MIRA
INFORM REPORT
|
Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
HUYCK.WANGNER AUSTRALIA PTY LTD |
|
|
|
|
Formerly Known as : |
HUYCK |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
01.03.1965 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacture and Distribution of Paper Machines Clothing
and Related Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
REGISTERED NAME
HUYCK.WANGNER AUSTRALIA PTY LTD
ACN: 004 624 015
ABN: 98 004 624 015
CORPORATE SEARCH
Incorporation
Date: 01 Mar 1965
Registered Office 36
FELLMONGERS Road
Charges Date
Registered: 01 Jun 2005
Chargee Name: 056 111 016 CITICORP NORTH AME
Charge Type: Fixed and floating charge
ASIC Charge No: 1165692
Number
of Shares Issued: 650816
Paid
Capital: $650816
Shareholders WEAVEXX
CORPORATION
Number
of Shares: 650816
Directors LIGHT,
STEPHEN
Appointment Date: 08 Apr 2008
Date of Birth: 22 Jul 1946
Gender: Unknown
Address:
Resident Overseas: Yes
WOODWORTH, MARSHALL
Appointment Date: 18 Aug 2006
Date of Birth: 12 Feb 1958
Gender: Unknown
Address:
Resident Overseas: Yes
DIUGUID, CHERYL
Appointment Date: 18 Aug 2006
Date of Birth: 08 Apr 1951
Gender: Unknown
Address:
Resident Overseas: Yes
O'DONNELL, MICHAEL PATRICK
Appointment Date: 27 Mar 2003
Date of Birth: 20 May 1955
Gender: Unknown
Address:
Resident Overseas: Yes
CHARNLEY, GEOFFREY DAVID
Appointment Date: 03 Mar 2003
Date of Birth: 24 Mar 1961
Gender: Male
Address:
Resident Overseas: No
Secretary DALE
TRAVIS SMITH
Appointment
Date: 21 Oct 2005
BUSINESS STRUCTURE
TRADING ADDRESS 36
Fellmongers Rd
TELEPHONE (613) 5223 7000
FACSIMILE (613) 5223 7099
HOLDING
ENTITY WEAVEXX
CORPORATION
ULTIMATE HOLDNG
ENTITY XERIUM
TECHNOLOGIES INC
BANK ANZ
BANKING GROUP
Geelong,
VIC
EMPLOYEES 204
BACKGROUND
The subject was incorporated in
OPERATIONS
The subject operates in the manufacture and distribution of paper
machines clothing and related products.
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 forb the financial year ended 31
December 2007 the subject recorded revenue of $33,841,661, which resulted in an
operating loss before tax of $944,119 and an operating loss after tax of
$723,383.
Below is a summary of the subject’s income results for the past two
financial years.
|
|
Huyck.Wangner Australia Pty Ltd |
||
|
|
As at 31 December 2007 |
As at 31 December 2006 |
Change (%) |
|
Revenue |
$33,841,661 |
$36,442,665 |
-7.14% |
|
Profit b/tax |
($944,119) |
$516,680 |
-282.73% |
|
Profit a/tax |
($723,383) |
$346,022 |
-309.06% |
|
Net Profit Margin |
-2.14% |
0.95% |
-3.09% |
During fiscal 2007, the subject recorded a deficiency in Net Cashflows
from operating activities totalling $450,487.
As at 31 December 2007 the subject recorded total current assets of
$14,684,389. They included cash of $344,408, receivables of $6,800,385 and
inventories of $7,439,453.
Current liabilities at the same date totalled $8,190,362 and included
payables of $6,785,461 and provisions of $974,313.
As at 31 December 2007 the subject recorded Working Capital of
$6,494,027 and a current ratio of 1.79 to 1 indicating satisfactory liquidity
levels.
Net Assets totalled $21,643,713 as at 31 December 2007. At this date,
the subject further recorded a Debt to Equity ratio of 0.69 to 1.
|
|
Huyck.Wangner Australia Pty Ltd |
||
|
|
As at 31 December 2007 |
As at 31 December 2006 |
Change (%) |
|
Revenue |
$33,841,661 |
$36,442,665 |
-7.14% |
|
Profit b/tax |
($944,119) |
$516,680 |
-282.73% |
|
Profit a/tax |
($723,383) |
$346,022 |
-309.06% |
|
Net Profit Margin |
-2.14% |
0.95% |
-3.09% |
|
Current Assets |
$14,684,389 |
$12,956,025 |
13.34% |
|
Non Current Assets |
$21,907,997 |
$18,325,726 |
19.55% |
|
Total Assets |
$36,592,386 |
$31,281,751 |
16.98% |
|
Current Liabilities |
$8,190,362 |
$7,590,775 |
7.90% |
|
Non Current Liabilities |
$6,758,211 |
$3,823,780 |
76.74% |
|
Total Liabilities |
$14,948,573 |
$11,414,555 |
30.96% |
|
Net Assets |
$21,643,813 |
$19,867,196 |
8.94% |
|
Working Capital |
$6,494,027 |
$5,365,250 |
21.04% |
|
Current Ratio |
1.79 |
1.71 |
5.04% |
|
Debt to Equity |
0.69 |
0.57 |
20.21% |
The subject is ultimately owned by Xerium Technologies
Inc, a corporation that is listed on the New York Stock Exchange and employs
3,734 staff globally.
For the year ended 31 December 2007, the
global group recorded sales of US$615,400,000 which resulted in a Net Loss of
US$150.2 million.
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
For the financial year ended 31 December 2007 the subject recorded
revenue of $33,841,661, which resulted in an operating loss before tax of
$944,119 and an operating loss after tax of $723,383.
During fiscal 2007, the subject recorded a deficiency in Net Cashflows
from operating activities totalling $450,487.
As at 31 December 2007 the subject recorded Working Capital of
$6,494,027 and a current ratio of 1.79 to 1 indicating satisfactory liquidity
levels.
Net Assets totalled $21,643,713 as at 31 December
2007.
The subject is ultimately owned by Xerium Technologies
Inc, a corporation that is listed on the New York Stock Exchange and employs
3,734 staff globally.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
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%)