MIRA INFORM REPORT

 

 

Report Date :           

01.08.2011

 

IDENTIFICATION DETAILS

 

Name :

BRP AUSTRALIA PTY LIMITED

 

 

Formerly Known As :

Bombardier recreational Products Pty Ltd

 

 

Registered Office :

56 Canterbury Road, Bankstown, Nsw 2200

 

 

Country :

Australia

 

 

Financials (as on) :

31.01.2010

 

 

Date of Incorporation :

03.07.2001

 

 

Legal Form :

Proprietary Company

 

 

Line of Business :

import and distribution of personal recreational vehicles

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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      

 

BRP AUSTRALIA PTY LIMITED

ACN: 097 370 100

ABN: 64 097 370 100

 

     

CORPORATE SEARCH

 

Incorporation State: NSW

 

Incorporation Date: 03 JUL 2001

 

Registered Office

56 CANTERBURY ROAD,

BANKSTOWN

NSW 2200

 

Registered Charges: 1

Both Fixed &Floating

HSBC BANK AUSTRALIA LIMITED (006434162)

1782393

Registered 30 APR 2009

 

Current Directors Total: 3

 

MATTHEW HILL – Appointed: 31 JAN 2009

11/82 SOLDIERS Avenue FRESHWATER, New South Wales

DOB: 28 FEB 1973

 

FRANCOIS TESSIER – Appointed: 02 MAR 2007

DOB: 15 DEC 1961

Resident overseas

 

GREGOIRE VINCENT DUPONT – Appointed: 20 MAR 2006

4 IAN Avenue NORTH CURL CURL, New South Wales

DOB: 10 JUN 1969

 

Current Secretaries Total: 2

 

MATTHEW HILL – Appointed: 31 JAN 2009

NADIA MARIE-PAULE MARTEL – Appointed: 02 MAR 2007

 

Share Structure - Classes Total: 1

 

ORD ORDINARY: 121398106 – Amount paid: $17,860,053

 

Shareholders Total: 1

ORD 121398106 -BOMBARDIER RECREATIONALPRODUCTS INC.

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 56 Canterbury Rd

                                                BANKSTOWN, NSW 2200                                

 

TELEPHONE                             (612) 9794 6600

 

FACSIMILE                               (612) 9794 6697

 

HOLDING ENTITY                      BOMBARDIER RECREATIONAL PRODUCTS INC - CANADA

 

BRANCHES                              EAST TAMAKI, NZ

 

BANK                                       HSBC BANK AUSTRALIA

                                               

EMPLOYEES                            Not determined 

 

 

BACKGROUND

 

The subject was incorporated in New South Wales on 3 July 2001 as Bombardier recreational Products Pty Ltd before adopting the current style on 13 May 2004.

 

Global operations were founded in Canada by J.-A. Bombardier in 1942.

 

The subject was originally part of Bomardier Inc. In 2003, Bombardier Inc sold off its recreational products division to a group of investors. The newly created entity was Bombardier Recreational Products based in Canada.

 

 

OPERATIONS

 

The subject operates in the import and distribution of personal recreational vehicles.

 

Products include snow mobiles, watercraft, all-terrain vehicles, quad bikes, motor bikes and outboard motors.

 

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 investigation contact with the subject’s financial controller was unable to be established. Despite messages being left, no reply has been received.

 

From the subjects most recently lodged financial statements, it is noted that for the financial year ended 31 January 2010 the subject recorded revenue of $118,621,937, which resulted in an operating profit before tax of $2,127,856 and an operating profit after tax of $1,328,385 representing a Net Profit Margin of 1.12%.

 

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

 

 

BRP Australia Pty Ltd

 

 

As at 31 January 2010

As at 31 January 2009

Change (%)

Revenue

$118,621,937

$106,205,406

11.69%

Profit b/tax

$2,127,856

$2,224,150

-4.33%

Profit a/tax

$1,328,385

$1,581,151

-15.99%

Net Profit Margin

1.12%

1.49%

-0.37%

 

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $531,709.

 

As at 31 January 2010 the subject recorded total current assets of $37,934,841. They included cash of $3,171,919, receivables of $6,630,297 and inventories of $27,774,846.

 

Current liabilities at the same date totalled $8,488,596 and included payables of $7,092,008 and provisions of $1,132,824.

 

As at 31 January 2010 the subject recorded Working Capital of $29,446,245 and a current ratio of 4.47 to 1 indicating strong liquidity levels.

 

The subject’s financial statements show Net Assets of $30,343,403. Based on the figures contained in the financial statements we calculate Net Assets of 30,325,403.

 

 

BRP Australia Pty Ltd

 

 

As at 31 January 2010

As at 31 January 2009

Change (%)

Revenue

$118,621,937

$106,205,406

11.69%

Profit b/tax

$2,127,856

$2,224,150

-4.33%

Profit a/tax

$1,328,385

$1,581,151

-15.99%

Net Profit Margin

1.12%

1.49%

-0.37%

Current Assets

$37,934,841

$48,775,179

-22.23%

Non-Current Assets

$879,158

$1,022,755

-14.04%

Total Assets

$38,813,999

$49,797,934

-22.06%

Current Liabilities

$8,488,596

$20,782,916

-59.16%

Non-Current Liabilities

 

 

 

Total Liabilities

$8,488,596

$20,782,916

-59.16%

Net Assets

$30,325,403

$29,015,018

4.52%

Working Capital

$29,446,245

$27,992,263

5.19%

Current Ratio

4.47

2.35

90.42%

Debt to Equity

0.28

0.72

-60.92%

 

 

TRADE SURVEY

 

During the current investigation, contact with the subject’s 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 New South Wales on 3 July 2001 before adopting the current style on 13 May 2004.

 

The subject was originally part of Bomardier Inc. In 2003, Bombardier Inc sold off its recreational products division to a group of investors. The newly created entity was Bombardier Recreational Products based in Canada.

 

For the financial year ended 31 January 2010 the subject recorded revenue of $118,621,937, which resulted in an operating profit before tax of $2,127,856 and an operating profit after tax of $1,328,385 representing a Net Profit Margin of 1.12%.

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $531,709.

 

As at 31 January 2010 the subject recorded Working Capital of $29,446,245 and a current ratio of 4.47 to 1 indicating strong liquidity levels.

 

The subject’s financial statements show Net Assets of $30,343,403. Based on the figures contained in the financial statements we calculate Net Assets of 30,325,403.

                                   


FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.16

UK Pound

1

Rs.72.10

Euro

1

Rs.63.10

 

 

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

----

NB

New Business

----

 

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.