MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
WALLACE BISHOP PTY LTD |
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Registered Office : |
55 Doggett St Newstead, QLD 4006 |
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Country : |
Australia |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
25.06.1947 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Design and Retail of Jewellery. |
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
WALLACE BISHOP PTY LTD
T/AS WALLACE BISHOP JEWELLERS
ACN: 009 665 212
ABN: 33 009 665 212
CORPORATE SEARCH
INCORPORATED 25
June 1947
REGISTERED ADDRESS 55
Doggett St
NEWSTEAD,
QLD 4006
SHARECAPITAL $82,000
SHAREHOLDERS Steele
Investments P/L Holds 40,999
shares
BISHOP,
Wallace Holds 1 share
DIRECTORS BISHOP, Stuart
Wallace
26
Laurel Ave
CHELMER,
QLD 4068
BISHOP,
Janette Elizabeth
105,
53B Newstead Tce
NEWSTEAD,
QLD 4006
BISHOP,
Wallace
105,
53B Newstead Tce
NEWSTEAD,
QLD 4006
SECRETARY WINTEERBURN, Ian
Roger
REGISTERED CHARGES Registered Charge Number : 1041064
Date
Registered : 06.05.2004
Status : Fixed
and floating
Creditor : ANZ
Banking Group
BUSINESS STRUCTURE
TRADING ADDRESS 55
Doggett St
NEWSTEAD,
QLD 4006
TELEPHONE (617)
3253 5660
FACSIMILE (617)
3253 5699
TRADING STYLE WALLACE
BISHOP JEWELLERS
BRANCHES he subject
maintains around 42 stores around Australia. Most stores are located in
Queensland.
HOLDING ENTITY STEELE
INVESTMENTS P/L
ULTIMATE HOLDING
ENTITY ATHENA
P/L
BANK ANZ
BANKING GROUP
EMPLOYEES 352
BACKGROUND
The subject was incorporated in Queensland on 25 June 1947 under the
current style.
The subjects operations were founded as a new venture in 1917 by the
Bishop family.
OPERATIONS
The subject operates in the design and retail of jewellery.
Activities are conducted from premises located at the above listed
trading address.
ADVERSE
A search of the of Credit Advantage Limited traced the following
litigation listed against the subject at that date.
Writs and
summonses
Creditor : Sandra King
Date : 24.03.2006
Amount : $250,000
Plaint No. : 861/06/QBNE
Court : District
Court Writ
Assoc code : Companys Account
FINANCES
From the subjects most recently lodged financial statements, it is noted
that for the financial year ended 30 June 2007 the subject recorded a 22%
increase in revenue to $88,692,989, which resulted in an operating profit
before tax of $8,463,998 and an operating profit after tax of $5,889,758
representing a Net Profit Margin of 6.6 %.
Below is a summary of the subject’s income results for the past two
financial years.
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Wallace Bishop Pty Ltd |
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As at 30 June 2007 |
As at 30 June 2006 |
Change (%) |
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Revenue |
$88,692,989 |
$72,594,782 |
22.18% |
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Profit b/tax |
$8,463,998 |
$5,817,928 |
45.48% |
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Profit a/tax |
$5,889,758 |
$4,031,311 |
46.10% |
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Net Profit Margin |
6.64% |
5.55% |
1.09% |
During fiscal 2007, the subject recorded Net Cashflows from operating
activities totalling $6,193,347.
As at 30 June 2007 the subject recorded total current assets of
$31,786,912. They included cash of $5,417,244, inventories of $22,029,277 and
receivables of $3,874,614.
Current liabilities at the same date totalled $7,031,896 and included
payables of $6,085,008, and other of $936,888.
As at 30 June 2007 the subject recorded Working Capital of $24,755,016
and a current ratio of 4.5 to 1 indicating a sound liquidity position.
Net Assets totalled $27,848,544 as at 30 June 2007. At this date, the
subject further recorded a Debt to Equity ratio of 0.26 to 1 showing low levels
of gearing.
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Wallace Bishop Pty Ltd |
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As at 30 June 2007 |
As at 30 June 2006 |
Change (%) |
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Revenue |
$88,692,989 |
$72,594,782 |
22.18% |
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Profit b/tax |
$8,463,998 |
$5,817,928 |
45.48% |
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Profit a/tax |
$5,889,758 |
$4,031,311 |
46.10% |
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Net Profit Margin |
6.64% |
5.55% |
1.09% |
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Current Assets |
$31,786,912 |
$24,413,559 |
30.20% |
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Non Current Assets |
$3,435,311 |
$2,136,221 |
60.81% |
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Total Assets |
$35,222,223 |
$26,549,780 |
32.66% |
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Current Liabilities |
$7,031,896 |
$4,406,139 |
59.59% |
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Non Current Liabilities |
$341,783 |
$312,412 |
9.40% |
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Total Liabilities |
$7,373,679 |
$4,718,551 |
56.27% |
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Net Assets |
$27,848,544 |
$21,831,229 |
27.56% |
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Working Capital |
$24,755,016 |
$20,007,420 |
23.73% |
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Current Ratio |
4.52 |
5.54 |
-18.42% |
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Debt to Equity |
0.26 |
0.22 |
22.50% |
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 25 June 1947 under the
current style. Records disclose Share Capital of $82,000
The subjects operations were founded as a new venture in 1917 by the
Bishop family.
For the financial year ended 30 June 2007 the subject recorded a 22% increase
in revenue to $88,692,989, which resulted in an operating profit before tax of
$8,463,998 and an operating profit after tax of $5,889,758 representing a Net
Profit Margin of 6.6 %.
As at 30 June 2007 the subject recorded Working Capital of $24,755,016
and a current ratio of 4.5 to 1 indicating a sound liquidity position.
Net Assets totalled $27,848,544 as at 30 June 2007. At this date, the
subject further recorded a Debt to Equity ratio of 0.26 to 1 showing low levels
of gearing.
In view of the above, in our opinion, a credit exposure of US$125,000 is
not unreasonable.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.44 |
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UK Pound |
1 |
Rs.79.62 |
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Euro |
1 |
Rs.63.48 |
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%)