MIRA
INFORM REPORT
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Report Date : |
27.11.2008 |
IDENTIFICATION DETAILS
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Name : |
OLEX AUSTRALIA PTY. LIMITED |
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Formerly Known as : |
AUSTRALIAN CABLES P/L |
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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 : |
12.05. 1999 |
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Legal Form : |
Propriety Limited |
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Line of Business : |
Cable Manufacturing Company. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
REGISTERED NAME
OLEX AUSTRALIA PTY. LIMITED
ACN: 087 542 863
ABN: 61 087 542
863
CORPORATE SEARCH
INCORPORATED 12 May 1999
REGISTERED ADDRESS 207
Sunshine Rd
TOTTENHAM,
VIC 3012
SHARECAPITAL $110,224,091
SHAREHOLDERS OLEX
HOLDINGS P/L Holds 110,224,091
DIRECTORS PIROT,
Jean-Francis
KLADOUHOS,
George
SURREY
HILLS, VIC 3127
STOBART,
Andrew William
SECRETARY WALLACE,
John David
REG’D CHARGES None on record
BUSINESS STRUCTURE
TRADING ADDRESS 207
Sunshine Rd
TOTTENHAM,
VIC 3012
TELEPHONE (613) 9281 4444
BRANCHES
GEEGUNG,
QLD 4034
MANUFACTURING SITES
LILYDALE,
VIC 3140
TOTTENHAM,
VIC 3012
HOLDING ENTITY OLEX HOLDINGS LIMITED
ASSOCIATED ENTITY OLEX
NEW ZEALAND LTD
BANK ANZ BANKING GROUP
Branch:
BRISBANE, QLD 4000
EMPLOYEES 757
BACKGROUND
The subject was incorporated in the ACT on 12 May 1999 as
Olex (
The subject was formed to facilitate a management buy-out consortium from the Pacific Dunlop group in 1999.
The operations of the subject were established in 1940 as Olympic Tyres.
In 1946 Olympic Cables Pty Ltd was formed.
In 1973, Olympic Cables and Nylex cables merged to form Olex cables.
In 1980-81 Pacific Dunlop acquired Olex Cables.
OPERATIONS
The subject operates as
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the records of Credit Advantage Limited failed to trace any litigation listed against the subject at that date.
FINANCES
During the last financial year, the subject changed its end of year balance date from 30 June to 31 December. The last financial year subsequently represents the 18 months ended 31 December 2007.
From the subjects most recently lodged financial statements, it is noted that for the financial year ended 31 December 2007 the subject recorded revenue of $955,055,000 which resulted in an operating profit before tax of $66,416,000 and an operating profit after tax of $42,345,000.
Below is a summary of the subject’s income results for the past two financial years.
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Olex Australia Pty Ltd |
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As at 31 December 2007 - 18 months |
As at 30 June 2006 - 12 months |
Change (%) |
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Revenue |
$955,055,000 |
$497,520,000 |
91.96% |
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Profit b/tax |
$66,416,000 |
$520,580,000 |
-87.24% |
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Profit a/tax |
$42,345,000 |
$44,819,000 |
-5.52% |
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Net Profit Margin |
4.43% |
9.01% |
-4.57% |
During fiscal 2007, the subject recorded Net Cashflows from operating
activities totaling $3,074,000.
As at 31 December 2007 the subject recorded total current assets of
$203,512,000. They included cash of $38,531,000, inventories of $89,438,000 and
receivables of $66,826,000.
Current liabilities at the same date totaled $124,293,000 and included
payables of $37,664,000 and Interest Bearing liabilities of $30,000,000.
As at 31 December 2007 the subject recorded Working Capital of
$79,219,000 and a current ratio of 1.64 to 1 indicating a sound liquidity
position.
The subject recorded Net Assets of $134,481,000 at 31 December 2007. At
this date the subject further recorded a Debt to Equity ratio of 1.84 to 1.
After deducting intangibles of $94,614,000 this results in a Net Worth of
$39,867,000.
Other
Financial Information
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Olex Australia Pty Ltd |
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As at 31 December 2007 - 18 months |
As at 30 June 2006 - 12 months |
Change (%) |
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Revenue |
$955,055,000 |
$497,520,000 |
91.96% |
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Profit b/tax |
$66,416,000 |
$520,580,000 |
-87.24% |
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Profit a/tax |
$42,345,000 |
$44,819,000 |
-5.52% |
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Net Profit Margin |
4.43% |
9.01% |
-4.57% |
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Current Assets |
$203,512,000 |
$193,570,000 |
5.14% |
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Non Current Assets |
$178,465,000 |
$176,233,000 |
1.27% |
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Total Assets |
$381,977,000 |
$369,803,000 |
3.29% |
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Current Liabilities |
$124,293,000 |
$138,772,000 |
-10.43% |
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Non Current Liabilities |
$123,203,000 |
$103,195,000 |
19.39% |
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Total Liabilities |
$247,496,000 |
$241,967,000 |
2.29% |
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Net Assets |
$134,481,000 |
$127,836,000 |
5.20% |
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Working Capital |
$79,219,000 |
$54,798,000 |
44.57% |
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Current Ratio |
1.64 |
1.39 |
17.38% |
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Debt to Equity |
1.84 |
1.89 |
-2.77% |
TRADE SURVEY
A trade survey on the subject traced the following accounts:
- (Wettenhals) Nominated supplier failed to respond to correspondence
despite chasing.
- (Australian
Vinyls) Nominated supplier failed to respond to correspondence despite
chasing.
SUMMARY
The subject was incorporated in the ACT on 12 May 1999 as
Olex (
The subject was formed to facilitate a management buy-out consortium from the Pacific Dunlop group in 1999.
The operations of the subject were established in 1940 as Olympic Tyres.
for the financial year ended 31 December 2007 the subject recorded revenue of $955,055,000 which resulted in an operating profit before tax of $66,416,000 and an operating profit after tax of $42,345,000.
During fiscal 2007, the subject recorded Net Cashflows from operating activities totalling $3,074,000.
As at 31 December 2007 the subject recorded Working Capital of $79,219,000 and a current ratio of 1.64 to 1 indicating a sound liquidity position.
The subject recorded Net Assets of $134,481,000 at 31 December 2007. After deducting intangibles of $94,614,000 this results in a Net Worth of $39,867,000.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.84 |
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1 |
Rs.76.81 |
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Euro |
1 |
Rs.64.38 |
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%)