%) |
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Revenue |
$478,153,000 |
$470,220,000 |
1.69% |
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Profit b/tax |
$55,841,000 |
$46,303,000 |
20.60% |
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Profit a/tax |
$42,579,000 |
$30,973,000 |
37.47% |
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Net Profit Margin |
8.90% |
6.59% |
2.32% |
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Current Assets |
$389,844,000 |
$332,283,000 |
17.32% |
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Non Current Assets |
$118,711,000 |
$122,940,000 |
-3.44% |
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Total Assets |
$508,555,000 |
$455,223,000 |
11.72% |
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Current Liabilities |
$154,578,000 |
$139,843,000 |
10.54% |
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Non Current Liabilities |
$127,959,000 |
$131,445,000 |
-2.65% |
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Total Liabilities |
$282,537,000 |
$271,288,000 |
4.15% |
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Net Assets |
$226,018,00 |
$183,935,000 |
22.88% |
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Working Capital |
$235,266,000 |
$192,440,000 |
22.25% |
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Current Ratio |
2.52 |
2.38 |
6.14% |
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Debt to Equity |
1.25 |
1.47 |
-15.24% |
The subject is ultimately owned by Tyco International Ltd, an entity
which is listed ion the New York Stock Exchange and recorded revenue of
US$18,781 million for the financial year ended 30 September 2007, which resulted
in a Net Loss of US$1,742 million.
TRADE SURVEY
During the current
investigation, details pertaining to the subjects suppliers were not provided.
A trade survey on
the subject was subsequently unable to be conducted.
SUMMARY
The subject was
incorporated in
For the
financial year ended 30 September 2007 the subject recorded consolidated
revenue of $478,153,000, which resulted in an operating profit before tax of
$55,841,000 and an operating profit after tax of $42,579,000 representing a Net
Profit Margin of 8.99%.
As at 30 September 2007 the subject recorded Working Capital of $235,266,000
and a current ratio of 2.52 to 1 indicating a sound liquidity position.
Net Assets totalled $226,018,000 as at 30 September 2007. At this date,
the subject further recorded a Debt to Equity ratio of 1.25 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.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%)