MIRA INFORM REPORT

 

 

Report Date :

11.08.2011

 

IDENTIFICATION DETAILS

 

Name :

TAPEX PTY LTD

 

 

Registered Office :

Kingsgrove Road, Kingsgrove, Nsw 2208

 

 

Country :

Australia

 

 

Date of Incorporation :

28.11.1957

 

 

Legal Form :

Proprietary Limited Company

 

 

Line of Business :

Manufacture of Twine and Yarn.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Satisfactory

 

 

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 31st, 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

 

                 

COMPANY NAME     

 

TAPEX PTY LTD

ACN: 000 219 214

ABN: 97 000 219 214

 

 

CORPORATE SEARCH

 

 Incorporation State                    : NSW

 

Incorporation Date                      : 28 NOV 1957

 

Registered Office                       200 KINGSGROVE ROAD, KINGSGROVE, NSW 2208

 

Registered Charges                    : 6

 

1194364

Registered 15 AUG 2005

Fixed

WESTPAC BANKING CORPORATION (007457141)

 

1194365

Registered 15 AUG 2005

Fixed

WESTPAC BANKING CORPORATION (007457141)

 

1066735

Registered 29 JUL 2004

Fixed

WESTPAC BANKING CORPORATION (007457141)

 

966386

Registered 31 JUL 2003

Fixed

WESTPAC BANKING CORPORATION (007457141)

 

Both Fixed & Floating

WESTPAC BANKING CORPORATION (007457141)

870726

Registered 24 JUN 2002

 

Both Fixed & Floating

WESTPAC BANKING CORPORATION (007457141)

744685

Registered 14 APR 2000

 

 

Current Directors Total                : 4

 

KEVIN THOMAS FELLEW – Appointed: 20 DEC 2004

24 RAVENHILL Road TURRAMURRA, New South Wales

DOB: 17 FEB 1933

 

ANTHONY BOWRA – Appointed: 28 APR 2003

15/17 CLIFFORD Street MOSMAN, New South Wales

DOB: 28 OCT 1937

 

RICHARD PAUL LANEY – Appointed: 19 FEB 2002

196 GLEN EIRA Road ELSTERNWICK, Victoria 3185

DOB: 27 MAY 1943 Male

 

PHILIP FRANCIS ROSSI – Appointed: 28 APR 1986

34 WEEMALA Road NORTHBRIDGE, New South Wales

DOB: 17 JUL 1961

 

Current Secretaries Total            : 2

 

MATTHEW JAMES BEEBAR – Appointed: 20 AUG 2007

 

PHILIP FRANCIS ROSSI – Appointed: 09 SEP 2005

 

Share Structure - Classes Total: 4

 

B CLASS B SHARES: 1 Amount paid: $1

G CLASS G SHARES: 1 Amount paid: $1

ORD ORDINARY SHARES: 1050022 Amount paid: $1,050,022

A CLASS A SHARES: 2 Amount paid: $2

 

Shareholders Total: 4

 

G 1 - VOTRAINT NO. 666 PTY LIMITED

B 1 - VOTRAINT NO. 666 PTY LIMITED

ORD 1050022 - VOTRAINT NO. 666 PTY LIMITED

A 2 - VOTRAINT NO. 666 PTY LIMITED

 

 

BUSINESS STRUCTURE

 

TRADING ADDRESS                 200 Kingsgrove Rd, KINGSGROVE, NSW 2208

TELEPHONE                             (612) 9554 9199

BRANCH                                   49 Lakeside Dr, BROADMEADOWS, VIC 3047

HOLDING ENTITY                      VOITRANT NO 666 P/L

BANK                                       WESTPAC BANKING CORPORATION   

EMPLOYEES                            130

           

 

BACKGROUND

 

The subject was incorporated in New South Wales on 28 November 1957 under the current style.

 

The subject has origins that date back to Italian immigrants, Villa & Rossi, who started the business selling goods to rural Australians in 1880.

 

           

OPERATIONS

 

The subject operates as Australia’s largest manufacture of twine and yarn.

 

Products include artificial grass yarn, construction, agricultural and industrial yarn

 

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

 

 

ADVERSE

                                               

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

 

 

FINANCES

 

From the subjects most recently lodged financial statements, it is noted that for the financial year ended 30 June 2010 the subject recorded revenue of $74,674,793, which resulted in an operating profit before tax of $7,817,898 and an operating profit after tax of $5,659,492 representing a Net Profit Margin of 7.58%.

 

During the current interview conducted with the subjects financial controller Matthew, he advised that for the last financial year ended 30 June 2011 the subject traded profitably and recorded revenue of $70,000,000.

 

Improved results are forecast for the current financial year ending 30 June 2012.

 

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

 

Tapex Pty Ltd

 

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$74,674,793

$77,610,951

-3.78%

Profit b/tax

$7,817,898

$5,602,847

39.53%

Profit a/tax

$5,659,492

$4,145,706

36.51%

Net Profit Margin

7.58%

5.34%

2.24%

 

 

 

 

 

 

 

 

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $7,350,061.

 

As at 30 June 2010 the subject recorded total current assets of $19,021,546. They included cash of $2,904,123, receivables of $6,729,800 and inventories of $9,176,063.

 

Current liabilities at the same date totalled $7,879,814 and included payables of $4,980,730 and borrowings of $1,133,809.

 

As at 30 June 2010 the subject recorded Working Capital of $11,141,732 and a current ratio of 2.41 to 1 indicating strong liquidity levels.

 

Net Assets totalled $19,265,377 as at 30 June 2010. At this date, the subject further recorded a Debt to Equity ratio of 0.53 to 1.

 

 

Tapex Pty Ltd

 

 

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$74,674,793

$77,610,951

-3.78%

Profit b/tax

$7,817,898

$5,602,847

39.53%

Profit a/tax

$5,659,492

$4,145,706

36.51%

Net Profit Margin

7.58%

5.34%

2.24%

Current Assets

$19,021,546

$19,287,362

-1.38%

Non Current Assets

$10,493,013

$10,162,003

3.26%

Total Assets

$29,514,559

$29,449,365

0.22%

Current Liabilities

$7,879,814

$8,745,236

-9.90%

Non Current Liabilities

$2,369,368.

$4,706,754.

-49.66%

Total Liabilities

$10,249,182

$13,451,990

-23.81%

Net Assets

$19,265,377

$15,997,375

20.43%

Working Capital

$11,141,732

$10,542,126

5.69%

Current Ratio

2.41

2.21

9.45%

Debt to Equity

0.53

0.84

-36.73%

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

  1. (Bassell)Nominated supplier failed to respond to correspondence despite chasing.

 

  1. (Dow) Nominated supplier failed to respond to correspondence despite chasing

 

 

 

 

 

 

 

 

 

SUMMARY

 

The subject was incorporated in New South Wales on 28 November 1957 under the current style.

 

for the financial year ended 30 June 2010 the subject recorded revenue of $74,674,793, which resulted in an operating profit before tax of $7,817,898 and an operating profit after tax of $5,659,492 representing a Net Profit Margin of 7.58%.

 

for the last financial year ended 30 June 2011 the subject traded profitably and recorded revenue of $70,000,000.

 

During fiscal 2010, the subject recorded Net Cashflows from operating activities totalling $7,350,061.

 

As at 30 June 2010 the subject recorded Working Capital of $11,141,732 and a current ratio of 2.41 to 1 indicating strong liquidity levels.

 

Net Assets totalled $19,265,377 as at 30 June 2010.

             

                                               

                                     

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.20

UK Pound

1

Rs.73.51

Euro

1

Rs.64.76

 

 

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.