MIRA INFORM REPORT

 

 

Report Date :

16.08.2011

 

IDENTIFICATION DETAILS

 

Name :

COLRAIN PTY LTD

 

 

Registered Office :

346 Boundary Rd Derrimut, Vic 3030

 

 

Country :

Australia

 

 

Date of Incorporation :

02.09.2004

 

 

Legal Form :

Proprietary Limited Company

 

 

Line of Business :

Import, manufacture and distribution of truck and trailer parts and components

 

 

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 :

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 – 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

 

Company name

 

COLRAIN PTY LTD

ACN: 110 786 215

ABN: 76 110 786 215

 

 

CORPORATE SEARCH

 

INCORPORATED                       2 September 2004

 

REGISTERED ADDRESS           346 Boundary Rd

                                                DERRIMUT, VIC 3030

 

SHARECAPITAL                        $135,000,000                

 

SHAREHOLDERS                     MAXITRANS INDUSTRIES LTD   Holds 13,500,000

 

DIRECTORS                              MATTIA, Marcello

                                                10 Castle St

                                                EAGLEMONT, VIC 3084

 

                                                BROCKHOFF, Michael Alan

                                                16 Newbray Cres

                                                BRIGHTON, VIC 3186

                                                           

SECRETARY                            HARVEY, Aaron Mark

           

REGISTERED CHARGES          Registered Charge Number     : 1115790

                                                Date Registered             : 23.12.2004

                                                Status                                       : Fixed and floating

                                                Creditor                                     : ANZ Banking Group

 

 

BUSINESS STRUCTURE

 

HEAD OFFICE                          137 Swan Dr

                                                DERRIMUT, VIC 3030

 

TELEPHONE                             (613) 8368 7000

 

FACSIMILE                               (613) 8368 2161

 

BRANCHES                              The subject maintains 11 outlets

 

CONTROLLED ENTITIES            COLRAIN ALBURY P/L

                                                COLRAIN BALLERAT P/L

                                                COLRAIN (GEELONG) P/L

                                                COLRAIN QUEENSLAND P/L

 

HOLDING ENTITY                      MAXITRANS INDUSTRIES LIMITED

 

BANK                                       ANZ BANKING GROUP 

                                               

EMPLOYEES                            93

           

                                               

BACKGROUND

 

The subject was incorporated in Victoria on 2 September 2004 under the current style.

 

The subject was formed to facilitate Maxitrans Industries Ltd 70% acquisition of Colrain, a business that had been established for 30 years, effective December 2004. Maxitrans then merged the Colrain operations with its existing spare parts business.

 

In January 2006, Maxitrans acquired the remaining 30% interest in the subject.

 

Maxitrans Industries Limited is listed in the Australian Stock Exchange and has origins that date back to 1946.

 

 

OPERATIONS

 

The subject operates in the import, manufacture and distribution of truck and trailer parts and components.

 

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

 

 

ADVERSE

                                               

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

 

 

FINANCES

 

The subject is noted to have entered into a Class Order Deed of Cross Guarantee, with its Parent entity, Maxitrans Industries Ltd and Associated entities, Maxitrans Australia P/L, Transtech Research P/L, Peki P/L, Maxitrans Industries (NZ) P/L and Lusty EMS P/L. The effect of the Deed is that each party that forms part of the closed group guarantee the debts of each other. Pursuant to the Class Order, the subject is relieved from its requirements to lodge financial statements.

 

For the year ended 30 June 2010 the Closed Group recorded a 7% decline in consolidated revenue to $235,387,000, which resulted in an operating Profit before tax of $7,124,000 and an operating Profit after tax of $5,766,000.

 

The Colrain parts business achieved record profit contribution in FY10 as a result of restructuring and cost reduction initiatives implemented in the prior year. This business is expected continue its solid growth as a result of the anticipated introduction of new and extended product ranges.

 

During the current interview conducted with the subject’s financial controller she advised that for the last financial year ended 30 June 2011 the subject contributed revenue of $57,000,000 which resulted in an operating profit of $5,000,000.

 

Below is a summary of the Groups consolidated income results for the past two financial years.

 

 

Maxitrans Industries Ltd - consolidated

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$235,387,000

$252,621,000

-6.82%

Profit b/tax

$7,124,000

($993,000)

-817.42%

Profit a/tax

$5,766,000

($1,894,000)

-404.44%

Net Profit Margin

2.45%

-0.75%

3.20%

 

During fiscal 2010, the closed group reported consolidated Net Cashflows from operating activities totalling $8,723,000.

 

As at 30 June 2010 the closed group recorded total current assets to $64,387,000. They included receivables of $26,409,000 and inventories of $34,442,000.

 

Current liabilities at the same date totalled $34,726,000 and included payables of $26,690,000 and interest bearing liabilities of $1,784,000.

 

As at 30 June 2010, the closed group recorded Working Capital of $29,661,000 and a current ratio of 1.85 to 1 indicating a sound liquidity position.

 

At 30 June 2009 the group had access to financing facilities with a combined limit of $50,215,000. These facilities were drawn to $24,039,000 at this time.

 

At this date, the closed group recorded Net Assets of $88,513,000 and a debt to equity ratio of 0.71 to 1.

 

For the six months ended 31 December 2010 the Group recorded revenue of $103,115,000 which resulted in an operating Loss before tax of $699,000. And an operating Loss after tax of $198,000.

 

 

Maxitrans Industries Ltd - consolidated

 

As at 30 June 2010

As at 30 June 2009

Change (%)

Revenue

$235,387,000

$252,621,000

-6.82%

Profit b/tax

$7,124,000

($993,000)

-817.42%

Profit a/tax

$5,766,000

($1,894,000)

-404.44%

Net Profit Margin

2.45%

-0.75%

3.20%

Current Assets

$64,387,000

$59,395,000

8.40%

Non Current Assets

$87,158,000

$86,653,000

0.58%

Total Assets

$151,545,000

$146,048,000

3.76%

Current Liabilities

$34,726,000

$30,533,000

13.73%

Non Current Liabilities

$28,306,000

$31,361,000

-9.74%

Total Liabilities

$63,032,000

$61,894,000

1.84%

Net Assets

$88,513,000

$84,154,000

5.18%

Working Capital

$29,661,000

$28,862,000

2.77%

Current Ratio

1.85

1.95

-4.68%

Debt to Equity

0.71

0.74

-3.18%

 

 

TRADE SURVEY

 

A trade survey on the subject traced the following accounts:

 

(Malec Bros Transport) Purchases average $6,000 to $10,000 per month on 7 day terms. Payment is met in 7 days and the account is considered satisfactory, having been known since March 2009.

 

 

SUMMARY

 

The subject was incorporated in Victoria on 2 September 2004 under the current style.

 

The subject was formed to facilitate Maxitrans Industries Ltd 70% acquisition of Colrain, a business that had been established for 30 years, effective December 2004. In January 2006, Maxitrans acquired the remaining 30% interest in the subject.

 

The subject is noted to have entered into a Class Order Deed of Cross Guarantee, with its Parent entity, Maxitrans Industries Ltd and Associated entities, Maxitrans Australia P/L, Transtech Research P/L, Peki P/L, Maxitrans Industries (NZ) P/L and Lusty EMS P/L.

 

For the year ended 30 June 2010 the Closed Group recorded a 7% decline in consolidated revenue to $235,387,000, which resulted in an operating Profit before tax of $7,124,000 and an operating Profit after tax of $5,766,000.

 

For the last financial year ended 30 June 2011 the subject contributed revenue of $57,000,000 which resulted in an operating profit of $5,000,000.

 

As at 30 June 2010, the closed group recorded Working Capital of $29,661,000 and a current ratio of 1.85 to 1 indicating a sound liquidity position.

 

At this date, the closed group recorded Net Assets of $88,513,000 and a debt to equity ratio of 0.71 to 1.

 

                                                           

                                               

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.53

Euro

1

Rs.64.36

 

 

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%)

 

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