MIRA INFORM REPORT

 

 

Report Date :            

14.04.2011

 

IDENTIFICATION DETAILS

 

Name :

BITZER AUSTRALIA PTY LTD

 

 

Formerly Known As :

Bitzer Kuhlmaschinenbau P/L

 

 

Registered Office :

134-136 Dunheved Circuit, St Marys, NSW 2760

 

 

Country :

Australia

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

21.10.1992

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

manufacture of commercial refrigeration equipment and commercial and domestic air conditioners

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Australia

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

                                                                                                                

REGISTERED NAME      

 

BITZER AUSTRALIA PTY LTD

ACN: 057 670 023

ABN: 70 057 670 023

 

     

CORPORATE SEARCH

 

Incorporation State: NSW

 

Incorporation Date: 21 OCT 1992

 

Registered Office

134-136 DUNHEVED CIRCUIT,

ST MARYS

NSW 2760

 

Registered Charges: 1

Both Fixed & Floating

COMMONWEALTH BANK OF AUSTRALIA (123123124)

1524892

Registered 10 OCT 2007

 

Current Directors Total: 4

 

CHRISTIAN WAHLERS – Appointed: 16 DEC 2010

DOB: 07 DEC 1967

Resident overseas

 

HANS PAUL MEURER – Appointed: 16 DEC 2010

DOB: 20 NOV 1949

Resident overseas

 

RUDIGER RUDISCHHAUSER – Appointed: 23 OCT 2001

14 KELVIN Road ST IVES, New South Wales 2075

DOB: 27 OCT 1963

 

PETER FRIEDRICH SCHAUFLER – Appointed: 21 OCT 1992

DOB: 28 NOV 1940

 Resident overseas

 

Current Secretaries Total: 1

 

RUDIGER RUDISCHHAUSER – Appointed: 12 SEP 2002

 

Share Structure - Classes Total: 1

 

ORD ORDINARY: 8651000 – Amount paid:  $8,651,000

 

Shareholders Total: 2

 

ORD 1 - PETER F SCHAUFLER ARMINSTRABE 8

ORD 8650999 - BITZER SE

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 134 to 136 Dunheved Cct

                                                ST MARYS NSW 2760                          

 

TELEPHONE                             (612) 8801 9300

 

FACSIMILE                               (612) 9673 4698

 

BRANCHES                              The subject maintains branches in Melbourne, Perth, Adelaide and Brisbane.

 

HOLDING                                  BITZER SE

 

BANK                                       COMMONWEALTH BANK OF AUSTRALIA

                                               

EMPLOYEES                            200      

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 21 October 1992 as Bitzer Kuhlmaschinenbau P/L before adopting the current style on 16 November 1994.

 

Group operations were originally founded in 1934.

 

 

OPERATIONS

 

The subject operates in the manufacture of commercial refrigeration equipment and commercial and domestic air conditioners.

 

Activities are conducted from premises located at the above listed trading address.

 

 

ADVERSE

                                               

A search of failed to trace any litigation listed against the subject at that date.

 

FINANCES

 

During the current interview conducted with the subjects Administration Manager she advised that for the last financial year ended 31 December 2010 the subject traded profitably and recorded revenue of $60,000,000.

 

From the subjects most recently lodged financial statements, it is noted that for the financial year ended 31 December 2009 the subject recorded revenue of $53,277,579, which resulted in an operating profit before tax of $5,005,120 and an operating profit after tax of $3,463,032 representing a Net Profit Margin of 6.5%.

 

Below is a summary of the subject’s income results for the past two financial years.

 

 

Bitzer Australia Pty Ltd

 

 

As at 31 December 2009

As at 31 December 2008

Change (%)

Revenue

$53,277,579

$58,993,438

-9.69%

Profit b/tax

$5,005,120

$3,528,308

41.86%

Profit a/tax

$3,463,032

$2,412,906

43.52%

Net Profit Margin

6.50%

4.09%

2.41%

 

During fiscal 2009, the subject recorded Net Cashflows from operating activities totalling $3,111,333.

 

As at 31 December 2009 the subject recorded total current assets of $27,534,104. They included cash of $3,807,051, receivables of $9,382,921 and inventories of $13,888,577.

 

Current liabilities at the same date totalled $13,615,926 and included payables of $8,200,971 and provisions of $3,762,191.

 

As at 31 December 2009, the subject recorded Working Capital of $13,918,178 and a current ratio of 2.02 to 1 indicating strong liquidity levels.

 

Net Assets totalled $20,036,197 as at 31 December 2009. At this date, the subject further recorded a Debt to Equity ratio of 0.71 to 1.

 

 

Bitzer Australia Pty Ltd

 

 

As at 31 December 2009

As at 31 December 2008

Change (%)

Revenue

$53,277,579

$58,993,438

-9.69%

Profit b/tax

$5,005,120

$3,528,308

41.86%

Profit a/tax

$3,463,032

$2,412,906

43.52%

Net Profit Margin

6.50%

4.09%

2.41%

Current Assets

$27,534,104

$28,269,269

-2.60%

Non-Current Assets

$6,748,981

$6,657,275.

1.38%

Total Assets

$34,283,085

$34,926,544

-1.84%

Current Liabilities

$13,615,926

$15,940,817

-14.58%

Non-Current Liabilities

$630,962

$2,412,562

-73.85%

Total Liabilities

$14,246,888

$18,353,379

-22.37%

Net Assets

$20,036,197

$16,573,165

20.90%

Working Capital

$13,918,178

$12,328,452

12.89%

Current Ratio

2.02

1.77

14.03%

Debt to Equity

0.71

1.11

-35.79%

 

The subject forms part of the Bitzer Group of companies globally which employs 2700 staff across 90 countries.

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

1.         (AA Laser) Purchases average $35,000 per month on 30 day terms. Payment is met in 45 days and the account is considered satisfactory having been known since 1 September 2004.

 

2.         (Atlas Steel) Nominated supplier failed to respond to correspondence despite chasing.

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 21 October 1992 as Bitzer Kuhlmaschinenbau P/L before adopting the current style on 16 November 1994.

 

Group operations were originally founded in 1934.

 

For the last financial year ended 31 December 2010 the subject traded profitably and recorded revenue of $60,000,000.

 

For the financial year ended 31 December 2009 the subject recorded revenue of $53,277,579, which resulted in an operating profit before tax of $5,005,120 and an operating profit after tax of $3,463,032 representing a Net Profit Margin of 6.5%.

 

During fiscal 2009, the subject recorded Net Cashflows from operating activities totalling $3,111,333.

 

As at 31 December 2009, the subject recorded Working Capital of $13,918,178 and a current ratio of 2.02 to 1 indicating strong liquidity levels.

 

Net Assets totalled $20,036,197 as at 31 December 2009.


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.48

UK Pound

1

Rs.72.37

Euro

1

Rs.64.42

 

 

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

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

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.